{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "bnpp": "http://invest.bnpparibas/taxonomy/2024-12-31/", "ifrs-full": "https://xbrl.ifrs.org/taxonomy/2022-03-24/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "scheme": "http://standards.iso.org/iso/17442", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "linkTypes": { "ftTyp_fact-footnote": "http://www.xbrl.org/2003/arcrole/fact-footnote" }, "linkGroups": { "ftGrp_default": "http://www.xbrl.org/2003/role/link" }, "taxonomy": [ "http://invest.bnpparibas/xbrl/2024-12-05/bnpp-2024-12-31.xsd" ] }, "facts": { "text_block_9f5e047c-3d66-43e7-a1b6-5cf1e8ef5739": { "value": "The Board of directors of BNP\u00a0Paribas approved the Group consolidated financial statements on 3\u00a0February 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_0c5ad374-ea66-4509-abbe-3b97fdf1c20b": { "value": "The consolidated financial statements of the BNP\u00a0Paribas Group are presented for the years ended 31\u00a0December 2024 and 2023. In accordance with Annex\u00a0I of European Delegated Regulation (EU) n\u00b0 2019/980 as amended by Delegated Regulation (EU) n\u00b0 2020/1273, the consolidated financial statements for the year ended 31\u00a0December 2022 are provided in the Universal registration document filed with the Autorit\u00e9 des March\u00e9s Financiers on 22\u00a0March 2024 under number D.24-0158.

On 18\u00a0December 2021, the Group concluded an agreement with BMO Financial Group for the sale of 100% of its retail and commercial banking activities in the United States operated by the BancWest cash-generating unit. The terms of this transaction fall within the scope of application of IFRS\u00a05 relating to groups of assets and liabilities held for sale (see note\u00a08.e Discontinued activities) leading to isolate the \u201cNet income from discontinued activities\u201d on a separate line. A similar reclassification is made in the statement of net income and changes in assets and liabilities recognised directly in equity and in the cash flow statement.

Following the receipt of regulatory approvals, the transaction was finalised on 1\u00a0February 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fc_147220": { "value": "83020000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RevenueFromInterest", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fc_147221": { "value": "79542000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RevenueFromInterest", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fc_147222": { "value": "63496000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestExpense", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": 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Note 1Summary of material accounting policies applied by\u00a0the\u00a0Group

1.aApplicable accounting
1.a.1Applicable accounting standards

The consolidated financial statements of the\u00a0BNP\u00a0Paribas Group\u00a0have been prepared in accordance with international accounting standards (International Financial Reporting Standards \u2013 IFRS), as adopted for use in the European Union(1). Accordingly, certain provisions of IAS\u00a039 on hedge accounting have been excluded.

Information on the nature and extent of risks relating to financial instruments as required by IFRS\u00a07 \u201cFinancial Instruments: Disclosures\u201d along with information on regulatory capital required by IAS\u00a01 \u201cPresentation of financial statements\u201d are presented in chapter\u00a05 of the Universal registration document. This information, which is an integral part of the notes to the consolidated financial statements of the BNP\u00a0Paribas Group at 31\u00a0December 2024, is covered by the opinion of the Statutory Auditors on the consolidated financial statements, and is identified by the word \u201cAudited\u201d within this chapter. Section\u00a04 of chapter\u00a05, paragraph Exposures, provisions and cost of risk provides, in particular, IFRS\u00a07 information on credit risk exposures and related impairment broken down according to whether the underlying loans are performing or non-performing, by geographic area and by industry.

The introduction of other standards, amendments and interpretations that are mandatory as from 1\u00a0January 2024, in particular the amendment to IFRS\u00a016 on Lease liabilities in a sale and lease back, had no effect on the Group\u2019s financial statements at 31\u00a0December 2024.

1.a.2New major accounting standards, published but not yet applicable

The Group did not early apply new standards, amendments and interpretations endorsed by the European Union when the application in 2024 was optional.

The impact assessment of the new standards and amendments not yet applicable by the Group is presented below:

Amendments to IFRS\u00a09 \"Financial Instruments\u201d and IFRS\u00a07 \"Financial Instruments: Disclosures\u201d relating to the classification and measurement of financial instruments.

On 30\u00a0May 2024, the IASB published amendments to IFRS\u00a09 and IFRS\u00a07, which will be applicable for annual periods beginning on 1\u00a0January 2026. These amendments:

Publication of IFRS 18 \u201cPresentation and disclosure in financial statements\u201d in replacement of IAS 1.

IFRS\u00a018 will be mandatory from 1\u00a0January 2027, with retrospective application.

IFRS\u00a018 includes many of the requirements of IAS\u00a01 without changes and supplements them with new requirements relating to:

\u00a0

The Bank is currently assessing the detailed implications of applying IFRS\u00a018 to the Group\u2019s consolidated financial statements.

\u00a0

1.bConsolidation

1.b.1Scope of consolidation

The consolidated financial statements of BNP\u00a0Paribas include entities that are controlled by the Group, jointly controlled, and under significant influence, with the exception of those entities whose consolidation is regarded as immaterial to the Group. Companies that hold shares in consolidated companies are also consolidated.

Subsidiaries are consolidated from the date on which the Group obtains effective control. Entities under temporary control are included in the consolidated financial statements until the date of disposal.

\u00a0\u00a0

1.b.2Consolidation methods

Exclusive control

Controlled enterprises are fully consolidated. The Group controls a subsidiary when it is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity.

For entities governed by voting rights, the Group generally controls the entity if it holds, directly or indirectly, the majority of the voting rights (and if there are no contractual provisions that alter the power of these voting rights) or if the power to direct the relevant activities of the entity is conferred on it by contractual agreements.

Structured entities are entities established so that they are not governed by voting rights, for instance when those voting rights relate to administrative tasks only, whereas the relevant activities are directed by means of contractual arrangements. They often have the following features or attributes: restricted activities, a narrow and well-defined objective and insufficient equity to permit them to finance their activities without subordinated financial support.

For these entities, the analysis of control shall consider the purpose and design of the entity, the risks to which the entity is designed to be exposed and to what extent the Group absorbs the related variability. The assessment of control shall consider all facts and circumstances able to determine the Group\u2019s practical ability to make decisions that could significantly affect its returns, even if such decisions are contingent on uncertain future events or circumstances.

In assessing whether it has power, the Group considers only substantive rights which it holds or which are held by third parties. For a right to be substantive, the holder must have the practical ability to exercise that right when decisions about the relevant activities of the entity need to be made.

Control is reassessed if facts and circumstances indicate that there are changes to one or more of the elements of control.

Where the Group contractually holds the decision-making power, for instance where the Group acts as fund manager, it shall determine whether it is acting as agent or principal. Indeed, when associated with a certain level of exposure to the variability of returns, this decision-making power may indicate that the Group is acting on its own account and that it thus has control over those entities.

Minority interests are presented separately in the consolidated profit and loss account and balance sheet within consolidated equity. The calculation of minority interests takes into account the outstanding cumulative preferred shares classified as equity instruments issued by subsidiaries, when such shares are held outside the Group.

As regards fully consolidated funds, units held by third-party investors are recognised as debts at fair value through profit or loss, inasmuch as they are redeemable at fair value at the subscriber\u2019s initiative.

For transactions resulting in a loss of control, any equity interest retained by the Group is remeasured at its fair value through profit or loss.

\u00a0

Joint control

Where the Group carries out an activity with one or more partners, sharing control by virtue of a contractual agreement which requires unanimous consent on relevant activities (those that significantly affect the entity\u2019s returns), the Group exercises joint control over the activity. Where the jointly controlled activity is structured through a separate vehicle in which the partners have rights to the net assets, this joint venture is accounted for using the equity method. Where the jointly controlled activity is not structured through a separate vehicle or where the partners have rights to the assets and obligations for the liabilities of the jointly controlled activity, the Group accounts for its share of the assets, liabilities, revenues and expenses in accordance with the applicable IFRS.

\u00a0

Significant influence

Companies over which the Group exercises significant influence or associates are accounted for by the equity method. Significant influence is the power to participate in the financial and operating policy decisions of a company without exercising control. Significant influence is presumed to exist when the Group holds, directly or indirectly, 20% or more of the voting rights of a company. Interests of less than 20% can be included in the consolidation scope if the Group effectively exercises significant influence. This is the case for example for entities developed in partnership with other associates, where the BNP\u00a0Paribas Group participates in strategic decisions of the enterprise through representation on the Board of directors or equivalent governing body, or exercises influence over the enterprise\u2019s operational management by supplying management systems or senior managers, or provides technical assistance to support the enterprise\u2019s development.

Changes in the net assets of associates (companies accounted for under the equity method) are recognised on the assets side of the balance sheet under \u201cInvestments in equity-method entities\u201d and in the relevant component of shareholders\u2019 equity. Goodwill recorded on associates is also included under \u201cEquity-method investments\u201d.

Whenever there is an indication of impairment, the carrying amount of the investment consolidated under the equity method (including goodwill) is subjected to an impairment test, by comparing its recoverable value (the higher of value-in-use and market value less costs to sell) to its carrying amount. Where appropriate, impairment is recognised under \u201cShare of earnings of equity-method entities\u201d in the consolidated income statement and can be reversed at a later date.

If the Group\u2019s share of losses of an equity-method entity equals or exceeds the carrying amount of its investment in this entity, the Group discontinues including its share of further losses. The investment is reported at nil value. Additional losses of the equity-method entity are provided for only to the extent that the Group has contracted a legal or constructive obligation or has made payments on behalf of this entity.

Where the Group holds an interest in an associate, directly or indirectly through an entity that is a venture capital organisation, a mutual fund, an open-ended investment company or similar entity such as an investment-related insurance fund, it may elect to measure that interest at fair value through profit or loss.

Realised gains and losses on investments in consolidated undertakings are recognised in the profit and loss account under \u201cNet gain on non-current assets\u201d.

The consolidated financial statements are prepared using uniform accounting policies for similar transactions and other events occurring in similar circumstances.

\u00a0

1.b.3Consolidation rules
Elimination of intragroup balances and\u00a0transactions

Intragroup balances arising from transactions between consolidated enterprises, and the transactions themselves (including income, expenses and dividends), are eliminated. Profits and losses arising from intragroup sales of assets are eliminated, except where there is an indication that the asset sold is impaired. Unrealised gains and losses included in the value of financial instruments at fair value through equity are maintained in the consolidated financial statements.

By way of exception, amendments to IAS\u00a032 and IFRS\u00a09 allow intragroup assets to be retained in the balance sheet if they are held as underlying components of direct participating contracts. These assets are measured at fair value through profit or loss. These are:

These provisions are applied by the Group\u2019s insurance entities that issue direct participating contracts, the underlying elements of which include securities issued by the Group either directly or through consolidated investment entities.

Translation of accounts expressed in foreign currencies

The consolidated financial statements of BNP\u00a0Paribas are prepared in euros.

The financial statements of enterprises whose functional currency is not the euro are translated using the closing rate method. Under this method, all assets and liabilities, both monetary and non-monetary, are translated using the spot exchange rate at the balance sheet date. Income and expense items are translated at the average rate for the period.

Financial statements of the Group\u2019s subsidiaries located in hyperinflationary economies, previously adjusted for inflation by applying a general price index, are translated using the closing rate. This rate applies to the translation of assets and liabilities as well as income and expenses.

Differences arising from the translation of balance sheet items and profit and loss items are recorded in shareholders\u2019 equity under \u201cExchange differences\u201d, and in \u201cMinority interests\u201d for the portion attributable to outside investors. Under the optional treatment permitted by IFRS\u00a01, the Group has reset to zero all translation differences, by booking all cumulative translation differences attributable to shareholders and to minority interests in the opening balance sheet at 1\u00a0January 2004 to retained earnings.

On liquidation or disposal of some or all of an interest held in a foreign enterprise located outside the Eurozone, leading to a change in the nature of the investment (loss of control, loss of significant influence or loss of joint control without keeping a significant influence), the cumulative exchange difference at the date of liquidation or sale is recognised in the profit and loss account.

Should the percentage of interest change without leading to a modification in the nature of the investment, the exchange difference is reallocated between the portion attributable to shareholders and that attributable to minority interests if the entity is fully consolidated; if the entity is consolidated under the equity method, it is recorded in profit or loss for the portion related to the interest sold.

\u00a0

1.b.4Business combinations and\u00a0measurement of goodwill
Business combinations

Business combinations are accounted for using the purchase method.

Under this method, the acquiree\u2019s identifiable assets and liabilities assumed are measured at fair value at the acquisition date except for non-current assets classified as assets held for sale which are accounted for at fair value less costs to sell.

The acquiree\u2019s contingent liabilities are not recognised in the consolidated balance sheet unless they represent a present obligation on the acquisition date and their fair value can be measured reliably.

The cost of a business combination is the fair value, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued to obtain control of the acquiree. Costs directly attributable to the business combination are treated as a separate transaction and recognised through profit or loss.

Any contingent consideration is included in the cost, as soon as control is obtained, at fair value on the date when control was acquired. Subsequent changes in the value of any contingent consideration recognised as a financial liability are recognised through profit or loss.

The Group may recognise any adjustments to the provisional accounting within 12\u00a0months of the acquisition date.

Goodwill represents the difference between the cost of the combination and the acquirer\u2019s interest in the net fair value of the identifiable assets and liabilities of the acquiree at the acquisition date. Positive goodwill is recognised in the acquirer\u2019s balance sheet, while negative goodwill is recognised immediately in profit or loss, on the acquisition date. Minority interests are measured at their share of the fair value of the acquiree\u2019s identifiable assets and liabilities. However, for each business combination, the Group can elect to measure minority interests at fair value, in which case a proportion of goodwill is allocated to them. To date, the Group has never used this latter option.

Goodwill is recognised in the functional currency of the acquiree and translated at the closing exchange rate.

On the acquisition date, any previously held equity interest in the acquiree is remeasured at its fair value through profit or loss. In the case of a step acquisition, the goodwill is therefore determined by reference to the acquisition-date fair value.

Since the revised IFRS\u00a03 has been applied prospectively, business combinations completed prior to 1\u00a0January 2010 were not restated for the effects of changes to IFRS\u00a03.

As permitted under IFRS\u00a01, business combinations that took place before 1\u00a0January 2004 and were recorded in accordance with the previously applicable accounting standards (French GAAP), had not been restated in accordance with the principles of IFRS\u00a03.

Specificities relating to insurance contracts acquired through business combinations are set out in note\u00a01.g.2 in the paragraph Recognition and derecognition.

Measurement of goodwill

The BNP\u00a0Paribas Group tests goodwill for impairment on a regular basis.

Cash-generating units

The BNP\u00a0Paribas Group has split all its activities into cash-generating units(2)\u00a0representing major business lines. This split is consistent with the Group\u2019s organisational structure and management methods, and reflects the independence of each unit in terms of results and management approach. It is reviewed on a regular basis in order to take account of events likely to affect the composition of cash-generating units, such as acquisitions, disposals and major reorganisations.

Testing cash-generating units for impairment

Goodwill allocated to cash-generating units is tested for impairment annually and whenever there is an indication that a unit may be impaired, by comparing the carrying amount of the unit with its recoverable amount. If the recoverable amount is less than the carrying amount, an irreversible impairment loss is recognised, and the goodwill is written down by the excess of the carrying amount of the unit over its recoverable amount.

\u00a0

Recoverable amount of a cash-generating unit

The recoverable amount of a cash-generating unit is the higher of the fair value of the unit less costs to sell, and its value in use.

Fair value is the price that would be obtained from selling the unit at the market conditions prevailing at the date of measurement, as determined mainly by reference to actual prices of recent transactions involving similar entities or on the basis of stock market multiples for comparable companies.

Value in use is based on an estimate of the future cash flows to be generated by the cash-generating unit, derived from the annual forecasts prepared by the unit\u2019s management and approved by Group Executive Management, and from analyses of changes in the relative positioning of the unit\u2019s activities on their market. These cash flows are discounted at a rate that reflects the return that investors would require from an investment in the business sector and region involved.

\u00a0\u00a0\u00a0\u00a0

1.cTranslation of foreign currency transactions

The methods used to account for assets and liabilities relating to foreign currency transactions entered into by the Group, and to measure the foreign exchange risk arising on such transactions, depend on whether the asset or liability in question is classified as a monetary or a non-monetary item.

Monetary assets and liabilities(3)\u00a0expressed in foreign currencies

Monetary assets and liabilities expressed in foreign currencies are translated into the functional currency of the relevant Group entity at the closing rate. Foreign exchange differences are recognised in the profit and loss account, except for those arising from financial instruments designated as a cash flow hedge or a net foreign investment hedge, which are recognised in shareholders\u2019 equity.

Non-monetary assets and liabilities expressed in\u00a0foreign currencies

Non-monetary assets may be measured either at historical cost or at fair value. Non-monetary assets expressed in foreign currencies are translated using the exchange rate at the date of the transaction (i.e. date of initial recognition of the non-monetary asset) if they are measured at historical cost, and at the closing rate if they are measured at fair value.

Foreign exchange differences relating to non-monetary assets denominated in foreign currencies and recognised at fair value (equity instruments) are recognised in profit or loss when the asset is classified in \u201cFinancial assets at fair value through profit or loss\u201d and in equity when the asset is classified under \u201cFinancial assets at fair value through equity\u201d.

\u00a0

1.dFinancial information in\u00a0hyperinflationary economies

The Group applies IAS\u00a029 to the presentation of the accounts of its consolidated subsidiaries located in countries whose economies are in hyperinflation.

IAS\u00a029 presents a number of quantitative and qualitative criteria to assess whether an economy is hyperinflationary, including a cumulative, three-year inflation rate approaching or exceeding 100%.

IAS 29 standard requires that the balance sheet and the profit or loss amounts not already expressed in terms of the measuring unit current at the end of the reporting period be restated by applying a general price index.

For this purpose:

In a period of inflation, an entity holding an excess of monetary assets over monetary liabilities loses purchasing power and an entity with an excess of monetary liabilities over monetary assets gains purchasing power to the extent the assets and liabilities are not linked to a price level. The gain or loss on the net monetary position, which reflects this gain or loss on purchasing power incurred by the Group during the reporting period, may be derived as the difference resulting from the restatement of non\u2011monetary assets, equity and the profit and loss account and the adjustment of index linked assets and liabilities. This gain or loss is recognised under \u201cNet gain on non-current assets\u201d.

Financial statements of these subsidiaries are then translated into euros at the closing rate.

In accordance with the provisions of the IFRIC\u2019s decision of March\u202f2020 on classifying the effects of indexation and translation of accounts of subsidiaries in hyperinflationary economies, the Group has opted to present these effects (including the net book value effect at the date of the initial application of IAS\u202f29) within changes in assets and liabilities recognised directly through equity related to exchange differences.

Since 1\u00a0January 2022, the Group has applied IAS\u00a029 to the presentation of the accounts of its consolidated subsidiaries located in T\u00fcrkiye.

\u00a0

1.eNet interest income, Income and expenses from commissions and other activities

1.e.1Net interest income

Income and expenses relating to debt instruments measured at amortised cost and at fair value through shareholders\u2019 equity are recognised in the income statement using the effective interest rate method.

The effective interest rate is the rate that ensures that the discounted estimated future cash flows through the expected life of the financial instrument or, when appropriate, a shorter period, is equal to the carrying amount of the asset or liability in the balance sheet. The effective interest rate measurement takes into account all fees received or paid that are an integral part of the effective interest rate of the contract, transaction costs, and premiums and discounts.

Commissions considered as an additional component of interest are included in the effective interest rate and are recognised in the profit and loss account in \u201cNet interest income\u201d. This category includes notably commissions on financing commitments when it is considered that the setting up of a loan is more likely than unlikely. Commissions received in respect of financing commitments are deferred until they are drawn and then included in the effective interest rate calculation and amortised over the life of the loan. Syndication commissions are also included in this category for the portion of the commission equivalent to the remuneration of other syndication participants.

\u00a0

1.e.2Income and expenses from commissions and other activities

Commissions received with regards to banking and similar services provided (except for those that are integral part of the effective interest rate), revenues from property development and revenues from services provided in connection with lease contracts fall within the scope of IFRS\u00a015 \u201cRevenue from Contracts with Customers\u201d.

This standard defines a single model for recognising revenue based on principles set out in five steps. These five steps enable to identify the distinct performance obligations included in the contracts and allocate the transaction price among them. The income related to those performance obligations is recognised as revenue when the latter are satisfied, namely when the control of the promised goods or services has been transferred.

The price of a service may contain a variable component. Variable amounts may be recognised in the income statement only if it is highly probable that the amounts recorded will not result in a significant downward adjustment.

\u00a0

Commission

The Group records commission income and expense in profit or loss either:

\u00a0

Income and expenses from other activities

Margins on property development as well as income and expenses from services provided in connection with lease contracts are recorded under \u201cIncome from other activities\u201d in the profit or loss account.

With regard to the revenues and expenses composing the margins of property development transactions, the Group records them in the profit or loss account:

Provisions and impairment are recognised when the margin above is negative (provisions for onerous contracts and inventories impairment).

Regarding income from services provided in connection with lease contracts, the Group records them in profit or loss as the service is rendered, i.e. in proportion to the costs incurred for maintenance contracts. The corresponding expenses are recognised when the service is rendered. At the same time, provisions are recognised to cover risks mainly related to services provided like risk retention and relay-assistance vehicles.

\u00a0\u00a0

1.fFinancial assets and liabilities

Financial assets are classified at amortised cost, at fair value through shareholders\u2019 equity or at fair value through profit or loss depending on the business model and the contractual features of the instruments at initial recognition.

Financial liabilities are classified at amortised cost or at fair value through profit or loss at initial recognition.

Financial assets and liabilities are recognised in the balance sheet when the Group becomes a party to the contractual provisions of the instrument. Purchases and sales of financial assets made within a period established by the regulations or by a convention in the relevant marketplace are recognised in the balance sheet at the settlement date.

1.f.1Financial assets at amortised cost

Financial assets are classified at amortised cost if the following two criteria are met: the business model objective is to hold the instrument in order to collect the contractual cash flows and the cash flows consist solely of payments relating to principal and interest on the principal.

Business model criterion

Financial assets are managed within a business model whose objective is to hold financial assets in order to collect cash flows through the collection of contractual payments over the life of the instrument.

The realisation of disposals close to the maturity of the instrument and for an amount close to the remaining contractual cash flows, or due to an increase in the counterparty\u2019s credit risk is consistent with a business model whose objective is to collect the contractual cash flows (\u201ccollect\u201d). Sales imposed by regulatory requirements or to manage the concentration of credit risk (without an increase in the asset\u2019s credit risk) are also consistent with this business model when they are infrequent or insignificant in value.

Cash flow criterion

The cash flow criterion is satisfied if the contractual terms of the debt instrument give rise, on specified dates, to cash flows that are solely repayments of principal and interest on the principal amount outstanding.

The criterion is not met in the event of a contractual characteristic that exposes the holder to risks or to the volatility of contractual cash flows that are inconsistent with those of a non-structured or \u201cbasic lending\u201d arrangement. It is also not satisfied in the event of leverage that increases the variability of the contractual cash flows.

Interest consists of consideration for the time value of money, for the credit risk, and for the remuneration of other risks (e.g. liquidity risk), costs (e.g. administration fees), and a profit margin consistent with that of a basic lending arrangement. The existence of negative interest does not call into question the cash flow criterion.

The time value of money is the component of interest - usually referred to as the \u201crate\u201d component - which provides consideration for only the passage of time. The relationship between the interest rate and the passage of time must not be modified by specific characteristics that could call into question the respect of the cash flow criterion.

Thus, when the variable interest rate of the financial asset is periodically reset at a frequency that does not match the duration for which the interest rate is established, the time value of money may be considered as modified and, depending on the significance of that modification, the cash flow criterion may not be met. Some financial assets held by the Group present a mismatch between the interest rate reset frequency and the maturity of the index, or interest rates indexed to an average of benchmark rate. The Group has developed a consistent methodology for analysing this alteration of the time value of money.

Regulated rates meet the cash flow criterion when they provide consideration that is broadly consistent with the passage of time and do not expose to risks or volatility in the contractual cash flows that would be inconsistent with those of a basic lending arrangement (example: loans granted in the context of Livret A savings accounts).

Some contractual clauses may change the timing or the amount of cash flows. Early redemption options do not call into question the cash flow criterion if the prepayment amount substantially represents the principal amount outstanding and the interest thereon, which may include reasonable compensation for the early termination of the contract. For example, as regards loans to retail customers, the compensation limited to 6\u00a0months of interest or 3% of the capital outstanding is considered reasonable. Actuarial penalties, corresponding to the present value of the difference between the residual contractual cash flows of the loan, and their reinvestment in a loan to a similar counterparty or in the interbank market for a similar residual maturity are also considered as reasonable, even when the compensation can be positive or negative (i.e. \u201csymmetric\u201d compensation). An option that permits the issuer or the holder of a financial instrument to change the interest rate from floating to fixed rate does not breach the cash flow criterion if the fixed rate is determined at origination, or if it represents the time value of money for the residual maturity of the instrument at the date of exercise of the option. Clauses included in financing granted to encourage the sustainable development of companies which adjust the interest margin depending on the achievement of environmental, social or governance (ESG) objectives and disclosed in chapter\u00a07 of the Universal registration document, do not call into question the cash flow criterion when such an adjustment is considered to be minimal. Structured instruments indexed to ESG market indices do not meet the cash flow criterion.

In the particular case of financial assets contractually linked to payments received on a portfolio of underlying assets and which include a priority order for payment of cash flows between investors (\u201ctranches\u201d), thereby creating concentrations of credit risk, a specific analysis is carried out. The contractual characteristics of the tranche and those of the underlying financial instrument portfolios must meet the cash flow criterion and the credit risk exposure of the tranche must be equal to or lower than the exposure to credit risk of the underlying pool of financial instruments.

Certain loans may be \u201cnon-recourse\u201d, either contractually, or in substance when they are granted to a special purpose entity. That is in particular the case of numerous project financing or asset financing loans. The cash flow criterion is met as long as these loans do not represent a direct exposure on the assets acting as collateral. In practice, the sole fact that the financial asset explicitly gives rise to cash flows that are consistent with payments of principal and interest is not sufficient to conclude that the instrument meets the cash flow criterion. In that case, the particular underlying assets to which there is limited recourse shall be analysed using the \u201clook-through\u201d approach. If those assets do not themselves meet the cash flow criterion, the existing credit enhancement is assessed. The following aspects are considered: structuring and sizing of the transaction, own funds level of the structure, expected source of repayment, price volatility of the underlying assets.\u00a0

The \u201cfinancial assets at amortised cost\u201d category includes, in particular, loans granted by the Group, as well as reverse repurchase agreements and securities held by the Group ALM Treasury in order to collect contractual flows and meeting the cash flow criterion.

Recognition

On initial recognition, financial assets are recognised at fair value, including transaction costs directly attributable to the transaction as well as commissions related to the origination of the loans.

They are subsequently measured at amortised cost, including accrued interest and net of repayments of principal and interest during the past period. These financial assets are also subject from their initial recognition, to the measurement of a loss allowance for expected credit losses (note\u00a01.f.5).

Interest is calculated using the effective interest method determined at inception of the contract.

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1.f.2Financial assets at fair value through shareholders\u2019 equity
Debt instruments

Debt instruments are classified at fair value through shareholders\u2019 equity if the following two criteria are met:

The securities held by the Group ALM Treasury in order to collect contractual flows or to be sold and meeting the cash flow criterion are in particular classified in this category.

On initial recognition, financial assets are recognised at their fair value, including transaction costs directly attributable to the transaction. They are subsequently measured at fair value and changes in fair value are recognised, under a specific line of shareholders\u2019 equity entitled \u201cChanges in assets and liabilities recognised directly in equity that may be reclassified to profit or loss\u201d. These financial assets are also subject to the measurement of a loss allowance for expected credit losses on the same approach as for debt instruments at amortised cost. The counterparty of the related impact in cost of risk is recognised in the same specific line of shareholders\u2019 equity. On disposal, changes in fair value previously recognised in shareholders\u2019 equity are reclassified to profit or loss.

In addition, interest is recognised in the income statement using the effective interest method determined at the inception of the contract.

Equity instruments

Investments in equity instruments such as shares are classified on option, and on a case-by-case basis, at fair value through shareholders\u2019 equity (under a specific line). On disposal of the shares, changes in fair value previously recognised in equity are not recognised in profit or loss. Only dividends, if they represent remuneration for the investment and not repayment of capital, are recognised in profit or loss. These instruments are not subject to impairment.

Investments in mutual funds puttable to the issuer do not meet the definition of equity instruments. They do not meet the cash flow criterion either, and thus are recognised at fair value through profit or loss.

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1.f.3Financing and guarantee commitments

Financing and financial guarantee commitments that are not recognised at fair value through profit or loss are presented respectively in notes 6.a and 6.b. They are subject to the measurement of a loss allowance for expected credit losses. These loss allowances are presented under \u201cProvisions for contingencies and charges\u201d.

The Group may issue performance guarantees in conjunction with integral indemnity agreements that provide the Group the right to claim back any amounts paid out from the party whose non-performance would have led to the guarantee being called. This type of commitment exposes the Group to credit risk and therefore results in the recognition of expected credit losses.

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1.f.4Regulated savings and loan contracts

Home savings accounts (Comptes \u00c9pargne-Logement \u2013 \u201cCEL\u201d) and home savings plans (Plans d\u2019\u00c9pargne Logement \u2013 \u201cPEL\u201d) are government-regulated retail products sold in France. They combine a savings phase and a loan phase which are inseparable, with the loan phase contingent upon the savings phase.

These products contain two types of obligations for BNP\u00a0Paribas: an obligation to pay interest on the savings for an indefinite period, at a rate set by the government at the inception of the contract (in the case of PEL products) or at a rate reset every six months using an indexation formula set by law (in the case of CEL products); and an obligation to lend to the customer (at the customer\u2019s option) an amount contingent upon the rights acquired during the savings phase, at a rate set at the inception of the contract (in the case of PEL products) or at a rate contingent upon the savings phase (in the case of CEL products).

The Group\u2019s future obligations with respect to each generation (in the case of PEL products, a generation comprises all products with the same interest rate at inception; in the case of CEL products, all such products constitute a single generation) are measured by discounting potential future earnings from at-risk outstandings for that generation.

At-risk outstandings are estimated on the basis of a historical analysis of customer behaviour, and are equivalent to:

Earnings for future periods from the savings phase are estimated as the difference between the investment rate and the fixed savings interest rate on at-risk savings outstanding for the period in question. Earnings for future periods from the loan phase are estimated as the difference between the refinancing rate and the fixed loan interest rate on at-risk loans outstanding for the period in question.

The investment rate for savings and the refinancing rate for loans are derived from the swap yield curve and from the spreads expected on financial instruments of similar type and maturity. Spreads are determined on the basis of actual spreads on fixed-rate home loans in the case of the loan phase and products offered to individual clients in the case of the savings phase. In order to reflect the uncertainty of future interest rate trends, and the impact of such trends on customer behaviour models and on at-risk outstandings, the obligations are estimated using the Monte-Carlo method.

Where the sum of the Group\u2019s estimated future obligations with respect to the savings and loan phases of any generation of contracts indicates a potentially unfavourable situation for the Group, a provision is recognised (with no offset between generations) in the balance sheet in \u201cProvisions for contingencies and charges\u201d. Movements in this provision are recognised as interest income in the profit and loss account.

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1.f.5Impairment of financial assets measured at amortised cost and debt instruments measured at fair value through shareholders\u2019 equity

The impairment model for credit risk is based on expected losses.

This model applies to loans and debt instruments measured at amortised cost or at fair value through equity, to loan commitments and financial guarantee contracts that are not recognised at fair value, as well as to lease receivables, trade receivables and contract assets.

General model

The Group identifies three \u201cstages\u201d that each correspond to a specific status with regards to the evolution of counterparty credit risk since the initial recognition of the asset.

This general model is applied to all instruments within the scope of IFRS\u00a09 impairment, except for purchased or originated credit-impaired financial assets and instruments for which a simplified model is used (see below).

The IFRS\u00a09 expected credit loss approach is symmetrical, i.e. if lifetime expected credit losses have been recognised in a previous reporting period, and if it is assessed in the current reporting period that there is no longer any significant increase in credit risk since initial recognition, the loss allowance reverts to a 12-months expected credit loss.

As regards interest income, under \u201cstages\u201d 1 and 2, it is calculated on the gross carrying amount. Under \u201cstage\u00a03\u201d, interest income is calculated on the amortised cost (i.e. the gross carrying amount adjusted for the loss allowance).

Definition of default

The definition of default is aligned with the Basel regulatory default definition, with a rebuttable presumption that the default occurs no later than 90\u00a0days past due. This definition takes into account the EBA guidelines of 28\u00a0September 2016, notably those regarding the thresholds applicable for the counting of past-due and probation periods.

The definition of default is used consistently for assessing the increase in credit risk and measuring expected credit losses.

Credit-impaired or doubtful financial assets
Definition

A financial asset is considered credit-impaired or doubtful and classified in \u201cstage\u00a03\u201d when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred.

At an individual level, objective evidence that a financial asset is credit-impaired includes observable data regarding the following events: the existence of accounts that are more than 90\u00a0days past due; knowledge or indications that the borrower is experiencing significant financial difficulties, such that a risk can be considered to have arisen regardless of whether the borrower has missed any payments; concessions with respect to the credit terms granted to the borrower that the lender would not have considered had the borrower not been in financial difficulty (see section Restructuring of financial assets for financial difficulties).

Specific cases of purchased or originated credit-impaired assets

In some cases, financial assets are credit-impaired at initial recognition.

For these assets, no loss allowance is recorded on initial recognition. The effective interest rate is calculated taking into account the lifetime expected credit losses in the initial estimated cash flows. Any change in lifetime expected credit losses since initial recognition, positive or negative, is recognised as a loss allowance adjustment in profit or loss.

Simplified model

The simplified approach consists in accounting for a loss allowance corresponding to lifetime expected credit losses since initial recognition, and at each reporting date.

The Group applies this model to trade receivables with a maturity shorter than 12\u00a0months.

Significant increase in credit risk

A significant increase in credit risk may be assessed on an individual basis or on a collective basis (by grouping financial instruments according to common credit risk characteristics), taking into account all reasonable and supportable information and comparing the risk of default of the financial instrument at the reporting date with the risk of default of the financial instrument at the date of initial recognition.

Assessment of deterioration is based on the comparison of the probabilities of default derived from the ratings on the date of initial recognition with those existing at the reporting date.

There is also, according to the standard, a rebuttable presumption that the credit risk of an instrument has significantly increased since initial recognition when the contractual payments are more than 30\u00a0days past due.

In the consumer credit specialist business, a significant increase in credit risk is also considered when a past due event has occurred within the last 12\u00a0months, even if it has since been regularised. From 2024, this specificity no longer applies to most exposures in the eurozone.

The approaches applied to assess the significant increase in credit risk are detailed in note\u00a02.g Cost of risk.

Measurement of expected credit losses

Expected credit losses are defined as an estimate of credit losses (i.e. the present value of all cash shortfalls) weighted by the probability of occurrence of these losses over the expected life of the financial instruments. They are measured on an individual basis, for all exposures.

In practice, for exposures classified in stage\u00a01 and stage\u00a02, expected credit losses are measured as the product of the probability of default (\u201cPD\u201d), Loss Given Default (\u201cLGD\u201d) and Exposure at Default (\u201cEAD\u201d), discounted at the effective interest rate of the exposure (EIR). They result from the risk of default within the next 12\u00a0months (stage\u00a01), or from the risk of default over the maturity of the facility (stage\u00a02). In the consumer credit specialist business, because of the specificity of credit exposures, the methodology used is based on the probability of transition to term forfeiture, and on discounted loss rates after term forfeiture. These parameters are measured on a statistical basis for homogeneous populations. From 2024, this specificity no longer applies to most exposures in the Eurozone.

For exposures classified in stage\u00a03, expected credit losses are measured as the value, discounted at the effective interest rate, of all cash shortfalls over the life of the financial instrument. Cash shortfalls represent the difference between the cash flows that are due in accordance with the contract, and the cash flows that are expected to be received. Where appropriate, the estimate of expected cash flows takes into account a cash flow scenario arising from the sale of the defaulted loans or groups of loans. Proceeds from the sale are recorded net of costs to sell.

The methodology developed is based on existing concepts and methods (in particular the Basel framework) on exposures for which capital requirement for credit risk is measured according to the Internal Ratings-Based Approach (IRBA) methodology. This method is also applied to portfolios for which capital requirement for credit risk is measured according to the standardised approach. Besides, the Basel framework has been adjusted in order to be compliant with IFRS\u00a09 requirements, in particular the use of forward-looking information.

Maturity

All contractual terms of the financial instrument are taken into account, including prepayment, extension and similar options. In the rare cases where the expected life of the financial instrument cannot be estimated reliably, the residual contractual term is used. The standard specifies that the maximum period to consider when measuring expected credit losses is the maximum contractual period. However, for revolving credit cards and overdrafts, in accordance with the exception provided by IFRS\u00a09 for these products, the maturity considered for measuring expected credit losses is the period over which the entity is exposed to credit risk, which may extend beyond the contractual maturity (notice period). For revolving credits and overdrafts to non-retail counterparties, the contractual maturity can be used, for example if the next review date is the contractual maturity as they are individually managed.

Probabilities of Default (PD)

Probability of Default is an estimate of the likelihood of default over a given time horizon.

The determination of the PD is based on the Group\u2019s internal rating system, which is described in chapter\u00a05 of the Universal registration document (section\u00a05.4 Credit risk \u2013 Credit risk management policy). This section describes how Environmental, social and governance (ESG) risks are taken into account in credit and rating policies, notably with the introduction of a new tool: the ESG Assessment.

The measurement of expected credit losses requires the estimation of both 1-year probabilities of default and lifetime probabilities of default.

1-year PDs are derived from long term average regulatory \u201cthrough the cycle\u201d PDs to reflect the current situation and macroeconomic scenarios (\u201cPoint in Time\u201d or \u201cPIT\u201d).

Lifetime PDs are determined based on the rating migration matrices reflecting the expected changes in the rating of the exposure until maturity, and the associated probabilities of default.

Loss Given Default (LGD)

Loss Given Default is the difference between contractual cash flows and expected cash-flows, discounted using the effective interest rate (or an approximation thereof) at the default date. LGD is expressed as a percentage of the Exposure at Default (EAD).

The estimate of expected cash flows takes into account cash flows resulting from the sale of collateral held or other credit enhancements if they are part of the contractual terms and are not accounted for separately by the entity (for example, a mortgage associated with a residential loan), net of the costs of obtaining and selling the collateral.

For guaranteed loans, the guarantee is considered as integral to the loan agreement if it is embedded in the contractual clauses of the loan, or if it was granted concomitantly to the loan, and if the expected reimbursement amount can be attached to a loan in particular (i.e. absence of pooling effect by means of a tranching mechanism, or the existence of a global cap for a whole portfolio). In such case, the guarantee is taken into account when measuring the expected credit losses. Otherwise, it is accounted for as a separate reimbursement asset.

The LGD used for IFRS\u00a09 purposes is derived from the Basel LGD parameters. It is adjusted for downturn and conservatism margins (in particular regulatory margins), except for margins for model uncertainties. For corporate clients, this LGD is determined considering macroeconomic scenarios.

Exposure at Default (EAD)

Exposure at Default (EAD) of an instrument is the anticipated outstanding amount owed by the obligor at the time of default. It is determined by the expected payment profile taking into account, depending on the product type: the contractual repayment schedule, expected early repayments and expected future drawings for revolving facilities.

Forward-looking information

The amount of expected credit losses is measured on the basis of probability-weighted scenarios, in view of past events, current conditions and reasonable and supportable economic forecasts. From 31\u00a0December 2024, forward\u2011looking information specifically takes into account risks related to climate change transition, in particular through the use of long-term scenarios.

The approaches applied to take into account forward-looking information when measuring expected credit losses are detailed in note\u00a02.g Cost of risk.

Write-offs

A write-off consists in reducing the gross carrying amount of a financial asset when there are no longer reasonable expectations of recovering that financial asset in its entirety or a portion thereof, or when it has been fully or partially forgiven. The write-off is recorded when all other means available to the Bank for recovering the receivables or guarantees have failed, and also generally depends on the context specific to each jurisdiction.

If the amount of loss on write-off is greater than the accumulated loss allowance, the difference is recognised as an additional impairment loss in \u201cCost of risk\u201d. For any recovery once the financial asset (or part thereof) is no longer recognised on the balance sheet, the amount received is recorded as a gain in \u201cCost of risk\u201d.

Recoveries through the repossession of\u00a0the\u00a0collateral

When a loan is secured by a financial or a non-financial asset serving as a guarantee and the counterparty is in default, the Group may decide to exercise the guarantee and, depending on the jurisdiction, it may then become owner of the asset. In such a situation, the loan is written-off against the asset received as collateral.

Once ownership of the asset is effective, it is recognised at fair value and classified according to the intent of use.

Restructuring of financial assets for financial difficulties

A restructuring due to the borrower\u2019s financial difficulties is defined as a change in the terms and conditions of the initial transaction that the Group is considering only for economic or legal reasons related to the borrower\u2019s financial difficulties.

For restructurings not resulting in derecognition of the financial asset, the restructured asset\u2019s gross carrying amount is reduced to the discounted amount, using the original effective interest rate of the asset, of the new expected future flows. The change in the gross carrying amount of the asset is recorded in the income statement in \u201cCost of risk\u201d.

The existence of a significant increase in credit risk for the financial instrument is then assessed by comparing the risk of default after the restructuring (under the revised contractual terms) and the risk of default at the initial recognition date (under the original contractual terms). In order to demonstrate that the criteria for recognising lifetime expected credit losses are no longer met, good payment behaviour will have to be observed over a certain period of time.

When the restructuring consists of a partial or total exchange against other substantially different assets (for example, the exchange of a debt instrument against an equity instrument), it results in the extinction of the original asset and the recognition of the assets remitted in exchange, measured at their fair value at the date of exchange. The difference in value is recorded in the income statement in \u201cCost of risk\u201d.

Modifications to financial assets that are not due to a borrower\u2019s financial difficulties, or granted in the context of a moratorium (i.e. commercial renegotiations) are generally analysed as the early repayment of the former loan, which is then derecognised, followed by the set-up of a new loan at market conditions. If there is no significant repayment penalty, they consist in resetting the interest rate of the loan at market conditions, with the client being in a position to change lender and not encountering any financial difficulties.

Probation periods

The Group applies observation periods to assess the possible return to a better stage. Accordingly, a 3-month probation period is observed for the transition from stage\u00a03 to stage\u00a02 which is extended to 12\u00a0months in the event of restructuring due to financial difficulties.

For the transition from stage\u00a02 to stage\u00a01, a probation period of two years is observed for loans that have been restructured due to financial difficulties.

1.f.6Cost of risk

Cost of risk includes the following items of profit or loss:

It also includes expenses relating to fraud and to disputes inherent to the financing activity.

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1.f.7Financial instruments at fair value through profit or loss
Trading portfolio and other financial assets measured at fair value through profit or loss

The trading portfolio includes instruments held for trading (trading transactions), including derivatives.

Other financial assets measured at fair value through profit or loss include debt instruments that do not meet the \u201ccollect\u201d or \u201ccollect and sale\u201d business model criterion or that do not meet the cash flow criterion, as well as equity instruments for which the fair value through shareholders\u2019 equity option has not been retained. Finally financial assets may be designated as at fair value through profit or loss if this enables the entity to eliminate or significantly reduce a mismatch in the measurement and accounting treatment of assets and liabilities that would otherwise arise if they were to be classified in separate categories.

All those financial instruments are measured at fair value at initial recognition, with transaction costs directly posted in profit or loss. At the reporting date, they are measured at fair value, with changes presented in \u201cNet gain/loss on financial instruments at fair value through profit or loss\u201d. Income, dividends, and realised gains and losses on disposal related to held-for-trading transactions are accounted for in the same profit or loss account.

Financial liabilities designated as at fair value through profit or loss

Financial liabilities are recognised under option in this category in the two following situations:

Changes in fair value due to the own credit risk are recognised under a specific heading of shareholders\u2019 equity.

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1.f.8Financial liabilities and equity instruments

A financial instrument issued or its various components are classified as a financial liability or equity instrument, in accordance with the economic substance of the legal contract.

Financial instruments issued by the Group are qualified as debt instruments if the entity in the Group issuing the instruments has a contractual obligation to deliver cash or another financial asset to the holder of the instrument. The same applies if the Group is required to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the Group, or to deliver a variable number of the Group\u2019s own equity instruments.

Equity instruments result from contracts evidencing a residual interest in an entity\u2019s assets after deducting all of its liabilities.

Debt securities and subordinated debt

Debt securities and subordinated debt are measured at amortised cost unless they are recognised at fair value through profit or loss.

Debt securities are initially recognised at the issue value including transaction costs and are subsequently measured at amortised cost using the effective interest method.

Issued bonds redeemable or convertible into own equity may contain a debt component and an equity component, determined upon initial recognition of the transaction. In this case, they will be qualified as compound financial instruments.

In this respect, the Group has elected to record contingent convertible bonds issued, without maturity, when convertible into a variable number of own shares on the occurrence of a predetermined trigger event (e.g. a decrease in the solvency ratio below a threshold), as compound instruments, to the extent that the coupons on these bonds are paid discretionarily.

Equity instruments

The term \u201cown equity instruments\u201d refers to shares issued by the parent company (BNP\u00a0Paribas\u00a0SA) and by its fully consolidated subsidiaries. External costs that are directly attributable to an issue of new shares are deducted from equity net of all related taxes.

Own equity instruments held by the Group, also known as treasury shares, are deducted from consolidated shareholders\u2019 equity irrespective of the purpose for which they are held. Gains and losses arising on such instruments are eliminated from the consolidated profit and loss account.

When the Group acquires equity instruments issued by subsidiaries under the exclusive control of BNP\u00a0Paribas, the difference between the acquisition price and the share of net assets acquired is recorded in retained earnings attributable to BNP\u00a0Paribas shareholders. Similarly, the liability corresponding to put options granted to minority shareholders in such subsidiaries, and changes in the value of that liability, are offset against minority interests, with any surplus offset against retained earnings attributable to BNP\u00a0Paribas shareholders. Until these options have been exercised, the portion of net income attributable to minority interests is allocated to minority interests in the profit and loss account. A decrease in the Group\u2019s interest in a fully consolidated subsidiary is recognised in the Group\u2019s accounts as a change in shareholders\u2019 equity.

Financial instruments issued by the Group and classified as equity instruments (notably the undated super subordinated notes) are presented in the balance sheet in \u201cCapital and retained earnings\u201d.

Distributions from a financial instrument classified as an equity instrument are recognised directly as a deduction from equity. Similarly, the transaction costs of an instrument classified as equity are recognised as a deduction from shareholders\u2019 equity.

Own equity instrument derivatives are treated as follows, depending on the method of settlement:

If the contract includes an obligation, whether contingent or not, for the bank to repurchase its own shares, the Bank recognises the debt at its present value with an offsetting entry in shareholders\u2019 equity.

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1.f.9Hedge accounting

The Group retained the option provided by the standard to maintain the hedge accounting requirements of IAS\u00a039 until the future standard on macro-hedging is entered into force. Furthermore, IFRS\u00a09 does not explicitly address the fair value hedge of the interest rate risk on a portfolio of financial assets or liabilities. The provisions in IAS\u00a039 for these portfolio hedges, as adopted by the European Union, continue to apply.

Derivatives contracted as part of a hedging relationship are designated according to the purpose of the hedge.

Fair value hedges are particularly used to hedge interest rate risk on fixed-rate assets and liabilities, both for identified financial instruments (securities, debt issues, loans, borrowings) and for portfolios of financial instruments (in particular, demand deposits and fixed-rate loans).

Cash flow hedges are particularly used to hedge interest rate risk on floating-rate assets and liabilities, including rollovers, and foreign exchange risks on highly probable forecast foreign currency revenues.

At the inception of the hedge, the Group prepares formal documentation which details the hedging relationship, identifying the instrument, or portion of the instrument, or portion of risk that is being hedged, the hedging strategy and the type of risk hedged, the hedging instrument, and the methods used to assess the effectiveness of the hedging relationship.

On inception and at least quarterly, the Group assesses, in consistency with the original documentation, the actual (retrospective) and expected (prospective) effectiveness of the hedging relationship. Retrospective effectiveness tests are designed to assess whether the ratio of actual changes in the fair value or cash flows of the hedging instrument to those in the hedged item is within a range of 80% to 125%. Prospective effectiveness tests are designed to ensure that expected changes in the fair value or cash flows of the derivative over the residual life of the hedge adequately offset those of the hedged item. For highly probable forecast transactions, effectiveness is assessed largely on the basis of historical data for similar transactions.

Under IAS\u00a039 as adopted by the European Union, which excludes certain provisions on portfolio hedging, interest rate risk hedging relationships based on portfolios of assets or liabilities qualify for fair value hedge accounting as follows:

The accounting treatment of derivatives and hedged items depends on the hedging strategy.

In a fair value hedging relationship, the derivative instrument is remeasured at fair value in the balance sheet, with changes in fair value recognised in profit or loss in \u201cNet gain/loss on financial instruments at fair value through profit or loss\u201d, symmetrically with the remeasurement of the hedged item to reflect the hedged risk. In the balance sheet, the fair value remeasurement of the hedged component is recognised in accordance with the classification of the hedged item in the case of a hedge of identified assets and liabilities, or under \u201cRemeasurement adjustment on interest rate risk hedged portfolios\u201d in the case of a portfolio hedging relationship.

If a hedging relationship ceases or no longer fulfils the effectiveness criteria, the hedging instrument is transferred to the trading book and accounted for using the treatment applied to this category. In the case of identified fixed-income instruments, the remeasurement adjustment recognised in the balance sheet is amortised at the effective interest rate over the remaining life of the instrument. In the case of interest rate risk hedged fixed-income portfolios, the adjustment is amortised on a straight-line basis over the remainder of the original term of the hedge. If the hedged item no longer appears in the balance sheet, in particular due to prepayments, the adjustment is taken to the profit and loss account immediately.

In a cash flow hedging relationship, the derivative is measured at fair value in the balance sheet, with changes in fair value taken to shareholders\u2019 equity on a separate line, \u201cChanges in fair value recognised directly in equity\u201d. The amounts taken to shareholders\u2019 equity over the life of the hedge are transferred to the profit and loss account under \u201cNet interest income\u201d as and when the cash flows from the hedged item impact profit or loss. The hedged items continue to be accounted for using the treatment specific to the category to which they belong.

If the hedging relationship ceases or no longer fulfils the effectiveness criteria, the cumulative amounts recognised in shareholders\u2019 equity as a result of the remeasurement of the hedging instrument remain in equity until the hedged transaction itself impacts profit or loss, or until it becomes clear that the transaction will not occur, at which point they are transferred to the profit and loss account.

If the hedged item ceases to exist, the cumulative amounts recognised in shareholders\u2019 equity are immediately taken to the profit and loss account.

Whatever the hedging strategy used, any ineffective portion of the hedge is recognised in the profit and loss account under \u201cNet gain/loss on financial instruments at fair value through profit or loss\u201d.

Hedges of net foreign currency investments in subsidiaries and branches are accounted for in the same way as cash flow hedges. Hedging instruments may be foreign exchange derivatives or any other non-derivative financial instrument.

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1.f.10Determination of fair value

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal market or most advantageous market, at the measurement date.

The Group determines the fair value of financial instruments either by using prices obtained directly from external data or by using valuation techniques. These valuation techniques are primarily market and income approaches encompassing generally accepted models (e.g. discounted cash flows, Black-Scholes model, and interpolation techniques). They maximise the use of observable inputs and minimise the use of unobservable inputs. They are calibrated to reflect current market conditions and valuation adjustments are applied as appropriate, when some factors such as model, liquidity and credit risks are not captured by the models or their underlying inputs but are nevertheless considered by market participants when setting the exit price.

The unit of measurement is the individual financial asset or financial liability but a portfolio-based measurement can be elected, subject to certain conditions. Accordingly, the Group retains this portfolio-based measurement exception to determine the fair value when some group of financial assets and financial liabilities and other contracts within the scope of the standard relating to financial instruments with substantially similar and offsetting market risks or credit risks is managed on the basis of a net exposure, in accordance with the documented risk management strategy.

Assets and liabilities measured or disclosed at fair value are categorised into the three following levels of the fair value hierarchy:

The level in the fair value hierarchy within which the asset or liability is categorised in its entirety is based upon the lowest level input that is significant to the entire fair value measurement.

For financial instruments disclosed in Level\u00a03 of the fair value hierarchy, and marginally some instruments disclosed in Level\u00a02, a difference between the transaction price and the fair value may arise at initial recognition. This \u201cDay One Profit\u201d is deferred and released to the profit and loss account over the period during which the valuation parameters are expected to remain non-observable. When parameters that were originally non-observable become observable, or when the valuation can be substantiated in comparison with recent similar transactions in an active market, the unrecognised portion of the day one profit is released to the profit and loss account.

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1.f.11Derecognition of financial assets and financial liabilities
Derecognition of financial assets

The Group derecognises all or part of a financial asset when the contractual rights to the cash flows of the asset expire, or when the Group transfers the asset \u2013 either on the basis of a transfer of the contractual rights to its cash flows, or by retaining the contractual rights to receive the cash flows of the asset while assuming an obligation to pay the cash flows of the asset under an eligible pass-through arrangement \u2013 as well as substantially all the risks and rewards of the asset.

Where the Group has transferred the cash flows of a financial asset but has neither transferred nor retained substantially all the risks and rewards of ownership of the financial asset and has not in practice retained control of the financial asset, the Group derecognises the financial asset and then records separately, if necessary, an asset or liability representing the rights and obligations created or held as part of the transfer of the asset. If the Group has retained control of the financial asset, it maintains it on its balance sheet to the extent of its continuing involvement in that asset.

Upon the derecognition of a financial asset in its entirety, a gain or loss on disposal is recognised in the profit and loss account for an amount equal to the difference between the carrying amount of the asset and the value of the consideration received, adjusted where appropriate for any unrealised gain or loss previously recognised directly in equity.

If all these conditions are not met, the Group retains the asset in its balance sheet and recognises a liability for the obligations arising on the transfer of the asset.

Derecognition of financial liabilities

The Group derecognises all or part of a financial liability when the liability is extinguished, i.e. when the obligation specified in the contract is extinguished, cancelled or expired. A financial liability may also be derecognised in the event of a substantial change in its contractual terms or if exchanged with the lender for an instrument with substantially different contractual terms.

Repurchase agreements and securities lending/borrowing

Securities temporarily sold under repurchase agreements continue to be recognised in the Group\u2019s balance sheet in the category of securities to which they belong. The corresponding liability is recognised at amortised cost under the appropriate \u201cFinancial liabilities at amortised cost\u201d category on the balance sheet, except in the case of repurchase agreements contracted for trading purposes, for which the corresponding liability is recognised in \u201cFinancial liabilities at fair value through profit or loss\u201d.

Securities temporarily acquired under reverse repurchase agreements are not recognised in the Group\u2019s balance sheet. The corresponding receivable is recognised at amortised cost under the appropriate \u201cFinancial assets at amortised cost\u201d category in the balance sheet, except in the case of reverse repurchase agreements contracted for trading purposes, for which the corresponding receivable is recognised in \u201cFinancial assets at fair value through profit or loss\u201d.

Securities lending transactions do not result in derecognition of the lent securities, and securities borrowing transactions do not result in recognition of the borrowed securities on the balance sheet. In cases where the borrowed securities are subsequently sold by the Group, the obligation to deliver the borrowed securities on maturity is recognised on the balance sheet under \u201cFinancial liabilities at fair value through profit or loss\u201d.

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1.f.12Offsetting financial assets and financial liabilities

A financial asset and a financial liability are offset and the net amount presented in the balance sheet if, and only if, the Group has a legally enforceable right to set off the recognised amounts, and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Repurchase agreements and derivatives that meet the two criteria set out in the accounting standard are offset in the balance sheet.

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1.gInsurance activities

1.g.1Investments related to insurance activities

IFRS\u00a09 is applied in the same way as to other Group entities (see note\u00a01.f).

Investments of insurance activities include investment property which are measured at fair value as underlying assets of direct participating contracts.

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1.g.2Insurance contracts

The Group applies IFRS\u00a017 to insurance contracts issued, reinsurance contracts issued and held, and discretionary investment contracts issued (if the entity also issues insurance contracts).

The main insurance contracts issued by the Group correspond to:

A reinsurance contract (or treaty) is an insurance contract by which an insurer (ceding company or cedent) transfers part of its risks to a reinsurer. The Group acts as reinsurer by accepting risks related to persons or property from external insurers and as ceding company by transferring such risks to external reinsurers. Contracts may be proportional or non-proportional depending on the nature of the risks and the appetite for the risk accepted or retained. They are measured either according to the general model or according to the premium allocation approach since the standard prohibits the use of the variable fee approach for reinsurance contracts.

Investment contracts without discretionary participating features and without insurance risk backed by unit-linked underlying assets are measured at fair value through profit or loss in accordance with IFRS\u00a09.

The methods for measuring and recognising these various contracts according to the measurement model adopted are set out below.

These contracts are described in note\u00a05.d Assets and liabilities related to insurance contracts.

Prior separation of components covered by other standards and not closely related

When insurance or investment contracts with discretionary participation include components, which would fall within the scope of another standard if they were separate contracts, an analysis must be carried out to determine whether these components should be accounted for separately. Thus:

Insurance contracts

An insurance contract is a contract under which a party, the issuer, assumes a significant insurance risk for another party, the policyholder, by agreeing to indemnify the policyholder if a specified uncertain future event, the insured event, is detrimental to the policyholder.

An insurance risk is significant if, and only if, an insured event can cause the insurer to pay significant additional amounts in any scenario, excluding scenarios that are devoid of commercial substance. A contract transfers a significant insurance risk only if there is a scenario with a commercial substance in which there is a possibility that the issuer will incur a loss based on the present value.

The insurance risks covered by Group entities are:

Life or savings contracts issued by Group entities are qualified as insurance contracts if they include a risk in the event of survival (pension contracts with compulsory annuities) or a risk in the event of death (unit-linked contracts with a floor guarantee in the event of death and savings contracts with a guarantee of an additional amount payable in the event of death). In the absence of such risks, these contracts are investment contracts with or without discretionary participating features.

Investment contracts with discretionary participating features

Investment contracts do not expose the insurer to significant insurance risk. They are within the scope of IFRS\u00a017 if they are issued by entities that also issue insurance contracts.

Discretionary participation is defined as the contractual right to receive, in addition to an amount that is not at the issuer\u2019s discretion, additional amounts that are likely to represent a significant portion of the total benefits provided under the contract. Benefits, for which the timing or amount is contractually left to the issuer\u2019s discretion and that are contractually based on the returns arising from a defined set of contracts or type of contract or on the realised and/or unrealised investment returns from a defined set of assets held by the issuer, or the result of the entity or fund issuing the contract.

Savings contracts invested in a euro-denominated fund and multiple saving contracts invested in unit-linked assets and in a euro-denominated fund are considered by the Group as investment contracts with discretionary participating features, measured using the variable fee approach.

Accounting and measurement
Aggregation of contracts

Insurance contracts are accounted and measured by groups of contracts within portfolios of contracts covering similar risks and managed together. Groups of contracts are determined according to their expected profitability at inception: onerous contracts, profitable contracts with a low risk of becoming onerous, and others. A group of contracts may contain only contracts issued no more than one year apart (corresponding to an annual \u201ccohort\u201d), except where the optional exemption provided for in the European regulation applies, which is the case for life-savings contracts, as described below.

For creditor protection insurance, personal protection insurance and other non-life risks, the Group uses the following discriminatory criteria when constructing portfolios of homogeneous contracts: legal entity, nature of the risks and partner, distributor. The reinsurance contracts accepted shall follow the same principles.

For life and savings contracts, the Group uses the following criteria for portfolios of homogeneous contracts: legal entity, product and underlying assets. Savings and retirement contracts are classified in separate portfolios (including in the period prior to the transition) due to the existence of a risk of longevity in retirement contracts.

For reinsurance contracts held, the Group uses the following criteria: legal entity, underlying item and counterparty. A portfolio can sometimes correspond to a single reinsurance treaty.

Recognition and derecognition

A group of insurance contracts (or reinsurance contracts issued) is recognised from the earliest of the following dates: the beginning of the period of coverage of the group of contracts, the date on which the first payment of a policyholder in the group becomes due (or, in the absence of such a date, when the first payment is received) and, in the case of a group of onerous contracts, the date on which the group becomes onerous.

A group of reinsurance contracts held is recognised from the beginning of the period of coverage of the group of reinsurance contracts held or, if the reinsurance was contracted in anticipation of the coverage of an underlying group of onerous insurance contracts, on the first recognition of that onerous group.

On initial recognition of portfolios of insurance contracts acquired as part of a business combination or a separate transfer, groups of contracts acquired are treated as if the contracts had been issued at the date of the transaction. The consideration received or paid in exchange for the contracts is treated as an approximation of the premiums received for the purpose of calculating the contractual service margin at initial recognition from this amount. In the case of a business combination within the scope of IFRS\u00a03, the consideration received or paid is the fair value of the contracts at that date. For business combinations that have occurred since the first application of IFRS\u00a017, this fair value has been determined by projecting the liabilities valuation under the Solvency 2 prudential approach which constitutes a market benchmark. For onerous contracts, the excess of the fulfilment cash flows over the consideration paid or received is recognised in the goodwill (or the profit resulting from an acquisition on advantageous terms) if it is a business combination and in a separate transfer, in the profit and loss account. For profitable contracts, the difference is recorded as a contractual service margin. In addition, an asset for cash flows related to acquisition costs must be recognised, for its fair value, for the acquisition costs related to the renewal of existing insurance contracts or for the acquisition costs already paid by the acquired company for future contracts.

An insurance contract shall be derecognised when the obligation it covers is extinguished, by payment or maturity, or if the terms of the contract are amended in such a way that the accounting treatment of the contract would have been substantially different if those amendments had originally existed. The derecognition of a contract entails the adjustment of the fulfilment cash flows, the contractual services margin and the coverage units of the group in which it was included.

General measurement model (Building Block Approach \u2013 BBA)
Characteristics

The general model for the measurement of insurance contracts is the best estimate of the future cash flows to be paid or received necessary to meet contractual obligations. This estimate should reflect the different possible scenarios and the effect of the options and guarantees included in the contracts within the limit or \u201ccontract boundary\u201d. The determination of this contract boundary requires an analysis of the rights and obligations arising from the contract and, in particular, of the insurer\u2019s ability to change its price to reflect the risks. This leads, for example, to the exclusion of tacit renewals if the tariff can be amended or to the inclusion of such renewals if not.

Cash flows are discounted to reflect the time value of money. They correspond only to cash flows attributable to insurance contracts either directly or through allocation methods: premiums, acquisition and contract management costs, claims and benefits, indirect costs, taxes and depreciation of tangible and intangible assets.

The cash flows estimate is supplemented by an explicit risk adjustment to cover the uncertainty of cash flows for non-financial risk. These two elements constitute the fulfilment cash flows of the contracts. A contractual service margin is added representing the expected gain or loss on future services related to a group of contracts.

If the contractual service margin is positive, it is shown on the balance sheet within the insurance contract\u2019s measurement and amortised as the services are rendered; if negative, it is recognised immediately in the income statement. The original loss (or \u201closs component\u201d) is monitored extra-accounting to allow for the subsequent recognition of the insurance service revenue.

Acquisition costs are deducted from the contractual service margin of the group of contracts to which they relate and amortised over the coverage period of contracts.

At each reporting date, the carrying amount of a group of insurance contracts is the sum of the liabilities for the remaining coverage which include the fulfilment cash flows related to future services (best estimate and risk adjustment) and the contractual service margin remaining at that date, and of the liabilities for incurred claims which include the best estimate of the cash flows and the risk adjustment, excluding any contractual service margin. The assumptions used to estimate future cash flows and the non-financial risks adjustment are updated, as well as the discount rate, to reflect the situation at the reporting date.

The contractual service margin is adjusted for changes in the estimates of non-financial assumptions related to future services, capitalised at the inception rate, and then amortised in the income statement for services rendered over the period in the insurance service revenue. In the case of contracts which become onerous, after consumption of the contractual service margin, the loss is recognised in the reporting period. In the case of onerous contracts that become profitable again as a result of favourable changes in assumptions, the contractual service margin is only reconstitued after offsetting the loss component.

The release of expected fulfillment flows (cash flow estimates and risk adjustments) for the period, except for the amount allocated to the loss component, is recorded in insurance service revenue. The change in estimates related to past service (cash flow estimates and risk adjustments) is recognised in \u201cInsurance service expenses\u201d.

The Group includes the change in the adjustment for non-financial risk related to past and current services in its entirety in the \u201cInsurance service result\u201d.

The Group records in equity the effect of the change in the discount rate on the cash flows. The expense of unwinding the discount is recorded in \u201cInsurance financial income or expenses\u201d based on the initial rate (the inception rate for the liability for remaining coverage, and the rate at claims occurrence date for the liability for incurred claims). The difference between the value of liabilities discounted at the rate fixed at initial date and the value of those same liabilities estimated using current discount rate is recognised in equity. The effect on liabilities of changes in financial variables, in particular the indexation of benefits under the contract, is also recognised in equity.

The discount rate is based on the risk-free rate adjusted for the illiquidity of the liabilities. For protection, the liquidity premium is currently valued at zero due to the short settlement period for claims on the main risks covered and non-transferability to policyholders of the illiquidity of liabilities.

The risk adjustment is determined using the quantile method.

The coverage unit used to amortise the contractual service margin is derived from the risk premium earned during the period.

Contracts concerned

Contracts covering personal or property risks (creditor protection insurance, protection and other non-life risks) are measured according to the general model when the contract boundary, expected changes in cash flows and the time value effect over the coverage period do not make them eligible under the simplified approach, or by operational choice (a single measurement model for short and long contracts).

Measurement model for contracts with direct participation features (Variable Fee Approach \u2013 VFA)
Characteristics

Direct participating contracts are insurance or investment contracts for which:

Compliance with these conditions is monitored on the underwriting date and is not reviewed later.

For these contracts, for which the insurer has to pay the policyholder an amount corresponding to the fair value of clearly identified underlying assets, less a variable compensation, a specific model (called the \u201cVariable Fee Approach\u201d) has been developed by adapting the general model.

At each reporting date, liabilities related to these contracts are adjusted for the return earned and changes in the fair value of the underlying assets: the policyholders\u2019 share is recorded in the contract fulfilment cash flows against insurance financial income or expense and the insurer\u2019s share corresponding to the variable fee is included in the contractual service margin.

The contractual service margin is also adjusted for the effect of changes in cash flows that do not vary according to the returns on the underlying assets and that relate to future services: estimation of cash flows, risk adjustment, changes in the time value effect of money and changes in the financial risks that do not result from the underlying assets (for example, the effect of financial guarantees).

Changes in the fulfillment cash flows that do not change in connection with the yields of underlying assets and that relate to past service events are recognised in the profit and loss account. This is the case for management fees and attributable costs.

Acquisition cash flows are deducted from the contractual service margin of the group of contracts to which they relate and amortised over the coverage period of the contracts, as in the general model.

Due to the mechanism for allocating the change in the value of the underlying assets between the policyholders and the insurer, the result of these contracts is in principle mainly represented by the release of the fulfilment cash flows and the amortisation of the contractual service margin. When the underlying assets fully support the liabilities and are measured at fair value through profit or loss, the financial result under these contracts should be nil. The Group has chosen the option of reclassifying in shareholders\u2019 equity the change in the liabilities related to the underlying assets that are not measured at fair value through profit or loss.

Life and savings contracts meeting the above definition of direct participating contracts are valued using the variable fee approach. When these contracts include a surrender value, it meets the definition of a non-distinct investment component and changes in that investment component (including related payments) are therefore not recognised in the income statement.

The Group has chosen to apply the option introduced by the European regulation not to divide the portfolios of participating contracts based on intergenerational mutualisation by annual cohort. As a result of this choice, the assessment of the onerousness is made on the basis of the portfolio and not on the basis of the annual cohorts.

The contract boundary includes future payments as long as the applicable pricing is not modifiable (e.g. acquisition or management loadings), as well as the annuity phase in service when contracts provide for a mandatory annuity or optional (in this case, the option is probabilistic).

The discount rate is based on the risk-free rate, extrapolated over the duration exceeding the period for which observable data are available and adjusted by a liquidity premium on the basis of the underlying assets to reflect the illiquidity of the liabilities.

The risk adjustment is determined by combining the cost of capital method without considering the risk of mass lapses, including future payments and considering only attributable costs, and the quantile method for the free payment component.

The coverage unit used to amortise the contractual service margin is the change in savings due to policyholders (determined at present value), adjusted to take into account the impact of the real return on financial or property assets compared with the actuarial neutral risk projection.

Contracts concerned

Insurance contracts and investment contracts with discretionary participating features backed by pools of underlying assets commonly referred to as \u201cgeneral funds\u201d or \u201cpolicyholders\u2019 funds\u201d that correspond to pools of assets isolated analytically, contractually or in regulation, as well as unit-linked contracts with a floor guarantee in case of death and multiple saving contracts backed by assets such as a \u201cgeneral fund\u201d, are measured using the variable fee approach.

The option provided for in the European regulation related to the annual cohort exemption is applied to insurance contracts and investment contracts with discretionary participation features where the policyholders\u2019 profit-sharing is mutualised between the different generations of policyholders: these are euro-denominated or multiple saving contracts including a euro-denominated fund, in France, Italy and Luxembourg.

The liabilities for incurred claims are measured using the variable fee approach if they are sensitive to changes in the value of the underlying assets and the general model if they are not.

Simplified measurement model (Premium Allocation Approach \u2013 PAA)
Characteristics

Short-term contracts (less than one year) may be measured using a simplified approach known as the premium allocation approach, also applicable to longer-term contracts if it leads to results similar to those of the general model in terms of liability for the remaining coverage.

Contracts with a long contract boundary, where significant changes in cash flows are expected over the coverage period, or where the time value effect over the coverage period is material, are not eligible for the simplified approach.

For profitable contracts, the liability for the remaining coverage corresponds to the deferral of premiums collected according to a profile representing the remaining coverage at the reporting date. For onerous contracts, deferred premiums are supplemented by an estimate of the expected loss over the coverage period. Liabilities for incurred claims are valued according to the general model. In this case, the method used to determine the risk adjustment is the same as for the general model.

The Group has chosen the option of deferring acquisition costs over the coverage duration and therefore presenting them as a deduction of the deferred premiums, except where the coverage of the contracts coincides with the calendar year or the deferred acquisition costs are not material.

Liabilities for incurred claims are discounted if the expected settlement of claims takes place after one year from the date of occurrence. The discount expense is recognised in insurance financial income or expenses as in the general model. In this case, the option to classify the effect of changes in the discount rate into equity is also applicable. The Group has retained this option for the liabilities for incurred claims.

At each reporting date, the adjustment of liabilities for remaining coverage and for incurred claims is recognised in profit or loss.

Contracts concerned

Creditor protection insurance, personal protection insurance and other non-life insurance contracts, are measured using the simplified approach if the conditions are met (unless the general model is chosen for operational reasons).

Treatment of the reinsurance
Reinsurance contracts issued (reinsurance accepted)

Reinsurance accepted shall be treated as insurance contracts issued, either in the general model or in the simplified model, depending on the duration of the reinsurance contracts.

The Group accepts mainly risks corresponding to those it covers as a direct insurer under proportional or non-proportional treaties.

Reinsurance contracts held (reinsurance ceded)

The reinsurance ceded is also treated according to the general or simplified model, but the equivalent of the contractual service margin represents the expected gain or loss on the reinsurance and may be positive or negative. If a reinsurance contract offsets the losses of an underlying group of onerous contracts, the reinsurance gain is recognised immediately in profit or loss. This \u201closs recovery component\u201d is used to record amounts that are subsequently presented in net income.

In addition, contract execution flows include the reinsurer\u2019s risk of non-performance.

The Group cedes on reinsurance the risks it wishes to hedge (for example, non-proportional treaties covering peak risk, the risk of accumulation or exceeding the desired retention) or under the risk-sharing framework of proportional treaties for technical or commercial reasons.

The reinsurance contracts held are measured by the Group using the simplified approach or the general model.

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Presentation in the balance sheet and in\u00a0the\u00a0profit and loss

The Group has chosen to present the investments of insurance activities and their results separately from the financial assets and liabilities of banking activities.

Financial income or expenses from issued insurance contracts are presented separately between the profit and loss account and shareholders\u2019 equity for portfolios for which this breakdown has been deemed relevant, as allowed by the standard. For the Protection contracts liabilities measured under the general model and for the liabilities for incurred claims arising from contracts measured under the simplified model, this choice for portfolios classification was made by taking into account both the effects in the profit and loss account of the undiscounting of the liabilities and the accounting treatment of the assets backing them. For contracts measured using the variable fee approach, this choice was made to offset any accounting mismatch that may exist in the profit and loss account between the effect of changes in fair value from insurance or investment liabilities and that from the underlying assets when these are not recognised at fair value through profit or loss.

Insurance contracts may be distributed and managed by non-insurance entities of the Group that are remunerated as such by commissions paid by insurance entities. The measurement model for insurance contracts requires projecting in the contract fulfilment cash flows the acquisition and management costs that will be paid in the future and presenting in the profit and loss account, the release of the estimated costs for the period on the one hand, and on the other, the actual costs. For commissions between consolidated companies in the Group, the Group restates the internal margin on the balance sheet and in the profit and loss account (in the breakdown of insurance liabilities and the related results between cash flows and contractual service margin) by presenting as insurance service expenses the portion of the general expenses (excluding internal margins) of the banking entities that can be attributed to the insurance activity. The internal distributors\u2019 margins are determined based on standardised management data for each of the related networks.

Effect of accounting estimates in interim financial statements

The Group has elected under IFRS\u00a017 to record in its annual financial statements the effects of changes in accounting estimates relating to insurance contracts issued or held, without taking into account estimates previously made in its interim financial statements.

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1.hProperty, plant, equipment and\u00a0intangible assets

Property, plant and equipment and intangible assets shown in the consolidated balance sheet are composed of assets used in operations and investment property. Rights-of-use related to leased assets (see note\u00a01.i.2) are presented by the lessee within fixed assets in the same category as similar assets held.

Assets used in operations are those used in the provision of services or for administrative purposes, and include non-property assets leased by the Group as lessor under operating leases.

Investment property comprises property assets held to generate rental income and capital gains.

Investment property is recognised at cost, except for those held as underlying assets under participating direct contracts (as amended by IAS\u00a040), which are measured at fair value through profit or loss and presented in the balance sheet under \u201cInvestments related to insurance activities\u201d (see note\u00a01.g.1).

Property, plant and equipment and intangible assets are initially recognised at purchase price plus directly attributable costs, together with borrowing costs where a long period of construction or adaptation is required before the asset can be brought into service. By way of exception, property occupied by the holder entity that is an underlying component of direct participating contracts is measured at fair value (by amendment to IAS\u00a016).

Software developed internally by the BNP\u00a0Paribas Group that fulfils the criteria for capitalisation is capitalised at direct development cost, which includes external costs and the labour costs of employees directly attributable to the project.

Subsequent to initial recognition, property, plant and equipment and intangible assets are measured at cost less accumulated depreciation or amortisation and any impairment losses.

The depreciable amount of property, plant and equipment and intangible assets is calculated after deducting the residual value of the asset. Only assets leased by the Group as the lessor under operating leases are presumed to have a residual value, as the useful life of property, plant and equipment and intangible assets used in operations is generally the same as their economic life.

Property, plant and equipment and intangible assets are depreciated or amortised using the straight-line method over the useful life of the asset. Depreciation and amortisation expense is recognised in the profit and loss account under \u201cDepreciation, amortisation and impairment of property, plant and equipment and intangible assets\u201d.

Where an asset consists of a number of components which may require replacement at regular intervals, or which have different uses or generate economic benefits at different rates, each component is recognised separately and depreciated using a method appropriate to that component. The BNP\u00a0Paribas Group has adopted the component-based approach for property used in operations and for investment property.

The depreciation periods used for office property are as follows: 80\u00a0years or 60\u00a0years for the shell (for prime and other property respectively); 30\u00a0years for facades; 20\u00a0years for general and technical installations; and 10\u00a0years for fixtures and fittings.

Software is amortised, depending on its type, over periods of no more than 8\u00a0years in the case of infrastructure developments and 3\u00a0years or 5\u00a0years in the case of software developed primarily for the purpose of providing services to customers.

Software maintenance costs are expensed as incurred. However, expenditure that is regarded as upgrading the software or extending its useful life is included in the initial acquisition or production cost.

Depreciable property, plant and equipment and intangible assets are tested for impairment if there is an indication of potential impairment at the balance sheet date. Non-depreciable assets are tested for impairment at least annually, using the same method as for goodwill allocated to cash-generating units.

If there is an indication of impairment, the new recoverable amount of the asset is compared with the carrying amount. If the asset is found to be impaired, an impairment loss is recognised in the profit and loss account. This loss is reversed in the event of a change in the estimated recoverable amount or if there is no longer an indication of impairment. Impairment losses are taken to the profit and loss account in \u201cDepreciation, amortisation and impairment of property, plant and equipment and intangible assets\u201d.

Gains and losses on disposals of property, plant and equipment and intangible assets used in operations are recognised in the profit and loss account in \u201cNet gain on non-current assets\u201d.

Gains and losses on disposals of investment property are recognised in the profit and loss account in \u201cIncome from other activities\u201d or \u201cExpense on other activities\u201d.

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1.iLeases

Group companies may either be the lessee or the lessor in a lease agreement.

1.i.1Group company as lessor

Leases contracted by the Group as lessor are categorised as either finance leases or operating leases.

Finance leases

In a finance lease, the lessor transfers substantially all the risks and rewards of ownership of an asset to the lessee. It is treated as a loan made to the lessee to finance the purchase of the asset.

The present value of the lease payments, plus any residual value, is recognised as a receivable. The net income earned from the lease by the lessor is equal to the amount of interest on the loan and is taken to the profit and loss account under \u201cInterest income\u201d. The lease payments are spread over the lease term and are allocated to reduction of the principal and to interest such that the net income reflects a constant rate of return on the net investment outstanding in the lease. The rate of interest used is the rate implicit in the lease.

Impairments of lease receivables are determined using the same principles as applied to financial assets measured at amortised cost.

Operating leases

An operating lease is a contract under which most of the risks and rewards of ownership of the leased asset are not transferred to the lessee.

The leased asset is initially recognised by the lessor as a tangible asset for its acquisition price less residual value and subsequently depreciated on a straight-line basis over its useful life. The asset depreciation charge and lease payments are recognised in profit and loss over the lease term respectively in \"Income from other activities\u201d and \"Expense on other activities\u201d line items.

Vehicles leased by the Group and classified under operating leases are assets with an average lease term of between one and five years.

The cost of acquiring these assets includes their purchase price, as well as any directly attributable costs necessary to make the vehicle available to the lessee customers. Residual value is a statistical model estimate of the resale value of the asset and is reestimated at each reporting date, taking into account, in particular, historical data on the sale of vehicles in the second-hand market and the specific context of each geographical area. In the event of a change in the amount of the residual value of the asset relative to its estimated value, a forward-looking adjustment to the depreciation plan is made vehicle by vehicle.

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1.i.2Group company as lessee

Lease contracts concluded by the Group, with the exception of contracts whose term is shorter than or equal to 12\u00a0months and low-value contracts, are recognised in the balance-sheet in the form of a right-of-use on the leased asset presented under fixed assets, along with the recognition of a financial liability for the rent and other payments to be made over the leasing period. The right of use assets is amortised on a straight-line basis and the financial liabilities are amortised on an actuarial basis over the lease period. Dismantling costs corresponding to specific and significant fittings and fixtures are included in the initial right-of-use estimation, in counterparty of a provision liability.

The key hypotheses used by the Group for the measurement of rights of use and lease liabilities are the following:

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1.jAssets held for sale and discontinued operations

Where the Group decides to sell assets or a group of assets and liabilities and it is highly probable that the sale will occur within 12\u00a0months, these assets are shown separately in the balance sheet, on the line \u201cAssets held for sale\u201d. Any liabilities associated with these assets are also shown separately in the balance sheet, on the line \u201cLiabilities associated with assets held for sale\u201d. When the Group is committed to a sale plan involving loss of control of a subsidiary and the sale is highly probable within 12\u00a0months, all the assets and liabilities of that subsidiary are classified as held for sale.

Once classified in this category, assets and the group of assets and liabilities are measured at the lower of carrying amount or fair value less costs to sell.

Such assets are no longer depreciated. If an asset or group of assets and liabilities becomes impaired, an impairment loss is recognised in the profit and loss account. Impairment losses may be reversed.

Where a group of assets and liabilities held for sale represents a cash generating unit, it is categorised as a \u201cdiscontinued operation\u201d. Discontinued operations include operations that are held for sale, operations that have been shut down, and subsidiaries acquired exclusively with a view to resell.

In this case, gains and losses related to discontinued operations are shown separately in the profit and loss account, on the line \u201cNet income from discontinued activities\u201d. This line includes after tax profits or losses of discontinued operations, after tax gain or loss arising from remeasurement at fair value less costs to sell, and after tax gain or loss on disposal of the operation.

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1.kEmployee benefits

Employee benefits are classified into four categories:

Short-term benefits

The Group recognises an expense when it has used services rendered by employees in exchange for employee benefits.

Long-term benefits

These are benefits, other than short-term benefits, post-employment benefits and termination benefits. This relates, in particular, to compensation deferred for more than 12\u00a0months and not linked to the BNP\u00a0Paribas share price, which is accrued in the financial statements for the period in which this compensation is earned.

The actuarial techniques used are similar to those used for defined-benefit post-employment benefits, except that the revaluation items are recognised in the profit and loss account and not in equity.

Termination benefits

Termination benefits are employee benefits payable in exchange for the termination of an employee\u2019s contract as a result of either a decision by the Group to terminate a contract of employment before the legal retirement age, or a decision by an employee to accept voluntary redundancy in exchange for these benefits. Termination benefits due more than 12\u00a0months after the balance sheet date are discounted.

Post-employment benefits

In accordance with IFRS, the BNP\u00a0Paribas Group draws a distinction between defined-contribution plans and defined-benefit plans.

Defined-contribution plans do not give rise to an obligation for the Group and do not require a provision. The amount of the employer\u2019s contributions payable during the period is recognised as an expense.

Only defined-benefit schemes give rise to an obligation for the Group. This obligation must be measured and recognised as a liability by means of a provision.

The classification of plans into these two categories is based on the economic substance of the plan, which is reviewed to determine whether the Group has a legal or constructive obligation to pay the agreed benefits to employees.

Post-employment benefit obligations under defined-benefit plans are measured using actuarial techniques that take demographic and financial assumptions into account.

The net liability recognised with respect to post-employment benefit plans is the difference between the present value of the defined-benefit obligation and the fair value of plan assets (if any).

The present value of the defined-benefit obligation is measured on the basis of the actuarial assumptions applied by the Group, using the projected unit credit method. This method takes into account various parameters, specific to each country or Group entity, such as demographic assumptions, the probability that employees will leave before retirement age, salary inflation, a discount rate, and the general inflation rate.

When the value of the plan assets exceeds the amount of the obligation, an asset is recognised if it represents a future economic benefit for the Group in the form of a reduction in future contributions or a future partial refund of amounts paid into the plan.

The annual expense recognised in the profit and loss account under \u201cSalaries and employee benefits\u201d, with respect to defined-benefit plans includes the current service cost (the rights vested by each employee during the period in return for service rendered), the net interests linked to the effect of discounting the net defined-benefit liability (asset), the past service cost arising from plan amendments or curtailments, and the effect of any plan settlements.

Remeasurements of the net defined-benefit liability (asset) are recognised in shareholders\u2019 equity and are never reclassified to profit or loss. They include actuarial gains and losses, the return on plan assets and any change in the effect of the asset ceiling (excluding amounts included in net interest on the defined-benefit liability or asset).

\u00a0

1.lShare-based payments

Share-based payment transactions are payments based on shares issued by the Group, whether the transaction is settled in the form of equity or cash of which the amount is based on trends in the value of BNP\u00a0Paribas shares.

Stock option and share award plans

The expense related to stock option and share award plans is recognised over the vesting period, if the benefit is conditional upon the grantee\u2019s continued presence at the vesting date.

Stock options and share award expenses are recorded under salary and employee benefits expenses, with a corresponding adjustment to shareholders\u2019 equity. They are calculated on the basis of the overall plan value, determined at the date of grant by the Board of directors.

In the absence of any market for these instruments, financial valuation models are used that take into account any performance conditions related to the BNP\u00a0Paribas share price. The total expense of a plan is determined by multiplying the unit value per option or share awarded by the estimated number of options or shares awarded vested at the end of the vesting period, taking into account the conditions regarding the grantee\u2019s continued employment.

The only assumptions revised during the vesting period, and hence resulting in a remeasurement of the expense, are those relating to the probability that employees will leave the Group and those relating to performance conditions that are not linked to the price value of BNP\u00a0Paribas shares.

Share price-linked cash-settled deferred compensation plans

The expense related to these plans is recognised in the year during which the employee rendered the corresponding services.

If the payment of share-based variable compensation is explicitly subject to an enforceable condition consisting in the employee\u2019s continued presence at the vesting date, the services are presumed to have been rendered during the vesting period and the corresponding compensation expense is recognised on a pro rata basis over that period. The expense is recognised under salary and employee benefits expenses with a corresponding liability in the balance sheet. It is revised to take into account any non-fulfilment of the continued presence or performance conditions and the change in BNP\u00a0Paribas share price.

If there is no continued presence enforceable condition, the expense is not deferred, but recognised immediately with a corresponding liability in the balance sheet. This is then revised on each reporting date until settlement to take into account any performance conditions and the change in the BNP\u00a0Paribas share price.

\u00a0

1.mProvisions recorded under liabilities

Provisions recorded under liabilities (other than those relating to financial instruments, employee benefits and insurance contracts) mainly relate to restructuring, claims and litigation, fines and penalties.

A provision is recognised when it is probable that an outflow of resources embodying economic benefits will be required to settle an obligation arising from a past event, and a reliable estimate can be made of the amount of the obligation. The amount of such obligations is discounted, where the impact of discounting is material, in order to determine the amount of the provision.

\u00a0

1.nCurrent and deferred tax

The current income tax charge is determined on the basis of the tax laws and tax rates in force in each country in which the Group operates during the period in which the income is generated.

Deferred taxes are recognised when temporary differences arise between the carrying amount of an asset or liability in the balance sheet and its tax base.

Deferred tax liabilities are recognised for all taxable temporary differences other than:

Deferred tax assets are recognised for all deductible temporary differences and unused carryforwards of tax losses only to the extent that it is probable that the entity in question will generate future taxable profits against which these temporary differences and tax losses can be offset.

Deferred tax assets and liabilities are measured using the liability method, using the tax rate which is expected to apply to the period when the asset is realised or the liability is settled, based on tax rates and tax laws that have been or will have been enacted by the balance sheet date of that period. They are not discounted.

Deferred tax assets and liabilities are offset when they arise within the same tax group, they fall under the jurisdiction of a single tax authority, and there is a legal right to offset.

As regards the assessment of uncertainty over income tax treatments, the Group adopts the following approach:

Current and deferred taxes are recognised as tax income or expenses in the profit and loss account, except for those relating to a transaction or an event directly recognised in shareholders\u2019 equity, which are also recognised in shareholders\u2019 equity. This concerns in particular the tax effect of coupons paid on financial instruments issued by the Group and qualified as equity instruments, such as undated super subordinated notes.

When tax credits on revenues from receivables and securities are used to settle corporate income tax payable for the period, the tax credits are recognised on the same line as the income to which they relate. The corresponding tax expense continues to be carried in the profit and loss account under \u201cCorporate income tax\u201d.

In accordance with the provisions of IAS\u00a012, the Group applies the mandatory and temporary exception not to recognise deferred taxes associated with the additional tax resulting from the minimum income tax applied by international groups.

\u00a0\u00a0

1.oCash flow statement

The cash and cash equivalents balance is composed of the net balance of cash accounts and accounts with central banks, and the net balance of interbank demand loans and deposits.

Changes in cash and cash equivalents related to operating activities reflect cash flows generated by the Group\u2019s operations, including those relating to financial investments of insurance activities and negotiable certificates of deposit.

Changes in cash and cash equivalents related to investing activities reflect cash flows resulting from acquisitions and disposals of subsidiaries, associates or joint ventures included in the consolidated Group, as well as acquisitions and disposals of property, plant and equipment excluding investment property and property held under operating leases.

Changes in cash and cash equivalents related to financing activities reflect the cash inflows and outflows resulting from transactions with shareholders, cash flows related to bonds and subordinated debt, and debt securities (excluding negotiable certificates of deposit).

\u00a0

1.pUse of estimates in the preparation of the financial statements

Preparation of the financial statements requires managers of core businesses and corporate functions to make assumptions and estimates that are reflected in the measurement of income and expense in the profit and loss account and of assets and liabilities in the balance sheet, and in the disclosure of information in the notes to the financial statements. This requires the managers in question to exercise their judgement and to make use of information available at the date of the preparation of the financial statements when making their estimates. The actual future results from operations where managers have made use of estimates may in reality differ significantly from those estimates, mainly according to market conditions. This may have a material effect on the financial statements.

This applies in particular to:

the analysis of the cash flow criterion for specific financial assets;the measurement of expected credit losses. This applies in particular to the assessment of significant increase in credit risk, the models and assumptions used to measure expected credit losses, including those relating to climate risks, the determination of the different economic scenarios and their weighting;the analysis of renegotiated loans, in order to assess whether they should be maintained on the balance-sheet or derecognised;the assessment of an active market, and the use of internally developed models for the measurement of the fair value of financial instruments not quoted in an active market classified in \u201cFinancial assets at fair value through equity\u201d, or in \u201cFinancial instruments at fair value through profit or loss\u201d, whether as assets or liabilities, and more generally calculations of the fair value of financial instruments subject to a fair value disclosure requirement;the assumptions applied to assess the sensitivity to each type of market risk of the market value of financial instruments and the sensitivity of these valuations to the main unobservable inputs as disclosed in the notes to the financial statements;the appropriateness of the designation of certain derivative instruments such as cash flow hedges, and the measurement of hedge effectiveness;impairment tests performed on intangible assets;the estimation of residual assets values under simple lease agreements. These values are used as a basis for the determination of depreciation as well as any impairment, notably in relation to the effect of environmental considerations on the evaluation of future prices of second-hand vehicles;the deferred tax assets;the measurement of insurance liabilities and assets, and investment contracts with discretionary participation, by groups of contracts, on the basis of discounted and probability weighted future fulfilment cash flows, based on assumptions that can be derived from market or entity-specific data, and the recognition of the results of such contracts on the basis of the services rendered over the coverage period;The accounting classification of securitisation positions in the banking book is shown in Table\u00a09: Prudential balance sheet by risk type (EU\u00a0LI1-B).

Securitisation positions classified as \u201cFinancial assets at amortised cost\u201d are measured using the method described in note\u00a01.f.1 Financial assets at amortised cost to the consolidated financial statements: the effective interest rate used to recognise interest income is measured on the basis of an expected cash flow model. From the outset, these positions are subject to an impairment calculation for expected credit risk losses (see note\u00a01.f.5 Impairment of financial assets measured at amortised cost and debt instruments measured at fair value through shareholders\u2019 equity to the consolidated financial statements).

Securitisation positions classified on an accounting basis as \u201cFinancial assets at fair value through equity\u201d are measured using the method described in note\u00a01.f.2 Financial assets at fair value through shareholders\u2019 equity to the consolidated financial statements. Changes in fair value determined according to the principles listed in note\u00a01.f.10 Determination of fair value to the consolidated financial statements (excluding revenue recognised using the effective interest method) are presented in a specific subsection of shareholders\u2019 equity along with expected credit risk losses calculated using the methods described in note\u00a01.f.5 Impairment of financial assets measured at amortised cost and debt instruments measured at fair value through shareholders\u2019 equity to the consolidated financial statements. Upon disposal, amounts previously recognised in recyclable equity are transferred to the profit and loss account.

Securitisation positions classified on an accounting basis as \u201cFinancial instruments at fair value through profit or loss\u201d are measured using the method described in note\u00a01.f.7 Financial instruments at fair value through profit or loss to the consolidated financial statements.

Proceeds from the sale of securitisation positions are recognised in accordance with rules for the category of origin of positions sold.

Synthetic securitisations in the form of credit derivatives (credit default swaps) or guarantees received follow accounting rules appertaining respectively:

Assets awaiting securitisation are classified as:

", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_0064675b-fb4f-4e6b-bea1-2d25ae68681c": { "value": "The consolidated financial statements of the\u00a0BNP\u00a0Paribas Group\u00a0have been prepared in accordance with international accounting standards (International Financial Reporting Standards \u2013 IFRS), as adopted for use in the European Union(1). Accordingly, certain provisions of IAS\u00a039 on hedge accounting have been excluded.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fc_19c7b166-2758-4a96-ad59-bc5119e9e23c": { "value": "BNP\u00a0Paribas Group", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_4ae044d3-a07e-4b3f-b4c5-bc9941c45efe": { "value": "

Information on the nature and extent of risks relating to financial instruments as required by IFRS\u00a07 \u201cFinancial Instruments: Disclosures\u201d along with information on regulatory capital required by IAS\u00a01 \u201cPresentation of financial statements\u201d are presented in chapter\u00a05 of the Universal registration document. This information, which is an integral part of the notes to the consolidated financial statements of the BNP\u00a0Paribas Group at 31\u00a0December 2024, is covered by the opinion of the Statutory Auditors on the consolidated financial statements, and is identified by the word \u201cAudited\u201d within this chapter. Section\u00a04 of chapter\u00a05, paragraph Exposures, provisions and cost of risk provides, in particular, IFRS\u00a07 information on credit risk exposures and related impairment broken down according to whether the underlying loans are performing or non-performing, by geographic area and by industry.

The introduction of other standards, amendments and interpretations that are mandatory as from 1\u00a0January 2024, in particular the amendment to IFRS\u00a016 on Lease liabilities in a sale and lease back, had no effect on the Group\u2019s financial statements at 31\u00a0December 2024.

1.a.2New major accounting standards, published but not yet applicable

The Group did not early apply new standards, amendments and interpretations endorsed by the European Union when the application in 2024 was optional.

The impact assessment of the new standards and amendments not yet applicable by the Group is presented below:

Amendments to IFRS\u00a09 \"Financial Instruments\u201d and IFRS\u00a07 \"Financial Instruments: Disclosures\u201d relating to the classification and measurement of financial instruments.

On 30\u00a0May 2024, the IASB published amendments to IFRS\u00a09 and IFRS\u00a07, which will be applicable for annual periods beginning on 1\u00a0January 2026. These amendments:

Publication of IFRS 18 \u201cPresentation and disclosure in financial statements\u201d in replacement of IAS 1.

IFRS\u00a018 will be mandatory from 1\u00a0January 2027, with retrospective application.

IFRS\u00a018 includes many of the requirements of IAS\u00a01 without changes and supplements them with new requirements relating to:

\u00a0

The Bank is currently assessing the detailed implications of applying IFRS\u00a018 to the Group\u2019s consolidated financial statements.

", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_eb7c2933-db71-49f2-af3b-c4c9dfa635eb": { "value": "

Information on the nature and extent of risks relating to financial instruments as required by IFRS\u00a07 \u201cFinancial Instruments: Disclosures\u201d along with information on regulatory capital required by IAS\u00a01 \u201cPresentation of financial statements\u201d are presented in chapter\u00a05 of the Universal registration document. This information, which is an integral part of the notes to the consolidated financial statements of the BNP\u00a0Paribas Group at 31\u00a0December 2024, is covered by the opinion of the Statutory Auditors on the consolidated financial statements, and is identified by the word \u201cAudited\u201d within this chapter. Section\u00a04 of chapter\u00a05, paragraph Exposures, provisions and cost of risk provides, in particular, IFRS\u00a07 information on credit risk exposures and related impairment broken down according to whether the underlying loans are performing or non-performing, by geographic area and by industry.

The introduction of other standards, amendments and interpretations that are mandatory as from 1\u00a0January 2024, in particular the amendment to IFRS\u00a016 on Lease liabilities in a sale and lease back, had no effect on the Group\u2019s financial statements at 31\u00a0December 2024.

1.a.2New major accounting standards, published but not yet applicable

The Group did not early apply new standards, amendments and interpretations endorsed by the European Union when the application in 2024 was optional.

The impact assessment of the new standards and amendments not yet applicable by the Group is presented below:

Amendments to IFRS\u00a09 \"Financial Instruments\u201d and IFRS\u00a07 \"Financial Instruments: Disclosures\u201d relating to the classification and measurement of financial instruments.

On 30\u00a0May 2024, the IASB published amendments to IFRS\u00a09 and IFRS\u00a07, which will be applicable for annual periods beginning on 1\u00a0January 2026. These amendments:

Publication of IFRS 18 \u201cPresentation and disclosure in financial statements\u201d in replacement of IAS 1.

IFRS\u00a018 will be mandatory from 1\u00a0January 2027, with retrospective application.

IFRS\u00a018 includes many of the requirements of IAS\u00a01 without changes and supplements them with new requirements relating to:

\u00a0

The Bank is currently assessing the detailed implications of applying IFRS\u00a018 to the Group\u2019s consolidated financial statements.

", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_6867475a-e8ff-46a6-b420-fdaabe7d65ad": { "value": "
1.bConsolidation

1.b.1Scope of consolidation

The consolidated financial statements of BNP\u00a0Paribas include entities that are controlled by the Group, jointly controlled, and under significant influence, with the exception of those entities whose consolidation is regarded as immaterial to the Group. Companies that hold shares in consolidated companies are also consolidated.

Subsidiaries are consolidated from the date on which the Group obtains effective control. Entities under temporary control are included in the consolidated financial statements until the date of disposal.

\u00a0\u00a0

1.b.2Consolidation methods

Exclusive control

Controlled enterprises are fully consolidated. The Group controls a subsidiary when it is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity.

For entities governed by voting rights, the Group generally controls the entity if it holds, directly or indirectly, the majority of the voting rights (and if there are no contractual provisions that alter the power of these voting rights) or if the power to direct the relevant activities of the entity is conferred on it by contractual agreements.

Structured entities are entities established so that they are not governed by voting rights, for instance when those voting rights relate to administrative tasks only, whereas the relevant activities are directed by means of contractual arrangements. They often have the following features or attributes: restricted activities, a narrow and well-defined objective and insufficient equity to permit them to finance their activities without subordinated financial support.

For these entities, the analysis of control shall consider the purpose and design of the entity, the risks to which the entity is designed to be exposed and to what extent the Group absorbs the related variability. The assessment of control shall consider all facts and circumstances able to determine the Group\u2019s practical ability to make decisions that could significantly affect its returns, even if such decisions are contingent on uncertain future events or circumstances.

In assessing whether it has power, the Group considers only substantive rights which it holds or which are held by third parties. For a right to be substantive, the holder must have the practical ability to exercise that right when decisions about the relevant activities of the entity need to be made.

Control is reassessed if facts and circumstances indicate that there are changes to one or more of the elements of control.

Where the Group contractually holds the decision-making power, for instance where the Group acts as fund manager, it shall determine whether it is acting as agent or principal. Indeed, when associated with a certain level of exposure to the variability of returns, this decision-making power may indicate that the Group is acting on its own account and that it thus has control over those entities.

Minority interests are presented separately in the consolidated profit and loss account and balance sheet within consolidated equity. The calculation of minority interests takes into account the outstanding cumulative preferred shares classified as equity instruments issued by subsidiaries, when such shares are held outside the Group.

As regards fully consolidated funds, units held by third-party investors are recognised as debts at fair value through profit or loss, inasmuch as they are redeemable at fair value at the subscriber\u2019s initiative.

For transactions resulting in a loss of control, any equity interest retained by the Group is remeasured at its fair value through profit or loss.

\u00a0

Joint control

Where the Group carries out an activity with one or more partners, sharing control by virtue of a contractual agreement which requires unanimous consent on relevant activities (those that significantly affect the entity\u2019s returns), the Group exercises joint control over the activity. Where the jointly controlled activity is structured through a separate vehicle in which the partners have rights to the net assets, this joint venture is accounted for using the equity method. Where the jointly controlled activity is not structured through a separate vehicle or where the partners have rights to the assets and obligations for the liabilities of the jointly controlled activity, the Group accounts for its share of the assets, liabilities, revenues and expenses in accordance with the applicable IFRS.

\u00a0

Significant influence

Companies over which the Group exercises significant influence or associates are accounted for by the equity method. Significant influence is the power to participate in the financial and operating policy decisions of a company without exercising control. Significant influence is presumed to exist when the Group holds, directly or indirectly, 20% or more of the voting rights of a company. Interests of less than 20% can be included in the consolidation scope if the Group effectively exercises significant influence. This is the case for example for entities developed in partnership with other associates, where the BNP\u00a0Paribas Group participates in strategic decisions of the enterprise through representation on the Board of directors or equivalent governing body, or exercises influence over the enterprise\u2019s operational management by supplying management systems or senior managers, or provides technical assistance to support the enterprise\u2019s development.

Changes in the net assets of associates (companies accounted for under the equity method) are recognised on the assets side of the balance sheet under \u201cInvestments in equity-method entities\u201d and in the relevant component of shareholders\u2019 equity. Goodwill recorded on associates is also included under \u201cEquity-method investments\u201d.

Whenever there is an indication of impairment, the carrying amount of the investment consolidated under the equity method (including goodwill) is subjected to an impairment test, by comparing its recoverable value (the higher of value-in-use and market value less costs to sell) to its carrying amount. Where appropriate, impairment is recognised under \u201cShare of earnings of equity-method entities\u201d in the consolidated income statement and can be reversed at a later date.

If the Group\u2019s share of losses of an equity-method entity equals or exceeds the carrying amount of its investment in this entity, the Group discontinues including its share of further losses. The investment is reported at nil value. Additional losses of the equity-method entity are provided for only to the extent that the Group has contracted a legal or constructive obligation or has made payments on behalf of this entity.

Where the Group holds an interest in an associate, directly or indirectly through an entity that is a venture capital organisation, a mutual fund, an open-ended investment company or similar entity such as an investment-related insurance fund, it may elect to measure that interest at fair value through profit or loss.

Realised gains and losses on investments in consolidated undertakings are recognised in the profit and loss account under \u201cNet gain on non-current assets\u201d.

The consolidated financial statements are prepared using uniform accounting policies for similar transactions and other events occurring in similar circumstances.

\u00a0

1.b.3Consolidation rules
Elimination of intragroup balances and\u00a0transactions

Intragroup balances arising from transactions between consolidated enterprises, and the transactions themselves (including income, expenses and dividends), are eliminated. Profits and losses arising from intragroup sales of assets are eliminated, except where there is an indication that the asset sold is impaired. Unrealised gains and losses included in the value of financial instruments at fair value through equity are maintained in the consolidated financial statements.

By way of exception, amendments to IAS\u00a032 and IFRS\u00a09 allow intragroup assets to be retained in the balance sheet if they are held as underlying components of direct participating contracts. These assets are measured at fair value through profit or loss. These are:

These provisions are applied by the Group\u2019s insurance entities that issue direct participating contracts, the underlying elements of which include securities issued by the Group either directly or through consolidated investment entities.

Translation of accounts expressed in foreign currencies

The consolidated financial statements of BNP\u00a0Paribas are prepared in euros.

The financial statements of enterprises whose functional currency is not the euro are translated using the closing rate method. Under this method, all assets and liabilities, both monetary and non-monetary, are translated using the spot exchange rate at the balance sheet date. Income and expense items are translated at the average rate for the period.

Financial statements of the Group\u2019s subsidiaries located in hyperinflationary economies, previously adjusted for inflation by applying a general price index, are translated using the closing rate. This rate applies to the translation of assets and liabilities as well as income and expenses.

Differences arising from the translation of balance sheet items and profit and loss items are recorded in shareholders\u2019 equity under \u201cExchange differences\u201d, and in \u201cMinority interests\u201d for the portion attributable to outside investors. Under the optional treatment permitted by IFRS\u00a01, the Group has reset to zero all translation differences, by booking all cumulative translation differences attributable to shareholders and to minority interests in the opening balance sheet at 1\u00a0January 2004 to retained earnings.

On liquidation or disposal of some or all of an interest held in a foreign enterprise located outside the Eurozone, leading to a change in the nature of the investment (loss of control, loss of significant influence or loss of joint control without keeping a significant influence), the cumulative exchange difference at the date of liquidation or sale is recognised in the profit and loss account.

Should the percentage of interest change without leading to a modification in the nature of the investment, the exchange difference is reallocated between the portion attributable to shareholders and that attributable to minority interests if the entity is fully consolidated; if the entity is consolidated under the equity method, it is recorded in profit or loss for the portion related to the interest sold.

\u00a0

1.b.4Business combinations and\u00a0measurement of goodwill
Business combinations

Business combinations are accounted for using the purchase method.

Under this method, the acquiree\u2019s identifiable assets and liabilities assumed are measured at fair value at the acquisition date except for non-current assets classified as assets held for sale which are accounted for at fair value less costs to sell.

The acquiree\u2019s contingent liabilities are not recognised in the consolidated balance sheet unless they represent a present obligation on the acquisition date and their fair value can be measured reliably.

The cost of a business combination is the fair value, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued to obtain control of the acquiree. Costs directly attributable to the business combination are treated as a separate transaction and recognised through profit or loss.

Any contingent consideration is included in the cost, as soon as control is obtained, at fair value on the date when control was acquired. Subsequent changes in the value of any contingent consideration recognised as a financial liability are recognised through profit or loss.

The Group may recognise any adjustments to the provisional accounting within 12\u00a0months of the acquisition date.

Goodwill represents the difference between the cost of the combination and the acquirer\u2019s interest in the net fair value of the identifiable assets and liabilities of the acquiree at the acquisition date. Positive goodwill is recognised in the acquirer\u2019s balance sheet, while negative goodwill is recognised immediately in profit or loss, on the acquisition date. Minority interests are measured at their share of the fair value of the acquiree\u2019s identifiable assets and liabilities. However, for each business combination, the Group can elect to measure minority interests at fair value, in which case a proportion of goodwill is allocated to them. To date, the Group has never used this latter option.

Goodwill is recognised in the functional currency of the acquiree and translated at the closing exchange rate.

On the acquisition date, any previously held equity interest in the acquiree is remeasured at its fair value through profit or loss. In the case of a step acquisition, the goodwill is therefore determined by reference to the acquisition-date fair value.

Since the revised IFRS\u00a03 has been applied prospectively, business combinations completed prior to 1\u00a0January 2010 were not restated for the effects of changes to IFRS\u00a03.

As permitted under IFRS\u00a01, business combinations that took place before 1\u00a0January 2004 and were recorded in accordance with the previously applicable accounting standards (French GAAP), had not been restated in accordance with the principles of IFRS\u00a03.

Specificities relating to insurance contracts acquired through business combinations are set out in note\u00a01.g.2 in the paragraph Recognition and derecognition.

Measurement of goodwill

The BNP\u00a0Paribas Group tests goodwill for impairment on a regular basis.

Cash-generating units

The BNP\u00a0Paribas Group has split all its activities into cash-generating units(2)\u00a0representing major business lines. This split is consistent with the Group\u2019s organisational structure and management methods, and reflects the independence of each unit in terms of results and management approach. It is reviewed on a regular basis in order to take account of events likely to affect the composition of cash-generating units, such as acquisitions, disposals and major reorganisations.

Testing cash-generating units for impairment

Goodwill allocated to cash-generating units is tested for impairment annually and whenever there is an indication that a unit may be impaired, by comparing the carrying amount of the unit with its recoverable amount. If the recoverable amount is less than the carrying amount, an irreversible impairment loss is recognised, and the goodwill is written down by the excess of the carrying amount of the unit over its recoverable amount.

\u00a0

Recoverable amount of a cash-generating unit

The recoverable amount of a cash-generating unit is the higher of the fair value of the unit less costs to sell, and its value in use.

Fair value is the price that would be obtained from selling the unit at the market conditions prevailing at the date of measurement, as determined mainly by reference to actual prices of recent transactions involving similar entities or on the basis of stock market multiples for comparable companies.

Value in use is based on an estimate of the future cash flows to be generated by the cash-generating unit, derived from the annual forecasts prepared by the unit\u2019s management and approved by Group Executive Management, and from analyses of changes in the relative positioning of the unit\u2019s activities on their market. These cash flows are discounted at a rate that reflects the return that investors would require from an investment in the business sector and region involved.

", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_b0b9db78-93e4-499e-920c-404464166558": { "value": "
1.b.1Scope of consolidation

The consolidated financial statements of BNP\u00a0Paribas include entities that are controlled by the Group, jointly controlled, and under significant influence, with the exception of those entities whose consolidation is regarded as immaterial to the Group. Companies that hold shares in consolidated companies are also consolidated.

Subsidiaries are consolidated from the date on which the Group obtains effective control. Entities under temporary control are included in the consolidated financial statements until the date of disposal.

Exclusive control

Controlled enterprises are fully consolidated. The Group controls a subsidiary when it is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity.

For entities governed by voting rights, the Group generally controls the entity if it holds, directly or indirectly, the majority of the voting rights (and if there are no contractual provisions that alter the power of these voting rights) or if the power to direct the relevant activities of the entity is conferred on it by contractual agreements.

Structured entities are entities established so that they are not governed by voting rights, for instance when those voting rights relate to administrative tasks only, whereas the relevant activities are directed by means of contractual arrangements. They often have the following features or attributes: restricted activities, a narrow and well-defined objective and insufficient equity to permit them to finance their activities without subordinated financial support.

For these entities, the analysis of control shall consider the purpose and design of the entity, the risks to which the entity is designed to be exposed and to what extent the Group absorbs the related variability. The assessment of control shall consider all facts and circumstances able to determine the Group\u2019s practical ability to make decisions that could significantly affect its returns, even if such decisions are contingent on uncertain future events or circumstances.

In assessing whether it has power, the Group considers only substantive rights which it holds or which are held by third parties. For a right to be substantive, the holder must have the practical ability to exercise that right when decisions about the relevant activities of the entity need to be made.

Control is reassessed if facts and circumstances indicate that there are changes to one or more of the elements of control.

Where the Group contractually holds the decision-making power, for instance where the Group acts as fund manager, it shall determine whether it is acting as agent or principal. Indeed, when associated with a certain level of exposure to the variability of returns, this decision-making power may indicate that the Group is acting on its own account and that it thus has control over those entities.

Minority interests are presented separately in the consolidated profit and loss account and balance sheet within consolidated equity. The calculation of minority interests takes into account the outstanding cumulative preferred shares classified as equity instruments issued by subsidiaries, when such shares are held outside the Group.

As regards fully consolidated funds, units held by third-party investors are recognised as debts at fair value through profit or loss, inasmuch as they are redeemable at fair value at the subscriber\u2019s initiative.

For transactions resulting in a loss of control, any equity interest retained by the Group is remeasured at its fair value through profit or loss.

Joint control

Where the Group carries out an activity with one or more partners, sharing control by virtue of a contractual agreement which requires unanimous consent on relevant activities (those that significantly affect the entity\u2019s returns), the Group exercises joint control over the activity. Where the jointly controlled activity is structured through a separate vehicle in which the partners have rights to the net assets, this joint venture is accounted for using the equity method. Where the jointly controlled activity is not structured through a separate vehicle or where the partners have rights to the assets and obligations for the liabilities of the jointly controlled activity, the Group accounts for its share of the assets, liabilities, revenues and expenses in accordance with the applicable IFRS.

Significant influence

Companies over which the Group exercises significant influence or associates are accounted for by the equity method. Significant influence is the power to participate in the financial and operating policy decisions of a company without exercising control. Significant influence is presumed to exist when the Group holds, directly or indirectly, 20% or more of the voting rights of a company. Interests of less than 20% can be included in the consolidation scope if the Group effectively exercises significant influence. This is the case for example for entities developed in partnership with other associates, where the BNP\u00a0Paribas Group participates in strategic decisions of the enterprise through representation on the Board of directors or equivalent governing body, or exercises influence over the enterprise\u2019s operational management by supplying management systems or senior managers, or provides technical assistance to support the enterprise\u2019s development.

Changes in the net assets of associates (companies accounted for under the equity method) are recognised on the assets side of the balance sheet under \u201cInvestments in equity-method entities\u201d and in the relevant component of shareholders\u2019 equity. Goodwill recorded on associates is also included under \u201cEquity-method investments\u201d.

Whenever there is an indication of impairment, the carrying amount of the investment consolidated under the equity method (including goodwill) is subjected to an impairment test, by comparing its recoverable value (the higher of value-in-use and market value less costs to sell) to its carrying amount. Where appropriate, impairment is recognised under \u201cShare of earnings of equity-method entities\u201d in the consolidated income statement and can be reversed at a later date.

If the Group\u2019s share of losses of an equity-method entity equals or exceeds the carrying amount of its investment in this entity, the Group discontinues including its share of further losses. The investment is reported at nil value. Additional losses of the equity-method entity are provided for only to the extent that the Group has contracted a legal or constructive obligation or has made payments on behalf of this entity.

Where the Group holds an interest in an associate, directly or indirectly through an entity that is a venture capital organisation, a mutual fund, an open-ended investment company or similar entity such as an investment-related insurance fund, it may elect to measure that interest at fair value through profit or loss.

Realised gains and losses on investments in consolidated undertakings are recognised in the profit and loss account under \u201cNet gain on non-current assets\u201d.

The consolidated financial statements are prepared using uniform accounting policies for similar transactions and other events occurring in similar circumstances.

2.iNet gain on non-current assets

In millions of euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Gain or loss on investments in consolidated undertakings (note\u00a08.d)

133

29

Gain or loss on tangible and intangible assets

(30)

139

Results from net monetary position

(294)

(272)

Net gain on non-current assets

(191)

(104)

\u00a0

According to IAS 29 in connection with the hyperinflation situation of the economy in T\u00fcrkiye, the line \u201cResults from net monetary positions\u201d corresponds to the effect of the revaluation of net monetary assets of the evolution of the consumer price index in T\u00fcrkiye on the valuation of non-monetary assets and liabilities (-EUR\u00a0549\u00a0million) and on income from the Turkish government bonds portfolio indexed to inflation and held by Turk Ekonomi Bankasi AS (+EUR\u00a0255\u00a0million, reclassified from interest margin) in 2024 (respectively -EUR\u00a0563\u00a0million and +EUR\u00a0291\u00a0million in 2023).

4.kEquity-method investments

Cumulated financial information of associates and joint ventures is presented in the following table:

In millions of euros

Year to 31 Dec. 2024

31 December 2024

Year to 31 Dec. 2023

31 December 2023

Share of net income

Share of changes in assets and liabilities recognised directly in equity

Share of net income and changes in assets and liabilities recognised directly in equity

Equity-
method
\u00a0investments

Share of net income

Share of changes in assets and liabilities recognised directly in equity

Share of net income and changes in assets and liabilities recognised directly in equity

Equity-
method
\u00a0investments

Joint ventures

(10)

225

215

1,960

(49)

(64)

(113)

1,784

Associates(1)

711

308

1,019

5,902

642

16

658

4,967

Total equity-method entities

701

533

1,234

7,862

593

(48)

545

6,751

  • Including controlled but non-material entities consolidated under the equity method.

\u00a0

Financing and guarantee commitments given by the Group to joint ventures are listed in note\u00a08.i Other related parties.

The carrying amount of the Group\u2019s investment in the main joint ventures and associates is presented in the following table:

In millions of euros, at

Country of registration

Activity

Interest (%)

31 December 2024

31 December 2023

Joint ventures

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Union de Creditos Inmobiliarios

Spain

Retail mortgage

50%

233

256

BoB Cardif Life Insurance

China

Life Insurance

50%

454

240

Genius Auto Finance Co\u00a0Ltd

China

Specialised loans

25%

331

290

Pinnacle Pet Holding\u00a0Ltd

United Kingdom

Insurance

25%

407

393

Associates

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BON BNPP Consumer Finance Co Ltd

China

Specialised loans

32%

256

223

AG Insurance

Belgium

Insurance

25%

593

462

Bank of Nanjing

China

Retail Banking

16%

3,661

2,813

Allfunds Group\u00a0Plc

United Kingdom

Financial Services

12%

283

312

\u27a4Investments and other assets related to insurance activities

In millions of euros, at

31 December 2024

31 December 2023

Assets not representative of unit-linked insurance contracts

Assets representative of unit-linked accounts

Total

Assets not representative of unit-linked insurance contracts

Assets representative of unit-linked accounts

Total

Derivative financial instruments

1,731

\u00a0

1,731

1,658

\u00a0

1,658

Derivatives used for hedging purposes

74

\u00a0

74

36

\u00a0

36

Financial assets at fair value through profit or loss

61,465

111,954

173,419

64,492

92,266

156,758

Financial assets at fair value through equity

102,222

\u00a0

102,222

89,139

\u00a0

89,139

Financial assets at amortised cost

1,379

\u00a0

1,379

1,267

\u00a0

1,267

Investment properties

3,868

3,178

7,046

4,008

3,483

7,491

Equity-method investments

82

\u00a0

82

89

\u00a0

89

Assets related to insurance activities (see note\u00a05.d)

896

\u00a0

896

660

\u00a0

660

Investments and other assets related to insurance activities

171,717

115,132

286,849

161,349

95,749

257,098

8.bMinority interests

In millions of euros

Capital and
\u00a0retained
\u00a0earnings

Changes in assets
\u00a0and liabilities
\u00a0recognised
\u00a0directly in equity
\u00a0that will not be\u00a0
reclassified to
\u00a0profit or loss

Changes in assets
\u00a0and liabilities
\u00a0recognised
\u00a0directly in equity
\u00a0that may be
\u00a0reclassified to
\u00a0profit or loss

Minority interests

Balance at 31 December 2022

4,714

21

38

4,773

Appropriation of net income for 2022

(179)

\u00a0

\u00a0

(179)

Increases in capital and issues

316

\u00a0

\u00a0

316

Share-based payment plans

1

\u00a0

\u00a0

1

Remuneration on undated super subordinated notes

(3)

\u00a0

\u00a0

(3)

Impact of internal transactions on minority shareholders

21

\u00a0

\u00a0

21

Movements in consolidation scope impacting minority shareholders

(90)

\u00a0

\u00a0

(90)

Acquisitions of additional interests or partial sales of interests

(12)

\u00a0

\u00a0

(12)

Change in commitments to repurchase minority shareholders\u2019 interests

(225)

\u00a0

\u00a0

(225)

Other movements

\u00a0

\u00a0

\u00a0

-

Changes in assets and liabilities recognised directly in equity

\u00a0

(5)

97

92

Net income for 2023

431

\u00a0

\u00a0

431

Balance at 31 December 2023

4,974

16

135

5,125

Appropriation of net income for 2023

(364)

\u00a0

\u00a0

(364)

Increases in capital and issues

5

\u00a0

\u00a0

5

Share-based payment plans

\u00a0

\u00a0

\u00a0

-

Remuneration on undated super subordinated notes

(8)

\u00a0

\u00a0

(8)

Impact of internal transactions on minority shareholders

\u00a0

\u00a0

\u00a0

-

Movements in consolidation scope impacting minority shareholders

258

\u00a0

\u00a0

258

Acquisitions of additional interests or partial sales of interests

192

\u00a0

\u00a0

192

Change in commitments to repurchase minority shareholders\u2019 interests

93

\u00a0

\u00a0

93

Other movements

2

\u00a0

\u00a0

2

Changes in assets and liabilities recognised directly in equity

\u00a0

7

195

202

Net income for 2024

499

\u00a0

\u00a0

499

Balance at 31 December 2024

5,651

23

330

6,004

\u27a4Main minority interests

The assessment of the material nature of minority interests is based on the contribution of the relevant subsidiaries to the Group balance sheet (before elimination of intra-group balances and transactions) and to the Group profit and loss account.

In millions of euros

31 December 2024

Year to 31 Dec. 2024

Total assets
\u00a0before
\u00a0elimination of intra-group transactions

Revenues

Net income

Net income and\u00a0changes in\u00a0assets and liabilities recognised directly\u00a0in equity

Minority shareholders\u2019 interest (%)

Net income attributable to\u00a0minority
\u00a0interests

Net income and\u00a0changes in\u00a0assets and liabilities recognised directly\u00a0in equity - attributable to\u00a0minority
\u00a0interests

Dividends paid to\u00a0minority shareholders

Contribution of the entities belonging to the BGL BNP\u00a0Paribas Group

100,365

2,019

670

697

34%

243

247

185

Other minority interests

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

256

454

187

TOTAL

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

499

701

372

\u00a0

In millions of euros

31 December 2023

Year to 31 Dec. 2023

Total assets
\u00a0before
\u00a0elimination\u00a0of intra-group transactions

Revenues

Net income

Net income and\u00a0changes in\u00a0assets and liabilities recognised directly\u00a0in equity

Minority shareholders\u2019 interest (%)

Net income attributable to\u00a0minority
\u00a0interests

Net income and\u00a0changes in\u00a0assets and liabilities recognised directly\u00a0in equity - attributable to\u00a0minority
\u00a0interests

Dividends paid to\u00a0minority shareholders

Contribution of the entities belonging to the BGL BNP\u00a0Paribas Group

97,504

1,922

674

766

34%

230

260

137

Other minority interests

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

201

263

45

TOTAL

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

431

523

182

\u00a0

There are no particular contractual restrictions on the assets of BGL BNP\u00a0Paribas related to the presence of the minority shareholder.

\u27a4Internal restructuring that led to a change in minority shareholders\u2019 interest in\u00a0the\u00a0equity of\u00a0subsidiaries

In millions of euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Attributable to shareholders

Minority interests

Attributable to shareholders

Minority interests

TEB Finansman

\u00a0

\u00a0

\u00a0

\u00a0

Internal sale from BNPP Personal Finance to TEB Holding, raising the Group interest rate to 72.5%.

\u00a0

\u00a0

(22)

22

Others

-

-

1

(1)

Total

-

-

(21)

21

\u27a4Acquisitions of additional interests and partial sales of interests leading to changes in minority interests in the equity of subsidiaries

In millions of euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Attributable to shareholders

Minority interests

Attributable to shareholders

Minority interests

BNP\u00a0Paribas Bank Polska

\u00a0

\u00a0

\u00a0

\u00a0

Partial disposal of 6% of the total share, decreasing the Group\u2019s share to 81.26%

7

196

\u00a0

\u00a0

Artigiancassa SpA

\u00a0

\u00a0

\u00a0

\u00a0

Additional acquisition of 26.14% of the total share, increasing the Group's share to 100%

\u00a0

\u00a0

5

(9)

Dynamic Credit Group

\u00a0

\u00a0

\u00a0

\u00a0

Additional acquisition of 25% of the total share, increasing the Group's share to 73.65%

\u00a0

\u00a0

(3)

(4)

Other

(3)

(4)

(1)

1

Total

4

192

1

(12)

\u00a0

Commitments to repurchase minority shareholders\u2019 interests

In connection with the acquisition of certain entities, the Group granted minority shareholders put options on their holdings.

The total value of these commitments, which are recorded as a reduction in shareholders\u2019 equity, amounted to EUR\u00a0369\u00a0million at 31\u00a0December 2024, compared with EUR\u00a0510\u00a0million at 31\u00a0December 2023.

8.dBusiness combinations and loss of\u00a0control or significant influence
Operations of 2024
UkrSibbank

The easing of a number of restrictions previously imposed by the National Bank of Ukraine made it possible to re-establish the conditions for exercising control as defined by IFRS\u00a010, which had the effect of changing the consolidation method from equity method to full consolidation method.

This change of consolidation method was reflected in the increase in the Group\u2019s balance sheet of EUR\u00a03\u00a0billion, in particular in financial assets at amortised cost and led to the recognition of badwill of EUR\u00a0226\u00a0million.

Cetelem\u00a0SA de CV

On 27\u00a0March 2024, BNP\u00a0Paribas Personal Finance sold 80% of its stake of its Mexican subsidiary Cetelem\u00a0SA de CV.

The Group BNP\u00a0Paribas lost exclusive control of this entity but kept a significant influence.

This partial disposal is accompanied by an agreement for the future disposal of the residual interest, thereby depriving the Group of the return on the shares held, and leading to the recognition of a debt of EUR\u00a0125\u00a0million.

The loss of control led to the recognition of a net gain on disposal of EUR\u00a0119\u00a0million and to a decrease of the Group\u2019s balance sheet by EUR\u00a03\u00a0billion, in particular in financial assets at amortised cost.

BCC Vita\u00a0SpA

On 15\u00a0May 2024, BNP\u00a0Paribas Cardif\u00a0SA acquired 51% of the capital of BCC Vita SpA, together with a purchase agreement of 19% additional holding.

BNP\u00a0Paribas Group acquired exclusive control of this entity to the extent of 70% and the entity was consolidated using the full consolidation method.

This transaction resulted in the increase of the Group\u2019s balance sheet at the acquisition date by EUR\u00a04\u00a0billion, in particular in investments in insurance activities.

The goodwill related to this operation was EUR\u00a0100\u00a0million.

Neuflize Vie

On 31 October 2024, BNP\u00a0Paribas Cardif SA acquired 100% of the capital of Neuflize Vie.

BNP\u00a0Paribas Group acquired exclusive control of this entity and consolidated it using the full consolidation method.

This transaction resulted in the increase of the Group\u2019s balance sheet by EUR\u00a012\u00a0billion at the acquisition date, in particular in investments in insurance activities.

The badwill related to this operation was EUR\u00a015\u00a0million.

Operation of 2023
Partnership with Stellantis

On 3\u00a0April 2023, BNP\u00a0Paribas Personal Finance became the exclusive partner of Stellantis, a captive company in its financing activities across three strategic markets: Germany, Austria and the United Kingdom.

This operation involved the purchase of three entities in these three countries, in conjunction with the sale of activities to various Stellantis joint ventures in France, Italy and Spain.

This restructuring increased the Group\u2019s balance sheet by EUR\u00a08\u00a0billion, in particular in financial assets at amortised cost, and led to the recognition of a net gain on disposal of EUR\u00a054\u00a0million and of a goodwill of EUR\u00a0173\u00a0million.

8.fSignificant restrictions in\u00a0subsidiaries, joint ventures and\u00a0associates
Significant restrictions related to the ability of\u00a0entities to transfer cash to the Group

The ability of entities to pay dividends or to repay loans and advances depends, inter alia, on local regulatory requirements for capitalisation and legal reserves, as well as the entities\u2019 financial and operating performance. During 2024, none of the BNP\u00a0Paribas Group entities were subject to significant restrictions other than those related to regulatory requirements.

Significant restrictions relative to the Group\u2019s ability to use the assets lodged in consolidated structured entities

Access to the assets of consolidated structured entities in which third-party investors have invested is limited inasmuch as these entities\u2019 assets are reserved for the holders of units or securities. These assets total EUR\u00a048\u00a0billion at 31\u00a0December 2024 (EUR\u00a042\u00a0billion at 31\u00a0December 2023).

Significant restrictions related to\u00a0the\u00a0Group\u2019s ability to\u00a0use assets pledged as\u00a0collateral or\u00a0under repurchase agreements

The financial instruments pledged by the BNP\u00a0Paribas Group as collateral or under repurchase agreements are presented in notes\u00a04.p and 6.d.

Significant restrictions related to liquidity reserves

Significant restrictions related to liquidity reserves correspond to the mandatory deposits placed with central banks presented in chapter\u00a05 of the Universal registration document under Liquidity risk.

Assets representative of unit-linked insurance contracts

Assets representative of unit-linked insurance contracts designated as at fair value through profit or loss, which amount to EUR\u00a0115.1\u00a0billion at 31\u00a0December 2024 (compared with EUR\u00a095.8\u00a0billion at 31\u00a0December 2023), are held for the benefit of the holders of these contracts.

8.gStructured entities

The BNP\u00a0Paribas Group is engaged in transactions with sponsored structured entities mainly through its activities of securitisation of financial assets - as either originator or sponsor, fund management and specialised asset financing.

In addition, the BNP\u00a0Paribas Group is also engaged in transactions with structured entities that it has not sponsored, notably in the form of investments in funds or securitisation vehicles.

The method for assessing control for structured entities is detailed in note\u00a01.b.2. Consolidation methods.

Consolidated structured entities

The main categories of consolidated structured entities are:

ABCP (Asset-Backed Commercial Paper) conduits: the ABCP securitisation conduits Starbird and Matchpoint fund securitisation transactions managed by the BNP\u00a0Paribas Group on behalf of its customers. Details on how these are financed and the Group\u2019s risk exposure are presented in chapter\u00a05 of the Universal registration document under Securitisation as sponsor on behalf of clients/Short-term refinancing.

Proprietary securitisation: proprietary securitisation positions originated and held by the BNP\u00a0Paribas Group are detailed in chapter\u00a05 of the Universal registration document under Proprietary securitisation activities (originator).

Funds managed by the Group: the BNP\u00a0Paribas Group structures different types of funds for which it may act as fund manager, investor, custodian or guarantor. These funds are consolidated when the Group is both the manager and a significant investor and is therefore exposed to variable returns.

Unconsolidated structured entities

The BNP\u00a0Paribas Group has entered into relations with unconsolidated structured entities in the course of its business activities to meet the needs of its customers.

Information relative to interests in sponsored structured entities

The main categories of unconsolidated sponsored structured entities are as follows:

Securitisation: the BNP\u00a0Paribas Group structures securitisation vehicles for the purposes of offering customers financing solutions for their assets, either directly or through consolidated ABCP conduits. Each vehicle finances the purchase of customers\u2019 assets (receivables, bonds, etc.) primarily by issuing bonds backed by these assets and whose redemption is linked to their performance.

Funds: the Group structures and manages funds to offer investment opportunities to its customers. Dedicated or public funds are offered to institutional and individual customers and are distributed and commercially monitored by the BNP\u00a0Paribas Group. The entities of the BNP\u00a0Paribas Group responsible for managing these funds may receive management fees and performance commission. The BNP\u00a0Paribas Group may hold units in these funds, as well as units in funds dedicated to the insurance activity not managed by the BNP\u00a0Paribas Group.

Asset financing: the BNP\u00a0Paribas Group establishes and finances structured entities that acquire assets (aircraft, ships, etc.) intended for lease, and the lease payments received by the structured entity are used to repay the financing, which is guaranteed by the asset held by the structured entity.

Other: on behalf of its customers, the Group may also structure entities which invest in assets or are involved in debt restructuring.

An interest in an unconsolidated structured entity is a contractual or non-contractual link that exposes the BNP\u00a0Paribas Group to variable returns from the performance of the entity.

The Group\u2019s assets and liabilities related to the interests held in sponsored structured entities are as follows:

In millions of euros,

at 31 December 2024

Securitisation

Funds

Asset Financing

Others

Total

INTERESTS ON THE GROUP BALANCE SHEET

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

ASSETS

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Financial instruments at fair value through profit or loss

2

1,198

1

125

1,326

Derivatives used for hedging purposes

5

1,367

6

58

1,436

Financial instruments at fair value through equity

69

\u00a0

\u00a0

\u00a0

69

Financial assets at amortised cost

27,785

184

2,166

7

30,142

Other assets

\u00a0

105

\u00a0

3

108

Investments and other assets related to insurance activities

\u00a0

37,026

\u00a0

\u00a0

37,026

TOTAL ASSETS

27,861

39,880

2,173

193

70,107

LIABILITIES

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Financial instruments at fair value through profit or loss

\u00a0

2,952

64

108

3,124

Derivatives used for hedging purposes

\u00a0

\u00a0

\u00a0

4

4

Financial liabilities at amortised cost

90

13,313

240

210

13,853

Other liabilities

2

326

7

\u00a0

335

TOTAL LIABILITIES

92

16,591

311

322

17,316

MAXIMUM EXPOSURE TO LOSS

39,265

41,022

2,173

816

83,276

SIZE OF STRUCTURED ENTITIES(1)

91,098

367,479

7,677

4,580

470,834

\u00a0

In millions of euros,

at 31 December 2023

Securitisation

Funds

Asset Financing

Others

Total

INTERESTS ON THE GROUP BALANCE SHEET

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

ASSETS

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Financial instruments at fair value through profit or loss

1

1,374

1

480

1,856

Derivatives used for hedging purposes

7

1,005

9

16

1,037

Financial instruments at fair value through equity

105

\u00a0

\u00a0

\u00a0

105

Financial assets at amortised cost

23,623

262

1,992

37

25,914

Other assets

\u00a0

84

\u00a0

1

85

Investments and other assets related to insurance activities

\u00a0

41,406

\u00a0

\u00a0

41,406

TOTAL ASSETS

23,736

44,131

2,002

534

70,403

LIABILITIES

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Financial instruments at fair value through profit or loss

\u00a0

528

41

438

1,007

Derivatives used for hedging purposes

\u00a0

\u00a0

\u00a0

\u00a0

-

Financial liabilities at amortised cost

116

13,223

242

299

13,880

Other liabilities

2

251

57

\u00a0

310

TOTAL LIABILITIES

118

14,002

340

737

15,197

MAXIMUM EXPOSURE TO LOSS

34,922

44,657

3,097

1,517

84,193

SIZE OF STRUCTURED ENTITIES(1)

199,055

344,598

6,611

4,362

554 626

  • The size of sponsored structured entities equals the total assets of the structured entity for securitisation vehicles, the net asset value for funds (excluding management mandates) and the structured entity\u2019s total assets or the amount of the BNP\u00a0Paribas Group\u2019s commitment for asset financing and other structures.

The BNP\u00a0Paribas Group\u2019s maximum exposure to losses on sponsored structured entities is the carrying amount of the assets, excluding, for financial assets at fair value through equity, changes in value taken directly to equity, as well as the nominal amount of the financing commitments and guarantee commitments given and the notional amount of credit default swaps (CDS) sold.

Information relative to interests in\u00a0non-sponsored structured entities

The main interests held by the BNP\u00a0Paribas Group when it acts solely as an investor in non-sponsored structured entities are detailed below:

Besides, in the framework of its asset financing activity, the BNP\u00a0Paribas Group provides financing to structured entities that are established by and for its clients and whose purpose is to acquire assets (aircraft, ships, etc.) intended for lease to those same clients. These financings amount to EUR\u00a03\u00a0billion at 31\u00a0December 2024 (EUR\u00a06\u00a0billion at 31\u00a0December 2023).

8.kScope of consolidation

BNP\u00a0Paribas, a\u00a0soci\u00e9t\u00e9 anonyme\u00a0(Public Limited Company), registered in France, is the Group\u2019s lead company, which holds key positions in its three operating divisions: Corporate & Institutional Banking (CIB), Commercial, Personal Banking & Services (CPBS) and Investment & Protection Services (IPS).

During the year, the parent company did not change its name. BNP\u00a0Paribas has its principal place of business in France and its head office is located at\u00a016\u00a0boulevard des Italiens 75009 Paris,\u00a0France.

\u00a0

Business

Name

Country

31 December 2024

31 December 2023

Method

Voting (%)

Interest (%)

Ref.

Method

Voting (%)

Interest (%)

Ref.

\u00a0

BNP\u00a0Paribas\u00a0SA

France

\u00a0

(1)

\u00a0

\u00a0

\u00a0

\u00a0

(1)

\u00a0

\u00a0

\u00a0

\u00a0

BNPP\u00a0SA (Argentina branch)

Argentina

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Australia branch)

Australia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Austria branch)

Austria

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Bahrain branch)

Bahrain

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Belgium branch)

Belgium

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Bulgaria branch)

Bulgaria

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Canada branch)

Canada

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Czech Republic branch)

Czech Rep.

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Denmark branch)

Denmark

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Finland branch)

Finland

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Germany branch)

Germany

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Greece branch)

Greece

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Guernsey branch)

Guernsey

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Hong Kong branch)

Hong Kong

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Hungary branch)

Hungary

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (India branch)

India

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Ireland branch)

Ireland

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Italy branch)

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Japan branch)

Japan

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Jersey branch)

Jersey

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Kuwait branch)

Kuwait

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Luxembourg branch)

Luxembourg

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Malaysia branch)

Malaysia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Monaco branch)

Monaco

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Netherlands branch)

Netherlands

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Norway branch)

Norway

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Philippines branch)

Philippines

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Poland branch)

Poland

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Portugal branch)

Portugal

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Qatar branch)

Qatar

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Republic of Korea branch)

Rep. of Korea

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Romania branch)

Romania

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Saudi Arabia branch)

Saudi Arabia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Singapore branch)

Singapore

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (South Africa branch)

South Africa

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Spain branch)

Spain

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Sweden branch)

Sweden

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Switzerland branch)

Switzerland

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Taiwan branch)

Taiwan

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Thailand branch)

Thailand

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (United Arab Emirates branch)

United Arab Emirates

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (United Kingdom branch)

UK

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (United States branch)

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Viet Nam branch)

Viet Nam

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

CORPORATE & INSTITUTIONAL BANKING

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

EMEA (Europe, Middle East, Africa)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Austin Finance (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

BNPP Financial Markets

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

Eurotitrisation

France

Equity

\u00a0

22.0%

22.0%

\u00a0

Equity

\u00a0

22.0%

22.0%

V4

\u00a0

Exane

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane (Germany branch)

Germany

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane (Italy branch)

Italy

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane (Spain branch)

Spain

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane (Sweden branch)

Sweden

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane (Switzerland branch)

Switzerland

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane (United Kingdom branch)

UK

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane Asset Management

France

Equity

\u00a0

35.0%

35.0%

\u00a0

Equity

\u00a0

35.0%

35.0%

V2

\u00a0

Exane Derivatives

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane Derivatives (Switzerland branch)

Switzerland

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane Derivatives (United Kingdom branch)

UK

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane Derivatives Gerance

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane Finance

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

FCT Juice (t)

France

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Financi\u00e8re des Italiens (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Financi\u00e8re du March\u00e9 Saint Honor\u00e9

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Optichamps (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Parilease

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

Participations Op\u00e9ra (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Services Logiciels d\u2019Int\u00e9gration Boursi\u00e8re

France

Equity

(3)

66.6%

66.6%

\u00a0

Equity

(3)

66.6%

66.6%

\u00a0

\u00a0

Services Logiciels d\u2019Int\u00e9gration Boursi\u00e8re (Portugal branch)

Portugal

Equity

(3)

66.6%

66.6%

\u00a0

Equity

(3)

66.6%

66.6%

E2

\u00a0

SNC Taitbout Participation 3

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Soci\u00e9t\u00e9 Orbaisienne de Participations

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Uptevia\u00a0SA

France

Equity

(3)

50.0%

50.0%

\u00a0

Equity

(3)

50.0%

50.0%

E3

Other European countries

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Allfunds Group\u00a0PLC

UK

Equity

\u00a0

12.5%

12.4%

V4

Equity

\u00a0

12.1%

12.0%

\u00a0

\u00a0

Aries Capital DAC

Ireland

Full

\u00a0

100.0%

0.0%

\u00a0

Full

\u00a0

100.0%

0.0%

\u00a0

\u00a0

AssetMetrix

Germany

Equity

\u00a0

23.1%

23.1%

V4

Equity

\u00a0

22.3%

22.3%

V4

\u00a0

BNP PUK Holding\u00a0Ltd

UK

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Bank JSC

Russia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Emissions Und Handels\u00a0GmbH

Germany

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Fund Administration Services Ireland\u00a0Ltd

Ireland

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Ireland Unlimited Co

Ireland

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Islamic Issuance\u00a0BV

Netherlands

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Issuance\u00a0BV

Netherlands

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Net\u00a0Ltd

UK

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Prime Brokerage International\u00a0Ltd

Ireland

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Suisse\u00a0SA

Switzerland

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Suisse\u00a0SA (Guernsey branch)

Guernsey

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Technology\u00a0LLC

Russia

\u00a0

\u00a0

\u00a0

\u00a0

S1

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Trust Corp UK\u00a0Ltd

UK

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Vartry Reinsurance DAC

Ireland

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Diamante Re SRL

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Ejesur\u00a0SA

Spain

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

Exane Solutions Luxembourg\u00a0SA

Luxembourg

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Expo Atlantico EAII\u00a0Investimentos Imobiliarios SA (s)

Portugal

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Expo Indico EIII\u00a0Investimentos Imobiliarios SA (s)

Portugal

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

FScholen

Belgium

Equity

(3)

50.0%

50.0%

\u00a0

Equity

(3)

50.0%

50.0%

\u00a0

\u00a0

Greenstars BNPP

Luxembourg

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Kantox European Union SL

Spain

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

V1/D3

\u00a0

Kantox Holding\u00a0Ltd

UK

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

V1/D3

\u00a0

Kantox\u00a0Ltd

UK

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

V1/D3

\u00a0

Madison Arbor\u00a0Ltd (t)

Ireland

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Matchpoint Finance\u00a0PLC (t)

Ireland

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Ribera Del Loira Arbitrage

Spain

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Securasset\u00a0SA

Luxembourg

Full

\u00a0

100.0%

0.0%

\u00a0

Full

\u00a0

100.0%

0.0%

\u00a0

\u00a0

Single Platform Investment Repackaging Entity\u00a0SA

Luxembourg

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Utexam Logistics\u00a0Ltd

Ireland

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

Utexam Solutions\u00a0Ltd

Ireland

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

Volantis\u00a0SARL (s)

Luxembourg

Full

\u00a0

-

-

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Middle East

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP Investment Co KSA

Saudi Arabia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

AMERICAS

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Banco BNPP Brasil\u00a0SA

Brazil

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Capital Services Inc

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Colombia Corporacion Financiera\u00a0SA

Colombia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP EQD Brazil Fund Fundo de Investmento Multimercado (s)

Brazil

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

BNPP Financial Services\u00a0LLC

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP FS\u00a0LLC

USA

\u00a0

\u00a0

\u00a0

\u00a0

S1

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP IT Solutions Canada Inc

Canada

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Mexico Holding

Mexico

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Mexico\u00a0SA Institucion de Banca Multiple

Mexico

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Proprietario Fundo de Investimento Multimercado (s)

Brazil

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

BNPP RCC\u00a0Inc

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Securities Corp

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP US Investments Inc

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP US Wholesale Holdings Corp

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP USA Inc

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP VPG Brookline Cre\u00a0LLC (s)

USA

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

BNPP VPG EDMC Holdings\u00a0LLC (s)

USA

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

BNPP VPG Express\u00a0LLC (s)

USA

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

BNPP VPG\u00a0I\u00a0LLC (s)

USA

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

BNPP VPG\u00a0II\u00a0LLC (s)

USA

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

BNPP VPG\u00a0III\u00a0LLC (s)

USA

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

BNPP VPG\u00a0IV\u00a0LLC (s)

USA

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

E2

\u00a0

BNPP VPG Master\u00a0LLC (s)

USA

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Corporation BNPP Canada (Ex- BNPP Canada Corp)

Canada

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Dale Bakken Partners 2012\u00a0LLC

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Decart Re\u00a0Ltd

Bermuda

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

FSI Holdings Inc

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Starbird Funding Corp (t)

USA

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

PACIFIC ASIA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Andalan Multi Guna PT

Indonesia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Bank BNPP Indonesia PT

Indonesia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Arbitrage Hong Kong\u00a0Ltd

Hong Kong

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP China\u00a0Ltd

China

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Finance Hong Kong\u00a0Ltd

Hong Kong

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Fund Services Australasia Pty\u00a0Ltd

Australia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Fund Services Australasia Pty\u00a0Ltd (New Zealand branch)

New Zealand

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Global Securities Operations Private\u00a0Ltd

India

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

BNPP India Holding Private\u00a0Ltd

India

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP India Solutions Private\u00a0Ltd

India

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Malaysia Berhad

Malaysia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Securities Asia\u00a0Ltd

Hong Kong

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Securities China\u00a0Ltd

China

Full

\u00a0

100.0%

100.0%

E2

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP Securities India Private\u00a0Ltd

India

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Securities Japan\u00a0Ltd

Japan

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Securities Korea Co\u00a0Ltd

Rep. of Korea

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Securities Taiwan Co\u00a0Ltd

Taiwan

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Sekuritas Indonesia PT

Indonesia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BPP Holdings Pte\u00a0Ltd

Singapore

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

COMMERCIAL, PERSONAL BANKING & SERVICES

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

COMMERCIAL & PERSONAL BANKING IN\u00a0THE\u00a0EUROZONE

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Commercial & Personal Banking in France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

2SF - Soci\u00e9t\u00e9 des Services Fiduciaires

France

Equity

(3)

33.3%

33.3%

\u00a0

Equity

(3)

33.3%

33.3%

\u00a0

\u00a0

Banque de Wallis et Futuna

France

Full

(1)

51.0%

51.0%

\u00a0

Full

(1)

51.0%

51.0%

\u00a0

\u00a0

BNPP Antilles Guyane

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

BNPP D\u00e9veloppement

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP D\u00e9veloppement Oblig

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Factor

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

BNPP Factor (Portugal branch)

Portugal

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

E2

\u00a0

BNPP Factor (Spain branch)

Spain

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

BNPP Factor Sociedade Financeira de Credito\u00a0SA

Portugal

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

BNPP Nouvelle Cal\u00e9donie

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

BNPP R\u00e9union

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

Compagnie pour le Financement des Loisirs

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

Copartis

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Euro Securities Partners

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

GIE Ocean

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Jivago Holding

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Partecis

France

Equity

(3)

50.0%

50.0%

\u00a0

Equity

(3)

50.0%

50.0%

\u00a0

\u00a0

Paylib Services

France

Equity

\u00a0

14.3%

14.3%

\u00a0

Equity

\u00a0

14.3%

14.3%

\u00a0

\u00a0

Portzamparc

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

BNL banca commerciale

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Banca Agevolarti\u00a0SPA (Ex- Artigiancassa\u00a0SPA)

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

V1

\u00a0

Banca Nazionale Del Lavoro\u00a0SPA

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP BNL Equity Investment\u00a0SPA

Italy

Full

\u00a0

100.0%

100.0%

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

EMF IT 2008 1 SRL (t)

Italy

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Era Uno SRL (t)

Italy

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Eutimm SRL

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Financit\u00a0SPA

Italy

Full

\u00a0

60.0%

60.0%

\u00a0

Full

\u00a0

60.0%

60.0%

\u00a0

\u00a0

Immera SRL (t)

Italy

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

International Factors Italia\u00a0SPA

Italy

Full

\u00a0

99.9%

99.9%

V1

Full

\u00a0

99.7%

99.7%

\u00a0

\u00a0

Permicro\u00a0SPA

Italy

Equity

\u00a0

21.9%

21.9%

\u00a0

Equity

\u00a0

21.9%

21.9%

\u00a0

\u00a0

Servizio Italia\u00a0SPA

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Sviluppo HQ Tiburtina SRL

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Tierre Securitisation SRL (t)

Italy

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Vela OBG SRL (t)

Italy

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Vela RMBS SRL (t)

Italy

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

Worldline Merchant Services Italia\u00a0SPA

Italy

Equity

\u00a0

20.0%

20.0%

\u00a0

Equity

\u00a0

20.0%

20.0%

\u00a0

Commercial & Personal Banking in Belgium

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Axepta BNPP Benelux

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

Bancontact Paytoniq Company

Belgium

Equity

\u00a0

22.5%

22.5%

\u00a0

Equity

\u00a0

22.5%

22.5%

\u00a0

\u00a0

BASS Master Issuer NV (t)

Belgium

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Batopin

Belgium

Equity

\u00a0

25.0%

25.0%

\u00a0

Equity

\u00a0

25.0%

25.0%

\u00a0

\u00a0

Belgian Mobile ID

Belgium

Equity

\u00a0

12.2%

12.2%

\u00a0

Equity

\u00a0

12.2%

12.2%

\u00a0

\u00a0

BNPP Commercial Finance\u00a0Ltd

UK

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP Factor\u00a0AS

Denmark

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP Factor\u00a0GmbH

Germany

Full

\u00a0

100.0%

100.0%

V4

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP Factoring Support

Netherlands

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP Fortis

Belgium

Full

\u00a0

99.9%

99.9%

\u00a0

Full

\u00a0

99.9%

99.9%

\u00a0

\u00a0

BNPP Fortis (Spain branch)

Spain

\u00a0

\u00a0

\u00a0

\u00a0

S1

Full

\u00a0

99.9%

99.9%

\u00a0

\u00a0

BNPP Fortis (United States branch)

USA

Full

\u00a0

99.9%

99.9%

\u00a0

Full

\u00a0

99.9%

99.9%

\u00a0

\u00a0

BNPP Fortis Factor\u00a0NV

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP Fortis Film Finance

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP Fortis Funding\u00a0SA

Luxembourg

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP FPE Belgium

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP FPE Expansion

Belgium

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP FPE Management

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPPF Credit Brokers (Ex-Demetris\u00a0NV)

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

Bpost Banque

Belgium

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

Credissimo

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

Credissimo Hainaut\u00a0SA

Belgium

Full

\u00a0

99.7%

99.7%

\u00a0

Full

\u00a0

99.7%

99.7%

\u00a0

\u00a0

Cr\u00e9dit pour Habitations Sociales

Belgium

Full

\u00a0

81.7%

81.6%

\u00a0

Full

\u00a0

81.7%

81.6%

\u00a0

\u00a0

Epimede (s)

Belgium

Equity

\u00a0

-

-

\u00a0

Equity

\u00a0

-

-

\u00a0

\u00a0

Esmee Master Issuer (t)

Belgium

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Immobili\u00e8re Sauveniere\u00a0SA

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

Isabel\u00a0SA\u00a0NV

Belgium

Equity

\u00a0

25.3%

25.3%

\u00a0

Equity

\u00a0

25.3%

25.3%

\u00a0

\u00a0

Microstart

Belgium

Full

\u00a0

43.9%

77.5%

V4

Full

\u00a0

42.3%

76.8%

\u00a0

\u00a0

Private Equity Investments (a)

BE/FR/LU

FV

\u00a0

-

-

\u00a0

FV

\u00a0

-

-

\u00a0

\u00a0

Sagip

Belgium

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Sowo Invest\u00a0SA\u00a0NV

Belgium

Full

\u00a0

87.5%

87.5%

\u00a0

Full

\u00a0

87.5%

87.5%

\u00a0

Commercial & Personal Banking in Luxembourg

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BGL BNPP

Luxembourg

Full

\u00a0

66.0%

65.9%

\u00a0

Full

\u00a0

66.0%

65.9%

\u00a0

\u00a0

BGL BNPP (Germany branch)

Germany

Full

\u00a0

66.0%

65.9%

\u00a0

Full

\u00a0

66.0%

65.9%

\u00a0

\u00a0

BNPP Lease Group Luxembourg\u00a0SA

Luxembourg

Full

\u00a0

100.0%

65.9%

\u00a0

Full

\u00a0

100.0%

65.9%

\u00a0

\u00a0

BNPP SB Re

Luxembourg

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cofhylux\u00a0SA

Luxembourg

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Compagnie Financi\u00e8re Ottomane\u00a0SA

Luxembourg

Full

\u00a0

97.4%

97.4%

V4

Full

\u00a0

97.3%

97.3%

\u00a0

\u00a0

Le Sphinx Assurances Luxembourg\u00a0SA

Luxembourg

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Luxhub\u00a0SA

Luxembourg

Equity

\u00a0

28.0%

18.5%

\u00a0

Equity

\u00a0

28.0%

18.5%

\u00a0

\u00a0

Visalux

Luxembourg

Equity

\u00a0

25.2%

16.6%

\u00a0

Equity

\u00a0

25.2%

16.6%

V3

COMMERCIAL & PERSONAL BANKING OUTSIDE\u00a0THE\u00a0EUROZONE

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Europe-Mediterranean

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Bank of Nanjing

China

Equity

\u00a0

16.2%

16.2%

V1/V3

Equity

\u00a0

13.8%

13.8%

V3

\u00a0

Banque Internationale pour le Commerce et l\u2019Industrie de la C\u00f4te d\u2019Ivoire

Ivory Coast

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Banque Internationale pour le Commerce et l\u2019Industrie du S\u00e9n\u00e9gal

Senegal

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Banque Marocaine pour le Commerce et l\u2019Industrie

Morocco

Full

\u00a0

67.0%

67.0%

\u00a0

Full

\u00a0

67.0%

67.0%

\u00a0

\u00a0

Banque Marocaine pour le Commerce et l\u2019Industrie Banque Offshore

Morocco

Full

\u00a0

100.0%

67.0%

\u00a0

Full

\u00a0

100.0%

67.0%

\u00a0

\u00a0

Bantas Nakit\u00a0AS

T\u00fcrkiye

Equity

(3)

33.3%

16.7%

\u00a0

Equity

(3)

33.3%

16.7%

\u00a0

\u00a0

BDSI

Morocco

Full

\u00a0

100.0%

96.4%

\u00a0

Full

\u00a0

100.0%

96.4%

\u00a0

\u00a0

BGZ Poland ABS1 DAC (t)

Ireland

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

BICI Bourse

Ivory Coast

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

BMCI Leasing

Morocco

Full

\u00a0

86.9%

58.2%

\u00a0

Full

\u00a0

86.9%

58.2%

\u00a0

\u00a0

BNPP Bank Polska\u00a0SA

Poland

Full

\u00a0

81.3%

81.3%

V2

Full

\u00a0

87.3%

87.3%

V3

\u00a0

BNPP El Djazair

Algeria

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Faktoring Spolka ZOO

Poland

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Fortis Yatirimlar Holding\u00a0AS

T\u00fcrkiye

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP Group Service Center\u00a0SA

Poland

Full

\u00a0

100.0%

81.3%

V3

Full

\u00a0

100.0%

87.3%

V3

\u00a0

BNPP IRB Participations

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Yatirimlar Holding\u00a0AS

T\u00fcrkiye

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Dreams Sustainable\u00a0AB

Sweden

\u00a0

\u00a0

\u00a0

\u00a0

S2

Full

\u00a0

57.5%

57.5%

\u00a0

\u00a0

Joint Stock Company Ukrsibbank

Ukraine

Full

\u00a0

60.0%

60.0%

D1

Equity

\u00a0

60.0%

60.0%

\u00a0

\u00a0

TEB ARF Teknoloji Anonim Sirketi

T\u00fcrkiye

Full

\u00a0

100.0%

72.5%

\u00a0

Full

\u00a0

100.0%

72.5%

\u00a0

\u00a0

TEB Faktoring\u00a0AS

T\u00fcrkiye

Full

\u00a0

100.0%

72.5%

\u00a0

Full

\u00a0

100.0%

72.5%

\u00a0

\u00a0

TEB Finansman\u00a0AS

T\u00fcrkiye

Full

\u00a0

100.0%

72.5%

\u00a0

Full

\u00a0

100.0%

72.5%

V3

\u00a0

TEB Holding\u00a0AS

T\u00fcrkiye

Full

\u00a0

50.0%

50.0%

\u00a0

Full

\u00a0

50.0%

50.0%

\u00a0

\u00a0

TEB SH A

Kosovo

Full

\u00a0

100.0%

50.0%

\u00a0

Full

\u00a0

100.0%

50.0%

\u00a0

\u00a0

TEB Yatirim Menkul Degerler\u00a0AS

T\u00fcrkiye

Full

\u00a0

100.0%

72.5%

\u00a0

Full

\u00a0

100.0%

72.5%

\u00a0

\u00a0

Turk Ekonomi Bankasi\u00a0AS

T\u00fcrkiye

Full

\u00a0

100.0%

72.5%

\u00a0

Full

\u00a0

100.0%

72.5%

\u00a0

BancWest

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BancWest Holding Inc

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

BancWest Holding Inc Grantor Trust ERC Subaccount (s)

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

BancWest Holding Inc Umbrella Trust (s)

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

BancWest Investment Services Inc

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Bank of the West

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Bank of the West Auto Trust 2019-1 (t)

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Bank of the West Auto Trust 2019-2 (t)

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

BNPP Leasing Solutions Canada Inc

Canada

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

BOW Auto Receivables\u00a0LLC (t)

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

BWC Opportunity Fund 2 Inc (t)

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

BWC Opportunity Fund Inc (t)

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

CFB Community Development Corp

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Claas Financial Services\u00a0LLC

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Commercial Federal Affordable Housing Inc

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

First Santa Clara Corp (s)

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

United California Bank Deferred Compensation Plan Trust (s)

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Ursus Real Estate Inc

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

SPECIALISED BUSINESSES

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Personal Finance

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Alpha Cr\u00e9dit\u00a0SA

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

Auto ABS UK Loans\u00a0PLC (t)

UK

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

\u00a0

-

-

E3

\u00a0

AutoFlorence 1 SRL (t)

Italy

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

AutoFlorence 2 SRL (t)

Italy

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

AutoFlorence 3 SRL (t)

Italy

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

E2

\u00a0

Autonoria 2019 (t)

France

\u00a0

\u00a0

\u00a0

\u00a0

S1

Full

\u00a0

-

-

\u00a0

\u00a0

Autonoria DE 2023 (t)

France

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

E2

\u00a0

Autonoria Spain 2019 (t)

Spain

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Autonoria Spain 2021 FT (t)

Spain

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Autonoria Spain 2022 FT (t)

Spain

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Autonoria Spain 2023 FT (t)

Spain

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

E2

\u00a0

Axa Banque Financement

France

Equity

\u00a0

35.0%

35.0%

\u00a0

Equity

\u00a0

35.0%

35.0%

\u00a0

\u00a0

Banco Cetelem\u00a0SA

Brazil

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Banco Cetelem\u00a0SA

Spain

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BGN Mercantil E Servicos\u00a0Ltda

Brazil

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Personal Finance

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Personal Finance (Austria branch)

Austria

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Personal Finance (Bulgaria branch)

Bulgaria

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

BNPP Personal Finance (Czech Republic branch)

Czech Rep.

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Personal Finance (Portugal branch)

Portugal

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Personal Finance (Romania branch)

Romania

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Personal Finance (Slovakia branch)

Slovakia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Personal Finance\u00a0BV

Netherlands

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Personal Finance South Africa\u00a0Ltd

South Africa

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BON BNPP Consumer Finance Co\u00a0Ltd

China

Equity

\u00a0

31.7%

31.7%

V3

Equity

\u00a0

33.1%

33.1%

V1/V4

\u00a0

Cafineo

France

Full

(1)

51.0%

50.8%

\u00a0

Full

(1)

51.0%

50.8%

\u00a0

\u00a0

Carrefour Banque

France

Equity

\u00a0

40.0%

40.0%

\u00a0

Equity

\u00a0

40.0%

40.0%

\u00a0

\u00a0

Central Europe Technologies SRL

Romania

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cetelem America\u00a0Ltda

Brazil

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cetelem Business Consulting Shanghai Co\u00a0Ltd

China

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cetelem Gestion\u00a0AIE

Spain

Full

\u00a0

100.0%

96.0%

\u00a0

Full

\u00a0

100.0%

96.0%

\u00a0

\u00a0

Cetelem\u00a0SA de CV

Mexico

Equity

\u00a0

20.0%

0.0\u00a0%

S2

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cetelem Servicios Informaticos\u00a0AIE

Spain

Full

\u00a0

100.0%

81.0%

\u00a0

Full

\u00a0

100.0%

81.0%

\u00a0

\u00a0

Cetelem Servicos\u00a0Ltda

Brazil

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cofica Bail

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

Cofiplan

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

Creation Consumer Finance\u00a0Ltd

UK

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

V3

\u00a0

Creation Financial Services\u00a0Ltd

UK

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

V3

\u00a0

Cr\u00e9dit Moderne Antilles Guyane

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

Cr\u00e9dit Moderne Oc\u00e9an Indien

France

Full

(1)

97.8%

97.8%

\u00a0

Full

(1)

97.8%

97.8%

\u00a0

\u00a0

Domofinance

France

Full

(1)

55.0%

55.0%

\u00a0

Full

(1)

55.0%

55.0%

\u00a0

\u00a0

E Carat 10 (t)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

E Carat 11\u00a0PLC (t)

UK

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

E Carat 12\u00a0PLC (t)

UK

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

\u00a0

-

-

\u00a0

\u00a0

Ecarat De SA (t)

Luxembourg

Full

\u00a0

-

-

E2

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Ekspres Bank\u00a0AS

Denmark

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Ekspres Bank\u00a0AS (Norway branch)

Norway

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Ekspres Bank\u00a0AS (Sweden branch)

Sweden

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Eos Aremas Belgium\u00a0SA\u00a0NV

Belgium

Equity

\u00a0

50.0%

49.9%

\u00a0

Equity

\u00a0

50.0%

49.9%

\u00a0

\u00a0

Evollis

France

Equity

\u00a0

49.2%

49.2%

\u00a0

Equity

\u00a0

49.2%

49.2%

V4

\u00a0

Findomestic Banca\u00a0SPA

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Florence Real Estate Developments\u00a0SPA

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Florence SPV SRL (t)

Italy

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

GCC Consumo Establecimiento Financiero de Credito\u00a0SA

Spain

Full

\u00a0

51.0%

51.0%

\u00a0

Full

\u00a0

51.0%

51.0%

\u00a0

\u00a0

Genius Auto Finance Co\u00a0Ltd

China

Equity

(3)

25.0%

25.0%

\u00a0

Equity

(3)

25.0%

25.0%

V1

\u00a0

International Development Resources\u00a0AS Services\u00a0SA

Spain

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Iqera Services

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Loisirs Finance

France

Full

(1)

51.0%

51.0%

\u00a0

Full

(1)

51.0%

51.0%

\u00a0

\u00a0

Magyar Cetelem Bank ZRT

Hungary

\u00a0

\u00a0

\u00a0

\u00a0

S2

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Neuilly Contentieux

France

Full

\u00a0

95.9%

95.6%

\u00a0

Full

\u00a0

95.9%

95.6%

\u00a0

\u00a0

Noria 2018-1 (t)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

Noria 2020 (t)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

Noria 2021 (t)

France

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Noria 2023 (t)

France

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

E2

\u00a0

Noria De 2024 (t)

France

Full

\u00a0

-

-

E2

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Noria Spain 2020 FT (t)

Spain

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Opel Finance\u00a0NV

Netherlands

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

Opel Finance\u00a0SA

Switzerland

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

\u00a0

100.0%

50.0%

\u00a0

\u00a0

PBD Germany Auto Lease Master SA (t)

Luxembourg

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

E3

\u00a0

Personal Finance Location

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

PF Services\u00a0GmbH

Germany

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Phedina Hypotheken 2010 BV (t)

Netherlands

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

RCS Botswana Pty\u00a0Ltd

Botswana

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

RCS Cards Pty\u00a0Ltd

South Africa

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

RCS\u00a0Investment Holdings Namibia Pty\u00a0Ltd

Namibia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Securitisation funds Genius (d) (t)

China

Equity

(3)

-

-

\u00a0

Equity

(3)

-

-

E3

\u00a0

Securitisation funds UCI and RMBS Prado (b) (t)

Spain

Equity

(3)

-

-

\u00a0

Equity

(3)

-

-

\u00a0

\u00a0

Securitisation funds Wisdom (e) (t)

China

Equity

(3)

-

-

\u00a0

Equity

(3)

-

-

E3

\u00a0

Servicios Financieros Carrefour EFC\u00a0SA

Spain

Equity

\u00a0

37.3%

40.0%

\u00a0

Equity

\u00a0

37.3%

40.0%

\u00a0

\u00a0

Stellantis Bank\u00a0SA

France

Full

\u00a0

50.0%

50.0%

\u00a0

Full

\u00a0

50.0%

50.0%

\u00a0

\u00a0

Stellantis Bank\u00a0SA (Austria branch)

Austria

Full

\u00a0

50.0%

50.0%

\u00a0

Full

\u00a0

50.0%

50.0%

\u00a0

\u00a0

Stellantis Bank\u00a0SA (Germany branch)

Germany

Full

\u00a0

50.0%

50.0%

\u00a0

Full

\u00a0

50.0%

50.0%

\u00a0

\u00a0

Stellantis Bank\u00a0SA (Italy branch)

Italy

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

Stellantis Bank\u00a0SA (Spain branch)

Spain

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

Stellantis Financial Services UK\u00a0Ltd

UK

Full

\u00a0

100.0%

50.0%

\u00a0

Full

\u00a0

100.0%

50.0%

E3

\u00a0

Union de Creditos Inmobiliarios\u00a0SA

Spain

Equity

(3)

50.0%

50.0%

\u00a0

Equity

(3)

50.0%

50.0%

\u00a0

\u00a0

United Partnership

France

Equity

(3)

50.0%

50.0%

\u00a0

Equity

(3)

50.0%

50.0%

\u00a0

\u00a0

Vauxhall Finance\u00a0Ltd

UK

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

\u00a0

100.0%

50.0%

\u00a0

\u00a0

XFERA Consumer Finance EFC\u00a0SA

Spain

Full

\u00a0

51.0%

51.0%

\u00a0

Full

\u00a0

51.0%

51.0%

\u00a0

\u00a0

Zhejiang Wisdom Puhua Financial Leasing Co\u00a0Ltd

China

Equity

(3)

25.0%

25.0%

\u00a0

Equity

(3)

25.0%

25.0%

V1

Arval

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Artel

France

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval\u00a0AB

Sweden

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval\u00a0AS

Denmark

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval\u00a0AS Norway

Norway

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Austria\u00a0GmbH

Austria

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Belgium\u00a0NV\u00a0SA

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Brasil\u00a0Ltda

Brazil

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval\u00a0BV

Netherlands

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval CZ SRO

Czech Rep.

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Deutschland\u00a0GmbH

Germany

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Fleet Services

France

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Fleet Services (succ. Monaco)

Monaco

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Hellas Car Rental\u00a0SA

Greece

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval\u00a0LLC

Russia

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Luxembourg\u00a0SA

Luxembourg

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Magyarorszag KFT

Hungary

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Maroc\u00a0SA

Morocco

Full

\u00a0

100.0%

89.0%

\u00a0

Full

(2)

100.0%

89.0%

\u00a0

\u00a0

Arval\u00a0OY

Finland

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Relsa Colombia\u00a0SAS

Colombia

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

V1/D2

\u00a0

Arval Relsa\u00a0SPA

Chile

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

V1/D2

\u00a0

Arval Schweiz\u00a0AG

Switzerland

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Service Lease

France

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Service Lease Aluger Operational Automoveis\u00a0SA

Portugal

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Service Lease Italia\u00a0SPA

Italy

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Service Lease Polska SP ZOO

Poland

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Service Lease Romania SRL

Romania

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Service Lease\u00a0SA

Spain

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Slovakia SRO

Slovakia

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Trading

France

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval UK Group\u00a0Ltd

UK

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval UK Leasing Services\u00a0Ltd

UK

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval UK\u00a0Ltd

UK

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

BNPP Fleet Holdings\u00a0Ltd

UK

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Cent ASL

France

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Cofiparc

France

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Comercializadora de Vehiculos\u00a0SA

Chile

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

V1/D2

\u00a0

FCT Pulse France 2022 (t)

France

Full

\u00a0

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

Greenval Insurance DAC

Ireland

Full

(2)

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Locadif

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Louveo

France

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Personal Car Lease\u00a0BV

Netherlands

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Public Location Longue Dur\u00e9e

France

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Pulse UK 2024\u00a0PLC (s)

UK

Full

\u00a0

-

-

E2

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Rentaequipos Leasing Peru\u00a0SA

Peru

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

V1/D2

\u00a0

Rentaequipos Leasing\u00a0SA

Chile

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

V1/D2

\u00a0

TEB Arval Arac Filo Kiralama\u00a0AS

T\u00fcrkiye

Full

\u00a0

100.0%

75.0%

\u00a0

Full

(2)

100.0%

75.0%

\u00a0

\u00a0

Terberg Busines Lease Group\u00a0BV

Netherlands

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Terberg Leasing Justlease Belgium\u00a0BV

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

Leasing Solutions

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Aprolis Finance

France

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

\u00a0

\u00a0

Artegy

France

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNL Leasing\u00a0SPA

Italy

Full

\u00a0

100.0%

95.5%

\u00a0

Full

\u00a0

100.0%

95.5%

\u00a0

\u00a0

BNPP 3 Step IT

France

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

\u00a0

\u00a0

BNPP 3 Step IT (Belgium branch)

Belgium

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

\u00a0

\u00a0

BNPP 3 Step IT (Germany branch)

Germany

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

\u00a0

\u00a0

BNPP 3 Step IT (Italy branch)

Italy

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

\u00a0

\u00a0

BNPP 3 Step IT (Netherlands branch)

Netherlands

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

\u00a0

\u00a0

BNPP 3 Step IT (Spain branch)

Spain

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

E2

\u00a0

BNPP 3 Step IT (United Kingdom branch)

UK

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

\u00a0

\u00a0

BNPP Finansal Kiralama\u00a0AS

T\u00fcrkiye

Full

\u00a0

100.0%

82.5%

\u00a0

Full

\u00a0

100.0%

82.5%

\u00a0

\u00a0

BNPP Lease Group

France

Full

(1)

100.0%

83.0%

\u00a0

Full

(1)

100.0%

83.0%

\u00a0

\u00a0

BNPP Lease Group (Germany branch)

Germany

Full

(1)

100.0%

83.0%

\u00a0

Full

(1)

100.0%

83.0%

\u00a0

\u00a0

BNPP Lease Group (Italy branch)

Italy

Full

(1)

100.0%

83.0%

\u00a0

Full

(1)

100.0%

83.0%

\u00a0

\u00a0

BNPP Lease Group (Portugal branch)

Portugal

Full

(1)

100.0%

83.0%

\u00a0

Full

(1)

100.0%

83.0%

\u00a0

\u00a0

BNPP Lease Group (Spain branch)

Spain

Full

(1)

100.0%

83.0%

\u00a0

Full

(1)

100.0%

83.0%

\u00a0

\u00a0

BNPP Lease Group Belgium

Belgium

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Lease Group Leasing Solutions\u00a0SPA

Italy

Full

\u00a0

100.0%

95.5%

\u00a0

Full

\u00a0

100.0%

95.5%

\u00a0

\u00a0

BNPP Lease Group\u00a0Ltd (Ex-BNPP Lease Group\u00a0PLC)

UK

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Lease Group SP ZOO

Poland

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Leasing Services

Poland

Full

\u00a0

100.0%

81.3%

V3

Full

\u00a0

100.0%

87.3%

V3

\u00a0

BNPP Leasing Solution\u00a0AS

Norway

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Leasing Solutions

Luxembourg

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Leasing Solutions\u00a0AB

Sweden

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Leasing Solutions\u00a0AS

Denmark

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Leasing Solutions\u00a0GmbH

Austria

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Leasing Solutions IFN\u00a0SA

Romania

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Leasing Solutions\u00a0Ltd

UK

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Leasing Solutions\u00a0NV

Netherlands

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Leasing Solutions Suisse\u00a0SA

Switzerland

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Rental Solutions\u00a0Ltd

UK

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

BNPP Rental Solutions\u00a0SPA

Italy

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

Claas Financial Services

France

Full

(1)

51.0%

42.3%

\u00a0

Full

(1)

51.0%

42.3%

\u00a0

\u00a0

Claas Financial Services (Germany branch)

Germany

Full

(1)

51.0%

42.3%

\u00a0

Full

(1)

51.0%

42.3%

\u00a0

\u00a0

Claas Financial Services (Italy branch)

Italy

Full

(1)

51.0%

42.3%

\u00a0

Full

(1)

51.0%

42.3%

\u00a0

\u00a0

Claas Financial Services (Poland branch)

Poland

Full

(1)

51.0%

42.3%

\u00a0

Full

(1)

51.0%

42.3%

\u00a0

\u00a0

Claas Financial Services (Spain branch)

Spain

Full

(1)

51.0%

42.3%

\u00a0

Full

(1)

51.0%

42.3%

\u00a0

\u00a0

Claas Financial Services\u00a0Ltd

UK

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

\u00a0

\u00a0

CNH Industrial Capital Europe

France

Full

(1)

50.1%

41.6%

\u00a0

Full

(1)

50.1%

41.6%

\u00a0

\u00a0

CNH Industrial Capital Europe (Belgium branch)

Belgium

Full

(1)

50.1%

41.6%

\u00a0

Full

(1)

50.1%

41.6%

\u00a0

\u00a0

CNH Industrial Capital Europe (Germany branch)

Germany

Full

(1)

50.1%

41.6%

\u00a0

Full

(1)

50.1%

41.6%

\u00a0

\u00a0

CNH Industrial Capital Europe (Italy branch)

Italy

Full

(1)

50.1%

41.6%

\u00a0

Full

(1)

50.1%

41.6%

\u00a0

\u00a0

CNH Industrial Capital Europe (Poland branch)

Poland

Full

(1)

50.1%

41.6%

\u00a0

Full

(1)

50.1%

41.6%

\u00a0

\u00a0

CNH Industrial Capital Europe\u00a0
(Spain branch)

Spain

Full

(1)

50.1%

41.6%

\u00a0

Full

(1)

50.1%

41.6%

\u00a0

\u00a0

CNH Industrial Capital Europe\u00a0BV

Netherlands

Full

\u00a0

100.0%

41.6%

\u00a0

Full

\u00a0

100.0%

41.6%

\u00a0

\u00a0

CNH Industrial Capital Europe\u00a0GmbH

Austria

Full

\u00a0

100.0%

41.6%

\u00a0

Full

\u00a0

100.0%

41.6%

\u00a0

\u00a0

CNH Industrial Capital Europe\u00a0Ltd

UK

Full

\u00a0

100.0%

41.6%

\u00a0

Full

\u00a0

100.0%

41.6%

\u00a0

\u00a0

ES Finance

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

FL Zeebrugge (s)

Belgium

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Fortis Lease

France

Full

(1)

100.0%

83.0%

\u00a0

Full

(1)

100.0%

83.0%

\u00a0

\u00a0

Fortis Lease Belgium

Belgium

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

Fortis Lease Deutschland\u00a0GmbH

Germany

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

Fortis Lease Iberia\u00a0SA

Spain

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

Fortis Lease Portugal

Portugal

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

Fortis Lease UK\u00a0Ltd

UK

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

Fortis Vastgoedlease\u00a0BV

Netherlands

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

Heffiq Heftruck Verhuur\u00a0BV

Netherlands

Full

\u00a0

50.1%

41.5%

\u00a0

Full

\u00a0

50.1%

41.5%

\u00a0

\u00a0

JCB Finance

France

Full

(1)

100.0%

41.6%

\u00a0

Full

(1)

100.0%

41.6%

\u00a0

\u00a0

JCB Finance (Germany branch)

Germany

Full

(1)

100.0%

41.6%

\u00a0

Full

(1)

100.0%

41.6%

\u00a0

\u00a0

JCB Finance (Italy branch)

Italy

Full

(1)

100.0%

41.6%

\u00a0

Full

(1)

100.0%

41.6%

\u00a0

\u00a0

JCB Finance Holdings\u00a0Ltd

UK

Full

\u00a0

50.1%

41.6%

\u00a0

Full

\u00a0

50.1%

41.6%

\u00a0

\u00a0

JFL BNPP Agriculture And Technology Financial Leasing Co\u00a0Ltd

Chine

Equity

\u00a0

45.0%

37.3%

E2

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Manitou Finance\u00a0Ltd

UK

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

\u00a0

\u00a0

MGF

France

Full

(1)

51.0%

42.3%

\u00a0

Full

(1)

51.0%

42.3%

\u00a0

\u00a0

MGF (Germany branch)

Germany

Full

(1)

51.0%

42.3%

\u00a0

Full

(1)

51.0%

42.3%

\u00a0

\u00a0

MGF (Italy branch)

Italy

Full

(1)

51.0%

42.3%

\u00a0

Full

(1)

51.0%

42.3%

\u00a0

\u00a0

Natio Energie 2

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Natiocredibail

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

Pixel 2021 (t)

France

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Same Deutz Fahr Finance

France

Full

(1)

100.0%

83.0%

\u00a0

Full

(1)

100.0%

83.0%

\u00a0

\u00a0

SNC Natiocredimurs

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

New Digital Businesses

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Financi\u00e8re des Paiements Electroniques

France

Full

\u00a0

95.0%

95.0%

\u00a0

Full

\u00a0

95.0%

95.0%

\u00a0

\u00a0

Financi\u00e8re des Paiements Electroniques (Belgium branch)

Belgium

Full

\u00a0

95.0%

95.0%

\u00a0

Full

\u00a0

95.0%

95.0%

\u00a0

\u00a0

Financi\u00e8re des Paiements Electroniques (Germany branch)

Germany

Full

\u00a0

95.0%

95.0%

\u00a0

Full

\u00a0

95.0%

95.0%

\u00a0

\u00a0

Financi\u00e8re des Paiements Electroniques (Portugal branch)

Portugal

Full

\u00a0

95.0%

95.0%

\u00a0

Full

\u00a0

95.0%

95.0%

\u00a0

\u00a0

Financi\u00e8re des Paiements Electroniques (Spain branch)

Spain

Full

\u00a0

95.0%

95.0%

\u00a0

Full

\u00a0

95.0%

95.0%

\u00a0

\u00a0

Floa

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

Lyf\u00a0SA

France

Equity

(3)

44.8%

44.8%

V1

Equity

(3)

43.8%

43.8%

\u00a0

\u00a0

Lyf\u00a0SAS

France

Equity

(3)

50.0%

50.0%

\u00a0

Equity

(3)

50.0%

50.0%

V4

Personal Investors

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Espresso Financial Services Private\u00a0Ltd

India

\u00a0

\u00a0

\u00a0

\u00a0

S2

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Geojit Technologies Private\u00a0Ltd

India

Equity

\u00a0

35.0%

35.0%

\u00a0

Equity

\u00a0

35.0%

35.0%

\u00a0

\u00a0

Human Value Developers Private\u00a0Ltd

India

\u00a0

\u00a0

\u00a0

\u00a0

S2

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Sharekhan BNPP Financial Services\u00a0Ltd

India

\u00a0

\u00a0

\u00a0

\u00a0

S2

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Sharekhan\u00a0Ltd

India

\u00a0

\u00a0

\u00a0

\u00a0

S2

Full

\u00a0

100.0%

100.0%

\u00a0

INVESTMENT & PROTECTION SERVICES

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Insurance

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

AEW Immocommercial (s)

France

FV

\u00a0

-

-

\u00a0

FV

\u00a0

-

-

\u00a0

\u00a0

AG Insurance

Belgium

Equity

\u00a0

25.0%

25.0%

\u00a0

Equity

\u00a0

25.0%

25.0%

\u00a0

\u00a0

Agathe Retail France

France

FV

\u00a0

33.3%

33.3%

\u00a0

FV

\u00a0

33.3%

33.3%

\u00a0

\u00a0

AM Select (s)

Luxembourg

Full

(4)

-

-

\u00a0

Full

(4)

-

-

E1

\u00a0

Astridplaza

Belgium

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

Batipart Participations\u00a0SAS

Luxembourg

FV

\u00a0

29.7%

29.7%

\u00a0

FV

\u00a0

29.7%

29.7%

\u00a0

\u00a0

BCC Vita\u00a0SPA

Italy

Full

(2)

70.0%

70.0%

E3

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Becquerel (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Actions Croissance ISR (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Actions Euro ISR (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Actions Monde ISR (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Actions Patrimoine ISR (s)

France

Full

(4)

-

-

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP Actions PME ETI (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

(4)

-

-

\u00a0

\u00a0

BNPP Aqua (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Best Selection Actions Euro ISR (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Cardif

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif\u00a0BV

Netherlands

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Compania de Seguros y Reaseguros\u00a0SA

Peru

Full

(2)

100.0%

100.0%

D1

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Emeklilik\u00a0AS

T\u00fcrkiye

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Hayat Sigorta\u00a0AS

T\u00fcrkiye

Equity*

\u00a0

100.0%

100.0%

\u00a0

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Livforsakring\u00a0AB

Sweden

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Livforsakring\u00a0AB (Denmark branch)

Denmark

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Livforsakring\u00a0AB (Norway branch)

Norway

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Pojistovna\u00a0AS

Czech Rep.

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Seguros de Vida\u00a0SA

Chile

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Seguros Generales\u00a0SA

Chile

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Services SRO

Czech Rep.

Full

(2)

100.0%

100.0%

D1

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Servicios y Asistencia\u00a0Ltda

Chile

Full

(2)

100.0%

100.0%

D1

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Sigorta\u00a0AS

T\u00fcrkiye

Equity*

\u00a0

100.0%

100.0%

\u00a0

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif TCB Life Insurance Co\u00a0Ltd

Taiwan

Equity

\u00a0

49.0%

49.0%

\u00a0

Equity

\u00a0

49.0%

49.0%

\u00a0

\u00a0

BNPP Cardif Vita Compagnia di Assicurazione E Riassicurazione\u00a0SPA

Italy

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Convictions (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP CP Cardif Private Debt (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

(4)

-

-

\u00a0

\u00a0

BNPP Deep Value (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

BNPP D\u00e9veloppement Humain (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Diversiflex (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

S1

Full

(4)

-

-

\u00a0

\u00a0

BNPP Diversipierre (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

BNPP Euro Climate Aligned (s)

France

Full

(4)

-

-

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP France Cr\u00e9dit (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Global Senior Corporate Loans (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Indice Amerique du Nord (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Indice France ESG (s)

France

Full

(4)

-

-

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP Infrastructure Investments Fund (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Moderate Focus Italia (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

BNPP Mon\u00e9taire Assurance (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

BNPP Multistrat\u00e9gies Protection 80 (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

(4)

-

-

\u00a0

\u00a0

BNPP Next Tech (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

BNPP Obliselect Euro Dec 2028 (s)

France

Full

(4)

-

-

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP Protection Monde (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

BNPP Select (s)

France

Full

(4)

-

-

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP S\u00e9lection Dynamique Monde (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Selection Patrimoine Responsable (s)

France

Full

(4)

-

-

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP Smallcap Euroland ISR (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Social Business France (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BOB Cardif Life Insurance Co\u00a0Ltd

China

Equity

\u00a0

50.0%

50.0%

\u00a0

Equity

\u00a0

50.0%

50.0%

\u00a0

\u00a0

C Sant\u00e9 (s)

France

Full

(2)

-

-

D1

FV

\u00a0

-

-

\u00a0

\u00a0

Camgestion Obliflexible (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

Capital France Hotel

France

Full

(2)

98.5%

98.5%

\u00a0

Full

(2)

98.5%

98.5%

\u00a0

\u00a0

Cardif Alternatives Part I (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

Cardif Assurance Vie

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Austria branch)

Austria

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Belgium branch)

Belgium

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Bulgaria branch)

Bulgaria

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Germany branch)

Germany

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Italy branch)

Italy

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Netherlands branch)

Netherlands

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Portugal branch)

Portugal

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Romania branch)

Romania

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Spain branch)

Spain

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Switzerland branch)

Switzerland

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Taiwan branch)

Taiwan

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Austria branch)

Austria

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Belgium branch)

Belgium

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Bulgaria branch)

Bulgaria

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Germany branch)

Germany

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Italy branch)

Italy

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Netherlands branch)

Netherlands

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Poland branch)

Poland

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Portugal branch)

Portugal

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Romania branch)

Romania

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Spain branch)

Spain

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Switzerland branch)

Switzerland

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Taiwan branch)

Taiwan

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Biztosito Magyarorszag ZRT

Hungary

\u00a0

\u00a0

\u00a0

\u00a0

S3

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cardif BNPP AM Emerging Bond (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

Cardif BNPP AM Euro Paris Climate Aligned (s)

France

Full

(4)

-

-

D1

FV

\u00a0

-

-

\u00a0

\u00a0

Cardif BNPP AM Global Environmental Equity (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

Cardif BNPP AM Global Senior Corporate Loans (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

Cardif BNPP AM Sustainable Euro Equity (s)

France

Full

(4)

-

-

D1

FV

\u00a0

-

-

\u00a0

\u00a0

Cardif BNPP AM Sustainable Europe Equity (s)

France

Full

(4)

-

-

D1

FV

\u00a0

-

-

\u00a0

\u00a0

Cardif BNPP IP Signatures (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

Cardif BNPP IP Smid Cap Euro (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

(2)

-

-

\u00a0

\u00a0

Cardif Colombia Seguros Generales\u00a0SA

Colombia

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif CPR Global Return (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

Cardif do Brasil Seguros e Garantias\u00a0SA

Brazil

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif do Brasil Vida e Previdencia\u00a0SA

Brazil

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Edrim Signatures (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

Cardif El Djazair

Algeria

Equity*

\u00a0

85.0%

85.0%

V2

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cardif Forsakring\u00a0AB

Sweden

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Forsakring\u00a0AB (Denmark branch)

Denmark

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Forsakring\u00a0AB (Norway branch)

Norway

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif IARD

France

Full

(2)

66.0%

66.0%

\u00a0

Full

(2)

66.0%

66.0%

\u00a0

\u00a0

Cardif Insurance Co\u00a0LLC

Russia

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Cardif Insurance Holdings\u00a0PLC

UK

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Life Insurance Co\u00a0Ltd

Rep. of Korea

Full

(2)

85.0%

85.0%

\u00a0

Full

(2)

85.0%

85.0%

\u00a0

\u00a0

Cardif Life Insurance Japan

Japan

Full

(2)

75.0%

75.0%

\u00a0

Full

(2)

75.0%

75.0%

\u00a0

\u00a0

Cardif\u00a0Ltda

Brazil

Full

(2)

100.0%

100.0%

D1

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cardif Lux Vie

Luxembourg

Full

(2)

100.0%

88.6%

\u00a0

Full

(2)

100.0%

88.6%

\u00a0

\u00a0

Cardif Mexico Seguros de Vida\u00a0SA de CV

Mexico

Full

(2)

100.0%

100.0%

D1

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cardif Mexico Seguros Generales\u00a0SA de CV

Mexico

Full

(2)

100.0%

100.0%

D1

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cardif Non Life Insurance Japan

Japan

Full

(2)

100.0%

75.0%

\u00a0

Full

(2)

100.0%

75.0%

\u00a0

\u00a0

Cardif Nordic\u00a0AB

Sweden

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Polska Towarzystwo Ubezpieczen Na Zycie\u00a0SA

Poland

\u00a0

\u00a0

\u00a0

\u00a0

S3

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cardif Retraite

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Seguros\u00a0SA

Argentina

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Cardif Services AEIE

Portugal

\u00a0

\u00a0

\u00a0

\u00a0

S1

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Servicios de Colombia\u00a0SAS

Colombia

Full

(2)

100.0%

100.0%

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Cardif Servicios SAC

Peru

\u00a0

\u00a0

\u00a0

\u00a0

S3

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cardif Support Unipessoal Lda

Portugal

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

E1

\u00a0

Cardif Vita Convex Fund Eur (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

Cardimmo

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Carma Grand Horizon\u00a0SARL

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cedrus Carbon Initiative Trends (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

Centre Commercial Francilia

France

FV

\u00a0

21.7%

21.7%

\u00a0

FV

\u00a0

21.7%

21.7%

\u00a0

\u00a0

CFH Alexanderplatz Hotel\u00a0SARL

Luxembourg

Full

(2)

100.0%

93.5%

\u00a0

Full

(2)

100.0%

93.5%

E2

\u00a0

CFH Algonquin Management Partners France Italia

Italy

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

CFH Bercy

France

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

CFH Bercy Hotel

France

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

CFH Bercy Interm\u00e9diaire

France

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

CFH Berlin GP\u00a0GmbH

Germany

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

E2

\u00a0

CFH Berlin Holdco\u00a0SARL

Luxembourg

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

CFH Boulogne

France

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

CFH Cap d\u2019Ail

France

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

CFH Hostel Berlin\u00a0SARL

Luxembourg

Full

(2)

100.0%

93.5%

\u00a0

Full

(2)

100.0%

93.5%

E2

\u00a0

CFH Hotel Project\u00a0SARL

Luxembourg

Full

(2)

100.0%

93.5%

\u00a0

Full

(2)

100.0%

93.5%

E2

\u00a0

CFH Milan Holdco SRL

Italy

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

CFH Montmartre

France

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

CFH Montparnasse

France

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

Corosa

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Darnell DAC

Ireland

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

D\u00e9fense CB3\u00a0SAS

France

FV

\u00a0

25.0%

25.0%

\u00a0

FV

\u00a0

25.0%

25.0%

\u00a0

\u00a0

Diversipierre DVP 1

France

Full

(2)

100.0%

94.6%

V4

Full

(2)

100.0%

93.4%

V4

\u00a0

Diversipierre Germany\u00a0GmbH

Germany

Full

(2)

100.0%

94.6%

D1/V4

Equity*

\u00a0

100.0%

93.4%

V4

\u00a0

DVP European Channel

France

Full

(2)

100.0%

94.6%

D1/V4

Equity*

\u00a0

100.0%

93.4%

V4

\u00a0

DVP Green Clover

France

Full

(2)

100.0%

94.6%

D1/V4

Equity*

\u00a0

100.0%

93.4%

V4

\u00a0

DVP Haussmann

France

Full

(2)

100.0%

94.6%

D1/V4

Equity*

\u00a0

100.0%

93.4%

V4

\u00a0

DVP Heron

France

Full

(2)

100.0%

94.6%

D1/V4

Equity*

\u00a0

100.0%

93.4%

V4

\u00a0

Eclair (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

EP L (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

EP1 Grands Moulins (s)

France

Full

(2)

-

-

D1

Equity*

\u00a0

-

-

\u00a0

\u00a0

Fleur\u00a0SAS

France

\u00a0

\u00a0

\u00a0

\u00a0

S1

FV

\u00a0

33.3%

33.3%

\u00a0

\u00a0

Fonci\u00e8re Partenaires (s)

France

FV

\u00a0

-

-

\u00a0

FV

\u00a0

-

-

\u00a0

\u00a0

Fondev (Ex- FDI Poncelet)

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Fondo BNPP Aqua Protetto (s)

France

Full

(4)

-

-

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Fonds d\u2019Investissements Immobiliers pour le Commerce et la Distribution

France

FV

\u00a0

25.0%

25.0%

\u00a0

FV

\u00a0

25.0%

25.0%

\u00a0

\u00a0

FP Cardif Convex Fund USD (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

Fundamenta (s)

Italy

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

G C Thematic Opportunities\u00a0II (s)

Ireland

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

GIE BNPP Cardif

France

Full

(2)

99.7%

99.7%

\u00a0

Full

(2)

99.7%

99.7%

V2

\u00a0

GPinvest 10

France

FV

\u00a0

50.0%

50.0%

\u00a0

FV

\u00a0

50.0%

50.0%

\u00a0

\u00a0

Harewood Helena 2\u00a0Ltd

UK

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Harmony Prime (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

Hemisphere Holding

France

Equity

\u00a0

20.0%

20.0%

\u00a0

Equity

\u00a0

20.0%

20.0%

\u00a0

\u00a0

Hibernia France

France

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

Horizon Development\u00a0GmbH

Germany

FV

\u00a0

66.7%

64.9%

V4

FV

\u00a0

66.7%

62.9%

\u00a0

\u00a0

Icare

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Icare Assurance

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

ID Cologne A1\u00a0GmbH

Germany

Full

(2)

89.2%

86.8%

D1/V4

Equity*

\u00a0

89.2%

86.2%

V1

\u00a0

ID Cologne A2\u00a0GmbH

Germany

Full

(2)

89.2%

86.8%

D1/V4

Equity*

\u00a0

89.2%

86.2%

V1

\u00a0

Karapass Courtage

France

\u00a0

\u00a0

\u00a0

\u00a0

S3

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Korian et Partenaires Immobilier 1

France

FV

\u00a0

24.5%

24.5%

\u00a0

FV

\u00a0

24.5%

24.5%

\u00a0

\u00a0

Korian et Partenaires Immobilier 2

France

FV

\u00a0

24.5%

24.5%

\u00a0

FV

\u00a0

24.5%

24.5%

\u00a0

\u00a0

Luizaseg Seguros\u00a0SA

Brazil

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

V1/D4

\u00a0

Natio Assurance

France

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Natio Fonds Amp\u00e8re 1 (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

NCVP Participacoes Societarias\u00a0SA

Brazil

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Neuflize Vie

France

Full

(2)

100.0%

100.0%

E3

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

New Alpha Cardif Incubator Fund (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

OC Health Real Estate\u00a0GmbH

Germany

FV

\u00a0

35.0%

31.0%

\u00a0

FV

\u00a0

35.0%

31.0%

\u00a0

\u00a0

Op\u00e9ra Rendement (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

Paris Management Consultant Co\u00a0Ltd

Taiwan

\u00a0

\u00a0

\u00a0

\u00a0

S3

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Permal Cardif Co Investment Fund (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

Pinnacle Pet Holdings\u00a0Ltd

UK

Equity

\u00a0

24.7%

24.7%

\u00a0

Equity

\u00a0

24.7%

24.7%

V3

\u00a0

Poistovna Cardif Slovakia\u00a0AS

Slovakia

\u00a0

\u00a0

\u00a0

\u00a0

S3

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Preim Healthcare SAS (s)

France

FV

\u00a0

-

-

\u00a0

FV

\u00a0

-

-

\u00a0

\u00a0

PWH

France

FV

\u00a0

47.5%

47.5%

\u00a0

FV

\u00a0

47.5%

47.5%

\u00a0

\u00a0

Reumal Investissements

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Rubin\u00a0SARL

Luxembourg

FV

\u00a0

50.0%

50.0%

\u00a0

FV

\u00a0

50.0%

50.0%

\u00a0

\u00a0

Rueil Ariane

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SAS HVP

France

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

Schroder European Operating Hotels Fund 1 (s)

Luxembourg

FV

\u00a0

-

-

\u00a0

FV

\u00a0

-

-

\u00a0

\u00a0

SCI\u00a068/70 rue de Lagny Montreuil

France

Full

(2)

99.9%

99.9%

\u00a0

Full

(2)

99.9%

99.9%

\u00a0

\u00a0

SCI Alpha Park

France

\u00a0

\u00a0

\u00a0

\u00a0

S2

FV

\u00a0

50.0%

50.0%

\u00a0

\u00a0

SCI Batipart Chadesrent

France

FV

\u00a0

20.0%

20.0%

\u00a0

FV

\u00a0

20.0%

20.0%

\u00a0

\u00a0

SCI Biv Malakoff

France

FV

\u00a0

23.3%

23.3%

\u00a0

FV

\u00a0

23.3%

23.3%

\u00a0

\u00a0

SCI BNPP Pierre\u00a0I

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI BNPP Pierre\u00a0II

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Bobigny Jean Rostand

France

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Bouleragny

France

FV

\u00a0

50.0%

50.0%

\u00a0

FV

\u00a0

50.0%

50.0%

\u00a0

\u00a0

SCI Cardif Logement

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Citylight Boulogne

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Clichy Nuovo

France

FV

\u00a0

50.0%

50.0%

\u00a0

FV

\u00a0

50.0%

50.0%

\u00a0

\u00a0

SCI D\u00e9fense Etoile

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI D\u00e9fense Vend\u00f4me

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Etoile du Nord

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Fontenay Plaisance

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI\u00a0Imefa Velizy

France

FV

\u00a0

21.8%

21.8%

\u00a0

FV

\u00a0

21.8%

21.8%

\u00a0

\u00a0

SCI Le Mans Gare

France

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Nanterre Guilleraies

France

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Nantes Carnot

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Odyss\u00e9e

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Pantin Les Moulins

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Paris Batignolles

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Paris Cours de Vincennes

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Paris Grande Arm\u00e9e

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Paris Turenne

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Portes de Claye

France

Equity

\u00a0

45.0%

45.0%

\u00a0

Equity

\u00a0

45.0%

45.0%

\u00a0

\u00a0

SCI Rue Moussorgski

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Rueil Caudron

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Saint Denis Landy

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Saint Denis Mitterrand

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Saint-Denis Jade

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI SCOO

France

FV

\u00a0

46.4%

46.4%

\u00a0

FV

\u00a0

46.4%

46.4%

\u00a0

\u00a0

SCI Vend\u00f4me Ath\u00e8nes

France

FV

\u00a0

50.0%

50.0%

\u00a0

FV

\u00a0

50.0%

50.0%

\u00a0

\u00a0

SCI Villeurbanne Stalingrad

France

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Secar

France

FV

\u00a0

55.1%

55.1%

\u00a0

FV

\u00a0

55.1%

55.1%

\u00a0

\u00a0

Seniorenzentren Deutschland Holding\u00a0SARL

Luxembourg

FV

\u00a0

20.0%

17.7%

\u00a0

FV

\u00a0

20.0%

17.7%

\u00a0

\u00a0

Seniorenzentren Reinbeck Oberursel M\u00fcnchen Objekt\u00a0GmbH

Germany

FV

\u00a0

35.0%

31.0%

\u00a0

FV

\u00a0

35.0%

31.0%

\u00a0

\u00a0

Seniorenzentrum Butzbach Objekt\u00a0GmbH

Germany

FV

\u00a0

35.0%

31.0%

\u00a0

FV

\u00a0

35.0%

31.0%

\u00a0

\u00a0

Seniorenzentrum Heilbronn Objekt\u00a0GmbH

Germany

FV

\u00a0

35.0%

31.0%

\u00a0

FV

\u00a0

35.0%

31.0%

\u00a0

\u00a0

Seniorenzentrum Kassel Objekt\u00a0GmbH

Germany

FV

\u00a0

35.0%

31.0%

\u00a0

FV

\u00a0

35.0%

31.0%

\u00a0

\u00a0

Seniorenzentrum Wolfratshausen Objekt\u00a0GmbH

Germany

FV

\u00a0

35.0%

31.0%

\u00a0

FV

\u00a0

35.0%

31.0%

\u00a0

\u00a0

Services Epargne Entreprise

France

Equity

\u00a0

36.8%

36.8%

V1

Equity

\u00a0

35.6%

35.6%

\u00a0

\u00a0

SNC Batipart Mermoz

France

FV

\u00a0

25.0%

25.0%

\u00a0

FV

\u00a0

25.0%

25.0%

\u00a0

\u00a0

SNC Batipart Poncelet

France

FV

\u00a0

25.0%

25.0%

\u00a0

FV

\u00a0

25.0%

25.0%

\u00a0

\u00a0

Soci\u00e9t\u00e9 Francaise d\u2019Assurances sur la Vie

France

Equity

\u00a0

50.0%

50.0%

\u00a0

Equity

\u00a0

50.0%

50.0%

\u00a0

\u00a0

Soci\u00e9t\u00e9 Immobili\u00e8re du Royal Building\u00a0SA

Luxembourg

Full

(2)

100.0%

88.6%

\u00a0

Full

(2)

100.0%

88.6%

\u00a0

\u00a0

Theam Quant Europe Climate Carbon Offset Plan (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

(4)

-

-

\u00a0

\u00a0

Tikehau Cardif Loan Europe (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

Valeur Pierre Epargne

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Valtitres FCP (s)

France

Full

(4)

-

-

D1

FV

(4)

-

-

\u00a0

\u00a0

Velizy Holding

France

FV

\u00a0

33.3%

33.3%

\u00a0

FV

\u00a0

33.3%

33.3%

\u00a0

Wealth Management

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP Wealth Management Monaco

Monaco

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(1)

100.0%

100.0%

\u00a0

Asset Management

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Alfred Berg Kapitalforvaltning\u00a0AS

Norway

Full

\u00a0

100.0%

73.7%

\u00a0

Full

\u00a0

100.0%

73.7%

V2

\u00a0

Alfred Berg Kapitalforvaltning\u00a0AS (Sweden branch)

Sweden

Full

\u00a0

100.0%

73.7%

\u00a0

Full

\u00a0

100.0%

73.7%

V3

\u00a0

Bancoestado Administradora General de Fondos\u00a0SA

Chile

Equity

\u00a0

50.0%

49.1%

\u00a0

Equity

\u00a0

50.0%

49.1%

\u00a0

\u00a0

Baroda BNPP AMC Private\u00a0Ltd

India

Equity

(3)

49.9%

49.1%

V4

Equity

(3)

49.9%

49.0%

\u00a0

\u00a0

BNPP ABC Wealth Management Co\u00a0Ltd

China

Equity

(3)

51.0%

50.1%

\u00a0

Equity

(3)

51.0%

50.1%

E2

\u00a0

BNPP Agility Capital

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

BNPP Agility Fund Equity SLP (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Agility Fund Private Debt SLP (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP AM International Hedged Strategies (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Asset Management Asia\u00a0Ltd

Hong Kong

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Be Holding

Belgium

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Brasil\u00a0Ltda

Brazil

Full

\u00a0

100.0%

99.6%

V4

Full

\u00a0

100.0%

99.5%

\u00a0

\u00a0

BNPP Asset Management Europe (Austria branch) (Ex- BNPP Asset Management France (Austria branch))

Austria

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Europe (Belgium branch) (Ex- BNPP Asset Management France (Belgium branch))

Belgium

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Europe (Ex-BNPP Asset Management France)

France

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Europe (Germany branch) (Ex-BNPP Asset Management France (Germany branch))

Germany

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Europe (Italy branch) (Ex-BNPP Asset Management France (Italy branch))

Italy

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Europe (Netherlands branch) (Ex-BNPP Asset Management France (Netherlands branch))

Netherlands

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Europe (Poland branch)

Poland

Full

\u00a0

100.0%

98.3%

E2

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP Asset Management Holding

France

Full

\u00a0

100.0%

98.3%

V1

Full

\u00a0

99.9%

98.2%

\u00a0

\u00a0

BNPP Asset Management Japan\u00a0Ltd

Japan

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Luxembourg

Luxembourg

Full

\u00a0

99.7%

98.0%

V4

Full

\u00a0

99.7%

97.9%

\u00a0

\u00a0

BNPP Asset Management NL Holding\u00a0NV

Netherlands

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

BNPP Asset Management PT

Indonesia

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Services Grouping

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

BNPP Asset Management Taiwan Co\u00a0Ltd

Taiwan

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

E1

\u00a0

BNPP Asset Management UK\u00a0Ltd

UK

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management USA Holdings Inc

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Asset Management USA Inc

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP B Institutional\u00a0II (s)

Belgium

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Dealing Services

France

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Easy (s)

Luxembourg

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Flexi I (s)

Luxembourg

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Funds (s)

Luxembourg

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

Drypnir\u00a0AS

Norway

Full

\u00a0

100.0%

0.0%

\u00a0

Full

\u00a0

100.0%

0.0%

\u00a0

\u00a0

Dynamic Credit Group\u00a0BV

Netherlands

Full

\u00a0

75.0%

73.7%

V4

Full

\u00a0

75.0%

73.6%

E3

\u00a0

Gambit Financial Solutions

Belgium

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

Haitong Fortis Private Equity Fund Management Co\u00a0Ltd

China

Equity

\u00a0

33.0%

32.4%

\u00a0

Equity

\u00a0

33.0%

32.4%

\u00a0

\u00a0

Harewood Helena 1\u00a0Ltd

UK

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

HFT Investment Management Co\u00a0Ltd

China

Equity

\u00a0

49.0%

48.2%

V4

Equity

\u00a0

49.0%

48.1%

\u00a0

\u00a0

Impax Asset Management Group\u00a0PLC

UK

Equity

\u00a0

13.8%

13.5%

\u00a0

Equity

\u00a0

13.8%

13.5%

\u00a0

\u00a0

SME Alternative Financing DAC (s)

Ireland

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Theam Quant (s)

Luxembourg

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

Real Estate

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Auguste Thouard Expertise

France

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Immobilier Promotion

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Immobilier R\u00e9sidences Services

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate (United Arab Emirates branch)

United Arab Emirates

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Advisory & Property Management Luxembourg\u00a0SA

Luxembourg

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Advisory & Property Management UK\u00a0Ltd

UK

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Advisory and Property Management Ireland\u00a0Ltd

Ireland

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Advisory Italy\u00a0SPA

Italy

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Advisory Netherlands\u00a0BV

Netherlands

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Belgium\u00a0SA

Belgium

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Conseil Habitation & Hospitality

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Consult France

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Consult\u00a0GmbH

Germany

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Facilities Management\u00a0Ltd

UK

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Financial Partner

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate\u00a0GmbH

Germany

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Holding\u00a0GmbH

Germany

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Investment Management Belgium

Belgium

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Investment Management France

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Investment Management Germany\u00a0GmbH

Germany

Full

\u00a0

94.9%

94.9%

\u00a0

Full

\u00a0

94.9%

94.9%

\u00a0

\u00a0

BNPP Real Estate Investment Management Germany\u00a0GmbH (Italy branch)

Italy

Full

\u00a0

94.9%

94.9%

\u00a0

Full

\u00a0

94.9%

94.9%

\u00a0

\u00a0

BNPP Real Estate Investment Management Germany\u00a0GmbH (Portugal branch)

Portugal

Full

\u00a0

94.9%

94.9%

\u00a0

Full

\u00a0

94.9%

94.9%

\u00a0

\u00a0

BNPP Real Estate Investment Management Germany\u00a0GmbH (Spain branch)

Spain

Full

\u00a0

94.9%

94.9%

\u00a0

Full

\u00a0

94.9%

94.9%

\u00a0

\u00a0

BNPP Real Estate Investment Management Italy\u00a0SPA

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Investment Management\u00a0Ltd

UK

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Investment Management Luxembourg\u00a0SA

Luxembourg

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Investment Management Luxembourg\u00a0SA (Italy branch)

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

E2

\u00a0

BNPP Real Estate Investment Management Spain\u00a0SA

Spain

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Investment Management UK\u00a0Ltd

UK

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Poland SP ZOO

Poland

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Portugal Unipersonal LDA

Portugal

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Property Development & Services\u00a0GmbH

Germany

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Property Development UK\u00a0Ltd

UK

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Property Management France\u00a0SAS

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Property Management\u00a0GmbH

Germany

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Property Management Italy SRL

Italy

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Singapore Pte\u00a0Ltd

Singapore

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Spain\u00a0SA

Spain

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Transaction France

France

Full

(2)

97.4%

97.4%

V1

Full

(2)

97.2%

97.2%

V1

\u00a0

BNPP Real Estate Valuation France

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cariboo Development SL

Spain

Equity

\u00a0

65.0%

65.0%

\u00a0

Equity

\u00a0

65.0%

65.0%

\u00a0

\u00a0

Construction-Sale Companies (c)

France

Full / Equity

(2)

-

-

\u00a0

Full / Equity

(2)

-

-

\u00a0

\u00a0

Exeo Aura & Echo Offices Lda

Portugal

Equity

\u00a0

31.9%

31.9%

\u00a0

Equity

\u00a0

31.9%

31.9%

\u00a0

\u00a0

GIE BNPP Real Estate

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Horti Milano SRL

Italy

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Nanterre Arboretum

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Parker Tower\u00a0Ltd

UK

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Partner\u2019s & Services

France

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

REPD Parker\u00a0Ltd

UK

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Sviluppo Residenziale Italia SRL

Italy

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Wapiti Development SL

Spain

Equity

\u00a0

65.0%

65.0%

\u00a0

Equity

\u00a0

65.0%

65.0%

\u00a0

OTHER BUSINESS UNITS

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Property Companies (Property Used In Operations) and Others

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Antin Participation 5

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Home Loan SFH

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

BNPP Partners for Innovation

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Partners for Innovation Belgium

Belgium

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Partners For Innovation Global Connect

France

Full

\u00a0

100.0%

100.0%

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP Partners for Innovation Italia SRL

Italy

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Procurement Tech

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Public Sector\u00a0SA

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

FCT Lafayette 2021 (t)

France

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

FCT Laffitte 2021 (t)

France

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

FCT Op\u00e9ra 2014 (t)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

FCT Opera 2023 (t)

France

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

E2

\u00a0

FCT Pyramides 2022 (t)

France

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

GIE Groupement Auxiliaire de Moyens

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

GIE Groupement d\u2019Etudes et de Prestations

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Transvalor

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

  • At 31 December 2024, 13 Private Equity investment entities versus 14 Private Equity investment entities at 31 December 2023.
  • At 31 December 2024, the securitisation funds UCI and RMBS Prado included 13 funds (FCC UCI 11, 12, 14 to 17, RMBS Prado\u00a0VII to\u00a0XI, Green Belem\u00a0I et RMBS Belem No\u00a02) unchanged from 31 December 2023.
  • At 31 December 2024, 102 Construction-sale companies (71 Full and 31 Equity) versus 117 Construction-sale companies (82 Full and 35 Equity) at 31 December 2023.
  • At 31 December 2024, the securitisation funds Genius include 8 funds (Generation 2024-1-4 Retail Auto Mortgage Loan Securitisation, Generation 2023-2 to 5 Retail Auto Mortgage Loan Securitisation) versus 11 funds (Generation 2021-4 Retail Auto Mortgage Loan Securitisation, Generation 2022-1 to 5 Retail Auto Mortgage Loan Securitisation, Generation 2023-1 to 5 Retail Auto Mortgage Loan Securitisation) at 31 December 2023.
  • At 31 december 2024, 10 funds (Wisdom Puhua Leasing 2022-2 to 3 Asset-Backed Securities, Wisdom Puhua Leasing 2023-2 Asset-Backed Notes, Wisdom Puhua Leasing 2023-1 & 2 Asset-Backed Securities, Wisdom Puhua Leasing Xinghe 2023-1 Asset-Backed Securities, Wisdom Puhua Leasing Xinghe 2024-1 to 4 Asset-Backed Securities) versus 13 funds (Wisdom Puhua Leasing 2021-2 & 3 Asset-Backed Securities, Wisdom Puhua Leasing 2022-1 Asset-Backed Notes, Wisdom Puhua Leasing 2022-1 to 3 Asset-Backed Securities, Wisdom Puhua Leasing 2023-1 & 2 Asset-Backed Notes, Wisdom Puhua Leasing 2023-1 & 2 Asset-Backed securities, Wisdom Puhua Leasing Zhixing 2023-1 & 2 Asset-Backed Notes, Wisdom Puhua Leasing Xinghe 2023-1 Asset-Backed Securities) at 31 December 2023.

\u00a0

As requested by the ANC 2016 regulation, the list of entities that are controlled by the Group, jointly controlled or under significant influence, but excluded from the scope of consolidation since their contribution to the consolidated financial statements would be immaterial to the Group, and the list of equity investments, are available on the \u201cRegulated Information\u201d page of the https://invest.bnpparibas.com website.

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Changes in the scope of consolidation

New entries (E) in the scope of consolidation

E1

Passing above consolidation thresholds

E2

Incorporation

E3

Purchase, gain of control or significant influence

Removals (S) from the scope of consolidation

S1

Cessation of activity (dissolution, liquidation, etc.)

S2

Disposal, loss of control or loss of significant influence

S3

Passing below consolidation thresholds

S4

Merger, Universal transfer of assets and liabilities

Variance (V) in voting or ownership interest

V1

Additional purchase

V2

Partial disposal

V3

Dilution

V4

Increase in %

Miscellaneous

D1

Consolidation method change not related to fluctuation in voting or ownership interest

D2

Following the additional purchase of interest by the Group, Arval Relsa and its subsidiaries were fully consolidated since the fourth quarter 2023

D3

Following the additional purchase of interest by the Group, the whole entities Kantox and its subsidiaries were fully consolidated since the fourth quarter 2023.

D4

Following the additional purchase of interest by the Group, Luizaseg Seguros\u00a0SA was fully consolidated since the fourth quarter 2023

\u00a0

Equity*

Controlled but non material entities consolidated under the equity method as associates

FV

Joint control or investment in associates measured at fair value through profit or loss

(s)

Structured entities

(t)

Securitisation funds

\u00a0

\u00a0

Prudential scope of consolidation

(1)

French subsidiaries for which supervision of prudential requirements is complied with through the supervision on a consolidated basis of BNP\u00a0Paribas\u00a0SA, in accordance with article\u00a07.1 of Regulation n\u00b0575/2013 of the European Parliament and of the Council

(2)

Entities consolidated under the equity method in the prudential scope

(3)

Jointly controlled entities under proportional consolidation in the prudential scope

(4)

Collective investment undertaking excluded from the prudential scope

", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_be0fb91f-fbcb-4ed3-af5f-5639583935bf": { "value": "
1.b.1Scope of consolidation

The consolidated financial statements of BNP\u00a0Paribas include entities that are controlled by the Group, jointly controlled, and under significant influence, with the exception of those entities whose consolidation is regarded as immaterial to the Group. Companies that hold shares in consolidated companies are also consolidated.

Subsidiaries are consolidated from the date on which the Group obtains effective control. Entities under temporary control are included in the consolidated financial statements until the date of disposal.

8.kScope of consolidation

BNP\u00a0Paribas, a\u00a0soci\u00e9t\u00e9 anonyme\u00a0(Public Limited Company), registered in France, is the Group\u2019s lead company, which holds key positions in its three operating divisions: Corporate & Institutional Banking (CIB), Commercial, Personal Banking & Services (CPBS) and Investment & Protection Services (IPS).

During the year, the parent company did not change its name. BNP\u00a0Paribas has its principal place of business in France and its head office is located at\u00a016\u00a0boulevard des Italiens 75009 Paris,\u00a0France.

\u00a0

Business

Name

Country

31 December 2024

31 December 2023

Method

Voting (%)

Interest (%)

Ref.

Method

Voting (%)

Interest (%)

Ref.

\u00a0

BNP\u00a0Paribas\u00a0SA

France

\u00a0

(1)

\u00a0

\u00a0

\u00a0

\u00a0

(1)

\u00a0

\u00a0

\u00a0

\u00a0

BNPP\u00a0SA (Argentina branch)

Argentina

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Australia branch)

Australia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Austria branch)

Austria

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Bahrain branch)

Bahrain

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Belgium branch)

Belgium

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Bulgaria branch)

Bulgaria

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Canada branch)

Canada

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Czech Republic branch)

Czech Rep.

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Denmark branch)

Denmark

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Finland branch)

Finland

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Germany branch)

Germany

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Greece branch)

Greece

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Guernsey branch)

Guernsey

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Hong Kong branch)

Hong Kong

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Hungary branch)

Hungary

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (India branch)

India

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Ireland branch)

Ireland

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Italy branch)

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Japan branch)

Japan

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Jersey branch)

Jersey

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Kuwait branch)

Kuwait

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Luxembourg branch)

Luxembourg

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Malaysia branch)

Malaysia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Monaco branch)

Monaco

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Netherlands branch)

Netherlands

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Norway branch)

Norway

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Philippines branch)

Philippines

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Poland branch)

Poland

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Portugal branch)

Portugal

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Qatar branch)

Qatar

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Republic of Korea branch)

Rep. of Korea

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Romania branch)

Romania

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Saudi Arabia branch)

Saudi Arabia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Singapore branch)

Singapore

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (South Africa branch)

South Africa

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Spain branch)

Spain

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Sweden branch)

Sweden

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Switzerland branch)

Switzerland

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Taiwan branch)

Taiwan

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Thailand branch)

Thailand

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (United Arab Emirates branch)

United Arab Emirates

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (United Kingdom branch)

UK

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (United States branch)

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Viet Nam branch)

Viet Nam

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

CORPORATE & INSTITUTIONAL BANKING

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

EMEA (Europe, Middle East, Africa)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Austin Finance (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

BNPP Financial Markets

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

Eurotitrisation

France

Equity

\u00a0

22.0%

22.0%

\u00a0

Equity

\u00a0

22.0%

22.0%

V4

\u00a0

Exane

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane (Germany branch)

Germany

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane (Italy branch)

Italy

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane (Spain branch)

Spain

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane (Sweden branch)

Sweden

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane (Switzerland branch)

Switzerland

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane (United Kingdom branch)

UK

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane Asset Management

France

Equity

\u00a0

35.0%

35.0%

\u00a0

Equity

\u00a0

35.0%

35.0%

V2

\u00a0

Exane Derivatives

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane Derivatives (Switzerland branch)

Switzerland

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane Derivatives (United Kingdom branch)

UK

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane Derivatives Gerance

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane Finance

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

FCT Juice (t)

France

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Financi\u00e8re des Italiens (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Financi\u00e8re du March\u00e9 Saint Honor\u00e9

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Optichamps (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Parilease

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

Participations Op\u00e9ra (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Services Logiciels d\u2019Int\u00e9gration Boursi\u00e8re

France

Equity

(3)

66.6%

66.6%

\u00a0

Equity

(3)

66.6%

66.6%

\u00a0

\u00a0

Services Logiciels d\u2019Int\u00e9gration Boursi\u00e8re (Portugal branch)

Portugal

Equity

(3)

66.6%

66.6%

\u00a0

Equity

(3)

66.6%

66.6%

E2

\u00a0

SNC Taitbout Participation 3

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Soci\u00e9t\u00e9 Orbaisienne de Participations

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Uptevia\u00a0SA

France

Equity

(3)

50.0%

50.0%

\u00a0

Equity

(3)

50.0%

50.0%

E3

Other European countries

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Allfunds Group\u00a0PLC

UK

Equity

\u00a0

12.5%

12.4%

V4

Equity

\u00a0

12.1%

12.0%

\u00a0

\u00a0

Aries Capital DAC

Ireland

Full

\u00a0

100.0%

0.0%

\u00a0

Full

\u00a0

100.0%

0.0%

\u00a0

\u00a0

AssetMetrix

Germany

Equity

\u00a0

23.1%

23.1%

V4

Equity

\u00a0

22.3%

22.3%

V4

\u00a0

BNP PUK Holding\u00a0Ltd

UK

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Bank JSC

Russia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Emissions Und Handels\u00a0GmbH

Germany

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Fund Administration Services Ireland\u00a0Ltd

Ireland

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Ireland Unlimited Co

Ireland

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Islamic Issuance\u00a0BV

Netherlands

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Issuance\u00a0BV

Netherlands

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Net\u00a0Ltd

UK

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Prime Brokerage International\u00a0Ltd

Ireland

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Suisse\u00a0SA

Switzerland

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Suisse\u00a0SA (Guernsey branch)

Guernsey

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Technology\u00a0LLC

Russia

\u00a0

\u00a0

\u00a0

\u00a0

S1

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Trust Corp UK\u00a0Ltd

UK

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Vartry Reinsurance DAC

Ireland

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Diamante Re SRL

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Ejesur\u00a0SA

Spain

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

Exane Solutions Luxembourg\u00a0SA

Luxembourg

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Expo Atlantico EAII\u00a0Investimentos Imobiliarios SA (s)

Portugal

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Expo Indico EIII\u00a0Investimentos Imobiliarios SA (s)

Portugal

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

FScholen

Belgium

Equity

(3)

50.0%

50.0%

\u00a0

Equity

(3)

50.0%

50.0%

\u00a0

\u00a0

Greenstars BNPP

Luxembourg

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Kantox European Union SL

Spain

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

V1/D3

\u00a0

Kantox Holding\u00a0Ltd

UK

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

V1/D3

\u00a0

Kantox\u00a0Ltd

UK

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

V1/D3

\u00a0

Madison Arbor\u00a0Ltd (t)

Ireland

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Matchpoint Finance\u00a0PLC (t)

Ireland

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Ribera Del Loira Arbitrage

Spain

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Securasset\u00a0SA

Luxembourg

Full

\u00a0

100.0%

0.0%

\u00a0

Full

\u00a0

100.0%

0.0%

\u00a0

\u00a0

Single Platform Investment Repackaging Entity\u00a0SA

Luxembourg

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Utexam Logistics\u00a0Ltd

Ireland

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

Utexam Solutions\u00a0Ltd

Ireland

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

Volantis\u00a0SARL (s)

Luxembourg

Full

\u00a0

-

-

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Middle East

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP Investment Co KSA

Saudi Arabia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

AMERICAS

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Banco BNPP Brasil\u00a0SA

Brazil

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Capital Services Inc

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Colombia Corporacion Financiera\u00a0SA

Colombia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP EQD Brazil Fund Fundo de Investmento Multimercado (s)

Brazil

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

BNPP Financial Services\u00a0LLC

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP FS\u00a0LLC

USA

\u00a0

\u00a0

\u00a0

\u00a0

S1

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP IT Solutions Canada Inc

Canada

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Mexico Holding

Mexico

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Mexico\u00a0SA Institucion de Banca Multiple

Mexico

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Proprietario Fundo de Investimento Multimercado (s)

Brazil

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

BNPP RCC\u00a0Inc

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Securities Corp

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP US Investments Inc

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP US Wholesale Holdings Corp

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP USA Inc

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP VPG Brookline Cre\u00a0LLC (s)

USA

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

BNPP VPG EDMC Holdings\u00a0LLC (s)

USA

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

BNPP VPG Express\u00a0LLC (s)

USA

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

BNPP VPG\u00a0I\u00a0LLC (s)

USA

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

BNPP VPG\u00a0II\u00a0LLC (s)

USA

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

BNPP VPG\u00a0III\u00a0LLC (s)

USA

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

BNPP VPG\u00a0IV\u00a0LLC (s)

USA

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

E2

\u00a0

BNPP VPG Master\u00a0LLC (s)

USA

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Corporation BNPP Canada (Ex- BNPP Canada Corp)

Canada

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Dale Bakken Partners 2012\u00a0LLC

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Decart Re\u00a0Ltd

Bermuda

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

FSI Holdings Inc

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Starbird Funding Corp (t)

USA

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

PACIFIC ASIA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Andalan Multi Guna PT

Indonesia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Bank BNPP Indonesia PT

Indonesia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Arbitrage Hong Kong\u00a0Ltd

Hong Kong

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP China\u00a0Ltd

China

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Finance Hong Kong\u00a0Ltd

Hong Kong

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Fund Services Australasia Pty\u00a0Ltd

Australia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Fund Services Australasia Pty\u00a0Ltd (New Zealand branch)

New Zealand

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Global Securities Operations Private\u00a0Ltd

India

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

BNPP India Holding Private\u00a0Ltd

India

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP India Solutions Private\u00a0Ltd

India

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Malaysia Berhad

Malaysia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Securities Asia\u00a0Ltd

Hong Kong

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Securities China\u00a0Ltd

China

Full

\u00a0

100.0%

100.0%

E2

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP Securities India Private\u00a0Ltd

India

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Securities Japan\u00a0Ltd

Japan

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Securities Korea Co\u00a0Ltd

Rep. of Korea

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Securities Taiwan Co\u00a0Ltd

Taiwan

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Sekuritas Indonesia PT

Indonesia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BPP Holdings Pte\u00a0Ltd

Singapore

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

COMMERCIAL, PERSONAL BANKING & SERVICES

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

COMMERCIAL & PERSONAL BANKING IN\u00a0THE\u00a0EUROZONE

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Commercial & Personal Banking in France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

2SF - Soci\u00e9t\u00e9 des Services Fiduciaires

France

Equity

(3)

33.3%

33.3%

\u00a0

Equity

(3)

33.3%

33.3%

\u00a0

\u00a0

Banque de Wallis et Futuna

France

Full

(1)

51.0%

51.0%

\u00a0

Full

(1)

51.0%

51.0%

\u00a0

\u00a0

BNPP Antilles Guyane

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

BNPP D\u00e9veloppement

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP D\u00e9veloppement Oblig

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Factor

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

BNPP Factor (Portugal branch)

Portugal

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

E2

\u00a0

BNPP Factor (Spain branch)

Spain

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

BNPP Factor Sociedade Financeira de Credito\u00a0SA

Portugal

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

BNPP Nouvelle Cal\u00e9donie

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

BNPP R\u00e9union

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

Compagnie pour le Financement des Loisirs

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

Copartis

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Euro Securities Partners

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

GIE Ocean

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Jivago Holding

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Partecis

France

Equity

(3)

50.0%

50.0%

\u00a0

Equity

(3)

50.0%

50.0%

\u00a0

\u00a0

Paylib Services

France

Equity

\u00a0

14.3%

14.3%

\u00a0

Equity

\u00a0

14.3%

14.3%

\u00a0

\u00a0

Portzamparc

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

BNL banca commerciale

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Banca Agevolarti\u00a0SPA (Ex- Artigiancassa\u00a0SPA)

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

V1

\u00a0

Banca Nazionale Del Lavoro\u00a0SPA

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP BNL Equity Investment\u00a0SPA

Italy

Full

\u00a0

100.0%

100.0%

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

EMF IT 2008 1 SRL (t)

Italy

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Era Uno SRL (t)

Italy

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Eutimm SRL

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Financit\u00a0SPA

Italy

Full

\u00a0

60.0%

60.0%

\u00a0

Full

\u00a0

60.0%

60.0%

\u00a0

\u00a0

Immera SRL (t)

Italy

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

International Factors Italia\u00a0SPA

Italy

Full

\u00a0

99.9%

99.9%

V1

Full

\u00a0

99.7%

99.7%

\u00a0

\u00a0

Permicro\u00a0SPA

Italy

Equity

\u00a0

21.9%

21.9%

\u00a0

Equity

\u00a0

21.9%

21.9%

\u00a0

\u00a0

Servizio Italia\u00a0SPA

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Sviluppo HQ Tiburtina SRL

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Tierre Securitisation SRL (t)

Italy

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Vela OBG SRL (t)

Italy

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Vela RMBS SRL (t)

Italy

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

Worldline Merchant Services Italia\u00a0SPA

Italy

Equity

\u00a0

20.0%

20.0%

\u00a0

Equity

\u00a0

20.0%

20.0%

\u00a0

Commercial & Personal Banking in Belgium

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Axepta BNPP Benelux

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

Bancontact Paytoniq Company

Belgium

Equity

\u00a0

22.5%

22.5%

\u00a0

Equity

\u00a0

22.5%

22.5%

\u00a0

\u00a0

BASS Master Issuer NV (t)

Belgium

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Batopin

Belgium

Equity

\u00a0

25.0%

25.0%

\u00a0

Equity

\u00a0

25.0%

25.0%

\u00a0

\u00a0

Belgian Mobile ID

Belgium

Equity

\u00a0

12.2%

12.2%

\u00a0

Equity

\u00a0

12.2%

12.2%

\u00a0

\u00a0

BNPP Commercial Finance\u00a0Ltd

UK

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP Factor\u00a0AS

Denmark

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP Factor\u00a0GmbH

Germany

Full

\u00a0

100.0%

100.0%

V4

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP Factoring Support

Netherlands

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP Fortis

Belgium

Full

\u00a0

99.9%

99.9%

\u00a0

Full

\u00a0

99.9%

99.9%

\u00a0

\u00a0

BNPP Fortis (Spain branch)

Spain

\u00a0

\u00a0

\u00a0

\u00a0

S1

Full

\u00a0

99.9%

99.9%

\u00a0

\u00a0

BNPP Fortis (United States branch)

USA

Full

\u00a0

99.9%

99.9%

\u00a0

Full

\u00a0

99.9%

99.9%

\u00a0

\u00a0

BNPP Fortis Factor\u00a0NV

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP Fortis Film Finance

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP Fortis Funding\u00a0SA

Luxembourg

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP FPE Belgium

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP FPE Expansion

Belgium

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP FPE Management

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPPF Credit Brokers (Ex-Demetris\u00a0NV)

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

Bpost Banque

Belgium

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

Credissimo

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

Credissimo Hainaut\u00a0SA

Belgium

Full

\u00a0

99.7%

99.7%

\u00a0

Full

\u00a0

99.7%

99.7%

\u00a0

\u00a0

Cr\u00e9dit pour Habitations Sociales

Belgium

Full

\u00a0

81.7%

81.6%

\u00a0

Full

\u00a0

81.7%

81.6%

\u00a0

\u00a0

Epimede (s)

Belgium

Equity

\u00a0

-

-

\u00a0

Equity

\u00a0

-

-

\u00a0

\u00a0

Esmee Master Issuer (t)

Belgium

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Immobili\u00e8re Sauveniere\u00a0SA

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

Isabel\u00a0SA\u00a0NV

Belgium

Equity

\u00a0

25.3%

25.3%

\u00a0

Equity

\u00a0

25.3%

25.3%

\u00a0

\u00a0

Microstart

Belgium

Full

\u00a0

43.9%

77.5%

V4

Full

\u00a0

42.3%

76.8%

\u00a0

\u00a0

Private Equity Investments (a)

BE/FR/LU

FV

\u00a0

-

-

\u00a0

FV

\u00a0

-

-

\u00a0

\u00a0

Sagip

Belgium

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Sowo Invest\u00a0SA\u00a0NV

Belgium

Full

\u00a0

87.5%

87.5%

\u00a0

Full

\u00a0

87.5%

87.5%

\u00a0

Commercial & Personal Banking in Luxembourg

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BGL BNPP

Luxembourg

Full

\u00a0

66.0%

65.9%

\u00a0

Full

\u00a0

66.0%

65.9%

\u00a0

\u00a0

BGL BNPP (Germany branch)

Germany

Full

\u00a0

66.0%

65.9%

\u00a0

Full

\u00a0

66.0%

65.9%

\u00a0

\u00a0

BNPP Lease Group Luxembourg\u00a0SA

Luxembourg

Full

\u00a0

100.0%

65.9%

\u00a0

Full

\u00a0

100.0%

65.9%

\u00a0

\u00a0

BNPP SB Re

Luxembourg

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cofhylux\u00a0SA

Luxembourg

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Compagnie Financi\u00e8re Ottomane\u00a0SA

Luxembourg

Full

\u00a0

97.4%

97.4%

V4

Full

\u00a0

97.3%

97.3%

\u00a0

\u00a0

Le Sphinx Assurances Luxembourg\u00a0SA

Luxembourg

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Luxhub\u00a0SA

Luxembourg

Equity

\u00a0

28.0%

18.5%

\u00a0

Equity

\u00a0

28.0%

18.5%

\u00a0

\u00a0

Visalux

Luxembourg

Equity

\u00a0

25.2%

16.6%

\u00a0

Equity

\u00a0

25.2%

16.6%

V3

COMMERCIAL & PERSONAL BANKING OUTSIDE\u00a0THE\u00a0EUROZONE

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Europe-Mediterranean

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Bank of Nanjing

China

Equity

\u00a0

16.2%

16.2%

V1/V3

Equity

\u00a0

13.8%

13.8%

V3

\u00a0

Banque Internationale pour le Commerce et l\u2019Industrie de la C\u00f4te d\u2019Ivoire

Ivory Coast

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Banque Internationale pour le Commerce et l\u2019Industrie du S\u00e9n\u00e9gal

Senegal

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Banque Marocaine pour le Commerce et l\u2019Industrie

Morocco

Full

\u00a0

67.0%

67.0%

\u00a0

Full

\u00a0

67.0%

67.0%

\u00a0

\u00a0

Banque Marocaine pour le Commerce et l\u2019Industrie Banque Offshore

Morocco

Full

\u00a0

100.0%

67.0%

\u00a0

Full

\u00a0

100.0%

67.0%

\u00a0

\u00a0

Bantas Nakit\u00a0AS

T\u00fcrkiye

Equity

(3)

33.3%

16.7%

\u00a0

Equity

(3)

33.3%

16.7%

\u00a0

\u00a0

BDSI

Morocco

Full

\u00a0

100.0%

96.4%

\u00a0

Full

\u00a0

100.0%

96.4%

\u00a0

\u00a0

BGZ Poland ABS1 DAC (t)

Ireland

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

BICI Bourse

Ivory Coast

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

BMCI Leasing

Morocco

Full

\u00a0

86.9%

58.2%

\u00a0

Full

\u00a0

86.9%

58.2%

\u00a0

\u00a0

BNPP Bank Polska\u00a0SA

Poland

Full

\u00a0

81.3%

81.3%

V2

Full

\u00a0

87.3%

87.3%

V3

\u00a0

BNPP El Djazair

Algeria

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Faktoring Spolka ZOO

Poland

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Fortis Yatirimlar Holding\u00a0AS

T\u00fcrkiye

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP Group Service Center\u00a0SA

Poland

Full

\u00a0

100.0%

81.3%

V3

Full

\u00a0

100.0%

87.3%

V3

\u00a0

BNPP IRB Participations

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Yatirimlar Holding\u00a0AS

T\u00fcrkiye

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Dreams Sustainable\u00a0AB

Sweden

\u00a0

\u00a0

\u00a0

\u00a0

S2

Full

\u00a0

57.5%

57.5%

\u00a0

\u00a0

Joint Stock Company Ukrsibbank

Ukraine

Full

\u00a0

60.0%

60.0%

D1

Equity

\u00a0

60.0%

60.0%

\u00a0

\u00a0

TEB ARF Teknoloji Anonim Sirketi

T\u00fcrkiye

Full

\u00a0

100.0%

72.5%

\u00a0

Full

\u00a0

100.0%

72.5%

\u00a0

\u00a0

TEB Faktoring\u00a0AS

T\u00fcrkiye

Full

\u00a0

100.0%

72.5%

\u00a0

Full

\u00a0

100.0%

72.5%

\u00a0

\u00a0

TEB Finansman\u00a0AS

T\u00fcrkiye

Full

\u00a0

100.0%

72.5%

\u00a0

Full

\u00a0

100.0%

72.5%

V3

\u00a0

TEB Holding\u00a0AS

T\u00fcrkiye

Full

\u00a0

50.0%

50.0%

\u00a0

Full

\u00a0

50.0%

50.0%

\u00a0

\u00a0

TEB SH A

Kosovo

Full

\u00a0

100.0%

50.0%

\u00a0

Full

\u00a0

100.0%

50.0%

\u00a0

\u00a0

TEB Yatirim Menkul Degerler\u00a0AS

T\u00fcrkiye

Full

\u00a0

100.0%

72.5%

\u00a0

Full

\u00a0

100.0%

72.5%

\u00a0

\u00a0

Turk Ekonomi Bankasi\u00a0AS

T\u00fcrkiye

Full

\u00a0

100.0%

72.5%

\u00a0

Full

\u00a0

100.0%

72.5%

\u00a0

BancWest

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BancWest Holding Inc

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

BancWest Holding Inc Grantor Trust ERC Subaccount (s)

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

BancWest Holding Inc Umbrella Trust (s)

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

BancWest Investment Services Inc

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Bank of the West

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Bank of the West Auto Trust 2019-1 (t)

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Bank of the West Auto Trust 2019-2 (t)

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

BNPP Leasing Solutions Canada Inc

Canada

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

BOW Auto Receivables\u00a0LLC (t)

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

BWC Opportunity Fund 2 Inc (t)

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

BWC Opportunity Fund Inc (t)

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

CFB Community Development Corp

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Claas Financial Services\u00a0LLC

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Commercial Federal Affordable Housing Inc

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

First Santa Clara Corp (s)

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

United California Bank Deferred Compensation Plan Trust (s)

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Ursus Real Estate Inc

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

SPECIALISED BUSINESSES

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Personal Finance

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Alpha Cr\u00e9dit\u00a0SA

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

Auto ABS UK Loans\u00a0PLC (t)

UK

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

\u00a0

-

-

E3

\u00a0

AutoFlorence 1 SRL (t)

Italy

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

AutoFlorence 2 SRL (t)

Italy

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

AutoFlorence 3 SRL (t)

Italy

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

E2

\u00a0

Autonoria 2019 (t)

France

\u00a0

\u00a0

\u00a0

\u00a0

S1

Full

\u00a0

-

-

\u00a0

\u00a0

Autonoria DE 2023 (t)

France

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

E2

\u00a0

Autonoria Spain 2019 (t)

Spain

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Autonoria Spain 2021 FT (t)

Spain

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Autonoria Spain 2022 FT (t)

Spain

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Autonoria Spain 2023 FT (t)

Spain

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

E2

\u00a0

Axa Banque Financement

France

Equity

\u00a0

35.0%

35.0%

\u00a0

Equity

\u00a0

35.0%

35.0%

\u00a0

\u00a0

Banco Cetelem\u00a0SA

Brazil

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Banco Cetelem\u00a0SA

Spain

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BGN Mercantil E Servicos\u00a0Ltda

Brazil

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Personal Finance

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Personal Finance (Austria branch)

Austria

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Personal Finance (Bulgaria branch)

Bulgaria

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

BNPP Personal Finance (Czech Republic branch)

Czech Rep.

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Personal Finance (Portugal branch)

Portugal

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Personal Finance (Romania branch)

Romania

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Personal Finance (Slovakia branch)

Slovakia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Personal Finance\u00a0BV

Netherlands

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Personal Finance South Africa\u00a0Ltd

South Africa

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BON BNPP Consumer Finance Co\u00a0Ltd

China

Equity

\u00a0

31.7%

31.7%

V3

Equity

\u00a0

33.1%

33.1%

V1/V4

\u00a0

Cafineo

France

Full

(1)

51.0%

50.8%

\u00a0

Full

(1)

51.0%

50.8%

\u00a0

\u00a0

Carrefour Banque

France

Equity

\u00a0

40.0%

40.0%

\u00a0

Equity

\u00a0

40.0%

40.0%

\u00a0

\u00a0

Central Europe Technologies SRL

Romania

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cetelem America\u00a0Ltda

Brazil

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cetelem Business Consulting Shanghai Co\u00a0Ltd

China

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cetelem Gestion\u00a0AIE

Spain

Full

\u00a0

100.0%

96.0%

\u00a0

Full

\u00a0

100.0%

96.0%

\u00a0

\u00a0

Cetelem\u00a0SA de CV

Mexico

Equity

\u00a0

20.0%

0.0\u00a0%

S2

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cetelem Servicios Informaticos\u00a0AIE

Spain

Full

\u00a0

100.0%

81.0%

\u00a0

Full

\u00a0

100.0%

81.0%

\u00a0

\u00a0

Cetelem Servicos\u00a0Ltda

Brazil

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cofica Bail

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

Cofiplan

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

Creation Consumer Finance\u00a0Ltd

UK

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

V3

\u00a0

Creation Financial Services\u00a0Ltd

UK

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

V3

\u00a0

Cr\u00e9dit Moderne Antilles Guyane

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

Cr\u00e9dit Moderne Oc\u00e9an Indien

France

Full

(1)

97.8%

97.8%

\u00a0

Full

(1)

97.8%

97.8%

\u00a0

\u00a0

Domofinance

France

Full

(1)

55.0%

55.0%

\u00a0

Full

(1)

55.0%

55.0%

\u00a0

\u00a0

E Carat 10 (t)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

E Carat 11\u00a0PLC (t)

UK

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

E Carat 12\u00a0PLC (t)

UK

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

\u00a0

-

-

\u00a0

\u00a0

Ecarat De SA (t)

Luxembourg

Full

\u00a0

-

-

E2

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Ekspres Bank\u00a0AS

Denmark

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Ekspres Bank\u00a0AS (Norway branch)

Norway

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Ekspres Bank\u00a0AS (Sweden branch)

Sweden

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Eos Aremas Belgium\u00a0SA\u00a0NV

Belgium

Equity

\u00a0

50.0%

49.9%

\u00a0

Equity

\u00a0

50.0%

49.9%

\u00a0

\u00a0

Evollis

France

Equity

\u00a0

49.2%

49.2%

\u00a0

Equity

\u00a0

49.2%

49.2%

V4

\u00a0

Findomestic Banca\u00a0SPA

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Florence Real Estate Developments\u00a0SPA

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Florence SPV SRL (t)

Italy

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

GCC Consumo Establecimiento Financiero de Credito\u00a0SA

Spain

Full

\u00a0

51.0%

51.0%

\u00a0

Full

\u00a0

51.0%

51.0%

\u00a0

\u00a0

Genius Auto Finance Co\u00a0Ltd

China

Equity

(3)

25.0%

25.0%

\u00a0

Equity

(3)

25.0%

25.0%

V1

\u00a0

International Development Resources\u00a0AS Services\u00a0SA

Spain

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Iqera Services

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Loisirs Finance

France

Full

(1)

51.0%

51.0%

\u00a0

Full

(1)

51.0%

51.0%

\u00a0

\u00a0

Magyar Cetelem Bank ZRT

Hungary

\u00a0

\u00a0

\u00a0

\u00a0

S2

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Neuilly Contentieux

France

Full

\u00a0

95.9%

95.6%

\u00a0

Full

\u00a0

95.9%

95.6%

\u00a0

\u00a0

Noria 2018-1 (t)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

Noria 2020 (t)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

Noria 2021 (t)

France

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Noria 2023 (t)

France

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

E2

\u00a0

Noria De 2024 (t)

France

Full

\u00a0

-

-

E2

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Noria Spain 2020 FT (t)

Spain

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Opel Finance\u00a0NV

Netherlands

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

Opel Finance\u00a0SA

Switzerland

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

\u00a0

100.0%

50.0%

\u00a0

\u00a0

PBD Germany Auto Lease Master SA (t)

Luxembourg

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

E3

\u00a0

Personal Finance Location

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

PF Services\u00a0GmbH

Germany

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Phedina Hypotheken 2010 BV (t)

Netherlands

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

RCS Botswana Pty\u00a0Ltd

Botswana

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

RCS Cards Pty\u00a0Ltd

South Africa

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

RCS\u00a0Investment Holdings Namibia Pty\u00a0Ltd

Namibia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Securitisation funds Genius (d) (t)

China

Equity

(3)

-

-

\u00a0

Equity

(3)

-

-

E3

\u00a0

Securitisation funds UCI and RMBS Prado (b) (t)

Spain

Equity

(3)

-

-

\u00a0

Equity

(3)

-

-

\u00a0

\u00a0

Securitisation funds Wisdom (e) (t)

China

Equity

(3)

-

-

\u00a0

Equity

(3)

-

-

E3

\u00a0

Servicios Financieros Carrefour EFC\u00a0SA

Spain

Equity

\u00a0

37.3%

40.0%

\u00a0

Equity

\u00a0

37.3%

40.0%

\u00a0

\u00a0

Stellantis Bank\u00a0SA

France

Full

\u00a0

50.0%

50.0%

\u00a0

Full

\u00a0

50.0%

50.0%

\u00a0

\u00a0

Stellantis Bank\u00a0SA (Austria branch)

Austria

Full

\u00a0

50.0%

50.0%

\u00a0

Full

\u00a0

50.0%

50.0%

\u00a0

\u00a0

Stellantis Bank\u00a0SA (Germany branch)

Germany

Full

\u00a0

50.0%

50.0%

\u00a0

Full

\u00a0

50.0%

50.0%

\u00a0

\u00a0

Stellantis Bank\u00a0SA (Italy branch)

Italy

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

Stellantis Bank\u00a0SA (Spain branch)

Spain

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

Stellantis Financial Services UK\u00a0Ltd

UK

Full

\u00a0

100.0%

50.0%

\u00a0

Full

\u00a0

100.0%

50.0%

E3

\u00a0

Union de Creditos Inmobiliarios\u00a0SA

Spain

Equity

(3)

50.0%

50.0%

\u00a0

Equity

(3)

50.0%

50.0%

\u00a0

\u00a0

United Partnership

France

Equity

(3)

50.0%

50.0%

\u00a0

Equity

(3)

50.0%

50.0%

\u00a0

\u00a0

Vauxhall Finance\u00a0Ltd

UK

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

\u00a0

100.0%

50.0%

\u00a0

\u00a0

XFERA Consumer Finance EFC\u00a0SA

Spain

Full

\u00a0

51.0%

51.0%

\u00a0

Full

\u00a0

51.0%

51.0%

\u00a0

\u00a0

Zhejiang Wisdom Puhua Financial Leasing Co\u00a0Ltd

China

Equity

(3)

25.0%

25.0%

\u00a0

Equity

(3)

25.0%

25.0%

V1

Arval

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Artel

France

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval\u00a0AB

Sweden

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval\u00a0AS

Denmark

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval\u00a0AS Norway

Norway

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Austria\u00a0GmbH

Austria

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Belgium\u00a0NV\u00a0SA

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Brasil\u00a0Ltda

Brazil

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval\u00a0BV

Netherlands

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval CZ SRO

Czech Rep.

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Deutschland\u00a0GmbH

Germany

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Fleet Services

France

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Fleet Services (succ. Monaco)

Monaco

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Hellas Car Rental\u00a0SA

Greece

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval\u00a0LLC

Russia

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Luxembourg\u00a0SA

Luxembourg

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Magyarorszag KFT

Hungary

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Maroc\u00a0SA

Morocco

Full

\u00a0

100.0%

89.0%

\u00a0

Full

(2)

100.0%

89.0%

\u00a0

\u00a0

Arval\u00a0OY

Finland

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Relsa Colombia\u00a0SAS

Colombia

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

V1/D2

\u00a0

Arval Relsa\u00a0SPA

Chile

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

V1/D2

\u00a0

Arval Schweiz\u00a0AG

Switzerland

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Service Lease

France

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Service Lease Aluger Operational Automoveis\u00a0SA

Portugal

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Service Lease Italia\u00a0SPA

Italy

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Service Lease Polska SP ZOO

Poland

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Service Lease Romania SRL

Romania

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Service Lease\u00a0SA

Spain

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Slovakia SRO

Slovakia

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Trading

France

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval UK Group\u00a0Ltd

UK

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval UK Leasing Services\u00a0Ltd

UK

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval UK\u00a0Ltd

UK

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

BNPP Fleet Holdings\u00a0Ltd

UK

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Cent ASL

France

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Cofiparc

France

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Comercializadora de Vehiculos\u00a0SA

Chile

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

V1/D2

\u00a0

FCT Pulse France 2022 (t)

France

Full

\u00a0

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

Greenval Insurance DAC

Ireland

Full

(2)

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Locadif

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Louveo

France

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Personal Car Lease\u00a0BV

Netherlands

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Public Location Longue Dur\u00e9e

France

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Pulse UK 2024\u00a0PLC (s)

UK

Full

\u00a0

-

-

E2

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Rentaequipos Leasing Peru\u00a0SA

Peru

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

V1/D2

\u00a0

Rentaequipos Leasing\u00a0SA

Chile

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

V1/D2

\u00a0

TEB Arval Arac Filo Kiralama\u00a0AS

T\u00fcrkiye

Full

\u00a0

100.0%

75.0%

\u00a0

Full

(2)

100.0%

75.0%

\u00a0

\u00a0

Terberg Busines Lease Group\u00a0BV

Netherlands

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Terberg Leasing Justlease Belgium\u00a0BV

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

Leasing Solutions

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Aprolis Finance

France

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

\u00a0

\u00a0

Artegy

France

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNL Leasing\u00a0SPA

Italy

Full

\u00a0

100.0%

95.5%

\u00a0

Full

\u00a0

100.0%

95.5%

\u00a0

\u00a0

BNPP 3 Step IT

France

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

\u00a0

\u00a0

BNPP 3 Step IT (Belgium branch)

Belgium

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

\u00a0

\u00a0

BNPP 3 Step IT (Germany branch)

Germany

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

\u00a0

\u00a0

BNPP 3 Step IT (Italy branch)

Italy

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

\u00a0

\u00a0

BNPP 3 Step IT (Netherlands branch)

Netherlands

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

\u00a0

\u00a0

BNPP 3 Step IT (Spain branch)

Spain

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

E2

\u00a0

BNPP 3 Step IT (United Kingdom branch)

UK

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

\u00a0

\u00a0

BNPP Finansal Kiralama\u00a0AS

T\u00fcrkiye

Full

\u00a0

100.0%

82.5%

\u00a0

Full

\u00a0

100.0%

82.5%

\u00a0

\u00a0

BNPP Lease Group

France

Full

(1)

100.0%

83.0%

\u00a0

Full

(1)

100.0%

83.0%

\u00a0

\u00a0

BNPP Lease Group (Germany branch)

Germany

Full

(1)

100.0%

83.0%

\u00a0

Full

(1)

100.0%

83.0%

\u00a0

\u00a0

BNPP Lease Group (Italy branch)

Italy

Full

(1)

100.0%

83.0%

\u00a0

Full

(1)

100.0%

83.0%

\u00a0

\u00a0

BNPP Lease Group (Portugal branch)

Portugal

Full

(1)

100.0%

83.0%

\u00a0

Full

(1)

100.0%

83.0%

\u00a0

\u00a0

BNPP Lease Group (Spain branch)

Spain

Full

(1)

100.0%

83.0%

\u00a0

Full

(1)

100.0%

83.0%

\u00a0

\u00a0

BNPP Lease Group Belgium

Belgium

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Lease Group Leasing Solutions\u00a0SPA

Italy

Full

\u00a0

100.0%

95.5%

\u00a0

Full

\u00a0

100.0%

95.5%

\u00a0

\u00a0

BNPP Lease Group\u00a0Ltd (Ex-BNPP Lease Group\u00a0PLC)

UK

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Lease Group SP ZOO

Poland

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Leasing Services

Poland

Full

\u00a0

100.0%

81.3%

V3

Full

\u00a0

100.0%

87.3%

V3

\u00a0

BNPP Leasing Solution\u00a0AS

Norway

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Leasing Solutions

Luxembourg

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Leasing Solutions\u00a0AB

Sweden

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Leasing Solutions\u00a0AS

Denmark

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Leasing Solutions\u00a0GmbH

Austria

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Leasing Solutions IFN\u00a0SA

Romania

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Leasing Solutions\u00a0Ltd

UK

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Leasing Solutions\u00a0NV

Netherlands

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Leasing Solutions Suisse\u00a0SA

Switzerland

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Rental Solutions\u00a0Ltd

UK

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

BNPP Rental Solutions\u00a0SPA

Italy

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

Claas Financial Services

France

Full

(1)

51.0%

42.3%

\u00a0

Full

(1)

51.0%

42.3%

\u00a0

\u00a0

Claas Financial Services (Germany branch)

Germany

Full

(1)

51.0%

42.3%

\u00a0

Full

(1)

51.0%

42.3%

\u00a0

\u00a0

Claas Financial Services (Italy branch)

Italy

Full

(1)

51.0%

42.3%

\u00a0

Full

(1)

51.0%

42.3%

\u00a0

\u00a0

Claas Financial Services (Poland branch)

Poland

Full

(1)

51.0%

42.3%

\u00a0

Full

(1)

51.0%

42.3%

\u00a0

\u00a0

Claas Financial Services (Spain branch)

Spain

Full

(1)

51.0%

42.3%

\u00a0

Full

(1)

51.0%

42.3%

\u00a0

\u00a0

Claas Financial Services\u00a0Ltd

UK

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

\u00a0

\u00a0

CNH Industrial Capital Europe

France

Full

(1)

50.1%

41.6%

\u00a0

Full

(1)

50.1%

41.6%

\u00a0

\u00a0

CNH Industrial Capital Europe (Belgium branch)

Belgium

Full

(1)

50.1%

41.6%

\u00a0

Full

(1)

50.1%

41.6%

\u00a0

\u00a0

CNH Industrial Capital Europe (Germany branch)

Germany

Full

(1)

50.1%

41.6%

\u00a0

Full

(1)

50.1%

41.6%

\u00a0

\u00a0

CNH Industrial Capital Europe (Italy branch)

Italy

Full

(1)

50.1%

41.6%

\u00a0

Full

(1)

50.1%

41.6%

\u00a0

\u00a0

CNH Industrial Capital Europe (Poland branch)

Poland

Full

(1)

50.1%

41.6%

\u00a0

Full

(1)

50.1%

41.6%

\u00a0

\u00a0

CNH Industrial Capital Europe\u00a0
(Spain branch)

Spain

Full

(1)

50.1%

41.6%

\u00a0

Full

(1)

50.1%

41.6%

\u00a0

\u00a0

CNH Industrial Capital Europe\u00a0BV

Netherlands

Full

\u00a0

100.0%

41.6%

\u00a0

Full

\u00a0

100.0%

41.6%

\u00a0

\u00a0

CNH Industrial Capital Europe\u00a0GmbH

Austria

Full

\u00a0

100.0%

41.6%

\u00a0

Full

\u00a0

100.0%

41.6%

\u00a0

\u00a0

CNH Industrial Capital Europe\u00a0Ltd

UK

Full

\u00a0

100.0%

41.6%

\u00a0

Full

\u00a0

100.0%

41.6%

\u00a0

\u00a0

ES Finance

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

FL Zeebrugge (s)

Belgium

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Fortis Lease

France

Full

(1)

100.0%

83.0%

\u00a0

Full

(1)

100.0%

83.0%

\u00a0

\u00a0

Fortis Lease Belgium

Belgium

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

Fortis Lease Deutschland\u00a0GmbH

Germany

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

Fortis Lease Iberia\u00a0SA

Spain

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

Fortis Lease Portugal

Portugal

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

Fortis Lease UK\u00a0Ltd

UK

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

Fortis Vastgoedlease\u00a0BV

Netherlands

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

Heffiq Heftruck Verhuur\u00a0BV

Netherlands

Full

\u00a0

50.1%

41.5%

\u00a0

Full

\u00a0

50.1%

41.5%

\u00a0

\u00a0

JCB Finance

France

Full

(1)

100.0%

41.6%

\u00a0

Full

(1)

100.0%

41.6%

\u00a0

\u00a0

JCB Finance (Germany branch)

Germany

Full

(1)

100.0%

41.6%

\u00a0

Full

(1)

100.0%

41.6%

\u00a0

\u00a0

JCB Finance (Italy branch)

Italy

Full

(1)

100.0%

41.6%

\u00a0

Full

(1)

100.0%

41.6%

\u00a0

\u00a0

JCB Finance Holdings\u00a0Ltd

UK

Full

\u00a0

50.1%

41.6%

\u00a0

Full

\u00a0

50.1%

41.6%

\u00a0

\u00a0

JFL BNPP Agriculture And Technology Financial Leasing Co\u00a0Ltd

Chine

Equity

\u00a0

45.0%

37.3%

E2

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Manitou Finance\u00a0Ltd

UK

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

\u00a0

\u00a0

MGF

France

Full

(1)

51.0%

42.3%

\u00a0

Full

(1)

51.0%

42.3%

\u00a0

\u00a0

MGF (Germany branch)

Germany

Full

(1)

51.0%

42.3%

\u00a0

Full

(1)

51.0%

42.3%

\u00a0

\u00a0

MGF (Italy branch)

Italy

Full

(1)

51.0%

42.3%

\u00a0

Full

(1)

51.0%

42.3%

\u00a0

\u00a0

Natio Energie 2

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Natiocredibail

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

Pixel 2021 (t)

France

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Same Deutz Fahr Finance

France

Full

(1)

100.0%

83.0%

\u00a0

Full

(1)

100.0%

83.0%

\u00a0

\u00a0

SNC Natiocredimurs

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

New Digital Businesses

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Financi\u00e8re des Paiements Electroniques

France

Full

\u00a0

95.0%

95.0%

\u00a0

Full

\u00a0

95.0%

95.0%

\u00a0

\u00a0

Financi\u00e8re des Paiements Electroniques (Belgium branch)

Belgium

Full

\u00a0

95.0%

95.0%

\u00a0

Full

\u00a0

95.0%

95.0%

\u00a0

\u00a0

Financi\u00e8re des Paiements Electroniques (Germany branch)

Germany

Full

\u00a0

95.0%

95.0%

\u00a0

Full

\u00a0

95.0%

95.0%

\u00a0

\u00a0

Financi\u00e8re des Paiements Electroniques (Portugal branch)

Portugal

Full

\u00a0

95.0%

95.0%

\u00a0

Full

\u00a0

95.0%

95.0%

\u00a0

\u00a0

Financi\u00e8re des Paiements Electroniques (Spain branch)

Spain

Full

\u00a0

95.0%

95.0%

\u00a0

Full

\u00a0

95.0%

95.0%

\u00a0

\u00a0

Floa

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

Lyf\u00a0SA

France

Equity

(3)

44.8%

44.8%

V1

Equity

(3)

43.8%

43.8%

\u00a0

\u00a0

Lyf\u00a0SAS

France

Equity

(3)

50.0%

50.0%

\u00a0

Equity

(3)

50.0%

50.0%

V4

Personal Investors

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Espresso Financial Services Private\u00a0Ltd

India

\u00a0

\u00a0

\u00a0

\u00a0

S2

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Geojit Technologies Private\u00a0Ltd

India

Equity

\u00a0

35.0%

35.0%

\u00a0

Equity

\u00a0

35.0%

35.0%

\u00a0

\u00a0

Human Value Developers Private\u00a0Ltd

India

\u00a0

\u00a0

\u00a0

\u00a0

S2

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Sharekhan BNPP Financial Services\u00a0Ltd

India

\u00a0

\u00a0

\u00a0

\u00a0

S2

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Sharekhan\u00a0Ltd

India

\u00a0

\u00a0

\u00a0

\u00a0

S2

Full

\u00a0

100.0%

100.0%

\u00a0

INVESTMENT & PROTECTION SERVICES

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Insurance

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

AEW Immocommercial (s)

France

FV

\u00a0

-

-

\u00a0

FV

\u00a0

-

-

\u00a0

\u00a0

AG Insurance

Belgium

Equity

\u00a0

25.0%

25.0%

\u00a0

Equity

\u00a0

25.0%

25.0%

\u00a0

\u00a0

Agathe Retail France

France

FV

\u00a0

33.3%

33.3%

\u00a0

FV

\u00a0

33.3%

33.3%

\u00a0

\u00a0

AM Select (s)

Luxembourg

Full

(4)

-

-

\u00a0

Full

(4)

-

-

E1

\u00a0

Astridplaza

Belgium

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

Batipart Participations\u00a0SAS

Luxembourg

FV

\u00a0

29.7%

29.7%

\u00a0

FV

\u00a0

29.7%

29.7%

\u00a0

\u00a0

BCC Vita\u00a0SPA

Italy

Full

(2)

70.0%

70.0%

E3

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Becquerel (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Actions Croissance ISR (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Actions Euro ISR (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Actions Monde ISR (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Actions Patrimoine ISR (s)

France

Full

(4)

-

-

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP Actions PME ETI (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

(4)

-

-

\u00a0

\u00a0

BNPP Aqua (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Best Selection Actions Euro ISR (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Cardif

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif\u00a0BV

Netherlands

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Compania de Seguros y Reaseguros\u00a0SA

Peru

Full

(2)

100.0%

100.0%

D1

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Emeklilik\u00a0AS

T\u00fcrkiye

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Hayat Sigorta\u00a0AS

T\u00fcrkiye

Equity*

\u00a0

100.0%

100.0%

\u00a0

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Livforsakring\u00a0AB

Sweden

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Livforsakring\u00a0AB (Denmark branch)

Denmark

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Livforsakring\u00a0AB (Norway branch)

Norway

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Pojistovna\u00a0AS

Czech Rep.

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Seguros de Vida\u00a0SA

Chile

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Seguros Generales\u00a0SA

Chile

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Services SRO

Czech Rep.

Full

(2)

100.0%

100.0%

D1

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Servicios y Asistencia\u00a0Ltda

Chile

Full

(2)

100.0%

100.0%

D1

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Sigorta\u00a0AS

T\u00fcrkiye

Equity*

\u00a0

100.0%

100.0%

\u00a0

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif TCB Life Insurance Co\u00a0Ltd

Taiwan

Equity

\u00a0

49.0%

49.0%

\u00a0

Equity

\u00a0

49.0%

49.0%

\u00a0

\u00a0

BNPP Cardif Vita Compagnia di Assicurazione E Riassicurazione\u00a0SPA

Italy

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Convictions (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP CP Cardif Private Debt (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

(4)

-

-

\u00a0

\u00a0

BNPP Deep Value (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

BNPP D\u00e9veloppement Humain (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Diversiflex (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

S1

Full

(4)

-

-

\u00a0

\u00a0

BNPP Diversipierre (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

BNPP Euro Climate Aligned (s)

France

Full

(4)

-

-

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP France Cr\u00e9dit (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Global Senior Corporate Loans (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Indice Amerique du Nord (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Indice France ESG (s)

France

Full

(4)

-

-

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP Infrastructure Investments Fund (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Moderate Focus Italia (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

BNPP Mon\u00e9taire Assurance (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

BNPP Multistrat\u00e9gies Protection 80 (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

(4)

-

-

\u00a0

\u00a0

BNPP Next Tech (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

BNPP Obliselect Euro Dec 2028 (s)

France

Full

(4)

-

-

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP Protection Monde (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

BNPP Select (s)

France

Full

(4)

-

-

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP S\u00e9lection Dynamique Monde (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Selection Patrimoine Responsable (s)

France

Full

(4)

-

-

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP Smallcap Euroland ISR (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Social Business France (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BOB Cardif Life Insurance Co\u00a0Ltd

China

Equity

\u00a0

50.0%

50.0%

\u00a0

Equity

\u00a0

50.0%

50.0%

\u00a0

\u00a0

C Sant\u00e9 (s)

France

Full

(2)

-

-

D1

FV

\u00a0

-

-

\u00a0

\u00a0

Camgestion Obliflexible (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

Capital France Hotel

France

Full

(2)

98.5%

98.5%

\u00a0

Full

(2)

98.5%

98.5%

\u00a0

\u00a0

Cardif Alternatives Part I (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

Cardif Assurance Vie

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Austria branch)

Austria

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Belgium branch)

Belgium

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Bulgaria branch)

Bulgaria

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Germany branch)

Germany

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Italy branch)

Italy

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Netherlands branch)

Netherlands

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Portugal branch)

Portugal

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Romania branch)

Romania

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Spain branch)

Spain

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Switzerland branch)

Switzerland

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Taiwan branch)

Taiwan

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Austria branch)

Austria

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Belgium branch)

Belgium

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Bulgaria branch)

Bulgaria

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Germany branch)

Germany

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Italy branch)

Italy

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Netherlands branch)

Netherlands

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Poland branch)

Poland

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Portugal branch)

Portugal

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Romania branch)

Romania

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Spain branch)

Spain

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Switzerland branch)

Switzerland

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Taiwan branch)

Taiwan

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Biztosito Magyarorszag ZRT

Hungary

\u00a0

\u00a0

\u00a0

\u00a0

S3

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cardif BNPP AM Emerging Bond (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

Cardif BNPP AM Euro Paris Climate Aligned (s)

France

Full

(4)

-

-

D1

FV

\u00a0

-

-

\u00a0

\u00a0

Cardif BNPP AM Global Environmental Equity (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

Cardif BNPP AM Global Senior Corporate Loans (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

Cardif BNPP AM Sustainable Euro Equity (s)

France

Full

(4)

-

-

D1

FV

\u00a0

-

-

\u00a0

\u00a0

Cardif BNPP AM Sustainable Europe Equity (s)

France

Full

(4)

-

-

D1

FV

\u00a0

-

-

\u00a0

\u00a0

Cardif BNPP IP Signatures (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

Cardif BNPP IP Smid Cap Euro (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

(2)

-

-

\u00a0

\u00a0

Cardif Colombia Seguros Generales\u00a0SA

Colombia

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif CPR Global Return (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

Cardif do Brasil Seguros e Garantias\u00a0SA

Brazil

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif do Brasil Vida e Previdencia\u00a0SA

Brazil

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Edrim Signatures (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

Cardif El Djazair

Algeria

Equity*

\u00a0

85.0%

85.0%

V2

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cardif Forsakring\u00a0AB

Sweden

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Forsakring\u00a0AB (Denmark branch)

Denmark

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Forsakring\u00a0AB (Norway branch)

Norway

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif IARD

France

Full

(2)

66.0%

66.0%

\u00a0

Full

(2)

66.0%

66.0%

\u00a0

\u00a0

Cardif Insurance Co\u00a0LLC

Russia

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Cardif Insurance Holdings\u00a0PLC

UK

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Life Insurance Co\u00a0Ltd

Rep. of Korea

Full

(2)

85.0%

85.0%

\u00a0

Full

(2)

85.0%

85.0%

\u00a0

\u00a0

Cardif Life Insurance Japan

Japan

Full

(2)

75.0%

75.0%

\u00a0

Full

(2)

75.0%

75.0%

\u00a0

\u00a0

Cardif\u00a0Ltda

Brazil

Full

(2)

100.0%

100.0%

D1

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cardif Lux Vie

Luxembourg

Full

(2)

100.0%

88.6%

\u00a0

Full

(2)

100.0%

88.6%

\u00a0

\u00a0

Cardif Mexico Seguros de Vida\u00a0SA de CV

Mexico

Full

(2)

100.0%

100.0%

D1

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cardif Mexico Seguros Generales\u00a0SA de CV

Mexico

Full

(2)

100.0%

100.0%

D1

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cardif Non Life Insurance Japan

Japan

Full

(2)

100.0%

75.0%

\u00a0

Full

(2)

100.0%

75.0%

\u00a0

\u00a0

Cardif Nordic\u00a0AB

Sweden

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Polska Towarzystwo Ubezpieczen Na Zycie\u00a0SA

Poland

\u00a0

\u00a0

\u00a0

\u00a0

S3

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cardif Retraite

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Seguros\u00a0SA

Argentina

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Cardif Services AEIE

Portugal

\u00a0

\u00a0

\u00a0

\u00a0

S1

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Servicios de Colombia\u00a0SAS

Colombia

Full

(2)

100.0%

100.0%

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Cardif Servicios SAC

Peru

\u00a0

\u00a0

\u00a0

\u00a0

S3

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cardif Support Unipessoal Lda

Portugal

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

E1

\u00a0

Cardif Vita Convex Fund Eur (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

Cardimmo

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Carma Grand Horizon\u00a0SARL

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cedrus Carbon Initiative Trends (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

Centre Commercial Francilia

France

FV

\u00a0

21.7%

21.7%

\u00a0

FV

\u00a0

21.7%

21.7%

\u00a0

\u00a0

CFH Alexanderplatz Hotel\u00a0SARL

Luxembourg

Full

(2)

100.0%

93.5%

\u00a0

Full

(2)

100.0%

93.5%

E2

\u00a0

CFH Algonquin Management Partners France Italia

Italy

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

CFH Bercy

France

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

CFH Bercy Hotel

France

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

CFH Bercy Interm\u00e9diaire

France

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

CFH Berlin GP\u00a0GmbH

Germany

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

E2

\u00a0

CFH Berlin Holdco\u00a0SARL

Luxembourg

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

CFH Boulogne

France

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

CFH Cap d\u2019Ail

France

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

CFH Hostel Berlin\u00a0SARL

Luxembourg

Full

(2)

100.0%

93.5%

\u00a0

Full

(2)

100.0%

93.5%

E2

\u00a0

CFH Hotel Project\u00a0SARL

Luxembourg

Full

(2)

100.0%

93.5%

\u00a0

Full

(2)

100.0%

93.5%

E2

\u00a0

CFH Milan Holdco SRL

Italy

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

CFH Montmartre

France

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

CFH Montparnasse

France

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

Corosa

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Darnell DAC

Ireland

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

D\u00e9fense CB3\u00a0SAS

France

FV

\u00a0

25.0%

25.0%

\u00a0

FV

\u00a0

25.0%

25.0%

\u00a0

\u00a0

Diversipierre DVP 1

France

Full

(2)

100.0%

94.6%

V4

Full

(2)

100.0%

93.4%

V4

\u00a0

Diversipierre Germany\u00a0GmbH

Germany

Full

(2)

100.0%

94.6%

D1/V4

Equity*

\u00a0

100.0%

93.4%

V4

\u00a0

DVP European Channel

France

Full

(2)

100.0%

94.6%

D1/V4

Equity*

\u00a0

100.0%

93.4%

V4

\u00a0

DVP Green Clover

France

Full

(2)

100.0%

94.6%

D1/V4

Equity*

\u00a0

100.0%

93.4%

V4

\u00a0

DVP Haussmann

France

Full

(2)

100.0%

94.6%

D1/V4

Equity*

\u00a0

100.0%

93.4%

V4

\u00a0

DVP Heron

France

Full

(2)

100.0%

94.6%

D1/V4

Equity*

\u00a0

100.0%

93.4%

V4

\u00a0

Eclair (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

EP L (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

EP1 Grands Moulins (s)

France

Full

(2)

-

-

D1

Equity*

\u00a0

-

-

\u00a0

\u00a0

Fleur\u00a0SAS

France

\u00a0

\u00a0

\u00a0

\u00a0

S1

FV

\u00a0

33.3%

33.3%

\u00a0

\u00a0

Fonci\u00e8re Partenaires (s)

France

FV

\u00a0

-

-

\u00a0

FV

\u00a0

-

-

\u00a0

\u00a0

Fondev (Ex- FDI Poncelet)

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Fondo BNPP Aqua Protetto (s)

France

Full

(4)

-

-

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Fonds d\u2019Investissements Immobiliers pour le Commerce et la Distribution

France

FV

\u00a0

25.0%

25.0%

\u00a0

FV

\u00a0

25.0%

25.0%

\u00a0

\u00a0

FP Cardif Convex Fund USD (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

Fundamenta (s)

Italy

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

G C Thematic Opportunities\u00a0II (s)

Ireland

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

GIE BNPP Cardif

France

Full

(2)

99.7%

99.7%

\u00a0

Full

(2)

99.7%

99.7%

V2

\u00a0

GPinvest 10

France

FV

\u00a0

50.0%

50.0%

\u00a0

FV

\u00a0

50.0%

50.0%

\u00a0

\u00a0

Harewood Helena 2\u00a0Ltd

UK

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Harmony Prime (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

Hemisphere Holding

France

Equity

\u00a0

20.0%

20.0%

\u00a0

Equity

\u00a0

20.0%

20.0%

\u00a0

\u00a0

Hibernia France

France

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

Horizon Development\u00a0GmbH

Germany

FV

\u00a0

66.7%

64.9%

V4

FV

\u00a0

66.7%

62.9%

\u00a0

\u00a0

Icare

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Icare Assurance

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

ID Cologne A1\u00a0GmbH

Germany

Full

(2)

89.2%

86.8%

D1/V4

Equity*

\u00a0

89.2%

86.2%

V1

\u00a0

ID Cologne A2\u00a0GmbH

Germany

Full

(2)

89.2%

86.8%

D1/V4

Equity*

\u00a0

89.2%

86.2%

V1

\u00a0

Karapass Courtage

France

\u00a0

\u00a0

\u00a0

\u00a0

S3

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Korian et Partenaires Immobilier 1

France

FV

\u00a0

24.5%

24.5%

\u00a0

FV

\u00a0

24.5%

24.5%

\u00a0

\u00a0

Korian et Partenaires Immobilier 2

France

FV

\u00a0

24.5%

24.5%

\u00a0

FV

\u00a0

24.5%

24.5%

\u00a0

\u00a0

Luizaseg Seguros\u00a0SA

Brazil

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

V1/D4

\u00a0

Natio Assurance

France

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Natio Fonds Amp\u00e8re 1 (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

NCVP Participacoes Societarias\u00a0SA

Brazil

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Neuflize Vie

France

Full

(2)

100.0%

100.0%

E3

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

New Alpha Cardif Incubator Fund (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

OC Health Real Estate\u00a0GmbH

Germany

FV

\u00a0

35.0%

31.0%

\u00a0

FV

\u00a0

35.0%

31.0%

\u00a0

\u00a0

Op\u00e9ra Rendement (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

Paris Management Consultant Co\u00a0Ltd

Taiwan

\u00a0

\u00a0

\u00a0

\u00a0

S3

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Permal Cardif Co Investment Fund (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

Pinnacle Pet Holdings\u00a0Ltd

UK

Equity

\u00a0

24.7%

24.7%

\u00a0

Equity

\u00a0

24.7%

24.7%

V3

\u00a0

Poistovna Cardif Slovakia\u00a0AS

Slovakia

\u00a0

\u00a0

\u00a0

\u00a0

S3

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Preim Healthcare SAS (s)

France

FV

\u00a0

-

-

\u00a0

FV

\u00a0

-

-

\u00a0

\u00a0

PWH

France

FV

\u00a0

47.5%

47.5%

\u00a0

FV

\u00a0

47.5%

47.5%

\u00a0

\u00a0

Reumal Investissements

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Rubin\u00a0SARL

Luxembourg

FV

\u00a0

50.0%

50.0%

\u00a0

FV

\u00a0

50.0%

50.0%

\u00a0

\u00a0

Rueil Ariane

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SAS HVP

France

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

Schroder European Operating Hotels Fund 1 (s)

Luxembourg

FV

\u00a0

-

-

\u00a0

FV

\u00a0

-

-

\u00a0

\u00a0

SCI\u00a068/70 rue de Lagny Montreuil

France

Full

(2)

99.9%

99.9%

\u00a0

Full

(2)

99.9%

99.9%

\u00a0

\u00a0

SCI Alpha Park

France

\u00a0

\u00a0

\u00a0

\u00a0

S2

FV

\u00a0

50.0%

50.0%

\u00a0

\u00a0

SCI Batipart Chadesrent

France

FV

\u00a0

20.0%

20.0%

\u00a0

FV

\u00a0

20.0%

20.0%

\u00a0

\u00a0

SCI Biv Malakoff

France

FV

\u00a0

23.3%

23.3%

\u00a0

FV

\u00a0

23.3%

23.3%

\u00a0

\u00a0

SCI BNPP Pierre\u00a0I

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI BNPP Pierre\u00a0II

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Bobigny Jean Rostand

France

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Bouleragny

France

FV

\u00a0

50.0%

50.0%

\u00a0

FV

\u00a0

50.0%

50.0%

\u00a0

\u00a0

SCI Cardif Logement

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Citylight Boulogne

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Clichy Nuovo

France

FV

\u00a0

50.0%

50.0%

\u00a0

FV

\u00a0

50.0%

50.0%

\u00a0

\u00a0

SCI D\u00e9fense Etoile

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI D\u00e9fense Vend\u00f4me

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Etoile du Nord

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Fontenay Plaisance

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI\u00a0Imefa Velizy

France

FV

\u00a0

21.8%

21.8%

\u00a0

FV

\u00a0

21.8%

21.8%

\u00a0

\u00a0

SCI Le Mans Gare

France

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Nanterre Guilleraies

France

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Nantes Carnot

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Odyss\u00e9e

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Pantin Les Moulins

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Paris Batignolles

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Paris Cours de Vincennes

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Paris Grande Arm\u00e9e

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Paris Turenne

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Portes de Claye

France

Equity

\u00a0

45.0%

45.0%

\u00a0

Equity

\u00a0

45.0%

45.0%

\u00a0

\u00a0

SCI Rue Moussorgski

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Rueil Caudron

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Saint Denis Landy

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Saint Denis Mitterrand

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Saint-Denis Jade

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI SCOO

France

FV

\u00a0

46.4%

46.4%

\u00a0

FV

\u00a0

46.4%

46.4%

\u00a0

\u00a0

SCI Vend\u00f4me Ath\u00e8nes

France

FV

\u00a0

50.0%

50.0%

\u00a0

FV

\u00a0

50.0%

50.0%

\u00a0

\u00a0

SCI Villeurbanne Stalingrad

France

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Secar

France

FV

\u00a0

55.1%

55.1%

\u00a0

FV

\u00a0

55.1%

55.1%

\u00a0

\u00a0

Seniorenzentren Deutschland Holding\u00a0SARL

Luxembourg

FV

\u00a0

20.0%

17.7%

\u00a0

FV

\u00a0

20.0%

17.7%

\u00a0

\u00a0

Seniorenzentren Reinbeck Oberursel M\u00fcnchen Objekt\u00a0GmbH

Germany

FV

\u00a0

35.0%

31.0%

\u00a0

FV

\u00a0

35.0%

31.0%

\u00a0

\u00a0

Seniorenzentrum Butzbach Objekt\u00a0GmbH

Germany

FV

\u00a0

35.0%

31.0%

\u00a0

FV

\u00a0

35.0%

31.0%

\u00a0

\u00a0

Seniorenzentrum Heilbronn Objekt\u00a0GmbH

Germany

FV

\u00a0

35.0%

31.0%

\u00a0

FV

\u00a0

35.0%

31.0%

\u00a0

\u00a0

Seniorenzentrum Kassel Objekt\u00a0GmbH

Germany

FV

\u00a0

35.0%

31.0%

\u00a0

FV

\u00a0

35.0%

31.0%

\u00a0

\u00a0

Seniorenzentrum Wolfratshausen Objekt\u00a0GmbH

Germany

FV

\u00a0

35.0%

31.0%

\u00a0

FV

\u00a0

35.0%

31.0%

\u00a0

\u00a0

Services Epargne Entreprise

France

Equity

\u00a0

36.8%

36.8%

V1

Equity

\u00a0

35.6%

35.6%

\u00a0

\u00a0

SNC Batipart Mermoz

France

FV

\u00a0

25.0%

25.0%

\u00a0

FV

\u00a0

25.0%

25.0%

\u00a0

\u00a0

SNC Batipart Poncelet

France

FV

\u00a0

25.0%

25.0%

\u00a0

FV

\u00a0

25.0%

25.0%

\u00a0

\u00a0

Soci\u00e9t\u00e9 Francaise d\u2019Assurances sur la Vie

France

Equity

\u00a0

50.0%

50.0%

\u00a0

Equity

\u00a0

50.0%

50.0%

\u00a0

\u00a0

Soci\u00e9t\u00e9 Immobili\u00e8re du Royal Building\u00a0SA

Luxembourg

Full

(2)

100.0%

88.6%

\u00a0

Full

(2)

100.0%

88.6%

\u00a0

\u00a0

Theam Quant Europe Climate Carbon Offset Plan (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

(4)

-

-

\u00a0

\u00a0

Tikehau Cardif Loan Europe (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

Valeur Pierre Epargne

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Valtitres FCP (s)

France

Full

(4)

-

-

D1

FV

(4)

-

-

\u00a0

\u00a0

Velizy Holding

France

FV

\u00a0

33.3%

33.3%

\u00a0

FV

\u00a0

33.3%

33.3%

\u00a0

Wealth Management

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP Wealth Management Monaco

Monaco

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(1)

100.0%

100.0%

\u00a0

Asset Management

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Alfred Berg Kapitalforvaltning\u00a0AS

Norway

Full

\u00a0

100.0%

73.7%

\u00a0

Full

\u00a0

100.0%

73.7%

V2

\u00a0

Alfred Berg Kapitalforvaltning\u00a0AS (Sweden branch)

Sweden

Full

\u00a0

100.0%

73.7%

\u00a0

Full

\u00a0

100.0%

73.7%

V3

\u00a0

Bancoestado Administradora General de Fondos\u00a0SA

Chile

Equity

\u00a0

50.0%

49.1%

\u00a0

Equity

\u00a0

50.0%

49.1%

\u00a0

\u00a0

Baroda BNPP AMC Private\u00a0Ltd

India

Equity

(3)

49.9%

49.1%

V4

Equity

(3)

49.9%

49.0%

\u00a0

\u00a0

BNPP ABC Wealth Management Co\u00a0Ltd

China

Equity

(3)

51.0%

50.1%

\u00a0

Equity

(3)

51.0%

50.1%

E2

\u00a0

BNPP Agility Capital

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

BNPP Agility Fund Equity SLP (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Agility Fund Private Debt SLP (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP AM International Hedged Strategies (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Asset Management Asia\u00a0Ltd

Hong Kong

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Be Holding

Belgium

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Brasil\u00a0Ltda

Brazil

Full

\u00a0

100.0%

99.6%

V4

Full

\u00a0

100.0%

99.5%

\u00a0

\u00a0

BNPP Asset Management Europe (Austria branch) (Ex- BNPP Asset Management France (Austria branch))

Austria

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Europe (Belgium branch) (Ex- BNPP Asset Management France (Belgium branch))

Belgium

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Europe (Ex-BNPP Asset Management France)

France

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Europe (Germany branch) (Ex-BNPP Asset Management France (Germany branch))

Germany

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Europe (Italy branch) (Ex-BNPP Asset Management France (Italy branch))

Italy

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Europe (Netherlands branch) (Ex-BNPP Asset Management France (Netherlands branch))

Netherlands

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Europe (Poland branch)

Poland

Full

\u00a0

100.0%

98.3%

E2

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP Asset Management Holding

France

Full

\u00a0

100.0%

98.3%

V1

Full

\u00a0

99.9%

98.2%

\u00a0

\u00a0

BNPP Asset Management Japan\u00a0Ltd

Japan

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Luxembourg

Luxembourg

Full

\u00a0

99.7%

98.0%

V4

Full

\u00a0

99.7%

97.9%

\u00a0

\u00a0

BNPP Asset Management NL Holding\u00a0NV

Netherlands

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

BNPP Asset Management PT

Indonesia

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Services Grouping

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

BNPP Asset Management Taiwan Co\u00a0Ltd

Taiwan

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

E1

\u00a0

BNPP Asset Management UK\u00a0Ltd

UK

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management USA Holdings Inc

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Asset Management USA Inc

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP B Institutional\u00a0II (s)

Belgium

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Dealing Services

France

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Easy (s)

Luxembourg

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Flexi I (s)

Luxembourg

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Funds (s)

Luxembourg

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

Drypnir\u00a0AS

Norway

Full

\u00a0

100.0%

0.0%

\u00a0

Full

\u00a0

100.0%

0.0%

\u00a0

\u00a0

Dynamic Credit Group\u00a0BV

Netherlands

Full

\u00a0

75.0%

73.7%

V4

Full

\u00a0

75.0%

73.6%

E3

\u00a0

Gambit Financial Solutions

Belgium

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

Haitong Fortis Private Equity Fund Management Co\u00a0Ltd

China

Equity

\u00a0

33.0%

32.4%

\u00a0

Equity

\u00a0

33.0%

32.4%

\u00a0

\u00a0

Harewood Helena 1\u00a0Ltd

UK

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

HFT Investment Management Co\u00a0Ltd

China

Equity

\u00a0

49.0%

48.2%

V4

Equity

\u00a0

49.0%

48.1%

\u00a0

\u00a0

Impax Asset Management Group\u00a0PLC

UK

Equity

\u00a0

13.8%

13.5%

\u00a0

Equity

\u00a0

13.8%

13.5%

\u00a0

\u00a0

SME Alternative Financing DAC (s)

Ireland

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Theam Quant (s)

Luxembourg

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

Real Estate

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Auguste Thouard Expertise

France

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Immobilier Promotion

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Immobilier R\u00e9sidences Services

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate (United Arab Emirates branch)

United Arab Emirates

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Advisory & Property Management Luxembourg\u00a0SA

Luxembourg

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Advisory & Property Management UK\u00a0Ltd

UK

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Advisory and Property Management Ireland\u00a0Ltd

Ireland

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Advisory Italy\u00a0SPA

Italy

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Advisory Netherlands\u00a0BV

Netherlands

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Belgium\u00a0SA

Belgium

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Conseil Habitation & Hospitality

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Consult France

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Consult\u00a0GmbH

Germany

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Facilities Management\u00a0Ltd

UK

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Financial Partner

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate\u00a0GmbH

Germany

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Holding\u00a0GmbH

Germany

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Investment Management Belgium

Belgium

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Investment Management France

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Investment Management Germany\u00a0GmbH

Germany

Full

\u00a0

94.9%

94.9%

\u00a0

Full

\u00a0

94.9%

94.9%

\u00a0

\u00a0

BNPP Real Estate Investment Management Germany\u00a0GmbH (Italy branch)

Italy

Full

\u00a0

94.9%

94.9%

\u00a0

Full

\u00a0

94.9%

94.9%

\u00a0

\u00a0

BNPP Real Estate Investment Management Germany\u00a0GmbH (Portugal branch)

Portugal

Full

\u00a0

94.9%

94.9%

\u00a0

Full

\u00a0

94.9%

94.9%

\u00a0

\u00a0

BNPP Real Estate Investment Management Germany\u00a0GmbH (Spain branch)

Spain

Full

\u00a0

94.9%

94.9%

\u00a0

Full

\u00a0

94.9%

94.9%

\u00a0

\u00a0

BNPP Real Estate Investment Management Italy\u00a0SPA

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Investment Management\u00a0Ltd

UK

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Investment Management Luxembourg\u00a0SA

Luxembourg

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Investment Management Luxembourg\u00a0SA (Italy branch)

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

E2

\u00a0

BNPP Real Estate Investment Management Spain\u00a0SA

Spain

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Investment Management UK\u00a0Ltd

UK

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Poland SP ZOO

Poland

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Portugal Unipersonal LDA

Portugal

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Property Development & Services\u00a0GmbH

Germany

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Property Development UK\u00a0Ltd

UK

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Property Management France\u00a0SAS

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Property Management\u00a0GmbH

Germany

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Property Management Italy SRL

Italy

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Singapore Pte\u00a0Ltd

Singapore

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Spain\u00a0SA

Spain

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Transaction France

France

Full

(2)

97.4%

97.4%

V1

Full

(2)

97.2%

97.2%

V1

\u00a0

BNPP Real Estate Valuation France

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cariboo Development SL

Spain

Equity

\u00a0

65.0%

65.0%

\u00a0

Equity

\u00a0

65.0%

65.0%

\u00a0

\u00a0

Construction-Sale Companies (c)

France

Full / Equity

(2)

-

-

\u00a0

Full / Equity

(2)

-

-

\u00a0

\u00a0

Exeo Aura & Echo Offices Lda

Portugal

Equity

\u00a0

31.9%

31.9%

\u00a0

Equity

\u00a0

31.9%

31.9%

\u00a0

\u00a0

GIE BNPP Real Estate

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Horti Milano SRL

Italy

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Nanterre Arboretum

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Parker Tower\u00a0Ltd

UK

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Partner\u2019s & Services

France

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

REPD Parker\u00a0Ltd

UK

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Sviluppo Residenziale Italia SRL

Italy

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Wapiti Development SL

Spain

Equity

\u00a0

65.0%

65.0%

\u00a0

Equity

\u00a0

65.0%

65.0%

\u00a0

OTHER BUSINESS UNITS

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Property Companies (Property Used In Operations) and Others

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Antin Participation 5

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Home Loan SFH

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

BNPP Partners for Innovation

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Partners for Innovation Belgium

Belgium

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Partners For Innovation Global Connect

France

Full

\u00a0

100.0%

100.0%

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP Partners for Innovation Italia SRL

Italy

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Procurement Tech

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Public Sector\u00a0SA

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

FCT Lafayette 2021 (t)

France

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

FCT Laffitte 2021 (t)

France

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

FCT Op\u00e9ra 2014 (t)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

FCT Opera 2023 (t)

France

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

E2

\u00a0

FCT Pyramides 2022 (t)

France

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

GIE Groupement Auxiliaire de Moyens

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

GIE Groupement d\u2019Etudes et de Prestations

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Transvalor

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

  • At 31 December 2024, 13 Private Equity investment entities versus 14 Private Equity investment entities at 31 December 2023.
  • At 31 December 2024, the securitisation funds UCI and RMBS Prado included 13 funds (FCC UCI 11, 12, 14 to 17, RMBS Prado\u00a0VII to\u00a0XI, Green Belem\u00a0I et RMBS Belem No\u00a02) unchanged from 31 December 2023.
  • At 31 December 2024, 102 Construction-sale companies (71 Full and 31 Equity) versus 117 Construction-sale companies (82 Full and 35 Equity) at 31 December 2023.
  • At 31 December 2024, the securitisation funds Genius include 8 funds (Generation 2024-1-4 Retail Auto Mortgage Loan Securitisation, Generation 2023-2 to 5 Retail Auto Mortgage Loan Securitisation) versus 11 funds (Generation 2021-4 Retail Auto Mortgage Loan Securitisation, Generation 2022-1 to 5 Retail Auto Mortgage Loan Securitisation, Generation 2023-1 to 5 Retail Auto Mortgage Loan Securitisation) at 31 December 2023.
  • At 31 december 2024, 10 funds (Wisdom Puhua Leasing 2022-2 to 3 Asset-Backed Securities, Wisdom Puhua Leasing 2023-2 Asset-Backed Notes, Wisdom Puhua Leasing 2023-1 & 2 Asset-Backed Securities, Wisdom Puhua Leasing Xinghe 2023-1 Asset-Backed Securities, Wisdom Puhua Leasing Xinghe 2024-1 to 4 Asset-Backed Securities) versus 13 funds (Wisdom Puhua Leasing 2021-2 & 3 Asset-Backed Securities, Wisdom Puhua Leasing 2022-1 Asset-Backed Notes, Wisdom Puhua Leasing 2022-1 to 3 Asset-Backed Securities, Wisdom Puhua Leasing 2023-1 & 2 Asset-Backed Notes, Wisdom Puhua Leasing 2023-1 & 2 Asset-Backed securities, Wisdom Puhua Leasing Zhixing 2023-1 & 2 Asset-Backed Notes, Wisdom Puhua Leasing Xinghe 2023-1 Asset-Backed Securities) at 31 December 2023.

\u00a0

As requested by the ANC 2016 regulation, the list of entities that are controlled by the Group, jointly controlled or under significant influence, but excluded from the scope of consolidation since their contribution to the consolidated financial statements would be immaterial to the Group, and the list of equity investments, are available on the \u201cRegulated Information\u201d page of the https://invest.bnpparibas.com website.

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Changes in the scope of consolidation

New entries (E) in the scope of consolidation

E1

Passing above consolidation thresholds

E2

Incorporation

E3

Purchase, gain of control or significant influence

Removals (S) from the scope of consolidation

S1

Cessation of activity (dissolution, liquidation, etc.)

S2

Disposal, loss of control or loss of significant influence

S3

Passing below consolidation thresholds

S4

Merger, Universal transfer of assets and liabilities

Variance (V) in voting or ownership interest

V1

Additional purchase

V2

Partial disposal

V3

Dilution

V4

Increase in %

Miscellaneous

D1

Consolidation method change not related to fluctuation in voting or ownership interest

D2

Following the additional purchase of interest by the Group, Arval Relsa and its subsidiaries were fully consolidated since the fourth quarter 2023

D3

Following the additional purchase of interest by the Group, the whole entities Kantox and its subsidiaries were fully consolidated since the fourth quarter 2023.

D4

Following the additional purchase of interest by the Group, Luizaseg Seguros\u00a0SA was fully consolidated since the fourth quarter 2023

\u00a0

Equity*

Controlled but non material entities consolidated under the equity method as associates

FV

Joint control or investment in associates measured at fair value through profit or loss

(s)

Structured entities

(t)

Securitisation funds

\u00a0

\u00a0

Prudential scope of consolidation

(1)

French subsidiaries for which supervision of prudential requirements is complied with through the supervision on a consolidated basis of BNP\u00a0Paribas\u00a0SA, in accordance with article\u00a07.1 of Regulation n\u00b0575/2013 of the European Parliament and of the Council

(2)

Entities consolidated under the equity method in the prudential scope

(3)

Jointly controlled entities under proportional consolidation in the prudential scope

(4)

Collective investment undertaking excluded from the prudential scope

", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_8a8ee8f0-f858-47a6-b776-6c43bd1e7a2b": { "value": "
Exclusive control

Controlled enterprises are fully consolidated. The Group controls a subsidiary when it is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity.

For entities governed by voting rights, the Group generally controls the entity if it holds, directly or indirectly, the majority of the voting rights (and if there are no contractual provisions that alter the power of these voting rights) or if the power to direct the relevant activities of the entity is conferred on it by contractual agreements.

Structured entities are entities established so that they are not governed by voting rights, for instance when those voting rights relate to administrative tasks only, whereas the relevant activities are directed by means of contractual arrangements. They often have the following features or attributes: restricted activities, a narrow and well-defined objective and insufficient equity to permit them to finance their activities without subordinated financial support.

For these entities, the analysis of control shall consider the purpose and design of the entity, the risks to which the entity is designed to be exposed and to what extent the Group absorbs the related variability. The assessment of control shall consider all facts and circumstances able to determine the Group\u2019s practical ability to make decisions that could significantly affect its returns, even if such decisions are contingent on uncertain future events or circumstances.

In assessing whether it has power, the Group considers only substantive rights which it holds or which are held by third parties. For a right to be substantive, the holder must have the practical ability to exercise that right when decisions about the relevant activities of the entity need to be made.

Control is reassessed if facts and circumstances indicate that there are changes to one or more of the elements of control.

Where the Group contractually holds the decision-making power, for instance where the Group acts as fund manager, it shall determine whether it is acting as agent or principal. Indeed, when associated with a certain level of exposure to the variability of returns, this decision-making power may indicate that the Group is acting on its own account and that it thus has control over those entities.

Minority interests are presented separately in the consolidated profit and loss account and balance sheet within consolidated equity. The calculation of minority interests takes into account the outstanding cumulative preferred shares classified as equity instruments issued by subsidiaries, when such shares are held outside the Group.

As regards fully consolidated funds, units held by third-party investors are recognised as debts at fair value through profit or loss, inasmuch as they are redeemable at fair value at the subscriber\u2019s initiative.

For transactions resulting in a loss of control, any equity interest retained by the Group is remeasured at its fair value through profit or loss.

2.iNet gain on non-current assets

In millions of euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Gain or loss on investments in consolidated undertakings (note\u00a08.d)

133

29

Gain or loss on tangible and intangible assets

(30)

139

Results from net monetary position

(294)

(272)

Net gain on non-current assets

(191)

(104)

\u00a0

According to IAS 29 in connection with the hyperinflation situation of the economy in T\u00fcrkiye, the line \u201cResults from net monetary positions\u201d corresponds to the effect of the revaluation of net monetary assets of the evolution of the consumer price index in T\u00fcrkiye on the valuation of non-monetary assets and liabilities (-EUR\u00a0549\u00a0million) and on income from the Turkish government bonds portfolio indexed to inflation and held by Turk Ekonomi Bankasi AS (+EUR\u00a0255\u00a0million, reclassified from interest margin) in 2024 (respectively -EUR\u00a0563\u00a0million and +EUR\u00a0291\u00a0million in 2023).

8.bMinority interests

In millions of euros

Capital and
\u00a0retained
\u00a0earnings

Changes in assets
\u00a0and liabilities
\u00a0recognised
\u00a0directly in equity
\u00a0that will not be\u00a0
reclassified to
\u00a0profit or loss

Changes in assets
\u00a0and liabilities
\u00a0recognised
\u00a0directly in equity
\u00a0that may be
\u00a0reclassified to
\u00a0profit or loss

Minority interests

Balance at 31 December 2022

4,714

21

38

4,773

Appropriation of net income for 2022

(179)

\u00a0

\u00a0

(179)

Increases in capital and issues

316

\u00a0

\u00a0

316

Share-based payment plans

1

\u00a0

\u00a0

1

Remuneration on undated super subordinated notes

(3)

\u00a0

\u00a0

(3)

Impact of internal transactions on minority shareholders

21

\u00a0

\u00a0

21

Movements in consolidation scope impacting minority shareholders

(90)

\u00a0

\u00a0

(90)

Acquisitions of additional interests or partial sales of interests

(12)

\u00a0

\u00a0

(12)

Change in commitments to repurchase minority shareholders\u2019 interests

(225)

\u00a0

\u00a0

(225)

Other movements

\u00a0

\u00a0

\u00a0

-

Changes in assets and liabilities recognised directly in equity

\u00a0

(5)

97

92

Net income for 2023

431

\u00a0

\u00a0

431

Balance at 31 December 2023

4,974

16

135

5,125

Appropriation of net income for 2023

(364)

\u00a0

\u00a0

(364)

Increases in capital and issues

5

\u00a0

\u00a0

5

Share-based payment plans

\u00a0

\u00a0

\u00a0

-

Remuneration on undated super subordinated notes

(8)

\u00a0

\u00a0

(8)

Impact of internal transactions on minority shareholders

\u00a0

\u00a0

\u00a0

-

Movements in consolidation scope impacting minority shareholders

258

\u00a0

\u00a0

258

Acquisitions of additional interests or partial sales of interests

192

\u00a0

\u00a0

192

Change in commitments to repurchase minority shareholders\u2019 interests

93

\u00a0

\u00a0

93

Other movements

2

\u00a0

\u00a0

2

Changes in assets and liabilities recognised directly in equity

\u00a0

7

195

202

Net income for 2024

499

\u00a0

\u00a0

499

Balance at 31 December 2024

5,651

23

330

6,004

\u27a4Main minority interests

The assessment of the material nature of minority interests is based on the contribution of the relevant subsidiaries to the Group balance sheet (before elimination of intra-group balances and transactions) and to the Group profit and loss account.

In millions of euros

31 December 2024

Year to 31 Dec. 2024

Total assets
\u00a0before
\u00a0elimination of intra-group transactions

Revenues

Net income

Net income and\u00a0changes in\u00a0assets and liabilities recognised directly\u00a0in equity

Minority shareholders\u2019 interest (%)

Net income attributable to\u00a0minority
\u00a0interests

Net income and\u00a0changes in\u00a0assets and liabilities recognised directly\u00a0in equity - attributable to\u00a0minority
\u00a0interests

Dividends paid to\u00a0minority shareholders

Contribution of the entities belonging to the BGL BNP\u00a0Paribas Group

100,365

2,019

670

697

34%

243

247

185

Other minority interests

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

256

454

187

TOTAL

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

499

701

372

\u00a0

In millions of euros

31 December 2023

Year to 31 Dec. 2023

Total assets
\u00a0before
\u00a0elimination\u00a0of intra-group transactions

Revenues

Net income

Net income and\u00a0changes in\u00a0assets and liabilities recognised directly\u00a0in equity

Minority shareholders\u2019 interest (%)

Net income attributable to\u00a0minority
\u00a0interests

Net income and\u00a0changes in\u00a0assets and liabilities recognised directly\u00a0in equity - attributable to\u00a0minority
\u00a0interests

Dividends paid to\u00a0minority shareholders

Contribution of the entities belonging to the BGL BNP\u00a0Paribas Group

97,504

1,922

674

766

34%

230

260

137

Other minority interests

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

201

263

45

TOTAL

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

431

523

182

\u00a0

There are no particular contractual restrictions on the assets of BGL BNP\u00a0Paribas related to the presence of the minority shareholder.

\u27a4Internal restructuring that led to a change in minority shareholders\u2019 interest in\u00a0the\u00a0equity of\u00a0subsidiaries

In millions of euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Attributable to shareholders

Minority interests

Attributable to shareholders

Minority interests

TEB Finansman

\u00a0

\u00a0

\u00a0

\u00a0

Internal sale from BNPP Personal Finance to TEB Holding, raising the Group interest rate to 72.5%.

\u00a0

\u00a0

(22)

22

Others

-

-

1

(1)

Total

-

-

(21)

21

\u27a4Acquisitions of additional interests and partial sales of interests leading to changes in minority interests in the equity of subsidiaries

In millions of euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Attributable to shareholders

Minority interests

Attributable to shareholders

Minority interests

BNP\u00a0Paribas Bank Polska

\u00a0

\u00a0

\u00a0

\u00a0

Partial disposal of 6% of the total share, decreasing the Group\u2019s share to 81.26%

7

196

\u00a0

\u00a0

Artigiancassa SpA

\u00a0

\u00a0

\u00a0

\u00a0

Additional acquisition of 26.14% of the total share, increasing the Group's share to 100%

\u00a0

\u00a0

5

(9)

Dynamic Credit Group

\u00a0

\u00a0

\u00a0

\u00a0

Additional acquisition of 25% of the total share, increasing the Group's share to 73.65%

\u00a0

\u00a0

(3)

(4)

Other

(3)

(4)

(1)

1

Total

4

192

1

(12)

\u00a0

Commitments to repurchase minority shareholders\u2019 interests

In connection with the acquisition of certain entities, the Group granted minority shareholders put options on their holdings.

The total value of these commitments, which are recorded as a reduction in shareholders\u2019 equity, amounted to EUR\u00a0369\u00a0million at 31\u00a0December 2024, compared with EUR\u00a0510\u00a0million at 31\u00a0December 2023.

8.kScope of consolidation

BNP\u00a0Paribas, a\u00a0soci\u00e9t\u00e9 anonyme\u00a0(Public Limited Company), registered in France, is the Group\u2019s lead company, which holds key positions in its three operating divisions: Corporate & Institutional Banking (CIB), Commercial, Personal Banking & Services (CPBS) and Investment & Protection Services (IPS).

During the year, the parent company did not change its name. BNP\u00a0Paribas has its principal place of business in France and its head office is located at\u00a016\u00a0boulevard des Italiens 75009 Paris,\u00a0France.

\u00a0

Business

Name

Country

31 December 2024

31 December 2023

Method

Voting (%)

Interest (%)

Ref.

Method

Voting (%)

Interest (%)

Ref.

\u00a0

BNP\u00a0Paribas\u00a0SA

France

\u00a0

(1)

\u00a0

\u00a0

\u00a0

\u00a0

(1)

\u00a0

\u00a0

\u00a0

\u00a0

BNPP\u00a0SA (Argentina branch)

Argentina

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Australia branch)

Australia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Austria branch)

Austria

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Bahrain branch)

Bahrain

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Belgium branch)

Belgium

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Bulgaria branch)

Bulgaria

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Canada branch)

Canada

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Czech Republic branch)

Czech Rep.

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Denmark branch)

Denmark

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Finland branch)

Finland

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Germany branch)

Germany

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Greece branch)

Greece

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Guernsey branch)

Guernsey

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Hong Kong branch)

Hong Kong

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Hungary branch)

Hungary

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (India branch)

India

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Ireland branch)

Ireland

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Italy branch)

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Japan branch)

Japan

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Jersey branch)

Jersey

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Kuwait branch)

Kuwait

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Luxembourg branch)

Luxembourg

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Malaysia branch)

Malaysia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Monaco branch)

Monaco

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Netherlands branch)

Netherlands

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Norway branch)

Norway

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Philippines branch)

Philippines

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Poland branch)

Poland

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Portugal branch)

Portugal

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Qatar branch)

Qatar

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Republic of Korea branch)

Rep. of Korea

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Romania branch)

Romania

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Saudi Arabia branch)

Saudi Arabia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Singapore branch)

Singapore

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (South Africa branch)

South Africa

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Spain branch)

Spain

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Sweden branch)

Sweden

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Switzerland branch)

Switzerland

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Taiwan branch)

Taiwan

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Thailand branch)

Thailand

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (United Arab Emirates branch)

United Arab Emirates

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (United Kingdom branch)

UK

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (United States branch)

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Viet Nam branch)

Viet Nam

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

CORPORATE & INSTITUTIONAL BANKING

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

EMEA (Europe, Middle East, Africa)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Austin Finance (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

BNPP Financial Markets

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

Eurotitrisation

France

Equity

\u00a0

22.0%

22.0%

\u00a0

Equity

\u00a0

22.0%

22.0%

V4

\u00a0

Exane

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane (Germany branch)

Germany

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane (Italy branch)

Italy

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane (Spain branch)

Spain

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane (Sweden branch)

Sweden

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane (Switzerland branch)

Switzerland

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane (United Kingdom branch)

UK

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane Asset Management

France

Equity

\u00a0

35.0%

35.0%

\u00a0

Equity

\u00a0

35.0%

35.0%

V2

\u00a0

Exane Derivatives

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane Derivatives (Switzerland branch)

Switzerland

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane Derivatives (United Kingdom branch)

UK

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane Derivatives Gerance

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane Finance

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

FCT Juice (t)

France

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Financi\u00e8re des Italiens (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Financi\u00e8re du March\u00e9 Saint Honor\u00e9

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Optichamps (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Parilease

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

Participations Op\u00e9ra (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Services Logiciels d\u2019Int\u00e9gration Boursi\u00e8re

France

Equity

(3)

66.6%

66.6%

\u00a0

Equity

(3)

66.6%

66.6%

\u00a0

\u00a0

Services Logiciels d\u2019Int\u00e9gration Boursi\u00e8re (Portugal branch)

Portugal

Equity

(3)

66.6%

66.6%

\u00a0

Equity

(3)

66.6%

66.6%

E2

\u00a0

SNC Taitbout Participation 3

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Soci\u00e9t\u00e9 Orbaisienne de Participations

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Uptevia\u00a0SA

France

Equity

(3)

50.0%

50.0%

\u00a0

Equity

(3)

50.0%

50.0%

E3

Other European countries

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Allfunds Group\u00a0PLC

UK

Equity

\u00a0

12.5%

12.4%

V4

Equity

\u00a0

12.1%

12.0%

\u00a0

\u00a0

Aries Capital DAC

Ireland

Full

\u00a0

100.0%

0.0%

\u00a0

Full

\u00a0

100.0%

0.0%

\u00a0

\u00a0

AssetMetrix

Germany

Equity

\u00a0

23.1%

23.1%

V4

Equity

\u00a0

22.3%

22.3%

V4

\u00a0

BNP PUK Holding\u00a0Ltd

UK

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Bank JSC

Russia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Emissions Und Handels\u00a0GmbH

Germany

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Fund Administration Services Ireland\u00a0Ltd

Ireland

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Ireland Unlimited Co

Ireland

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Islamic Issuance\u00a0BV

Netherlands

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Issuance\u00a0BV

Netherlands

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Net\u00a0Ltd

UK

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Prime Brokerage International\u00a0Ltd

Ireland

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Suisse\u00a0SA

Switzerland

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Suisse\u00a0SA (Guernsey branch)

Guernsey

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Technology\u00a0LLC

Russia

\u00a0

\u00a0

\u00a0

\u00a0

S1

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Trust Corp UK\u00a0Ltd

UK

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Vartry Reinsurance DAC

Ireland

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Diamante Re SRL

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Ejesur\u00a0SA

Spain

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

Exane Solutions Luxembourg\u00a0SA

Luxembourg

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Expo Atlantico EAII\u00a0Investimentos Imobiliarios SA (s)

Portugal

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Expo Indico EIII\u00a0Investimentos Imobiliarios SA (s)

Portugal

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

FScholen

Belgium

Equity

(3)

50.0%

50.0%

\u00a0

Equity

(3)

50.0%

50.0%

\u00a0

\u00a0

Greenstars BNPP

Luxembourg

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Kantox European Union SL

Spain

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

V1/D3

\u00a0

Kantox Holding\u00a0Ltd

UK

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

V1/D3

\u00a0

Kantox\u00a0Ltd

UK

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

V1/D3

\u00a0

Madison Arbor\u00a0Ltd (t)

Ireland

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Matchpoint Finance\u00a0PLC (t)

Ireland

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Ribera Del Loira Arbitrage

Spain

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Securasset\u00a0SA

Luxembourg

Full

\u00a0

100.0%

0.0%

\u00a0

Full

\u00a0

100.0%

0.0%

\u00a0

\u00a0

Single Platform Investment Repackaging Entity\u00a0SA

Luxembourg

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Utexam Logistics\u00a0Ltd

Ireland

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

Utexam Solutions\u00a0Ltd

Ireland

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

Volantis\u00a0SARL (s)

Luxembourg

Full

\u00a0

-

-

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Middle East

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP Investment Co KSA

Saudi Arabia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

AMERICAS

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Banco BNPP Brasil\u00a0SA

Brazil

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Capital Services Inc

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Colombia Corporacion Financiera\u00a0SA

Colombia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP EQD Brazil Fund Fundo de Investmento Multimercado (s)

Brazil

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

BNPP Financial Services\u00a0LLC

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP FS\u00a0LLC

USA

\u00a0

\u00a0

\u00a0

\u00a0

S1

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP IT Solutions Canada Inc

Canada

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Mexico Holding

Mexico

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Mexico\u00a0SA Institucion de Banca Multiple

Mexico

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Proprietario Fundo de Investimento Multimercado (s)

Brazil

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

BNPP RCC\u00a0Inc

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Securities Corp

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP US Investments Inc

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP US Wholesale Holdings Corp

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP USA Inc

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP VPG Brookline Cre\u00a0LLC (s)

USA

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

BNPP VPG EDMC Holdings\u00a0LLC (s)

USA

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

BNPP VPG Express\u00a0LLC (s)

USA

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

BNPP VPG\u00a0I\u00a0LLC (s)

USA

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

BNPP VPG\u00a0II\u00a0LLC (s)

USA

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

BNPP VPG\u00a0III\u00a0LLC (s)

USA

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

BNPP VPG\u00a0IV\u00a0LLC (s)

USA

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

E2

\u00a0

BNPP VPG Master\u00a0LLC (s)

USA

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Corporation BNPP Canada (Ex- BNPP Canada Corp)

Canada

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Dale Bakken Partners 2012\u00a0LLC

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Decart Re\u00a0Ltd

Bermuda

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

FSI Holdings Inc

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Starbird Funding Corp (t)

USA

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

PACIFIC ASIA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Andalan Multi Guna PT

Indonesia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Bank BNPP Indonesia PT

Indonesia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Arbitrage Hong Kong\u00a0Ltd

Hong Kong

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP China\u00a0Ltd

China

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Finance Hong Kong\u00a0Ltd

Hong Kong

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Fund Services Australasia Pty\u00a0Ltd

Australia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Fund Services Australasia Pty\u00a0Ltd (New Zealand branch)

New Zealand

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Global Securities Operations Private\u00a0Ltd

India

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

BNPP India Holding Private\u00a0Ltd

India

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP India Solutions Private\u00a0Ltd

India

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Malaysia Berhad

Malaysia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Securities Asia\u00a0Ltd

Hong Kong

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Securities China\u00a0Ltd

China

Full

\u00a0

100.0%

100.0%

E2

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP Securities India Private\u00a0Ltd

India

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Securities Japan\u00a0Ltd

Japan

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Securities Korea Co\u00a0Ltd

Rep. of Korea

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Securities Taiwan Co\u00a0Ltd

Taiwan

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Sekuritas Indonesia PT

Indonesia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BPP Holdings Pte\u00a0Ltd

Singapore

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

COMMERCIAL, PERSONAL BANKING & SERVICES

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

COMMERCIAL & PERSONAL BANKING IN\u00a0THE\u00a0EUROZONE

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Commercial & Personal Banking in France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

2SF - Soci\u00e9t\u00e9 des Services Fiduciaires

France

Equity

(3)

33.3%

33.3%

\u00a0

Equity

(3)

33.3%

33.3%

\u00a0

\u00a0

Banque de Wallis et Futuna

France

Full

(1)

51.0%

51.0%

\u00a0

Full

(1)

51.0%

51.0%

\u00a0

\u00a0

BNPP Antilles Guyane

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

BNPP D\u00e9veloppement

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP D\u00e9veloppement Oblig

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Factor

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

BNPP Factor (Portugal branch)

Portugal

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

E2

\u00a0

BNPP Factor (Spain branch)

Spain

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

BNPP Factor Sociedade Financeira de Credito\u00a0SA

Portugal

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

BNPP Nouvelle Cal\u00e9donie

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

BNPP R\u00e9union

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

Compagnie pour le Financement des Loisirs

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

Copartis

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Euro Securities Partners

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

GIE Ocean

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Jivago Holding

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Partecis

France

Equity

(3)

50.0%

50.0%

\u00a0

Equity

(3)

50.0%

50.0%

\u00a0

\u00a0

Paylib Services

France

Equity

\u00a0

14.3%

14.3%

\u00a0

Equity

\u00a0

14.3%

14.3%

\u00a0

\u00a0

Portzamparc

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

BNL banca commerciale

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Banca Agevolarti\u00a0SPA (Ex- Artigiancassa\u00a0SPA)

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

V1

\u00a0

Banca Nazionale Del Lavoro\u00a0SPA

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP BNL Equity Investment\u00a0SPA

Italy

Full

\u00a0

100.0%

100.0%

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

EMF IT 2008 1 SRL (t)

Italy

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Era Uno SRL (t)

Italy

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Eutimm SRL

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Financit\u00a0SPA

Italy

Full

\u00a0

60.0%

60.0%

\u00a0

Full

\u00a0

60.0%

60.0%

\u00a0

\u00a0

Immera SRL (t)

Italy

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

International Factors Italia\u00a0SPA

Italy

Full

\u00a0

99.9%

99.9%

V1

Full

\u00a0

99.7%

99.7%

\u00a0

\u00a0

Permicro\u00a0SPA

Italy

Equity

\u00a0

21.9%

21.9%

\u00a0

Equity

\u00a0

21.9%

21.9%

\u00a0

\u00a0

Servizio Italia\u00a0SPA

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Sviluppo HQ Tiburtina SRL

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Tierre Securitisation SRL (t)

Italy

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Vela OBG SRL (t)

Italy

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Vela RMBS SRL (t)

Italy

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

Worldline Merchant Services Italia\u00a0SPA

Italy

Equity

\u00a0

20.0%

20.0%

\u00a0

Equity

\u00a0

20.0%

20.0%

\u00a0

Commercial & Personal Banking in Belgium

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Axepta BNPP Benelux

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

Bancontact Paytoniq Company

Belgium

Equity

\u00a0

22.5%

22.5%

\u00a0

Equity

\u00a0

22.5%

22.5%

\u00a0

\u00a0

BASS Master Issuer NV (t)

Belgium

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Batopin

Belgium

Equity

\u00a0

25.0%

25.0%

\u00a0

Equity

\u00a0

25.0%

25.0%

\u00a0

\u00a0

Belgian Mobile ID

Belgium

Equity

\u00a0

12.2%

12.2%

\u00a0

Equity

\u00a0

12.2%

12.2%

\u00a0

\u00a0

BNPP Commercial Finance\u00a0Ltd

UK

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP Factor\u00a0AS

Denmark

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP Factor\u00a0GmbH

Germany

Full

\u00a0

100.0%

100.0%

V4

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP Factoring Support

Netherlands

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP Fortis

Belgium

Full

\u00a0

99.9%

99.9%

\u00a0

Full

\u00a0

99.9%

99.9%

\u00a0

\u00a0

BNPP Fortis (Spain branch)

Spain

\u00a0

\u00a0

\u00a0

\u00a0

S1

Full

\u00a0

99.9%

99.9%

\u00a0

\u00a0

BNPP Fortis (United States branch)

USA

Full

\u00a0

99.9%

99.9%

\u00a0

Full

\u00a0

99.9%

99.9%

\u00a0

\u00a0

BNPP Fortis Factor\u00a0NV

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP Fortis Film Finance

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP Fortis Funding\u00a0SA

Luxembourg

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP FPE Belgium

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP FPE Expansion

Belgium

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP FPE Management

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPPF Credit Brokers (Ex-Demetris\u00a0NV)

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

Bpost Banque

Belgium

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

Credissimo

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

Credissimo Hainaut\u00a0SA

Belgium

Full

\u00a0

99.7%

99.7%

\u00a0

Full

\u00a0

99.7%

99.7%

\u00a0

\u00a0

Cr\u00e9dit pour Habitations Sociales

Belgium

Full

\u00a0

81.7%

81.6%

\u00a0

Full

\u00a0

81.7%

81.6%

\u00a0

\u00a0

Epimede (s)

Belgium

Equity

\u00a0

-

-

\u00a0

Equity

\u00a0

-

-

\u00a0

\u00a0

Esmee Master Issuer (t)

Belgium

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Immobili\u00e8re Sauveniere\u00a0SA

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

Isabel\u00a0SA\u00a0NV

Belgium

Equity

\u00a0

25.3%

25.3%

\u00a0

Equity

\u00a0

25.3%

25.3%

\u00a0

\u00a0

Microstart

Belgium

Full

\u00a0

43.9%

77.5%

V4

Full

\u00a0

42.3%

76.8%

\u00a0

\u00a0

Private Equity Investments (a)

BE/FR/LU

FV

\u00a0

-

-

\u00a0

FV

\u00a0

-

-

\u00a0

\u00a0

Sagip

Belgium

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Sowo Invest\u00a0SA\u00a0NV

Belgium

Full

\u00a0

87.5%

87.5%

\u00a0

Full

\u00a0

87.5%

87.5%

\u00a0

Commercial & Personal Banking in Luxembourg

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BGL BNPP

Luxembourg

Full

\u00a0

66.0%

65.9%

\u00a0

Full

\u00a0

66.0%

65.9%

\u00a0

\u00a0

BGL BNPP (Germany branch)

Germany

Full

\u00a0

66.0%

65.9%

\u00a0

Full

\u00a0

66.0%

65.9%

\u00a0

\u00a0

BNPP Lease Group Luxembourg\u00a0SA

Luxembourg

Full

\u00a0

100.0%

65.9%

\u00a0

Full

\u00a0

100.0%

65.9%

\u00a0

\u00a0

BNPP SB Re

Luxembourg

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cofhylux\u00a0SA

Luxembourg

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Compagnie Financi\u00e8re Ottomane\u00a0SA

Luxembourg

Full

\u00a0

97.4%

97.4%

V4

Full

\u00a0

97.3%

97.3%

\u00a0

\u00a0

Le Sphinx Assurances Luxembourg\u00a0SA

Luxembourg

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Luxhub\u00a0SA

Luxembourg

Equity

\u00a0

28.0%

18.5%

\u00a0

Equity

\u00a0

28.0%

18.5%

\u00a0

\u00a0

Visalux

Luxembourg

Equity

\u00a0

25.2%

16.6%

\u00a0

Equity

\u00a0

25.2%

16.6%

V3

COMMERCIAL & PERSONAL BANKING OUTSIDE\u00a0THE\u00a0EUROZONE

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Europe-Mediterranean

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Bank of Nanjing

China

Equity

\u00a0

16.2%

16.2%

V1/V3

Equity

\u00a0

13.8%

13.8%

V3

\u00a0

Banque Internationale pour le Commerce et l\u2019Industrie de la C\u00f4te d\u2019Ivoire

Ivory Coast

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Banque Internationale pour le Commerce et l\u2019Industrie du S\u00e9n\u00e9gal

Senegal

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Banque Marocaine pour le Commerce et l\u2019Industrie

Morocco

Full

\u00a0

67.0%

67.0%

\u00a0

Full

\u00a0

67.0%

67.0%

\u00a0

\u00a0

Banque Marocaine pour le Commerce et l\u2019Industrie Banque Offshore

Morocco

Full

\u00a0

100.0%

67.0%

\u00a0

Full

\u00a0

100.0%

67.0%

\u00a0

\u00a0

Bantas Nakit\u00a0AS

T\u00fcrkiye

Equity

(3)

33.3%

16.7%

\u00a0

Equity

(3)

33.3%

16.7%

\u00a0

\u00a0

BDSI

Morocco

Full

\u00a0

100.0%

96.4%

\u00a0

Full

\u00a0

100.0%

96.4%

\u00a0

\u00a0

BGZ Poland ABS1 DAC (t)

Ireland

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

BICI Bourse

Ivory Coast

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

BMCI Leasing

Morocco

Full

\u00a0

86.9%

58.2%

\u00a0

Full

\u00a0

86.9%

58.2%

\u00a0

\u00a0

BNPP Bank Polska\u00a0SA

Poland

Full

\u00a0

81.3%

81.3%

V2

Full

\u00a0

87.3%

87.3%

V3

\u00a0

BNPP El Djazair

Algeria

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Faktoring Spolka ZOO

Poland

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Fortis Yatirimlar Holding\u00a0AS

T\u00fcrkiye

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP Group Service Center\u00a0SA

Poland

Full

\u00a0

100.0%

81.3%

V3

Full

\u00a0

100.0%

87.3%

V3

\u00a0

BNPP IRB Participations

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Yatirimlar Holding\u00a0AS

T\u00fcrkiye

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Dreams Sustainable\u00a0AB

Sweden

\u00a0

\u00a0

\u00a0

\u00a0

S2

Full

\u00a0

57.5%

57.5%

\u00a0

\u00a0

Joint Stock Company Ukrsibbank

Ukraine

Full

\u00a0

60.0%

60.0%

D1

Equity

\u00a0

60.0%

60.0%

\u00a0

\u00a0

TEB ARF Teknoloji Anonim Sirketi

T\u00fcrkiye

Full

\u00a0

100.0%

72.5%

\u00a0

Full

\u00a0

100.0%

72.5%

\u00a0

\u00a0

TEB Faktoring\u00a0AS

T\u00fcrkiye

Full

\u00a0

100.0%

72.5%

\u00a0

Full

\u00a0

100.0%

72.5%

\u00a0

\u00a0

TEB Finansman\u00a0AS

T\u00fcrkiye

Full

\u00a0

100.0%

72.5%

\u00a0

Full

\u00a0

100.0%

72.5%

V3

\u00a0

TEB Holding\u00a0AS

T\u00fcrkiye

Full

\u00a0

50.0%

50.0%

\u00a0

Full

\u00a0

50.0%

50.0%

\u00a0

\u00a0

TEB SH A

Kosovo

Full

\u00a0

100.0%

50.0%

\u00a0

Full

\u00a0

100.0%

50.0%

\u00a0

\u00a0

TEB Yatirim Menkul Degerler\u00a0AS

T\u00fcrkiye

Full

\u00a0

100.0%

72.5%

\u00a0

Full

\u00a0

100.0%

72.5%

\u00a0

\u00a0

Turk Ekonomi Bankasi\u00a0AS

T\u00fcrkiye

Full

\u00a0

100.0%

72.5%

\u00a0

Full

\u00a0

100.0%

72.5%

\u00a0

BancWest

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BancWest Holding Inc

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

BancWest Holding Inc Grantor Trust ERC Subaccount (s)

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

BancWest Holding Inc Umbrella Trust (s)

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

BancWest Investment Services Inc

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Bank of the West

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Bank of the West Auto Trust 2019-1 (t)

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Bank of the West Auto Trust 2019-2 (t)

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

BNPP Leasing Solutions Canada Inc

Canada

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

BOW Auto Receivables\u00a0LLC (t)

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

BWC Opportunity Fund 2 Inc (t)

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

BWC Opportunity Fund Inc (t)

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

CFB Community Development Corp

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Claas Financial Services\u00a0LLC

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Commercial Federal Affordable Housing Inc

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

First Santa Clara Corp (s)

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

United California Bank Deferred Compensation Plan Trust (s)

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Ursus Real Estate Inc

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

SPECIALISED BUSINESSES

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Personal Finance

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Alpha Cr\u00e9dit\u00a0SA

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

Auto ABS UK Loans\u00a0PLC (t)

UK

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

\u00a0

-

-

E3

\u00a0

AutoFlorence 1 SRL (t)

Italy

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

AutoFlorence 2 SRL (t)

Italy

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

AutoFlorence 3 SRL (t)

Italy

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

E2

\u00a0

Autonoria 2019 (t)

France

\u00a0

\u00a0

\u00a0

\u00a0

S1

Full

\u00a0

-

-

\u00a0

\u00a0

Autonoria DE 2023 (t)

France

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

E2

\u00a0

Autonoria Spain 2019 (t)

Spain

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Autonoria Spain 2021 FT (t)

Spain

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Autonoria Spain 2022 FT (t)

Spain

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Autonoria Spain 2023 FT (t)

Spain

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

E2

\u00a0

Axa Banque Financement

France

Equity

\u00a0

35.0%

35.0%

\u00a0

Equity

\u00a0

35.0%

35.0%

\u00a0

\u00a0

Banco Cetelem\u00a0SA

Brazil

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Banco Cetelem\u00a0SA

Spain

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BGN Mercantil E Servicos\u00a0Ltda

Brazil

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Personal Finance

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Personal Finance (Austria branch)

Austria

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Personal Finance (Bulgaria branch)

Bulgaria

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

BNPP Personal Finance (Czech Republic branch)

Czech Rep.

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Personal Finance (Portugal branch)

Portugal

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Personal Finance (Romania branch)

Romania

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Personal Finance (Slovakia branch)

Slovakia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Personal Finance\u00a0BV

Netherlands

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Personal Finance South Africa\u00a0Ltd

South Africa

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BON BNPP Consumer Finance Co\u00a0Ltd

China

Equity

\u00a0

31.7%

31.7%

V3

Equity

\u00a0

33.1%

33.1%

V1/V4

\u00a0

Cafineo

France

Full

(1)

51.0%

50.8%

\u00a0

Full

(1)

51.0%

50.8%

\u00a0

\u00a0

Carrefour Banque

France

Equity

\u00a0

40.0%

40.0%

\u00a0

Equity

\u00a0

40.0%

40.0%

\u00a0

\u00a0

Central Europe Technologies SRL

Romania

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cetelem America\u00a0Ltda

Brazil

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cetelem Business Consulting Shanghai Co\u00a0Ltd

China

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cetelem Gestion\u00a0AIE

Spain

Full

\u00a0

100.0%

96.0%

\u00a0

Full

\u00a0

100.0%

96.0%

\u00a0

\u00a0

Cetelem\u00a0SA de CV

Mexico

Equity

\u00a0

20.0%

0.0\u00a0%

S2

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cetelem Servicios Informaticos\u00a0AIE

Spain

Full

\u00a0

100.0%

81.0%

\u00a0

Full

\u00a0

100.0%

81.0%

\u00a0

\u00a0

Cetelem Servicos\u00a0Ltda

Brazil

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cofica Bail

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

Cofiplan

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

Creation Consumer Finance\u00a0Ltd

UK

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

V3

\u00a0

Creation Financial Services\u00a0Ltd

UK

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

V3

\u00a0

Cr\u00e9dit Moderne Antilles Guyane

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

Cr\u00e9dit Moderne Oc\u00e9an Indien

France

Full

(1)

97.8%

97.8%

\u00a0

Full

(1)

97.8%

97.8%

\u00a0

\u00a0

Domofinance

France

Full

(1)

55.0%

55.0%

\u00a0

Full

(1)

55.0%

55.0%

\u00a0

\u00a0

E Carat 10 (t)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

E Carat 11\u00a0PLC (t)

UK

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

E Carat 12\u00a0PLC (t)

UK

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

\u00a0

-

-

\u00a0

\u00a0

Ecarat De SA (t)

Luxembourg

Full

\u00a0

-

-

E2

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Ekspres Bank\u00a0AS

Denmark

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Ekspres Bank\u00a0AS (Norway branch)

Norway

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Ekspres Bank\u00a0AS (Sweden branch)

Sweden

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Eos Aremas Belgium\u00a0SA\u00a0NV

Belgium

Equity

\u00a0

50.0%

49.9%

\u00a0

Equity

\u00a0

50.0%

49.9%

\u00a0

\u00a0

Evollis

France

Equity

\u00a0

49.2%

49.2%

\u00a0

Equity

\u00a0

49.2%

49.2%

V4

\u00a0

Findomestic Banca\u00a0SPA

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Florence Real Estate Developments\u00a0SPA

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Florence SPV SRL (t)

Italy

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

GCC Consumo Establecimiento Financiero de Credito\u00a0SA

Spain

Full

\u00a0

51.0%

51.0%

\u00a0

Full

\u00a0

51.0%

51.0%

\u00a0

\u00a0

Genius Auto Finance Co\u00a0Ltd

China

Equity

(3)

25.0%

25.0%

\u00a0

Equity

(3)

25.0%

25.0%

V1

\u00a0

International Development Resources\u00a0AS Services\u00a0SA

Spain

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Iqera Services

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Loisirs Finance

France

Full

(1)

51.0%

51.0%

\u00a0

Full

(1)

51.0%

51.0%

\u00a0

\u00a0

Magyar Cetelem Bank ZRT

Hungary

\u00a0

\u00a0

\u00a0

\u00a0

S2

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Neuilly Contentieux

France

Full

\u00a0

95.9%

95.6%

\u00a0

Full

\u00a0

95.9%

95.6%

\u00a0

\u00a0

Noria 2018-1 (t)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

Noria 2020 (t)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

Noria 2021 (t)

France

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Noria 2023 (t)

France

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

E2

\u00a0

Noria De 2024 (t)

France

Full

\u00a0

-

-

E2

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Noria Spain 2020 FT (t)

Spain

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Opel Finance\u00a0NV

Netherlands

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

Opel Finance\u00a0SA

Switzerland

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

\u00a0

100.0%

50.0%

\u00a0

\u00a0

PBD Germany Auto Lease Master SA (t)

Luxembourg

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

E3

\u00a0

Personal Finance Location

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

PF Services\u00a0GmbH

Germany

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Phedina Hypotheken 2010 BV (t)

Netherlands

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

RCS Botswana Pty\u00a0Ltd

Botswana

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

RCS Cards Pty\u00a0Ltd

South Africa

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

RCS\u00a0Investment Holdings Namibia Pty\u00a0Ltd

Namibia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Securitisation funds Genius (d) (t)

China

Equity

(3)

-

-

\u00a0

Equity

(3)

-

-

E3

\u00a0

Securitisation funds UCI and RMBS Prado (b) (t)

Spain

Equity

(3)

-

-

\u00a0

Equity

(3)

-

-

\u00a0

\u00a0

Securitisation funds Wisdom (e) (t)

China

Equity

(3)

-

-

\u00a0

Equity

(3)

-

-

E3

\u00a0

Servicios Financieros Carrefour EFC\u00a0SA

Spain

Equity

\u00a0

37.3%

40.0%

\u00a0

Equity

\u00a0

37.3%

40.0%

\u00a0

\u00a0

Stellantis Bank\u00a0SA

France

Full

\u00a0

50.0%

50.0%

\u00a0

Full

\u00a0

50.0%

50.0%

\u00a0

\u00a0

Stellantis Bank\u00a0SA (Austria branch)

Austria

Full

\u00a0

50.0%

50.0%

\u00a0

Full

\u00a0

50.0%

50.0%

\u00a0

\u00a0

Stellantis Bank\u00a0SA (Germany branch)

Germany

Full

\u00a0

50.0%

50.0%

\u00a0

Full

\u00a0

50.0%

50.0%

\u00a0

\u00a0

Stellantis Bank\u00a0SA (Italy branch)

Italy

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

Stellantis Bank\u00a0SA (Spain branch)

Spain

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

Stellantis Financial Services UK\u00a0Ltd

UK

Full

\u00a0

100.0%

50.0%

\u00a0

Full

\u00a0

100.0%

50.0%

E3

\u00a0

Union de Creditos Inmobiliarios\u00a0SA

Spain

Equity

(3)

50.0%

50.0%

\u00a0

Equity

(3)

50.0%

50.0%

\u00a0

\u00a0

United Partnership

France

Equity

(3)

50.0%

50.0%

\u00a0

Equity

(3)

50.0%

50.0%

\u00a0

\u00a0

Vauxhall Finance\u00a0Ltd

UK

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

\u00a0

100.0%

50.0%

\u00a0

\u00a0

XFERA Consumer Finance EFC\u00a0SA

Spain

Full

\u00a0

51.0%

51.0%

\u00a0

Full

\u00a0

51.0%

51.0%

\u00a0

\u00a0

Zhejiang Wisdom Puhua Financial Leasing Co\u00a0Ltd

China

Equity

(3)

25.0%

25.0%

\u00a0

Equity

(3)

25.0%

25.0%

V1

Arval

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Artel

France

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval\u00a0AB

Sweden

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval\u00a0AS

Denmark

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval\u00a0AS Norway

Norway

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Austria\u00a0GmbH

Austria

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Belgium\u00a0NV\u00a0SA

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Brasil\u00a0Ltda

Brazil

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval\u00a0BV

Netherlands

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval CZ SRO

Czech Rep.

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Deutschland\u00a0GmbH

Germany

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Fleet Services

France

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Fleet Services (succ. Monaco)

Monaco

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Hellas Car Rental\u00a0SA

Greece

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval\u00a0LLC

Russia

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Luxembourg\u00a0SA

Luxembourg

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Magyarorszag KFT

Hungary

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Maroc\u00a0SA

Morocco

Full

\u00a0

100.0%

89.0%

\u00a0

Full

(2)

100.0%

89.0%

\u00a0

\u00a0

Arval\u00a0OY

Finland

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Relsa Colombia\u00a0SAS

Colombia

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

V1/D2

\u00a0

Arval Relsa\u00a0SPA

Chile

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

V1/D2

\u00a0

Arval Schweiz\u00a0AG

Switzerland

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Service Lease

France

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Service Lease Aluger Operational Automoveis\u00a0SA

Portugal

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Service Lease Italia\u00a0SPA

Italy

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Service Lease Polska SP ZOO

Poland

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Service Lease Romania SRL

Romania

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Service Lease\u00a0SA

Spain

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Slovakia SRO

Slovakia

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Trading

France

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval UK Group\u00a0Ltd

UK

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval UK Leasing Services\u00a0Ltd

UK

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval UK\u00a0Ltd

UK

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

BNPP Fleet Holdings\u00a0Ltd

UK

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Cent ASL

France

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Cofiparc

France

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Comercializadora de Vehiculos\u00a0SA

Chile

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

V1/D2

\u00a0

FCT Pulse France 2022 (t)

France

Full

\u00a0

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

Greenval Insurance DAC

Ireland

Full

(2)

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Locadif

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Louveo

France

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Personal Car Lease\u00a0BV

Netherlands

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Public Location Longue Dur\u00e9e

France

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Pulse UK 2024\u00a0PLC (s)

UK

Full

\u00a0

-

-

E2

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Rentaequipos Leasing Peru\u00a0SA

Peru

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

V1/D2

\u00a0

Rentaequipos Leasing\u00a0SA

Chile

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

V1/D2

\u00a0

TEB Arval Arac Filo Kiralama\u00a0AS

T\u00fcrkiye

Full

\u00a0

100.0%

75.0%

\u00a0

Full

(2)

100.0%

75.0%

\u00a0

\u00a0

Terberg Busines Lease Group\u00a0BV

Netherlands

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Terberg Leasing Justlease Belgium\u00a0BV

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

Leasing Solutions

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Aprolis Finance

France

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

\u00a0

\u00a0

Artegy

France

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNL Leasing\u00a0SPA

Italy

Full

\u00a0

100.0%

95.5%

\u00a0

Full

\u00a0

100.0%

95.5%

\u00a0

\u00a0

BNPP 3 Step IT

France

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

\u00a0

\u00a0

BNPP 3 Step IT (Belgium branch)

Belgium

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

\u00a0

\u00a0

BNPP 3 Step IT (Germany branch)

Germany

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

\u00a0

\u00a0

BNPP 3 Step IT (Italy branch)

Italy

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

\u00a0

\u00a0

BNPP 3 Step IT (Netherlands branch)

Netherlands

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

\u00a0

\u00a0

BNPP 3 Step IT (Spain branch)

Spain

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

E2

\u00a0

BNPP 3 Step IT (United Kingdom branch)

UK

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

\u00a0

\u00a0

BNPP Finansal Kiralama\u00a0AS

T\u00fcrkiye

Full

\u00a0

100.0%

82.5%

\u00a0

Full

\u00a0

100.0%

82.5%

\u00a0

\u00a0

BNPP Lease Group

France

Full

(1)

100.0%

83.0%

\u00a0

Full

(1)

100.0%

83.0%

\u00a0

\u00a0

BNPP Lease Group (Germany branch)

Germany

Full

(1)

100.0%

83.0%

\u00a0

Full

(1)

100.0%

83.0%

\u00a0

\u00a0

BNPP Lease Group (Italy branch)

Italy

Full

(1)

100.0%

83.0%

\u00a0

Full

(1)

100.0%

83.0%

\u00a0

\u00a0

BNPP Lease Group (Portugal branch)

Portugal

Full

(1)

100.0%

83.0%

\u00a0

Full

(1)

100.0%

83.0%

\u00a0

\u00a0

BNPP Lease Group (Spain branch)

Spain

Full

(1)

100.0%

83.0%

\u00a0

Full

(1)

100.0%

83.0%

\u00a0

\u00a0

BNPP Lease Group Belgium

Belgium

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Lease Group Leasing Solutions\u00a0SPA

Italy

Full

\u00a0

100.0%

95.5%

\u00a0

Full

\u00a0

100.0%

95.5%

\u00a0

\u00a0

BNPP Lease Group\u00a0Ltd (Ex-BNPP Lease Group\u00a0PLC)

UK

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Lease Group SP ZOO

Poland

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Leasing Services

Poland

Full

\u00a0

100.0%

81.3%

V3

Full

\u00a0

100.0%

87.3%

V3

\u00a0

BNPP Leasing Solution\u00a0AS

Norway

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Leasing Solutions

Luxembourg

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Leasing Solutions\u00a0AB

Sweden

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Leasing Solutions\u00a0AS

Denmark

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Leasing Solutions\u00a0GmbH

Austria

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Leasing Solutions IFN\u00a0SA

Romania

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Leasing Solutions\u00a0Ltd

UK

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Leasing Solutions\u00a0NV

Netherlands

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Leasing Solutions Suisse\u00a0SA

Switzerland

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Rental Solutions\u00a0Ltd

UK

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

BNPP Rental Solutions\u00a0SPA

Italy

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

Claas Financial Services

France

Full

(1)

51.0%

42.3%

\u00a0

Full

(1)

51.0%

42.3%

\u00a0

\u00a0

Claas Financial Services (Germany branch)

Germany

Full

(1)

51.0%

42.3%

\u00a0

Full

(1)

51.0%

42.3%

\u00a0

\u00a0

Claas Financial Services (Italy branch)

Italy

Full

(1)

51.0%

42.3%

\u00a0

Full

(1)

51.0%

42.3%

\u00a0

\u00a0

Claas Financial Services (Poland branch)

Poland

Full

(1)

51.0%

42.3%

\u00a0

Full

(1)

51.0%

42.3%

\u00a0

\u00a0

Claas Financial Services (Spain branch)

Spain

Full

(1)

51.0%

42.3%

\u00a0

Full

(1)

51.0%

42.3%

\u00a0

\u00a0

Claas Financial Services\u00a0Ltd

UK

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

\u00a0

\u00a0

CNH Industrial Capital Europe

France

Full

(1)

50.1%

41.6%

\u00a0

Full

(1)

50.1%

41.6%

\u00a0

\u00a0

CNH Industrial Capital Europe (Belgium branch)

Belgium

Full

(1)

50.1%

41.6%

\u00a0

Full

(1)

50.1%

41.6%

\u00a0

\u00a0

CNH Industrial Capital Europe (Germany branch)

Germany

Full

(1)

50.1%

41.6%

\u00a0

Full

(1)

50.1%

41.6%

\u00a0

\u00a0

CNH Industrial Capital Europe (Italy branch)

Italy

Full

(1)

50.1%

41.6%

\u00a0

Full

(1)

50.1%

41.6%

\u00a0

\u00a0

CNH Industrial Capital Europe (Poland branch)

Poland

Full

(1)

50.1%

41.6%

\u00a0

Full

(1)

50.1%

41.6%

\u00a0

\u00a0

CNH Industrial Capital Europe\u00a0
(Spain branch)

Spain

Full

(1)

50.1%

41.6%

\u00a0

Full

(1)

50.1%

41.6%

\u00a0

\u00a0

CNH Industrial Capital Europe\u00a0BV

Netherlands

Full

\u00a0

100.0%

41.6%

\u00a0

Full

\u00a0

100.0%

41.6%

\u00a0

\u00a0

CNH Industrial Capital Europe\u00a0GmbH

Austria

Full

\u00a0

100.0%

41.6%

\u00a0

Full

\u00a0

100.0%

41.6%

\u00a0

\u00a0

CNH Industrial Capital Europe\u00a0Ltd

UK

Full

\u00a0

100.0%

41.6%

\u00a0

Full

\u00a0

100.0%

41.6%

\u00a0

\u00a0

ES Finance

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

FL Zeebrugge (s)

Belgium

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Fortis Lease

France

Full

(1)

100.0%

83.0%

\u00a0

Full

(1)

100.0%

83.0%

\u00a0

\u00a0

Fortis Lease Belgium

Belgium

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

Fortis Lease Deutschland\u00a0GmbH

Germany

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

Fortis Lease Iberia\u00a0SA

Spain

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

Fortis Lease Portugal

Portugal

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

Fortis Lease UK\u00a0Ltd

UK

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

Fortis Vastgoedlease\u00a0BV

Netherlands

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

Heffiq Heftruck Verhuur\u00a0BV

Netherlands

Full

\u00a0

50.1%

41.5%

\u00a0

Full

\u00a0

50.1%

41.5%

\u00a0

\u00a0

JCB Finance

France

Full

(1)

100.0%

41.6%

\u00a0

Full

(1)

100.0%

41.6%

\u00a0

\u00a0

JCB Finance (Germany branch)

Germany

Full

(1)

100.0%

41.6%

\u00a0

Full

(1)

100.0%

41.6%

\u00a0

\u00a0

JCB Finance (Italy branch)

Italy

Full

(1)

100.0%

41.6%

\u00a0

Full

(1)

100.0%

41.6%

\u00a0

\u00a0

JCB Finance Holdings\u00a0Ltd

UK

Full

\u00a0

50.1%

41.6%

\u00a0

Full

\u00a0

50.1%

41.6%

\u00a0

\u00a0

JFL BNPP Agriculture And Technology Financial Leasing Co\u00a0Ltd

Chine

Equity

\u00a0

45.0%

37.3%

E2

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Manitou Finance\u00a0Ltd

UK

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

\u00a0

\u00a0

MGF

France

Full

(1)

51.0%

42.3%

\u00a0

Full

(1)

51.0%

42.3%

\u00a0

\u00a0

MGF (Germany branch)

Germany

Full

(1)

51.0%

42.3%

\u00a0

Full

(1)

51.0%

42.3%

\u00a0

\u00a0

MGF (Italy branch)

Italy

Full

(1)

51.0%

42.3%

\u00a0

Full

(1)

51.0%

42.3%

\u00a0

\u00a0

Natio Energie 2

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Natiocredibail

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

Pixel 2021 (t)

France

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Same Deutz Fahr Finance

France

Full

(1)

100.0%

83.0%

\u00a0

Full

(1)

100.0%

83.0%

\u00a0

\u00a0

SNC Natiocredimurs

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

New Digital Businesses

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Financi\u00e8re des Paiements Electroniques

France

Full

\u00a0

95.0%

95.0%

\u00a0

Full

\u00a0

95.0%

95.0%

\u00a0

\u00a0

Financi\u00e8re des Paiements Electroniques (Belgium branch)

Belgium

Full

\u00a0

95.0%

95.0%

\u00a0

Full

\u00a0

95.0%

95.0%

\u00a0

\u00a0

Financi\u00e8re des Paiements Electroniques (Germany branch)

Germany

Full

\u00a0

95.0%

95.0%

\u00a0

Full

\u00a0

95.0%

95.0%

\u00a0

\u00a0

Financi\u00e8re des Paiements Electroniques (Portugal branch)

Portugal

Full

\u00a0

95.0%

95.0%

\u00a0

Full

\u00a0

95.0%

95.0%

\u00a0

\u00a0

Financi\u00e8re des Paiements Electroniques (Spain branch)

Spain

Full

\u00a0

95.0%

95.0%

\u00a0

Full

\u00a0

95.0%

95.0%

\u00a0

\u00a0

Floa

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

Lyf\u00a0SA

France

Equity

(3)

44.8%

44.8%

V1

Equity

(3)

43.8%

43.8%

\u00a0

\u00a0

Lyf\u00a0SAS

France

Equity

(3)

50.0%

50.0%

\u00a0

Equity

(3)

50.0%

50.0%

V4

Personal Investors

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Espresso Financial Services Private\u00a0Ltd

India

\u00a0

\u00a0

\u00a0

\u00a0

S2

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Geojit Technologies Private\u00a0Ltd

India

Equity

\u00a0

35.0%

35.0%

\u00a0

Equity

\u00a0

35.0%

35.0%

\u00a0

\u00a0

Human Value Developers Private\u00a0Ltd

India

\u00a0

\u00a0

\u00a0

\u00a0

S2

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Sharekhan BNPP Financial Services\u00a0Ltd

India

\u00a0

\u00a0

\u00a0

\u00a0

S2

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Sharekhan\u00a0Ltd

India

\u00a0

\u00a0

\u00a0

\u00a0

S2

Full

\u00a0

100.0%

100.0%

\u00a0

INVESTMENT & PROTECTION SERVICES

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Insurance

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

AEW Immocommercial (s)

France

FV

\u00a0

-

-

\u00a0

FV

\u00a0

-

-

\u00a0

\u00a0

AG Insurance

Belgium

Equity

\u00a0

25.0%

25.0%

\u00a0

Equity

\u00a0

25.0%

25.0%

\u00a0

\u00a0

Agathe Retail France

France

FV

\u00a0

33.3%

33.3%

\u00a0

FV

\u00a0

33.3%

33.3%

\u00a0

\u00a0

AM Select (s)

Luxembourg

Full

(4)

-

-

\u00a0

Full

(4)

-

-

E1

\u00a0

Astridplaza

Belgium

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

Batipart Participations\u00a0SAS

Luxembourg

FV

\u00a0

29.7%

29.7%

\u00a0

FV

\u00a0

29.7%

29.7%

\u00a0

\u00a0

BCC Vita\u00a0SPA

Italy

Full

(2)

70.0%

70.0%

E3

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Becquerel (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Actions Croissance ISR (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Actions Euro ISR (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Actions Monde ISR (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Actions Patrimoine ISR (s)

France

Full

(4)

-

-

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP Actions PME ETI (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

(4)

-

-

\u00a0

\u00a0

BNPP Aqua (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Best Selection Actions Euro ISR (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Cardif

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif\u00a0BV

Netherlands

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Compania de Seguros y Reaseguros\u00a0SA

Peru

Full

(2)

100.0%

100.0%

D1

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Emeklilik\u00a0AS

T\u00fcrkiye

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Hayat Sigorta\u00a0AS

T\u00fcrkiye

Equity*

\u00a0

100.0%

100.0%

\u00a0

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Livforsakring\u00a0AB

Sweden

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Livforsakring\u00a0AB (Denmark branch)

Denmark

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Livforsakring\u00a0AB (Norway branch)

Norway

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Pojistovna\u00a0AS

Czech Rep.

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Seguros de Vida\u00a0SA

Chile

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Seguros Generales\u00a0SA

Chile

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Services SRO

Czech Rep.

Full

(2)

100.0%

100.0%

D1

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Servicios y Asistencia\u00a0Ltda

Chile

Full

(2)

100.0%

100.0%

D1

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Sigorta\u00a0AS

T\u00fcrkiye

Equity*

\u00a0

100.0%

100.0%

\u00a0

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif TCB Life Insurance Co\u00a0Ltd

Taiwan

Equity

\u00a0

49.0%

49.0%

\u00a0

Equity

\u00a0

49.0%

49.0%

\u00a0

\u00a0

BNPP Cardif Vita Compagnia di Assicurazione E Riassicurazione\u00a0SPA

Italy

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Convictions (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP CP Cardif Private Debt (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

(4)

-

-

\u00a0

\u00a0

BNPP Deep Value (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

BNPP D\u00e9veloppement Humain (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Diversiflex (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

S1

Full

(4)

-

-

\u00a0

\u00a0

BNPP Diversipierre (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

BNPP Euro Climate Aligned (s)

France

Full

(4)

-

-

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP France Cr\u00e9dit (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Global Senior Corporate Loans (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Indice Amerique du Nord (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Indice France ESG (s)

France

Full

(4)

-

-

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP Infrastructure Investments Fund (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Moderate Focus Italia (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

BNPP Mon\u00e9taire Assurance (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

BNPP Multistrat\u00e9gies Protection 80 (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

(4)

-

-

\u00a0

\u00a0

BNPP Next Tech (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

BNPP Obliselect Euro Dec 2028 (s)

France

Full

(4)

-

-

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP Protection Monde (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

BNPP Select (s)

France

Full

(4)

-

-

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP S\u00e9lection Dynamique Monde (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Selection Patrimoine Responsable (s)

France

Full

(4)

-

-

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP Smallcap Euroland ISR (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Social Business France (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BOB Cardif Life Insurance Co\u00a0Ltd

China

Equity

\u00a0

50.0%

50.0%

\u00a0

Equity

\u00a0

50.0%

50.0%

\u00a0

\u00a0

C Sant\u00e9 (s)

France

Full

(2)

-

-

D1

FV

\u00a0

-

-

\u00a0

\u00a0

Camgestion Obliflexible (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

Capital France Hotel

France

Full

(2)

98.5%

98.5%

\u00a0

Full

(2)

98.5%

98.5%

\u00a0

\u00a0

Cardif Alternatives Part I (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

Cardif Assurance Vie

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Austria branch)

Austria

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Belgium branch)

Belgium

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Bulgaria branch)

Bulgaria

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Germany branch)

Germany

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Italy branch)

Italy

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Netherlands branch)

Netherlands

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Portugal branch)

Portugal

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Romania branch)

Romania

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Spain branch)

Spain

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Switzerland branch)

Switzerland

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Taiwan branch)

Taiwan

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Austria branch)

Austria

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Belgium branch)

Belgium

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Bulgaria branch)

Bulgaria

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Germany branch)

Germany

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Italy branch)

Italy

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Netherlands branch)

Netherlands

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Poland branch)

Poland

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Portugal branch)

Portugal

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Romania branch)

Romania

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Spain branch)

Spain

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Switzerland branch)

Switzerland

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Taiwan branch)

Taiwan

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Biztosito Magyarorszag ZRT

Hungary

\u00a0

\u00a0

\u00a0

\u00a0

S3

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cardif BNPP AM Emerging Bond (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

Cardif BNPP AM Euro Paris Climate Aligned (s)

France

Full

(4)

-

-

D1

FV

\u00a0

-

-

\u00a0

\u00a0

Cardif BNPP AM Global Environmental Equity (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

Cardif BNPP AM Global Senior Corporate Loans (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

Cardif BNPP AM Sustainable Euro Equity (s)

France

Full

(4)

-

-

D1

FV

\u00a0

-

-

\u00a0

\u00a0

Cardif BNPP AM Sustainable Europe Equity (s)

France

Full

(4)

-

-

D1

FV

\u00a0

-

-

\u00a0

\u00a0

Cardif BNPP IP Signatures (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

Cardif BNPP IP Smid Cap Euro (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

(2)

-

-

\u00a0

\u00a0

Cardif Colombia Seguros Generales\u00a0SA

Colombia

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif CPR Global Return (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

Cardif do Brasil Seguros e Garantias\u00a0SA

Brazil

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif do Brasil Vida e Previdencia\u00a0SA

Brazil

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Edrim Signatures (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

Cardif El Djazair

Algeria

Equity*

\u00a0

85.0%

85.0%

V2

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cardif Forsakring\u00a0AB

Sweden

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Forsakring\u00a0AB (Denmark branch)

Denmark

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Forsakring\u00a0AB (Norway branch)

Norway

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif IARD

France

Full

(2)

66.0%

66.0%

\u00a0

Full

(2)

66.0%

66.0%

\u00a0

\u00a0

Cardif Insurance Co\u00a0LLC

Russia

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Cardif Insurance Holdings\u00a0PLC

UK

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Life Insurance Co\u00a0Ltd

Rep. of Korea

Full

(2)

85.0%

85.0%

\u00a0

Full

(2)

85.0%

85.0%

\u00a0

\u00a0

Cardif Life Insurance Japan

Japan

Full

(2)

75.0%

75.0%

\u00a0

Full

(2)

75.0%

75.0%

\u00a0

\u00a0

Cardif\u00a0Ltda

Brazil

Full

(2)

100.0%

100.0%

D1

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cardif Lux Vie

Luxembourg

Full

(2)

100.0%

88.6%

\u00a0

Full

(2)

100.0%

88.6%

\u00a0

\u00a0

Cardif Mexico Seguros de Vida\u00a0SA de CV

Mexico

Full

(2)

100.0%

100.0%

D1

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cardif Mexico Seguros Generales\u00a0SA de CV

Mexico

Full

(2)

100.0%

100.0%

D1

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cardif Non Life Insurance Japan

Japan

Full

(2)

100.0%

75.0%

\u00a0

Full

(2)

100.0%

75.0%

\u00a0

\u00a0

Cardif Nordic\u00a0AB

Sweden

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Polska Towarzystwo Ubezpieczen Na Zycie\u00a0SA

Poland

\u00a0

\u00a0

\u00a0

\u00a0

S3

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cardif Retraite

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Seguros\u00a0SA

Argentina

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Cardif Services AEIE

Portugal

\u00a0

\u00a0

\u00a0

\u00a0

S1

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Servicios de Colombia\u00a0SAS

Colombia

Full

(2)

100.0%

100.0%

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Cardif Servicios SAC

Peru

\u00a0

\u00a0

\u00a0

\u00a0

S3

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cardif Support Unipessoal Lda

Portugal

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

E1

\u00a0

Cardif Vita Convex Fund Eur (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

Cardimmo

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Carma Grand Horizon\u00a0SARL

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cedrus Carbon Initiative Trends (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

Centre Commercial Francilia

France

FV

\u00a0

21.7%

21.7%

\u00a0

FV

\u00a0

21.7%

21.7%

\u00a0

\u00a0

CFH Alexanderplatz Hotel\u00a0SARL

Luxembourg

Full

(2)

100.0%

93.5%

\u00a0

Full

(2)

100.0%

93.5%

E2

\u00a0

CFH Algonquin Management Partners France Italia

Italy

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

CFH Bercy

France

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

CFH Bercy Hotel

France

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

CFH Bercy Interm\u00e9diaire

France

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

CFH Berlin GP\u00a0GmbH

Germany

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

E2

\u00a0

CFH Berlin Holdco\u00a0SARL

Luxembourg

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

CFH Boulogne

France

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

CFH Cap d\u2019Ail

France

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

CFH Hostel Berlin\u00a0SARL

Luxembourg

Full

(2)

100.0%

93.5%

\u00a0

Full

(2)

100.0%

93.5%

E2

\u00a0

CFH Hotel Project\u00a0SARL

Luxembourg

Full

(2)

100.0%

93.5%

\u00a0

Full

(2)

100.0%

93.5%

E2

\u00a0

CFH Milan Holdco SRL

Italy

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

CFH Montmartre

France

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

CFH Montparnasse

France

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

Corosa

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Darnell DAC

Ireland

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

D\u00e9fense CB3\u00a0SAS

France

FV

\u00a0

25.0%

25.0%

\u00a0

FV

\u00a0

25.0%

25.0%

\u00a0

\u00a0

Diversipierre DVP 1

France

Full

(2)

100.0%

94.6%

V4

Full

(2)

100.0%

93.4%

V4

\u00a0

Diversipierre Germany\u00a0GmbH

Germany

Full

(2)

100.0%

94.6%

D1/V4

Equity*

\u00a0

100.0%

93.4%

V4

\u00a0

DVP European Channel

France

Full

(2)

100.0%

94.6%

D1/V4

Equity*

\u00a0

100.0%

93.4%

V4

\u00a0

DVP Green Clover

France

Full

(2)

100.0%

94.6%

D1/V4

Equity*

\u00a0

100.0%

93.4%

V4

\u00a0

DVP Haussmann

France

Full

(2)

100.0%

94.6%

D1/V4

Equity*

\u00a0

100.0%

93.4%

V4

\u00a0

DVP Heron

France

Full

(2)

100.0%

94.6%

D1/V4

Equity*

\u00a0

100.0%

93.4%

V4

\u00a0

Eclair (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

EP L (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

EP1 Grands Moulins (s)

France

Full

(2)

-

-

D1

Equity*

\u00a0

-

-

\u00a0

\u00a0

Fleur\u00a0SAS

France

\u00a0

\u00a0

\u00a0

\u00a0

S1

FV

\u00a0

33.3%

33.3%

\u00a0

\u00a0

Fonci\u00e8re Partenaires (s)

France

FV

\u00a0

-

-

\u00a0

FV

\u00a0

-

-

\u00a0

\u00a0

Fondev (Ex- FDI Poncelet)

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Fondo BNPP Aqua Protetto (s)

France

Full

(4)

-

-

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Fonds d\u2019Investissements Immobiliers pour le Commerce et la Distribution

France

FV

\u00a0

25.0%

25.0%

\u00a0

FV

\u00a0

25.0%

25.0%

\u00a0

\u00a0

FP Cardif Convex Fund USD (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

Fundamenta (s)

Italy

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

G C Thematic Opportunities\u00a0II (s)

Ireland

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

GIE BNPP Cardif

France

Full

(2)

99.7%

99.7%

\u00a0

Full

(2)

99.7%

99.7%

V2

\u00a0

GPinvest 10

France

FV

\u00a0

50.0%

50.0%

\u00a0

FV

\u00a0

50.0%

50.0%

\u00a0

\u00a0

Harewood Helena 2\u00a0Ltd

UK

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Harmony Prime (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

Hemisphere Holding

France

Equity

\u00a0

20.0%

20.0%

\u00a0

Equity

\u00a0

20.0%

20.0%

\u00a0

\u00a0

Hibernia France

France

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

Horizon Development\u00a0GmbH

Germany

FV

\u00a0

66.7%

64.9%

V4

FV

\u00a0

66.7%

62.9%

\u00a0

\u00a0

Icare

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Icare Assurance

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

ID Cologne A1\u00a0GmbH

Germany

Full

(2)

89.2%

86.8%

D1/V4

Equity*

\u00a0

89.2%

86.2%

V1

\u00a0

ID Cologne A2\u00a0GmbH

Germany

Full

(2)

89.2%

86.8%

D1/V4

Equity*

\u00a0

89.2%

86.2%

V1

\u00a0

Karapass Courtage

France

\u00a0

\u00a0

\u00a0

\u00a0

S3

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Korian et Partenaires Immobilier 1

France

FV

\u00a0

24.5%

24.5%

\u00a0

FV

\u00a0

24.5%

24.5%

\u00a0

\u00a0

Korian et Partenaires Immobilier 2

France

FV

\u00a0

24.5%

24.5%

\u00a0

FV

\u00a0

24.5%

24.5%

\u00a0

\u00a0

Luizaseg Seguros\u00a0SA

Brazil

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

V1/D4

\u00a0

Natio Assurance

France

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Natio Fonds Amp\u00e8re 1 (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

NCVP Participacoes Societarias\u00a0SA

Brazil

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Neuflize Vie

France

Full

(2)

100.0%

100.0%

E3

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

New Alpha Cardif Incubator Fund (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

OC Health Real Estate\u00a0GmbH

Germany

FV

\u00a0

35.0%

31.0%

\u00a0

FV

\u00a0

35.0%

31.0%

\u00a0

\u00a0

Op\u00e9ra Rendement (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

Paris Management Consultant Co\u00a0Ltd

Taiwan

\u00a0

\u00a0

\u00a0

\u00a0

S3

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Permal Cardif Co Investment Fund (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

Pinnacle Pet Holdings\u00a0Ltd

UK

Equity

\u00a0

24.7%

24.7%

\u00a0

Equity

\u00a0

24.7%

24.7%

V3

\u00a0

Poistovna Cardif Slovakia\u00a0AS

Slovakia

\u00a0

\u00a0

\u00a0

\u00a0

S3

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Preim Healthcare SAS (s)

France

FV

\u00a0

-

-

\u00a0

FV

\u00a0

-

-

\u00a0

\u00a0

PWH

France

FV

\u00a0

47.5%

47.5%

\u00a0

FV

\u00a0

47.5%

47.5%

\u00a0

\u00a0

Reumal Investissements

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Rubin\u00a0SARL

Luxembourg

FV

\u00a0

50.0%

50.0%

\u00a0

FV

\u00a0

50.0%

50.0%

\u00a0

\u00a0

Rueil Ariane

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SAS HVP

France

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

Schroder European Operating Hotels Fund 1 (s)

Luxembourg

FV

\u00a0

-

-

\u00a0

FV

\u00a0

-

-

\u00a0

\u00a0

SCI\u00a068/70 rue de Lagny Montreuil

France

Full

(2)

99.9%

99.9%

\u00a0

Full

(2)

99.9%

99.9%

\u00a0

\u00a0

SCI Alpha Park

France

\u00a0

\u00a0

\u00a0

\u00a0

S2

FV

\u00a0

50.0%

50.0%

\u00a0

\u00a0

SCI Batipart Chadesrent

France

FV

\u00a0

20.0%

20.0%

\u00a0

FV

\u00a0

20.0%

20.0%

\u00a0

\u00a0

SCI Biv Malakoff

France

FV

\u00a0

23.3%

23.3%

\u00a0

FV

\u00a0

23.3%

23.3%

\u00a0

\u00a0

SCI BNPP Pierre\u00a0I

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI BNPP Pierre\u00a0II

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Bobigny Jean Rostand

France

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Bouleragny

France

FV

\u00a0

50.0%

50.0%

\u00a0

FV

\u00a0

50.0%

50.0%

\u00a0

\u00a0

SCI Cardif Logement

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Citylight Boulogne

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Clichy Nuovo

France

FV

\u00a0

50.0%

50.0%

\u00a0

FV

\u00a0

50.0%

50.0%

\u00a0

\u00a0

SCI D\u00e9fense Etoile

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI D\u00e9fense Vend\u00f4me

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Etoile du Nord

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Fontenay Plaisance

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI\u00a0Imefa Velizy

France

FV

\u00a0

21.8%

21.8%

\u00a0

FV

\u00a0

21.8%

21.8%

\u00a0

\u00a0

SCI Le Mans Gare

France

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Nanterre Guilleraies

France

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Nantes Carnot

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Odyss\u00e9e

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Pantin Les Moulins

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Paris Batignolles

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Paris Cours de Vincennes

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Paris Grande Arm\u00e9e

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Paris Turenne

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Portes de Claye

France

Equity

\u00a0

45.0%

45.0%

\u00a0

Equity

\u00a0

45.0%

45.0%

\u00a0

\u00a0

SCI Rue Moussorgski

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Rueil Caudron

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Saint Denis Landy

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Saint Denis Mitterrand

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Saint-Denis Jade

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI SCOO

France

FV

\u00a0

46.4%

46.4%

\u00a0

FV

\u00a0

46.4%

46.4%

\u00a0

\u00a0

SCI Vend\u00f4me Ath\u00e8nes

France

FV

\u00a0

50.0%

50.0%

\u00a0

FV

\u00a0

50.0%

50.0%

\u00a0

\u00a0

SCI Villeurbanne Stalingrad

France

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Secar

France

FV

\u00a0

55.1%

55.1%

\u00a0

FV

\u00a0

55.1%

55.1%

\u00a0

\u00a0

Seniorenzentren Deutschland Holding\u00a0SARL

Luxembourg

FV

\u00a0

20.0%

17.7%

\u00a0

FV

\u00a0

20.0%

17.7%

\u00a0

\u00a0

Seniorenzentren Reinbeck Oberursel M\u00fcnchen Objekt\u00a0GmbH

Germany

FV

\u00a0

35.0%

31.0%

\u00a0

FV

\u00a0

35.0%

31.0%

\u00a0

\u00a0

Seniorenzentrum Butzbach Objekt\u00a0GmbH

Germany

FV

\u00a0

35.0%

31.0%

\u00a0

FV

\u00a0

35.0%

31.0%

\u00a0

\u00a0

Seniorenzentrum Heilbronn Objekt\u00a0GmbH

Germany

FV

\u00a0

35.0%

31.0%

\u00a0

FV

\u00a0

35.0%

31.0%

\u00a0

\u00a0

Seniorenzentrum Kassel Objekt\u00a0GmbH

Germany

FV

\u00a0

35.0%

31.0%

\u00a0

FV

\u00a0

35.0%

31.0%

\u00a0

\u00a0

Seniorenzentrum Wolfratshausen Objekt\u00a0GmbH

Germany

FV

\u00a0

35.0%

31.0%

\u00a0

FV

\u00a0

35.0%

31.0%

\u00a0

\u00a0

Services Epargne Entreprise

France

Equity

\u00a0

36.8%

36.8%

V1

Equity

\u00a0

35.6%

35.6%

\u00a0

\u00a0

SNC Batipart Mermoz

France

FV

\u00a0

25.0%

25.0%

\u00a0

FV

\u00a0

25.0%

25.0%

\u00a0

\u00a0

SNC Batipart Poncelet

France

FV

\u00a0

25.0%

25.0%

\u00a0

FV

\u00a0

25.0%

25.0%

\u00a0

\u00a0

Soci\u00e9t\u00e9 Francaise d\u2019Assurances sur la Vie

France

Equity

\u00a0

50.0%

50.0%

\u00a0

Equity

\u00a0

50.0%

50.0%

\u00a0

\u00a0

Soci\u00e9t\u00e9 Immobili\u00e8re du Royal Building\u00a0SA

Luxembourg

Full

(2)

100.0%

88.6%

\u00a0

Full

(2)

100.0%

88.6%

\u00a0

\u00a0

Theam Quant Europe Climate Carbon Offset Plan (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

(4)

-

-

\u00a0

\u00a0

Tikehau Cardif Loan Europe (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

Valeur Pierre Epargne

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Valtitres FCP (s)

France

Full

(4)

-

-

D1

FV

(4)

-

-

\u00a0

\u00a0

Velizy Holding

France

FV

\u00a0

33.3%

33.3%

\u00a0

FV

\u00a0

33.3%

33.3%

\u00a0

Wealth Management

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP Wealth Management Monaco

Monaco

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(1)

100.0%

100.0%

\u00a0

Asset Management

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Alfred Berg Kapitalforvaltning\u00a0AS

Norway

Full

\u00a0

100.0%

73.7%

\u00a0

Full

\u00a0

100.0%

73.7%

V2

\u00a0

Alfred Berg Kapitalforvaltning\u00a0AS (Sweden branch)

Sweden

Full

\u00a0

100.0%

73.7%

\u00a0

Full

\u00a0

100.0%

73.7%

V3

\u00a0

Bancoestado Administradora General de Fondos\u00a0SA

Chile

Equity

\u00a0

50.0%

49.1%

\u00a0

Equity

\u00a0

50.0%

49.1%

\u00a0

\u00a0

Baroda BNPP AMC Private\u00a0Ltd

India

Equity

(3)

49.9%

49.1%

V4

Equity

(3)

49.9%

49.0%

\u00a0

\u00a0

BNPP ABC Wealth Management Co\u00a0Ltd

China

Equity

(3)

51.0%

50.1%

\u00a0

Equity

(3)

51.0%

50.1%

E2

\u00a0

BNPP Agility Capital

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

BNPP Agility Fund Equity SLP (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Agility Fund Private Debt SLP (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP AM International Hedged Strategies (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Asset Management Asia\u00a0Ltd

Hong Kong

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Be Holding

Belgium

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Brasil\u00a0Ltda

Brazil

Full

\u00a0

100.0%

99.6%

V4

Full

\u00a0

100.0%

99.5%

\u00a0

\u00a0

BNPP Asset Management Europe (Austria branch) (Ex- BNPP Asset Management France (Austria branch))

Austria

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Europe (Belgium branch) (Ex- BNPP Asset Management France (Belgium branch))

Belgium

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Europe (Ex-BNPP Asset Management France)

France

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Europe (Germany branch) (Ex-BNPP Asset Management France (Germany branch))

Germany

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Europe (Italy branch) (Ex-BNPP Asset Management France (Italy branch))

Italy

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Europe (Netherlands branch) (Ex-BNPP Asset Management France (Netherlands branch))

Netherlands

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Europe (Poland branch)

Poland

Full

\u00a0

100.0%

98.3%

E2

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP Asset Management Holding

France

Full

\u00a0

100.0%

98.3%

V1

Full

\u00a0

99.9%

98.2%

\u00a0

\u00a0

BNPP Asset Management Japan\u00a0Ltd

Japan

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Luxembourg

Luxembourg

Full

\u00a0

99.7%

98.0%

V4

Full

\u00a0

99.7%

97.9%

\u00a0

\u00a0

BNPP Asset Management NL Holding\u00a0NV

Netherlands

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

BNPP Asset Management PT

Indonesia

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Services Grouping

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

BNPP Asset Management Taiwan Co\u00a0Ltd

Taiwan

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

E1

\u00a0

BNPP Asset Management UK\u00a0Ltd

UK

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management USA Holdings Inc

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Asset Management USA Inc

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP B Institutional\u00a0II (s)

Belgium

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Dealing Services

France

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Easy (s)

Luxembourg

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Flexi I (s)

Luxembourg

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Funds (s)

Luxembourg

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

Drypnir\u00a0AS

Norway

Full

\u00a0

100.0%

0.0%

\u00a0

Full

\u00a0

100.0%

0.0%

\u00a0

\u00a0

Dynamic Credit Group\u00a0BV

Netherlands

Full

\u00a0

75.0%

73.7%

V4

Full

\u00a0

75.0%

73.6%

E3

\u00a0

Gambit Financial Solutions

Belgium

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

Haitong Fortis Private Equity Fund Management Co\u00a0Ltd

China

Equity

\u00a0

33.0%

32.4%

\u00a0

Equity

\u00a0

33.0%

32.4%

\u00a0

\u00a0

Harewood Helena 1\u00a0Ltd

UK

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

HFT Investment Management Co\u00a0Ltd

China

Equity

\u00a0

49.0%

48.2%

V4

Equity

\u00a0

49.0%

48.1%

\u00a0

\u00a0

Impax Asset Management Group\u00a0PLC

UK

Equity

\u00a0

13.8%

13.5%

\u00a0

Equity

\u00a0

13.8%

13.5%

\u00a0

\u00a0

SME Alternative Financing DAC (s)

Ireland

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Theam Quant (s)

Luxembourg

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

Real Estate

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Auguste Thouard Expertise

France

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Immobilier Promotion

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Immobilier R\u00e9sidences Services

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate (United Arab Emirates branch)

United Arab Emirates

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Advisory & Property Management Luxembourg\u00a0SA

Luxembourg

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Advisory & Property Management UK\u00a0Ltd

UK

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Advisory and Property Management Ireland\u00a0Ltd

Ireland

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Advisory Italy\u00a0SPA

Italy

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Advisory Netherlands\u00a0BV

Netherlands

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Belgium\u00a0SA

Belgium

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Conseil Habitation & Hospitality

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Consult France

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Consult\u00a0GmbH

Germany

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Facilities Management\u00a0Ltd

UK

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Financial Partner

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate\u00a0GmbH

Germany

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Holding\u00a0GmbH

Germany

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Investment Management Belgium

Belgium

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Investment Management France

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Investment Management Germany\u00a0GmbH

Germany

Full

\u00a0

94.9%

94.9%

\u00a0

Full

\u00a0

94.9%

94.9%

\u00a0

\u00a0

BNPP Real Estate Investment Management Germany\u00a0GmbH (Italy branch)

Italy

Full

\u00a0

94.9%

94.9%

\u00a0

Full

\u00a0

94.9%

94.9%

\u00a0

\u00a0

BNPP Real Estate Investment Management Germany\u00a0GmbH (Portugal branch)

Portugal

Full

\u00a0

94.9%

94.9%

\u00a0

Full

\u00a0

94.9%

94.9%

\u00a0

\u00a0

BNPP Real Estate Investment Management Germany\u00a0GmbH (Spain branch)

Spain

Full

\u00a0

94.9%

94.9%

\u00a0

Full

\u00a0

94.9%

94.9%

\u00a0

\u00a0

BNPP Real Estate Investment Management Italy\u00a0SPA

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Investment Management\u00a0Ltd

UK

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Investment Management Luxembourg\u00a0SA

Luxembourg

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Investment Management Luxembourg\u00a0SA (Italy branch)

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

E2

\u00a0

BNPP Real Estate Investment Management Spain\u00a0SA

Spain

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Investment Management UK\u00a0Ltd

UK

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Poland SP ZOO

Poland

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Portugal Unipersonal LDA

Portugal

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Property Development & Services\u00a0GmbH

Germany

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Property Development UK\u00a0Ltd

UK

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Property Management France\u00a0SAS

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Property Management\u00a0GmbH

Germany

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Property Management Italy SRL

Italy

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Singapore Pte\u00a0Ltd

Singapore

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Spain\u00a0SA

Spain

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Transaction France

France

Full

(2)

97.4%

97.4%

V1

Full

(2)

97.2%

97.2%

V1

\u00a0

BNPP Real Estate Valuation France

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cariboo Development SL

Spain

Equity

\u00a0

65.0%

65.0%

\u00a0

Equity

\u00a0

65.0%

65.0%

\u00a0

\u00a0

Construction-Sale Companies (c)

France

Full / Equity

(2)

-

-

\u00a0

Full / Equity

(2)

-

-

\u00a0

\u00a0

Exeo Aura & Echo Offices Lda

Portugal

Equity

\u00a0

31.9%

31.9%

\u00a0

Equity

\u00a0

31.9%

31.9%

\u00a0

\u00a0

GIE BNPP Real Estate

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Horti Milano SRL

Italy

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Nanterre Arboretum

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Parker Tower\u00a0Ltd

UK

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Partner\u2019s & Services

France

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

REPD Parker\u00a0Ltd

UK

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Sviluppo Residenziale Italia SRL

Italy

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Wapiti Development SL

Spain

Equity

\u00a0

65.0%

65.0%

\u00a0

Equity

\u00a0

65.0%

65.0%

\u00a0

OTHER BUSINESS UNITS

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Property Companies (Property Used In Operations) and Others

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Antin Participation 5

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Home Loan SFH

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

BNPP Partners for Innovation

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Partners for Innovation Belgium

Belgium

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Partners For Innovation Global Connect

France

Full

\u00a0

100.0%

100.0%

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP Partners for Innovation Italia SRL

Italy

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Procurement Tech

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Public Sector\u00a0SA

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

FCT Lafayette 2021 (t)

France

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

FCT Laffitte 2021 (t)

France

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

FCT Op\u00e9ra 2014 (t)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

FCT Opera 2023 (t)

France

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

E2

\u00a0

FCT Pyramides 2022 (t)

France

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

GIE Groupement Auxiliaire de Moyens

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

GIE Groupement d\u2019Etudes et de Prestations

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Transvalor

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

  • At 31 December 2024, 13 Private Equity investment entities versus 14 Private Equity investment entities at 31 December 2023.
  • At 31 December 2024, the securitisation funds UCI and RMBS Prado included 13 funds (FCC UCI 11, 12, 14 to 17, RMBS Prado\u00a0VII to\u00a0XI, Green Belem\u00a0I et RMBS Belem No\u00a02) unchanged from 31 December 2023.
  • At 31 December 2024, 102 Construction-sale companies (71 Full and 31 Equity) versus 117 Construction-sale companies (82 Full and 35 Equity) at 31 December 2023.
  • At 31 December 2024, the securitisation funds Genius include 8 funds (Generation 2024-1-4 Retail Auto Mortgage Loan Securitisation, Generation 2023-2 to 5 Retail Auto Mortgage Loan Securitisation) versus 11 funds (Generation 2021-4 Retail Auto Mortgage Loan Securitisation, Generation 2022-1 to 5 Retail Auto Mortgage Loan Securitisation, Generation 2023-1 to 5 Retail Auto Mortgage Loan Securitisation) at 31 December 2023.
  • At 31 december 2024, 10 funds (Wisdom Puhua Leasing 2022-2 to 3 Asset-Backed Securities, Wisdom Puhua Leasing 2023-2 Asset-Backed Notes, Wisdom Puhua Leasing 2023-1 & 2 Asset-Backed Securities, Wisdom Puhua Leasing Xinghe 2023-1 Asset-Backed Securities, Wisdom Puhua Leasing Xinghe 2024-1 to 4 Asset-Backed Securities) versus 13 funds (Wisdom Puhua Leasing 2021-2 & 3 Asset-Backed Securities, Wisdom Puhua Leasing 2022-1 Asset-Backed Notes, Wisdom Puhua Leasing 2022-1 to 3 Asset-Backed Securities, Wisdom Puhua Leasing 2023-1 & 2 Asset-Backed Notes, Wisdom Puhua Leasing 2023-1 & 2 Asset-Backed securities, Wisdom Puhua Leasing Zhixing 2023-1 & 2 Asset-Backed Notes, Wisdom Puhua Leasing Xinghe 2023-1 Asset-Backed Securities) at 31 December 2023.

\u00a0

As requested by the ANC 2016 regulation, the list of entities that are controlled by the Group, jointly controlled or under significant influence, but excluded from the scope of consolidation since their contribution to the consolidated financial statements would be immaterial to the Group, and the list of equity investments, are available on the \u201cRegulated Information\u201d page of the https://invest.bnpparibas.com website.

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Changes in the scope of consolidation

New entries (E) in the scope of consolidation

E1

Passing above consolidation thresholds

E2

Incorporation

E3

Purchase, gain of control or significant influence

Removals (S) from the scope of consolidation

S1

Cessation of activity (dissolution, liquidation, etc.)

S2

Disposal, loss of control or loss of significant influence

S3

Passing below consolidation thresholds

S4

Merger, Universal transfer of assets and liabilities

Variance (V) in voting or ownership interest

V1

Additional purchase

V2

Partial disposal

V3

Dilution

V4

Increase in %

Miscellaneous

D1

Consolidation method change not related to fluctuation in voting or ownership interest

D2

Following the additional purchase of interest by the Group, Arval Relsa and its subsidiaries were fully consolidated since the fourth quarter 2023

D3

Following the additional purchase of interest by the Group, the whole entities Kantox and its subsidiaries were fully consolidated since the fourth quarter 2023.

D4

Following the additional purchase of interest by the Group, Luizaseg Seguros\u00a0SA was fully consolidated since the fourth quarter 2023

\u00a0

Equity*

Controlled but non material entities consolidated under the equity method as associates

FV

Joint control or investment in associates measured at fair value through profit or loss

(s)

Structured entities

(t)

Securitisation funds

\u00a0

\u00a0

Prudential scope of consolidation

(1)

French subsidiaries for which supervision of prudential requirements is complied with through the supervision on a consolidated basis of BNP\u00a0Paribas\u00a0SA, in accordance with article\u00a07.1 of Regulation n\u00b0575/2013 of the European Parliament and of the Council

(2)

Entities consolidated under the equity method in the prudential scope

(3)

Jointly controlled entities under proportional consolidation in the prudential scope

(4)

Collective investment undertaking excluded from the prudential scope

", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_44eeaeee-f0eb-4ea9-aaff-403417b76637": { "value": "
Exclusive control

Controlled enterprises are fully consolidated. The Group controls a subsidiary when it is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity.

For entities governed by voting rights, the Group generally controls the entity if it holds, directly or indirectly, the majority of the voting rights (and if there are no contractual provisions that alter the power of these voting rights) or if the power to direct the relevant activities of the entity is conferred on it by contractual agreements.

Structured entities are entities established so that they are not governed by voting rights, for instance when those voting rights relate to administrative tasks only, whereas the relevant activities are directed by means of contractual arrangements. They often have the following features or attributes: restricted activities, a narrow and well-defined objective and insufficient equity to permit them to finance their activities without subordinated financial support.

For these entities, the analysis of control shall consider the purpose and design of the entity, the risks to which the entity is designed to be exposed and to what extent the Group absorbs the related variability. The assessment of control shall consider all facts and circumstances able to determine the Group\u2019s practical ability to make decisions that could significantly affect its returns, even if such decisions are contingent on uncertain future events or circumstances.

In assessing whether it has power, the Group considers only substantive rights which it holds or which are held by third parties. For a right to be substantive, the holder must have the practical ability to exercise that right when decisions about the relevant activities of the entity need to be made.

Control is reassessed if facts and circumstances indicate that there are changes to one or more of the elements of control.

Where the Group contractually holds the decision-making power, for instance where the Group acts as fund manager, it shall determine whether it is acting as agent or principal. Indeed, when associated with a certain level of exposure to the variability of returns, this decision-making power may indicate that the Group is acting on its own account and that it thus has control over those entities.

Minority interests are presented separately in the consolidated profit and loss account and balance sheet within consolidated equity. The calculation of minority interests takes into account the outstanding cumulative preferred shares classified as equity instruments issued by subsidiaries, when such shares are held outside the Group.

As regards fully consolidated funds, units held by third-party investors are recognised as debts at fair value through profit or loss, inasmuch as they are redeemable at fair value at the subscriber\u2019s initiative.

For transactions resulting in a loss of control, any equity interest retained by the Group is remeasured at its fair value through profit or loss.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_fb0c3fff-3910-43b3-9d30-cce42b952b34": { "value": "
Joint control

Where the Group carries out an activity with one or more partners, sharing control by virtue of a contractual agreement which requires unanimous consent on relevant activities (those that significantly affect the entity\u2019s returns), the Group exercises joint control over the activity. Where the jointly controlled activity is structured through a separate vehicle in which the partners have rights to the net assets, this joint venture is accounted for using the equity method. Where the jointly controlled activity is not structured through a separate vehicle or where the partners have rights to the assets and obligations for the liabilities of the jointly controlled activity, the Group accounts for its share of the assets, liabilities, revenues and expenses in accordance with the applicable IFRS.

Significant influence

Companies over which the Group exercises significant influence or associates are accounted for by the equity method. Significant influence is the power to participate in the financial and operating policy decisions of a company without exercising control. Significant influence is presumed to exist when the Group holds, directly or indirectly, 20% or more of the voting rights of a company. Interests of less than 20% can be included in the consolidation scope if the Group effectively exercises significant influence. This is the case for example for entities developed in partnership with other associates, where the BNP\u00a0Paribas Group participates in strategic decisions of the enterprise through representation on the Board of directors or equivalent governing body, or exercises influence over the enterprise\u2019s operational management by supplying management systems or senior managers, or provides technical assistance to support the enterprise\u2019s development.

Changes in the net assets of associates (companies accounted for under the equity method) are recognised on the assets side of the balance sheet under \u201cInvestments in equity-method entities\u201d and in the relevant component of shareholders\u2019 equity. Goodwill recorded on associates is also included under \u201cEquity-method investments\u201d.

Whenever there is an indication of impairment, the carrying amount of the investment consolidated under the equity method (including goodwill) is subjected to an impairment test, by comparing its recoverable value (the higher of value-in-use and market value less costs to sell) to its carrying amount. Where appropriate, impairment is recognised under \u201cShare of earnings of equity-method entities\u201d in the consolidated income statement and can be reversed at a later date.

If the Group\u2019s share of losses of an equity-method entity equals or exceeds the carrying amount of its investment in this entity, the Group discontinues including its share of further losses. The investment is reported at nil value. Additional losses of the equity-method entity are provided for only to the extent that the Group has contracted a legal or constructive obligation or has made payments on behalf of this entity.

Where the Group holds an interest in an associate, directly or indirectly through an entity that is a venture capital organisation, a mutual fund, an open-ended investment company or similar entity such as an investment-related insurance fund, it may elect to measure that interest at fair value through profit or loss.

Realised gains and losses on investments in consolidated undertakings are recognised in the profit and loss account under \u201cNet gain on non-current assets\u201d.

The consolidated financial statements are prepared using uniform accounting policies for similar transactions and other events occurring in similar circumstances.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_1fb99b9c-48d6-429b-8f8a-57fc7dce1e40": { "value": "
Joint control

Where the Group carries out an activity with one or more partners, sharing control by virtue of a contractual agreement which requires unanimous consent on relevant activities (those that significantly affect the entity\u2019s returns), the Group exercises joint control over the activity. Where the jointly controlled activity is structured through a separate vehicle in which the partners have rights to the net assets, this joint venture is accounted for using the equity method. Where the jointly controlled activity is not structured through a separate vehicle or where the partners have rights to the assets and obligations for the liabilities of the jointly controlled activity, the Group accounts for its share of the assets, liabilities, revenues and expenses in accordance with the applicable IFRS.

Significant influence

Companies over which the Group exercises significant influence or associates are accounted for by the equity method. Significant influence is the power to participate in the financial and operating policy decisions of a company without exercising control. Significant influence is presumed to exist when the Group holds, directly or indirectly, 20% or more of the voting rights of a company. Interests of less than 20% can be included in the consolidation scope if the Group effectively exercises significant influence. This is the case for example for entities developed in partnership with other associates, where the BNP\u00a0Paribas Group participates in strategic decisions of the enterprise through representation on the Board of directors or equivalent governing body, or exercises influence over the enterprise\u2019s operational management by supplying management systems or senior managers, or provides technical assistance to support the enterprise\u2019s development.

Changes in the net assets of associates (companies accounted for under the equity method) are recognised on the assets side of the balance sheet under \u201cInvestments in equity-method entities\u201d and in the relevant component of shareholders\u2019 equity. Goodwill recorded on associates is also included under \u201cEquity-method investments\u201d.

Whenever there is an indication of impairment, the carrying amount of the investment consolidated under the equity method (including goodwill) is subjected to an impairment test, by comparing its recoverable value (the higher of value-in-use and market value less costs to sell) to its carrying amount. Where appropriate, impairment is recognised under \u201cShare of earnings of equity-method entities\u201d in the consolidated income statement and can be reversed at a later date.

If the Group\u2019s share of losses of an equity-method entity equals or exceeds the carrying amount of its investment in this entity, the Group discontinues including its share of further losses. The investment is reported at nil value. Additional losses of the equity-method entity are provided for only to the extent that the Group has contracted a legal or constructive obligation or has made payments on behalf of this entity.

Where the Group holds an interest in an associate, directly or indirectly through an entity that is a venture capital organisation, a mutual fund, an open-ended investment company or similar entity such as an investment-related insurance fund, it may elect to measure that interest at fair value through profit or loss.

Realised gains and losses on investments in consolidated undertakings are recognised in the profit and loss account under \u201cNet gain on non-current assets\u201d.

The consolidated financial statements are prepared using uniform accounting policies for similar transactions and other events occurring in similar circumstances.

2.iNet gain on non-current assets

In millions of euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Gain or loss on investments in consolidated undertakings (note\u00a08.d)

133

29

Gain or loss on tangible and intangible assets

(30)

139

Results from net monetary position

(294)

(272)

Net gain on non-current assets

(191)

(104)

\u00a0

According to IAS 29 in connection with the hyperinflation situation of the economy in T\u00fcrkiye, the line \u201cResults from net monetary positions\u201d corresponds to the effect of the revaluation of net monetary assets of the evolution of the consumer price index in T\u00fcrkiye on the valuation of non-monetary assets and liabilities (-EUR\u00a0549\u00a0million) and on income from the Turkish government bonds portfolio indexed to inflation and held by Turk Ekonomi Bankasi AS (+EUR\u00a0255\u00a0million, reclassified from interest margin) in 2024 (respectively -EUR\u00a0563\u00a0million and +EUR\u00a0291\u00a0million in 2023).

4.kEquity-method investments

Cumulated financial information of associates and joint ventures is presented in the following table:

In millions of euros

Year to 31 Dec. 2024

31 December 2024

Year to 31 Dec. 2023

31 December 2023

Share of net income

Share of changes in assets and liabilities recognised directly in equity

Share of net income and changes in assets and liabilities recognised directly in equity

Equity-
method
\u00a0investments

Share of net income

Share of changes in assets and liabilities recognised directly in equity

Share of net income and changes in assets and liabilities recognised directly in equity

Equity-
method
\u00a0investments

Joint ventures

(10)

225

215

1,960

(49)

(64)

(113)

1,784

Associates(1)

711

308

1,019

5,902

642

16

658

4,967

Total equity-method entities

701

533

1,234

7,862

593

(48)

545

6,751

  • Including controlled but non-material entities consolidated under the equity method.

\u00a0

Financing and guarantee commitments given by the Group to joint ventures are listed in note\u00a08.i Other related parties.

The carrying amount of the Group\u2019s investment in the main joint ventures and associates is presented in the following table:

In millions of euros, at

Country of registration

Activity

Interest (%)

31 December 2024

31 December 2023

Joint ventures

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Union de Creditos Inmobiliarios

Spain

Retail mortgage

50%

233

256

BoB Cardif Life Insurance

China

Life Insurance

50%

454

240

Genius Auto Finance Co\u00a0Ltd

China

Specialised loans

25%

331

290

Pinnacle Pet Holding\u00a0Ltd

United Kingdom

Insurance

25%

407

393

Associates

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BON BNPP Consumer Finance Co Ltd

China

Specialised loans

32%

256

223

AG Insurance

Belgium

Insurance

25%

593

462

Bank of Nanjing

China

Retail Banking

16%

3,661

2,813

Allfunds Group\u00a0Plc

United Kingdom

Financial Services

12%

283

312

\u27a4Investments and other assets related to insurance activities

In millions of euros, at

31 December 2024

31 December 2023

Assets not representative of unit-linked insurance contracts

Assets representative of unit-linked accounts

Total

Assets not representative of unit-linked insurance contracts

Assets representative of unit-linked accounts

Total

Derivative financial instruments

1,731

\u00a0

1,731

1,658

\u00a0

1,658

Derivatives used for hedging purposes

74

\u00a0

74

36

\u00a0

36

Financial assets at fair value through profit or loss

61,465

111,954

173,419

64,492

92,266

156,758

Financial assets at fair value through equity

102,222

\u00a0

102,222

89,139

\u00a0

89,139

Financial assets at amortised cost

1,379

\u00a0

1,379

1,267

\u00a0

1,267

Investment properties

3,868

3,178

7,046

4,008

3,483

7,491

Equity-method investments

82

\u00a0

82

89

\u00a0

89

Assets related to insurance activities (see note\u00a05.d)

896

\u00a0

896

660

\u00a0

660

Investments and other assets related to insurance activities

171,717

115,132

286,849

161,349

95,749

257,098

8.dBusiness combinations and loss of\u00a0control or significant influence
Operations of 2024
UkrSibbank

The easing of a number of restrictions previously imposed by the National Bank of Ukraine made it possible to re-establish the conditions for exercising control as defined by IFRS\u00a010, which had the effect of changing the consolidation method from equity method to full consolidation method.

This change of consolidation method was reflected in the increase in the Group\u2019s balance sheet of EUR\u00a03\u00a0billion, in particular in financial assets at amortised cost and led to the recognition of badwill of EUR\u00a0226\u00a0million.

Cetelem\u00a0SA de CV

On 27\u00a0March 2024, BNP\u00a0Paribas Personal Finance sold 80% of its stake of its Mexican subsidiary Cetelem\u00a0SA de CV.

The Group BNP\u00a0Paribas lost exclusive control of this entity but kept a significant influence.

This partial disposal is accompanied by an agreement for the future disposal of the residual interest, thereby depriving the Group of the return on the shares held, and leading to the recognition of a debt of EUR\u00a0125\u00a0million.

The loss of control led to the recognition of a net gain on disposal of EUR\u00a0119\u00a0million and to a decrease of the Group\u2019s balance sheet by EUR\u00a03\u00a0billion, in particular in financial assets at amortised cost.

BCC Vita\u00a0SpA

On 15\u00a0May 2024, BNP\u00a0Paribas Cardif\u00a0SA acquired 51% of the capital of BCC Vita SpA, together with a purchase agreement of 19% additional holding.

BNP\u00a0Paribas Group acquired exclusive control of this entity to the extent of 70% and the entity was consolidated using the full consolidation method.

This transaction resulted in the increase of the Group\u2019s balance sheet at the acquisition date by EUR\u00a04\u00a0billion, in particular in investments in insurance activities.

The goodwill related to this operation was EUR\u00a0100\u00a0million.

Neuflize Vie

On 31 October 2024, BNP\u00a0Paribas Cardif SA acquired 100% of the capital of Neuflize Vie.

BNP\u00a0Paribas Group acquired exclusive control of this entity and consolidated it using the full consolidation method.

This transaction resulted in the increase of the Group\u2019s balance sheet by EUR\u00a012\u00a0billion at the acquisition date, in particular in investments in insurance activities.

The badwill related to this operation was EUR\u00a015\u00a0million.

Operation of 2023
Partnership with Stellantis

On 3\u00a0April 2023, BNP\u00a0Paribas Personal Finance became the exclusive partner of Stellantis, a captive company in its financing activities across three strategic markets: Germany, Austria and the United Kingdom.

This operation involved the purchase of three entities in these three countries, in conjunction with the sale of activities to various Stellantis joint ventures in France, Italy and Spain.

This restructuring increased the Group\u2019s balance sheet by EUR\u00a08\u00a0billion, in particular in financial assets at amortised cost, and led to the recognition of a net gain on disposal of EUR\u00a054\u00a0million and of a goodwill of EUR\u00a0173\u00a0million.

8.kScope of consolidation

BNP\u00a0Paribas, a\u00a0soci\u00e9t\u00e9 anonyme\u00a0(Public Limited Company), registered in France, is the Group\u2019s lead company, which holds key positions in its three operating divisions: Corporate & Institutional Banking (CIB), Commercial, Personal Banking & Services (CPBS) and Investment & Protection Services (IPS).

During the year, the parent company did not change its name. BNP\u00a0Paribas has its principal place of business in France and its head office is located at\u00a016\u00a0boulevard des Italiens 75009 Paris,\u00a0France.

\u00a0

Business

Name

Country

31 December 2024

31 December 2023

Method

Voting (%)

Interest (%)

Ref.

Method

Voting (%)

Interest (%)

Ref.

\u00a0

BNP\u00a0Paribas\u00a0SA

France

\u00a0

(1)

\u00a0

\u00a0

\u00a0

\u00a0

(1)

\u00a0

\u00a0

\u00a0

\u00a0

BNPP\u00a0SA (Argentina branch)

Argentina

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Australia branch)

Australia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Austria branch)

Austria

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Bahrain branch)

Bahrain

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Belgium branch)

Belgium

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Bulgaria branch)

Bulgaria

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Canada branch)

Canada

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Czech Republic branch)

Czech Rep.

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Denmark branch)

Denmark

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Finland branch)

Finland

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Germany branch)

Germany

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Greece branch)

Greece

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Guernsey branch)

Guernsey

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Hong Kong branch)

Hong Kong

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Hungary branch)

Hungary

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (India branch)

India

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Ireland branch)

Ireland

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Italy branch)

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Japan branch)

Japan

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Jersey branch)

Jersey

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Kuwait branch)

Kuwait

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Luxembourg branch)

Luxembourg

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Malaysia branch)

Malaysia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Monaco branch)

Monaco

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Netherlands branch)

Netherlands

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Norway branch)

Norway

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Philippines branch)

Philippines

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Poland branch)

Poland

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Portugal branch)

Portugal

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Qatar branch)

Qatar

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Republic of Korea branch)

Rep. of Korea

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Romania branch)

Romania

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Saudi Arabia branch)

Saudi Arabia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Singapore branch)

Singapore

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (South Africa branch)

South Africa

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Spain branch)

Spain

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Sweden branch)

Sweden

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Switzerland branch)

Switzerland

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Taiwan branch)

Taiwan

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Thailand branch)

Thailand

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (United Arab Emirates branch)

United Arab Emirates

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (United Kingdom branch)

UK

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (United States branch)

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Viet Nam branch)

Viet Nam

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

CORPORATE & INSTITUTIONAL BANKING

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

EMEA (Europe, Middle East, Africa)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Austin Finance (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

BNPP Financial Markets

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

Eurotitrisation

France

Equity

\u00a0

22.0%

22.0%

\u00a0

Equity

\u00a0

22.0%

22.0%

V4

\u00a0

Exane

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane (Germany branch)

Germany

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane (Italy branch)

Italy

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane (Spain branch)

Spain

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane (Sweden branch)

Sweden

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane (Switzerland branch)

Switzerland

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane (United Kingdom branch)

UK

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane Asset Management

France

Equity

\u00a0

35.0%

35.0%

\u00a0

Equity

\u00a0

35.0%

35.0%

V2

\u00a0

Exane Derivatives

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane Derivatives (Switzerland branch)

Switzerland

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane Derivatives (United Kingdom branch)

UK

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane Derivatives Gerance

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane Finance

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

FCT Juice (t)

France

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Financi\u00e8re des Italiens (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Financi\u00e8re du March\u00e9 Saint Honor\u00e9

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Optichamps (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Parilease

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

Participations Op\u00e9ra (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Services Logiciels d\u2019Int\u00e9gration Boursi\u00e8re

France

Equity

(3)

66.6%

66.6%

\u00a0

Equity

(3)

66.6%

66.6%

\u00a0

\u00a0

Services Logiciels d\u2019Int\u00e9gration Boursi\u00e8re (Portugal branch)

Portugal

Equity

(3)

66.6%

66.6%

\u00a0

Equity

(3)

66.6%

66.6%

E2

\u00a0

SNC Taitbout Participation 3

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Soci\u00e9t\u00e9 Orbaisienne de Participations

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Uptevia\u00a0SA

France

Equity

(3)

50.0%

50.0%

\u00a0

Equity

(3)

50.0%

50.0%

E3

Other European countries

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Allfunds Group\u00a0PLC

UK

Equity

\u00a0

12.5%

12.4%

V4

Equity

\u00a0

12.1%

12.0%

\u00a0

\u00a0

Aries Capital DAC

Ireland

Full

\u00a0

100.0%

0.0%

\u00a0

Full

\u00a0

100.0%

0.0%

\u00a0

\u00a0

AssetMetrix

Germany

Equity

\u00a0

23.1%

23.1%

V4

Equity

\u00a0

22.3%

22.3%

V4

\u00a0

BNP PUK Holding\u00a0Ltd

UK

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Bank JSC

Russia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Emissions Und Handels\u00a0GmbH

Germany

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Fund Administration Services Ireland\u00a0Ltd

Ireland

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Ireland Unlimited Co

Ireland

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Islamic Issuance\u00a0BV

Netherlands

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Issuance\u00a0BV

Netherlands

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Net\u00a0Ltd

UK

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Prime Brokerage International\u00a0Ltd

Ireland

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Suisse\u00a0SA

Switzerland

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Suisse\u00a0SA (Guernsey branch)

Guernsey

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Technology\u00a0LLC

Russia

\u00a0

\u00a0

\u00a0

\u00a0

S1

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Trust Corp UK\u00a0Ltd

UK

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Vartry Reinsurance DAC

Ireland

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Diamante Re SRL

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Ejesur\u00a0SA

Spain

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

Exane Solutions Luxembourg\u00a0SA

Luxembourg

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Expo Atlantico EAII\u00a0Investimentos Imobiliarios SA (s)

Portugal

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Expo Indico EIII\u00a0Investimentos Imobiliarios SA (s)

Portugal

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

FScholen

Belgium

Equity

(3)

50.0%

50.0%

\u00a0

Equity

(3)

50.0%

50.0%

\u00a0

\u00a0

Greenstars BNPP

Luxembourg

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Kantox European Union SL

Spain

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

V1/D3

\u00a0

Kantox Holding\u00a0Ltd

UK

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

V1/D3

\u00a0

Kantox\u00a0Ltd

UK

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

V1/D3

\u00a0

Madison Arbor\u00a0Ltd (t)

Ireland

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Matchpoint Finance\u00a0PLC (t)

Ireland

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Ribera Del Loira Arbitrage

Spain

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Securasset\u00a0SA

Luxembourg

Full

\u00a0

100.0%

0.0%

\u00a0

Full

\u00a0

100.0%

0.0%

\u00a0

\u00a0

Single Platform Investment Repackaging Entity\u00a0SA

Luxembourg

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Utexam Logistics\u00a0Ltd

Ireland

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

Utexam Solutions\u00a0Ltd

Ireland

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

Volantis\u00a0SARL (s)

Luxembourg

Full

\u00a0

-

-

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Middle East

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP Investment Co KSA

Saudi Arabia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

AMERICAS

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Banco BNPP Brasil\u00a0SA

Brazil

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Capital Services Inc

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Colombia Corporacion Financiera\u00a0SA

Colombia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP EQD Brazil Fund Fundo de Investmento Multimercado (s)

Brazil

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

BNPP Financial Services\u00a0LLC

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP FS\u00a0LLC

USA

\u00a0

\u00a0

\u00a0

\u00a0

S1

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP IT Solutions Canada Inc

Canada

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Mexico Holding

Mexico

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Mexico\u00a0SA Institucion de Banca Multiple

Mexico

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Proprietario Fundo de Investimento Multimercado (s)

Brazil

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

BNPP RCC\u00a0Inc

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Securities Corp

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP US Investments Inc

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP US Wholesale Holdings Corp

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP USA Inc

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP VPG Brookline Cre\u00a0LLC (s)

USA

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

BNPP VPG EDMC Holdings\u00a0LLC (s)

USA

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

BNPP VPG Express\u00a0LLC (s)

USA

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

BNPP VPG\u00a0I\u00a0LLC (s)

USA

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

BNPP VPG\u00a0II\u00a0LLC (s)

USA

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

BNPP VPG\u00a0III\u00a0LLC (s)

USA

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

BNPP VPG\u00a0IV\u00a0LLC (s)

USA

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

E2

\u00a0

BNPP VPG Master\u00a0LLC (s)

USA

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Corporation BNPP Canada (Ex- BNPP Canada Corp)

Canada

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Dale Bakken Partners 2012\u00a0LLC

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Decart Re\u00a0Ltd

Bermuda

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

FSI Holdings Inc

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Starbird Funding Corp (t)

USA

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

PACIFIC ASIA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Andalan Multi Guna PT

Indonesia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Bank BNPP Indonesia PT

Indonesia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Arbitrage Hong Kong\u00a0Ltd

Hong Kong

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP China\u00a0Ltd

China

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Finance Hong Kong\u00a0Ltd

Hong Kong

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Fund Services Australasia Pty\u00a0Ltd

Australia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Fund Services Australasia Pty\u00a0Ltd (New Zealand branch)

New Zealand

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Global Securities Operations Private\u00a0Ltd

India

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

BNPP India Holding Private\u00a0Ltd

India

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP India Solutions Private\u00a0Ltd

India

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Malaysia Berhad

Malaysia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Securities Asia\u00a0Ltd

Hong Kong

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Securities China\u00a0Ltd

China

Full

\u00a0

100.0%

100.0%

E2

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP Securities India Private\u00a0Ltd

India

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Securities Japan\u00a0Ltd

Japan

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Securities Korea Co\u00a0Ltd

Rep. of Korea

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Securities Taiwan Co\u00a0Ltd

Taiwan

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Sekuritas Indonesia PT

Indonesia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BPP Holdings Pte\u00a0Ltd

Singapore

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

COMMERCIAL, PERSONAL BANKING & SERVICES

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

COMMERCIAL & PERSONAL BANKING IN\u00a0THE\u00a0EUROZONE

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Commercial & Personal Banking in France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

2SF - Soci\u00e9t\u00e9 des Services Fiduciaires

France

Equity

(3)

33.3%

33.3%

\u00a0

Equity

(3)

33.3%

33.3%

\u00a0

\u00a0

Banque de Wallis et Futuna

France

Full

(1)

51.0%

51.0%

\u00a0

Full

(1)

51.0%

51.0%

\u00a0

\u00a0

BNPP Antilles Guyane

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

BNPP D\u00e9veloppement

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP D\u00e9veloppement Oblig

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Factor

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

BNPP Factor (Portugal branch)

Portugal

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

E2

\u00a0

BNPP Factor (Spain branch)

Spain

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

BNPP Factor Sociedade Financeira de Credito\u00a0SA

Portugal

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

BNPP Nouvelle Cal\u00e9donie

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

BNPP R\u00e9union

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

Compagnie pour le Financement des Loisirs

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

Copartis

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Euro Securities Partners

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

GIE Ocean

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Jivago Holding

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Partecis

France

Equity

(3)

50.0%

50.0%

\u00a0

Equity

(3)

50.0%

50.0%

\u00a0

\u00a0

Paylib Services

France

Equity

\u00a0

14.3%

14.3%

\u00a0

Equity

\u00a0

14.3%

14.3%

\u00a0

\u00a0

Portzamparc

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

BNL banca commerciale

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Banca Agevolarti\u00a0SPA (Ex- Artigiancassa\u00a0SPA)

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

V1

\u00a0

Banca Nazionale Del Lavoro\u00a0SPA

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP BNL Equity Investment\u00a0SPA

Italy

Full

\u00a0

100.0%

100.0%

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

EMF IT 2008 1 SRL (t)

Italy

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Era Uno SRL (t)

Italy

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Eutimm SRL

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Financit\u00a0SPA

Italy

Full

\u00a0

60.0%

60.0%

\u00a0

Full

\u00a0

60.0%

60.0%

\u00a0

\u00a0

Immera SRL (t)

Italy

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

International Factors Italia\u00a0SPA

Italy

Full

\u00a0

99.9%

99.9%

V1

Full

\u00a0

99.7%

99.7%

\u00a0

\u00a0

Permicro\u00a0SPA

Italy

Equity

\u00a0

21.9%

21.9%

\u00a0

Equity

\u00a0

21.9%

21.9%

\u00a0

\u00a0

Servizio Italia\u00a0SPA

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Sviluppo HQ Tiburtina SRL

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Tierre Securitisation SRL (t)

Italy

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Vela OBG SRL (t)

Italy

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Vela RMBS SRL (t)

Italy

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

Worldline Merchant Services Italia\u00a0SPA

Italy

Equity

\u00a0

20.0%

20.0%

\u00a0

Equity

\u00a0

20.0%

20.0%

\u00a0

Commercial & Personal Banking in Belgium

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Axepta BNPP Benelux

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

Bancontact Paytoniq Company

Belgium

Equity

\u00a0

22.5%

22.5%

\u00a0

Equity

\u00a0

22.5%

22.5%

\u00a0

\u00a0

BASS Master Issuer NV (t)

Belgium

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Batopin

Belgium

Equity

\u00a0

25.0%

25.0%

\u00a0

Equity

\u00a0

25.0%

25.0%

\u00a0

\u00a0

Belgian Mobile ID

Belgium

Equity

\u00a0

12.2%

12.2%

\u00a0

Equity

\u00a0

12.2%

12.2%

\u00a0

\u00a0

BNPP Commercial Finance\u00a0Ltd

UK

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP Factor\u00a0AS

Denmark

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP Factor\u00a0GmbH

Germany

Full

\u00a0

100.0%

100.0%

V4

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP Factoring Support

Netherlands

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP Fortis

Belgium

Full

\u00a0

99.9%

99.9%

\u00a0

Full

\u00a0

99.9%

99.9%

\u00a0

\u00a0

BNPP Fortis (Spain branch)

Spain

\u00a0

\u00a0

\u00a0

\u00a0

S1

Full

\u00a0

99.9%

99.9%

\u00a0

\u00a0

BNPP Fortis (United States branch)

USA

Full

\u00a0

99.9%

99.9%

\u00a0

Full

\u00a0

99.9%

99.9%

\u00a0

\u00a0

BNPP Fortis Factor\u00a0NV

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP Fortis Film Finance

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP Fortis Funding\u00a0SA

Luxembourg

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP FPE Belgium

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP FPE Expansion

Belgium

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP FPE Management

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPPF Credit Brokers (Ex-Demetris\u00a0NV)

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

Bpost Banque

Belgium

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

Credissimo

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

Credissimo Hainaut\u00a0SA

Belgium

Full

\u00a0

99.7%

99.7%

\u00a0

Full

\u00a0

99.7%

99.7%

\u00a0

\u00a0

Cr\u00e9dit pour Habitations Sociales

Belgium

Full

\u00a0

81.7%

81.6%

\u00a0

Full

\u00a0

81.7%

81.6%

\u00a0

\u00a0

Epimede (s)

Belgium

Equity

\u00a0

-

-

\u00a0

Equity

\u00a0

-

-

\u00a0

\u00a0

Esmee Master Issuer (t)

Belgium

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Immobili\u00e8re Sauveniere\u00a0SA

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

Isabel\u00a0SA\u00a0NV

Belgium

Equity

\u00a0

25.3%

25.3%

\u00a0

Equity

\u00a0

25.3%

25.3%

\u00a0

\u00a0

Microstart

Belgium

Full

\u00a0

43.9%

77.5%

V4

Full

\u00a0

42.3%

76.8%

\u00a0

\u00a0

Private Equity Investments (a)

BE/FR/LU

FV

\u00a0

-

-

\u00a0

FV

\u00a0

-

-

\u00a0

\u00a0

Sagip

Belgium

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Sowo Invest\u00a0SA\u00a0NV

Belgium

Full

\u00a0

87.5%

87.5%

\u00a0

Full

\u00a0

87.5%

87.5%

\u00a0

Commercial & Personal Banking in Luxembourg

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BGL BNPP

Luxembourg

Full

\u00a0

66.0%

65.9%

\u00a0

Full

\u00a0

66.0%

65.9%

\u00a0

\u00a0

BGL BNPP (Germany branch)

Germany

Full

\u00a0

66.0%

65.9%

\u00a0

Full

\u00a0

66.0%

65.9%

\u00a0

\u00a0

BNPP Lease Group Luxembourg\u00a0SA

Luxembourg

Full

\u00a0

100.0%

65.9%

\u00a0

Full

\u00a0

100.0%

65.9%

\u00a0

\u00a0

BNPP SB Re

Luxembourg

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cofhylux\u00a0SA

Luxembourg

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Compagnie Financi\u00e8re Ottomane\u00a0SA

Luxembourg

Full

\u00a0

97.4%

97.4%

V4

Full

\u00a0

97.3%

97.3%

\u00a0

\u00a0

Le Sphinx Assurances Luxembourg\u00a0SA

Luxembourg

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Luxhub\u00a0SA

Luxembourg

Equity

\u00a0

28.0%

18.5%

\u00a0

Equity

\u00a0

28.0%

18.5%

\u00a0

\u00a0

Visalux

Luxembourg

Equity

\u00a0

25.2%

16.6%

\u00a0

Equity

\u00a0

25.2%

16.6%

V3

COMMERCIAL & PERSONAL BANKING OUTSIDE\u00a0THE\u00a0EUROZONE

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Europe-Mediterranean

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Bank of Nanjing

China

Equity

\u00a0

16.2%

16.2%

V1/V3

Equity

\u00a0

13.8%

13.8%

V3

\u00a0

Banque Internationale pour le Commerce et l\u2019Industrie de la C\u00f4te d\u2019Ivoire

Ivory Coast

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Banque Internationale pour le Commerce et l\u2019Industrie du S\u00e9n\u00e9gal

Senegal

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Banque Marocaine pour le Commerce et l\u2019Industrie

Morocco

Full

\u00a0

67.0%

67.0%

\u00a0

Full

\u00a0

67.0%

67.0%

\u00a0

\u00a0

Banque Marocaine pour le Commerce et l\u2019Industrie Banque Offshore

Morocco

Full

\u00a0

100.0%

67.0%

\u00a0

Full

\u00a0

100.0%

67.0%

\u00a0

\u00a0

Bantas Nakit\u00a0AS

T\u00fcrkiye

Equity

(3)

33.3%

16.7%

\u00a0

Equity

(3)

33.3%

16.7%

\u00a0

\u00a0

BDSI

Morocco

Full

\u00a0

100.0%

96.4%

\u00a0

Full

\u00a0

100.0%

96.4%

\u00a0

\u00a0

BGZ Poland ABS1 DAC (t)

Ireland

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

BICI Bourse

Ivory Coast

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

BMCI Leasing

Morocco

Full

\u00a0

86.9%

58.2%

\u00a0

Full

\u00a0

86.9%

58.2%

\u00a0

\u00a0

BNPP Bank Polska\u00a0SA

Poland

Full

\u00a0

81.3%

81.3%

V2

Full

\u00a0

87.3%

87.3%

V3

\u00a0

BNPP El Djazair

Algeria

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Faktoring Spolka ZOO

Poland

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Fortis Yatirimlar Holding\u00a0AS

T\u00fcrkiye

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP Group Service Center\u00a0SA

Poland

Full

\u00a0

100.0%

81.3%

V3

Full

\u00a0

100.0%

87.3%

V3

\u00a0

BNPP IRB Participations

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Yatirimlar Holding\u00a0AS

T\u00fcrkiye

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Dreams Sustainable\u00a0AB

Sweden

\u00a0

\u00a0

\u00a0

\u00a0

S2

Full

\u00a0

57.5%

57.5%

\u00a0

\u00a0

Joint Stock Company Ukrsibbank

Ukraine

Full

\u00a0

60.0%

60.0%

D1

Equity

\u00a0

60.0%

60.0%

\u00a0

\u00a0

TEB ARF Teknoloji Anonim Sirketi

T\u00fcrkiye

Full

\u00a0

100.0%

72.5%

\u00a0

Full

\u00a0

100.0%

72.5%

\u00a0

\u00a0

TEB Faktoring\u00a0AS

T\u00fcrkiye

Full

\u00a0

100.0%

72.5%

\u00a0

Full

\u00a0

100.0%

72.5%

\u00a0

\u00a0

TEB Finansman\u00a0AS

T\u00fcrkiye

Full

\u00a0

100.0%

72.5%

\u00a0

Full

\u00a0

100.0%

72.5%

V3

\u00a0

TEB Holding\u00a0AS

T\u00fcrkiye

Full

\u00a0

50.0%

50.0%

\u00a0

Full

\u00a0

50.0%

50.0%

\u00a0

\u00a0

TEB SH A

Kosovo

Full

\u00a0

100.0%

50.0%

\u00a0

Full

\u00a0

100.0%

50.0%

\u00a0

\u00a0

TEB Yatirim Menkul Degerler\u00a0AS

T\u00fcrkiye

Full

\u00a0

100.0%

72.5%

\u00a0

Full

\u00a0

100.0%

72.5%

\u00a0

\u00a0

Turk Ekonomi Bankasi\u00a0AS

T\u00fcrkiye

Full

\u00a0

100.0%

72.5%

\u00a0

Full

\u00a0

100.0%

72.5%

\u00a0

BancWest

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BancWest Holding Inc

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

BancWest Holding Inc Grantor Trust ERC Subaccount (s)

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

BancWest Holding Inc Umbrella Trust (s)

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

BancWest Investment Services Inc

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Bank of the West

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Bank of the West Auto Trust 2019-1 (t)

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Bank of the West Auto Trust 2019-2 (t)

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

BNPP Leasing Solutions Canada Inc

Canada

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

BOW Auto Receivables\u00a0LLC (t)

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

BWC Opportunity Fund 2 Inc (t)

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

BWC Opportunity Fund Inc (t)

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

CFB Community Development Corp

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Claas Financial Services\u00a0LLC

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Commercial Federal Affordable Housing Inc

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

First Santa Clara Corp (s)

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

United California Bank Deferred Compensation Plan Trust (s)

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Ursus Real Estate Inc

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

SPECIALISED BUSINESSES

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Personal Finance

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Alpha Cr\u00e9dit\u00a0SA

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

Auto ABS UK Loans\u00a0PLC (t)

UK

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

\u00a0

-

-

E3

\u00a0

AutoFlorence 1 SRL (t)

Italy

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

AutoFlorence 2 SRL (t)

Italy

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

AutoFlorence 3 SRL (t)

Italy

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

E2

\u00a0

Autonoria 2019 (t)

France

\u00a0

\u00a0

\u00a0

\u00a0

S1

Full

\u00a0

-

-

\u00a0

\u00a0

Autonoria DE 2023 (t)

France

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

E2

\u00a0

Autonoria Spain 2019 (t)

Spain

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Autonoria Spain 2021 FT (t)

Spain

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Autonoria Spain 2022 FT (t)

Spain

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Autonoria Spain 2023 FT (t)

Spain

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

E2

\u00a0

Axa Banque Financement

France

Equity

\u00a0

35.0%

35.0%

\u00a0

Equity

\u00a0

35.0%

35.0%

\u00a0

\u00a0

Banco Cetelem\u00a0SA

Brazil

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Banco Cetelem\u00a0SA

Spain

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BGN Mercantil E Servicos\u00a0Ltda

Brazil

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Personal Finance

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Personal Finance (Austria branch)

Austria

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Personal Finance (Bulgaria branch)

Bulgaria

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

BNPP Personal Finance (Czech Republic branch)

Czech Rep.

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Personal Finance (Portugal branch)

Portugal

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Personal Finance (Romania branch)

Romania

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Personal Finance (Slovakia branch)

Slovakia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Personal Finance\u00a0BV

Netherlands

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Personal Finance South Africa\u00a0Ltd

South Africa

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BON BNPP Consumer Finance Co\u00a0Ltd

China

Equity

\u00a0

31.7%

31.7%

V3

Equity

\u00a0

33.1%

33.1%

V1/V4

\u00a0

Cafineo

France

Full

(1)

51.0%

50.8%

\u00a0

Full

(1)

51.0%

50.8%

\u00a0

\u00a0

Carrefour Banque

France

Equity

\u00a0

40.0%

40.0%

\u00a0

Equity

\u00a0

40.0%

40.0%

\u00a0

\u00a0

Central Europe Technologies SRL

Romania

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cetelem America\u00a0Ltda

Brazil

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cetelem Business Consulting Shanghai Co\u00a0Ltd

China

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cetelem Gestion\u00a0AIE

Spain

Full

\u00a0

100.0%

96.0%

\u00a0

Full

\u00a0

100.0%

96.0%

\u00a0

\u00a0

Cetelem\u00a0SA de CV

Mexico

Equity

\u00a0

20.0%

0.0\u00a0%

S2

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cetelem Servicios Informaticos\u00a0AIE

Spain

Full

\u00a0

100.0%

81.0%

\u00a0

Full

\u00a0

100.0%

81.0%

\u00a0

\u00a0

Cetelem Servicos\u00a0Ltda

Brazil

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cofica Bail

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

Cofiplan

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

Creation Consumer Finance\u00a0Ltd

UK

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

V3

\u00a0

Creation Financial Services\u00a0Ltd

UK

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

V3

\u00a0

Cr\u00e9dit Moderne Antilles Guyane

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

Cr\u00e9dit Moderne Oc\u00e9an Indien

France

Full

(1)

97.8%

97.8%

\u00a0

Full

(1)

97.8%

97.8%

\u00a0

\u00a0

Domofinance

France

Full

(1)

55.0%

55.0%

\u00a0

Full

(1)

55.0%

55.0%

\u00a0

\u00a0

E Carat 10 (t)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

E Carat 11\u00a0PLC (t)

UK

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

E Carat 12\u00a0PLC (t)

UK

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

\u00a0

-

-

\u00a0

\u00a0

Ecarat De SA (t)

Luxembourg

Full

\u00a0

-

-

E2

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Ekspres Bank\u00a0AS

Denmark

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Ekspres Bank\u00a0AS (Norway branch)

Norway

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Ekspres Bank\u00a0AS (Sweden branch)

Sweden

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Eos Aremas Belgium\u00a0SA\u00a0NV

Belgium

Equity

\u00a0

50.0%

49.9%

\u00a0

Equity

\u00a0

50.0%

49.9%

\u00a0

\u00a0

Evollis

France

Equity

\u00a0

49.2%

49.2%

\u00a0

Equity

\u00a0

49.2%

49.2%

V4

\u00a0

Findomestic Banca\u00a0SPA

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Florence Real Estate Developments\u00a0SPA

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Florence SPV SRL (t)

Italy

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

GCC Consumo Establecimiento Financiero de Credito\u00a0SA

Spain

Full

\u00a0

51.0%

51.0%

\u00a0

Full

\u00a0

51.0%

51.0%

\u00a0

\u00a0

Genius Auto Finance Co\u00a0Ltd

China

Equity

(3)

25.0%

25.0%

\u00a0

Equity

(3)

25.0%

25.0%

V1

\u00a0

International Development Resources\u00a0AS Services\u00a0SA

Spain

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Iqera Services

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Loisirs Finance

France

Full

(1)

51.0%

51.0%

\u00a0

Full

(1)

51.0%

51.0%

\u00a0

\u00a0

Magyar Cetelem Bank ZRT

Hungary

\u00a0

\u00a0

\u00a0

\u00a0

S2

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Neuilly Contentieux

France

Full

\u00a0

95.9%

95.6%

\u00a0

Full

\u00a0

95.9%

95.6%

\u00a0

\u00a0

Noria 2018-1 (t)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

Noria 2020 (t)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

Noria 2021 (t)

France

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Noria 2023 (t)

France

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

E2

\u00a0

Noria De 2024 (t)

France

Full

\u00a0

-

-

E2

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Noria Spain 2020 FT (t)

Spain

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Opel Finance\u00a0NV

Netherlands

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

Opel Finance\u00a0SA

Switzerland

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

\u00a0

100.0%

50.0%

\u00a0

\u00a0

PBD Germany Auto Lease Master SA (t)

Luxembourg

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

E3

\u00a0

Personal Finance Location

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

PF Services\u00a0GmbH

Germany

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Phedina Hypotheken 2010 BV (t)

Netherlands

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

RCS Botswana Pty\u00a0Ltd

Botswana

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

RCS Cards Pty\u00a0Ltd

South Africa

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

RCS\u00a0Investment Holdings Namibia Pty\u00a0Ltd

Namibia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Securitisation funds Genius (d) (t)

China

Equity

(3)

-

-

\u00a0

Equity

(3)

-

-

E3

\u00a0

Securitisation funds UCI and RMBS Prado (b) (t)

Spain

Equity

(3)

-

-

\u00a0

Equity

(3)

-

-

\u00a0

\u00a0

Securitisation funds Wisdom (e) (t)

China

Equity

(3)

-

-

\u00a0

Equity

(3)

-

-

E3

\u00a0

Servicios Financieros Carrefour EFC\u00a0SA

Spain

Equity

\u00a0

37.3%

40.0%

\u00a0

Equity

\u00a0

37.3%

40.0%

\u00a0

\u00a0

Stellantis Bank\u00a0SA

France

Full

\u00a0

50.0%

50.0%

\u00a0

Full

\u00a0

50.0%

50.0%

\u00a0

\u00a0

Stellantis Bank\u00a0SA (Austria branch)

Austria

Full

\u00a0

50.0%

50.0%

\u00a0

Full

\u00a0

50.0%

50.0%

\u00a0

\u00a0

Stellantis Bank\u00a0SA (Germany branch)

Germany

Full

\u00a0

50.0%

50.0%

\u00a0

Full

\u00a0

50.0%

50.0%

\u00a0

\u00a0

Stellantis Bank\u00a0SA (Italy branch)

Italy

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

Stellantis Bank\u00a0SA (Spain branch)

Spain

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

Stellantis Financial Services UK\u00a0Ltd

UK

Full

\u00a0

100.0%

50.0%

\u00a0

Full

\u00a0

100.0%

50.0%

E3

\u00a0

Union de Creditos Inmobiliarios\u00a0SA

Spain

Equity

(3)

50.0%

50.0%

\u00a0

Equity

(3)

50.0%

50.0%

\u00a0

\u00a0

United Partnership

France

Equity

(3)

50.0%

50.0%

\u00a0

Equity

(3)

50.0%

50.0%

\u00a0

\u00a0

Vauxhall Finance\u00a0Ltd

UK

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

\u00a0

100.0%

50.0%

\u00a0

\u00a0

XFERA Consumer Finance EFC\u00a0SA

Spain

Full

\u00a0

51.0%

51.0%

\u00a0

Full

\u00a0

51.0%

51.0%

\u00a0

\u00a0

Zhejiang Wisdom Puhua Financial Leasing Co\u00a0Ltd

China

Equity

(3)

25.0%

25.0%

\u00a0

Equity

(3)

25.0%

25.0%

V1

Arval

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Artel

France

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval\u00a0AB

Sweden

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval\u00a0AS

Denmark

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval\u00a0AS Norway

Norway

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Austria\u00a0GmbH

Austria

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Belgium\u00a0NV\u00a0SA

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Brasil\u00a0Ltda

Brazil

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval\u00a0BV

Netherlands

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval CZ SRO

Czech Rep.

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Deutschland\u00a0GmbH

Germany

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Fleet Services

France

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Fleet Services (succ. Monaco)

Monaco

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Hellas Car Rental\u00a0SA

Greece

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval\u00a0LLC

Russia

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Luxembourg\u00a0SA

Luxembourg

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Magyarorszag KFT

Hungary

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Maroc\u00a0SA

Morocco

Full

\u00a0

100.0%

89.0%

\u00a0

Full

(2)

100.0%

89.0%

\u00a0

\u00a0

Arval\u00a0OY

Finland

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Relsa Colombia\u00a0SAS

Colombia

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

V1/D2

\u00a0

Arval Relsa\u00a0SPA

Chile

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

V1/D2

\u00a0

Arval Schweiz\u00a0AG

Switzerland

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Service Lease

France

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Service Lease Aluger Operational Automoveis\u00a0SA

Portugal

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Service Lease Italia\u00a0SPA

Italy

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Service Lease Polska SP ZOO

Poland

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Service Lease Romania SRL

Romania

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Service Lease\u00a0SA

Spain

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Slovakia SRO

Slovakia

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Trading

France

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval UK Group\u00a0Ltd

UK

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval UK Leasing Services\u00a0Ltd

UK

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval UK\u00a0Ltd

UK

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

BNPP Fleet Holdings\u00a0Ltd

UK

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Cent ASL

France

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Cofiparc

France

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Comercializadora de Vehiculos\u00a0SA

Chile

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

V1/D2

\u00a0

FCT Pulse France 2022 (t)

France

Full

\u00a0

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

Greenval Insurance DAC

Ireland

Full

(2)

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Locadif

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Louveo

France

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Personal Car Lease\u00a0BV

Netherlands

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Public Location Longue Dur\u00e9e

France

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Pulse UK 2024\u00a0PLC (s)

UK

Full

\u00a0

-

-

E2

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Rentaequipos Leasing Peru\u00a0SA

Peru

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

V1/D2

\u00a0

Rentaequipos Leasing\u00a0SA

Chile

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

V1/D2

\u00a0

TEB Arval Arac Filo Kiralama\u00a0AS

T\u00fcrkiye

Full

\u00a0

100.0%

75.0%

\u00a0

Full

(2)

100.0%

75.0%

\u00a0

\u00a0

Terberg Busines Lease Group\u00a0BV

Netherlands

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Terberg Leasing Justlease Belgium\u00a0BV

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

Leasing Solutions

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Aprolis Finance

France

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

\u00a0

\u00a0

Artegy

France

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNL Leasing\u00a0SPA

Italy

Full

\u00a0

100.0%

95.5%

\u00a0

Full

\u00a0

100.0%

95.5%

\u00a0

\u00a0

BNPP 3 Step IT

France

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

\u00a0

\u00a0

BNPP 3 Step IT (Belgium branch)

Belgium

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

\u00a0

\u00a0

BNPP 3 Step IT (Germany branch)

Germany

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

\u00a0

\u00a0

BNPP 3 Step IT (Italy branch)

Italy

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

\u00a0

\u00a0

BNPP 3 Step IT (Netherlands branch)

Netherlands

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

\u00a0

\u00a0

BNPP 3 Step IT (Spain branch)

Spain

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

E2

\u00a0

BNPP 3 Step IT (United Kingdom branch)

UK

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

\u00a0

\u00a0

BNPP Finansal Kiralama\u00a0AS

T\u00fcrkiye

Full

\u00a0

100.0%

82.5%

\u00a0

Full

\u00a0

100.0%

82.5%

\u00a0

\u00a0

BNPP Lease Group

France

Full

(1)

100.0%

83.0%

\u00a0

Full

(1)

100.0%

83.0%

\u00a0

\u00a0

BNPP Lease Group (Germany branch)

Germany

Full

(1)

100.0%

83.0%

\u00a0

Full

(1)

100.0%

83.0%

\u00a0

\u00a0

BNPP Lease Group (Italy branch)

Italy

Full

(1)

100.0%

83.0%

\u00a0

Full

(1)

100.0%

83.0%

\u00a0

\u00a0

BNPP Lease Group (Portugal branch)

Portugal

Full

(1)

100.0%

83.0%

\u00a0

Full

(1)

100.0%

83.0%

\u00a0

\u00a0

BNPP Lease Group (Spain branch)

Spain

Full

(1)

100.0%

83.0%

\u00a0

Full

(1)

100.0%

83.0%

\u00a0

\u00a0

BNPP Lease Group Belgium

Belgium

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Lease Group Leasing Solutions\u00a0SPA

Italy

Full

\u00a0

100.0%

95.5%

\u00a0

Full

\u00a0

100.0%

95.5%

\u00a0

\u00a0

BNPP Lease Group\u00a0Ltd (Ex-BNPP Lease Group\u00a0PLC)

UK

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Lease Group SP ZOO

Poland

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Leasing Services

Poland

Full

\u00a0

100.0%

81.3%

V3

Full

\u00a0

100.0%

87.3%

V3

\u00a0

BNPP Leasing Solution\u00a0AS

Norway

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Leasing Solutions

Luxembourg

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Leasing Solutions\u00a0AB

Sweden

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Leasing Solutions\u00a0AS

Denmark

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Leasing Solutions\u00a0GmbH

Austria

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Leasing Solutions IFN\u00a0SA

Romania

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Leasing Solutions\u00a0Ltd

UK

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Leasing Solutions\u00a0NV

Netherlands

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Leasing Solutions Suisse\u00a0SA

Switzerland

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Rental Solutions\u00a0Ltd

UK

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

BNPP Rental Solutions\u00a0SPA

Italy

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

Claas Financial Services

France

Full

(1)

51.0%

42.3%

\u00a0

Full

(1)

51.0%

42.3%

\u00a0

\u00a0

Claas Financial Services (Germany branch)

Germany

Full

(1)

51.0%

42.3%

\u00a0

Full

(1)

51.0%

42.3%

\u00a0

\u00a0

Claas Financial Services (Italy branch)

Italy

Full

(1)

51.0%

42.3%

\u00a0

Full

(1)

51.0%

42.3%

\u00a0

\u00a0

Claas Financial Services (Poland branch)

Poland

Full

(1)

51.0%

42.3%

\u00a0

Full

(1)

51.0%

42.3%

\u00a0

\u00a0

Claas Financial Services (Spain branch)

Spain

Full

(1)

51.0%

42.3%

\u00a0

Full

(1)

51.0%

42.3%

\u00a0

\u00a0

Claas Financial Services\u00a0Ltd

UK

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

\u00a0

\u00a0

CNH Industrial Capital Europe

France

Full

(1)

50.1%

41.6%

\u00a0

Full

(1)

50.1%

41.6%

\u00a0

\u00a0

CNH Industrial Capital Europe (Belgium branch)

Belgium

Full

(1)

50.1%

41.6%

\u00a0

Full

(1)

50.1%

41.6%

\u00a0

\u00a0

CNH Industrial Capital Europe (Germany branch)

Germany

Full

(1)

50.1%

41.6%

\u00a0

Full

(1)

50.1%

41.6%

\u00a0

\u00a0

CNH Industrial Capital Europe (Italy branch)

Italy

Full

(1)

50.1%

41.6%

\u00a0

Full

(1)

50.1%

41.6%

\u00a0

\u00a0

CNH Industrial Capital Europe (Poland branch)

Poland

Full

(1)

50.1%

41.6%

\u00a0

Full

(1)

50.1%

41.6%

\u00a0

\u00a0

CNH Industrial Capital Europe\u00a0
(Spain branch)

Spain

Full

(1)

50.1%

41.6%

\u00a0

Full

(1)

50.1%

41.6%

\u00a0

\u00a0

CNH Industrial Capital Europe\u00a0BV

Netherlands

Full

\u00a0

100.0%

41.6%

\u00a0

Full

\u00a0

100.0%

41.6%

\u00a0

\u00a0

CNH Industrial Capital Europe\u00a0GmbH

Austria

Full

\u00a0

100.0%

41.6%

\u00a0

Full

\u00a0

100.0%

41.6%

\u00a0

\u00a0

CNH Industrial Capital Europe\u00a0Ltd

UK

Full

\u00a0

100.0%

41.6%

\u00a0

Full

\u00a0

100.0%

41.6%

\u00a0

\u00a0

ES Finance

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

FL Zeebrugge (s)

Belgium

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Fortis Lease

France

Full

(1)

100.0%

83.0%

\u00a0

Full

(1)

100.0%

83.0%

\u00a0

\u00a0

Fortis Lease Belgium

Belgium

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

Fortis Lease Deutschland\u00a0GmbH

Germany

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

Fortis Lease Iberia\u00a0SA

Spain

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

Fortis Lease Portugal

Portugal

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

Fortis Lease UK\u00a0Ltd

UK

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

Fortis Vastgoedlease\u00a0BV

Netherlands

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

Heffiq Heftruck Verhuur\u00a0BV

Netherlands

Full

\u00a0

50.1%

41.5%

\u00a0

Full

\u00a0

50.1%

41.5%

\u00a0

\u00a0

JCB Finance

France

Full

(1)

100.0%

41.6%

\u00a0

Full

(1)

100.0%

41.6%

\u00a0

\u00a0

JCB Finance (Germany branch)

Germany

Full

(1)

100.0%

41.6%

\u00a0

Full

(1)

100.0%

41.6%

\u00a0

\u00a0

JCB Finance (Italy branch)

Italy

Full

(1)

100.0%

41.6%

\u00a0

Full

(1)

100.0%

41.6%

\u00a0

\u00a0

JCB Finance Holdings\u00a0Ltd

UK

Full

\u00a0

50.1%

41.6%

\u00a0

Full

\u00a0

50.1%

41.6%

\u00a0

\u00a0

JFL BNPP Agriculture And Technology Financial Leasing Co\u00a0Ltd

Chine

Equity

\u00a0

45.0%

37.3%

E2

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Manitou Finance\u00a0Ltd

UK

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

\u00a0

\u00a0

MGF

France

Full

(1)

51.0%

42.3%

\u00a0

Full

(1)

51.0%

42.3%

\u00a0

\u00a0

MGF (Germany branch)

Germany

Full

(1)

51.0%

42.3%

\u00a0

Full

(1)

51.0%

42.3%

\u00a0

\u00a0

MGF (Italy branch)

Italy

Full

(1)

51.0%

42.3%

\u00a0

Full

(1)

51.0%

42.3%

\u00a0

\u00a0

Natio Energie 2

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Natiocredibail

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

Pixel 2021 (t)

France

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Same Deutz Fahr Finance

France

Full

(1)

100.0%

83.0%

\u00a0

Full

(1)

100.0%

83.0%

\u00a0

\u00a0

SNC Natiocredimurs

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

New Digital Businesses

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Financi\u00e8re des Paiements Electroniques

France

Full

\u00a0

95.0%

95.0%

\u00a0

Full

\u00a0

95.0%

95.0%

\u00a0

\u00a0

Financi\u00e8re des Paiements Electroniques (Belgium branch)

Belgium

Full

\u00a0

95.0%

95.0%

\u00a0

Full

\u00a0

95.0%

95.0%

\u00a0

\u00a0

Financi\u00e8re des Paiements Electroniques (Germany branch)

Germany

Full

\u00a0

95.0%

95.0%

\u00a0

Full

\u00a0

95.0%

95.0%

\u00a0

\u00a0

Financi\u00e8re des Paiements Electroniques (Portugal branch)

Portugal

Full

\u00a0

95.0%

95.0%

\u00a0

Full

\u00a0

95.0%

95.0%

\u00a0

\u00a0

Financi\u00e8re des Paiements Electroniques (Spain branch)

Spain

Full

\u00a0

95.0%

95.0%

\u00a0

Full

\u00a0

95.0%

95.0%

\u00a0

\u00a0

Floa

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

Lyf\u00a0SA

France

Equity

(3)

44.8%

44.8%

V1

Equity

(3)

43.8%

43.8%

\u00a0

\u00a0

Lyf\u00a0SAS

France

Equity

(3)

50.0%

50.0%

\u00a0

Equity

(3)

50.0%

50.0%

V4

Personal Investors

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Espresso Financial Services Private\u00a0Ltd

India

\u00a0

\u00a0

\u00a0

\u00a0

S2

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Geojit Technologies Private\u00a0Ltd

India

Equity

\u00a0

35.0%

35.0%

\u00a0

Equity

\u00a0

35.0%

35.0%

\u00a0

\u00a0

Human Value Developers Private\u00a0Ltd

India

\u00a0

\u00a0

\u00a0

\u00a0

S2

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Sharekhan BNPP Financial Services\u00a0Ltd

India

\u00a0

\u00a0

\u00a0

\u00a0

S2

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Sharekhan\u00a0Ltd

India

\u00a0

\u00a0

\u00a0

\u00a0

S2

Full

\u00a0

100.0%

100.0%

\u00a0

INVESTMENT & PROTECTION SERVICES

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Insurance

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

AEW Immocommercial (s)

France

FV

\u00a0

-

-

\u00a0

FV

\u00a0

-

-

\u00a0

\u00a0

AG Insurance

Belgium

Equity

\u00a0

25.0%

25.0%

\u00a0

Equity

\u00a0

25.0%

25.0%

\u00a0

\u00a0

Agathe Retail France

France

FV

\u00a0

33.3%

33.3%

\u00a0

FV

\u00a0

33.3%

33.3%

\u00a0

\u00a0

AM Select (s)

Luxembourg

Full

(4)

-

-

\u00a0

Full

(4)

-

-

E1

\u00a0

Astridplaza

Belgium

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

Batipart Participations\u00a0SAS

Luxembourg

FV

\u00a0

29.7%

29.7%

\u00a0

FV

\u00a0

29.7%

29.7%

\u00a0

\u00a0

BCC Vita\u00a0SPA

Italy

Full

(2)

70.0%

70.0%

E3

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Becquerel (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Actions Croissance ISR (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Actions Euro ISR (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Actions Monde ISR (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Actions Patrimoine ISR (s)

France

Full

(4)

-

-

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP Actions PME ETI (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

(4)

-

-

\u00a0

\u00a0

BNPP Aqua (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Best Selection Actions Euro ISR (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Cardif

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif\u00a0BV

Netherlands

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Compania de Seguros y Reaseguros\u00a0SA

Peru

Full

(2)

100.0%

100.0%

D1

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Emeklilik\u00a0AS

T\u00fcrkiye

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Hayat Sigorta\u00a0AS

T\u00fcrkiye

Equity*

\u00a0

100.0%

100.0%

\u00a0

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Livforsakring\u00a0AB

Sweden

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Livforsakring\u00a0AB (Denmark branch)

Denmark

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Livforsakring\u00a0AB (Norway branch)

Norway

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Pojistovna\u00a0AS

Czech Rep.

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Seguros de Vida\u00a0SA

Chile

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Seguros Generales\u00a0SA

Chile

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Services SRO

Czech Rep.

Full

(2)

100.0%

100.0%

D1

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Servicios y Asistencia\u00a0Ltda

Chile

Full

(2)

100.0%

100.0%

D1

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Sigorta\u00a0AS

T\u00fcrkiye

Equity*

\u00a0

100.0%

100.0%

\u00a0

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif TCB Life Insurance Co\u00a0Ltd

Taiwan

Equity

\u00a0

49.0%

49.0%

\u00a0

Equity

\u00a0

49.0%

49.0%

\u00a0

\u00a0

BNPP Cardif Vita Compagnia di Assicurazione E Riassicurazione\u00a0SPA

Italy

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Convictions (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP CP Cardif Private Debt (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

(4)

-

-

\u00a0

\u00a0

BNPP Deep Value (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

BNPP D\u00e9veloppement Humain (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Diversiflex (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

S1

Full

(4)

-

-

\u00a0

\u00a0

BNPP Diversipierre (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

BNPP Euro Climate Aligned (s)

France

Full

(4)

-

-

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP France Cr\u00e9dit (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Global Senior Corporate Loans (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Indice Amerique du Nord (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Indice France ESG (s)

France

Full

(4)

-

-

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP Infrastructure Investments Fund (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Moderate Focus Italia (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

BNPP Mon\u00e9taire Assurance (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

BNPP Multistrat\u00e9gies Protection 80 (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

(4)

-

-

\u00a0

\u00a0

BNPP Next Tech (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

BNPP Obliselect Euro Dec 2028 (s)

France

Full

(4)

-

-

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP Protection Monde (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

BNPP Select (s)

France

Full

(4)

-

-

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP S\u00e9lection Dynamique Monde (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Selection Patrimoine Responsable (s)

France

Full

(4)

-

-

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP Smallcap Euroland ISR (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Social Business France (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BOB Cardif Life Insurance Co\u00a0Ltd

China

Equity

\u00a0

50.0%

50.0%

\u00a0

Equity

\u00a0

50.0%

50.0%

\u00a0

\u00a0

C Sant\u00e9 (s)

France

Full

(2)

-

-

D1

FV

\u00a0

-

-

\u00a0

\u00a0

Camgestion Obliflexible (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

Capital France Hotel

France

Full

(2)

98.5%

98.5%

\u00a0

Full

(2)

98.5%

98.5%

\u00a0

\u00a0

Cardif Alternatives Part I (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

Cardif Assurance Vie

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Austria branch)

Austria

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Belgium branch)

Belgium

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Bulgaria branch)

Bulgaria

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Germany branch)

Germany

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Italy branch)

Italy

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Netherlands branch)

Netherlands

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Portugal branch)

Portugal

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Romania branch)

Romania

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Spain branch)

Spain

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Switzerland branch)

Switzerland

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Taiwan branch)

Taiwan

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Austria branch)

Austria

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Belgium branch)

Belgium

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Bulgaria branch)

Bulgaria

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Germany branch)

Germany

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Italy branch)

Italy

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Netherlands branch)

Netherlands

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Poland branch)

Poland

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Portugal branch)

Portugal

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Romania branch)

Romania

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Spain branch)

Spain

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Switzerland branch)

Switzerland

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Taiwan branch)

Taiwan

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Biztosito Magyarorszag ZRT

Hungary

\u00a0

\u00a0

\u00a0

\u00a0

S3

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cardif BNPP AM Emerging Bond (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

Cardif BNPP AM Euro Paris Climate Aligned (s)

France

Full

(4)

-

-

D1

FV

\u00a0

-

-

\u00a0

\u00a0

Cardif BNPP AM Global Environmental Equity (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

Cardif BNPP AM Global Senior Corporate Loans (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

Cardif BNPP AM Sustainable Euro Equity (s)

France

Full

(4)

-

-

D1

FV

\u00a0

-

-

\u00a0

\u00a0

Cardif BNPP AM Sustainable Europe Equity (s)

France

Full

(4)

-

-

D1

FV

\u00a0

-

-

\u00a0

\u00a0

Cardif BNPP IP Signatures (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

Cardif BNPP IP Smid Cap Euro (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

(2)

-

-

\u00a0

\u00a0

Cardif Colombia Seguros Generales\u00a0SA

Colombia

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif CPR Global Return (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

Cardif do Brasil Seguros e Garantias\u00a0SA

Brazil

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif do Brasil Vida e Previdencia\u00a0SA

Brazil

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Edrim Signatures (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

Cardif El Djazair

Algeria

Equity*

\u00a0

85.0%

85.0%

V2

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cardif Forsakring\u00a0AB

Sweden

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Forsakring\u00a0AB (Denmark branch)

Denmark

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Forsakring\u00a0AB (Norway branch)

Norway

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif IARD

France

Full

(2)

66.0%

66.0%

\u00a0

Full

(2)

66.0%

66.0%

\u00a0

\u00a0

Cardif Insurance Co\u00a0LLC

Russia

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Cardif Insurance Holdings\u00a0PLC

UK

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Life Insurance Co\u00a0Ltd

Rep. of Korea

Full

(2)

85.0%

85.0%

\u00a0

Full

(2)

85.0%

85.0%

\u00a0

\u00a0

Cardif Life Insurance Japan

Japan

Full

(2)

75.0%

75.0%

\u00a0

Full

(2)

75.0%

75.0%

\u00a0

\u00a0

Cardif\u00a0Ltda

Brazil

Full

(2)

100.0%

100.0%

D1

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cardif Lux Vie

Luxembourg

Full

(2)

100.0%

88.6%

\u00a0

Full

(2)

100.0%

88.6%

\u00a0

\u00a0

Cardif Mexico Seguros de Vida\u00a0SA de CV

Mexico

Full

(2)

100.0%

100.0%

D1

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cardif Mexico Seguros Generales\u00a0SA de CV

Mexico

Full

(2)

100.0%

100.0%

D1

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cardif Non Life Insurance Japan

Japan

Full

(2)

100.0%

75.0%

\u00a0

Full

(2)

100.0%

75.0%

\u00a0

\u00a0

Cardif Nordic\u00a0AB

Sweden

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Polska Towarzystwo Ubezpieczen Na Zycie\u00a0SA

Poland

\u00a0

\u00a0

\u00a0

\u00a0

S3

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cardif Retraite

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Seguros\u00a0SA

Argentina

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Cardif Services AEIE

Portugal

\u00a0

\u00a0

\u00a0

\u00a0

S1

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Servicios de Colombia\u00a0SAS

Colombia

Full

(2)

100.0%

100.0%

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Cardif Servicios SAC

Peru

\u00a0

\u00a0

\u00a0

\u00a0

S3

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cardif Support Unipessoal Lda

Portugal

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

E1

\u00a0

Cardif Vita Convex Fund Eur (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

Cardimmo

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Carma Grand Horizon\u00a0SARL

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cedrus Carbon Initiative Trends (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

Centre Commercial Francilia

France

FV

\u00a0

21.7%

21.7%

\u00a0

FV

\u00a0

21.7%

21.7%

\u00a0

\u00a0

CFH Alexanderplatz Hotel\u00a0SARL

Luxembourg

Full

(2)

100.0%

93.5%

\u00a0

Full

(2)

100.0%

93.5%

E2

\u00a0

CFH Algonquin Management Partners France Italia

Italy

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

CFH Bercy

France

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

CFH Bercy Hotel

France

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

CFH Bercy Interm\u00e9diaire

France

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

CFH Berlin GP\u00a0GmbH

Germany

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

E2

\u00a0

CFH Berlin Holdco\u00a0SARL

Luxembourg

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

CFH Boulogne

France

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

CFH Cap d\u2019Ail

France

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

CFH Hostel Berlin\u00a0SARL

Luxembourg

Full

(2)

100.0%

93.5%

\u00a0

Full

(2)

100.0%

93.5%

E2

\u00a0

CFH Hotel Project\u00a0SARL

Luxembourg

Full

(2)

100.0%

93.5%

\u00a0

Full

(2)

100.0%

93.5%

E2

\u00a0

CFH Milan Holdco SRL

Italy

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

CFH Montmartre

France

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

CFH Montparnasse

France

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

Corosa

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Darnell DAC

Ireland

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

D\u00e9fense CB3\u00a0SAS

France

FV

\u00a0

25.0%

25.0%

\u00a0

FV

\u00a0

25.0%

25.0%

\u00a0

\u00a0

Diversipierre DVP 1

France

Full

(2)

100.0%

94.6%

V4

Full

(2)

100.0%

93.4%

V4

\u00a0

Diversipierre Germany\u00a0GmbH

Germany

Full

(2)

100.0%

94.6%

D1/V4

Equity*

\u00a0

100.0%

93.4%

V4

\u00a0

DVP European Channel

France

Full

(2)

100.0%

94.6%

D1/V4

Equity*

\u00a0

100.0%

93.4%

V4

\u00a0

DVP Green Clover

France

Full

(2)

100.0%

94.6%

D1/V4

Equity*

\u00a0

100.0%

93.4%

V4

\u00a0

DVP Haussmann

France

Full

(2)

100.0%

94.6%

D1/V4

Equity*

\u00a0

100.0%

93.4%

V4

\u00a0

DVP Heron

France

Full

(2)

100.0%

94.6%

D1/V4

Equity*

\u00a0

100.0%

93.4%

V4

\u00a0

Eclair (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

EP L (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

EP1 Grands Moulins (s)

France

Full

(2)

-

-

D1

Equity*

\u00a0

-

-

\u00a0

\u00a0

Fleur\u00a0SAS

France

\u00a0

\u00a0

\u00a0

\u00a0

S1

FV

\u00a0

33.3%

33.3%

\u00a0

\u00a0

Fonci\u00e8re Partenaires (s)

France

FV

\u00a0

-

-

\u00a0

FV

\u00a0

-

-

\u00a0

\u00a0

Fondev (Ex- FDI Poncelet)

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Fondo BNPP Aqua Protetto (s)

France

Full

(4)

-

-

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Fonds d\u2019Investissements Immobiliers pour le Commerce et la Distribution

France

FV

\u00a0

25.0%

25.0%

\u00a0

FV

\u00a0

25.0%

25.0%

\u00a0

\u00a0

FP Cardif Convex Fund USD (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

Fundamenta (s)

Italy

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

G C Thematic Opportunities\u00a0II (s)

Ireland

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

GIE BNPP Cardif

France

Full

(2)

99.7%

99.7%

\u00a0

Full

(2)

99.7%

99.7%

V2

\u00a0

GPinvest 10

France

FV

\u00a0

50.0%

50.0%

\u00a0

FV

\u00a0

50.0%

50.0%

\u00a0

\u00a0

Harewood Helena 2\u00a0Ltd

UK

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Harmony Prime (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

Hemisphere Holding

France

Equity

\u00a0

20.0%

20.0%

\u00a0

Equity

\u00a0

20.0%

20.0%

\u00a0

\u00a0

Hibernia France

France

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

Horizon Development\u00a0GmbH

Germany

FV

\u00a0

66.7%

64.9%

V4

FV

\u00a0

66.7%

62.9%

\u00a0

\u00a0

Icare

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Icare Assurance

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

ID Cologne A1\u00a0GmbH

Germany

Full

(2)

89.2%

86.8%

D1/V4

Equity*

\u00a0

89.2%

86.2%

V1

\u00a0

ID Cologne A2\u00a0GmbH

Germany

Full

(2)

89.2%

86.8%

D1/V4

Equity*

\u00a0

89.2%

86.2%

V1

\u00a0

Karapass Courtage

France

\u00a0

\u00a0

\u00a0

\u00a0

S3

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Korian et Partenaires Immobilier 1

France

FV

\u00a0

24.5%

24.5%

\u00a0

FV

\u00a0

24.5%

24.5%

\u00a0

\u00a0

Korian et Partenaires Immobilier 2

France

FV

\u00a0

24.5%

24.5%

\u00a0

FV

\u00a0

24.5%

24.5%

\u00a0

\u00a0

Luizaseg Seguros\u00a0SA

Brazil

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

V1/D4

\u00a0

Natio Assurance

France

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Natio Fonds Amp\u00e8re 1 (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

NCVP Participacoes Societarias\u00a0SA

Brazil

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Neuflize Vie

France

Full

(2)

100.0%

100.0%

E3

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

New Alpha Cardif Incubator Fund (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

OC Health Real Estate\u00a0GmbH

Germany

FV

\u00a0

35.0%

31.0%

\u00a0

FV

\u00a0

35.0%

31.0%

\u00a0

\u00a0

Op\u00e9ra Rendement (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

Paris Management Consultant Co\u00a0Ltd

Taiwan

\u00a0

\u00a0

\u00a0

\u00a0

S3

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Permal Cardif Co Investment Fund (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

Pinnacle Pet Holdings\u00a0Ltd

UK

Equity

\u00a0

24.7%

24.7%

\u00a0

Equity

\u00a0

24.7%

24.7%

V3

\u00a0

Poistovna Cardif Slovakia\u00a0AS

Slovakia

\u00a0

\u00a0

\u00a0

\u00a0

S3

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Preim Healthcare SAS (s)

France

FV

\u00a0

-

-

\u00a0

FV

\u00a0

-

-

\u00a0

\u00a0

PWH

France

FV

\u00a0

47.5%

47.5%

\u00a0

FV

\u00a0

47.5%

47.5%

\u00a0

\u00a0

Reumal Investissements

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Rubin\u00a0SARL

Luxembourg

FV

\u00a0

50.0%

50.0%

\u00a0

FV

\u00a0

50.0%

50.0%

\u00a0

\u00a0

Rueil Ariane

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SAS HVP

France

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

Schroder European Operating Hotels Fund 1 (s)

Luxembourg

FV

\u00a0

-

-

\u00a0

FV

\u00a0

-

-

\u00a0

\u00a0

SCI\u00a068/70 rue de Lagny Montreuil

France

Full

(2)

99.9%

99.9%

\u00a0

Full

(2)

99.9%

99.9%

\u00a0

\u00a0

SCI Alpha Park

France

\u00a0

\u00a0

\u00a0

\u00a0

S2

FV

\u00a0

50.0%

50.0%

\u00a0

\u00a0

SCI Batipart Chadesrent

France

FV

\u00a0

20.0%

20.0%

\u00a0

FV

\u00a0

20.0%

20.0%

\u00a0

\u00a0

SCI Biv Malakoff

France

FV

\u00a0

23.3%

23.3%

\u00a0

FV

\u00a0

23.3%

23.3%

\u00a0

\u00a0

SCI BNPP Pierre\u00a0I

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI BNPP Pierre\u00a0II

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Bobigny Jean Rostand

France

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Bouleragny

France

FV

\u00a0

50.0%

50.0%

\u00a0

FV

\u00a0

50.0%

50.0%

\u00a0

\u00a0

SCI Cardif Logement

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Citylight Boulogne

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Clichy Nuovo

France

FV

\u00a0

50.0%

50.0%

\u00a0

FV

\u00a0

50.0%

50.0%

\u00a0

\u00a0

SCI D\u00e9fense Etoile

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI D\u00e9fense Vend\u00f4me

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Etoile du Nord

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Fontenay Plaisance

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI\u00a0Imefa Velizy

France

FV

\u00a0

21.8%

21.8%

\u00a0

FV

\u00a0

21.8%

21.8%

\u00a0

\u00a0

SCI Le Mans Gare

France

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Nanterre Guilleraies

France

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Nantes Carnot

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Odyss\u00e9e

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Pantin Les Moulins

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Paris Batignolles

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Paris Cours de Vincennes

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Paris Grande Arm\u00e9e

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Paris Turenne

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Portes de Claye

France

Equity

\u00a0

45.0%

45.0%

\u00a0

Equity

\u00a0

45.0%

45.0%

\u00a0

\u00a0

SCI Rue Moussorgski

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Rueil Caudron

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Saint Denis Landy

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Saint Denis Mitterrand

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Saint-Denis Jade

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI SCOO

France

FV

\u00a0

46.4%

46.4%

\u00a0

FV

\u00a0

46.4%

46.4%

\u00a0

\u00a0

SCI Vend\u00f4me Ath\u00e8nes

France

FV

\u00a0

50.0%

50.0%

\u00a0

FV

\u00a0

50.0%

50.0%

\u00a0

\u00a0

SCI Villeurbanne Stalingrad

France

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Secar

France

FV

\u00a0

55.1%

55.1%

\u00a0

FV

\u00a0

55.1%

55.1%

\u00a0

\u00a0

Seniorenzentren Deutschland Holding\u00a0SARL

Luxembourg

FV

\u00a0

20.0%

17.7%

\u00a0

FV

\u00a0

20.0%

17.7%

\u00a0

\u00a0

Seniorenzentren Reinbeck Oberursel M\u00fcnchen Objekt\u00a0GmbH

Germany

FV

\u00a0

35.0%

31.0%

\u00a0

FV

\u00a0

35.0%

31.0%

\u00a0

\u00a0

Seniorenzentrum Butzbach Objekt\u00a0GmbH

Germany

FV

\u00a0

35.0%

31.0%

\u00a0

FV

\u00a0

35.0%

31.0%

\u00a0

\u00a0

Seniorenzentrum Heilbronn Objekt\u00a0GmbH

Germany

FV

\u00a0

35.0%

31.0%

\u00a0

FV

\u00a0

35.0%

31.0%

\u00a0

\u00a0

Seniorenzentrum Kassel Objekt\u00a0GmbH

Germany

FV

\u00a0

35.0%

31.0%

\u00a0

FV

\u00a0

35.0%

31.0%

\u00a0

\u00a0

Seniorenzentrum Wolfratshausen Objekt\u00a0GmbH

Germany

FV

\u00a0

35.0%

31.0%

\u00a0

FV

\u00a0

35.0%

31.0%

\u00a0

\u00a0

Services Epargne Entreprise

France

Equity

\u00a0

36.8%

36.8%

V1

Equity

\u00a0

35.6%

35.6%

\u00a0

\u00a0

SNC Batipart Mermoz

France

FV

\u00a0

25.0%

25.0%

\u00a0

FV

\u00a0

25.0%

25.0%

\u00a0

\u00a0

SNC Batipart Poncelet

France

FV

\u00a0

25.0%

25.0%

\u00a0

FV

\u00a0

25.0%

25.0%

\u00a0

\u00a0

Soci\u00e9t\u00e9 Francaise d\u2019Assurances sur la Vie

France

Equity

\u00a0

50.0%

50.0%

\u00a0

Equity

\u00a0

50.0%

50.0%

\u00a0

\u00a0

Soci\u00e9t\u00e9 Immobili\u00e8re du Royal Building\u00a0SA

Luxembourg

Full

(2)

100.0%

88.6%

\u00a0

Full

(2)

100.0%

88.6%

\u00a0

\u00a0

Theam Quant Europe Climate Carbon Offset Plan (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

(4)

-

-

\u00a0

\u00a0

Tikehau Cardif Loan Europe (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

Valeur Pierre Epargne

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Valtitres FCP (s)

France

Full

(4)

-

-

D1

FV

(4)

-

-

\u00a0

\u00a0

Velizy Holding

France

FV

\u00a0

33.3%

33.3%

\u00a0

FV

\u00a0

33.3%

33.3%

\u00a0

Wealth Management

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP Wealth Management Monaco

Monaco

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(1)

100.0%

100.0%

\u00a0

Asset Management

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Alfred Berg Kapitalforvaltning\u00a0AS

Norway

Full

\u00a0

100.0%

73.7%

\u00a0

Full

\u00a0

100.0%

73.7%

V2

\u00a0

Alfred Berg Kapitalforvaltning\u00a0AS (Sweden branch)

Sweden

Full

\u00a0

100.0%

73.7%

\u00a0

Full

\u00a0

100.0%

73.7%

V3

\u00a0

Bancoestado Administradora General de Fondos\u00a0SA

Chile

Equity

\u00a0

50.0%

49.1%

\u00a0

Equity

\u00a0

50.0%

49.1%

\u00a0

\u00a0

Baroda BNPP AMC Private\u00a0Ltd

India

Equity

(3)

49.9%

49.1%

V4

Equity

(3)

49.9%

49.0%

\u00a0

\u00a0

BNPP ABC Wealth Management Co\u00a0Ltd

China

Equity

(3)

51.0%

50.1%

\u00a0

Equity

(3)

51.0%

50.1%

E2

\u00a0

BNPP Agility Capital

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

BNPP Agility Fund Equity SLP (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Agility Fund Private Debt SLP (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP AM International Hedged Strategies (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Asset Management Asia\u00a0Ltd

Hong Kong

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Be Holding

Belgium

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Brasil\u00a0Ltda

Brazil

Full

\u00a0

100.0%

99.6%

V4

Full

\u00a0

100.0%

99.5%

\u00a0

\u00a0

BNPP Asset Management Europe (Austria branch) (Ex- BNPP Asset Management France (Austria branch))

Austria

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Europe (Belgium branch) (Ex- BNPP Asset Management France (Belgium branch))

Belgium

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Europe (Ex-BNPP Asset Management France)

France

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Europe (Germany branch) (Ex-BNPP Asset Management France (Germany branch))

Germany

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Europe (Italy branch) (Ex-BNPP Asset Management France (Italy branch))

Italy

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Europe (Netherlands branch) (Ex-BNPP Asset Management France (Netherlands branch))

Netherlands

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Europe (Poland branch)

Poland

Full

\u00a0

100.0%

98.3%

E2

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP Asset Management Holding

France

Full

\u00a0

100.0%

98.3%

V1

Full

\u00a0

99.9%

98.2%

\u00a0

\u00a0

BNPP Asset Management Japan\u00a0Ltd

Japan

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Luxembourg

Luxembourg

Full

\u00a0

99.7%

98.0%

V4

Full

\u00a0

99.7%

97.9%

\u00a0

\u00a0

BNPP Asset Management NL Holding\u00a0NV

Netherlands

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

BNPP Asset Management PT

Indonesia

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Services Grouping

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

BNPP Asset Management Taiwan Co\u00a0Ltd

Taiwan

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

E1

\u00a0

BNPP Asset Management UK\u00a0Ltd

UK

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management USA Holdings Inc

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Asset Management USA Inc

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP B Institutional\u00a0II (s)

Belgium

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Dealing Services

France

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Easy (s)

Luxembourg

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Flexi I (s)

Luxembourg

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Funds (s)

Luxembourg

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

Drypnir\u00a0AS

Norway

Full

\u00a0

100.0%

0.0%

\u00a0

Full

\u00a0

100.0%

0.0%

\u00a0

\u00a0

Dynamic Credit Group\u00a0BV

Netherlands

Full

\u00a0

75.0%

73.7%

V4

Full

\u00a0

75.0%

73.6%

E3

\u00a0

Gambit Financial Solutions

Belgium

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

Haitong Fortis Private Equity Fund Management Co\u00a0Ltd

China

Equity

\u00a0

33.0%

32.4%

\u00a0

Equity

\u00a0

33.0%

32.4%

\u00a0

\u00a0

Harewood Helena 1\u00a0Ltd

UK

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

HFT Investment Management Co\u00a0Ltd

China

Equity

\u00a0

49.0%

48.2%

V4

Equity

\u00a0

49.0%

48.1%

\u00a0

\u00a0

Impax Asset Management Group\u00a0PLC

UK

Equity

\u00a0

13.8%

13.5%

\u00a0

Equity

\u00a0

13.8%

13.5%

\u00a0

\u00a0

SME Alternative Financing DAC (s)

Ireland

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Theam Quant (s)

Luxembourg

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

Real Estate

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Auguste Thouard Expertise

France

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Immobilier Promotion

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Immobilier R\u00e9sidences Services

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate (United Arab Emirates branch)

United Arab Emirates

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Advisory & Property Management Luxembourg\u00a0SA

Luxembourg

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Advisory & Property Management UK\u00a0Ltd

UK

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Advisory and Property Management Ireland\u00a0Ltd

Ireland

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Advisory Italy\u00a0SPA

Italy

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Advisory Netherlands\u00a0BV

Netherlands

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Belgium\u00a0SA

Belgium

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Conseil Habitation & Hospitality

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Consult France

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Consult\u00a0GmbH

Germany

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Facilities Management\u00a0Ltd

UK

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Financial Partner

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate\u00a0GmbH

Germany

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Holding\u00a0GmbH

Germany

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Investment Management Belgium

Belgium

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Investment Management France

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Investment Management Germany\u00a0GmbH

Germany

Full

\u00a0

94.9%

94.9%

\u00a0

Full

\u00a0

94.9%

94.9%

\u00a0

\u00a0

BNPP Real Estate Investment Management Germany\u00a0GmbH (Italy branch)

Italy

Full

\u00a0

94.9%

94.9%

\u00a0

Full

\u00a0

94.9%

94.9%

\u00a0

\u00a0

BNPP Real Estate Investment Management Germany\u00a0GmbH (Portugal branch)

Portugal

Full

\u00a0

94.9%

94.9%

\u00a0

Full

\u00a0

94.9%

94.9%

\u00a0

\u00a0

BNPP Real Estate Investment Management Germany\u00a0GmbH (Spain branch)

Spain

Full

\u00a0

94.9%

94.9%

\u00a0

Full

\u00a0

94.9%

94.9%

\u00a0

\u00a0

BNPP Real Estate Investment Management Italy\u00a0SPA

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Investment Management\u00a0Ltd

UK

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Investment Management Luxembourg\u00a0SA

Luxembourg

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Investment Management Luxembourg\u00a0SA (Italy branch)

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

E2

\u00a0

BNPP Real Estate Investment Management Spain\u00a0SA

Spain

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Investment Management UK\u00a0Ltd

UK

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Poland SP ZOO

Poland

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Portugal Unipersonal LDA

Portugal

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Property Development & Services\u00a0GmbH

Germany

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Property Development UK\u00a0Ltd

UK

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Property Management France\u00a0SAS

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Property Management\u00a0GmbH

Germany

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Property Management Italy SRL

Italy

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Singapore Pte\u00a0Ltd

Singapore

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Spain\u00a0SA

Spain

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Transaction France

France

Full

(2)

97.4%

97.4%

V1

Full

(2)

97.2%

97.2%

V1

\u00a0

BNPP Real Estate Valuation France

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cariboo Development SL

Spain

Equity

\u00a0

65.0%

65.0%

\u00a0

Equity

\u00a0

65.0%

65.0%

\u00a0

\u00a0

Construction-Sale Companies (c)

France

Full / Equity

(2)

-

-

\u00a0

Full / Equity

(2)

-

-

\u00a0

\u00a0

Exeo Aura & Echo Offices Lda

Portugal

Equity

\u00a0

31.9%

31.9%

\u00a0

Equity

\u00a0

31.9%

31.9%

\u00a0

\u00a0

GIE BNPP Real Estate

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Horti Milano SRL

Italy

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Nanterre Arboretum

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Parker Tower\u00a0Ltd

UK

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Partner\u2019s & Services

France

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

REPD Parker\u00a0Ltd

UK

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Sviluppo Residenziale Italia SRL

Italy

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Wapiti Development SL

Spain

Equity

\u00a0

65.0%

65.0%

\u00a0

Equity

\u00a0

65.0%

65.0%

\u00a0

OTHER BUSINESS UNITS

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Property Companies (Property Used In Operations) and Others

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Antin Participation 5

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Home Loan SFH

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

BNPP Partners for Innovation

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Partners for Innovation Belgium

Belgium

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Partners For Innovation Global Connect

France

Full

\u00a0

100.0%

100.0%

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP Partners for Innovation Italia SRL

Italy

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Procurement Tech

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Public Sector\u00a0SA

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

FCT Lafayette 2021 (t)

France

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

FCT Laffitte 2021 (t)

France

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

FCT Op\u00e9ra 2014 (t)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

FCT Opera 2023 (t)

France

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

E2

\u00a0

FCT Pyramides 2022 (t)

France

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

GIE Groupement Auxiliaire de Moyens

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

GIE Groupement d\u2019Etudes et de Prestations

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Transvalor

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

  • At 31 December 2024, 13 Private Equity investment entities versus 14 Private Equity investment entities at 31 December 2023.
  • At 31 December 2024, the securitisation funds UCI and RMBS Prado included 13 funds (FCC UCI 11, 12, 14 to 17, RMBS Prado\u00a0VII to\u00a0XI, Green Belem\u00a0I et RMBS Belem No\u00a02) unchanged from 31 December 2023.
  • At 31 December 2024, 102 Construction-sale companies (71 Full and 31 Equity) versus 117 Construction-sale companies (82 Full and 35 Equity) at 31 December 2023.
  • At 31 December 2024, the securitisation funds Genius include 8 funds (Generation 2024-1-4 Retail Auto Mortgage Loan Securitisation, Generation 2023-2 to 5 Retail Auto Mortgage Loan Securitisation) versus 11 funds (Generation 2021-4 Retail Auto Mortgage Loan Securitisation, Generation 2022-1 to 5 Retail Auto Mortgage Loan Securitisation, Generation 2023-1 to 5 Retail Auto Mortgage Loan Securitisation) at 31 December 2023.
  • At 31 december 2024, 10 funds (Wisdom Puhua Leasing 2022-2 to 3 Asset-Backed Securities, Wisdom Puhua Leasing 2023-2 Asset-Backed Notes, Wisdom Puhua Leasing 2023-1 & 2 Asset-Backed Securities, Wisdom Puhua Leasing Xinghe 2023-1 Asset-Backed Securities, Wisdom Puhua Leasing Xinghe 2024-1 to 4 Asset-Backed Securities) versus 13 funds (Wisdom Puhua Leasing 2021-2 & 3 Asset-Backed Securities, Wisdom Puhua Leasing 2022-1 Asset-Backed Notes, Wisdom Puhua Leasing 2022-1 to 3 Asset-Backed Securities, Wisdom Puhua Leasing 2023-1 & 2 Asset-Backed Notes, Wisdom Puhua Leasing 2023-1 & 2 Asset-Backed securities, Wisdom Puhua Leasing Zhixing 2023-1 & 2 Asset-Backed Notes, Wisdom Puhua Leasing Xinghe 2023-1 Asset-Backed Securities) at 31 December 2023.

\u00a0

As requested by the ANC 2016 regulation, the list of entities that are controlled by the Group, jointly controlled or under significant influence, but excluded from the scope of consolidation since their contribution to the consolidated financial statements would be immaterial to the Group, and the list of equity investments, are available on the \u201cRegulated Information\u201d page of the https://invest.bnpparibas.com website.

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Changes in the scope of consolidation

New entries (E) in the scope of consolidation

E1

Passing above consolidation thresholds

E2

Incorporation

E3

Purchase, gain of control or significant influence

Removals (S) from the scope of consolidation

S1

Cessation of activity (dissolution, liquidation, etc.)

S2

Disposal, loss of control or loss of significant influence

S3

Passing below consolidation thresholds

S4

Merger, Universal transfer of assets and liabilities

Variance (V) in voting or ownership interest

V1

Additional purchase

V2

Partial disposal

V3

Dilution

V4

Increase in %

Miscellaneous

D1

Consolidation method change not related to fluctuation in voting or ownership interest

D2

Following the additional purchase of interest by the Group, Arval Relsa and its subsidiaries were fully consolidated since the fourth quarter 2023

D3

Following the additional purchase of interest by the Group, the whole entities Kantox and its subsidiaries were fully consolidated since the fourth quarter 2023.

D4

Following the additional purchase of interest by the Group, Luizaseg Seguros\u00a0SA was fully consolidated since the fourth quarter 2023

\u00a0

Equity*

Controlled but non material entities consolidated under the equity method as associates

FV

Joint control or investment in associates measured at fair value through profit or loss

(s)

Structured entities

(t)

Securitisation funds

\u00a0

\u00a0

Prudential scope of consolidation

(1)

French subsidiaries for which supervision of prudential requirements is complied with through the supervision on a consolidated basis of BNP\u00a0Paribas\u00a0SA, in accordance with article\u00a07.1 of Regulation n\u00b0575/2013 of the European Parliament and of the Council

(2)

Entities consolidated under the equity method in the prudential scope

(3)

Jointly controlled entities under proportional consolidation in the prudential scope

(4)

Collective investment undertaking excluded from the prudential scope

", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_3a6457bf-5da3-455f-927f-2f649fc6f45c": { "value": "
Joint control

Where the Group carries out an activity with one or more partners, sharing control by virtue of a contractual agreement which requires unanimous consent on relevant activities (those that significantly affect the entity\u2019s returns), the Group exercises joint control over the activity. Where the jointly controlled activity is structured through a separate vehicle in which the partners have rights to the net assets, this joint venture is accounted for using the equity method. Where the jointly controlled activity is not structured through a separate vehicle or where the partners have rights to the assets and obligations for the liabilities of the jointly controlled activity, the Group accounts for its share of the assets, liabilities, revenues and expenses in accordance with the applicable IFRS.

8.kScope of consolidation

BNP\u00a0Paribas, a\u00a0soci\u00e9t\u00e9 anonyme\u00a0(Public Limited Company), registered in France, is the Group\u2019s lead company, which holds key positions in its three operating divisions: Corporate & Institutional Banking (CIB), Commercial, Personal Banking & Services (CPBS) and Investment & Protection Services (IPS).

During the year, the parent company did not change its name. BNP\u00a0Paribas has its principal place of business in France and its head office is located at\u00a016\u00a0boulevard des Italiens 75009 Paris,\u00a0France.

\u00a0

Business

Name

Country

31 December 2024

31 December 2023

Method

Voting (%)

Interest (%)

Ref.

Method

Voting (%)

Interest (%)

Ref.

\u00a0

BNP\u00a0Paribas\u00a0SA

France

\u00a0

(1)

\u00a0

\u00a0

\u00a0

\u00a0

(1)

\u00a0

\u00a0

\u00a0

\u00a0

BNPP\u00a0SA (Argentina branch)

Argentina

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Australia branch)

Australia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Austria branch)

Austria

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Bahrain branch)

Bahrain

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Belgium branch)

Belgium

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Bulgaria branch)

Bulgaria

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Canada branch)

Canada

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Czech Republic branch)

Czech Rep.

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Denmark branch)

Denmark

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Finland branch)

Finland

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Germany branch)

Germany

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Greece branch)

Greece

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Guernsey branch)

Guernsey

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Hong Kong branch)

Hong Kong

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Hungary branch)

Hungary

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (India branch)

India

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Ireland branch)

Ireland

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Italy branch)

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Japan branch)

Japan

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Jersey branch)

Jersey

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Kuwait branch)

Kuwait

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Luxembourg branch)

Luxembourg

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Malaysia branch)

Malaysia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Monaco branch)

Monaco

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Netherlands branch)

Netherlands

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Norway branch)

Norway

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Philippines branch)

Philippines

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Poland branch)

Poland

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Portugal branch)

Portugal

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Qatar branch)

Qatar

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Republic of Korea branch)

Rep. of Korea

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Romania branch)

Romania

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Saudi Arabia branch)

Saudi Arabia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Singapore branch)

Singapore

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (South Africa branch)

South Africa

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Spain branch)

Spain

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Sweden branch)

Sweden

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Switzerland branch)

Switzerland

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Taiwan branch)

Taiwan

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Thailand branch)

Thailand

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (United Arab Emirates branch)

United Arab Emirates

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (United Kingdom branch)

UK

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (United States branch)

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Viet Nam branch)

Viet Nam

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

CORPORATE & INSTITUTIONAL BANKING

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

EMEA (Europe, Middle East, Africa)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Austin Finance (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

BNPP Financial Markets

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

Eurotitrisation

France

Equity

\u00a0

22.0%

22.0%

\u00a0

Equity

\u00a0

22.0%

22.0%

V4

\u00a0

Exane

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane (Germany branch)

Germany

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane (Italy branch)

Italy

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane (Spain branch)

Spain

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane (Sweden branch)

Sweden

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane (Switzerland branch)

Switzerland

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane (United Kingdom branch)

UK

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane Asset Management

France

Equity

\u00a0

35.0%

35.0%

\u00a0

Equity

\u00a0

35.0%

35.0%

V2

\u00a0

Exane Derivatives

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane Derivatives (Switzerland branch)

Switzerland

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane Derivatives (United Kingdom branch)

UK

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane Derivatives Gerance

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane Finance

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

FCT Juice (t)

France

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Financi\u00e8re des Italiens (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Financi\u00e8re du March\u00e9 Saint Honor\u00e9

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Optichamps (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Parilease

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

Participations Op\u00e9ra (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Services Logiciels d\u2019Int\u00e9gration Boursi\u00e8re

France

Equity

(3)

66.6%

66.6%

\u00a0

Equity

(3)

66.6%

66.6%

\u00a0

\u00a0

Services Logiciels d\u2019Int\u00e9gration Boursi\u00e8re (Portugal branch)

Portugal

Equity

(3)

66.6%

66.6%

\u00a0

Equity

(3)

66.6%

66.6%

E2

\u00a0

SNC Taitbout Participation 3

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Soci\u00e9t\u00e9 Orbaisienne de Participations

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Uptevia\u00a0SA

France

Equity

(3)

50.0%

50.0%

\u00a0

Equity

(3)

50.0%

50.0%

E3

Other European countries

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Allfunds Group\u00a0PLC

UK

Equity

\u00a0

12.5%

12.4%

V4

Equity

\u00a0

12.1%

12.0%

\u00a0

\u00a0

Aries Capital DAC

Ireland

Full

\u00a0

100.0%

0.0%

\u00a0

Full

\u00a0

100.0%

0.0%

\u00a0

\u00a0

AssetMetrix

Germany

Equity

\u00a0

23.1%

23.1%

V4

Equity

\u00a0

22.3%

22.3%

V4

\u00a0

BNP PUK Holding\u00a0Ltd

UK

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Bank JSC

Russia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Emissions Und Handels\u00a0GmbH

Germany

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Fund Administration Services Ireland\u00a0Ltd

Ireland

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Ireland Unlimited Co

Ireland

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Islamic Issuance\u00a0BV

Netherlands

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Issuance\u00a0BV

Netherlands

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Net\u00a0Ltd

UK

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Prime Brokerage International\u00a0Ltd

Ireland

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Suisse\u00a0SA

Switzerland

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Suisse\u00a0SA (Guernsey branch)

Guernsey

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Technology\u00a0LLC

Russia

\u00a0

\u00a0

\u00a0

\u00a0

S1

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Trust Corp UK\u00a0Ltd

UK

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Vartry Reinsurance DAC

Ireland

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Diamante Re SRL

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Ejesur\u00a0SA

Spain

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

Exane Solutions Luxembourg\u00a0SA

Luxembourg

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Expo Atlantico EAII\u00a0Investimentos Imobiliarios SA (s)

Portugal

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Expo Indico EIII\u00a0Investimentos Imobiliarios SA (s)

Portugal

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

FScholen

Belgium

Equity

(3)

50.0%

50.0%

\u00a0

Equity

(3)

50.0%

50.0%

\u00a0

\u00a0

Greenstars BNPP

Luxembourg

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Kantox European Union SL

Spain

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

V1/D3

\u00a0

Kantox Holding\u00a0Ltd

UK

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

V1/D3

\u00a0

Kantox\u00a0Ltd

UK

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

V1/D3

\u00a0

Madison Arbor\u00a0Ltd (t)

Ireland

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Matchpoint Finance\u00a0PLC (t)

Ireland

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Ribera Del Loira Arbitrage

Spain

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Securasset\u00a0SA

Luxembourg

Full

\u00a0

100.0%

0.0%

\u00a0

Full

\u00a0

100.0%

0.0%

\u00a0

\u00a0

Single Platform Investment Repackaging Entity\u00a0SA

Luxembourg

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Utexam Logistics\u00a0Ltd

Ireland

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

Utexam Solutions\u00a0Ltd

Ireland

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

Volantis\u00a0SARL (s)

Luxembourg

Full

\u00a0

-

-

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Middle East

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP Investment Co KSA

Saudi Arabia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

AMERICAS

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Banco BNPP Brasil\u00a0SA

Brazil

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Capital Services Inc

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Colombia Corporacion Financiera\u00a0SA

Colombia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP EQD Brazil Fund Fundo de Investmento Multimercado (s)

Brazil

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

BNPP Financial Services\u00a0LLC

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP FS\u00a0LLC

USA

\u00a0

\u00a0

\u00a0

\u00a0

S1

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP IT Solutions Canada Inc

Canada

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Mexico Holding

Mexico

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Mexico\u00a0SA Institucion de Banca Multiple

Mexico

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Proprietario Fundo de Investimento Multimercado (s)

Brazil

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

BNPP RCC\u00a0Inc

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Securities Corp

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP US Investments Inc

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP US Wholesale Holdings Corp

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP USA Inc

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP VPG Brookline Cre\u00a0LLC (s)

USA

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

BNPP VPG EDMC Holdings\u00a0LLC (s)

USA

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

BNPP VPG Express\u00a0LLC (s)

USA

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

BNPP VPG\u00a0I\u00a0LLC (s)

USA

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

BNPP VPG\u00a0II\u00a0LLC (s)

USA

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

BNPP VPG\u00a0III\u00a0LLC (s)

USA

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

BNPP VPG\u00a0IV\u00a0LLC (s)

USA

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

E2

\u00a0

BNPP VPG Master\u00a0LLC (s)

USA

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Corporation BNPP Canada (Ex- BNPP Canada Corp)

Canada

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Dale Bakken Partners 2012\u00a0LLC

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Decart Re\u00a0Ltd

Bermuda

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

FSI Holdings Inc

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Starbird Funding Corp (t)

USA

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

PACIFIC ASIA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Andalan Multi Guna PT

Indonesia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Bank BNPP Indonesia PT

Indonesia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Arbitrage Hong Kong\u00a0Ltd

Hong Kong

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP China\u00a0Ltd

China

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Finance Hong Kong\u00a0Ltd

Hong Kong

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Fund Services Australasia Pty\u00a0Ltd

Australia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Fund Services Australasia Pty\u00a0Ltd (New Zealand branch)

New Zealand

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Global Securities Operations Private\u00a0Ltd

India

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

BNPP India Holding Private\u00a0Ltd

India

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP India Solutions Private\u00a0Ltd

India

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Malaysia Berhad

Malaysia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Securities Asia\u00a0Ltd

Hong Kong

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Securities China\u00a0Ltd

China

Full

\u00a0

100.0%

100.0%

E2

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP Securities India Private\u00a0Ltd

India

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Securities Japan\u00a0Ltd

Japan

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Securities Korea Co\u00a0Ltd

Rep. of Korea

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Securities Taiwan Co\u00a0Ltd

Taiwan

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Sekuritas Indonesia PT

Indonesia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BPP Holdings Pte\u00a0Ltd

Singapore

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

COMMERCIAL, PERSONAL BANKING & SERVICES

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

COMMERCIAL & PERSONAL BANKING IN\u00a0THE\u00a0EUROZONE

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Commercial & Personal Banking in France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

2SF - Soci\u00e9t\u00e9 des Services Fiduciaires

France

Equity

(3)

33.3%

33.3%

\u00a0

Equity

(3)

33.3%

33.3%

\u00a0

\u00a0

Banque de Wallis et Futuna

France

Full

(1)

51.0%

51.0%

\u00a0

Full

(1)

51.0%

51.0%

\u00a0

\u00a0

BNPP Antilles Guyane

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

BNPP D\u00e9veloppement

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP D\u00e9veloppement Oblig

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Factor

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

BNPP Factor (Portugal branch)

Portugal

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

E2

\u00a0

BNPP Factor (Spain branch)

Spain

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

BNPP Factor Sociedade Financeira de Credito\u00a0SA

Portugal

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

BNPP Nouvelle Cal\u00e9donie

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

BNPP R\u00e9union

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

Compagnie pour le Financement des Loisirs

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

Copartis

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Euro Securities Partners

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

GIE Ocean

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Jivago Holding

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Partecis

France

Equity

(3)

50.0%

50.0%

\u00a0

Equity

(3)

50.0%

50.0%

\u00a0

\u00a0

Paylib Services

France

Equity

\u00a0

14.3%

14.3%

\u00a0

Equity

\u00a0

14.3%

14.3%

\u00a0

\u00a0

Portzamparc

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

BNL banca commerciale

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Banca Agevolarti\u00a0SPA (Ex- Artigiancassa\u00a0SPA)

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

V1

\u00a0

Banca Nazionale Del Lavoro\u00a0SPA

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP BNL Equity Investment\u00a0SPA

Italy

Full

\u00a0

100.0%

100.0%

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

EMF IT 2008 1 SRL (t)

Italy

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Era Uno SRL (t)

Italy

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Eutimm SRL

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Financit\u00a0SPA

Italy

Full

\u00a0

60.0%

60.0%

\u00a0

Full

\u00a0

60.0%

60.0%

\u00a0

\u00a0

Immera SRL (t)

Italy

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

International Factors Italia\u00a0SPA

Italy

Full

\u00a0

99.9%

99.9%

V1

Full

\u00a0

99.7%

99.7%

\u00a0

\u00a0

Permicro\u00a0SPA

Italy

Equity

\u00a0

21.9%

21.9%

\u00a0

Equity

\u00a0

21.9%

21.9%

\u00a0

\u00a0

Servizio Italia\u00a0SPA

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Sviluppo HQ Tiburtina SRL

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Tierre Securitisation SRL (t)

Italy

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Vela OBG SRL (t)

Italy

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Vela RMBS SRL (t)

Italy

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

Worldline Merchant Services Italia\u00a0SPA

Italy

Equity

\u00a0

20.0%

20.0%

\u00a0

Equity

\u00a0

20.0%

20.0%

\u00a0

Commercial & Personal Banking in Belgium

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Axepta BNPP Benelux

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

Bancontact Paytoniq Company

Belgium

Equity

\u00a0

22.5%

22.5%

\u00a0

Equity

\u00a0

22.5%

22.5%

\u00a0

\u00a0

BASS Master Issuer NV (t)

Belgium

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Batopin

Belgium

Equity

\u00a0

25.0%

25.0%

\u00a0

Equity

\u00a0

25.0%

25.0%

\u00a0

\u00a0

Belgian Mobile ID

Belgium

Equity

\u00a0

12.2%

12.2%

\u00a0

Equity

\u00a0

12.2%

12.2%

\u00a0

\u00a0

BNPP Commercial Finance\u00a0Ltd

UK

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP Factor\u00a0AS

Denmark

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP Factor\u00a0GmbH

Germany

Full

\u00a0

100.0%

100.0%

V4

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP Factoring Support

Netherlands

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP Fortis

Belgium

Full

\u00a0

99.9%

99.9%

\u00a0

Full

\u00a0

99.9%

99.9%

\u00a0

\u00a0

BNPP Fortis (Spain branch)

Spain

\u00a0

\u00a0

\u00a0

\u00a0

S1

Full

\u00a0

99.9%

99.9%

\u00a0

\u00a0

BNPP Fortis (United States branch)

USA

Full

\u00a0

99.9%

99.9%

\u00a0

Full

\u00a0

99.9%

99.9%

\u00a0

\u00a0

BNPP Fortis Factor\u00a0NV

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP Fortis Film Finance

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP Fortis Funding\u00a0SA

Luxembourg

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP FPE Belgium

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP FPE Expansion

Belgium

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP FPE Management

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPPF Credit Brokers (Ex-Demetris\u00a0NV)

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

Bpost Banque

Belgium

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

Credissimo

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

Credissimo Hainaut\u00a0SA

Belgium

Full

\u00a0

99.7%

99.7%

\u00a0

Full

\u00a0

99.7%

99.7%

\u00a0

\u00a0

Cr\u00e9dit pour Habitations Sociales

Belgium

Full

\u00a0

81.7%

81.6%

\u00a0

Full

\u00a0

81.7%

81.6%

\u00a0

\u00a0

Epimede (s)

Belgium

Equity

\u00a0

-

-

\u00a0

Equity

\u00a0

-

-

\u00a0

\u00a0

Esmee Master Issuer (t)

Belgium

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Immobili\u00e8re Sauveniere\u00a0SA

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

Isabel\u00a0SA\u00a0NV

Belgium

Equity

\u00a0

25.3%

25.3%

\u00a0

Equity

\u00a0

25.3%

25.3%

\u00a0

\u00a0

Microstart

Belgium

Full

\u00a0

43.9%

77.5%

V4

Full

\u00a0

42.3%

76.8%

\u00a0

\u00a0

Private Equity Investments (a)

BE/FR/LU

FV

\u00a0

-

-

\u00a0

FV

\u00a0

-

-

\u00a0

\u00a0

Sagip

Belgium

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Sowo Invest\u00a0SA\u00a0NV

Belgium

Full

\u00a0

87.5%

87.5%

\u00a0

Full

\u00a0

87.5%

87.5%

\u00a0

Commercial & Personal Banking in Luxembourg

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BGL BNPP

Luxembourg

Full

\u00a0

66.0%

65.9%

\u00a0

Full

\u00a0

66.0%

65.9%

\u00a0

\u00a0

BGL BNPP (Germany branch)

Germany

Full

\u00a0

66.0%

65.9%

\u00a0

Full

\u00a0

66.0%

65.9%

\u00a0

\u00a0

BNPP Lease Group Luxembourg\u00a0SA

Luxembourg

Full

\u00a0

100.0%

65.9%

\u00a0

Full

\u00a0

100.0%

65.9%

\u00a0

\u00a0

BNPP SB Re

Luxembourg

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cofhylux\u00a0SA

Luxembourg

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Compagnie Financi\u00e8re Ottomane\u00a0SA

Luxembourg

Full

\u00a0

97.4%

97.4%

V4

Full

\u00a0

97.3%

97.3%

\u00a0

\u00a0

Le Sphinx Assurances Luxembourg\u00a0SA

Luxembourg

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Luxhub\u00a0SA

Luxembourg

Equity

\u00a0

28.0%

18.5%

\u00a0

Equity

\u00a0

28.0%

18.5%

\u00a0

\u00a0

Visalux

Luxembourg

Equity

\u00a0

25.2%

16.6%

\u00a0

Equity

\u00a0

25.2%

16.6%

V3

COMMERCIAL & PERSONAL BANKING OUTSIDE\u00a0THE\u00a0EUROZONE

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Europe-Mediterranean

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Bank of Nanjing

China

Equity

\u00a0

16.2%

16.2%

V1/V3

Equity

\u00a0

13.8%

13.8%

V3

\u00a0

Banque Internationale pour le Commerce et l\u2019Industrie de la C\u00f4te d\u2019Ivoire

Ivory Coast

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Banque Internationale pour le Commerce et l\u2019Industrie du S\u00e9n\u00e9gal

Senegal

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Banque Marocaine pour le Commerce et l\u2019Industrie

Morocco

Full

\u00a0

67.0%

67.0%

\u00a0

Full

\u00a0

67.0%

67.0%

\u00a0

\u00a0

Banque Marocaine pour le Commerce et l\u2019Industrie Banque Offshore

Morocco

Full

\u00a0

100.0%

67.0%

\u00a0

Full

\u00a0

100.0%

67.0%

\u00a0

\u00a0

Bantas Nakit\u00a0AS

T\u00fcrkiye

Equity

(3)

33.3%

16.7%

\u00a0

Equity

(3)

33.3%

16.7%

\u00a0

\u00a0

BDSI

Morocco

Full

\u00a0

100.0%

96.4%

\u00a0

Full

\u00a0

100.0%

96.4%

\u00a0

\u00a0

BGZ Poland ABS1 DAC (t)

Ireland

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

BICI Bourse

Ivory Coast

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

BMCI Leasing

Morocco

Full

\u00a0

86.9%

58.2%

\u00a0

Full

\u00a0

86.9%

58.2%

\u00a0

\u00a0

BNPP Bank Polska\u00a0SA

Poland

Full

\u00a0

81.3%

81.3%

V2

Full

\u00a0

87.3%

87.3%

V3

\u00a0

BNPP El Djazair

Algeria

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Faktoring Spolka ZOO

Poland

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Fortis Yatirimlar Holding\u00a0AS

T\u00fcrkiye

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP Group Service Center\u00a0SA

Poland

Full

\u00a0

100.0%

81.3%

V3

Full

\u00a0

100.0%

87.3%

V3

\u00a0

BNPP IRB Participations

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Yatirimlar Holding\u00a0AS

T\u00fcrkiye

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Dreams Sustainable\u00a0AB

Sweden

\u00a0

\u00a0

\u00a0

\u00a0

S2

Full

\u00a0

57.5%

57.5%

\u00a0

\u00a0

Joint Stock Company Ukrsibbank

Ukraine

Full

\u00a0

60.0%

60.0%

D1

Equity

\u00a0

60.0%

60.0%

\u00a0

\u00a0

TEB ARF Teknoloji Anonim Sirketi

T\u00fcrkiye

Full

\u00a0

100.0%

72.5%

\u00a0

Full

\u00a0

100.0%

72.5%

\u00a0

\u00a0

TEB Faktoring\u00a0AS

T\u00fcrkiye

Full

\u00a0

100.0%

72.5%

\u00a0

Full

\u00a0

100.0%

72.5%

\u00a0

\u00a0

TEB Finansman\u00a0AS

T\u00fcrkiye

Full

\u00a0

100.0%

72.5%

\u00a0

Full

\u00a0

100.0%

72.5%

V3

\u00a0

TEB Holding\u00a0AS

T\u00fcrkiye

Full

\u00a0

50.0%

50.0%

\u00a0

Full

\u00a0

50.0%

50.0%

\u00a0

\u00a0

TEB SH A

Kosovo

Full

\u00a0

100.0%

50.0%

\u00a0

Full

\u00a0

100.0%

50.0%

\u00a0

\u00a0

TEB Yatirim Menkul Degerler\u00a0AS

T\u00fcrkiye

Full

\u00a0

100.0%

72.5%

\u00a0

Full

\u00a0

100.0%

72.5%

\u00a0

\u00a0

Turk Ekonomi Bankasi\u00a0AS

T\u00fcrkiye

Full

\u00a0

100.0%

72.5%

\u00a0

Full

\u00a0

100.0%

72.5%

\u00a0

BancWest

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BancWest Holding Inc

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

BancWest Holding Inc Grantor Trust ERC Subaccount (s)

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

BancWest Holding Inc Umbrella Trust (s)

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

BancWest Investment Services Inc

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Bank of the West

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Bank of the West Auto Trust 2019-1 (t)

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Bank of the West Auto Trust 2019-2 (t)

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

BNPP Leasing Solutions Canada Inc

Canada

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

BOW Auto Receivables\u00a0LLC (t)

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

BWC Opportunity Fund 2 Inc (t)

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

BWC Opportunity Fund Inc (t)

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

CFB Community Development Corp

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Claas Financial Services\u00a0LLC

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Commercial Federal Affordable Housing Inc

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

First Santa Clara Corp (s)

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

United California Bank Deferred Compensation Plan Trust (s)

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Ursus Real Estate Inc

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

SPECIALISED BUSINESSES

\u00a0

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Personal Finance

\u00a0

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\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Alpha Cr\u00e9dit\u00a0SA

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

Auto ABS UK Loans\u00a0PLC (t)

UK

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

\u00a0

-

-

E3

\u00a0

AutoFlorence 1 SRL (t)

Italy

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

AutoFlorence 2 SRL (t)

Italy

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

AutoFlorence 3 SRL (t)

Italy

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

E2

\u00a0

Autonoria 2019 (t)

France

\u00a0

\u00a0

\u00a0

\u00a0

S1

Full

\u00a0

-

-

\u00a0

\u00a0

Autonoria DE 2023 (t)

France

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

E2

\u00a0

Autonoria Spain 2019 (t)

Spain

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Autonoria Spain 2021 FT (t)

Spain

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Autonoria Spain 2022 FT (t)

Spain

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Autonoria Spain 2023 FT (t)

Spain

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

E2

\u00a0

Axa Banque Financement

France

Equity

\u00a0

35.0%

35.0%

\u00a0

Equity

\u00a0

35.0%

35.0%

\u00a0

\u00a0

Banco Cetelem\u00a0SA

Brazil

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Banco Cetelem\u00a0SA

Spain

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BGN Mercantil E Servicos\u00a0Ltda

Brazil

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Personal Finance

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Personal Finance (Austria branch)

Austria

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Personal Finance (Bulgaria branch)

Bulgaria

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

BNPP Personal Finance (Czech Republic branch)

Czech Rep.

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Personal Finance (Portugal branch)

Portugal

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Personal Finance (Romania branch)

Romania

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Personal Finance (Slovakia branch)

Slovakia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Personal Finance\u00a0BV

Netherlands

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Personal Finance South Africa\u00a0Ltd

South Africa

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BON BNPP Consumer Finance Co\u00a0Ltd

China

Equity

\u00a0

31.7%

31.7%

V3

Equity

\u00a0

33.1%

33.1%

V1/V4

\u00a0

Cafineo

France

Full

(1)

51.0%

50.8%

\u00a0

Full

(1)

51.0%

50.8%

\u00a0

\u00a0

Carrefour Banque

France

Equity

\u00a0

40.0%

40.0%

\u00a0

Equity

\u00a0

40.0%

40.0%

\u00a0

\u00a0

Central Europe Technologies SRL

Romania

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cetelem America\u00a0Ltda

Brazil

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cetelem Business Consulting Shanghai Co\u00a0Ltd

China

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cetelem Gestion\u00a0AIE

Spain

Full

\u00a0

100.0%

96.0%

\u00a0

Full

\u00a0

100.0%

96.0%

\u00a0

\u00a0

Cetelem\u00a0SA de CV

Mexico

Equity

\u00a0

20.0%

0.0\u00a0%

S2

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cetelem Servicios Informaticos\u00a0AIE

Spain

Full

\u00a0

100.0%

81.0%

\u00a0

Full

\u00a0

100.0%

81.0%

\u00a0

\u00a0

Cetelem Servicos\u00a0Ltda

Brazil

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cofica Bail

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

Cofiplan

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

Creation Consumer Finance\u00a0Ltd

UK

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

V3

\u00a0

Creation Financial Services\u00a0Ltd

UK

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

V3

\u00a0

Cr\u00e9dit Moderne Antilles Guyane

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

Cr\u00e9dit Moderne Oc\u00e9an Indien

France

Full

(1)

97.8%

97.8%

\u00a0

Full

(1)

97.8%

97.8%

\u00a0

\u00a0

Domofinance

France

Full

(1)

55.0%

55.0%

\u00a0

Full

(1)

55.0%

55.0%

\u00a0

\u00a0

E Carat 10 (t)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

E Carat 11\u00a0PLC (t)

UK

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

E Carat 12\u00a0PLC (t)

UK

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

\u00a0

-

-

\u00a0

\u00a0

Ecarat De SA (t)

Luxembourg

Full

\u00a0

-

-

E2

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Ekspres Bank\u00a0AS

Denmark

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Ekspres Bank\u00a0AS (Norway branch)

Norway

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Ekspres Bank\u00a0AS (Sweden branch)

Sweden

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Eos Aremas Belgium\u00a0SA\u00a0NV

Belgium

Equity

\u00a0

50.0%

49.9%

\u00a0

Equity

\u00a0

50.0%

49.9%

\u00a0

\u00a0

Evollis

France

Equity

\u00a0

49.2%

49.2%

\u00a0

Equity

\u00a0

49.2%

49.2%

V4

\u00a0

Findomestic Banca\u00a0SPA

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Florence Real Estate Developments\u00a0SPA

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Florence SPV SRL (t)

Italy

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

GCC Consumo Establecimiento Financiero de Credito\u00a0SA

Spain

Full

\u00a0

51.0%

51.0%

\u00a0

Full

\u00a0

51.0%

51.0%

\u00a0

\u00a0

Genius Auto Finance Co\u00a0Ltd

China

Equity

(3)

25.0%

25.0%

\u00a0

Equity

(3)

25.0%

25.0%

V1

\u00a0

International Development Resources\u00a0AS Services\u00a0SA

Spain

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Iqera Services

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Loisirs Finance

France

Full

(1)

51.0%

51.0%

\u00a0

Full

(1)

51.0%

51.0%

\u00a0

\u00a0

Magyar Cetelem Bank ZRT

Hungary

\u00a0

\u00a0

\u00a0

\u00a0

S2

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Neuilly Contentieux

France

Full

\u00a0

95.9%

95.6%

\u00a0

Full

\u00a0

95.9%

95.6%

\u00a0

\u00a0

Noria 2018-1 (t)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

Noria 2020 (t)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

Noria 2021 (t)

France

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Noria 2023 (t)

France

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

E2

\u00a0

Noria De 2024 (t)

France

Full

\u00a0

-

-

E2

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Noria Spain 2020 FT (t)

Spain

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Opel Finance\u00a0NV

Netherlands

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

Opel Finance\u00a0SA

Switzerland

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

\u00a0

100.0%

50.0%

\u00a0

\u00a0

PBD Germany Auto Lease Master SA (t)

Luxembourg

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

E3

\u00a0

Personal Finance Location

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

PF Services\u00a0GmbH

Germany

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Phedina Hypotheken 2010 BV (t)

Netherlands

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

RCS Botswana Pty\u00a0Ltd

Botswana

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

RCS Cards Pty\u00a0Ltd

South Africa

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

RCS\u00a0Investment Holdings Namibia Pty\u00a0Ltd

Namibia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Securitisation funds Genius (d) (t)

China

Equity

(3)

-

-

\u00a0

Equity

(3)

-

-

E3

\u00a0

Securitisation funds UCI and RMBS Prado (b) (t)

Spain

Equity

(3)

-

-

\u00a0

Equity

(3)

-

-

\u00a0

\u00a0

Securitisation funds Wisdom (e) (t)

China

Equity

(3)

-

-

\u00a0

Equity

(3)

-

-

E3

\u00a0

Servicios Financieros Carrefour EFC\u00a0SA

Spain

Equity

\u00a0

37.3%

40.0%

\u00a0

Equity

\u00a0

37.3%

40.0%

\u00a0

\u00a0

Stellantis Bank\u00a0SA

France

Full

\u00a0

50.0%

50.0%

\u00a0

Full

\u00a0

50.0%

50.0%

\u00a0

\u00a0

Stellantis Bank\u00a0SA (Austria branch)

Austria

Full

\u00a0

50.0%

50.0%

\u00a0

Full

\u00a0

50.0%

50.0%

\u00a0

\u00a0

Stellantis Bank\u00a0SA (Germany branch)

Germany

Full

\u00a0

50.0%

50.0%

\u00a0

Full

\u00a0

50.0%

50.0%

\u00a0

\u00a0

Stellantis Bank\u00a0SA (Italy branch)

Italy

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

Stellantis Bank\u00a0SA (Spain branch)

Spain

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

Stellantis Financial Services UK\u00a0Ltd

UK

Full

\u00a0

100.0%

50.0%

\u00a0

Full

\u00a0

100.0%

50.0%

E3

\u00a0

Union de Creditos Inmobiliarios\u00a0SA

Spain

Equity

(3)

50.0%

50.0%

\u00a0

Equity

(3)

50.0%

50.0%

\u00a0

\u00a0

United Partnership

France

Equity

(3)

50.0%

50.0%

\u00a0

Equity

(3)

50.0%

50.0%

\u00a0

\u00a0

Vauxhall Finance\u00a0Ltd

UK

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

\u00a0

100.0%

50.0%

\u00a0

\u00a0

XFERA Consumer Finance EFC\u00a0SA

Spain

Full

\u00a0

51.0%

51.0%

\u00a0

Full

\u00a0

51.0%

51.0%

\u00a0

\u00a0

Zhejiang Wisdom Puhua Financial Leasing Co\u00a0Ltd

China

Equity

(3)

25.0%

25.0%

\u00a0

Equity

(3)

25.0%

25.0%

V1

Arval

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Artel

France

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval\u00a0AB

Sweden

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval\u00a0AS

Denmark

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval\u00a0AS Norway

Norway

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Austria\u00a0GmbH

Austria

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Belgium\u00a0NV\u00a0SA

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Brasil\u00a0Ltda

Brazil

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval\u00a0BV

Netherlands

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval CZ SRO

Czech Rep.

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Deutschland\u00a0GmbH

Germany

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Fleet Services

France

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Fleet Services (succ. Monaco)

Monaco

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Hellas Car Rental\u00a0SA

Greece

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval\u00a0LLC

Russia

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Luxembourg\u00a0SA

Luxembourg

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Magyarorszag KFT

Hungary

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Maroc\u00a0SA

Morocco

Full

\u00a0

100.0%

89.0%

\u00a0

Full

(2)

100.0%

89.0%

\u00a0

\u00a0

Arval\u00a0OY

Finland

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Relsa Colombia\u00a0SAS

Colombia

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

V1/D2

\u00a0

Arval Relsa\u00a0SPA

Chile

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

V1/D2

\u00a0

Arval Schweiz\u00a0AG

Switzerland

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Service Lease

France

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Service Lease Aluger Operational Automoveis\u00a0SA

Portugal

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Service Lease Italia\u00a0SPA

Italy

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Service Lease Polska SP ZOO

Poland

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Service Lease Romania SRL

Romania

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Service Lease\u00a0SA

Spain

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Slovakia SRO

Slovakia

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Trading

France

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval UK Group\u00a0Ltd

UK

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval UK Leasing Services\u00a0Ltd

UK

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval UK\u00a0Ltd

UK

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

BNPP Fleet Holdings\u00a0Ltd

UK

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Cent ASL

France

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Cofiparc

France

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Comercializadora de Vehiculos\u00a0SA

Chile

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

V1/D2

\u00a0

FCT Pulse France 2022 (t)

France

Full

\u00a0

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

Greenval Insurance DAC

Ireland

Full

(2)

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Locadif

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Louveo

France

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Personal Car Lease\u00a0BV

Netherlands

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Public Location Longue Dur\u00e9e

France

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Pulse UK 2024\u00a0PLC (s)

UK

Full

\u00a0

-

-

E2

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Rentaequipos Leasing Peru\u00a0SA

Peru

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

V1/D2

\u00a0

Rentaequipos Leasing\u00a0SA

Chile

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

V1/D2

\u00a0

TEB Arval Arac Filo Kiralama\u00a0AS

T\u00fcrkiye

Full

\u00a0

100.0%

75.0%

\u00a0

Full

(2)

100.0%

75.0%

\u00a0

\u00a0

Terberg Busines Lease Group\u00a0BV

Netherlands

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Terberg Leasing Justlease Belgium\u00a0BV

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

Leasing Solutions

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Aprolis Finance

France

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

\u00a0

\u00a0

Artegy

France

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNL Leasing\u00a0SPA

Italy

Full

\u00a0

100.0%

95.5%

\u00a0

Full

\u00a0

100.0%

95.5%

\u00a0

\u00a0

BNPP 3 Step IT

France

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

\u00a0

\u00a0

BNPP 3 Step IT (Belgium branch)

Belgium

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

\u00a0

\u00a0

BNPP 3 Step IT (Germany branch)

Germany

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

\u00a0

\u00a0

BNPP 3 Step IT (Italy branch)

Italy

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

\u00a0

\u00a0

BNPP 3 Step IT (Netherlands branch)

Netherlands

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

\u00a0

\u00a0

BNPP 3 Step IT (Spain branch)

Spain

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

E2

\u00a0

BNPP 3 Step IT (United Kingdom branch)

UK

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

\u00a0

\u00a0

BNPP Finansal Kiralama\u00a0AS

T\u00fcrkiye

Full

\u00a0

100.0%

82.5%

\u00a0

Full

\u00a0

100.0%

82.5%

\u00a0

\u00a0

BNPP Lease Group

France

Full

(1)

100.0%

83.0%

\u00a0

Full

(1)

100.0%

83.0%

\u00a0

\u00a0

BNPP Lease Group (Germany branch)

Germany

Full

(1)

100.0%

83.0%

\u00a0

Full

(1)

100.0%

83.0%

\u00a0

\u00a0

BNPP Lease Group (Italy branch)

Italy

Full

(1)

100.0%

83.0%

\u00a0

Full

(1)

100.0%

83.0%

\u00a0

\u00a0

BNPP Lease Group (Portugal branch)

Portugal

Full

(1)

100.0%

83.0%

\u00a0

Full

(1)

100.0%

83.0%

\u00a0

\u00a0

BNPP Lease Group (Spain branch)

Spain

Full

(1)

100.0%

83.0%

\u00a0

Full

(1)

100.0%

83.0%

\u00a0

\u00a0

BNPP Lease Group Belgium

Belgium

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Lease Group Leasing Solutions\u00a0SPA

Italy

Full

\u00a0

100.0%

95.5%

\u00a0

Full

\u00a0

100.0%

95.5%

\u00a0

\u00a0

BNPP Lease Group\u00a0Ltd (Ex-BNPP Lease Group\u00a0PLC)

UK

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Lease Group SP ZOO

Poland

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Leasing Services

Poland

Full

\u00a0

100.0%

81.3%

V3

Full

\u00a0

100.0%

87.3%

V3

\u00a0

BNPP Leasing Solution\u00a0AS

Norway

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Leasing Solutions

Luxembourg

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Leasing Solutions\u00a0AB

Sweden

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Leasing Solutions\u00a0AS

Denmark

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Leasing Solutions\u00a0GmbH

Austria

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Leasing Solutions IFN\u00a0SA

Romania

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Leasing Solutions\u00a0Ltd

UK

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Leasing Solutions\u00a0NV

Netherlands

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Leasing Solutions Suisse\u00a0SA

Switzerland

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Rental Solutions\u00a0Ltd

UK

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

BNPP Rental Solutions\u00a0SPA

Italy

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

Claas Financial Services

France

Full

(1)

51.0%

42.3%

\u00a0

Full

(1)

51.0%

42.3%

\u00a0

\u00a0

Claas Financial Services (Germany branch)

Germany

Full

(1)

51.0%

42.3%

\u00a0

Full

(1)

51.0%

42.3%

\u00a0

\u00a0

Claas Financial Services (Italy branch)

Italy

Full

(1)

51.0%

42.3%

\u00a0

Full

(1)

51.0%

42.3%

\u00a0

\u00a0

Claas Financial Services (Poland branch)

Poland

Full

(1)

51.0%

42.3%

\u00a0

Full

(1)

51.0%

42.3%

\u00a0

\u00a0

Claas Financial Services (Spain branch)

Spain

Full

(1)

51.0%

42.3%

\u00a0

Full

(1)

51.0%

42.3%

\u00a0

\u00a0

Claas Financial Services\u00a0Ltd

UK

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

\u00a0

\u00a0

CNH Industrial Capital Europe

France

Full

(1)

50.1%

41.6%

\u00a0

Full

(1)

50.1%

41.6%

\u00a0

\u00a0

CNH Industrial Capital Europe (Belgium branch)

Belgium

Full

(1)

50.1%

41.6%

\u00a0

Full

(1)

50.1%

41.6%

\u00a0

\u00a0

CNH Industrial Capital Europe (Germany branch)

Germany

Full

(1)

50.1%

41.6%

\u00a0

Full

(1)

50.1%

41.6%

\u00a0

\u00a0

CNH Industrial Capital Europe (Italy branch)

Italy

Full

(1)

50.1%

41.6%

\u00a0

Full

(1)

50.1%

41.6%

\u00a0

\u00a0

CNH Industrial Capital Europe (Poland branch)

Poland

Full

(1)

50.1%

41.6%

\u00a0

Full

(1)

50.1%

41.6%

\u00a0

\u00a0

CNH Industrial Capital Europe\u00a0
(Spain branch)

Spain

Full

(1)

50.1%

41.6%

\u00a0

Full

(1)

50.1%

41.6%

\u00a0

\u00a0

CNH Industrial Capital Europe\u00a0BV

Netherlands

Full

\u00a0

100.0%

41.6%

\u00a0

Full

\u00a0

100.0%

41.6%

\u00a0

\u00a0

CNH Industrial Capital Europe\u00a0GmbH

Austria

Full

\u00a0

100.0%

41.6%

\u00a0

Full

\u00a0

100.0%

41.6%

\u00a0

\u00a0

CNH Industrial Capital Europe\u00a0Ltd

UK

Full

\u00a0

100.0%

41.6%

\u00a0

Full

\u00a0

100.0%

41.6%

\u00a0

\u00a0

ES Finance

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

FL Zeebrugge (s)

Belgium

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Fortis Lease

France

Full

(1)

100.0%

83.0%

\u00a0

Full

(1)

100.0%

83.0%

\u00a0

\u00a0

Fortis Lease Belgium

Belgium

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

Fortis Lease Deutschland\u00a0GmbH

Germany

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

Fortis Lease Iberia\u00a0SA

Spain

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

Fortis Lease Portugal

Portugal

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

Fortis Lease UK\u00a0Ltd

UK

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

Fortis Vastgoedlease\u00a0BV

Netherlands

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

Heffiq Heftruck Verhuur\u00a0BV

Netherlands

Full

\u00a0

50.1%

41.5%

\u00a0

Full

\u00a0

50.1%

41.5%

\u00a0

\u00a0

JCB Finance

France

Full

(1)

100.0%

41.6%

\u00a0

Full

(1)

100.0%

41.6%

\u00a0

\u00a0

JCB Finance (Germany branch)

Germany

Full

(1)

100.0%

41.6%

\u00a0

Full

(1)

100.0%

41.6%

\u00a0

\u00a0

JCB Finance (Italy branch)

Italy

Full

(1)

100.0%

41.6%

\u00a0

Full

(1)

100.0%

41.6%

\u00a0

\u00a0

JCB Finance Holdings\u00a0Ltd

UK

Full

\u00a0

50.1%

41.6%

\u00a0

Full

\u00a0

50.1%

41.6%

\u00a0

\u00a0

JFL BNPP Agriculture And Technology Financial Leasing Co\u00a0Ltd

Chine

Equity

\u00a0

45.0%

37.3%

E2

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Manitou Finance\u00a0Ltd

UK

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

\u00a0

\u00a0

MGF

France

Full

(1)

51.0%

42.3%

\u00a0

Full

(1)

51.0%

42.3%

\u00a0

\u00a0

MGF (Germany branch)

Germany

Full

(1)

51.0%

42.3%

\u00a0

Full

(1)

51.0%

42.3%

\u00a0

\u00a0

MGF (Italy branch)

Italy

Full

(1)

51.0%

42.3%

\u00a0

Full

(1)

51.0%

42.3%

\u00a0

\u00a0

Natio Energie 2

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Natiocredibail

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

Pixel 2021 (t)

France

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Same Deutz Fahr Finance

France

Full

(1)

100.0%

83.0%

\u00a0

Full

(1)

100.0%

83.0%

\u00a0

\u00a0

SNC Natiocredimurs

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

New Digital Businesses

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Financi\u00e8re des Paiements Electroniques

France

Full

\u00a0

95.0%

95.0%

\u00a0

Full

\u00a0

95.0%

95.0%

\u00a0

\u00a0

Financi\u00e8re des Paiements Electroniques (Belgium branch)

Belgium

Full

\u00a0

95.0%

95.0%

\u00a0

Full

\u00a0

95.0%

95.0%

\u00a0

\u00a0

Financi\u00e8re des Paiements Electroniques (Germany branch)

Germany

Full

\u00a0

95.0%

95.0%

\u00a0

Full

\u00a0

95.0%

95.0%

\u00a0

\u00a0

Financi\u00e8re des Paiements Electroniques (Portugal branch)

Portugal

Full

\u00a0

95.0%

95.0%

\u00a0

Full

\u00a0

95.0%

95.0%

\u00a0

\u00a0

Financi\u00e8re des Paiements Electroniques (Spain branch)

Spain

Full

\u00a0

95.0%

95.0%

\u00a0

Full

\u00a0

95.0%

95.0%

\u00a0

\u00a0

Floa

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

Lyf\u00a0SA

France

Equity

(3)

44.8%

44.8%

V1

Equity

(3)

43.8%

43.8%

\u00a0

\u00a0

Lyf\u00a0SAS

France

Equity

(3)

50.0%

50.0%

\u00a0

Equity

(3)

50.0%

50.0%

V4

Personal Investors

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Espresso Financial Services Private\u00a0Ltd

India

\u00a0

\u00a0

\u00a0

\u00a0

S2

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Geojit Technologies Private\u00a0Ltd

India

Equity

\u00a0

35.0%

35.0%

\u00a0

Equity

\u00a0

35.0%

35.0%

\u00a0

\u00a0

Human Value Developers Private\u00a0Ltd

India

\u00a0

\u00a0

\u00a0

\u00a0

S2

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Sharekhan BNPP Financial Services\u00a0Ltd

India

\u00a0

\u00a0

\u00a0

\u00a0

S2

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Sharekhan\u00a0Ltd

India

\u00a0

\u00a0

\u00a0

\u00a0

S2

Full

\u00a0

100.0%

100.0%

\u00a0

INVESTMENT & PROTECTION SERVICES

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Insurance

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

AEW Immocommercial (s)

France

FV

\u00a0

-

-

\u00a0

FV

\u00a0

-

-

\u00a0

\u00a0

AG Insurance

Belgium

Equity

\u00a0

25.0%

25.0%

\u00a0

Equity

\u00a0

25.0%

25.0%

\u00a0

\u00a0

Agathe Retail France

France

FV

\u00a0

33.3%

33.3%

\u00a0

FV

\u00a0

33.3%

33.3%

\u00a0

\u00a0

AM Select (s)

Luxembourg

Full

(4)

-

-

\u00a0

Full

(4)

-

-

E1

\u00a0

Astridplaza

Belgium

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

Batipart Participations\u00a0SAS

Luxembourg

FV

\u00a0

29.7%

29.7%

\u00a0

FV

\u00a0

29.7%

29.7%

\u00a0

\u00a0

BCC Vita\u00a0SPA

Italy

Full

(2)

70.0%

70.0%

E3

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Becquerel (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Actions Croissance ISR (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Actions Euro ISR (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Actions Monde ISR (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Actions Patrimoine ISR (s)

France

Full

(4)

-

-

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP Actions PME ETI (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

(4)

-

-

\u00a0

\u00a0

BNPP Aqua (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Best Selection Actions Euro ISR (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Cardif

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif\u00a0BV

Netherlands

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Compania de Seguros y Reaseguros\u00a0SA

Peru

Full

(2)

100.0%

100.0%

D1

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Emeklilik\u00a0AS

T\u00fcrkiye

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Hayat Sigorta\u00a0AS

T\u00fcrkiye

Equity*

\u00a0

100.0%

100.0%

\u00a0

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Livforsakring\u00a0AB

Sweden

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Livforsakring\u00a0AB (Denmark branch)

Denmark

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Livforsakring\u00a0AB (Norway branch)

Norway

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Pojistovna\u00a0AS

Czech Rep.

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Seguros de Vida\u00a0SA

Chile

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Seguros Generales\u00a0SA

Chile

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Services SRO

Czech Rep.

Full

(2)

100.0%

100.0%

D1

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Servicios y Asistencia\u00a0Ltda

Chile

Full

(2)

100.0%

100.0%

D1

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Sigorta\u00a0AS

T\u00fcrkiye

Equity*

\u00a0

100.0%

100.0%

\u00a0

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif TCB Life Insurance Co\u00a0Ltd

Taiwan

Equity

\u00a0

49.0%

49.0%

\u00a0

Equity

\u00a0

49.0%

49.0%

\u00a0

\u00a0

BNPP Cardif Vita Compagnia di Assicurazione E Riassicurazione\u00a0SPA

Italy

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Convictions (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP CP Cardif Private Debt (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

(4)

-

-

\u00a0

\u00a0

BNPP Deep Value (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

BNPP D\u00e9veloppement Humain (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Diversiflex (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

S1

Full

(4)

-

-

\u00a0

\u00a0

BNPP Diversipierre (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

BNPP Euro Climate Aligned (s)

France

Full

(4)

-

-

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP France Cr\u00e9dit (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Global Senior Corporate Loans (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Indice Amerique du Nord (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Indice France ESG (s)

France

Full

(4)

-

-

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP Infrastructure Investments Fund (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Moderate Focus Italia (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

BNPP Mon\u00e9taire Assurance (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

BNPP Multistrat\u00e9gies Protection 80 (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

(4)

-

-

\u00a0

\u00a0

BNPP Next Tech (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

BNPP Obliselect Euro Dec 2028 (s)

France

Full

(4)

-

-

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP Protection Monde (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

BNPP Select (s)

France

Full

(4)

-

-

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP S\u00e9lection Dynamique Monde (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Selection Patrimoine Responsable (s)

France

Full

(4)

-

-

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP Smallcap Euroland ISR (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Social Business France (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BOB Cardif Life Insurance Co\u00a0Ltd

China

Equity

\u00a0

50.0%

50.0%

\u00a0

Equity

\u00a0

50.0%

50.0%

\u00a0

\u00a0

C Sant\u00e9 (s)

France

Full

(2)

-

-

D1

FV

\u00a0

-

-

\u00a0

\u00a0

Camgestion Obliflexible (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

Capital France Hotel

France

Full

(2)

98.5%

98.5%

\u00a0

Full

(2)

98.5%

98.5%

\u00a0

\u00a0

Cardif Alternatives Part I (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

Cardif Assurance Vie

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Austria branch)

Austria

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Belgium branch)

Belgium

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Bulgaria branch)

Bulgaria

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Germany branch)

Germany

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Italy branch)

Italy

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Netherlands branch)

Netherlands

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Portugal branch)

Portugal

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Romania branch)

Romania

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Spain branch)

Spain

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Switzerland branch)

Switzerland

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Taiwan branch)

Taiwan

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Austria branch)

Austria

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Belgium branch)

Belgium

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Bulgaria branch)

Bulgaria

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Germany branch)

Germany

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Italy branch)

Italy

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Netherlands branch)

Netherlands

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Poland branch)

Poland

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Portugal branch)

Portugal

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Romania branch)

Romania

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Spain branch)

Spain

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Switzerland branch)

Switzerland

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Taiwan branch)

Taiwan

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Biztosito Magyarorszag ZRT

Hungary

\u00a0

\u00a0

\u00a0

\u00a0

S3

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cardif BNPP AM Emerging Bond (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

Cardif BNPP AM Euro Paris Climate Aligned (s)

France

Full

(4)

-

-

D1

FV

\u00a0

-

-

\u00a0

\u00a0

Cardif BNPP AM Global Environmental Equity (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

Cardif BNPP AM Global Senior Corporate Loans (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

Cardif BNPP AM Sustainable Euro Equity (s)

France

Full

(4)

-

-

D1

FV

\u00a0

-

-

\u00a0

\u00a0

Cardif BNPP AM Sustainable Europe Equity (s)

France

Full

(4)

-

-

D1

FV

\u00a0

-

-

\u00a0

\u00a0

Cardif BNPP IP Signatures (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

Cardif BNPP IP Smid Cap Euro (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

(2)

-

-

\u00a0

\u00a0

Cardif Colombia Seguros Generales\u00a0SA

Colombia

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif CPR Global Return (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

Cardif do Brasil Seguros e Garantias\u00a0SA

Brazil

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif do Brasil Vida e Previdencia\u00a0SA

Brazil

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Edrim Signatures (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

Cardif El Djazair

Algeria

Equity*

\u00a0

85.0%

85.0%

V2

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cardif Forsakring\u00a0AB

Sweden

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Forsakring\u00a0AB (Denmark branch)

Denmark

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Forsakring\u00a0AB (Norway branch)

Norway

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif IARD

France

Full

(2)

66.0%

66.0%

\u00a0

Full

(2)

66.0%

66.0%

\u00a0

\u00a0

Cardif Insurance Co\u00a0LLC

Russia

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Cardif Insurance Holdings\u00a0PLC

UK

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Life Insurance Co\u00a0Ltd

Rep. of Korea

Full

(2)

85.0%

85.0%

\u00a0

Full

(2)

85.0%

85.0%

\u00a0

\u00a0

Cardif Life Insurance Japan

Japan

Full

(2)

75.0%

75.0%

\u00a0

Full

(2)

75.0%

75.0%

\u00a0

\u00a0

Cardif\u00a0Ltda

Brazil

Full

(2)

100.0%

100.0%

D1

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cardif Lux Vie

Luxembourg

Full

(2)

100.0%

88.6%

\u00a0

Full

(2)

100.0%

88.6%

\u00a0

\u00a0

Cardif Mexico Seguros de Vida\u00a0SA de CV

Mexico

Full

(2)

100.0%

100.0%

D1

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cardif Mexico Seguros Generales\u00a0SA de CV

Mexico

Full

(2)

100.0%

100.0%

D1

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cardif Non Life Insurance Japan

Japan

Full

(2)

100.0%

75.0%

\u00a0

Full

(2)

100.0%

75.0%

\u00a0

\u00a0

Cardif Nordic\u00a0AB

Sweden

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Polska Towarzystwo Ubezpieczen Na Zycie\u00a0SA

Poland

\u00a0

\u00a0

\u00a0

\u00a0

S3

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cardif Retraite

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Seguros\u00a0SA

Argentina

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Cardif Services AEIE

Portugal

\u00a0

\u00a0

\u00a0

\u00a0

S1

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Servicios de Colombia\u00a0SAS

Colombia

Full

(2)

100.0%

100.0%

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Cardif Servicios SAC

Peru

\u00a0

\u00a0

\u00a0

\u00a0

S3

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cardif Support Unipessoal Lda

Portugal

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

E1

\u00a0

Cardif Vita Convex Fund Eur (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

Cardimmo

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Carma Grand Horizon\u00a0SARL

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cedrus Carbon Initiative Trends (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

Centre Commercial Francilia

France

FV

\u00a0

21.7%

21.7%

\u00a0

FV

\u00a0

21.7%

21.7%

\u00a0

\u00a0

CFH Alexanderplatz Hotel\u00a0SARL

Luxembourg

Full

(2)

100.0%

93.5%

\u00a0

Full

(2)

100.0%

93.5%

E2

\u00a0

CFH Algonquin Management Partners France Italia

Italy

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

CFH Bercy

France

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

CFH Bercy Hotel

France

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

CFH Bercy Interm\u00e9diaire

France

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

CFH Berlin GP\u00a0GmbH

Germany

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

E2

\u00a0

CFH Berlin Holdco\u00a0SARL

Luxembourg

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

CFH Boulogne

France

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

CFH Cap d\u2019Ail

France

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

CFH Hostel Berlin\u00a0SARL

Luxembourg

Full

(2)

100.0%

93.5%

\u00a0

Full

(2)

100.0%

93.5%

E2

\u00a0

CFH Hotel Project\u00a0SARL

Luxembourg

Full

(2)

100.0%

93.5%

\u00a0

Full

(2)

100.0%

93.5%

E2

\u00a0

CFH Milan Holdco SRL

Italy

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

CFH Montmartre

France

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

CFH Montparnasse

France

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

Corosa

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Darnell DAC

Ireland

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

D\u00e9fense CB3\u00a0SAS

France

FV

\u00a0

25.0%

25.0%

\u00a0

FV

\u00a0

25.0%

25.0%

\u00a0

\u00a0

Diversipierre DVP 1

France

Full

(2)

100.0%

94.6%

V4

Full

(2)

100.0%

93.4%

V4

\u00a0

Diversipierre Germany\u00a0GmbH

Germany

Full

(2)

100.0%

94.6%

D1/V4

Equity*

\u00a0

100.0%

93.4%

V4

\u00a0

DVP European Channel

France

Full

(2)

100.0%

94.6%

D1/V4

Equity*

\u00a0

100.0%

93.4%

V4

\u00a0

DVP Green Clover

France

Full

(2)

100.0%

94.6%

D1/V4

Equity*

\u00a0

100.0%

93.4%

V4

\u00a0

DVP Haussmann

France

Full

(2)

100.0%

94.6%

D1/V4

Equity*

\u00a0

100.0%

93.4%

V4

\u00a0

DVP Heron

France

Full

(2)

100.0%

94.6%

D1/V4

Equity*

\u00a0

100.0%

93.4%

V4

\u00a0

Eclair (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

EP L (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

EP1 Grands Moulins (s)

France

Full

(2)

-

-

D1

Equity*

\u00a0

-

-

\u00a0

\u00a0

Fleur\u00a0SAS

France

\u00a0

\u00a0

\u00a0

\u00a0

S1

FV

\u00a0

33.3%

33.3%

\u00a0

\u00a0

Fonci\u00e8re Partenaires (s)

France

FV

\u00a0

-

-

\u00a0

FV

\u00a0

-

-

\u00a0

\u00a0

Fondev (Ex- FDI Poncelet)

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Fondo BNPP Aqua Protetto (s)

France

Full

(4)

-

-

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Fonds d\u2019Investissements Immobiliers pour le Commerce et la Distribution

France

FV

\u00a0

25.0%

25.0%

\u00a0

FV

\u00a0

25.0%

25.0%

\u00a0

\u00a0

FP Cardif Convex Fund USD (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

Fundamenta (s)

Italy

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

G C Thematic Opportunities\u00a0II (s)

Ireland

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

GIE BNPP Cardif

France

Full

(2)

99.7%

99.7%

\u00a0

Full

(2)

99.7%

99.7%

V2

\u00a0

GPinvest 10

France

FV

\u00a0

50.0%

50.0%

\u00a0

FV

\u00a0

50.0%

50.0%

\u00a0

\u00a0

Harewood Helena 2\u00a0Ltd

UK

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Harmony Prime (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

Hemisphere Holding

France

Equity

\u00a0

20.0%

20.0%

\u00a0

Equity

\u00a0

20.0%

20.0%

\u00a0

\u00a0

Hibernia France

France

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

Horizon Development\u00a0GmbH

Germany

FV

\u00a0

66.7%

64.9%

V4

FV

\u00a0

66.7%

62.9%

\u00a0

\u00a0

Icare

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Icare Assurance

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

ID Cologne A1\u00a0GmbH

Germany

Full

(2)

89.2%

86.8%

D1/V4

Equity*

\u00a0

89.2%

86.2%

V1

\u00a0

ID Cologne A2\u00a0GmbH

Germany

Full

(2)

89.2%

86.8%

D1/V4

Equity*

\u00a0

89.2%

86.2%

V1

\u00a0

Karapass Courtage

France

\u00a0

\u00a0

\u00a0

\u00a0

S3

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Korian et Partenaires Immobilier 1

France

FV

\u00a0

24.5%

24.5%

\u00a0

FV

\u00a0

24.5%

24.5%

\u00a0

\u00a0

Korian et Partenaires Immobilier 2

France

FV

\u00a0

24.5%

24.5%

\u00a0

FV

\u00a0

24.5%

24.5%

\u00a0

\u00a0

Luizaseg Seguros\u00a0SA

Brazil

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

V1/D4

\u00a0

Natio Assurance

France

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Natio Fonds Amp\u00e8re 1 (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

NCVP Participacoes Societarias\u00a0SA

Brazil

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Neuflize Vie

France

Full

(2)

100.0%

100.0%

E3

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

New Alpha Cardif Incubator Fund (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

OC Health Real Estate\u00a0GmbH

Germany

FV

\u00a0

35.0%

31.0%

\u00a0

FV

\u00a0

35.0%

31.0%

\u00a0

\u00a0

Op\u00e9ra Rendement (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

Paris Management Consultant Co\u00a0Ltd

Taiwan

\u00a0

\u00a0

\u00a0

\u00a0

S3

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Permal Cardif Co Investment Fund (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

Pinnacle Pet Holdings\u00a0Ltd

UK

Equity

\u00a0

24.7%

24.7%

\u00a0

Equity

\u00a0

24.7%

24.7%

V3

\u00a0

Poistovna Cardif Slovakia\u00a0AS

Slovakia

\u00a0

\u00a0

\u00a0

\u00a0

S3

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Preim Healthcare SAS (s)

France

FV

\u00a0

-

-

\u00a0

FV

\u00a0

-

-

\u00a0

\u00a0

PWH

France

FV

\u00a0

47.5%

47.5%

\u00a0

FV

\u00a0

47.5%

47.5%

\u00a0

\u00a0

Reumal Investissements

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Rubin\u00a0SARL

Luxembourg

FV

\u00a0

50.0%

50.0%

\u00a0

FV

\u00a0

50.0%

50.0%

\u00a0

\u00a0

Rueil Ariane

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SAS HVP

France

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

Schroder European Operating Hotels Fund 1 (s)

Luxembourg

FV

\u00a0

-

-

\u00a0

FV

\u00a0

-

-

\u00a0

\u00a0

SCI\u00a068/70 rue de Lagny Montreuil

France

Full

(2)

99.9%

99.9%

\u00a0

Full

(2)

99.9%

99.9%

\u00a0

\u00a0

SCI Alpha Park

France

\u00a0

\u00a0

\u00a0

\u00a0

S2

FV

\u00a0

50.0%

50.0%

\u00a0

\u00a0

SCI Batipart Chadesrent

France

FV

\u00a0

20.0%

20.0%

\u00a0

FV

\u00a0

20.0%

20.0%

\u00a0

\u00a0

SCI Biv Malakoff

France

FV

\u00a0

23.3%

23.3%

\u00a0

FV

\u00a0

23.3%

23.3%

\u00a0

\u00a0

SCI BNPP Pierre\u00a0I

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI BNPP Pierre\u00a0II

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Bobigny Jean Rostand

France

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Bouleragny

France

FV

\u00a0

50.0%

50.0%

\u00a0

FV

\u00a0

50.0%

50.0%

\u00a0

\u00a0

SCI Cardif Logement

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Citylight Boulogne

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Clichy Nuovo

France

FV

\u00a0

50.0%

50.0%

\u00a0

FV

\u00a0

50.0%

50.0%

\u00a0

\u00a0

SCI D\u00e9fense Etoile

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI D\u00e9fense Vend\u00f4me

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Etoile du Nord

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Fontenay Plaisance

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI\u00a0Imefa Velizy

France

FV

\u00a0

21.8%

21.8%

\u00a0

FV

\u00a0

21.8%

21.8%

\u00a0

\u00a0

SCI Le Mans Gare

France

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Nanterre Guilleraies

France

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Nantes Carnot

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Odyss\u00e9e

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Pantin Les Moulins

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Paris Batignolles

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Paris Cours de Vincennes

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Paris Grande Arm\u00e9e

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Paris Turenne

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Portes de Claye

France

Equity

\u00a0

45.0%

45.0%

\u00a0

Equity

\u00a0

45.0%

45.0%

\u00a0

\u00a0

SCI Rue Moussorgski

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Rueil Caudron

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Saint Denis Landy

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Saint Denis Mitterrand

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Saint-Denis Jade

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI SCOO

France

FV

\u00a0

46.4%

46.4%

\u00a0

FV

\u00a0

46.4%

46.4%

\u00a0

\u00a0

SCI Vend\u00f4me Ath\u00e8nes

France

FV

\u00a0

50.0%

50.0%

\u00a0

FV

\u00a0

50.0%

50.0%

\u00a0

\u00a0

SCI Villeurbanne Stalingrad

France

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Secar

France

FV

\u00a0

55.1%

55.1%

\u00a0

FV

\u00a0

55.1%

55.1%

\u00a0

\u00a0

Seniorenzentren Deutschland Holding\u00a0SARL

Luxembourg

FV

\u00a0

20.0%

17.7%

\u00a0

FV

\u00a0

20.0%

17.7%

\u00a0

\u00a0

Seniorenzentren Reinbeck Oberursel M\u00fcnchen Objekt\u00a0GmbH

Germany

FV

\u00a0

35.0%

31.0%

\u00a0

FV

\u00a0

35.0%

31.0%

\u00a0

\u00a0

Seniorenzentrum Butzbach Objekt\u00a0GmbH

Germany

FV

\u00a0

35.0%

31.0%

\u00a0

FV

\u00a0

35.0%

31.0%

\u00a0

\u00a0

Seniorenzentrum Heilbronn Objekt\u00a0GmbH

Germany

FV

\u00a0

35.0%

31.0%

\u00a0

FV

\u00a0

35.0%

31.0%

\u00a0

\u00a0

Seniorenzentrum Kassel Objekt\u00a0GmbH

Germany

FV

\u00a0

35.0%

31.0%

\u00a0

FV

\u00a0

35.0%

31.0%

\u00a0

\u00a0

Seniorenzentrum Wolfratshausen Objekt\u00a0GmbH

Germany

FV

\u00a0

35.0%

31.0%

\u00a0

FV

\u00a0

35.0%

31.0%

\u00a0

\u00a0

Services Epargne Entreprise

France

Equity

\u00a0

36.8%

36.8%

V1

Equity

\u00a0

35.6%

35.6%

\u00a0

\u00a0

SNC Batipart Mermoz

France

FV

\u00a0

25.0%

25.0%

\u00a0

FV

\u00a0

25.0%

25.0%

\u00a0

\u00a0

SNC Batipart Poncelet

France

FV

\u00a0

25.0%

25.0%

\u00a0

FV

\u00a0

25.0%

25.0%

\u00a0

\u00a0

Soci\u00e9t\u00e9 Francaise d\u2019Assurances sur la Vie

France

Equity

\u00a0

50.0%

50.0%

\u00a0

Equity

\u00a0

50.0%

50.0%

\u00a0

\u00a0

Soci\u00e9t\u00e9 Immobili\u00e8re du Royal Building\u00a0SA

Luxembourg

Full

(2)

100.0%

88.6%

\u00a0

Full

(2)

100.0%

88.6%

\u00a0

\u00a0

Theam Quant Europe Climate Carbon Offset Plan (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

(4)

-

-

\u00a0

\u00a0

Tikehau Cardif Loan Europe (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

Valeur Pierre Epargne

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Valtitres FCP (s)

France

Full

(4)

-

-

D1

FV

(4)

-

-

\u00a0

\u00a0

Velizy Holding

France

FV

\u00a0

33.3%

33.3%

\u00a0

FV

\u00a0

33.3%

33.3%

\u00a0

Wealth Management

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP Wealth Management Monaco

Monaco

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(1)

100.0%

100.0%

\u00a0

Asset Management

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Alfred Berg Kapitalforvaltning\u00a0AS

Norway

Full

\u00a0

100.0%

73.7%

\u00a0

Full

\u00a0

100.0%

73.7%

V2

\u00a0

Alfred Berg Kapitalforvaltning\u00a0AS (Sweden branch)

Sweden

Full

\u00a0

100.0%

73.7%

\u00a0

Full

\u00a0

100.0%

73.7%

V3

\u00a0

Bancoestado Administradora General de Fondos\u00a0SA

Chile

Equity

\u00a0

50.0%

49.1%

\u00a0

Equity

\u00a0

50.0%

49.1%

\u00a0

\u00a0

Baroda BNPP AMC Private\u00a0Ltd

India

Equity

(3)

49.9%

49.1%

V4

Equity

(3)

49.9%

49.0%

\u00a0

\u00a0

BNPP ABC Wealth Management Co\u00a0Ltd

China

Equity

(3)

51.0%

50.1%

\u00a0

Equity

(3)

51.0%

50.1%

E2

\u00a0

BNPP Agility Capital

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

BNPP Agility Fund Equity SLP (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Agility Fund Private Debt SLP (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP AM International Hedged Strategies (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Asset Management Asia\u00a0Ltd

Hong Kong

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Be Holding

Belgium

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Brasil\u00a0Ltda

Brazil

Full

\u00a0

100.0%

99.6%

V4

Full

\u00a0

100.0%

99.5%

\u00a0

\u00a0

BNPP Asset Management Europe (Austria branch) (Ex- BNPP Asset Management France (Austria branch))

Austria

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Europe (Belgium branch) (Ex- BNPP Asset Management France (Belgium branch))

Belgium

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Europe (Ex-BNPP Asset Management France)

France

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Europe (Germany branch) (Ex-BNPP Asset Management France (Germany branch))

Germany

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Europe (Italy branch) (Ex-BNPP Asset Management France (Italy branch))

Italy

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Europe (Netherlands branch) (Ex-BNPP Asset Management France (Netherlands branch))

Netherlands

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Europe (Poland branch)

Poland

Full

\u00a0

100.0%

98.3%

E2

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP Asset Management Holding

France

Full

\u00a0

100.0%

98.3%

V1

Full

\u00a0

99.9%

98.2%

\u00a0

\u00a0

BNPP Asset Management Japan\u00a0Ltd

Japan

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Luxembourg

Luxembourg

Full

\u00a0

99.7%

98.0%

V4

Full

\u00a0

99.7%

97.9%

\u00a0

\u00a0

BNPP Asset Management NL Holding\u00a0NV

Netherlands

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

BNPP Asset Management PT

Indonesia

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Services Grouping

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

BNPP Asset Management Taiwan Co\u00a0Ltd

Taiwan

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

E1

\u00a0

BNPP Asset Management UK\u00a0Ltd

UK

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management USA Holdings Inc

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Asset Management USA Inc

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP B Institutional\u00a0II (s)

Belgium

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Dealing Services

France

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Easy (s)

Luxembourg

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Flexi I (s)

Luxembourg

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Funds (s)

Luxembourg

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

Drypnir\u00a0AS

Norway

Full

\u00a0

100.0%

0.0%

\u00a0

Full

\u00a0

100.0%

0.0%

\u00a0

\u00a0

Dynamic Credit Group\u00a0BV

Netherlands

Full

\u00a0

75.0%

73.7%

V4

Full

\u00a0

75.0%

73.6%

E3

\u00a0

Gambit Financial Solutions

Belgium

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

Haitong Fortis Private Equity Fund Management Co\u00a0Ltd

China

Equity

\u00a0

33.0%

32.4%

\u00a0

Equity

\u00a0

33.0%

32.4%

\u00a0

\u00a0

Harewood Helena 1\u00a0Ltd

UK

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

HFT Investment Management Co\u00a0Ltd

China

Equity

\u00a0

49.0%

48.2%

V4

Equity

\u00a0

49.0%

48.1%

\u00a0

\u00a0

Impax Asset Management Group\u00a0PLC

UK

Equity

\u00a0

13.8%

13.5%

\u00a0

Equity

\u00a0

13.8%

13.5%

\u00a0

\u00a0

SME Alternative Financing DAC (s)

Ireland

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Theam Quant (s)

Luxembourg

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

Real Estate

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Auguste Thouard Expertise

France

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Immobilier Promotion

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Immobilier R\u00e9sidences Services

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate (United Arab Emirates branch)

United Arab Emirates

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Advisory & Property Management Luxembourg\u00a0SA

Luxembourg

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Advisory & Property Management UK\u00a0Ltd

UK

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Advisory and Property Management Ireland\u00a0Ltd

Ireland

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Advisory Italy\u00a0SPA

Italy

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Advisory Netherlands\u00a0BV

Netherlands

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Belgium\u00a0SA

Belgium

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Conseil Habitation & Hospitality

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Consult France

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Consult\u00a0GmbH

Germany

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Facilities Management\u00a0Ltd

UK

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Financial Partner

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate\u00a0GmbH

Germany

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Holding\u00a0GmbH

Germany

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Investment Management Belgium

Belgium

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Investment Management France

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Investment Management Germany\u00a0GmbH

Germany

Full

\u00a0

94.9%

94.9%

\u00a0

Full

\u00a0

94.9%

94.9%

\u00a0

\u00a0

BNPP Real Estate Investment Management Germany\u00a0GmbH (Italy branch)

Italy

Full

\u00a0

94.9%

94.9%

\u00a0

Full

\u00a0

94.9%

94.9%

\u00a0

\u00a0

BNPP Real Estate Investment Management Germany\u00a0GmbH (Portugal branch)

Portugal

Full

\u00a0

94.9%

94.9%

\u00a0

Full

\u00a0

94.9%

94.9%

\u00a0

\u00a0

BNPP Real Estate Investment Management Germany\u00a0GmbH (Spain branch)

Spain

Full

\u00a0

94.9%

94.9%

\u00a0

Full

\u00a0

94.9%

94.9%

\u00a0

\u00a0

BNPP Real Estate Investment Management Italy\u00a0SPA

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Investment Management\u00a0Ltd

UK

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Investment Management Luxembourg\u00a0SA

Luxembourg

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Investment Management Luxembourg\u00a0SA (Italy branch)

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

E2

\u00a0

BNPP Real Estate Investment Management Spain\u00a0SA

Spain

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Investment Management UK\u00a0Ltd

UK

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Poland SP ZOO

Poland

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Portugal Unipersonal LDA

Portugal

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Property Development & Services\u00a0GmbH

Germany

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Property Development UK\u00a0Ltd

UK

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Property Management France\u00a0SAS

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Property Management\u00a0GmbH

Germany

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Property Management Italy SRL

Italy

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Singapore Pte\u00a0Ltd

Singapore

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Spain\u00a0SA

Spain

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Transaction France

France

Full

(2)

97.4%

97.4%

V1

Full

(2)

97.2%

97.2%

V1

\u00a0

BNPP Real Estate Valuation France

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cariboo Development SL

Spain

Equity

\u00a0

65.0%

65.0%

\u00a0

Equity

\u00a0

65.0%

65.0%

\u00a0

\u00a0

Construction-Sale Companies (c)

France

Full / Equity

(2)

-

-

\u00a0

Full / Equity

(2)

-

-

\u00a0

\u00a0

Exeo Aura & Echo Offices Lda

Portugal

Equity

\u00a0

31.9%

31.9%

\u00a0

Equity

\u00a0

31.9%

31.9%

\u00a0

\u00a0

GIE BNPP Real Estate

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Horti Milano SRL

Italy

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Nanterre Arboretum

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Parker Tower\u00a0Ltd

UK

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Partner\u2019s & Services

France

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

REPD Parker\u00a0Ltd

UK

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Sviluppo Residenziale Italia SRL

Italy

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Wapiti Development SL

Spain

Equity

\u00a0

65.0%

65.0%

\u00a0

Equity

\u00a0

65.0%

65.0%

\u00a0

OTHER BUSINESS UNITS

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Property Companies (Property Used In Operations) and Others

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Antin Participation 5

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Home Loan SFH

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

BNPP Partners for Innovation

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Partners for Innovation Belgium

Belgium

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Partners For Innovation Global Connect

France

Full

\u00a0

100.0%

100.0%

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP Partners for Innovation Italia SRL

Italy

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Procurement Tech

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Public Sector\u00a0SA

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

FCT Lafayette 2021 (t)

France

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

FCT Laffitte 2021 (t)

France

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

FCT Op\u00e9ra 2014 (t)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

FCT Opera 2023 (t)

France

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

E2

\u00a0

FCT Pyramides 2022 (t)

France

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

GIE Groupement Auxiliaire de Moyens

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

GIE Groupement d\u2019Etudes et de Prestations

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Transvalor

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

  • At 31 December 2024, 13 Private Equity investment entities versus 14 Private Equity investment entities at 31 December 2023.
  • At 31 December 2024, the securitisation funds UCI and RMBS Prado included 13 funds (FCC UCI 11, 12, 14 to 17, RMBS Prado\u00a0VII to\u00a0XI, Green Belem\u00a0I et RMBS Belem No\u00a02) unchanged from 31 December 2023.
  • At 31 December 2024, 102 Construction-sale companies (71 Full and 31 Equity) versus 117 Construction-sale companies (82 Full and 35 Equity) at 31 December 2023.
  • At 31 December 2024, the securitisation funds Genius include 8 funds (Generation 2024-1-4 Retail Auto Mortgage Loan Securitisation, Generation 2023-2 to 5 Retail Auto Mortgage Loan Securitisation) versus 11 funds (Generation 2021-4 Retail Auto Mortgage Loan Securitisation, Generation 2022-1 to 5 Retail Auto Mortgage Loan Securitisation, Generation 2023-1 to 5 Retail Auto Mortgage Loan Securitisation) at 31 December 2023.
  • At 31 december 2024, 10 funds (Wisdom Puhua Leasing 2022-2 to 3 Asset-Backed Securities, Wisdom Puhua Leasing 2023-2 Asset-Backed Notes, Wisdom Puhua Leasing 2023-1 & 2 Asset-Backed Securities, Wisdom Puhua Leasing Xinghe 2023-1 Asset-Backed Securities, Wisdom Puhua Leasing Xinghe 2024-1 to 4 Asset-Backed Securities) versus 13 funds (Wisdom Puhua Leasing 2021-2 & 3 Asset-Backed Securities, Wisdom Puhua Leasing 2022-1 Asset-Backed Notes, Wisdom Puhua Leasing 2022-1 to 3 Asset-Backed Securities, Wisdom Puhua Leasing 2023-1 & 2 Asset-Backed Notes, Wisdom Puhua Leasing 2023-1 & 2 Asset-Backed securities, Wisdom Puhua Leasing Zhixing 2023-1 & 2 Asset-Backed Notes, Wisdom Puhua Leasing Xinghe 2023-1 Asset-Backed Securities) at 31 December 2023.

\u00a0

As requested by the ANC 2016 regulation, the list of entities that are controlled by the Group, jointly controlled or under significant influence, but excluded from the scope of consolidation since their contribution to the consolidated financial statements would be immaterial to the Group, and the list of equity investments, are available on the \u201cRegulated Information\u201d page of the https://invest.bnpparibas.com website.

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Changes in the scope of consolidation

New entries (E) in the scope of consolidation

E1

Passing above consolidation thresholds

E2

Incorporation

E3

Purchase, gain of control or significant influence

Removals (S) from the scope of consolidation

S1

Cessation of activity (dissolution, liquidation, etc.)

S2

Disposal, loss of control or loss of significant influence

S3

Passing below consolidation thresholds

S4

Merger, Universal transfer of assets and liabilities

Variance (V) in voting or ownership interest

V1

Additional purchase

V2

Partial disposal

V3

Dilution

V4

Increase in %

Miscellaneous

D1

Consolidation method change not related to fluctuation in voting or ownership interest

D2

Following the additional purchase of interest by the Group, Arval Relsa and its subsidiaries were fully consolidated since the fourth quarter 2023

D3

Following the additional purchase of interest by the Group, the whole entities Kantox and its subsidiaries were fully consolidated since the fourth quarter 2023.

D4

Following the additional purchase of interest by the Group, Luizaseg Seguros\u00a0SA was fully consolidated since the fourth quarter 2023

\u00a0

Equity*

Controlled but non material entities consolidated under the equity method as associates

FV

Joint control or investment in associates measured at fair value through profit or loss

(s)

Structured entities

(t)

Securitisation funds

\u00a0

\u00a0

Prudential scope of consolidation

(1)

French subsidiaries for which supervision of prudential requirements is complied with through the supervision on a consolidated basis of BNP\u00a0Paribas\u00a0SA, in accordance with article\u00a07.1 of Regulation n\u00b0575/2013 of the European Parliament and of the Council

(2)

Entities consolidated under the equity method in the prudential scope

(3)

Jointly controlled entities under proportional consolidation in the prudential scope

(4)

Collective investment undertaking excluded from the prudential scope

", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_78ef3b89-bda1-4467-af4a-9d7ede411724": { "value": "
Joint control

Where the Group carries out an activity with one or more partners, sharing control by virtue of a contractual agreement which requires unanimous consent on relevant activities (those that significantly affect the entity\u2019s returns), the Group exercises joint control over the activity. Where the jointly controlled activity is structured through a separate vehicle in which the partners have rights to the net assets, this joint venture is accounted for using the equity method. Where the jointly controlled activity is not structured through a separate vehicle or where the partners have rights to the assets and obligations for the liabilities of the jointly controlled activity, the Group accounts for its share of the assets, liabilities, revenues and expenses in accordance with the applicable IFRS.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_78a730b4-d046-4033-be8d-bc51ccd6afbd": { "value": "
Significant influence

Companies over which the Group exercises significant influence or associates are accounted for by the equity method. Significant influence is the power to participate in the financial and operating policy decisions of a company without exercising control. Significant influence is presumed to exist when the Group holds, directly or indirectly, 20% or more of the voting rights of a company. Interests of less than 20% can be included in the consolidation scope if the Group effectively exercises significant influence. This is the case for example for entities developed in partnership with other associates, where the BNP\u00a0Paribas Group participates in strategic decisions of the enterprise through representation on the Board of directors or equivalent governing body, or exercises influence over the enterprise\u2019s operational management by supplying management systems or senior managers, or provides technical assistance to support the enterprise\u2019s development.

Changes in the net assets of associates (companies accounted for under the equity method) are recognised on the assets side of the balance sheet under \u201cInvestments in equity-method entities\u201d and in the relevant component of shareholders\u2019 equity. Goodwill recorded on associates is also included under \u201cEquity-method investments\u201d.

Whenever there is an indication of impairment, the carrying amount of the investment consolidated under the equity method (including goodwill) is subjected to an impairment test, by comparing its recoverable value (the higher of value-in-use and market value less costs to sell) to its carrying amount. Where appropriate, impairment is recognised under \u201cShare of earnings of equity-method entities\u201d in the consolidated income statement and can be reversed at a later date.

If the Group\u2019s share of losses of an equity-method entity equals or exceeds the carrying amount of its investment in this entity, the Group discontinues including its share of further losses. The investment is reported at nil value. Additional losses of the equity-method entity are provided for only to the extent that the Group has contracted a legal or constructive obligation or has made payments on behalf of this entity.

Where the Group holds an interest in an associate, directly or indirectly through an entity that is a venture capital organisation, a mutual fund, an open-ended investment company or similar entity such as an investment-related insurance fund, it may elect to measure that interest at fair value through profit or loss.

Realised gains and losses on investments in consolidated undertakings are recognised in the profit and loss account under \u201cNet gain on non-current assets\u201d.

The consolidated financial statements are prepared using uniform accounting policies for similar transactions and other events occurring in similar circumstances.

8.kScope of consolidation

BNP\u00a0Paribas, a\u00a0soci\u00e9t\u00e9 anonyme\u00a0(Public Limited Company), registered in France, is the Group\u2019s lead company, which holds key positions in its three operating divisions: Corporate & Institutional Banking (CIB), Commercial, Personal Banking & Services (CPBS) and Investment & Protection Services (IPS).

During the year, the parent company did not change its name. BNP\u00a0Paribas has its principal place of business in France and its head office is located at\u00a016\u00a0boulevard des Italiens 75009 Paris,\u00a0France.

\u00a0

Business

Name

Country

31 December 2024

31 December 2023

Method

Voting (%)

Interest (%)

Ref.

Method

Voting (%)

Interest (%)

Ref.

\u00a0

BNP\u00a0Paribas\u00a0SA

France

\u00a0

(1)

\u00a0

\u00a0

\u00a0

\u00a0

(1)

\u00a0

\u00a0

\u00a0

\u00a0

BNPP\u00a0SA (Argentina branch)

Argentina

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Australia branch)

Australia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Austria branch)

Austria

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Bahrain branch)

Bahrain

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Belgium branch)

Belgium

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Bulgaria branch)

Bulgaria

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Canada branch)

Canada

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Czech Republic branch)

Czech Rep.

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Denmark branch)

Denmark

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Finland branch)

Finland

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Germany branch)

Germany

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Greece branch)

Greece

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Guernsey branch)

Guernsey

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Hong Kong branch)

Hong Kong

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Hungary branch)

Hungary

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (India branch)

India

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Ireland branch)

Ireland

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Italy branch)

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Japan branch)

Japan

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Jersey branch)

Jersey

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Kuwait branch)

Kuwait

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Luxembourg branch)

Luxembourg

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Malaysia branch)

Malaysia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Monaco branch)

Monaco

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Netherlands branch)

Netherlands

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Norway branch)

Norway

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Philippines branch)

Philippines

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Poland branch)

Poland

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Portugal branch)

Portugal

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Qatar branch)

Qatar

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Republic of Korea branch)

Rep. of Korea

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Romania branch)

Romania

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Saudi Arabia branch)

Saudi Arabia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Singapore branch)

Singapore

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (South Africa branch)

South Africa

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Spain branch)

Spain

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Sweden branch)

Sweden

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Switzerland branch)

Switzerland

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Taiwan branch)

Taiwan

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Thailand branch)

Thailand

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (United Arab Emirates branch)

United Arab Emirates

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (United Kingdom branch)

UK

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (United States branch)

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP\u00a0SA (Viet Nam branch)

Viet Nam

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

CORPORATE & INSTITUTIONAL BANKING

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

EMEA (Europe, Middle East, Africa)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Austin Finance (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

BNPP Financial Markets

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

Eurotitrisation

France

Equity

\u00a0

22.0%

22.0%

\u00a0

Equity

\u00a0

22.0%

22.0%

V4

\u00a0

Exane

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane (Germany branch)

Germany

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane (Italy branch)

Italy

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane (Spain branch)

Spain

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane (Sweden branch)

Sweden

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane (Switzerland branch)

Switzerland

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane (United Kingdom branch)

UK

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane Asset Management

France

Equity

\u00a0

35.0%

35.0%

\u00a0

Equity

\u00a0

35.0%

35.0%

V2

\u00a0

Exane Derivatives

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane Derivatives (Switzerland branch)

Switzerland

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane Derivatives (United Kingdom branch)

UK

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane Derivatives Gerance

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Exane Finance

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

FCT Juice (t)

France

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Financi\u00e8re des Italiens (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Financi\u00e8re du March\u00e9 Saint Honor\u00e9

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Optichamps (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Parilease

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

Participations Op\u00e9ra (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Services Logiciels d\u2019Int\u00e9gration Boursi\u00e8re

France

Equity

(3)

66.6%

66.6%

\u00a0

Equity

(3)

66.6%

66.6%

\u00a0

\u00a0

Services Logiciels d\u2019Int\u00e9gration Boursi\u00e8re (Portugal branch)

Portugal

Equity

(3)

66.6%

66.6%

\u00a0

Equity

(3)

66.6%

66.6%

E2

\u00a0

SNC Taitbout Participation 3

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Soci\u00e9t\u00e9 Orbaisienne de Participations

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Uptevia\u00a0SA

France

Equity

(3)

50.0%

50.0%

\u00a0

Equity

(3)

50.0%

50.0%

E3

Other European countries

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Allfunds Group\u00a0PLC

UK

Equity

\u00a0

12.5%

12.4%

V4

Equity

\u00a0

12.1%

12.0%

\u00a0

\u00a0

Aries Capital DAC

Ireland

Full

\u00a0

100.0%

0.0%

\u00a0

Full

\u00a0

100.0%

0.0%

\u00a0

\u00a0

AssetMetrix

Germany

Equity

\u00a0

23.1%

23.1%

V4

Equity

\u00a0

22.3%

22.3%

V4

\u00a0

BNP PUK Holding\u00a0Ltd

UK

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Bank JSC

Russia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Emissions Und Handels\u00a0GmbH

Germany

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Fund Administration Services Ireland\u00a0Ltd

Ireland

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Ireland Unlimited Co

Ireland

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Islamic Issuance\u00a0BV

Netherlands

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Issuance\u00a0BV

Netherlands

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Net\u00a0Ltd

UK

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Prime Brokerage International\u00a0Ltd

Ireland

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Suisse\u00a0SA

Switzerland

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Suisse\u00a0SA (Guernsey branch)

Guernsey

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Technology\u00a0LLC

Russia

\u00a0

\u00a0

\u00a0

\u00a0

S1

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Trust Corp UK\u00a0Ltd

UK

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Vartry Reinsurance DAC

Ireland

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Diamante Re SRL

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Ejesur\u00a0SA

Spain

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

Exane Solutions Luxembourg\u00a0SA

Luxembourg

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Expo Atlantico EAII\u00a0Investimentos Imobiliarios SA (s)

Portugal

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Expo Indico EIII\u00a0Investimentos Imobiliarios SA (s)

Portugal

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

FScholen

Belgium

Equity

(3)

50.0%

50.0%

\u00a0

Equity

(3)

50.0%

50.0%

\u00a0

\u00a0

Greenstars BNPP

Luxembourg

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Kantox European Union SL

Spain

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

V1/D3

\u00a0

Kantox Holding\u00a0Ltd

UK

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

V1/D3

\u00a0

Kantox\u00a0Ltd

UK

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

V1/D3

\u00a0

Madison Arbor\u00a0Ltd (t)

Ireland

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Matchpoint Finance\u00a0PLC (t)

Ireland

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Ribera Del Loira Arbitrage

Spain

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Securasset\u00a0SA

Luxembourg

Full

\u00a0

100.0%

0.0%

\u00a0

Full

\u00a0

100.0%

0.0%

\u00a0

\u00a0

Single Platform Investment Repackaging Entity\u00a0SA

Luxembourg

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Utexam Logistics\u00a0Ltd

Ireland

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

Utexam Solutions\u00a0Ltd

Ireland

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

Volantis\u00a0SARL (s)

Luxembourg

Full

\u00a0

-

-

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Middle East

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP Investment Co KSA

Saudi Arabia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

AMERICAS

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Banco BNPP Brasil\u00a0SA

Brazil

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Capital Services Inc

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Colombia Corporacion Financiera\u00a0SA

Colombia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP EQD Brazil Fund Fundo de Investmento Multimercado (s)

Brazil

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

BNPP Financial Services\u00a0LLC

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP FS\u00a0LLC

USA

\u00a0

\u00a0

\u00a0

\u00a0

S1

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP IT Solutions Canada Inc

Canada

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Mexico Holding

Mexico

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Mexico\u00a0SA Institucion de Banca Multiple

Mexico

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Proprietario Fundo de Investimento Multimercado (s)

Brazil

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

BNPP RCC\u00a0Inc

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Securities Corp

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP US Investments Inc

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP US Wholesale Holdings Corp

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP USA Inc

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP VPG Brookline Cre\u00a0LLC (s)

USA

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

BNPP VPG EDMC Holdings\u00a0LLC (s)

USA

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

BNPP VPG Express\u00a0LLC (s)

USA

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

BNPP VPG\u00a0I\u00a0LLC (s)

USA

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

BNPP VPG\u00a0II\u00a0LLC (s)

USA

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

BNPP VPG\u00a0III\u00a0LLC (s)

USA

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

BNPP VPG\u00a0IV\u00a0LLC (s)

USA

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

E2

\u00a0

BNPP VPG Master\u00a0LLC (s)

USA

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Corporation BNPP Canada (Ex- BNPP Canada Corp)

Canada

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Dale Bakken Partners 2012\u00a0LLC

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Decart Re\u00a0Ltd

Bermuda

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

FSI Holdings Inc

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Starbird Funding Corp (t)

USA

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

PACIFIC ASIA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Andalan Multi Guna PT

Indonesia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Bank BNPP Indonesia PT

Indonesia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Arbitrage Hong Kong\u00a0Ltd

Hong Kong

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP China\u00a0Ltd

China

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Finance Hong Kong\u00a0Ltd

Hong Kong

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Fund Services Australasia Pty\u00a0Ltd

Australia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Fund Services Australasia Pty\u00a0Ltd (New Zealand branch)

New Zealand

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Global Securities Operations Private\u00a0Ltd

India

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

BNPP India Holding Private\u00a0Ltd

India

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP India Solutions Private\u00a0Ltd

India

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Malaysia Berhad

Malaysia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Securities Asia\u00a0Ltd

Hong Kong

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Securities China\u00a0Ltd

China

Full

\u00a0

100.0%

100.0%

E2

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP Securities India Private\u00a0Ltd

India

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Securities Japan\u00a0Ltd

Japan

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Securities Korea Co\u00a0Ltd

Rep. of Korea

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Securities Taiwan Co\u00a0Ltd

Taiwan

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Sekuritas Indonesia PT

Indonesia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BPP Holdings Pte\u00a0Ltd

Singapore

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

COMMERCIAL, PERSONAL BANKING & SERVICES

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

COMMERCIAL & PERSONAL BANKING IN\u00a0THE\u00a0EUROZONE

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Commercial & Personal Banking in France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

2SF - Soci\u00e9t\u00e9 des Services Fiduciaires

France

Equity

(3)

33.3%

33.3%

\u00a0

Equity

(3)

33.3%

33.3%

\u00a0

\u00a0

Banque de Wallis et Futuna

France

Full

(1)

51.0%

51.0%

\u00a0

Full

(1)

51.0%

51.0%

\u00a0

\u00a0

BNPP Antilles Guyane

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

BNPP D\u00e9veloppement

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP D\u00e9veloppement Oblig

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Factor

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

BNPP Factor (Portugal branch)

Portugal

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

E2

\u00a0

BNPP Factor (Spain branch)

Spain

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

BNPP Factor Sociedade Financeira de Credito\u00a0SA

Portugal

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

BNPP Nouvelle Cal\u00e9donie

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

BNPP R\u00e9union

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

Compagnie pour le Financement des Loisirs

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

Copartis

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Euro Securities Partners

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

GIE Ocean

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Jivago Holding

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Partecis

France

Equity

(3)

50.0%

50.0%

\u00a0

Equity

(3)

50.0%

50.0%

\u00a0

\u00a0

Paylib Services

France

Equity

\u00a0

14.3%

14.3%

\u00a0

Equity

\u00a0

14.3%

14.3%

\u00a0

\u00a0

Portzamparc

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

BNL banca commerciale

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Banca Agevolarti\u00a0SPA (Ex- Artigiancassa\u00a0SPA)

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

V1

\u00a0

Banca Nazionale Del Lavoro\u00a0SPA

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP BNL Equity Investment\u00a0SPA

Italy

Full

\u00a0

100.0%

100.0%

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

EMF IT 2008 1 SRL (t)

Italy

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Era Uno SRL (t)

Italy

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Eutimm SRL

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Financit\u00a0SPA

Italy

Full

\u00a0

60.0%

60.0%

\u00a0

Full

\u00a0

60.0%

60.0%

\u00a0

\u00a0

Immera SRL (t)

Italy

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

International Factors Italia\u00a0SPA

Italy

Full

\u00a0

99.9%

99.9%

V1

Full

\u00a0

99.7%

99.7%

\u00a0

\u00a0

Permicro\u00a0SPA

Italy

Equity

\u00a0

21.9%

21.9%

\u00a0

Equity

\u00a0

21.9%

21.9%

\u00a0

\u00a0

Servizio Italia\u00a0SPA

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Sviluppo HQ Tiburtina SRL

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Tierre Securitisation SRL (t)

Italy

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Vela OBG SRL (t)

Italy

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Vela RMBS SRL (t)

Italy

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

Worldline Merchant Services Italia\u00a0SPA

Italy

Equity

\u00a0

20.0%

20.0%

\u00a0

Equity

\u00a0

20.0%

20.0%

\u00a0

Commercial & Personal Banking in Belgium

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Axepta BNPP Benelux

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

Bancontact Paytoniq Company

Belgium

Equity

\u00a0

22.5%

22.5%

\u00a0

Equity

\u00a0

22.5%

22.5%

\u00a0

\u00a0

BASS Master Issuer NV (t)

Belgium

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Batopin

Belgium

Equity

\u00a0

25.0%

25.0%

\u00a0

Equity

\u00a0

25.0%

25.0%

\u00a0

\u00a0

Belgian Mobile ID

Belgium

Equity

\u00a0

12.2%

12.2%

\u00a0

Equity

\u00a0

12.2%

12.2%

\u00a0

\u00a0

BNPP Commercial Finance\u00a0Ltd

UK

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP Factor\u00a0AS

Denmark

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP Factor\u00a0GmbH

Germany

Full

\u00a0

100.0%

100.0%

V4

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP Factoring Support

Netherlands

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP Fortis

Belgium

Full

\u00a0

99.9%

99.9%

\u00a0

Full

\u00a0

99.9%

99.9%

\u00a0

\u00a0

BNPP Fortis (Spain branch)

Spain

\u00a0

\u00a0

\u00a0

\u00a0

S1

Full

\u00a0

99.9%

99.9%

\u00a0

\u00a0

BNPP Fortis (United States branch)

USA

Full

\u00a0

99.9%

99.9%

\u00a0

Full

\u00a0

99.9%

99.9%

\u00a0

\u00a0

BNPP Fortis Factor\u00a0NV

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP Fortis Film Finance

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP Fortis Funding\u00a0SA

Luxembourg

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP FPE Belgium

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP FPE Expansion

Belgium

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP FPE Management

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPPF Credit Brokers (Ex-Demetris\u00a0NV)

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

Bpost Banque

Belgium

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

Credissimo

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

Credissimo Hainaut\u00a0SA

Belgium

Full

\u00a0

99.7%

99.7%

\u00a0

Full

\u00a0

99.7%

99.7%

\u00a0

\u00a0

Cr\u00e9dit pour Habitations Sociales

Belgium

Full

\u00a0

81.7%

81.6%

\u00a0

Full

\u00a0

81.7%

81.6%

\u00a0

\u00a0

Epimede (s)

Belgium

Equity

\u00a0

-

-

\u00a0

Equity

\u00a0

-

-

\u00a0

\u00a0

Esmee Master Issuer (t)

Belgium

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Immobili\u00e8re Sauveniere\u00a0SA

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

Isabel\u00a0SA\u00a0NV

Belgium

Equity

\u00a0

25.3%

25.3%

\u00a0

Equity

\u00a0

25.3%

25.3%

\u00a0

\u00a0

Microstart

Belgium

Full

\u00a0

43.9%

77.5%

V4

Full

\u00a0

42.3%

76.8%

\u00a0

\u00a0

Private Equity Investments (a)

BE/FR/LU

FV

\u00a0

-

-

\u00a0

FV

\u00a0

-

-

\u00a0

\u00a0

Sagip

Belgium

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Sowo Invest\u00a0SA\u00a0NV

Belgium

Full

\u00a0

87.5%

87.5%

\u00a0

Full

\u00a0

87.5%

87.5%

\u00a0

Commercial & Personal Banking in Luxembourg

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BGL BNPP

Luxembourg

Full

\u00a0

66.0%

65.9%

\u00a0

Full

\u00a0

66.0%

65.9%

\u00a0

\u00a0

BGL BNPP (Germany branch)

Germany

Full

\u00a0

66.0%

65.9%

\u00a0

Full

\u00a0

66.0%

65.9%

\u00a0

\u00a0

BNPP Lease Group Luxembourg\u00a0SA

Luxembourg

Full

\u00a0

100.0%

65.9%

\u00a0

Full

\u00a0

100.0%

65.9%

\u00a0

\u00a0

BNPP SB Re

Luxembourg

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cofhylux\u00a0SA

Luxembourg

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Compagnie Financi\u00e8re Ottomane\u00a0SA

Luxembourg

Full

\u00a0

97.4%

97.4%

V4

Full

\u00a0

97.3%

97.3%

\u00a0

\u00a0

Le Sphinx Assurances Luxembourg\u00a0SA

Luxembourg

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Luxhub\u00a0SA

Luxembourg

Equity

\u00a0

28.0%

18.5%

\u00a0

Equity

\u00a0

28.0%

18.5%

\u00a0

\u00a0

Visalux

Luxembourg

Equity

\u00a0

25.2%

16.6%

\u00a0

Equity

\u00a0

25.2%

16.6%

V3

COMMERCIAL & PERSONAL BANKING OUTSIDE\u00a0THE\u00a0EUROZONE

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Europe-Mediterranean

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Bank of Nanjing

China

Equity

\u00a0

16.2%

16.2%

V1/V3

Equity

\u00a0

13.8%

13.8%

V3

\u00a0

Banque Internationale pour le Commerce et l\u2019Industrie de la C\u00f4te d\u2019Ivoire

Ivory Coast

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Banque Internationale pour le Commerce et l\u2019Industrie du S\u00e9n\u00e9gal

Senegal

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Banque Marocaine pour le Commerce et l\u2019Industrie

Morocco

Full

\u00a0

67.0%

67.0%

\u00a0

Full

\u00a0

67.0%

67.0%

\u00a0

\u00a0

Banque Marocaine pour le Commerce et l\u2019Industrie Banque Offshore

Morocco

Full

\u00a0

100.0%

67.0%

\u00a0

Full

\u00a0

100.0%

67.0%

\u00a0

\u00a0

Bantas Nakit\u00a0AS

T\u00fcrkiye

Equity

(3)

33.3%

16.7%

\u00a0

Equity

(3)

33.3%

16.7%

\u00a0

\u00a0

BDSI

Morocco

Full

\u00a0

100.0%

96.4%

\u00a0

Full

\u00a0

100.0%

96.4%

\u00a0

\u00a0

BGZ Poland ABS1 DAC (t)

Ireland

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

BICI Bourse

Ivory Coast

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

BMCI Leasing

Morocco

Full

\u00a0

86.9%

58.2%

\u00a0

Full

\u00a0

86.9%

58.2%

\u00a0

\u00a0

BNPP Bank Polska\u00a0SA

Poland

Full

\u00a0

81.3%

81.3%

V2

Full

\u00a0

87.3%

87.3%

V3

\u00a0

BNPP El Djazair

Algeria

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Faktoring Spolka ZOO

Poland

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Fortis Yatirimlar Holding\u00a0AS

T\u00fcrkiye

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

BNPP Group Service Center\u00a0SA

Poland

Full

\u00a0

100.0%

81.3%

V3

Full

\u00a0

100.0%

87.3%

V3

\u00a0

BNPP IRB Participations

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Yatirimlar Holding\u00a0AS

T\u00fcrkiye

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Dreams Sustainable\u00a0AB

Sweden

\u00a0

\u00a0

\u00a0

\u00a0

S2

Full

\u00a0

57.5%

57.5%

\u00a0

\u00a0

Joint Stock Company Ukrsibbank

Ukraine

Full

\u00a0

60.0%

60.0%

D1

Equity

\u00a0

60.0%

60.0%

\u00a0

\u00a0

TEB ARF Teknoloji Anonim Sirketi

T\u00fcrkiye

Full

\u00a0

100.0%

72.5%

\u00a0

Full

\u00a0

100.0%

72.5%

\u00a0

\u00a0

TEB Faktoring\u00a0AS

T\u00fcrkiye

Full

\u00a0

100.0%

72.5%

\u00a0

Full

\u00a0

100.0%

72.5%

\u00a0

\u00a0

TEB Finansman\u00a0AS

T\u00fcrkiye

Full

\u00a0

100.0%

72.5%

\u00a0

Full

\u00a0

100.0%

72.5%

V3

\u00a0

TEB Holding\u00a0AS

T\u00fcrkiye

Full

\u00a0

50.0%

50.0%

\u00a0

Full

\u00a0

50.0%

50.0%

\u00a0

\u00a0

TEB SH A

Kosovo

Full

\u00a0

100.0%

50.0%

\u00a0

Full

\u00a0

100.0%

50.0%

\u00a0

\u00a0

TEB Yatirim Menkul Degerler\u00a0AS

T\u00fcrkiye

Full

\u00a0

100.0%

72.5%

\u00a0

Full

\u00a0

100.0%

72.5%

\u00a0

\u00a0

Turk Ekonomi Bankasi\u00a0AS

T\u00fcrkiye

Full

\u00a0

100.0%

72.5%

\u00a0

Full

\u00a0

100.0%

72.5%

\u00a0

BancWest

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BancWest Holding Inc

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

BancWest Holding Inc Grantor Trust ERC Subaccount (s)

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

BancWest Holding Inc Umbrella Trust (s)

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

BancWest Investment Services Inc

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Bank of the West

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Bank of the West Auto Trust 2019-1 (t)

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Bank of the West Auto Trust 2019-2 (t)

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

BNPP Leasing Solutions Canada Inc

Canada

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

BOW Auto Receivables\u00a0LLC (t)

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

BWC Opportunity Fund 2 Inc (t)

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

BWC Opportunity Fund Inc (t)

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

CFB Community Development Corp

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Claas Financial Services\u00a0LLC

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Commercial Federal Affordable Housing Inc

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

First Santa Clara Corp (s)

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

United California Bank Deferred Compensation Plan Trust (s)

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Ursus Real Estate Inc

USA

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

SPECIALISED BUSINESSES

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Personal Finance

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Alpha Cr\u00e9dit\u00a0SA

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

Auto ABS UK Loans\u00a0PLC (t)

UK

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

\u00a0

-

-

E3

\u00a0

AutoFlorence 1 SRL (t)

Italy

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

AutoFlorence 2 SRL (t)

Italy

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

AutoFlorence 3 SRL (t)

Italy

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

E2

\u00a0

Autonoria 2019 (t)

France

\u00a0

\u00a0

\u00a0

\u00a0

S1

Full

\u00a0

-

-

\u00a0

\u00a0

Autonoria DE 2023 (t)

France

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

E2

\u00a0

Autonoria Spain 2019 (t)

Spain

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Autonoria Spain 2021 FT (t)

Spain

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Autonoria Spain 2022 FT (t)

Spain

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Autonoria Spain 2023 FT (t)

Spain

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

E2

\u00a0

Axa Banque Financement

France

Equity

\u00a0

35.0%

35.0%

\u00a0

Equity

\u00a0

35.0%

35.0%

\u00a0

\u00a0

Banco Cetelem\u00a0SA

Brazil

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Banco Cetelem\u00a0SA

Spain

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BGN Mercantil E Servicos\u00a0Ltda

Brazil

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Personal Finance

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Personal Finance (Austria branch)

Austria

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Personal Finance (Bulgaria branch)

Bulgaria

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

BNPP Personal Finance (Czech Republic branch)

Czech Rep.

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Personal Finance (Portugal branch)

Portugal

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Personal Finance (Romania branch)

Romania

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Personal Finance (Slovakia branch)

Slovakia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Personal Finance\u00a0BV

Netherlands

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Personal Finance South Africa\u00a0Ltd

South Africa

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BON BNPP Consumer Finance Co\u00a0Ltd

China

Equity

\u00a0

31.7%

31.7%

V3

Equity

\u00a0

33.1%

33.1%

V1/V4

\u00a0

Cafineo

France

Full

(1)

51.0%

50.8%

\u00a0

Full

(1)

51.0%

50.8%

\u00a0

\u00a0

Carrefour Banque

France

Equity

\u00a0

40.0%

40.0%

\u00a0

Equity

\u00a0

40.0%

40.0%

\u00a0

\u00a0

Central Europe Technologies SRL

Romania

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cetelem America\u00a0Ltda

Brazil

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cetelem Business Consulting Shanghai Co\u00a0Ltd

China

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cetelem Gestion\u00a0AIE

Spain

Full

\u00a0

100.0%

96.0%

\u00a0

Full

\u00a0

100.0%

96.0%

\u00a0

\u00a0

Cetelem\u00a0SA de CV

Mexico

Equity

\u00a0

20.0%

0.0\u00a0%

S2

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cetelem Servicios Informaticos\u00a0AIE

Spain

Full

\u00a0

100.0%

81.0%

\u00a0

Full

\u00a0

100.0%

81.0%

\u00a0

\u00a0

Cetelem Servicos\u00a0Ltda

Brazil

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cofica Bail

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

Cofiplan

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

Creation Consumer Finance\u00a0Ltd

UK

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

V3

\u00a0

Creation Financial Services\u00a0Ltd

UK

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

V3

\u00a0

Cr\u00e9dit Moderne Antilles Guyane

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

Cr\u00e9dit Moderne Oc\u00e9an Indien

France

Full

(1)

97.8%

97.8%

\u00a0

Full

(1)

97.8%

97.8%

\u00a0

\u00a0

Domofinance

France

Full

(1)

55.0%

55.0%

\u00a0

Full

(1)

55.0%

55.0%

\u00a0

\u00a0

E Carat 10 (t)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

E Carat 11\u00a0PLC (t)

UK

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

E Carat 12\u00a0PLC (t)

UK

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

\u00a0

-

-

\u00a0

\u00a0

Ecarat De SA (t)

Luxembourg

Full

\u00a0

-

-

E2

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Ekspres Bank\u00a0AS

Denmark

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Ekspres Bank\u00a0AS (Norway branch)

Norway

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Ekspres Bank\u00a0AS (Sweden branch)

Sweden

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Eos Aremas Belgium\u00a0SA\u00a0NV

Belgium

Equity

\u00a0

50.0%

49.9%

\u00a0

Equity

\u00a0

50.0%

49.9%

\u00a0

\u00a0

Evollis

France

Equity

\u00a0

49.2%

49.2%

\u00a0

Equity

\u00a0

49.2%

49.2%

V4

\u00a0

Findomestic Banca\u00a0SPA

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Florence Real Estate Developments\u00a0SPA

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Florence SPV SRL (t)

Italy

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

GCC Consumo Establecimiento Financiero de Credito\u00a0SA

Spain

Full

\u00a0

51.0%

51.0%

\u00a0

Full

\u00a0

51.0%

51.0%

\u00a0

\u00a0

Genius Auto Finance Co\u00a0Ltd

China

Equity

(3)

25.0%

25.0%

\u00a0

Equity

(3)

25.0%

25.0%

V1

\u00a0

International Development Resources\u00a0AS Services\u00a0SA

Spain

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Iqera Services

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Loisirs Finance

France

Full

(1)

51.0%

51.0%

\u00a0

Full

(1)

51.0%

51.0%

\u00a0

\u00a0

Magyar Cetelem Bank ZRT

Hungary

\u00a0

\u00a0

\u00a0

\u00a0

S2

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Neuilly Contentieux

France

Full

\u00a0

95.9%

95.6%

\u00a0

Full

\u00a0

95.9%

95.6%

\u00a0

\u00a0

Noria 2018-1 (t)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

Noria 2020 (t)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

Noria 2021 (t)

France

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Noria 2023 (t)

France

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

E2

\u00a0

Noria De 2024 (t)

France

Full

\u00a0

-

-

E2

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Noria Spain 2020 FT (t)

Spain

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Opel Finance\u00a0NV

Netherlands

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

Opel Finance\u00a0SA

Switzerland

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

\u00a0

100.0%

50.0%

\u00a0

\u00a0

PBD Germany Auto Lease Master SA (t)

Luxembourg

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

E3

\u00a0

Personal Finance Location

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

PF Services\u00a0GmbH

Germany

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Phedina Hypotheken 2010 BV (t)

Netherlands

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

RCS Botswana Pty\u00a0Ltd

Botswana

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

RCS Cards Pty\u00a0Ltd

South Africa

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

RCS\u00a0Investment Holdings Namibia Pty\u00a0Ltd

Namibia

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Securitisation funds Genius (d) (t)

China

Equity

(3)

-

-

\u00a0

Equity

(3)

-

-

E3

\u00a0

Securitisation funds UCI and RMBS Prado (b) (t)

Spain

Equity

(3)

-

-

\u00a0

Equity

(3)

-

-

\u00a0

\u00a0

Securitisation funds Wisdom (e) (t)

China

Equity

(3)

-

-

\u00a0

Equity

(3)

-

-

E3

\u00a0

Servicios Financieros Carrefour EFC\u00a0SA

Spain

Equity

\u00a0

37.3%

40.0%

\u00a0

Equity

\u00a0

37.3%

40.0%

\u00a0

\u00a0

Stellantis Bank\u00a0SA

France

Full

\u00a0

50.0%

50.0%

\u00a0

Full

\u00a0

50.0%

50.0%

\u00a0

\u00a0

Stellantis Bank\u00a0SA (Austria branch)

Austria

Full

\u00a0

50.0%

50.0%

\u00a0

Full

\u00a0

50.0%

50.0%

\u00a0

\u00a0

Stellantis Bank\u00a0SA (Germany branch)

Germany

Full

\u00a0

50.0%

50.0%

\u00a0

Full

\u00a0

50.0%

50.0%

\u00a0

\u00a0

Stellantis Bank\u00a0SA (Italy branch)

Italy

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

Stellantis Bank\u00a0SA (Spain branch)

Spain

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

Stellantis Financial Services UK\u00a0Ltd

UK

Full

\u00a0

100.0%

50.0%

\u00a0

Full

\u00a0

100.0%

50.0%

E3

\u00a0

Union de Creditos Inmobiliarios\u00a0SA

Spain

Equity

(3)

50.0%

50.0%

\u00a0

Equity

(3)

50.0%

50.0%

\u00a0

\u00a0

United Partnership

France

Equity

(3)

50.0%

50.0%

\u00a0

Equity

(3)

50.0%

50.0%

\u00a0

\u00a0

Vauxhall Finance\u00a0Ltd

UK

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

\u00a0

100.0%

50.0%

\u00a0

\u00a0

XFERA Consumer Finance EFC\u00a0SA

Spain

Full

\u00a0

51.0%

51.0%

\u00a0

Full

\u00a0

51.0%

51.0%

\u00a0

\u00a0

Zhejiang Wisdom Puhua Financial Leasing Co\u00a0Ltd

China

Equity

(3)

25.0%

25.0%

\u00a0

Equity

(3)

25.0%

25.0%

V1

Arval

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Artel

France

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval\u00a0AB

Sweden

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval\u00a0AS

Denmark

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval\u00a0AS Norway

Norway

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Austria\u00a0GmbH

Austria

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Belgium\u00a0NV\u00a0SA

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Brasil\u00a0Ltda

Brazil

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval\u00a0BV

Netherlands

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval CZ SRO

Czech Rep.

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Deutschland\u00a0GmbH

Germany

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Fleet Services

France

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Fleet Services (succ. Monaco)

Monaco

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Hellas Car Rental\u00a0SA

Greece

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval\u00a0LLC

Russia

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Luxembourg\u00a0SA

Luxembourg

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Magyarorszag KFT

Hungary

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Maroc\u00a0SA

Morocco

Full

\u00a0

100.0%

89.0%

\u00a0

Full

(2)

100.0%

89.0%

\u00a0

\u00a0

Arval\u00a0OY

Finland

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Relsa Colombia\u00a0SAS

Colombia

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

V1/D2

\u00a0

Arval Relsa\u00a0SPA

Chile

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

V1/D2

\u00a0

Arval Schweiz\u00a0AG

Switzerland

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Service Lease

France

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Service Lease Aluger Operational Automoveis\u00a0SA

Portugal

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Service Lease Italia\u00a0SPA

Italy

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Service Lease Polska SP ZOO

Poland

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Service Lease Romania SRL

Romania

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Service Lease\u00a0SA

Spain

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Slovakia SRO

Slovakia

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval Trading

France

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval UK Group\u00a0Ltd

UK

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval UK Leasing Services\u00a0Ltd

UK

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Arval UK\u00a0Ltd

UK

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

BNPP Fleet Holdings\u00a0Ltd

UK

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Cent ASL

France

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Cofiparc

France

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Comercializadora de Vehiculos\u00a0SA

Chile

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

V1/D2

\u00a0

FCT Pulse France 2022 (t)

France

Full

\u00a0

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

Greenval Insurance DAC

Ireland

Full

(2)

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Locadif

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Louveo

France

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Personal Car Lease\u00a0BV

Netherlands

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Public Location Longue Dur\u00e9e

France

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

\u00a0

Pulse UK 2024\u00a0PLC (s)

UK

Full

\u00a0

-

-

E2

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Rentaequipos Leasing Peru\u00a0SA

Peru

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

V1/D2

\u00a0

Rentaequipos Leasing\u00a0SA

Chile

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

V1/D2

\u00a0

TEB Arval Arac Filo Kiralama\u00a0AS

T\u00fcrkiye

Full

\u00a0

100.0%

75.0%

\u00a0

Full

(2)

100.0%

75.0%

\u00a0

\u00a0

Terberg Busines Lease Group\u00a0BV

Netherlands

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

Terberg Leasing Justlease Belgium\u00a0BV

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

(2)

100.0%

99.9%

\u00a0

Leasing Solutions

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Aprolis Finance

France

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

\u00a0

\u00a0

Artegy

France

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNL Leasing\u00a0SPA

Italy

Full

\u00a0

100.0%

95.5%

\u00a0

Full

\u00a0

100.0%

95.5%

\u00a0

\u00a0

BNPP 3 Step IT

France

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

\u00a0

\u00a0

BNPP 3 Step IT (Belgium branch)

Belgium

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

\u00a0

\u00a0

BNPP 3 Step IT (Germany branch)

Germany

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

\u00a0

\u00a0

BNPP 3 Step IT (Italy branch)

Italy

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

\u00a0

\u00a0

BNPP 3 Step IT (Netherlands branch)

Netherlands

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

\u00a0

\u00a0

BNPP 3 Step IT (Spain branch)

Spain

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

E2

\u00a0

BNPP 3 Step IT (United Kingdom branch)

UK

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

\u00a0

\u00a0

BNPP Finansal Kiralama\u00a0AS

T\u00fcrkiye

Full

\u00a0

100.0%

82.5%

\u00a0

Full

\u00a0

100.0%

82.5%

\u00a0

\u00a0

BNPP Lease Group

France

Full

(1)

100.0%

83.0%

\u00a0

Full

(1)

100.0%

83.0%

\u00a0

\u00a0

BNPP Lease Group (Germany branch)

Germany

Full

(1)

100.0%

83.0%

\u00a0

Full

(1)

100.0%

83.0%

\u00a0

\u00a0

BNPP Lease Group (Italy branch)

Italy

Full

(1)

100.0%

83.0%

\u00a0

Full

(1)

100.0%

83.0%

\u00a0

\u00a0

BNPP Lease Group (Portugal branch)

Portugal

Full

(1)

100.0%

83.0%

\u00a0

Full

(1)

100.0%

83.0%

\u00a0

\u00a0

BNPP Lease Group (Spain branch)

Spain

Full

(1)

100.0%

83.0%

\u00a0

Full

(1)

100.0%

83.0%

\u00a0

\u00a0

BNPP Lease Group Belgium

Belgium

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Lease Group Leasing Solutions\u00a0SPA

Italy

Full

\u00a0

100.0%

95.5%

\u00a0

Full

\u00a0

100.0%

95.5%

\u00a0

\u00a0

BNPP Lease Group\u00a0Ltd (Ex-BNPP Lease Group\u00a0PLC)

UK

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Lease Group SP ZOO

Poland

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Leasing Services

Poland

Full

\u00a0

100.0%

81.3%

V3

Full

\u00a0

100.0%

87.3%

V3

\u00a0

BNPP Leasing Solution\u00a0AS

Norway

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Leasing Solutions

Luxembourg

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Leasing Solutions\u00a0AB

Sweden

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Leasing Solutions\u00a0AS

Denmark

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Leasing Solutions\u00a0GmbH

Austria

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Leasing Solutions IFN\u00a0SA

Romania

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Leasing Solutions\u00a0Ltd

UK

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Leasing Solutions\u00a0NV

Netherlands

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Leasing Solutions Suisse\u00a0SA

Switzerland

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

BNPP Rental Solutions\u00a0Ltd

UK

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

BNPP Rental Solutions\u00a0SPA

Italy

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

Claas Financial Services

France

Full

(1)

51.0%

42.3%

\u00a0

Full

(1)

51.0%

42.3%

\u00a0

\u00a0

Claas Financial Services (Germany branch)

Germany

Full

(1)

51.0%

42.3%

\u00a0

Full

(1)

51.0%

42.3%

\u00a0

\u00a0

Claas Financial Services (Italy branch)

Italy

Full

(1)

51.0%

42.3%

\u00a0

Full

(1)

51.0%

42.3%

\u00a0

\u00a0

Claas Financial Services (Poland branch)

Poland

Full

(1)

51.0%

42.3%

\u00a0

Full

(1)

51.0%

42.3%

\u00a0

\u00a0

Claas Financial Services (Spain branch)

Spain

Full

(1)

51.0%

42.3%

\u00a0

Full

(1)

51.0%

42.3%

\u00a0

\u00a0

Claas Financial Services\u00a0Ltd

UK

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

\u00a0

\u00a0

CNH Industrial Capital Europe

France

Full

(1)

50.1%

41.6%

\u00a0

Full

(1)

50.1%

41.6%

\u00a0

\u00a0

CNH Industrial Capital Europe (Belgium branch)

Belgium

Full

(1)

50.1%

41.6%

\u00a0

Full

(1)

50.1%

41.6%

\u00a0

\u00a0

CNH Industrial Capital Europe (Germany branch)

Germany

Full

(1)

50.1%

41.6%

\u00a0

Full

(1)

50.1%

41.6%

\u00a0

\u00a0

CNH Industrial Capital Europe (Italy branch)

Italy

Full

(1)

50.1%

41.6%

\u00a0

Full

(1)

50.1%

41.6%

\u00a0

\u00a0

CNH Industrial Capital Europe (Poland branch)

Poland

Full

(1)

50.1%

41.6%

\u00a0

Full

(1)

50.1%

41.6%

\u00a0

\u00a0

CNH Industrial Capital Europe\u00a0
(Spain branch)

Spain

Full

(1)

50.1%

41.6%

\u00a0

Full

(1)

50.1%

41.6%

\u00a0

\u00a0

CNH Industrial Capital Europe\u00a0BV

Netherlands

Full

\u00a0

100.0%

41.6%

\u00a0

Full

\u00a0

100.0%

41.6%

\u00a0

\u00a0

CNH Industrial Capital Europe\u00a0GmbH

Austria

Full

\u00a0

100.0%

41.6%

\u00a0

Full

\u00a0

100.0%

41.6%

\u00a0

\u00a0

CNH Industrial Capital Europe\u00a0Ltd

UK

Full

\u00a0

100.0%

41.6%

\u00a0

Full

\u00a0

100.0%

41.6%

\u00a0

\u00a0

ES Finance

Belgium

Full

\u00a0

100.0%

99.9%

\u00a0

Full

\u00a0

100.0%

99.9%

\u00a0

\u00a0

FL Zeebrugge (s)

Belgium

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Fortis Lease

France

Full

(1)

100.0%

83.0%

\u00a0

Full

(1)

100.0%

83.0%

\u00a0

\u00a0

Fortis Lease Belgium

Belgium

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

Fortis Lease Deutschland\u00a0GmbH

Germany

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

Fortis Lease Iberia\u00a0SA

Spain

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

Fortis Lease Portugal

Portugal

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

Fortis Lease UK\u00a0Ltd

UK

Full

\u00a0

100.0%

83.0%

\u00a0

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

Fortis Vastgoedlease\u00a0BV

Netherlands

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

\u00a0

100.0%

83.0%

\u00a0

\u00a0

Heffiq Heftruck Verhuur\u00a0BV

Netherlands

Full

\u00a0

50.1%

41.5%

\u00a0

Full

\u00a0

50.1%

41.5%

\u00a0

\u00a0

JCB Finance

France

Full

(1)

100.0%

41.6%

\u00a0

Full

(1)

100.0%

41.6%

\u00a0

\u00a0

JCB Finance (Germany branch)

Germany

Full

(1)

100.0%

41.6%

\u00a0

Full

(1)

100.0%

41.6%

\u00a0

\u00a0

JCB Finance (Italy branch)

Italy

Full

(1)

100.0%

41.6%

\u00a0

Full

(1)

100.0%

41.6%

\u00a0

\u00a0

JCB Finance Holdings\u00a0Ltd

UK

Full

\u00a0

50.1%

41.6%

\u00a0

Full

\u00a0

50.1%

41.6%

\u00a0

\u00a0

JFL BNPP Agriculture And Technology Financial Leasing Co\u00a0Ltd

Chine

Equity

\u00a0

45.0%

37.3%

E2

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Manitou Finance\u00a0Ltd

UK

Full

\u00a0

51.0%

42.3%

\u00a0

Full

\u00a0

51.0%

42.3%

\u00a0

\u00a0

MGF

France

Full

(1)

51.0%

42.3%

\u00a0

Full

(1)

51.0%

42.3%

\u00a0

\u00a0

MGF (Germany branch)

Germany

Full

(1)

51.0%

42.3%

\u00a0

Full

(1)

51.0%

42.3%

\u00a0

\u00a0

MGF (Italy branch)

Italy

Full

(1)

51.0%

42.3%

\u00a0

Full

(1)

51.0%

42.3%

\u00a0

\u00a0

Natio Energie 2

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Natiocredibail

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

Pixel 2021 (t)

France

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Same Deutz Fahr Finance

France

Full

(1)

100.0%

83.0%

\u00a0

Full

(1)

100.0%

83.0%

\u00a0

\u00a0

SNC Natiocredimurs

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

New Digital Businesses

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Financi\u00e8re des Paiements Electroniques

France

Full

\u00a0

95.0%

95.0%

\u00a0

Full

\u00a0

95.0%

95.0%

\u00a0

\u00a0

Financi\u00e8re des Paiements Electroniques (Belgium branch)

Belgium

Full

\u00a0

95.0%

95.0%

\u00a0

Full

\u00a0

95.0%

95.0%

\u00a0

\u00a0

Financi\u00e8re des Paiements Electroniques (Germany branch)

Germany

Full

\u00a0

95.0%

95.0%

\u00a0

Full

\u00a0

95.0%

95.0%

\u00a0

\u00a0

Financi\u00e8re des Paiements Electroniques (Portugal branch)

Portugal

Full

\u00a0

95.0%

95.0%

\u00a0

Full

\u00a0

95.0%

95.0%

\u00a0

\u00a0

Financi\u00e8re des Paiements Electroniques (Spain branch)

Spain

Full

\u00a0

95.0%

95.0%

\u00a0

Full

\u00a0

95.0%

95.0%

\u00a0

\u00a0

Floa

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

Lyf\u00a0SA

France

Equity

(3)

44.8%

44.8%

V1

Equity

(3)

43.8%

43.8%

\u00a0

\u00a0

Lyf\u00a0SAS

France

Equity

(3)

50.0%

50.0%

\u00a0

Equity

(3)

50.0%

50.0%

V4

Personal Investors

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Espresso Financial Services Private\u00a0Ltd

India

\u00a0

\u00a0

\u00a0

\u00a0

S2

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Geojit Technologies Private\u00a0Ltd

India

Equity

\u00a0

35.0%

35.0%

\u00a0

Equity

\u00a0

35.0%

35.0%

\u00a0

\u00a0

Human Value Developers Private\u00a0Ltd

India

\u00a0

\u00a0

\u00a0

\u00a0

S2

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Sharekhan BNPP Financial Services\u00a0Ltd

India

\u00a0

\u00a0

\u00a0

\u00a0

S2

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Sharekhan\u00a0Ltd

India

\u00a0

\u00a0

\u00a0

\u00a0

S2

Full

\u00a0

100.0%

100.0%

\u00a0

INVESTMENT & PROTECTION SERVICES

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Insurance

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

AEW Immocommercial (s)

France

FV

\u00a0

-

-

\u00a0

FV

\u00a0

-

-

\u00a0

\u00a0

AG Insurance

Belgium

Equity

\u00a0

25.0%

25.0%

\u00a0

Equity

\u00a0

25.0%

25.0%

\u00a0

\u00a0

Agathe Retail France

France

FV

\u00a0

33.3%

33.3%

\u00a0

FV

\u00a0

33.3%

33.3%

\u00a0

\u00a0

AM Select (s)

Luxembourg

Full

(4)

-

-

\u00a0

Full

(4)

-

-

E1

\u00a0

Astridplaza

Belgium

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

Batipart Participations\u00a0SAS

Luxembourg

FV

\u00a0

29.7%

29.7%

\u00a0

FV

\u00a0

29.7%

29.7%

\u00a0

\u00a0

BCC Vita\u00a0SPA

Italy

Full

(2)

70.0%

70.0%

E3

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Becquerel (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Actions Croissance ISR (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Actions Euro ISR (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Actions Monde ISR (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Actions Patrimoine ISR (s)

France

Full

(4)

-

-

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP Actions PME ETI (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

(4)

-

-

\u00a0

\u00a0

BNPP Aqua (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Best Selection Actions Euro ISR (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Cardif

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif\u00a0BV

Netherlands

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Compania de Seguros y Reaseguros\u00a0SA

Peru

Full

(2)

100.0%

100.0%

D1

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Emeklilik\u00a0AS

T\u00fcrkiye

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Hayat Sigorta\u00a0AS

T\u00fcrkiye

Equity*

\u00a0

100.0%

100.0%

\u00a0

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Livforsakring\u00a0AB

Sweden

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Livforsakring\u00a0AB (Denmark branch)

Denmark

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Livforsakring\u00a0AB (Norway branch)

Norway

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Pojistovna\u00a0AS

Czech Rep.

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Seguros de Vida\u00a0SA

Chile

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Seguros Generales\u00a0SA

Chile

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Services SRO

Czech Rep.

Full

(2)

100.0%

100.0%

D1

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Servicios y Asistencia\u00a0Ltda

Chile

Full

(2)

100.0%

100.0%

D1

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif Sigorta\u00a0AS

T\u00fcrkiye

Equity*

\u00a0

100.0%

100.0%

\u00a0

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Cardif TCB Life Insurance Co\u00a0Ltd

Taiwan

Equity

\u00a0

49.0%

49.0%

\u00a0

Equity

\u00a0

49.0%

49.0%

\u00a0

\u00a0

BNPP Cardif Vita Compagnia di Assicurazione E Riassicurazione\u00a0SPA

Italy

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Convictions (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP CP Cardif Private Debt (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

(4)

-

-

\u00a0

\u00a0

BNPP Deep Value (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

BNPP D\u00e9veloppement Humain (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Diversiflex (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

S1

Full

(4)

-

-

\u00a0

\u00a0

BNPP Diversipierre (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

BNPP Euro Climate Aligned (s)

France

Full

(4)

-

-

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP France Cr\u00e9dit (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Global Senior Corporate Loans (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Indice Amerique du Nord (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Indice France ESG (s)

France

Full

(4)

-

-

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP Infrastructure Investments Fund (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Moderate Focus Italia (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

BNPP Mon\u00e9taire Assurance (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

BNPP Multistrat\u00e9gies Protection 80 (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

(4)

-

-

\u00a0

\u00a0

BNPP Next Tech (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

BNPP Obliselect Euro Dec 2028 (s)

France

Full

(4)

-

-

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP Protection Monde (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

BNPP Select (s)

France

Full

(4)

-

-

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP S\u00e9lection Dynamique Monde (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Selection Patrimoine Responsable (s)

France

Full

(4)

-

-

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP Smallcap Euroland ISR (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Social Business France (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BOB Cardif Life Insurance Co\u00a0Ltd

China

Equity

\u00a0

50.0%

50.0%

\u00a0

Equity

\u00a0

50.0%

50.0%

\u00a0

\u00a0

C Sant\u00e9 (s)

France

Full

(2)

-

-

D1

FV

\u00a0

-

-

\u00a0

\u00a0

Camgestion Obliflexible (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

Capital France Hotel

France

Full

(2)

98.5%

98.5%

\u00a0

Full

(2)

98.5%

98.5%

\u00a0

\u00a0

Cardif Alternatives Part I (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

Cardif Assurance Vie

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Austria branch)

Austria

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Belgium branch)

Belgium

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Bulgaria branch)

Bulgaria

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Germany branch)

Germany

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Italy branch)

Italy

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Netherlands branch)

Netherlands

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Portugal branch)

Portugal

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Romania branch)

Romania

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Spain branch)

Spain

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Switzerland branch)

Switzerland

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurance Vie (Taiwan branch)

Taiwan

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Austria branch)

Austria

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Belgium branch)

Belgium

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Bulgaria branch)

Bulgaria

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Germany branch)

Germany

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Italy branch)

Italy

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Netherlands branch)

Netherlands

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Poland branch)

Poland

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Portugal branch)

Portugal

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Romania branch)

Romania

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Spain branch)

Spain

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Switzerland branch)

Switzerland

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Assurances Risques Divers (Taiwan branch)

Taiwan

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Biztosito Magyarorszag ZRT

Hungary

\u00a0

\u00a0

\u00a0

\u00a0

S3

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cardif BNPP AM Emerging Bond (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

Cardif BNPP AM Euro Paris Climate Aligned (s)

France

Full

(4)

-

-

D1

FV

\u00a0

-

-

\u00a0

\u00a0

Cardif BNPP AM Global Environmental Equity (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

Cardif BNPP AM Global Senior Corporate Loans (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

Cardif BNPP AM Sustainable Euro Equity (s)

France

Full

(4)

-

-

D1

FV

\u00a0

-

-

\u00a0

\u00a0

Cardif BNPP AM Sustainable Europe Equity (s)

France

Full

(4)

-

-

D1

FV

\u00a0

-

-

\u00a0

\u00a0

Cardif BNPP IP Signatures (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

Cardif BNPP IP Smid Cap Euro (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

(2)

-

-

\u00a0

\u00a0

Cardif Colombia Seguros Generales\u00a0SA

Colombia

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif CPR Global Return (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

Cardif do Brasil Seguros e Garantias\u00a0SA

Brazil

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif do Brasil Vida e Previdencia\u00a0SA

Brazil

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Edrim Signatures (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

Cardif El Djazair

Algeria

Equity*

\u00a0

85.0%

85.0%

V2

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cardif Forsakring\u00a0AB

Sweden

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Forsakring\u00a0AB (Denmark branch)

Denmark

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Forsakring\u00a0AB (Norway branch)

Norway

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif IARD

France

Full

(2)

66.0%

66.0%

\u00a0

Full

(2)

66.0%

66.0%

\u00a0

\u00a0

Cardif Insurance Co\u00a0LLC

Russia

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Cardif Insurance Holdings\u00a0PLC

UK

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Life Insurance Co\u00a0Ltd

Rep. of Korea

Full

(2)

85.0%

85.0%

\u00a0

Full

(2)

85.0%

85.0%

\u00a0

\u00a0

Cardif Life Insurance Japan

Japan

Full

(2)

75.0%

75.0%

\u00a0

Full

(2)

75.0%

75.0%

\u00a0

\u00a0

Cardif\u00a0Ltda

Brazil

Full

(2)

100.0%

100.0%

D1

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cardif Lux Vie

Luxembourg

Full

(2)

100.0%

88.6%

\u00a0

Full

(2)

100.0%

88.6%

\u00a0

\u00a0

Cardif Mexico Seguros de Vida\u00a0SA de CV

Mexico

Full

(2)

100.0%

100.0%

D1

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cardif Mexico Seguros Generales\u00a0SA de CV

Mexico

Full

(2)

100.0%

100.0%

D1

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cardif Non Life Insurance Japan

Japan

Full

(2)

100.0%

75.0%

\u00a0

Full

(2)

100.0%

75.0%

\u00a0

\u00a0

Cardif Nordic\u00a0AB

Sweden

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Polska Towarzystwo Ubezpieczen Na Zycie\u00a0SA

Poland

\u00a0

\u00a0

\u00a0

\u00a0

S3

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cardif Retraite

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Seguros\u00a0SA

Argentina

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

\u00a0

Cardif Services AEIE

Portugal

\u00a0

\u00a0

\u00a0

\u00a0

S1

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cardif Servicios de Colombia\u00a0SAS

Colombia

Full

(2)

100.0%

100.0%

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Cardif Servicios SAC

Peru

\u00a0

\u00a0

\u00a0

\u00a0

S3

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Cardif Support Unipessoal Lda

Portugal

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

E1

\u00a0

Cardif Vita Convex Fund Eur (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

Cardimmo

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Carma Grand Horizon\u00a0SARL

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cedrus Carbon Initiative Trends (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

Centre Commercial Francilia

France

FV

\u00a0

21.7%

21.7%

\u00a0

FV

\u00a0

21.7%

21.7%

\u00a0

\u00a0

CFH Alexanderplatz Hotel\u00a0SARL

Luxembourg

Full

(2)

100.0%

93.5%

\u00a0

Full

(2)

100.0%

93.5%

E2

\u00a0

CFH Algonquin Management Partners France Italia

Italy

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

CFH Bercy

France

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

CFH Bercy Hotel

France

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

CFH Bercy Interm\u00e9diaire

France

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

CFH Berlin GP\u00a0GmbH

Germany

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

E2

\u00a0

CFH Berlin Holdco\u00a0SARL

Luxembourg

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

CFH Boulogne

France

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

CFH Cap d\u2019Ail

France

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

CFH Hostel Berlin\u00a0SARL

Luxembourg

Full

(2)

100.0%

93.5%

\u00a0

Full

(2)

100.0%

93.5%

E2

\u00a0

CFH Hotel Project\u00a0SARL

Luxembourg

Full

(2)

100.0%

93.5%

\u00a0

Full

(2)

100.0%

93.5%

E2

\u00a0

CFH Milan Holdco SRL

Italy

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

CFH Montmartre

France

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

CFH Montparnasse

France

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

Corosa

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Darnell DAC

Ireland

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

D\u00e9fense CB3\u00a0SAS

France

FV

\u00a0

25.0%

25.0%

\u00a0

FV

\u00a0

25.0%

25.0%

\u00a0

\u00a0

Diversipierre DVP 1

France

Full

(2)

100.0%

94.6%

V4

Full

(2)

100.0%

93.4%

V4

\u00a0

Diversipierre Germany\u00a0GmbH

Germany

Full

(2)

100.0%

94.6%

D1/V4

Equity*

\u00a0

100.0%

93.4%

V4

\u00a0

DVP European Channel

France

Full

(2)

100.0%

94.6%

D1/V4

Equity*

\u00a0

100.0%

93.4%

V4

\u00a0

DVP Green Clover

France

Full

(2)

100.0%

94.6%

D1/V4

Equity*

\u00a0

100.0%

93.4%

V4

\u00a0

DVP Haussmann

France

Full

(2)

100.0%

94.6%

D1/V4

Equity*

\u00a0

100.0%

93.4%

V4

\u00a0

DVP Heron

France

Full

(2)

100.0%

94.6%

D1/V4

Equity*

\u00a0

100.0%

93.4%

V4

\u00a0

Eclair (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S3

\u00a0

EP L (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

EP1 Grands Moulins (s)

France

Full

(2)

-

-

D1

Equity*

\u00a0

-

-

\u00a0

\u00a0

Fleur\u00a0SAS

France

\u00a0

\u00a0

\u00a0

\u00a0

S1

FV

\u00a0

33.3%

33.3%

\u00a0

\u00a0

Fonci\u00e8re Partenaires (s)

France

FV

\u00a0

-

-

\u00a0

FV

\u00a0

-

-

\u00a0

\u00a0

Fondev (Ex- FDI Poncelet)

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Fondo BNPP Aqua Protetto (s)

France

Full

(4)

-

-

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Fonds d\u2019Investissements Immobiliers pour le Commerce et la Distribution

France

FV

\u00a0

25.0%

25.0%

\u00a0

FV

\u00a0

25.0%

25.0%

\u00a0

\u00a0

FP Cardif Convex Fund USD (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

Fundamenta (s)

Italy

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

G C Thematic Opportunities\u00a0II (s)

Ireland

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

GIE BNPP Cardif

France

Full

(2)

99.7%

99.7%

\u00a0

Full

(2)

99.7%

99.7%

V2

\u00a0

GPinvest 10

France

FV

\u00a0

50.0%

50.0%

\u00a0

FV

\u00a0

50.0%

50.0%

\u00a0

\u00a0

Harewood Helena 2\u00a0Ltd

UK

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Harmony Prime (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

Hemisphere Holding

France

Equity

\u00a0

20.0%

20.0%

\u00a0

Equity

\u00a0

20.0%

20.0%

\u00a0

\u00a0

Hibernia France

France

Full

(2)

100.0%

98.5%

\u00a0

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

Horizon Development\u00a0GmbH

Germany

FV

\u00a0

66.7%

64.9%

V4

FV

\u00a0

66.7%

62.9%

\u00a0

\u00a0

Icare

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Icare Assurance

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

ID Cologne A1\u00a0GmbH

Germany

Full

(2)

89.2%

86.8%

D1/V4

Equity*

\u00a0

89.2%

86.2%

V1

\u00a0

ID Cologne A2\u00a0GmbH

Germany

Full

(2)

89.2%

86.8%

D1/V4

Equity*

\u00a0

89.2%

86.2%

V1

\u00a0

Karapass Courtage

France

\u00a0

\u00a0

\u00a0

\u00a0

S3

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Korian et Partenaires Immobilier 1

France

FV

\u00a0

24.5%

24.5%

\u00a0

FV

\u00a0

24.5%

24.5%

\u00a0

\u00a0

Korian et Partenaires Immobilier 2

France

FV

\u00a0

24.5%

24.5%

\u00a0

FV

\u00a0

24.5%

24.5%

\u00a0

\u00a0

Luizaseg Seguros\u00a0SA

Brazil

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

V1/D4

\u00a0

Natio Assurance

France

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Natio Fonds Amp\u00e8re 1 (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

NCVP Participacoes Societarias\u00a0SA

Brazil

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Neuflize Vie

France

Full

(2)

100.0%

100.0%

E3

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

New Alpha Cardif Incubator Fund (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

OC Health Real Estate\u00a0GmbH

Germany

FV

\u00a0

35.0%

31.0%

\u00a0

FV

\u00a0

35.0%

31.0%

\u00a0

\u00a0

Op\u00e9ra Rendement (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

Paris Management Consultant Co\u00a0Ltd

Taiwan

\u00a0

\u00a0

\u00a0

\u00a0

S3

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Permal Cardif Co Investment Fund (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

Pinnacle Pet Holdings\u00a0Ltd

UK

Equity

\u00a0

24.7%

24.7%

\u00a0

Equity

\u00a0

24.7%

24.7%

V3

\u00a0

Poistovna Cardif Slovakia\u00a0AS

Slovakia

\u00a0

\u00a0

\u00a0

\u00a0

S3

Equity*

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Preim Healthcare SAS (s)

France

FV

\u00a0

-

-

\u00a0

FV

\u00a0

-

-

\u00a0

\u00a0

PWH

France

FV

\u00a0

47.5%

47.5%

\u00a0

FV

\u00a0

47.5%

47.5%

\u00a0

\u00a0

Reumal Investissements

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Rubin\u00a0SARL

Luxembourg

FV

\u00a0

50.0%

50.0%

\u00a0

FV

\u00a0

50.0%

50.0%

\u00a0

\u00a0

Rueil Ariane

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SAS HVP

France

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

98.5%

\u00a0

\u00a0

Schroder European Operating Hotels Fund 1 (s)

Luxembourg

FV

\u00a0

-

-

\u00a0

FV

\u00a0

-

-

\u00a0

\u00a0

SCI\u00a068/70 rue de Lagny Montreuil

France

Full

(2)

99.9%

99.9%

\u00a0

Full

(2)

99.9%

99.9%

\u00a0

\u00a0

SCI Alpha Park

France

\u00a0

\u00a0

\u00a0

\u00a0

S2

FV

\u00a0

50.0%

50.0%

\u00a0

\u00a0

SCI Batipart Chadesrent

France

FV

\u00a0

20.0%

20.0%

\u00a0

FV

\u00a0

20.0%

20.0%

\u00a0

\u00a0

SCI Biv Malakoff

France

FV

\u00a0

23.3%

23.3%

\u00a0

FV

\u00a0

23.3%

23.3%

\u00a0

\u00a0

SCI BNPP Pierre\u00a0I

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI BNPP Pierre\u00a0II

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Bobigny Jean Rostand

France

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Bouleragny

France

FV

\u00a0

50.0%

50.0%

\u00a0

FV

\u00a0

50.0%

50.0%

\u00a0

\u00a0

SCI Cardif Logement

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Citylight Boulogne

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Clichy Nuovo

France

FV

\u00a0

50.0%

50.0%

\u00a0

FV

\u00a0

50.0%

50.0%

\u00a0

\u00a0

SCI D\u00e9fense Etoile

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI D\u00e9fense Vend\u00f4me

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Etoile du Nord

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Fontenay Plaisance

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI\u00a0Imefa Velizy

France

FV

\u00a0

21.8%

21.8%

\u00a0

FV

\u00a0

21.8%

21.8%

\u00a0

\u00a0

SCI Le Mans Gare

France

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Nanterre Guilleraies

France

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Nantes Carnot

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Odyss\u00e9e

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Pantin Les Moulins

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Paris Batignolles

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Paris Cours de Vincennes

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Paris Grande Arm\u00e9e

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Paris Turenne

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Portes de Claye

France

Equity

\u00a0

45.0%

45.0%

\u00a0

Equity

\u00a0

45.0%

45.0%

\u00a0

\u00a0

SCI Rue Moussorgski

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Rueil Caudron

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Saint Denis Landy

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Saint Denis Mitterrand

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI Saint-Denis Jade

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

SCI SCOO

France

FV

\u00a0

46.4%

46.4%

\u00a0

FV

\u00a0

46.4%

46.4%

\u00a0

\u00a0

SCI Vend\u00f4me Ath\u00e8nes

France

FV

\u00a0

50.0%

50.0%

\u00a0

FV

\u00a0

50.0%

50.0%

\u00a0

\u00a0

SCI Villeurbanne Stalingrad

France

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Secar

France

FV

\u00a0

55.1%

55.1%

\u00a0

FV

\u00a0

55.1%

55.1%

\u00a0

\u00a0

Seniorenzentren Deutschland Holding\u00a0SARL

Luxembourg

FV

\u00a0

20.0%

17.7%

\u00a0

FV

\u00a0

20.0%

17.7%

\u00a0

\u00a0

Seniorenzentren Reinbeck Oberursel M\u00fcnchen Objekt\u00a0GmbH

Germany

FV

\u00a0

35.0%

31.0%

\u00a0

FV

\u00a0

35.0%

31.0%

\u00a0

\u00a0

Seniorenzentrum Butzbach Objekt\u00a0GmbH

Germany

FV

\u00a0

35.0%

31.0%

\u00a0

FV

\u00a0

35.0%

31.0%

\u00a0

\u00a0

Seniorenzentrum Heilbronn Objekt\u00a0GmbH

Germany

FV

\u00a0

35.0%

31.0%

\u00a0

FV

\u00a0

35.0%

31.0%

\u00a0

\u00a0

Seniorenzentrum Kassel Objekt\u00a0GmbH

Germany

FV

\u00a0

35.0%

31.0%

\u00a0

FV

\u00a0

35.0%

31.0%

\u00a0

\u00a0

Seniorenzentrum Wolfratshausen Objekt\u00a0GmbH

Germany

FV

\u00a0

35.0%

31.0%

\u00a0

FV

\u00a0

35.0%

31.0%

\u00a0

\u00a0

Services Epargne Entreprise

France

Equity

\u00a0

36.8%

36.8%

V1

Equity

\u00a0

35.6%

35.6%

\u00a0

\u00a0

SNC Batipart Mermoz

France

FV

\u00a0

25.0%

25.0%

\u00a0

FV

\u00a0

25.0%

25.0%

\u00a0

\u00a0

SNC Batipart Poncelet

France

FV

\u00a0

25.0%

25.0%

\u00a0

FV

\u00a0

25.0%

25.0%

\u00a0

\u00a0

Soci\u00e9t\u00e9 Francaise d\u2019Assurances sur la Vie

France

Equity

\u00a0

50.0%

50.0%

\u00a0

Equity

\u00a0

50.0%

50.0%

\u00a0

\u00a0

Soci\u00e9t\u00e9 Immobili\u00e8re du Royal Building\u00a0SA

Luxembourg

Full

(2)

100.0%

88.6%

\u00a0

Full

(2)

100.0%

88.6%

\u00a0

\u00a0

Theam Quant Europe Climate Carbon Offset Plan (s)

France

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

(4)

-

-

\u00a0

\u00a0

Tikehau Cardif Loan Europe (s)

France

Full

(2)

-

-

\u00a0

Full

(2)

-

-

\u00a0

\u00a0

Valeur Pierre Epargne

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Valtitres FCP (s)

France

Full

(4)

-

-

D1

FV

(4)

-

-

\u00a0

\u00a0

Velizy Holding

France

FV

\u00a0

33.3%

33.3%

\u00a0

FV

\u00a0

33.3%

33.3%

\u00a0

Wealth Management

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP Wealth Management Monaco

Monaco

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(1)

100.0%

100.0%

\u00a0

Asset Management

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Alfred Berg Kapitalforvaltning\u00a0AS

Norway

Full

\u00a0

100.0%

73.7%

\u00a0

Full

\u00a0

100.0%

73.7%

V2

\u00a0

Alfred Berg Kapitalforvaltning\u00a0AS (Sweden branch)

Sweden

Full

\u00a0

100.0%

73.7%

\u00a0

Full

\u00a0

100.0%

73.7%

V3

\u00a0

Bancoestado Administradora General de Fondos\u00a0SA

Chile

Equity

\u00a0

50.0%

49.1%

\u00a0

Equity

\u00a0

50.0%

49.1%

\u00a0

\u00a0

Baroda BNPP AMC Private\u00a0Ltd

India

Equity

(3)

49.9%

49.1%

V4

Equity

(3)

49.9%

49.0%

\u00a0

\u00a0

BNPP ABC Wealth Management Co\u00a0Ltd

China

Equity

(3)

51.0%

50.1%

\u00a0

Equity

(3)

51.0%

50.1%

E2

\u00a0

BNPP Agility Capital

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S4

\u00a0

BNPP Agility Fund Equity SLP (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Agility Fund Private Debt SLP (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP AM International Hedged Strategies (s)

France

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Asset Management Asia\u00a0Ltd

Hong Kong

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Be Holding

Belgium

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Brasil\u00a0Ltda

Brazil

Full

\u00a0

100.0%

99.6%

V4

Full

\u00a0

100.0%

99.5%

\u00a0

\u00a0

BNPP Asset Management Europe (Austria branch) (Ex- BNPP Asset Management France (Austria branch))

Austria

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Europe (Belgium branch) (Ex- BNPP Asset Management France (Belgium branch))

Belgium

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Europe (Ex-BNPP Asset Management France)

France

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Europe (Germany branch) (Ex-BNPP Asset Management France (Germany branch))

Germany

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Europe (Italy branch) (Ex-BNPP Asset Management France (Italy branch))

Italy

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Europe (Netherlands branch) (Ex-BNPP Asset Management France (Netherlands branch))

Netherlands

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Europe (Poland branch)

Poland

Full

\u00a0

100.0%

98.3%

E2

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP Asset Management Holding

France

Full

\u00a0

100.0%

98.3%

V1

Full

\u00a0

99.9%

98.2%

\u00a0

\u00a0

BNPP Asset Management Japan\u00a0Ltd

Japan

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Luxembourg

Luxembourg

Full

\u00a0

99.7%

98.0%

V4

Full

\u00a0

99.7%

97.9%

\u00a0

\u00a0

BNPP Asset Management NL Holding\u00a0NV

Netherlands

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

BNPP Asset Management PT

Indonesia

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management Services Grouping

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

BNPP Asset Management Taiwan Co\u00a0Ltd

Taiwan

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

E1

\u00a0

BNPP Asset Management UK\u00a0Ltd

UK

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Asset Management USA Holdings Inc

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Asset Management USA Inc

USA

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP B Institutional\u00a0II (s)

Belgium

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Dealing Services

France

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

BNPP Easy (s)

Luxembourg

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Flexi I (s)

Luxembourg

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

BNPP Funds (s)

Luxembourg

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

\u00a0

Drypnir\u00a0AS

Norway

Full

\u00a0

100.0%

0.0%

\u00a0

Full

\u00a0

100.0%

0.0%

\u00a0

\u00a0

Dynamic Credit Group\u00a0BV

Netherlands

Full

\u00a0

75.0%

73.7%

V4

Full

\u00a0

75.0%

73.6%

E3

\u00a0

Gambit Financial Solutions

Belgium

Full

\u00a0

100.0%

98.3%

V4

Full

\u00a0

100.0%

98.2%

\u00a0

\u00a0

Haitong Fortis Private Equity Fund Management Co\u00a0Ltd

China

Equity

\u00a0

33.0%

32.4%

\u00a0

Equity

\u00a0

33.0%

32.4%

\u00a0

\u00a0

Harewood Helena 1\u00a0Ltd

UK

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

HFT Investment Management Co\u00a0Ltd

China

Equity

\u00a0

49.0%

48.2%

V4

Equity

\u00a0

49.0%

48.1%

\u00a0

\u00a0

Impax Asset Management Group\u00a0PLC

UK

Equity

\u00a0

13.8%

13.5%

\u00a0

Equity

\u00a0

13.8%

13.5%

\u00a0

\u00a0

SME Alternative Financing DAC (s)

Ireland

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

Theam Quant (s)

Luxembourg

Full

(4)

-

-

\u00a0

Full

(4)

-

-

\u00a0

Real Estate

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Auguste Thouard Expertise

France

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Immobilier Promotion

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Immobilier R\u00e9sidences Services

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate (United Arab Emirates branch)

United Arab Emirates

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Advisory & Property Management Luxembourg\u00a0SA

Luxembourg

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Advisory & Property Management UK\u00a0Ltd

UK

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Advisory and Property Management Ireland\u00a0Ltd

Ireland

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Advisory Italy\u00a0SPA

Italy

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Advisory Netherlands\u00a0BV

Netherlands

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Belgium\u00a0SA

Belgium

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Conseil Habitation & Hospitality

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Consult France

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Consult\u00a0GmbH

Germany

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Facilities Management\u00a0Ltd

UK

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Financial Partner

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate\u00a0GmbH

Germany

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Holding\u00a0GmbH

Germany

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Investment Management Belgium

Belgium

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Investment Management France

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Investment Management Germany\u00a0GmbH

Germany

Full

\u00a0

94.9%

94.9%

\u00a0

Full

\u00a0

94.9%

94.9%

\u00a0

\u00a0

BNPP Real Estate Investment Management Germany\u00a0GmbH (Italy branch)

Italy

Full

\u00a0

94.9%

94.9%

\u00a0

Full

\u00a0

94.9%

94.9%

\u00a0

\u00a0

BNPP Real Estate Investment Management Germany\u00a0GmbH (Portugal branch)

Portugal

Full

\u00a0

94.9%

94.9%

\u00a0

Full

\u00a0

94.9%

94.9%

\u00a0

\u00a0

BNPP Real Estate Investment Management Germany\u00a0GmbH (Spain branch)

Spain

Full

\u00a0

94.9%

94.9%

\u00a0

Full

\u00a0

94.9%

94.9%

\u00a0

\u00a0

BNPP Real Estate Investment Management Italy\u00a0SPA

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Investment Management\u00a0Ltd

UK

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Investment Management Luxembourg\u00a0SA

Luxembourg

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Investment Management Luxembourg\u00a0SA (Italy branch)

Italy

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

E2

\u00a0

BNPP Real Estate Investment Management Spain\u00a0SA

Spain

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Investment Management UK\u00a0Ltd

UK

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Poland SP ZOO

Poland

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Portugal Unipersonal LDA

Portugal

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Property Development & Services\u00a0GmbH

Germany

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Property Development UK\u00a0Ltd

UK

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Property Management France\u00a0SAS

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Property Management\u00a0GmbH

Germany

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Property Management Italy SRL

Italy

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Singapore Pte\u00a0Ltd

Singapore

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Spain\u00a0SA

Spain

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

BNPP Real Estate Transaction France

France

Full

(2)

97.4%

97.4%

V1

Full

(2)

97.2%

97.2%

V1

\u00a0

BNPP Real Estate Valuation France

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Cariboo Development SL

Spain

Equity

\u00a0

65.0%

65.0%

\u00a0

Equity

\u00a0

65.0%

65.0%

\u00a0

\u00a0

Construction-Sale Companies (c)

France

Full / Equity

(2)

-

-

\u00a0

Full / Equity

(2)

-

-

\u00a0

\u00a0

Exeo Aura & Echo Offices Lda

Portugal

Equity

\u00a0

31.9%

31.9%

\u00a0

Equity

\u00a0

31.9%

31.9%

\u00a0

\u00a0

GIE BNPP Real Estate

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Horti Milano SRL

Italy

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Nanterre Arboretum

France

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Parker Tower\u00a0Ltd

UK

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Partner\u2019s & Services

France

\u00a0

\u00a0

\u00a0

\u00a0

S4

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

REPD Parker\u00a0Ltd

UK

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Sviluppo Residenziale Italia SRL

Italy

Full

(2)

100.0%

100.0%

\u00a0

Full

(2)

100.0%

100.0%

\u00a0

\u00a0

Wapiti Development SL

Spain

Equity

\u00a0

65.0%

65.0%

\u00a0

Equity

\u00a0

65.0%

65.0%

\u00a0

OTHER BUSINESS UNITS

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Property Companies (Property Used In Operations) and Others

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Antin Participation 5

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Home Loan SFH

France

Full

(1)

100.0%

100.0%

\u00a0

Full

(1)

100.0%

100.0%

\u00a0

\u00a0

BNPP Partners for Innovation

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Partners for Innovation Belgium

Belgium

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Partners For Innovation Global Connect

France

Full

\u00a0

100.0%

100.0%

E1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

BNPP Partners for Innovation Italia SRL

Italy

\u00a0

\u00a0

\u00a0

\u00a0

S3

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Procurement Tech

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

BNPP Public Sector\u00a0SA

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

FCT Lafayette 2021 (t)

France

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

FCT Laffitte 2021 (t)

France

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

FCT Op\u00e9ra 2014 (t)

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S1

\u00a0

FCT Opera 2023 (t)

France

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

E2

\u00a0

FCT Pyramides 2022 (t)

France

Full

\u00a0

-

-

\u00a0

Full

\u00a0

-

-

\u00a0

\u00a0

GIE Groupement Auxiliaire de Moyens

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

GIE Groupement d\u2019Etudes et de Prestations

France

Full

\u00a0

100.0%

100.0%

\u00a0

Full

\u00a0

100.0%

100.0%

\u00a0

\u00a0

Transvalor

France

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

S2

  • At 31 December 2024, 13 Private Equity investment entities versus 14 Private Equity investment entities at 31 December 2023.
  • At 31 December 2024, the securitisation funds UCI and RMBS Prado included 13 funds (FCC UCI 11, 12, 14 to 17, RMBS Prado\u00a0VII to\u00a0XI, Green Belem\u00a0I et RMBS Belem No\u00a02) unchanged from 31 December 2023.
  • At 31 December 2024, 102 Construction-sale companies (71 Full and 31 Equity) versus 117 Construction-sale companies (82 Full and 35 Equity) at 31 December 2023.
  • At 31 December 2024, the securitisation funds Genius include 8 funds (Generation 2024-1-4 Retail Auto Mortgage Loan Securitisation, Generation 2023-2 to 5 Retail Auto Mortgage Loan Securitisation) versus 11 funds (Generation 2021-4 Retail Auto Mortgage Loan Securitisation, Generation 2022-1 to 5 Retail Auto Mortgage Loan Securitisation, Generation 2023-1 to 5 Retail Auto Mortgage Loan Securitisation) at 31 December 2023.
  • At 31 december 2024, 10 funds (Wisdom Puhua Leasing 2022-2 to 3 Asset-Backed Securities, Wisdom Puhua Leasing 2023-2 Asset-Backed Notes, Wisdom Puhua Leasing 2023-1 & 2 Asset-Backed Securities, Wisdom Puhua Leasing Xinghe 2023-1 Asset-Backed Securities, Wisdom Puhua Leasing Xinghe 2024-1 to 4 Asset-Backed Securities) versus 13 funds (Wisdom Puhua Leasing 2021-2 & 3 Asset-Backed Securities, Wisdom Puhua Leasing 2022-1 Asset-Backed Notes, Wisdom Puhua Leasing 2022-1 to 3 Asset-Backed Securities, Wisdom Puhua Leasing 2023-1 & 2 Asset-Backed Notes, Wisdom Puhua Leasing 2023-1 & 2 Asset-Backed securities, Wisdom Puhua Leasing Zhixing 2023-1 & 2 Asset-Backed Notes, Wisdom Puhua Leasing Xinghe 2023-1 Asset-Backed Securities) at 31 December 2023.

\u00a0

As requested by the ANC 2016 regulation, the list of entities that are controlled by the Group, jointly controlled or under significant influence, but excluded from the scope of consolidation since their contribution to the consolidated financial statements would be immaterial to the Group, and the list of equity investments, are available on the \u201cRegulated Information\u201d page of the https://invest.bnpparibas.com website.

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Changes in the scope of consolidation

New entries (E) in the scope of consolidation

E1

Passing above consolidation thresholds

E2

Incorporation

E3

Purchase, gain of control or significant influence

Removals (S) from the scope of consolidation

S1

Cessation of activity (dissolution, liquidation, etc.)

S2

Disposal, loss of control or loss of significant influence

S3

Passing below consolidation thresholds

S4

Merger, Universal transfer of assets and liabilities

Variance (V) in voting or ownership interest

V1

Additional purchase

V2

Partial disposal

V3

Dilution

V4

Increase in %

Miscellaneous

D1

Consolidation method change not related to fluctuation in voting or ownership interest

D2

Following the additional purchase of interest by the Group, Arval Relsa and its subsidiaries were fully consolidated since the fourth quarter 2023

D3

Following the additional purchase of interest by the Group, the whole entities Kantox and its subsidiaries were fully consolidated since the fourth quarter 2023.

D4

Following the additional purchase of interest by the Group, Luizaseg Seguros\u00a0SA was fully consolidated since the fourth quarter 2023

\u00a0

Equity*

Controlled but non material entities consolidated under the equity method as associates

FV

Joint control or investment in associates measured at fair value through profit or loss

(s)

Structured entities

(t)

Securitisation funds

\u00a0

\u00a0

Prudential scope of consolidation

(1)

French subsidiaries for which supervision of prudential requirements is complied with through the supervision on a consolidated basis of BNP\u00a0Paribas\u00a0SA, in accordance with article\u00a07.1 of Regulation n\u00b0575/2013 of the European Parliament and of the Council

(2)

Entities consolidated under the equity method in the prudential scope

(3)

Jointly controlled entities under proportional consolidation in the prudential scope

(4)

Collective investment undertaking excluded from the prudential scope

", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_e7b1ec5e-1948-47ec-b805-8a5f87e2cebd": { "value": "
Significant influence

Companies over which the Group exercises significant influence or associates are accounted for by the equity method. Significant influence is the power to participate in the financial and operating policy decisions of a company without exercising control. Significant influence is presumed to exist when the Group holds, directly or indirectly, 20% or more of the voting rights of a company. Interests of less than 20% can be included in the consolidation scope if the Group effectively exercises significant influence. This is the case for example for entities developed in partnership with other associates, where the BNP\u00a0Paribas Group participates in strategic decisions of the enterprise through representation on the Board of directors or equivalent governing body, or exercises influence over the enterprise\u2019s operational management by supplying management systems or senior managers, or provides technical assistance to support the enterprise\u2019s development.

Changes in the net assets of associates (companies accounted for under the equity method) are recognised on the assets side of the balance sheet under \u201cInvestments in equity-method entities\u201d and in the relevant component of shareholders\u2019 equity. Goodwill recorded on associates is also included under \u201cEquity-method investments\u201d.

Whenever there is an indication of impairment, the carrying amount of the investment consolidated under the equity method (including goodwill) is subjected to an impairment test, by comparing its recoverable value (the higher of value-in-use and market value less costs to sell) to its carrying amount. Where appropriate, impairment is recognised under \u201cShare of earnings of equity-method entities\u201d in the consolidated income statement and can be reversed at a later date.

If the Group\u2019s share of losses of an equity-method entity equals or exceeds the carrying amount of its investment in this entity, the Group discontinues including its share of further losses. The investment is reported at nil value. Additional losses of the equity-method entity are provided for only to the extent that the Group has contracted a legal or constructive obligation or has made payments on behalf of this entity.

Where the Group holds an interest in an associate, directly or indirectly through an entity that is a venture capital organisation, a mutual fund, an open-ended investment company or similar entity such as an investment-related insurance fund, it may elect to measure that interest at fair value through profit or loss.

Realised gains and losses on investments in consolidated undertakings are recognised in the profit and loss account under \u201cNet gain on non-current assets\u201d.

The consolidated financial statements are prepared using uniform accounting policies for similar transactions and other events occurring in similar circumstances.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_c7c949cd-609b-4714-a67e-cea65794e51b": { "value": "
Translation of accounts expressed in foreign currencies

The consolidated financial statements of BNP\u00a0Paribas are prepared in euros.

The financial statements of enterprises whose functional currency is not the euro are translated using the closing rate method. Under this method, all assets and liabilities, both monetary and non-monetary, are translated using the spot exchange rate at the balance sheet date. Income and expense items are translated at the average rate for the period.

Financial statements of the Group\u2019s subsidiaries located in hyperinflationary economies, previously adjusted for inflation by applying a general price index, are translated using the closing rate. This rate applies to the translation of assets and liabilities as well as income and expenses.

Differences arising from the translation of balance sheet items and profit and loss items are recorded in shareholders\u2019 equity under \u201cExchange differences\u201d, and in \u201cMinority interests\u201d for the portion attributable to outside investors. Under the optional treatment permitted by IFRS\u00a01, the Group has reset to zero all translation differences, by booking all cumulative translation differences attributable to shareholders and to minority interests in the opening balance sheet at 1\u00a0January 2004 to retained earnings.

On liquidation or disposal of some or all of an interest held in a foreign enterprise located outside the Eurozone, leading to a change in the nature of the investment (loss of control, loss of significant influence or loss of joint control without keeping a significant influence), the cumulative exchange difference at the date of liquidation or sale is recognised in the profit and loss account.

Should the percentage of interest change without leading to a modification in the nature of the investment, the exchange difference is reallocated between the portion attributable to shareholders and that attributable to minority interests if the entity is fully consolidated; if the entity is consolidated under the equity method, it is recorded in profit or loss for the portion related to the interest sold.

1.cTranslation of foreign currency transactions

The methods used to account for assets and liabilities relating to foreign currency transactions entered into by the Group, and to measure the foreign exchange risk arising on such transactions, depend on whether the asset or liability in question is classified as a monetary or a non-monetary item.

Monetary assets and liabilities(3)\u00a0expressed in foreign currencies

Monetary assets and liabilities expressed in foreign currencies are translated into the functional currency of the relevant Group entity at the closing rate. Foreign exchange differences are recognised in the profit and loss account, except for those arising from financial instruments designated as a cash flow hedge or a net foreign investment hedge, which are recognised in shareholders\u2019 equity.

Non-monetary assets and liabilities expressed in\u00a0foreign currencies

Non-monetary assets may be measured either at historical cost or at fair value. Non-monetary assets expressed in foreign currencies are translated using the exchange rate at the date of the transaction (i.e. date of initial recognition of the non-monetary asset) if they are measured at historical cost, and at the closing rate if they are measured at fair value.

Foreign exchange differences relating to non-monetary assets denominated in foreign currencies and recognised at fair value (equity instruments) are recognised in profit or loss when the asset is classified in \u201cFinancial assets at fair value through profit or loss\u201d and in equity when the asset is classified under \u201cFinancial assets at fair value through equity\u201d.

", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_46e0ddd1-6e1a-4868-b4e2-0af721d069e6": { "value": "
Translation of accounts expressed in foreign currencies

The consolidated financial statements of BNP\u00a0Paribas are prepared in euros.

The financial statements of enterprises whose functional currency is not the euro are translated using the closing rate method. Under this method, all assets and liabilities, both monetary and non-monetary, are translated using the spot exchange rate at the balance sheet date. Income and expense items are translated at the average rate for the period.

Financial statements of the Group\u2019s subsidiaries located in hyperinflationary economies, previously adjusted for inflation by applying a general price index, are translated using the closing rate. This rate applies to the translation of assets and liabilities as well as income and expenses.

Differences arising from the translation of balance sheet items and profit and loss items are recorded in shareholders\u2019 equity under \u201cExchange differences\u201d, and in \u201cMinority interests\u201d for the portion attributable to outside investors. Under the optional treatment permitted by IFRS\u00a01, the Group has reset to zero all translation differences, by booking all cumulative translation differences attributable to shareholders and to minority interests in the opening balance sheet at 1\u00a0January 2004 to retained earnings.

On liquidation or disposal of some or all of an interest held in a foreign enterprise located outside the Eurozone, leading to a change in the nature of the investment (loss of control, loss of significant influence or loss of joint control without keeping a significant influence), the cumulative exchange difference at the date of liquidation or sale is recognised in the profit and loss account.

Should the percentage of interest change without leading to a modification in the nature of the investment, the exchange difference is reallocated between the portion attributable to shareholders and that attributable to minority interests if the entity is fully consolidated; if the entity is consolidated under the equity method, it is recorded in profit or loss for the portion related to the interest sold.

1.cTranslation of foreign currency transactions

The methods used to account for assets and liabilities relating to foreign currency transactions entered into by the Group, and to measure the foreign exchange risk arising on such transactions, depend on whether the asset or liability in question is classified as a monetary or a non-monetary item.

Monetary assets and liabilities(3)\u00a0expressed in foreign currencies

Monetary assets and liabilities expressed in foreign currencies are translated into the functional currency of the relevant Group entity at the closing rate. Foreign exchange differences are recognised in the profit and loss account, except for those arising from financial instruments designated as a cash flow hedge or a net foreign investment hedge, which are recognised in shareholders\u2019 equity.

Non-monetary assets and liabilities expressed in\u00a0foreign currencies

Non-monetary assets may be measured either at historical cost or at fair value. Non-monetary assets expressed in foreign currencies are translated using the exchange rate at the date of the transaction (i.e. date of initial recognition of the non-monetary asset) if they are measured at historical cost, and at the closing rate if they are measured at fair value.

Foreign exchange differences relating to non-monetary assets denominated in foreign currencies and recognised at fair value (equity instruments) are recognised in profit or loss when the asset is classified in \u201cFinancial assets at fair value through profit or loss\u201d and in equity when the asset is classified under \u201cFinancial assets at fair value through equity\u201d.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_4902d23b-d957-47e1-ad71-4a1339bd6fd4": { "value": "
1.b.4Business combinations and\u00a0measurement of goodwill
Business combinations

Business combinations are accounted for using the purchase method.

Under this method, the acquiree\u2019s identifiable assets and liabilities assumed are measured at fair value at the acquisition date except for non-current assets classified as assets held for sale which are accounted for at fair value less costs to sell.

The acquiree\u2019s contingent liabilities are not recognised in the consolidated balance sheet unless they represent a present obligation on the acquisition date and their fair value can be measured reliably.

The cost of a business combination is the fair value, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued to obtain control of the acquiree. Costs directly attributable to the business combination are treated as a separate transaction and recognised through profit or loss.

Any contingent consideration is included in the cost, as soon as control is obtained, at fair value on the date when control was acquired. Subsequent changes in the value of any contingent consideration recognised as a financial liability are recognised through profit or loss.

The Group may recognise any adjustments to the provisional accounting within 12\u00a0months of the acquisition date.

Goodwill represents the difference between the cost of the combination and the acquirer\u2019s interest in the net fair value of the identifiable assets and liabilities of the acquiree at the acquisition date. Positive goodwill is recognised in the acquirer\u2019s balance sheet, while negative goodwill is recognised immediately in profit or loss, on the acquisition date. Minority interests are measured at their share of the fair value of the acquiree\u2019s identifiable assets and liabilities. However, for each business combination, the Group can elect to measure minority interests at fair value, in which case a proportion of goodwill is allocated to them. To date, the Group has never used this latter option.

Goodwill is recognised in the functional currency of the acquiree and translated at the closing exchange rate.

On the acquisition date, any previously held equity interest in the acquiree is remeasured at its fair value through profit or loss. In the case of a step acquisition, the goodwill is therefore determined by reference to the acquisition-date fair value.

Since the revised IFRS\u00a03 has been applied prospectively, business combinations completed prior to 1\u00a0January 2010 were not restated for the effects of changes to IFRS\u00a03.

As permitted under IFRS\u00a01, business combinations that took place before 1\u00a0January 2004 and were recorded in accordance with the previously applicable accounting standards (French GAAP), had not been restated in accordance with the principles of IFRS\u00a03.

Specificities relating to insurance contracts acquired through business combinations are set out in note\u00a01.g.2 in the paragraph Recognition and derecognition.

Measurement of goodwill

The BNP\u00a0Paribas Group tests goodwill for impairment on a regular basis.

Cash-generating units

The BNP\u00a0Paribas Group has split all its activities into cash-generating units(2)\u00a0representing major business lines. This split is consistent with the Group\u2019s organisational structure and management methods, and reflects the independence of each unit in terms of results and management approach. It is reviewed on a regular basis in order to take account of events likely to affect the composition of cash-generating units, such as acquisitions, disposals and major reorganisations.

Testing cash-generating units for impairment

Goodwill allocated to cash-generating units is tested for impairment annually and whenever there is an indication that a unit may be impaired, by comparing the carrying amount of the unit with its recoverable amount. If the recoverable amount is less than the carrying amount, an irreversible impairment loss is recognised, and the goodwill is written down by the excess of the carrying amount of the unit over its recoverable amount.

\u00a0

Recoverable amount of a cash-generating unit

The recoverable amount of a cash-generating unit is the higher of the fair value of the unit less costs to sell, and its value in use.

Fair value is the price that would be obtained from selling the unit at the market conditions prevailing at the date of measurement, as determined mainly by reference to actual prices of recent transactions involving similar entities or on the basis of stock market multiples for comparable companies.

Value in use is based on an estimate of the future cash flows to be generated by the cash-generating unit, derived from the annual forecasts prepared by the unit\u2019s management and approved by Group Executive Management, and from analyses of changes in the relative positioning of the unit\u2019s activities on their market. These cash flows are discounted at a rate that reflects the return that investors would require from an investment in the business sector and region involved.

1.gInsurance activities

1.g.1Investments related to insurance activities

IFRS\u00a09 is applied in the same way as to other Group entities (see note\u00a01.f).

Investments of insurance activities include investment property which are measured at fair value as underlying assets of direct participating contracts.

\u00a0

1.g.2Insurance contracts

The Group applies IFRS\u00a017 to insurance contracts issued, reinsurance contracts issued and held, and discretionary investment contracts issued (if the entity also issues insurance contracts).

The main insurance contracts issued by the Group correspond to:

A reinsurance contract (or treaty) is an insurance contract by which an insurer (ceding company or cedent) transfers part of its risks to a reinsurer. The Group acts as reinsurer by accepting risks related to persons or property from external insurers and as ceding company by transferring such risks to external reinsurers. Contracts may be proportional or non-proportional depending on the nature of the risks and the appetite for the risk accepted or retained. They are measured either according to the general model or according to the premium allocation approach since the standard prohibits the use of the variable fee approach for reinsurance contracts.

Investment contracts without discretionary participating features and without insurance risk backed by unit-linked underlying assets are measured at fair value through profit or loss in accordance with IFRS\u00a09.

The methods for measuring and recognising these various contracts according to the measurement model adopted are set out below.

These contracts are described in note\u00a05.d Assets and liabilities related to insurance contracts.

Prior separation of components covered by other standards and not closely related

When insurance or investment contracts with discretionary participation include components, which would fall within the scope of another standard if they were separate contracts, an analysis must be carried out to determine whether these components should be accounted for separately. Thus:

Insurance contracts

An insurance contract is a contract under which a party, the issuer, assumes a significant insurance risk for another party, the policyholder, by agreeing to indemnify the policyholder if a specified uncertain future event, the insured event, is detrimental to the policyholder.

An insurance risk is significant if, and only if, an insured event can cause the insurer to pay significant additional amounts in any scenario, excluding scenarios that are devoid of commercial substance. A contract transfers a significant insurance risk only if there is a scenario with a commercial substance in which there is a possibility that the issuer will incur a loss based on the present value.

The insurance risks covered by Group entities are:

Life or savings contracts issued by Group entities are qualified as insurance contracts if they include a risk in the event of survival (pension contracts with compulsory annuities) or a risk in the event of death (unit-linked contracts with a floor guarantee in the event of death and savings contracts with a guarantee of an additional amount payable in the event of death). In the absence of such risks, these contracts are investment contracts with or without discretionary participating features.

Investment contracts with discretionary participating features

Investment contracts do not expose the insurer to significant insurance risk. They are within the scope of IFRS\u00a017 if they are issued by entities that also issue insurance contracts.

Discretionary participation is defined as the contractual right to receive, in addition to an amount that is not at the issuer\u2019s discretion, additional amounts that are likely to represent a significant portion of the total benefits provided under the contract. Benefits, for which the timing or amount is contractually left to the issuer\u2019s discretion and that are contractually based on the returns arising from a defined set of contracts or type of contract or on the realised and/or unrealised investment returns from a defined set of assets held by the issuer, or the result of the entity or fund issuing the contract.

Savings contracts invested in a euro-denominated fund and multiple saving contracts invested in unit-linked assets and in a euro-denominated fund are considered by the Group as investment contracts with discretionary participating features, measured using the variable fee approach.

Accounting and measurement
Aggregation of contracts

Insurance contracts are accounted and measured by groups of contracts within portfolios of contracts covering similar risks and managed together. Groups of contracts are determined according to their expected profitability at inception: onerous contracts, profitable contracts with a low risk of becoming onerous, and others. A group of contracts may contain only contracts issued no more than one year apart (corresponding to an annual \u201ccohort\u201d), except where the optional exemption provided for in the European regulation applies, which is the case for life-savings contracts, as described below.

For creditor protection insurance, personal protection insurance and other non-life risks, the Group uses the following discriminatory criteria when constructing portfolios of homogeneous contracts: legal entity, nature of the risks and partner, distributor. The reinsurance contracts accepted shall follow the same principles.

For life and savings contracts, the Group uses the following criteria for portfolios of homogeneous contracts: legal entity, product and underlying assets. Savings and retirement contracts are classified in separate portfolios (including in the period prior to the transition) due to the existence of a risk of longevity in retirement contracts.

For reinsurance contracts held, the Group uses the following criteria: legal entity, underlying item and counterparty. A portfolio can sometimes correspond to a single reinsurance treaty.

Recognition and derecognition

A group of insurance contracts (or reinsurance contracts issued) is recognised from the earliest of the following dates: the beginning of the period of coverage of the group of contracts, the date on which the first payment of a policyholder in the group becomes due (or, in the absence of such a date, when the first payment is received) and, in the case of a group of onerous contracts, the date on which the group becomes onerous.

A group of reinsurance contracts held is recognised from the beginning of the period of coverage of the group of reinsurance contracts held or, if the reinsurance was contracted in anticipation of the coverage of an underlying group of onerous insurance contracts, on the first recognition of that onerous group.

On initial recognition of portfolios of insurance contracts acquired as part of a business combination or a separate transfer, groups of contracts acquired are treated as if the contracts had been issued at the date of the transaction. The consideration received or paid in exchange for the contracts is treated as an approximation of the premiums received for the purpose of calculating the contractual service margin at initial recognition from this amount. In the case of a business combination within the scope of IFRS\u00a03, the consideration received or paid is the fair value of the contracts at that date. For business combinations that have occurred since the first application of IFRS\u00a017, this fair value has been determined by projecting the liabilities valuation under the Solvency 2 prudential approach which constitutes a market benchmark. For onerous contracts, the excess of the fulfilment cash flows over the consideration paid or received is recognised in the goodwill (or the profit resulting from an acquisition on advantageous terms) if it is a business combination and in a separate transfer, in the profit and loss account. For profitable contracts, the difference is recorded as a contractual service margin. In addition, an asset for cash flows related to acquisition costs must be recognised, for its fair value, for the acquisition costs related to the renewal of existing insurance contracts or for the acquisition costs already paid by the acquired company for future contracts.

An insurance contract shall be derecognised when the obligation it covers is extinguished, by payment or maturity, or if the terms of the contract are amended in such a way that the accounting treatment of the contract would have been substantially different if those amendments had originally existed. The derecognition of a contract entails the adjustment of the fulfilment cash flows, the contractual services margin and the coverage units of the group in which it was included.

General measurement model (Building Block Approach \u2013 BBA)
Characteristics

The general model for the measurement of insurance contracts is the best estimate of the future cash flows to be paid or received necessary to meet contractual obligations. This estimate should reflect the different possible scenarios and the effect of the options and guarantees included in the contracts within the limit or \u201ccontract boundary\u201d. The determination of this contract boundary requires an analysis of the rights and obligations arising from the contract and, in particular, of the insurer\u2019s ability to change its price to reflect the risks. This leads, for example, to the exclusion of tacit renewals if the tariff can be amended or to the inclusion of such renewals if not.

Cash flows are discounted to reflect the time value of money. They correspond only to cash flows attributable to insurance contracts either directly or through allocation methods: premiums, acquisition and contract management costs, claims and benefits, indirect costs, taxes and depreciation of tangible and intangible assets.

The cash flows estimate is supplemented by an explicit risk adjustment to cover the uncertainty of cash flows for non-financial risk. These two elements constitute the fulfilment cash flows of the contracts. A contractual service margin is added representing the expected gain or loss on future services related to a group of contracts.

If the contractual service margin is positive, it is shown on the balance sheet within the insurance contract\u2019s measurement and amortised as the services are rendered; if negative, it is recognised immediately in the income statement. The original loss (or \u201closs component\u201d) is monitored extra-accounting to allow for the subsequent recognition of the insurance service revenue.

Acquisition costs are deducted from the contractual service margin of the group of contracts to which they relate and amortised over the coverage period of contracts.

At each reporting date, the carrying amount of a group of insurance contracts is the sum of the liabilities for the remaining coverage which include the fulfilment cash flows related to future services (best estimate and risk adjustment) and the contractual service margin remaining at that date, and of the liabilities for incurred claims which include the best estimate of the cash flows and the risk adjustment, excluding any contractual service margin. The assumptions used to estimate future cash flows and the non-financial risks adjustment are updated, as well as the discount rate, to reflect the situation at the reporting date.

The contractual service margin is adjusted for changes in the estimates of non-financial assumptions related to future services, capitalised at the inception rate, and then amortised in the income statement for services rendered over the period in the insurance service revenue. In the case of contracts which become onerous, after consumption of the contractual service margin, the loss is recognised in the reporting period. In the case of onerous contracts that become profitable again as a result of favourable changes in assumptions, the contractual service margin is only reconstitued after offsetting the loss component.

The release of expected fulfillment flows (cash flow estimates and risk adjustments) for the period, except for the amount allocated to the loss component, is recorded in insurance service revenue. The change in estimates related to past service (cash flow estimates and risk adjustments) is recognised in \u201cInsurance service expenses\u201d.

The Group includes the change in the adjustment for non-financial risk related to past and current services in its entirety in the \u201cInsurance service result\u201d.

The Group records in equity the effect of the change in the discount rate on the cash flows. The expense of unwinding the discount is recorded in \u201cInsurance financial income or expenses\u201d based on the initial rate (the inception rate for the liability for remaining coverage, and the rate at claims occurrence date for the liability for incurred claims). The difference between the value of liabilities discounted at the rate fixed at initial date and the value of those same liabilities estimated using current discount rate is recognised in equity. The effect on liabilities of changes in financial variables, in particular the indexation of benefits under the contract, is also recognised in equity.

The discount rate is based on the risk-free rate adjusted for the illiquidity of the liabilities. For protection, the liquidity premium is currently valued at zero due to the short settlement period for claims on the main risks covered and non-transferability to policyholders of the illiquidity of liabilities.

The risk adjustment is determined using the quantile method.

The coverage unit used to amortise the contractual service margin is derived from the risk premium earned during the period.

Contracts concerned

Contracts covering personal or property risks (creditor protection insurance, protection and other non-life risks) are measured according to the general model when the contract boundary, expected changes in cash flows and the time value effect over the coverage period do not make them eligible under the simplified approach, or by operational choice (a single measurement model for short and long contracts).

Measurement model for contracts with direct participation features (Variable Fee Approach \u2013 VFA)
Characteristics

Direct participating contracts are insurance or investment contracts for which:

Compliance with these conditions is monitored on the underwriting date and is not reviewed later.

For these contracts, for which the insurer has to pay the policyholder an amount corresponding to the fair value of clearly identified underlying assets, less a variable compensation, a specific model (called the \u201cVariable Fee Approach\u201d) has been developed by adapting the general model.

At each reporting date, liabilities related to these contracts are adjusted for the return earned and changes in the fair value of the underlying assets: the policyholders\u2019 share is recorded in the contract fulfilment cash flows against insurance financial income or expense and the insurer\u2019s share corresponding to the variable fee is included in the contractual service margin.

The contractual service margin is also adjusted for the effect of changes in cash flows that do not vary according to the returns on the underlying assets and that relate to future services: estimation of cash flows, risk adjustment, changes in the time value effect of money and changes in the financial risks that do not result from the underlying assets (for example, the effect of financial guarantees).

Changes in the fulfillment cash flows that do not change in connection with the yields of underlying assets and that relate to past service events are recognised in the profit and loss account. This is the case for management fees and attributable costs.

Acquisition cash flows are deducted from the contractual service margin of the group of contracts to which they relate and amortised over the coverage period of the contracts, as in the general model.

Due to the mechanism for allocating the change in the value of the underlying assets between the policyholders and the insurer, the result of these contracts is in principle mainly represented by the release of the fulfilment cash flows and the amortisation of the contractual service margin. When the underlying assets fully support the liabilities and are measured at fair value through profit or loss, the financial result under these contracts should be nil. The Group has chosen the option of reclassifying in shareholders\u2019 equity the change in the liabilities related to the underlying assets that are not measured at fair value through profit or loss.

Life and savings contracts meeting the above definition of direct participating contracts are valued using the variable fee approach. When these contracts include a surrender value, it meets the definition of a non-distinct investment component and changes in that investment component (including related payments) are therefore not recognised in the income statement.

The Group has chosen to apply the option introduced by the European regulation not to divide the portfolios of participating contracts based on intergenerational mutualisation by annual cohort. As a result of this choice, the assessment of the onerousness is made on the basis of the portfolio and not on the basis of the annual cohorts.

The contract boundary includes future payments as long as the applicable pricing is not modifiable (e.g. acquisition or management loadings), as well as the annuity phase in service when contracts provide for a mandatory annuity or optional (in this case, the option is probabilistic).

The discount rate is based on the risk-free rate, extrapolated over the duration exceeding the period for which observable data are available and adjusted by a liquidity premium on the basis of the underlying assets to reflect the illiquidity of the liabilities.

The risk adjustment is determined by combining the cost of capital method without considering the risk of mass lapses, including future payments and considering only attributable costs, and the quantile method for the free payment component.

The coverage unit used to amortise the contractual service margin is the change in savings due to policyholders (determined at present value), adjusted to take into account the impact of the real return on financial or property assets compared with the actuarial neutral risk projection.

Contracts concerned

Insurance contracts and investment contracts with discretionary participating features backed by pools of underlying assets commonly referred to as \u201cgeneral funds\u201d or \u201cpolicyholders\u2019 funds\u201d that correspond to pools of assets isolated analytically, contractually or in regulation, as well as unit-linked contracts with a floor guarantee in case of death and multiple saving contracts backed by assets such as a \u201cgeneral fund\u201d, are measured using the variable fee approach.

The option provided for in the European regulation related to the annual cohort exemption is applied to insurance contracts and investment contracts with discretionary participation features where the policyholders\u2019 profit-sharing is mutualised between the different generations of policyholders: these are euro-denominated or multiple saving contracts including a euro-denominated fund, in France, Italy and Luxembourg.

The liabilities for incurred claims are measured using the variable fee approach if they are sensitive to changes in the value of the underlying assets and the general model if they are not.

Simplified measurement model (Premium Allocation Approach \u2013 PAA)
Characteristics

Short-term contracts (less than one year) may be measured using a simplified approach known as the premium allocation approach, also applicable to longer-term contracts if it leads to results similar to those of the general model in terms of liability for the remaining coverage.

Contracts with a long contract boundary, where significant changes in cash flows are expected over the coverage period, or where the time value effect over the coverage period is material, are not eligible for the simplified approach.

For profitable contracts, the liability for the remaining coverage corresponds to the deferral of premiums collected according to a profile representing the remaining coverage at the reporting date. For onerous contracts, deferred premiums are supplemented by an estimate of the expected loss over the coverage period. Liabilities for incurred claims are valued according to the general model. In this case, the method used to determine the risk adjustment is the same as for the general model.

The Group has chosen the option of deferring acquisition costs over the coverage duration and therefore presenting them as a deduction of the deferred premiums, except where the coverage of the contracts coincides with the calendar year or the deferred acquisition costs are not material.

Liabilities for incurred claims are discounted if the expected settlement of claims takes place after one year from the date of occurrence. The discount expense is recognised in insurance financial income or expenses as in the general model. In this case, the option to classify the effect of changes in the discount rate into equity is also applicable. The Group has retained this option for the liabilities for incurred claims.

At each reporting date, the adjustment of liabilities for remaining coverage and for incurred claims is recognised in profit or loss.

Contracts concerned

Creditor protection insurance, personal protection insurance and other non-life insurance contracts, are measured using the simplified approach if the conditions are met (unless the general model is chosen for operational reasons).

Treatment of the reinsurance
Reinsurance contracts issued (reinsurance accepted)

Reinsurance accepted shall be treated as insurance contracts issued, either in the general model or in the simplified model, depending on the duration of the reinsurance contracts.

The Group accepts mainly risks corresponding to those it covers as a direct insurer under proportional or non-proportional treaties.

Reinsurance contracts held (reinsurance ceded)

The reinsurance ceded is also treated according to the general or simplified model, but the equivalent of the contractual service margin represents the expected gain or loss on the reinsurance and may be positive or negative. If a reinsurance contract offsets the losses of an underlying group of onerous contracts, the reinsurance gain is recognised immediately in profit or loss. This \u201closs recovery component\u201d is used to record amounts that are subsequently presented in net income.

In addition, contract execution flows include the reinsurer\u2019s risk of non-performance.

The Group cedes on reinsurance the risks it wishes to hedge (for example, non-proportional treaties covering peak risk, the risk of accumulation or exceeding the desired retention) or under the risk-sharing framework of proportional treaties for technical or commercial reasons.

The reinsurance contracts held are measured by the Group using the simplified approach or the general model.

\u00a0

Presentation in the balance sheet and in\u00a0the\u00a0profit and loss

The Group has chosen to present the investments of insurance activities and their results separately from the financial assets and liabilities of banking activities.

Financial income or expenses from issued insurance contracts are presented separately between the profit and loss account and shareholders\u2019 equity for portfolios for which this breakdown has been deemed relevant, as allowed by the standard. For the Protection contracts liabilities measured under the general model and for the liabilities for incurred claims arising from contracts measured under the simplified model, this choice for portfolios classification was made by taking into account both the effects in the profit and loss account of the undiscounting of the liabilities and the accounting treatment of the assets backing them. For contracts measured using the variable fee approach, this choice was made to offset any accounting mismatch that may exist in the profit and loss account between the effect of changes in fair value from insurance or investment liabilities and that from the underlying assets when these are not recognised at fair value through profit or loss.

Insurance contracts may be distributed and managed by non-insurance entities of the Group that are remunerated as such by commissions paid by insurance entities. The measurement model for insurance contracts requires projecting in the contract fulfilment cash flows the acquisition and management costs that will be paid in the future and presenting in the profit and loss account, the release of the estimated costs for the period on the one hand, and on the other, the actual costs. For commissions between consolidated companies in the Group, the Group restates the internal margin on the balance sheet and in the profit and loss account (in the breakdown of insurance liabilities and the related results between cash flows and contractual service margin) by presenting as insurance service expenses the portion of the general expenses (excluding internal margins) of the banking entities that can be attributed to the insurance activity. The internal distributors\u2019 margins are determined based on standardised management data for each of the related networks.

Effect of accounting estimates in interim financial statements

The Group has elected under IFRS\u00a017 to record in its annual financial statements the effects of changes in accounting estimates relating to insurance contracts issued or held, without taking into account estimates previously made in its interim financial statements.

1.hProperty, plant, equipment and\u00a0intangible assets

Property, plant and equipment and intangible assets shown in the consolidated balance sheet are composed of assets used in operations and investment property. Rights-of-use related to leased assets (see note\u00a01.i.2) are presented by the lessee within fixed assets in the same category as similar assets held.

Assets used in operations are those used in the provision of services or for administrative purposes, and include non-property assets leased by the Group as lessor under operating leases.

Investment property comprises property assets held to generate rental income and capital gains.

Investment property is recognised at cost, except for those held as underlying assets under participating direct contracts (as amended by IAS\u00a040), which are measured at fair value through profit or loss and presented in the balance sheet under \u201cInvestments related to insurance activities\u201d (see note\u00a01.g.1).

Property, plant and equipment and intangible assets are initially recognised at purchase price plus directly attributable costs, together with borrowing costs where a long period of construction or adaptation is required before the asset can be brought into service. By way of exception, property occupied by the holder entity that is an underlying component of direct participating contracts is measured at fair value (by amendment to IAS\u00a016).

Software developed internally by the BNP\u00a0Paribas Group that fulfils the criteria for capitalisation is capitalised at direct development cost, which includes external costs and the labour costs of employees directly attributable to the project.

Subsequent to initial recognition, property, plant and equipment and intangible assets are measured at cost less accumulated depreciation or amortisation and any impairment losses.

The depreciable amount of property, plant and equipment and intangible assets is calculated after deducting the residual value of the asset. Only assets leased by the Group as the lessor under operating leases are presumed to have a residual value, as the useful life of property, plant and equipment and intangible assets used in operations is generally the same as their economic life.

Property, plant and equipment and intangible assets are depreciated or amortised using the straight-line method over the useful life of the asset. Depreciation and amortisation expense is recognised in the profit and loss account under \u201cDepreciation, amortisation and impairment of property, plant and equipment and intangible assets\u201d.

Where an asset consists of a number of components which may require replacement at regular intervals, or which have different uses or generate economic benefits at different rates, each component is recognised separately and depreciated using a method appropriate to that component. The BNP\u00a0Paribas Group has adopted the component-based approach for property used in operations and for investment property.

The depreciation periods used for office property are as follows: 80\u00a0years or 60\u00a0years for the shell (for prime and other property respectively); 30\u00a0years for facades; 20\u00a0years for general and technical installations; and 10\u00a0years for fixtures and fittings.

Software is amortised, depending on its type, over periods of no more than 8\u00a0years in the case of infrastructure developments and 3\u00a0years or 5\u00a0years in the case of software developed primarily for the purpose of providing services to customers.

Software maintenance costs are expensed as incurred. However, expenditure that is regarded as upgrading the software or extending its useful life is included in the initial acquisition or production cost.

Depreciable property, plant and equipment and intangible assets are tested for impairment if there is an indication of potential impairment at the balance sheet date. Non-depreciable assets are tested for impairment at least annually, using the same method as for goodwill allocated to cash-generating units.

If there is an indication of impairment, the new recoverable amount of the asset is compared with the carrying amount. If the asset is found to be impaired, an impairment loss is recognised in the profit and loss account. This loss is reversed in the event of a change in the estimated recoverable amount or if there is no longer an indication of impairment. Impairment losses are taken to the profit and loss account in \u201cDepreciation, amortisation and impairment of property, plant and equipment and intangible assets\u201d.

Gains and losses on disposals of property, plant and equipment and intangible assets used in operations are recognised in the profit and loss account in \u201cNet gain on non-current assets\u201d.

Gains and losses on disposals of investment property are recognised in the profit and loss account in \u201cIncome from other activities\u201d or \u201cExpense on other activities\u201d.

2.iNet gain on non-current assets

In millions of euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Gain or loss on investments in consolidated undertakings (note\u00a08.d)

133

29

Gain or loss on tangible and intangible assets

(30)

139

Results from net monetary position

(294)

(272)

Net gain on non-current assets

(191)

(104)

\u00a0

According to IAS 29 in connection with the hyperinflation situation of the economy in T\u00fcrkiye, the line \u201cResults from net monetary positions\u201d corresponds to the effect of the revaluation of net monetary assets of the evolution of the consumer price index in T\u00fcrkiye on the valuation of non-monetary assets and liabilities (-EUR\u00a0549\u00a0million) and on income from the Turkish government bonds portfolio indexed to inflation and held by Turk Ekonomi Bankasi AS (+EUR\u00a0255\u00a0million, reclassified from interest margin) in 2024 (respectively -EUR\u00a0563\u00a0million and +EUR\u00a0291\u00a0million in 2023).

4.lProperty, plant, equipment and intangible assets used in\u00a0operations, investment property

In millions of euros, at

31 December 2024

31 December 2023

Gross value

Accumulated depreciation, amortisation and impairment

Carrying
\u00a0amount

Gross value

Accumulated depreciation, amortisation and impairment

Carrying
\u00a0amount

Investment property

855

(331)

524

785

(299)

486

Land and buildings

11,049

(4,758)

6,291

11,317

(4,633)

6,684

Equipment, furniture and fixtures

7,067

(5,468)

1,599

7,007

(5,321)

1,686

Plant and equipment leased as lessor under operating leases

51,333

(11,021)

40,312

45,720

(10,567)

35,153

Other property, plant and equipment

2,924

(1,336)

1,588

2,338

(1,125)

1,213

Property, plant and equipment

72,373

(22,583)

49,790

66,382

(21,646)

44,736

Of which right of use

5,786

(3,387)

2,399

5,978

(3,322)

2,656

Property, plant and equipment and investment property

73,228

(22,914)

50,314

67,167

(21,945)

45,222

Purchased software

4,135

(3,407)

728

3,853

(3,145)

708

Internally developed software

6,752

(5,137)

1,615

6,908

(5,398)

1,510

Other intangible assets

2,696

(647)

2,049

2,547

(623)

1,924

Intangible assets

13,583

(9,191)

4,392

13,308

(9,166)

4,142

Intangible assets

Other intangible assets include leasehold rights, goodwill and trademarks acquired by the Group.

4.mGoodwill

In millions of euros, at

31 December 2024

31 December 2023

Carrying amount at start of period

5,549

5,294

Acquisitions

130

260

Divestments

(157)

(7)

Impairment recognised during the period

\u00a0

\u00a0

Exchange rate adjustments

28

2

Carrying amount at end of period

5,550

5,549

Gross value

8,636

8,639

Accumulated impairment recognised at the end of period

(3,086)

(3,090)

\u00a0

Goodwill by cash-generating unit is as follows:

In millions of euros

Carrying amount

Recognised impairment

Acquisitions

31 December 2024

31 December 2023

Year to 31 Dec. 2024

Year to 31 Dec. 2023

31 December 2024

31 December 2023

Corporate & Institutional Banking

1,275

1,275

-

-

-

67

Global Banking

280

277

\u00a0

\u00a0

\u00a0

\u00a0

Global Markets

534

549

\u00a0

\u00a0

\u00a0

67

Securities Services

461

449

\u00a0

\u00a0

\u00a0

\u00a0

Commercial, Personal Banking & Services

2,954

3,058

-

-

30

166

Arval

641

633

\u00a0

\u00a0

\u00a0

23

Leasing Solutions

147

147

\u00a0

\u00a0

\u00a0

\u00a0

Personal Finance(1)

1,360

1,432

\u00a0

\u00a0

30

143

Personal Investors(1)

488

562

\u00a0

\u00a0

\u00a0

\u00a0

New Digital Businesses

253

220

\u00a0

\u00a0

\u00a0

\u00a0

Commercial Bank in Belgium

34

34

\u00a0

\u00a0

\u00a0

\u00a0

Other

31

30

\u00a0

\u00a0

\u00a0

\u00a0

Investment & Protection Services

1,318

1,213

-

-

100

27

Asset Management

202

197

\u00a0

\u00a0

\u00a0

9

Insurance

397

299

\u00a0

\u00a0

100

18

Real Estate

407

404

\u00a0

\u00a0

\u00a0

\u00a0

Wealth Management

312

313

\u00a0

\u00a0

\u00a0

\u00a0

Other Activities

3

3

-

-

-

-

Total goodwill

5,550

5,549

-

-

130

260

Negative goodwill

\u00a0

\u00a0

241

\u00a0

\u00a0

\u00a0

Change in value of goodwill recognised in\u00a0the\u00a0profit and loss account

\u00a0

\u00a0

241

-

\u00a0

\u00a0

  • During the year ended 2024, the goodwill relating to Cetelem SA de CV and Sharekhan (-EUR 84 million and -EUR 73 million respectively) was removed following their disposal from the Personal Finance and Personal Investors cash-generating units.

\u00a0

The Group carried out a detailed analysis of goodwill to identify whether impairments were necessary in connection with the the current economic situation.

This analysis is based in particular on the assumptions of economic scenarios (see note\u00a02.g).

The cash-generating units (CGU) to which goodwill is allocated are:

Global Banking: Global Banking combines financing solutions to corporates, all transaction banking products, corporate finance advisory services in mergers and acquisitions and primary equity activities.

Global Markets: Global Markets provides investment, hedging, financing and research services across asset classes, to corporate and institutional clients \u2013 as well as private and retail banking networks. The sustainable, long-term business model of Global Markets connects clients to capital markets throughout EMEA (Europe, Middle East & Africa), Asia Pacific and the Americas, with innovative solutions and digital platforms. Global Markets includes activities of Global Macro (Foreign Exchange, Global Rates, Local Markets, Commodity Derivatives), Global Credit (DCM Bonds, Credit, Securitisation) and Global Equities (Equities, Cash Equities and Prime Services).

Securities Services: Securities Services provides integrated solutions for all actors involved in the investment cycle, sell side, buy side and issuers.\u00a0

Arval: specialist in vehicle long-term leasing and mobility, Arval offers corporates (from multinational companies to small and medium companies), employees and individuals tailored solutions that optimise their mobility.

Leasing Solutions: BNP\u00a0Paribas Leasing Solutions uses a multi-channel partnership approach (sales via referrals, partnerships, direct sales and banking networks) to offer corporate and small business clients an array of leasing and rental solutions, ranging from equipment financing to fleet outsourcing.

Personal Finance: BNP\u00a0Paribas Personal Finance is the Group\u2019s consumer credit specialist. Through its brands and partnerships such as Cetelem, Cofinoga, Findomestic, AlphaCredit or Stellantis Financial Services, Personal Finance provides a full range of consumer loans at point of sale (retail stores and car dealerships) or through its customer relation centres and websites and mobile applications. The business line, in some countries outside the domestic markets, is integrated into the BNP\u00a0Paribas Group\u2019s retail banking.

Personal Investors: BNP\u00a0Paribas Personal Investors is a digital specialist of banking and investment services. Based in Germany, it provides a wide range of banking, savings and long and short-term investment services to individual clients via the internet, and also on the phone and face-to-face. In addition to its activities destined to private clients, Personal Investors offers its services and IT platform to independent financial consultants, asset managers and FinTechs.

New Digital Businesses: they include the account management service \u201cNickel\u201d, 50% of Floa since January 2022 and 50% of Kantox since July 2023. Nickel is open to all, without any conditions regarding income, deposits or personal wealth, and without any overdraft or credit facility. This service, which operates in real time using the latest technology, is available through over 11,500 points of sale in France, Spain, Belgium, Portugal and Germany. Floa offers consumers split payments, mini-loans and bank cards. The company is a partner of major e-retailers, key players in travel and FinTechs, for which it develops tailor-made services. Already leader in France in payment facilities, Floa is present in Spain, Belgium, Italy, Germany, Netherlands and Portugal. Kantox provides currency management automation software, enabling companies to effectively handle the entire currency management stream and unlock growth opportunities.

Asset Management: BNP\u00a0Paribas Asset Management is the dedicated asset management business line of the BNP\u00a0Paribas Group. It offers services to individual investors (through internal distributors \u2013 BNP\u00a0Paribas private and retail banking \u2013 and external distributors), to corporates and to institutional investors (insurance companies, retirement funds, official institutions). Its aim is to offer an added value based on a broad range of expertise throughout its active management of equities and bonds, its activity of private debt, private asset and real asset management and its multi-asset, quantitative and solutions division.

Insurance: BNP\u00a0Paribas Cardif, a world leader in personal insurance, designs, develops and markets savings and protection products and services to protect individuals, their projects and their assets. BNP\u00a0Paribas Cardif also offers products in damage insurance, health insurance, budget insurance, revenue and means of payment insurance, unexpected event protection (unemployment, accident, death, theft or breakage) or the protection of private digital data to meet the evolution of customers\u2019 needs.

Real Estate: BNP\u00a0Paribas Real Estate serves the needs of its clients, whether institutional investors, corporates, public entities or individuals, at all stages of the life cycle of their property (from the conception of a construction project to its daily management). The Group is involved in property development, investment management as well as property management, brokerage, consulting and valuation services.

Wealth Management: Wealth Management encompasses the private banking activities of BNP\u00a0Paribas and serves a clientele of wealthy individuals, shareholder families and entrepreneurs seeking a one-stop shop for all their wealth management and financial needs.

Commercial & Personal Banking In Belgium: Commercial & Personal Banking in Belgium activities comprise banking services to a range of client types, including individual customers, self-employed people and those in the liberal professions, small and medium-sized companies, local businesses, corporate clients and non-profit organisations.

Goodwill impairment tests are based on three different methods: observation of transactions related to comparable businesses, share price data for listed companies with comparable businesses, and discounted future cash flows (DCF).

If one of the two comparables-based methods indicates the need for impairment, the DCF method is used to validate the results and determine the amount of impairment required.

The DCF method is based on a number of assumptions in terms of future revenues, expenses and cost of risk (cash flows) based on medium-term business plans over a period of five years. Cash flow projections beyond the 5-year forecast period are based on a growth rate to perpetuity and are normalised when the short-term environment does not reflect the normal conditions of the economic cycle.

The key parameters which are sensitive to the assumptions made are the cost of capital, the cost/income ratio, the cost of risk and the growth rate to perpetuity.

Cost of capital is determined on the basis of a risk-free rate, an observed market risk premium weighted by a risk factor based on comparables specific to each cash-generating unit. The values of these parameters are obtained from external information sources.

Allocated capital is determined for each cash-generating unit based on the \u201cCommon Equity Tier One\u201d regulatory requirements for the main legal entity to which the cash-generating unit belongs, with a minimum of 7%.

The infinite growth rate applied is 2%. It is calculated based on data provided by private companies specialised in macroeconomic research and analysis.

The following table shows the sensitivity of the valuation of the Personal Finance cash generating unit to changes in the value of parameters used in the DCF calculation: the cost of capital after tax, the cost/income ratio in terminal value, the cost of risk in terminal value and the growth rate to perpetuity.

\u27a4Sensitivity of the main goodwill valuations to a 10-basis point change in the cost of capital, a 100-basis point change in the cost/income ratio in terminal value, a 5% change of the cost of risk in terminal value and a 50-basis point change in the growth rate to perpetuity

In millions of euros

Personal Finance

Cost of capital

9.4%

Adverse change (+10\u00a0basis points)

(192)

Positive change (-10\u00a0basis points)

198

Cost/income ratio

46.2%

Adverse change (+100 basis points)

(453)

Positive change (-100 basis points)

453

Cost of risk

(1,762)

Adverse change (+5%)

(607)

Positive change (-5%)

607

Growth rate to perpetuity

2.0%

Adverse change (-50\u00a0basis points)

(293)

Positive change (+50\u00a0basis points)

335

\u00a0

Concerning the cash-generating unit Personal Finance, there would be no need to depreciate even by using, for the impairment test, the four most unfavourable variations in the table.

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1.b.4Business combinations and\u00a0measurement of goodwill
Business combinations

Business combinations are accounted for using the purchase method.

Under this method, the acquiree\u2019s identifiable assets and liabilities assumed are measured at fair value at the acquisition date except for non-current assets classified as assets held for sale which are accounted for at fair value less costs to sell.

The acquiree\u2019s contingent liabilities are not recognised in the consolidated balance sheet unless they represent a present obligation on the acquisition date and their fair value can be measured reliably.

The cost of a business combination is the fair value, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued to obtain control of the acquiree. Costs directly attributable to the business combination are treated as a separate transaction and recognised through profit or loss.

Any contingent consideration is included in the cost, as soon as control is obtained, at fair value on the date when control was acquired. Subsequent changes in the value of any contingent consideration recognised as a financial liability are recognised through profit or loss.

The Group may recognise any adjustments to the provisional accounting within 12\u00a0months of the acquisition date.

Goodwill represents the difference between the cost of the combination and the acquirer\u2019s interest in the net fair value of the identifiable assets and liabilities of the acquiree at the acquisition date. Positive goodwill is recognised in the acquirer\u2019s balance sheet, while negative goodwill is recognised immediately in profit or loss, on the acquisition date. Minority interests are measured at their share of the fair value of the acquiree\u2019s identifiable assets and liabilities. However, for each business combination, the Group can elect to measure minority interests at fair value, in which case a proportion of goodwill is allocated to them. To date, the Group has never used this latter option.

Goodwill is recognised in the functional currency of the acquiree and translated at the closing exchange rate.

On the acquisition date, any previously held equity interest in the acquiree is remeasured at its fair value through profit or loss. In the case of a step acquisition, the goodwill is therefore determined by reference to the acquisition-date fair value.

Since the revised IFRS\u00a03 has been applied prospectively, business combinations completed prior to 1\u00a0January 2010 were not restated for the effects of changes to IFRS\u00a03.

As permitted under IFRS\u00a01, business combinations that took place before 1\u00a0January 2004 and were recorded in accordance with the previously applicable accounting standards (French GAAP), had not been restated in accordance with the principles of IFRS\u00a03.

Specificities relating to insurance contracts acquired through business combinations are set out in note\u00a01.g.2 in the paragraph Recognition and derecognition.

Measurement of goodwill

The BNP\u00a0Paribas Group tests goodwill for impairment on a regular basis.

Cash-generating units

The BNP\u00a0Paribas Group has split all its activities into cash-generating units(2)\u00a0representing major business lines. This split is consistent with the Group\u2019s organisational structure and management methods, and reflects the independence of each unit in terms of results and management approach. It is reviewed on a regular basis in order to take account of events likely to affect the composition of cash-generating units, such as acquisitions, disposals and major reorganisations.

Testing cash-generating units for impairment

Goodwill allocated to cash-generating units is tested for impairment annually and whenever there is an indication that a unit may be impaired, by comparing the carrying amount of the unit with its recoverable amount. If the recoverable amount is less than the carrying amount, an irreversible impairment loss is recognised, and the goodwill is written down by the excess of the carrying amount of the unit over its recoverable amount.

\u00a0

Recoverable amount of a cash-generating unit

The recoverable amount of a cash-generating unit is the higher of the fair value of the unit less costs to sell, and its value in use.

Fair value is the price that would be obtained from selling the unit at the market conditions prevailing at the date of measurement, as determined mainly by reference to actual prices of recent transactions involving similar entities or on the basis of stock market multiples for comparable companies.

Value in use is based on an estimate of the future cash flows to be generated by the cash-generating unit, derived from the annual forecasts prepared by the unit\u2019s management and approved by Group Executive Management, and from analyses of changes in the relative positioning of the unit\u2019s activities on their market. These cash flows are discounted at a rate that reflects the return that investors would require from an investment in the business sector and region involved.

1.gInsurance activities

1.g.1Investments related to insurance activities

IFRS\u00a09 is applied in the same way as to other Group entities (see note\u00a01.f).

Investments of insurance activities include investment property which are measured at fair value as underlying assets of direct participating contracts.

\u00a0

1.g.2Insurance contracts

The Group applies IFRS\u00a017 to insurance contracts issued, reinsurance contracts issued and held, and discretionary investment contracts issued (if the entity also issues insurance contracts).

The main insurance contracts issued by the Group correspond to:

A reinsurance contract (or treaty) is an insurance contract by which an insurer (ceding company or cedent) transfers part of its risks to a reinsurer. The Group acts as reinsurer by accepting risks related to persons or property from external insurers and as ceding company by transferring such risks to external reinsurers. Contracts may be proportional or non-proportional depending on the nature of the risks and the appetite for the risk accepted or retained. They are measured either according to the general model or according to the premium allocation approach since the standard prohibits the use of the variable fee approach for reinsurance contracts.

Investment contracts without discretionary participating features and without insurance risk backed by unit-linked underlying assets are measured at fair value through profit or loss in accordance with IFRS\u00a09.

The methods for measuring and recognising these various contracts according to the measurement model adopted are set out below.

These contracts are described in note\u00a05.d Assets and liabilities related to insurance contracts.

Prior separation of components covered by other standards and not closely related

When insurance or investment contracts with discretionary participation include components, which would fall within the scope of another standard if they were separate contracts, an analysis must be carried out to determine whether these components should be accounted for separately. Thus:

Insurance contracts

An insurance contract is a contract under which a party, the issuer, assumes a significant insurance risk for another party, the policyholder, by agreeing to indemnify the policyholder if a specified uncertain future event, the insured event, is detrimental to the policyholder.

An insurance risk is significant if, and only if, an insured event can cause the insurer to pay significant additional amounts in any scenario, excluding scenarios that are devoid of commercial substance. A contract transfers a significant insurance risk only if there is a scenario with a commercial substance in which there is a possibility that the issuer will incur a loss based on the present value.

The insurance risks covered by Group entities are:

Life or savings contracts issued by Group entities are qualified as insurance contracts if they include a risk in the event of survival (pension contracts with compulsory annuities) or a risk in the event of death (unit-linked contracts with a floor guarantee in the event of death and savings contracts with a guarantee of an additional amount payable in the event of death). In the absence of such risks, these contracts are investment contracts with or without discretionary participating features.

Investment contracts with discretionary participating features

Investment contracts do not expose the insurer to significant insurance risk. They are within the scope of IFRS\u00a017 if they are issued by entities that also issue insurance contracts.

Discretionary participation is defined as the contractual right to receive, in addition to an amount that is not at the issuer\u2019s discretion, additional amounts that are likely to represent a significant portion of the total benefits provided under the contract. Benefits, for which the timing or amount is contractually left to the issuer\u2019s discretion and that are contractually based on the returns arising from a defined set of contracts or type of contract or on the realised and/or unrealised investment returns from a defined set of assets held by the issuer, or the result of the entity or fund issuing the contract.

Savings contracts invested in a euro-denominated fund and multiple saving contracts invested in unit-linked assets and in a euro-denominated fund are considered by the Group as investment contracts with discretionary participating features, measured using the variable fee approach.

Accounting and measurement
Aggregation of contracts

Insurance contracts are accounted and measured by groups of contracts within portfolios of contracts covering similar risks and managed together. Groups of contracts are determined according to their expected profitability at inception: onerous contracts, profitable contracts with a low risk of becoming onerous, and others. A group of contracts may contain only contracts issued no more than one year apart (corresponding to an annual \u201ccohort\u201d), except where the optional exemption provided for in the European regulation applies, which is the case for life-savings contracts, as described below.

For creditor protection insurance, personal protection insurance and other non-life risks, the Group uses the following discriminatory criteria when constructing portfolios of homogeneous contracts: legal entity, nature of the risks and partner, distributor. The reinsurance contracts accepted shall follow the same principles.

For life and savings contracts, the Group uses the following criteria for portfolios of homogeneous contracts: legal entity, product and underlying assets. Savings and retirement contracts are classified in separate portfolios (including in the period prior to the transition) due to the existence of a risk of longevity in retirement contracts.

For reinsurance contracts held, the Group uses the following criteria: legal entity, underlying item and counterparty. A portfolio can sometimes correspond to a single reinsurance treaty.

Recognition and derecognition

A group of insurance contracts (or reinsurance contracts issued) is recognised from the earliest of the following dates: the beginning of the period of coverage of the group of contracts, the date on which the first payment of a policyholder in the group becomes due (or, in the absence of such a date, when the first payment is received) and, in the case of a group of onerous contracts, the date on which the group becomes onerous.

A group of reinsurance contracts held is recognised from the beginning of the period of coverage of the group of reinsurance contracts held or, if the reinsurance was contracted in anticipation of the coverage of an underlying group of onerous insurance contracts, on the first recognition of that onerous group.

On initial recognition of portfolios of insurance contracts acquired as part of a business combination or a separate transfer, groups of contracts acquired are treated as if the contracts had been issued at the date of the transaction. The consideration received or paid in exchange for the contracts is treated as an approximation of the premiums received for the purpose of calculating the contractual service margin at initial recognition from this amount. In the case of a business combination within the scope of IFRS\u00a03, the consideration received or paid is the fair value of the contracts at that date. For business combinations that have occurred since the first application of IFRS\u00a017, this fair value has been determined by projecting the liabilities valuation under the Solvency 2 prudential approach which constitutes a market benchmark. For onerous contracts, the excess of the fulfilment cash flows over the consideration paid or received is recognised in the goodwill (or the profit resulting from an acquisition on advantageous terms) if it is a business combination and in a separate transfer, in the profit and loss account. For profitable contracts, the difference is recorded as a contractual service margin. In addition, an asset for cash flows related to acquisition costs must be recognised, for its fair value, for the acquisition costs related to the renewal of existing insurance contracts or for the acquisition costs already paid by the acquired company for future contracts.

An insurance contract shall be derecognised when the obligation it covers is extinguished, by payment or maturity, or if the terms of the contract are amended in such a way that the accounting treatment of the contract would have been substantially different if those amendments had originally existed. The derecognition of a contract entails the adjustment of the fulfilment cash flows, the contractual services margin and the coverage units of the group in which it was included.

General measurement model (Building Block Approach \u2013 BBA)
Characteristics

The general model for the measurement of insurance contracts is the best estimate of the future cash flows to be paid or received necessary to meet contractual obligations. This estimate should reflect the different possible scenarios and the effect of the options and guarantees included in the contracts within the limit or \u201ccontract boundary\u201d. The determination of this contract boundary requires an analysis of the rights and obligations arising from the contract and, in particular, of the insurer\u2019s ability to change its price to reflect the risks. This leads, for example, to the exclusion of tacit renewals if the tariff can be amended or to the inclusion of such renewals if not.

Cash flows are discounted to reflect the time value of money. They correspond only to cash flows attributable to insurance contracts either directly or through allocation methods: premiums, acquisition and contract management costs, claims and benefits, indirect costs, taxes and depreciation of tangible and intangible assets.

The cash flows estimate is supplemented by an explicit risk adjustment to cover the uncertainty of cash flows for non-financial risk. These two elements constitute the fulfilment cash flows of the contracts. A contractual service margin is added representing the expected gain or loss on future services related to a group of contracts.

If the contractual service margin is positive, it is shown on the balance sheet within the insurance contract\u2019s measurement and amortised as the services are rendered; if negative, it is recognised immediately in the income statement. The original loss (or \u201closs component\u201d) is monitored extra-accounting to allow for the subsequent recognition of the insurance service revenue.

Acquisition costs are deducted from the contractual service margin of the group of contracts to which they relate and amortised over the coverage period of contracts.

At each reporting date, the carrying amount of a group of insurance contracts is the sum of the liabilities for the remaining coverage which include the fulfilment cash flows related to future services (best estimate and risk adjustment) and the contractual service margin remaining at that date, and of the liabilities for incurred claims which include the best estimate of the cash flows and the risk adjustment, excluding any contractual service margin. The assumptions used to estimate future cash flows and the non-financial risks adjustment are updated, as well as the discount rate, to reflect the situation at the reporting date.

The contractual service margin is adjusted for changes in the estimates of non-financial assumptions related to future services, capitalised at the inception rate, and then amortised in the income statement for services rendered over the period in the insurance service revenue. In the case of contracts which become onerous, after consumption of the contractual service margin, the loss is recognised in the reporting period. In the case of onerous contracts that become profitable again as a result of favourable changes in assumptions, the contractual service margin is only reconstitued after offsetting the loss component.

The release of expected fulfillment flows (cash flow estimates and risk adjustments) for the period, except for the amount allocated to the loss component, is recorded in insurance service revenue. The change in estimates related to past service (cash flow estimates and risk adjustments) is recognised in \u201cInsurance service expenses\u201d.

The Group includes the change in the adjustment for non-financial risk related to past and current services in its entirety in the \u201cInsurance service result\u201d.

The Group records in equity the effect of the change in the discount rate on the cash flows. The expense of unwinding the discount is recorded in \u201cInsurance financial income or expenses\u201d based on the initial rate (the inception rate for the liability for remaining coverage, and the rate at claims occurrence date for the liability for incurred claims). The difference between the value of liabilities discounted at the rate fixed at initial date and the value of those same liabilities estimated using current discount rate is recognised in equity. The effect on liabilities of changes in financial variables, in particular the indexation of benefits under the contract, is also recognised in equity.

The discount rate is based on the risk-free rate adjusted for the illiquidity of the liabilities. For protection, the liquidity premium is currently valued at zero due to the short settlement period for claims on the main risks covered and non-transferability to policyholders of the illiquidity of liabilities.

The risk adjustment is determined using the quantile method.

The coverage unit used to amortise the contractual service margin is derived from the risk premium earned during the period.

Contracts concerned

Contracts covering personal or property risks (creditor protection insurance, protection and other non-life risks) are measured according to the general model when the contract boundary, expected changes in cash flows and the time value effect over the coverage period do not make them eligible under the simplified approach, or by operational choice (a single measurement model for short and long contracts).

Measurement model for contracts with direct participation features (Variable Fee Approach \u2013 VFA)
Characteristics

Direct participating contracts are insurance or investment contracts for which:

Compliance with these conditions is monitored on the underwriting date and is not reviewed later.

For these contracts, for which the insurer has to pay the policyholder an amount corresponding to the fair value of clearly identified underlying assets, less a variable compensation, a specific model (called the \u201cVariable Fee Approach\u201d) has been developed by adapting the general model.

At each reporting date, liabilities related to these contracts are adjusted for the return earned and changes in the fair value of the underlying assets: the policyholders\u2019 share is recorded in the contract fulfilment cash flows against insurance financial income or expense and the insurer\u2019s share corresponding to the variable fee is included in the contractual service margin.

The contractual service margin is also adjusted for the effect of changes in cash flows that do not vary according to the returns on the underlying assets and that relate to future services: estimation of cash flows, risk adjustment, changes in the time value effect of money and changes in the financial risks that do not result from the underlying assets (for example, the effect of financial guarantees).

Changes in the fulfillment cash flows that do not change in connection with the yields of underlying assets and that relate to past service events are recognised in the profit and loss account. This is the case for management fees and attributable costs.

Acquisition cash flows are deducted from the contractual service margin of the group of contracts to which they relate and amortised over the coverage period of the contracts, as in the general model.

Due to the mechanism for allocating the change in the value of the underlying assets between the policyholders and the insurer, the result of these contracts is in principle mainly represented by the release of the fulfilment cash flows and the amortisation of the contractual service margin. When the underlying assets fully support the liabilities and are measured at fair value through profit or loss, the financial result under these contracts should be nil. The Group has chosen the option of reclassifying in shareholders\u2019 equity the change in the liabilities related to the underlying assets that are not measured at fair value through profit or loss.

Life and savings contracts meeting the above definition of direct participating contracts are valued using the variable fee approach. When these contracts include a surrender value, it meets the definition of a non-distinct investment component and changes in that investment component (including related payments) are therefore not recognised in the income statement.

The Group has chosen to apply the option introduced by the European regulation not to divide the portfolios of participating contracts based on intergenerational mutualisation by annual cohort. As a result of this choice, the assessment of the onerousness is made on the basis of the portfolio and not on the basis of the annual cohorts.

The contract boundary includes future payments as long as the applicable pricing is not modifiable (e.g. acquisition or management loadings), as well as the annuity phase in service when contracts provide for a mandatory annuity or optional (in this case, the option is probabilistic).

The discount rate is based on the risk-free rate, extrapolated over the duration exceeding the period for which observable data are available and adjusted by a liquidity premium on the basis of the underlying assets to reflect the illiquidity of the liabilities.

The risk adjustment is determined by combining the cost of capital method without considering the risk of mass lapses, including future payments and considering only attributable costs, and the quantile method for the free payment component.

The coverage unit used to amortise the contractual service margin is the change in savings due to policyholders (determined at present value), adjusted to take into account the impact of the real return on financial or property assets compared with the actuarial neutral risk projection.

Contracts concerned

Insurance contracts and investment contracts with discretionary participating features backed by pools of underlying assets commonly referred to as \u201cgeneral funds\u201d or \u201cpolicyholders\u2019 funds\u201d that correspond to pools of assets isolated analytically, contractually or in regulation, as well as unit-linked contracts with a floor guarantee in case of death and multiple saving contracts backed by assets such as a \u201cgeneral fund\u201d, are measured using the variable fee approach.

The option provided for in the European regulation related to the annual cohort exemption is applied to insurance contracts and investment contracts with discretionary participation features where the policyholders\u2019 profit-sharing is mutualised between the different generations of policyholders: these are euro-denominated or multiple saving contracts including a euro-denominated fund, in France, Italy and Luxembourg.

The liabilities for incurred claims are measured using the variable fee approach if they are sensitive to changes in the value of the underlying assets and the general model if they are not.

Simplified measurement model (Premium Allocation Approach \u2013 PAA)
Characteristics

Short-term contracts (less than one year) may be measured using a simplified approach known as the premium allocation approach, also applicable to longer-term contracts if it leads to results similar to those of the general model in terms of liability for the remaining coverage.

Contracts with a long contract boundary, where significant changes in cash flows are expected over the coverage period, or where the time value effect over the coverage period is material, are not eligible for the simplified approach.

For profitable contracts, the liability for the remaining coverage corresponds to the deferral of premiums collected according to a profile representing the remaining coverage at the reporting date. For onerous contracts, deferred premiums are supplemented by an estimate of the expected loss over the coverage period. Liabilities for incurred claims are valued according to the general model. In this case, the method used to determine the risk adjustment is the same as for the general model.

The Group has chosen the option of deferring acquisition costs over the coverage duration and therefore presenting them as a deduction of the deferred premiums, except where the coverage of the contracts coincides with the calendar year or the deferred acquisition costs are not material.

Liabilities for incurred claims are discounted if the expected settlement of claims takes place after one year from the date of occurrence. The discount expense is recognised in insurance financial income or expenses as in the general model. In this case, the option to classify the effect of changes in the discount rate into equity is also applicable. The Group has retained this option for the liabilities for incurred claims.

At each reporting date, the adjustment of liabilities for remaining coverage and for incurred claims is recognised in profit or loss.

Contracts concerned

Creditor protection insurance, personal protection insurance and other non-life insurance contracts, are measured using the simplified approach if the conditions are met (unless the general model is chosen for operational reasons).

Treatment of the reinsurance
Reinsurance contracts issued (reinsurance accepted)

Reinsurance accepted shall be treated as insurance contracts issued, either in the general model or in the simplified model, depending on the duration of the reinsurance contracts.

The Group accepts mainly risks corresponding to those it covers as a direct insurer under proportional or non-proportional treaties.

Reinsurance contracts held (reinsurance ceded)

The reinsurance ceded is also treated according to the general or simplified model, but the equivalent of the contractual service margin represents the expected gain or loss on the reinsurance and may be positive or negative. If a reinsurance contract offsets the losses of an underlying group of onerous contracts, the reinsurance gain is recognised immediately in profit or loss. This \u201closs recovery component\u201d is used to record amounts that are subsequently presented in net income.

In addition, contract execution flows include the reinsurer\u2019s risk of non-performance.

The Group cedes on reinsurance the risks it wishes to hedge (for example, non-proportional treaties covering peak risk, the risk of accumulation or exceeding the desired retention) or under the risk-sharing framework of proportional treaties for technical or commercial reasons.

The reinsurance contracts held are measured by the Group using the simplified approach or the general model.

\u00a0

Presentation in the balance sheet and in\u00a0the\u00a0profit and loss

The Group has chosen to present the investments of insurance activities and their results separately from the financial assets and liabilities of banking activities.

Financial income or expenses from issued insurance contracts are presented separately between the profit and loss account and shareholders\u2019 equity for portfolios for which this breakdown has been deemed relevant, as allowed by the standard. For the Protection contracts liabilities measured under the general model and for the liabilities for incurred claims arising from contracts measured under the simplified model, this choice for portfolios classification was made by taking into account both the effects in the profit and loss account of the undiscounting of the liabilities and the accounting treatment of the assets backing them. For contracts measured using the variable fee approach, this choice was made to offset any accounting mismatch that may exist in the profit and loss account between the effect of changes in fair value from insurance or investment liabilities and that from the underlying assets when these are not recognised at fair value through profit or loss.

Insurance contracts may be distributed and managed by non-insurance entities of the Group that are remunerated as such by commissions paid by insurance entities. The measurement model for insurance contracts requires projecting in the contract fulfilment cash flows the acquisition and management costs that will be paid in the future and presenting in the profit and loss account, the release of the estimated costs for the period on the one hand, and on the other, the actual costs. For commissions between consolidated companies in the Group, the Group restates the internal margin on the balance sheet and in the profit and loss account (in the breakdown of insurance liabilities and the related results between cash flows and contractual service margin) by presenting as insurance service expenses the portion of the general expenses (excluding internal margins) of the banking entities that can be attributed to the insurance activity. The internal distributors\u2019 margins are determined based on standardised management data for each of the related networks.

Effect of accounting estimates in interim financial statements

The Group has elected under IFRS\u00a017 to record in its annual financial statements the effects of changes in accounting estimates relating to insurance contracts issued or held, without taking into account estimates previously made in its interim financial statements.

1.hProperty, plant, equipment and\u00a0intangible assets

Property, plant and equipment and intangible assets shown in the consolidated balance sheet are composed of assets used in operations and investment property. Rights-of-use related to leased assets (see note\u00a01.i.2) are presented by the lessee within fixed assets in the same category as similar assets held.

Assets used in operations are those used in the provision of services or for administrative purposes, and include non-property assets leased by the Group as lessor under operating leases.

Investment property comprises property assets held to generate rental income and capital gains.

Investment property is recognised at cost, except for those held as underlying assets under participating direct contracts (as amended by IAS\u00a040), which are measured at fair value through profit or loss and presented in the balance sheet under \u201cInvestments related to insurance activities\u201d (see note\u00a01.g.1).

Property, plant and equipment and intangible assets are initially recognised at purchase price plus directly attributable costs, together with borrowing costs where a long period of construction or adaptation is required before the asset can be brought into service. By way of exception, property occupied by the holder entity that is an underlying component of direct participating contracts is measured at fair value (by amendment to IAS\u00a016).

Software developed internally by the BNP\u00a0Paribas Group that fulfils the criteria for capitalisation is capitalised at direct development cost, which includes external costs and the labour costs of employees directly attributable to the project.

Subsequent to initial recognition, property, plant and equipment and intangible assets are measured at cost less accumulated depreciation or amortisation and any impairment losses.

The depreciable amount of property, plant and equipment and intangible assets is calculated after deducting the residual value of the asset. Only assets leased by the Group as the lessor under operating leases are presumed to have a residual value, as the useful life of property, plant and equipment and intangible assets used in operations is generally the same as their economic life.

Property, plant and equipment and intangible assets are depreciated or amortised using the straight-line method over the useful life of the asset. Depreciation and amortisation expense is recognised in the profit and loss account under \u201cDepreciation, amortisation and impairment of property, plant and equipment and intangible assets\u201d.

Where an asset consists of a number of components which may require replacement at regular intervals, or which have different uses or generate economic benefits at different rates, each component is recognised separately and depreciated using a method appropriate to that component. The BNP\u00a0Paribas Group has adopted the component-based approach for property used in operations and for investment property.

The depreciation periods used for office property are as follows: 80\u00a0years or 60\u00a0years for the shell (for prime and other property respectively); 30\u00a0years for facades; 20\u00a0years for general and technical installations; and 10\u00a0years for fixtures and fittings.

Software is amortised, depending on its type, over periods of no more than 8\u00a0years in the case of infrastructure developments and 3\u00a0years or 5\u00a0years in the case of software developed primarily for the purpose of providing services to customers.

Software maintenance costs are expensed as incurred. However, expenditure that is regarded as upgrading the software or extending its useful life is included in the initial acquisition or production cost.

Depreciable property, plant and equipment and intangible assets are tested for impairment if there is an indication of potential impairment at the balance sheet date. Non-depreciable assets are tested for impairment at least annually, using the same method as for goodwill allocated to cash-generating units.

If there is an indication of impairment, the new recoverable amount of the asset is compared with the carrying amount. If the asset is found to be impaired, an impairment loss is recognised in the profit and loss account. This loss is reversed in the event of a change in the estimated recoverable amount or if there is no longer an indication of impairment. Impairment losses are taken to the profit and loss account in \u201cDepreciation, amortisation and impairment of property, plant and equipment and intangible assets\u201d.

Gains and losses on disposals of property, plant and equipment and intangible assets used in operations are recognised in the profit and loss account in \u201cNet gain on non-current assets\u201d.

Gains and losses on disposals of investment property are recognised in the profit and loss account in \u201cIncome from other activities\u201d or \u201cExpense on other activities\u201d.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_bc94168c-ef08-48b5-9414-620cb81e96b9": { "value": "
1.b.4Business combinations and\u00a0measurement of goodwill
Business combinations

Business combinations are accounted for using the purchase method.

Under this method, the acquiree\u2019s identifiable assets and liabilities assumed are measured at fair value at the acquisition date except for non-current assets classified as assets held for sale which are accounted for at fair value less costs to sell.

The acquiree\u2019s contingent liabilities are not recognised in the consolidated balance sheet unless they represent a present obligation on the acquisition date and their fair value can be measured reliably.

The cost of a business combination is the fair value, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued to obtain control of the acquiree. Costs directly attributable to the business combination are treated as a separate transaction and recognised through profit or loss.

Any contingent consideration is included in the cost, as soon as control is obtained, at fair value on the date when control was acquired. Subsequent changes in the value of any contingent consideration recognised as a financial liability are recognised through profit or loss.

The Group may recognise any adjustments to the provisional accounting within 12\u00a0months of the acquisition date.

Goodwill represents the difference between the cost of the combination and the acquirer\u2019s interest in the net fair value of the identifiable assets and liabilities of the acquiree at the acquisition date. Positive goodwill is recognised in the acquirer\u2019s balance sheet, while negative goodwill is recognised immediately in profit or loss, on the acquisition date. Minority interests are measured at their share of the fair value of the acquiree\u2019s identifiable assets and liabilities. However, for each business combination, the Group can elect to measure minority interests at fair value, in which case a proportion of goodwill is allocated to them. To date, the Group has never used this latter option.

Goodwill is recognised in the functional currency of the acquiree and translated at the closing exchange rate.

On the acquisition date, any previously held equity interest in the acquiree is remeasured at its fair value through profit or loss. In the case of a step acquisition, the goodwill is therefore determined by reference to the acquisition-date fair value.

Since the revised IFRS\u00a03 has been applied prospectively, business combinations completed prior to 1\u00a0January 2010 were not restated for the effects of changes to IFRS\u00a03.

As permitted under IFRS\u00a01, business combinations that took place before 1\u00a0January 2004 and were recorded in accordance with the previously applicable accounting standards (French GAAP), had not been restated in accordance with the principles of IFRS\u00a03.

Specificities relating to insurance contracts acquired through business combinations are set out in note\u00a01.g.2 in the paragraph Recognition and derecognition.

Measurement of goodwill

The BNP\u00a0Paribas Group tests goodwill for impairment on a regular basis.

Cash-generating units

The BNP\u00a0Paribas Group has split all its activities into cash-generating units(2)\u00a0representing major business lines. This split is consistent with the Group\u2019s organisational structure and management methods, and reflects the independence of each unit in terms of results and management approach. It is reviewed on a regular basis in order to take account of events likely to affect the composition of cash-generating units, such as acquisitions, disposals and major reorganisations.

Testing cash-generating units for impairment

Goodwill allocated to cash-generating units is tested for impairment annually and whenever there is an indication that a unit may be impaired, by comparing the carrying amount of the unit with its recoverable amount. If the recoverable amount is less than the carrying amount, an irreversible impairment loss is recognised, and the goodwill is written down by the excess of the carrying amount of the unit over its recoverable amount.

\u00a0

Recoverable amount of a cash-generating unit

The recoverable amount of a cash-generating unit is the higher of the fair value of the unit less costs to sell, and its value in use.

Fair value is the price that would be obtained from selling the unit at the market conditions prevailing at the date of measurement, as determined mainly by reference to actual prices of recent transactions involving similar entities or on the basis of stock market multiples for comparable companies.

Value in use is based on an estimate of the future cash flows to be generated by the cash-generating unit, derived from the annual forecasts prepared by the unit\u2019s management and approved by Group Executive Management, and from analyses of changes in the relative positioning of the unit\u2019s activities on their market. These cash flows are discounted at a rate that reflects the return that investors would require from an investment in the business sector and region involved.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_d72b0267-fb76-42df-a802-2af5cd90676f": { "value": "
1.b.4Business combinations and\u00a0measurement of goodwill
Business combinations

Business combinations are accounted for using the purchase method.

Under this method, the acquiree\u2019s identifiable assets and liabilities assumed are measured at fair value at the acquisition date except for non-current assets classified as assets held for sale which are accounted for at fair value less costs to sell.

The acquiree\u2019s contingent liabilities are not recognised in the consolidated balance sheet unless they represent a present obligation on the acquisition date and their fair value can be measured reliably.

The cost of a business combination is the fair value, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued to obtain control of the acquiree. Costs directly attributable to the business combination are treated as a separate transaction and recognised through profit or loss.

Any contingent consideration is included in the cost, as soon as control is obtained, at fair value on the date when control was acquired. Subsequent changes in the value of any contingent consideration recognised as a financial liability are recognised through profit or loss.

The Group may recognise any adjustments to the provisional accounting within 12\u00a0months of the acquisition date.

Goodwill represents the difference between the cost of the combination and the acquirer\u2019s interest in the net fair value of the identifiable assets and liabilities of the acquiree at the acquisition date. Positive goodwill is recognised in the acquirer\u2019s balance sheet, while negative goodwill is recognised immediately in profit or loss, on the acquisition date. Minority interests are measured at their share of the fair value of the acquiree\u2019s identifiable assets and liabilities. However, for each business combination, the Group can elect to measure minority interests at fair value, in which case a proportion of goodwill is allocated to them. To date, the Group has never used this latter option.

Goodwill is recognised in the functional currency of the acquiree and translated at the closing exchange rate.

On the acquisition date, any previously held equity interest in the acquiree is remeasured at its fair value through profit or loss. In the case of a step acquisition, the goodwill is therefore determined by reference to the acquisition-date fair value.

Since the revised IFRS\u00a03 has been applied prospectively, business combinations completed prior to 1\u00a0January 2010 were not restated for the effects of changes to IFRS\u00a03.

As permitted under IFRS\u00a01, business combinations that took place before 1\u00a0January 2004 and were recorded in accordance with the previously applicable accounting standards (French GAAP), had not been restated in accordance with the principles of IFRS\u00a03.

Specificities relating to insurance contracts acquired through business combinations are set out in note\u00a01.g.2 in the paragraph Recognition and derecognition.

Measurement of goodwill

The BNP\u00a0Paribas Group tests goodwill for impairment on a regular basis.

Cash-generating units

The BNP\u00a0Paribas Group has split all its activities into cash-generating units(2)\u00a0representing major business lines. This split is consistent with the Group\u2019s organisational structure and management methods, and reflects the independence of each unit in terms of results and management approach. It is reviewed on a regular basis in order to take account of events likely to affect the composition of cash-generating units, such as acquisitions, disposals and major reorganisations.

Testing cash-generating units for impairment

Goodwill allocated to cash-generating units is tested for impairment annually and whenever there is an indication that a unit may be impaired, by comparing the carrying amount of the unit with its recoverable amount. If the recoverable amount is less than the carrying amount, an irreversible impairment loss is recognised, and the goodwill is written down by the excess of the carrying amount of the unit over its recoverable amount.

\u00a0

Recoverable amount of a cash-generating unit

The recoverable amount of a cash-generating unit is the higher of the fair value of the unit less costs to sell, and its value in use.

Fair value is the price that would be obtained from selling the unit at the market conditions prevailing at the date of measurement, as determined mainly by reference to actual prices of recent transactions involving similar entities or on the basis of stock market multiples for comparable companies.

Value in use is based on an estimate of the future cash flows to be generated by the cash-generating unit, derived from the annual forecasts prepared by the unit\u2019s management and approved by Group Executive Management, and from analyses of changes in the relative positioning of the unit\u2019s activities on their market. These cash flows are discounted at a rate that reflects the return that investors would require from an investment in the business sector and region involved.

4.mGoodwill

In millions of euros, at

31 December 2024

31 December 2023

Carrying amount at start of period

5,549

5,294

Acquisitions

130

260

Divestments

(157)

(7)

Impairment recognised during the period

\u00a0

\u00a0

Exchange rate adjustments

28

2

Carrying amount at end of period

5,550

5,549

Gross value

8,636

8,639

Accumulated impairment recognised at the end of period

(3,086)

(3,090)

\u00a0

Goodwill by cash-generating unit is as follows:

In millions of euros

Carrying amount

Recognised impairment

Acquisitions

31 December 2024

31 December 2023

Year to 31 Dec. 2024

Year to 31 Dec. 2023

31 December 2024

31 December 2023

Corporate & Institutional Banking

1,275

1,275

-

-

-

67

Global Banking

280

277

\u00a0

\u00a0

\u00a0

\u00a0

Global Markets

534

549

\u00a0

\u00a0

\u00a0

67

Securities Services

461

449

\u00a0

\u00a0

\u00a0

\u00a0

Commercial, Personal Banking & Services

2,954

3,058

-

-

30

166

Arval

641

633

\u00a0

\u00a0

\u00a0

23

Leasing Solutions

147

147

\u00a0

\u00a0

\u00a0

\u00a0

Personal Finance(1)

1,360

1,432

\u00a0

\u00a0

30

143

Personal Investors(1)

488

562

\u00a0

\u00a0

\u00a0

\u00a0

New Digital Businesses

253

220

\u00a0

\u00a0

\u00a0

\u00a0

Commercial Bank in Belgium

34

34

\u00a0

\u00a0

\u00a0

\u00a0

Other

31

30

\u00a0

\u00a0

\u00a0

\u00a0

Investment & Protection Services

1,318

1,213

-

-

100

27

Asset Management

202

197

\u00a0

\u00a0

\u00a0

9

Insurance

397

299

\u00a0

\u00a0

100

18

Real Estate

407

404

\u00a0

\u00a0

\u00a0

\u00a0

Wealth Management

312

313

\u00a0

\u00a0

\u00a0

\u00a0

Other Activities

3

3

-

-

-

-

Total goodwill

5,550

5,549

-

-

130

260

Negative goodwill

\u00a0

\u00a0

241

\u00a0

\u00a0

\u00a0

Change in value of goodwill recognised in\u00a0the\u00a0profit and loss account

\u00a0

\u00a0

241

-

\u00a0

\u00a0

  • During the year ended 2024, the goodwill relating to Cetelem SA de CV and Sharekhan (-EUR 84 million and -EUR 73 million respectively) was removed following their disposal from the Personal Finance and Personal Investors cash-generating units.

\u00a0

The Group carried out a detailed analysis of goodwill to identify whether impairments were necessary in connection with the the current economic situation.

This analysis is based in particular on the assumptions of economic scenarios (see note\u00a02.g).

The cash-generating units (CGU) to which goodwill is allocated are:

Global Banking: Global Banking combines financing solutions to corporates, all transaction banking products, corporate finance advisory services in mergers and acquisitions and primary equity activities.

Global Markets: Global Markets provides investment, hedging, financing and research services across asset classes, to corporate and institutional clients \u2013 as well as private and retail banking networks. The sustainable, long-term business model of Global Markets connects clients to capital markets throughout EMEA (Europe, Middle East & Africa), Asia Pacific and the Americas, with innovative solutions and digital platforms. Global Markets includes activities of Global Macro (Foreign Exchange, Global Rates, Local Markets, Commodity Derivatives), Global Credit (DCM Bonds, Credit, Securitisation) and Global Equities (Equities, Cash Equities and Prime Services).

Securities Services: Securities Services provides integrated solutions for all actors involved in the investment cycle, sell side, buy side and issuers.\u00a0

Arval: specialist in vehicle long-term leasing and mobility, Arval offers corporates (from multinational companies to small and medium companies), employees and individuals tailored solutions that optimise their mobility.

Leasing Solutions: BNP\u00a0Paribas Leasing Solutions uses a multi-channel partnership approach (sales via referrals, partnerships, direct sales and banking networks) to offer corporate and small business clients an array of leasing and rental solutions, ranging from equipment financing to fleet outsourcing.

Personal Finance: BNP\u00a0Paribas Personal Finance is the Group\u2019s consumer credit specialist. Through its brands and partnerships such as Cetelem, Cofinoga, Findomestic, AlphaCredit or Stellantis Financial Services, Personal Finance provides a full range of consumer loans at point of sale (retail stores and car dealerships) or through its customer relation centres and websites and mobile applications. The business line, in some countries outside the domestic markets, is integrated into the BNP\u00a0Paribas Group\u2019s retail banking.

Personal Investors: BNP\u00a0Paribas Personal Investors is a digital specialist of banking and investment services. Based in Germany, it provides a wide range of banking, savings and long and short-term investment services to individual clients via the internet, and also on the phone and face-to-face. In addition to its activities destined to private clients, Personal Investors offers its services and IT platform to independent financial consultants, asset managers and FinTechs.

New Digital Businesses: they include the account management service \u201cNickel\u201d, 50% of Floa since January 2022 and 50% of Kantox since July 2023. Nickel is open to all, without any conditions regarding income, deposits or personal wealth, and without any overdraft or credit facility. This service, which operates in real time using the latest technology, is available through over 11,500 points of sale in France, Spain, Belgium, Portugal and Germany. Floa offers consumers split payments, mini-loans and bank cards. The company is a partner of major e-retailers, key players in travel and FinTechs, for which it develops tailor-made services. Already leader in France in payment facilities, Floa is present in Spain, Belgium, Italy, Germany, Netherlands and Portugal. Kantox provides currency management automation software, enabling companies to effectively handle the entire currency management stream and unlock growth opportunities.

Asset Management: BNP\u00a0Paribas Asset Management is the dedicated asset management business line of the BNP\u00a0Paribas Group. It offers services to individual investors (through internal distributors \u2013 BNP\u00a0Paribas private and retail banking \u2013 and external distributors), to corporates and to institutional investors (insurance companies, retirement funds, official institutions). Its aim is to offer an added value based on a broad range of expertise throughout its active management of equities and bonds, its activity of private debt, private asset and real asset management and its multi-asset, quantitative and solutions division.

Insurance: BNP\u00a0Paribas Cardif, a world leader in personal insurance, designs, develops and markets savings and protection products and services to protect individuals, their projects and their assets. BNP\u00a0Paribas Cardif also offers products in damage insurance, health insurance, budget insurance, revenue and means of payment insurance, unexpected event protection (unemployment, accident, death, theft or breakage) or the protection of private digital data to meet the evolution of customers\u2019 needs.

Real Estate: BNP\u00a0Paribas Real Estate serves the needs of its clients, whether institutional investors, corporates, public entities or individuals, at all stages of the life cycle of their property (from the conception of a construction project to its daily management). The Group is involved in property development, investment management as well as property management, brokerage, consulting and valuation services.

Wealth Management: Wealth Management encompasses the private banking activities of BNP\u00a0Paribas and serves a clientele of wealthy individuals, shareholder families and entrepreneurs seeking a one-stop shop for all their wealth management and financial needs.

Commercial & Personal Banking In Belgium: Commercial & Personal Banking in Belgium activities comprise banking services to a range of client types, including individual customers, self-employed people and those in the liberal professions, small and medium-sized companies, local businesses, corporate clients and non-profit organisations.

Goodwill impairment tests are based on three different methods: observation of transactions related to comparable businesses, share price data for listed companies with comparable businesses, and discounted future cash flows (DCF).

If one of the two comparables-based methods indicates the need for impairment, the DCF method is used to validate the results and determine the amount of impairment required.

The DCF method is based on a number of assumptions in terms of future revenues, expenses and cost of risk (cash flows) based on medium-term business plans over a period of five years. Cash flow projections beyond the 5-year forecast period are based on a growth rate to perpetuity and are normalised when the short-term environment does not reflect the normal conditions of the economic cycle.

The key parameters which are sensitive to the assumptions made are the cost of capital, the cost/income ratio, the cost of risk and the growth rate to perpetuity.

Cost of capital is determined on the basis of a risk-free rate, an observed market risk premium weighted by a risk factor based on comparables specific to each cash-generating unit. The values of these parameters are obtained from external information sources.

Allocated capital is determined for each cash-generating unit based on the \u201cCommon Equity Tier One\u201d regulatory requirements for the main legal entity to which the cash-generating unit belongs, with a minimum of 7%.

The infinite growth rate applied is 2%. It is calculated based on data provided by private companies specialised in macroeconomic research and analysis.

The following table shows the sensitivity of the valuation of the Personal Finance cash generating unit to changes in the value of parameters used in the DCF calculation: the cost of capital after tax, the cost/income ratio in terminal value, the cost of risk in terminal value and the growth rate to perpetuity.

\u27a4Sensitivity of the main goodwill valuations to a 10-basis point change in the cost of capital, a 100-basis point change in the cost/income ratio in terminal value, a 5% change of the cost of risk in terminal value and a 50-basis point change in the growth rate to perpetuity

In millions of euros

Personal Finance

Cost of capital

9.4%

Adverse change (+10\u00a0basis points)

(192)

Positive change (-10\u00a0basis points)

198

Cost/income ratio

46.2%

Adverse change (+100 basis points)

(453)

Positive change (-100 basis points)

453

Cost of risk

(1,762)

Adverse change (+5%)

(607)

Positive change (-5%)

607

Growth rate to perpetuity

2.0%

Adverse change (-50\u00a0basis points)

(293)

Positive change (+50\u00a0basis points)

335

\u00a0

Concerning the cash-generating unit Personal Finance, there would be no need to depreciate even by using, for the impairment test, the four most unfavourable variations in the table.

", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_446a53f3-500a-4b9b-a2e8-e4b3d7485be0": { "value": "
1.b.4Business combinations and\u00a0measurement of goodwill
Business combinations

Business combinations are accounted for using the purchase method.

Under this method, the acquiree\u2019s identifiable assets and liabilities assumed are measured at fair value at the acquisition date except for non-current assets classified as assets held for sale which are accounted for at fair value less costs to sell.

The acquiree\u2019s contingent liabilities are not recognised in the consolidated balance sheet unless they represent a present obligation on the acquisition date and their fair value can be measured reliably.

The cost of a business combination is the fair value, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued to obtain control of the acquiree. Costs directly attributable to the business combination are treated as a separate transaction and recognised through profit or loss.

Any contingent consideration is included in the cost, as soon as control is obtained, at fair value on the date when control was acquired. Subsequent changes in the value of any contingent consideration recognised as a financial liability are recognised through profit or loss.

The Group may recognise any adjustments to the provisional accounting within 12\u00a0months of the acquisition date.

Goodwill represents the difference between the cost of the combination and the acquirer\u2019s interest in the net fair value of the identifiable assets and liabilities of the acquiree at the acquisition date. Positive goodwill is recognised in the acquirer\u2019s balance sheet, while negative goodwill is recognised immediately in profit or loss, on the acquisition date. Minority interests are measured at their share of the fair value of the acquiree\u2019s identifiable assets and liabilities. However, for each business combination, the Group can elect to measure minority interests at fair value, in which case a proportion of goodwill is allocated to them. To date, the Group has never used this latter option.

Goodwill is recognised in the functional currency of the acquiree and translated at the closing exchange rate.

On the acquisition date, any previously held equity interest in the acquiree is remeasured at its fair value through profit or loss. In the case of a step acquisition, the goodwill is therefore determined by reference to the acquisition-date fair value.

Since the revised IFRS\u00a03 has been applied prospectively, business combinations completed prior to 1\u00a0January 2010 were not restated for the effects of changes to IFRS\u00a03.

As permitted under IFRS\u00a01, business combinations that took place before 1\u00a0January 2004 and were recorded in accordance with the previously applicable accounting standards (French GAAP), had not been restated in accordance with the principles of IFRS\u00a03.

Specificities relating to insurance contracts acquired through business combinations are set out in note\u00a01.g.2 in the paragraph Recognition and derecognition.

Measurement of goodwill

The BNP\u00a0Paribas Group tests goodwill for impairment on a regular basis.

Cash-generating units

The BNP\u00a0Paribas Group has split all its activities into cash-generating units(2)\u00a0representing major business lines. This split is consistent with the Group\u2019s organisational structure and management methods, and reflects the independence of each unit in terms of results and management approach. It is reviewed on a regular basis in order to take account of events likely to affect the composition of cash-generating units, such as acquisitions, disposals and major reorganisations.

Testing cash-generating units for impairment

Goodwill allocated to cash-generating units is tested for impairment annually and whenever there is an indication that a unit may be impaired, by comparing the carrying amount of the unit with its recoverable amount. If the recoverable amount is less than the carrying amount, an irreversible impairment loss is recognised, and the goodwill is written down by the excess of the carrying amount of the unit over its recoverable amount.

\u00a0

Recoverable amount of a cash-generating unit

The recoverable amount of a cash-generating unit is the higher of the fair value of the unit less costs to sell, and its value in use.

Fair value is the price that would be obtained from selling the unit at the market conditions prevailing at the date of measurement, as determined mainly by reference to actual prices of recent transactions involving similar entities or on the basis of stock market multiples for comparable companies.

Value in use is based on an estimate of the future cash flows to be generated by the cash-generating unit, derived from the annual forecasts prepared by the unit\u2019s management and approved by Group Executive Management, and from analyses of changes in the relative positioning of the unit\u2019s activities on their market. These cash flows are discounted at a rate that reflects the return that investors would require from an investment in the business sector and region involved.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_b2c43b6a-0ac1-42bf-8281-32e45ce84128": { "value": "
1.b.4Business combinations and\u00a0measurement of goodwill
Business combinations

Business combinations are accounted for using the purchase method.

Under this method, the acquiree\u2019s identifiable assets and liabilities assumed are measured at fair value at the acquisition date except for non-current assets classified as assets held for sale which are accounted for at fair value less costs to sell.

The acquiree\u2019s contingent liabilities are not recognised in the consolidated balance sheet unless they represent a present obligation on the acquisition date and their fair value can be measured reliably.

The cost of a business combination is the fair value, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued to obtain control of the acquiree. Costs directly attributable to the business combination are treated as a separate transaction and recognised through profit or loss.

Any contingent consideration is included in the cost, as soon as control is obtained, at fair value on the date when control was acquired. Subsequent changes in the value of any contingent consideration recognised as a financial liability are recognised through profit or loss.

The Group may recognise any adjustments to the provisional accounting within 12\u00a0months of the acquisition date.

Goodwill represents the difference between the cost of the combination and the acquirer\u2019s interest in the net fair value of the identifiable assets and liabilities of the acquiree at the acquisition date. Positive goodwill is recognised in the acquirer\u2019s balance sheet, while negative goodwill is recognised immediately in profit or loss, on the acquisition date. Minority interests are measured at their share of the fair value of the acquiree\u2019s identifiable assets and liabilities. However, for each business combination, the Group can elect to measure minority interests at fair value, in which case a proportion of goodwill is allocated to them. To date, the Group has never used this latter option.

Goodwill is recognised in the functional currency of the acquiree and translated at the closing exchange rate.

On the acquisition date, any previously held equity interest in the acquiree is remeasured at its fair value through profit or loss. In the case of a step acquisition, the goodwill is therefore determined by reference to the acquisition-date fair value.

Since the revised IFRS\u00a03 has been applied prospectively, business combinations completed prior to 1\u00a0January 2010 were not restated for the effects of changes to IFRS\u00a03.

As permitted under IFRS\u00a01, business combinations that took place before 1\u00a0January 2004 and were recorded in accordance with the previously applicable accounting standards (French GAAP), had not been restated in accordance with the principles of IFRS\u00a03.

Specificities relating to insurance contracts acquired through business combinations are set out in note\u00a01.g.2 in the paragraph Recognition and derecognition.

Measurement of goodwill

The BNP\u00a0Paribas Group tests goodwill for impairment on a regular basis.

Cash-generating units

The BNP\u00a0Paribas Group has split all its activities into cash-generating units(2)\u00a0representing major business lines. This split is consistent with the Group\u2019s organisational structure and management methods, and reflects the independence of each unit in terms of results and management approach. It is reviewed on a regular basis in order to take account of events likely to affect the composition of cash-generating units, such as acquisitions, disposals and major reorganisations.

Testing cash-generating units for impairment

Goodwill allocated to cash-generating units is tested for impairment annually and whenever there is an indication that a unit may be impaired, by comparing the carrying amount of the unit with its recoverable amount. If the recoverable amount is less than the carrying amount, an irreversible impairment loss is recognised, and the goodwill is written down by the excess of the carrying amount of the unit over its recoverable amount.

\u00a0

Recoverable amount of a cash-generating unit

The recoverable amount of a cash-generating unit is the higher of the fair value of the unit less costs to sell, and its value in use.

Fair value is the price that would be obtained from selling the unit at the market conditions prevailing at the date of measurement, as determined mainly by reference to actual prices of recent transactions involving similar entities or on the basis of stock market multiples for comparable companies.

Value in use is based on an estimate of the future cash flows to be generated by the cash-generating unit, derived from the annual forecasts prepared by the unit\u2019s management and approved by Group Executive Management, and from analyses of changes in the relative positioning of the unit\u2019s activities on their market. These cash flows are discounted at a rate that reflects the return that investors would require from an investment in the business sector and region involved.

8.dBusiness combinations and loss of\u00a0control or significant influence
Operations of 2024
UkrSibbank

The easing of a number of restrictions previously imposed by the National Bank of Ukraine made it possible to re-establish the conditions for exercising control as defined by IFRS\u00a010, which had the effect of changing the consolidation method from equity method to full consolidation method.

This change of consolidation method was reflected in the increase in the Group\u2019s balance sheet of EUR\u00a03\u00a0billion, in particular in financial assets at amortised cost and led to the recognition of badwill of EUR\u00a0226\u00a0million.

Cetelem\u00a0SA de CV

On 27\u00a0March 2024, BNP\u00a0Paribas Personal Finance sold 80% of its stake of its Mexican subsidiary Cetelem\u00a0SA de CV.

The Group BNP\u00a0Paribas lost exclusive control of this entity but kept a significant influence.

This partial disposal is accompanied by an agreement for the future disposal of the residual interest, thereby depriving the Group of the return on the shares held, and leading to the recognition of a debt of EUR\u00a0125\u00a0million.

The loss of control led to the recognition of a net gain on disposal of EUR\u00a0119\u00a0million and to a decrease of the Group\u2019s balance sheet by EUR\u00a03\u00a0billion, in particular in financial assets at amortised cost.

BCC Vita\u00a0SpA

On 15\u00a0May 2024, BNP\u00a0Paribas Cardif\u00a0SA acquired 51% of the capital of BCC Vita SpA, together with a purchase agreement of 19% additional holding.

BNP\u00a0Paribas Group acquired exclusive control of this entity to the extent of 70% and the entity was consolidated using the full consolidation method.

This transaction resulted in the increase of the Group\u2019s balance sheet at the acquisition date by EUR\u00a04\u00a0billion, in particular in investments in insurance activities.

The goodwill related to this operation was EUR\u00a0100\u00a0million.

Neuflize Vie

On 31 October 2024, BNP\u00a0Paribas Cardif SA acquired 100% of the capital of Neuflize Vie.

BNP\u00a0Paribas Group acquired exclusive control of this entity and consolidated it using the full consolidation method.

This transaction resulted in the increase of the Group\u2019s balance sheet by EUR\u00a012\u00a0billion at the acquisition date, in particular in investments in insurance activities.

The badwill related to this operation was EUR\u00a015\u00a0million.

Operation of 2023
Partnership with Stellantis

On 3\u00a0April 2023, BNP\u00a0Paribas Personal Finance became the exclusive partner of Stellantis, a captive company in its financing activities across three strategic markets: Germany, Austria and the United Kingdom.

This operation involved the purchase of three entities in these three countries, in conjunction with the sale of activities to various Stellantis joint ventures in France, Italy and Spain.

This restructuring increased the Group\u2019s balance sheet by EUR\u00a08\u00a0billion, in particular in financial assets at amortised cost, and led to the recognition of a net gain on disposal of EUR\u00a054\u00a0million and of a goodwill of EUR\u00a0173\u00a0million.

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1.b.4Business combinations and\u00a0measurement of goodwill
Business combinations

Business combinations are accounted for using the purchase method.

Under this method, the acquiree\u2019s identifiable assets and liabilities assumed are measured at fair value at the acquisition date except for non-current assets classified as assets held for sale which are accounted for at fair value less costs to sell.

The acquiree\u2019s contingent liabilities are not recognised in the consolidated balance sheet unless they represent a present obligation on the acquisition date and their fair value can be measured reliably.

The cost of a business combination is the fair value, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued to obtain control of the acquiree. Costs directly attributable to the business combination are treated as a separate transaction and recognised through profit or loss.

Any contingent consideration is included in the cost, as soon as control is obtained, at fair value on the date when control was acquired. Subsequent changes in the value of any contingent consideration recognised as a financial liability are recognised through profit or loss.

The Group may recognise any adjustments to the provisional accounting within 12\u00a0months of the acquisition date.

Goodwill represents the difference between the cost of the combination and the acquirer\u2019s interest in the net fair value of the identifiable assets and liabilities of the acquiree at the acquisition date. Positive goodwill is recognised in the acquirer\u2019s balance sheet, while negative goodwill is recognised immediately in profit or loss, on the acquisition date. Minority interests are measured at their share of the fair value of the acquiree\u2019s identifiable assets and liabilities. However, for each business combination, the Group can elect to measure minority interests at fair value, in which case a proportion of goodwill is allocated to them. To date, the Group has never used this latter option.

Goodwill is recognised in the functional currency of the acquiree and translated at the closing exchange rate.

On the acquisition date, any previously held equity interest in the acquiree is remeasured at its fair value through profit or loss. In the case of a step acquisition, the goodwill is therefore determined by reference to the acquisition-date fair value.

Since the revised IFRS\u00a03 has been applied prospectively, business combinations completed prior to 1\u00a0January 2010 were not restated for the effects of changes to IFRS\u00a03.

As permitted under IFRS\u00a01, business combinations that took place before 1\u00a0January 2004 and were recorded in accordance with the previously applicable accounting standards (French GAAP), had not been restated in accordance with the principles of IFRS\u00a03.

Specificities relating to insurance contracts acquired through business combinations are set out in note\u00a01.g.2 in the paragraph Recognition and derecognition.

Measurement of goodwill

The BNP\u00a0Paribas Group tests goodwill for impairment on a regular basis.

Cash-generating units

The BNP\u00a0Paribas Group has split all its activities into cash-generating units(2)\u00a0representing major business lines. This split is consistent with the Group\u2019s organisational structure and management methods, and reflects the independence of each unit in terms of results and management approach. It is reviewed on a regular basis in order to take account of events likely to affect the composition of cash-generating units, such as acquisitions, disposals and major reorganisations.

Testing cash-generating units for impairment

Goodwill allocated to cash-generating units is tested for impairment annually and whenever there is an indication that a unit may be impaired, by comparing the carrying amount of the unit with its recoverable amount. If the recoverable amount is less than the carrying amount, an irreversible impairment loss is recognised, and the goodwill is written down by the excess of the carrying amount of the unit over its recoverable amount.

\u00a0

Recoverable amount of a cash-generating unit

The recoverable amount of a cash-generating unit is the higher of the fair value of the unit less costs to sell, and its value in use.

Fair value is the price that would be obtained from selling the unit at the market conditions prevailing at the date of measurement, as determined mainly by reference to actual prices of recent transactions involving similar entities or on the basis of stock market multiples for comparable companies.

Value in use is based on an estimate of the future cash flows to be generated by the cash-generating unit, derived from the annual forecasts prepared by the unit\u2019s management and approved by Group Executive Management, and from analyses of changes in the relative positioning of the unit\u2019s activities on their market. These cash flows are discounted at a rate that reflects the return that investors would require from an investment in the business sector and region involved.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_8d7e4c5c-8ed7-40c8-a5d6-2c0a4138ad57": { "value": "
Testing cash-generating units for impairment

Goodwill allocated to cash-generating units is tested for impairment annually and whenever there is an indication that a unit may be impaired, by comparing the carrying amount of the unit with its recoverable amount. If the recoverable amount is less than the carrying amount, an irreversible impairment loss is recognised, and the goodwill is written down by the excess of the carrying amount of the unit over its recoverable amount.

1.f.5Impairment of financial assets measured at amortised cost and debt instruments measured at fair value through shareholders\u2019 equity

The impairment model for credit risk is based on expected losses.

This model applies to loans and debt instruments measured at amortised cost or at fair value through equity, to loan commitments and financial guarantee contracts that are not recognised at fair value, as well as to lease receivables, trade receivables and contract assets.

General model

The Group identifies three \u201cstages\u201d that each correspond to a specific status with regards to the evolution of counterparty credit risk since the initial recognition of the asset.

This general model is applied to all instruments within the scope of IFRS\u00a09 impairment, except for purchased or originated credit-impaired financial assets and instruments for which a simplified model is used (see below).

The IFRS\u00a09 expected credit loss approach is symmetrical, i.e. if lifetime expected credit losses have been recognised in a previous reporting period, and if it is assessed in the current reporting period that there is no longer any significant increase in credit risk since initial recognition, the loss allowance reverts to a 12-months expected credit loss.

As regards interest income, under \u201cstages\u201d 1 and 2, it is calculated on the gross carrying amount. Under \u201cstage\u00a03\u201d, interest income is calculated on the amortised cost (i.e. the gross carrying amount adjusted for the loss allowance).

Definition of default

The definition of default is aligned with the Basel regulatory default definition, with a rebuttable presumption that the default occurs no later than 90\u00a0days past due. This definition takes into account the EBA guidelines of 28\u00a0September 2016, notably those regarding the thresholds applicable for the counting of past-due and probation periods.

The definition of default is used consistently for assessing the increase in credit risk and measuring expected credit losses.

Credit-impaired or doubtful financial assets
Definition

A financial asset is considered credit-impaired or doubtful and classified in \u201cstage\u00a03\u201d when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred.

At an individual level, objective evidence that a financial asset is credit-impaired includes observable data regarding the following events: the existence of accounts that are more than 90\u00a0days past due; knowledge or indications that the borrower is experiencing significant financial difficulties, such that a risk can be considered to have arisen regardless of whether the borrower has missed any payments; concessions with respect to the credit terms granted to the borrower that the lender would not have considered had the borrower not been in financial difficulty (see section Restructuring of financial assets for financial difficulties).

Specific cases of purchased or originated credit-impaired assets

In some cases, financial assets are credit-impaired at initial recognition.

For these assets, no loss allowance is recorded on initial recognition. The effective interest rate is calculated taking into account the lifetime expected credit losses in the initial estimated cash flows. Any change in lifetime expected credit losses since initial recognition, positive or negative, is recognised as a loss allowance adjustment in profit or loss.

Simplified model

The simplified approach consists in accounting for a loss allowance corresponding to lifetime expected credit losses since initial recognition, and at each reporting date.

The Group applies this model to trade receivables with a maturity shorter than 12\u00a0months.

Significant increase in credit risk

A significant increase in credit risk may be assessed on an individual basis or on a collective basis (by grouping financial instruments according to common credit risk characteristics), taking into account all reasonable and supportable information and comparing the risk of default of the financial instrument at the reporting date with the risk of default of the financial instrument at the date of initial recognition.

Assessment of deterioration is based on the comparison of the probabilities of default derived from the ratings on the date of initial recognition with those existing at the reporting date.

There is also, according to the standard, a rebuttable presumption that the credit risk of an instrument has significantly increased since initial recognition when the contractual payments are more than 30\u00a0days past due.

In the consumer credit specialist business, a significant increase in credit risk is also considered when a past due event has occurred within the last 12\u00a0months, even if it has since been regularised. From 2024, this specificity no longer applies to most exposures in the eurozone.

The approaches applied to assess the significant increase in credit risk are detailed in note\u00a02.g Cost of risk.

Measurement of expected credit losses

Expected credit losses are defined as an estimate of credit losses (i.e. the present value of all cash shortfalls) weighted by the probability of occurrence of these losses over the expected life of the financial instruments. They are measured on an individual basis, for all exposures.

In practice, for exposures classified in stage\u00a01 and stage\u00a02, expected credit losses are measured as the product of the probability of default (\u201cPD\u201d), Loss Given Default (\u201cLGD\u201d) and Exposure at Default (\u201cEAD\u201d), discounted at the effective interest rate of the exposure (EIR). They result from the risk of default within the next 12\u00a0months (stage\u00a01), or from the risk of default over the maturity of the facility (stage\u00a02). In the consumer credit specialist business, because of the specificity of credit exposures, the methodology used is based on the probability of transition to term forfeiture, and on discounted loss rates after term forfeiture. These parameters are measured on a statistical basis for homogeneous populations. From 2024, this specificity no longer applies to most exposures in the Eurozone.

For exposures classified in stage\u00a03, expected credit losses are measured as the value, discounted at the effective interest rate, of all cash shortfalls over the life of the financial instrument. Cash shortfalls represent the difference between the cash flows that are due in accordance with the contract, and the cash flows that are expected to be received. Where appropriate, the estimate of expected cash flows takes into account a cash flow scenario arising from the sale of the defaulted loans or groups of loans. Proceeds from the sale are recorded net of costs to sell.

The methodology developed is based on existing concepts and methods (in particular the Basel framework) on exposures for which capital requirement for credit risk is measured according to the Internal Ratings-Based Approach (IRBA) methodology. This method is also applied to portfolios for which capital requirement for credit risk is measured according to the standardised approach. Besides, the Basel framework has been adjusted in order to be compliant with IFRS\u00a09 requirements, in particular the use of forward-looking information.

Maturity

All contractual terms of the financial instrument are taken into account, including prepayment, extension and similar options. In the rare cases where the expected life of the financial instrument cannot be estimated reliably, the residual contractual term is used. The standard specifies that the maximum period to consider when measuring expected credit losses is the maximum contractual period. However, for revolving credit cards and overdrafts, in accordance with the exception provided by IFRS\u00a09 for these products, the maturity considered for measuring expected credit losses is the period over which the entity is exposed to credit risk, which may extend beyond the contractual maturity (notice period). For revolving credits and overdrafts to non-retail counterparties, the contractual maturity can be used, for example if the next review date is the contractual maturity as they are individually managed.

Probabilities of Default (PD)

Probability of Default is an estimate of the likelihood of default over a given time horizon.

The determination of the PD is based on the Group\u2019s internal rating system, which is described in chapter\u00a05 of the Universal registration document (section\u00a05.4 Credit risk \u2013 Credit risk management policy). This section describes how Environmental, social and governance (ESG) risks are taken into account in credit and rating policies, notably with the introduction of a new tool: the ESG Assessment.

The measurement of expected credit losses requires the estimation of both 1-year probabilities of default and lifetime probabilities of default.

1-year PDs are derived from long term average regulatory \u201cthrough the cycle\u201d PDs to reflect the current situation and macroeconomic scenarios (\u201cPoint in Time\u201d or \u201cPIT\u201d).

Lifetime PDs are determined based on the rating migration matrices reflecting the expected changes in the rating of the exposure until maturity, and the associated probabilities of default.

Loss Given Default (LGD)

Loss Given Default is the difference between contractual cash flows and expected cash-flows, discounted using the effective interest rate (or an approximation thereof) at the default date. LGD is expressed as a percentage of the Exposure at Default (EAD).

The estimate of expected cash flows takes into account cash flows resulting from the sale of collateral held or other credit enhancements if they are part of the contractual terms and are not accounted for separately by the entity (for example, a mortgage associated with a residential loan), net of the costs of obtaining and selling the collateral.

For guaranteed loans, the guarantee is considered as integral to the loan agreement if it is embedded in the contractual clauses of the loan, or if it was granted concomitantly to the loan, and if the expected reimbursement amount can be attached to a loan in particular (i.e. absence of pooling effect by means of a tranching mechanism, or the existence of a global cap for a whole portfolio). In such case, the guarantee is taken into account when measuring the expected credit losses. Otherwise, it is accounted for as a separate reimbursement asset.

The LGD used for IFRS\u00a09 purposes is derived from the Basel LGD parameters. It is adjusted for downturn and conservatism margins (in particular regulatory margins), except for margins for model uncertainties. For corporate clients, this LGD is determined considering macroeconomic scenarios.

Exposure at Default (EAD)

Exposure at Default (EAD) of an instrument is the anticipated outstanding amount owed by the obligor at the time of default. It is determined by the expected payment profile taking into account, depending on the product type: the contractual repayment schedule, expected early repayments and expected future drawings for revolving facilities.

Forward-looking information

The amount of expected credit losses is measured on the basis of probability-weighted scenarios, in view of past events, current conditions and reasonable and supportable economic forecasts. From 31\u00a0December 2024, forward\u2011looking information specifically takes into account risks related to climate change transition, in particular through the use of long-term scenarios.

The approaches applied to take into account forward-looking information when measuring expected credit losses are detailed in note\u00a02.g Cost of risk.

Write-offs

A write-off consists in reducing the gross carrying amount of a financial asset when there are no longer reasonable expectations of recovering that financial asset in its entirety or a portion thereof, or when it has been fully or partially forgiven. The write-off is recorded when all other means available to the Bank for recovering the receivables or guarantees have failed, and also generally depends on the context specific to each jurisdiction.

If the amount of loss on write-off is greater than the accumulated loss allowance, the difference is recognised as an additional impairment loss in \u201cCost of risk\u201d. For any recovery once the financial asset (or part thereof) is no longer recognised on the balance sheet, the amount received is recorded as a gain in \u201cCost of risk\u201d.

Recoveries through the repossession of\u00a0the\u00a0collateral

When a loan is secured by a financial or a non-financial asset serving as a guarantee and the counterparty is in default, the Group may decide to exercise the guarantee and, depending on the jurisdiction, it may then become owner of the asset. In such a situation, the loan is written-off against the asset received as collateral.

Once ownership of the asset is effective, it is recognised at fair value and classified according to the intent of use.

Restructuring of financial assets for financial difficulties

A restructuring due to the borrower\u2019s financial difficulties is defined as a change in the terms and conditions of the initial transaction that the Group is considering only for economic or legal reasons related to the borrower\u2019s financial difficulties.

For restructurings not resulting in derecognition of the financial asset, the restructured asset\u2019s gross carrying amount is reduced to the discounted amount, using the original effective interest rate of the asset, of the new expected future flows. The change in the gross carrying amount of the asset is recorded in the income statement in \u201cCost of risk\u201d.

The existence of a significant increase in credit risk for the financial instrument is then assessed by comparing the risk of default after the restructuring (under the revised contractual terms) and the risk of default at the initial recognition date (under the original contractual terms). In order to demonstrate that the criteria for recognising lifetime expected credit losses are no longer met, good payment behaviour will have to be observed over a certain period of time.

When the restructuring consists of a partial or total exchange against other substantially different assets (for example, the exchange of a debt instrument against an equity instrument), it results in the extinction of the original asset and the recognition of the assets remitted in exchange, measured at their fair value at the date of exchange. The difference in value is recorded in the income statement in \u201cCost of risk\u201d.

Modifications to financial assets that are not due to a borrower\u2019s financial difficulties, or granted in the context of a moratorium (i.e. commercial renegotiations) are generally analysed as the early repayment of the former loan, which is then derecognised, followed by the set-up of a new loan at market conditions. If there is no significant repayment penalty, they consist in resetting the interest rate of the loan at market conditions, with the client being in a position to change lender and not encountering any financial difficulties.

Probation periods

The Group applies observation periods to assess the possible return to a better stage. Accordingly, a 3-month probation period is observed for the transition from stage\u00a03 to stage\u00a02 which is extended to 12\u00a0months in the event of restructuring due to financial difficulties.

For the transition from stage\u00a02 to stage\u00a01, a probation period of two years is observed for loans that have been restructured due to financial difficulties.

1.f.6Cost of risk

Cost of risk includes the following items of profit or loss:

It also includes expenses relating to fraud and to disputes inherent to the financing activity.

1.gInsurance activities

1.g.1Investments related to insurance activities

IFRS\u00a09 is applied in the same way as to other Group entities (see note\u00a01.f).

Investments of insurance activities include investment property which are measured at fair value as underlying assets of direct participating contracts.

\u00a0

1.g.2Insurance contracts

The Group applies IFRS\u00a017 to insurance contracts issued, reinsurance contracts issued and held, and discretionary investment contracts issued (if the entity also issues insurance contracts).

The main insurance contracts issued by the Group correspond to:

A reinsurance contract (or treaty) is an insurance contract by which an insurer (ceding company or cedent) transfers part of its risks to a reinsurer. The Group acts as reinsurer by accepting risks related to persons or property from external insurers and as ceding company by transferring such risks to external reinsurers. Contracts may be proportional or non-proportional depending on the nature of the risks and the appetite for the risk accepted or retained. They are measured either according to the general model or according to the premium allocation approach since the standard prohibits the use of the variable fee approach for reinsurance contracts.

Investment contracts without discretionary participating features and without insurance risk backed by unit-linked underlying assets are measured at fair value through profit or loss in accordance with IFRS\u00a09.

The methods for measuring and recognising these various contracts according to the measurement model adopted are set out below.

These contracts are described in note\u00a05.d Assets and liabilities related to insurance contracts.

Prior separation of components covered by other standards and not closely related

When insurance or investment contracts with discretionary participation include components, which would fall within the scope of another standard if they were separate contracts, an analysis must be carried out to determine whether these components should be accounted for separately. Thus:

Insurance contracts

An insurance contract is a contract under which a party, the issuer, assumes a significant insurance risk for another party, the policyholder, by agreeing to indemnify the policyholder if a specified uncertain future event, the insured event, is detrimental to the policyholder.

An insurance risk is significant if, and only if, an insured event can cause the insurer to pay significant additional amounts in any scenario, excluding scenarios that are devoid of commercial substance. A contract transfers a significant insurance risk only if there is a scenario with a commercial substance in which there is a possibility that the issuer will incur a loss based on the present value.

The insurance risks covered by Group entities are:

Life or savings contracts issued by Group entities are qualified as insurance contracts if they include a risk in the event of survival (pension contracts with compulsory annuities) or a risk in the event of death (unit-linked contracts with a floor guarantee in the event of death and savings contracts with a guarantee of an additional amount payable in the event of death). In the absence of such risks, these contracts are investment contracts with or without discretionary participating features.

Investment contracts with discretionary participating features

Investment contracts do not expose the insurer to significant insurance risk. They are within the scope of IFRS\u00a017 if they are issued by entities that also issue insurance contracts.

Discretionary participation is defined as the contractual right to receive, in addition to an amount that is not at the issuer\u2019s discretion, additional amounts that are likely to represent a significant portion of the total benefits provided under the contract. Benefits, for which the timing or amount is contractually left to the issuer\u2019s discretion and that are contractually based on the returns arising from a defined set of contracts or type of contract or on the realised and/or unrealised investment returns from a defined set of assets held by the issuer, or the result of the entity or fund issuing the contract.

Savings contracts invested in a euro-denominated fund and multiple saving contracts invested in unit-linked assets and in a euro-denominated fund are considered by the Group as investment contracts with discretionary participating features, measured using the variable fee approach.

Accounting and measurement
Aggregation of contracts

Insurance contracts are accounted and measured by groups of contracts within portfolios of contracts covering similar risks and managed together. Groups of contracts are determined according to their expected profitability at inception: onerous contracts, profitable contracts with a low risk of becoming onerous, and others. A group of contracts may contain only contracts issued no more than one year apart (corresponding to an annual \u201ccohort\u201d), except where the optional exemption provided for in the European regulation applies, which is the case for life-savings contracts, as described below.

For creditor protection insurance, personal protection insurance and other non-life risks, the Group uses the following discriminatory criteria when constructing portfolios of homogeneous contracts: legal entity, nature of the risks and partner, distributor. The reinsurance contracts accepted shall follow the same principles.

For life and savings contracts, the Group uses the following criteria for portfolios of homogeneous contracts: legal entity, product and underlying assets. Savings and retirement contracts are classified in separate portfolios (including in the period prior to the transition) due to the existence of a risk of longevity in retirement contracts.

For reinsurance contracts held, the Group uses the following criteria: legal entity, underlying item and counterparty. A portfolio can sometimes correspond to a single reinsurance treaty.

Recognition and derecognition

A group of insurance contracts (or reinsurance contracts issued) is recognised from the earliest of the following dates: the beginning of the period of coverage of the group of contracts, the date on which the first payment of a policyholder in the group becomes due (or, in the absence of such a date, when the first payment is received) and, in the case of a group of onerous contracts, the date on which the group becomes onerous.

A group of reinsurance contracts held is recognised from the beginning of the period of coverage of the group of reinsurance contracts held or, if the reinsurance was contracted in anticipation of the coverage of an underlying group of onerous insurance contracts, on the first recognition of that onerous group.

On initial recognition of portfolios of insurance contracts acquired as part of a business combination or a separate transfer, groups of contracts acquired are treated as if the contracts had been issued at the date of the transaction. The consideration received or paid in exchange for the contracts is treated as an approximation of the premiums received for the purpose of calculating the contractual service margin at initial recognition from this amount. In the case of a business combination within the scope of IFRS\u00a03, the consideration received or paid is the fair value of the contracts at that date. For business combinations that have occurred since the first application of IFRS\u00a017, this fair value has been determined by projecting the liabilities valuation under the Solvency 2 prudential approach which constitutes a market benchmark. For onerous contracts, the excess of the fulfilment cash flows over the consideration paid or received is recognised in the goodwill (or the profit resulting from an acquisition on advantageous terms) if it is a business combination and in a separate transfer, in the profit and loss account. For profitable contracts, the difference is recorded as a contractual service margin. In addition, an asset for cash flows related to acquisition costs must be recognised, for its fair value, for the acquisition costs related to the renewal of existing insurance contracts or for the acquisition costs already paid by the acquired company for future contracts.

An insurance contract shall be derecognised when the obligation it covers is extinguished, by payment or maturity, or if the terms of the contract are amended in such a way that the accounting treatment of the contract would have been substantially different if those amendments had originally existed. The derecognition of a contract entails the adjustment of the fulfilment cash flows, the contractual services margin and the coverage units of the group in which it was included.

General measurement model (Building Block Approach \u2013 BBA)
Characteristics

The general model for the measurement of insurance contracts is the best estimate of the future cash flows to be paid or received necessary to meet contractual obligations. This estimate should reflect the different possible scenarios and the effect of the options and guarantees included in the contracts within the limit or \u201ccontract boundary\u201d. The determination of this contract boundary requires an analysis of the rights and obligations arising from the contract and, in particular, of the insurer\u2019s ability to change its price to reflect the risks. This leads, for example, to the exclusion of tacit renewals if the tariff can be amended or to the inclusion of such renewals if not.

Cash flows are discounted to reflect the time value of money. They correspond only to cash flows attributable to insurance contracts either directly or through allocation methods: premiums, acquisition and contract management costs, claims and benefits, indirect costs, taxes and depreciation of tangible and intangible assets.

The cash flows estimate is supplemented by an explicit risk adjustment to cover the uncertainty of cash flows for non-financial risk. These two elements constitute the fulfilment cash flows of the contracts. A contractual service margin is added representing the expected gain or loss on future services related to a group of contracts.

If the contractual service margin is positive, it is shown on the balance sheet within the insurance contract\u2019s measurement and amortised as the services are rendered; if negative, it is recognised immediately in the income statement. The original loss (or \u201closs component\u201d) is monitored extra-accounting to allow for the subsequent recognition of the insurance service revenue.

Acquisition costs are deducted from the contractual service margin of the group of contracts to which they relate and amortised over the coverage period of contracts.

At each reporting date, the carrying amount of a group of insurance contracts is the sum of the liabilities for the remaining coverage which include the fulfilment cash flows related to future services (best estimate and risk adjustment) and the contractual service margin remaining at that date, and of the liabilities for incurred claims which include the best estimate of the cash flows and the risk adjustment, excluding any contractual service margin. The assumptions used to estimate future cash flows and the non-financial risks adjustment are updated, as well as the discount rate, to reflect the situation at the reporting date.

The contractual service margin is adjusted for changes in the estimates of non-financial assumptions related to future services, capitalised at the inception rate, and then amortised in the income statement for services rendered over the period in the insurance service revenue. In the case of contracts which become onerous, after consumption of the contractual service margin, the loss is recognised in the reporting period. In the case of onerous contracts that become profitable again as a result of favourable changes in assumptions, the contractual service margin is only reconstitued after offsetting the loss component.

The release of expected fulfillment flows (cash flow estimates and risk adjustments) for the period, except for the amount allocated to the loss component, is recorded in insurance service revenue. The change in estimates related to past service (cash flow estimates and risk adjustments) is recognised in \u201cInsurance service expenses\u201d.

The Group includes the change in the adjustment for non-financial risk related to past and current services in its entirety in the \u201cInsurance service result\u201d.

The Group records in equity the effect of the change in the discount rate on the cash flows. The expense of unwinding the discount is recorded in \u201cInsurance financial income or expenses\u201d based on the initial rate (the inception rate for the liability for remaining coverage, and the rate at claims occurrence date for the liability for incurred claims). The difference between the value of liabilities discounted at the rate fixed at initial date and the value of those same liabilities estimated using current discount rate is recognised in equity. The effect on liabilities of changes in financial variables, in particular the indexation of benefits under the contract, is also recognised in equity.

The discount rate is based on the risk-free rate adjusted for the illiquidity of the liabilities. For protection, the liquidity premium is currently valued at zero due to the short settlement period for claims on the main risks covered and non-transferability to policyholders of the illiquidity of liabilities.

The risk adjustment is determined using the quantile method.

The coverage unit used to amortise the contractual service margin is derived from the risk premium earned during the period.

Contracts concerned

Contracts covering personal or property risks (creditor protection insurance, protection and other non-life risks) are measured according to the general model when the contract boundary, expected changes in cash flows and the time value effect over the coverage period do not make them eligible under the simplified approach, or by operational choice (a single measurement model for short and long contracts).

Measurement model for contracts with direct participation features (Variable Fee Approach \u2013 VFA)
Characteristics

Direct participating contracts are insurance or investment contracts for which:

Compliance with these conditions is monitored on the underwriting date and is not reviewed later.

For these contracts, for which the insurer has to pay the policyholder an amount corresponding to the fair value of clearly identified underlying assets, less a variable compensation, a specific model (called the \u201cVariable Fee Approach\u201d) has been developed by adapting the general model.

At each reporting date, liabilities related to these contracts are adjusted for the return earned and changes in the fair value of the underlying assets: the policyholders\u2019 share is recorded in the contract fulfilment cash flows against insurance financial income or expense and the insurer\u2019s share corresponding to the variable fee is included in the contractual service margin.

The contractual service margin is also adjusted for the effect of changes in cash flows that do not vary according to the returns on the underlying assets and that relate to future services: estimation of cash flows, risk adjustment, changes in the time value effect of money and changes in the financial risks that do not result from the underlying assets (for example, the effect of financial guarantees).

Changes in the fulfillment cash flows that do not change in connection with the yields of underlying assets and that relate to past service events are recognised in the profit and loss account. This is the case for management fees and attributable costs.

Acquisition cash flows are deducted from the contractual service margin of the group of contracts to which they relate and amortised over the coverage period of the contracts, as in the general model.

Due to the mechanism for allocating the change in the value of the underlying assets between the policyholders and the insurer, the result of these contracts is in principle mainly represented by the release of the fulfilment cash flows and the amortisation of the contractual service margin. When the underlying assets fully support the liabilities and are measured at fair value through profit or loss, the financial result under these contracts should be nil. The Group has chosen the option of reclassifying in shareholders\u2019 equity the change in the liabilities related to the underlying assets that are not measured at fair value through profit or loss.

Life and savings contracts meeting the above definition of direct participating contracts are valued using the variable fee approach. When these contracts include a surrender value, it meets the definition of a non-distinct investment component and changes in that investment component (including related payments) are therefore not recognised in the income statement.

The Group has chosen to apply the option introduced by the European regulation not to divide the portfolios of participating contracts based on intergenerational mutualisation by annual cohort. As a result of this choice, the assessment of the onerousness is made on the basis of the portfolio and not on the basis of the annual cohorts.

The contract boundary includes future payments as long as the applicable pricing is not modifiable (e.g. acquisition or management loadings), as well as the annuity phase in service when contracts provide for a mandatory annuity or optional (in this case, the option is probabilistic).

The discount rate is based on the risk-free rate, extrapolated over the duration exceeding the period for which observable data are available and adjusted by a liquidity premium on the basis of the underlying assets to reflect the illiquidity of the liabilities.

The risk adjustment is determined by combining the cost of capital method without considering the risk of mass lapses, including future payments and considering only attributable costs, and the quantile method for the free payment component.

The coverage unit used to amortise the contractual service margin is the change in savings due to policyholders (determined at present value), adjusted to take into account the impact of the real return on financial or property assets compared with the actuarial neutral risk projection.

Contracts concerned

Insurance contracts and investment contracts with discretionary participating features backed by pools of underlying assets commonly referred to as \u201cgeneral funds\u201d or \u201cpolicyholders\u2019 funds\u201d that correspond to pools of assets isolated analytically, contractually or in regulation, as well as unit-linked contracts with a floor guarantee in case of death and multiple saving contracts backed by assets such as a \u201cgeneral fund\u201d, are measured using the variable fee approach.

The option provided for in the European regulation related to the annual cohort exemption is applied to insurance contracts and investment contracts with discretionary participation features where the policyholders\u2019 profit-sharing is mutualised between the different generations of policyholders: these are euro-denominated or multiple saving contracts including a euro-denominated fund, in France, Italy and Luxembourg.

The liabilities for incurred claims are measured using the variable fee approach if they are sensitive to changes in the value of the underlying assets and the general model if they are not.

Simplified measurement model (Premium Allocation Approach \u2013 PAA)
Characteristics

Short-term contracts (less than one year) may be measured using a simplified approach known as the premium allocation approach, also applicable to longer-term contracts if it leads to results similar to those of the general model in terms of liability for the remaining coverage.

Contracts with a long contract boundary, where significant changes in cash flows are expected over the coverage period, or where the time value effect over the coverage period is material, are not eligible for the simplified approach.

For profitable contracts, the liability for the remaining coverage corresponds to the deferral of premiums collected according to a profile representing the remaining coverage at the reporting date. For onerous contracts, deferred premiums are supplemented by an estimate of the expected loss over the coverage period. Liabilities for incurred claims are valued according to the general model. In this case, the method used to determine the risk adjustment is the same as for the general model.

The Group has chosen the option of deferring acquisition costs over the coverage duration and therefore presenting them as a deduction of the deferred premiums, except where the coverage of the contracts coincides with the calendar year or the deferred acquisition costs are not material.

Liabilities for incurred claims are discounted if the expected settlement of claims takes place after one year from the date of occurrence. The discount expense is recognised in insurance financial income or expenses as in the general model. In this case, the option to classify the effect of changes in the discount rate into equity is also applicable. The Group has retained this option for the liabilities for incurred claims.

At each reporting date, the adjustment of liabilities for remaining coverage and for incurred claims is recognised in profit or loss.

Contracts concerned

Creditor protection insurance, personal protection insurance and other non-life insurance contracts, are measured using the simplified approach if the conditions are met (unless the general model is chosen for operational reasons).

Treatment of the reinsurance
Reinsurance contracts issued (reinsurance accepted)

Reinsurance accepted shall be treated as insurance contracts issued, either in the general model or in the simplified model, depending on the duration of the reinsurance contracts.

The Group accepts mainly risks corresponding to those it covers as a direct insurer under proportional or non-proportional treaties.

Reinsurance contracts held (reinsurance ceded)

The reinsurance ceded is also treated according to the general or simplified model, but the equivalent of the contractual service margin represents the expected gain or loss on the reinsurance and may be positive or negative. If a reinsurance contract offsets the losses of an underlying group of onerous contracts, the reinsurance gain is recognised immediately in profit or loss. This \u201closs recovery component\u201d is used to record amounts that are subsequently presented in net income.

In addition, contract execution flows include the reinsurer\u2019s risk of non-performance.

The Group cedes on reinsurance the risks it wishes to hedge (for example, non-proportional treaties covering peak risk, the risk of accumulation or exceeding the desired retention) or under the risk-sharing framework of proportional treaties for technical or commercial reasons.

The reinsurance contracts held are measured by the Group using the simplified approach or the general model.

\u00a0

Presentation in the balance sheet and in\u00a0the\u00a0profit and loss

The Group has chosen to present the investments of insurance activities and their results separately from the financial assets and liabilities of banking activities.

Financial income or expenses from issued insurance contracts are presented separately between the profit and loss account and shareholders\u2019 equity for portfolios for which this breakdown has been deemed relevant, as allowed by the standard. For the Protection contracts liabilities measured under the general model and for the liabilities for incurred claims arising from contracts measured under the simplified model, this choice for portfolios classification was made by taking into account both the effects in the profit and loss account of the undiscounting of the liabilities and the accounting treatment of the assets backing them. For contracts measured using the variable fee approach, this choice was made to offset any accounting mismatch that may exist in the profit and loss account between the effect of changes in fair value from insurance or investment liabilities and that from the underlying assets when these are not recognised at fair value through profit or loss.

Insurance contracts may be distributed and managed by non-insurance entities of the Group that are remunerated as such by commissions paid by insurance entities. The measurement model for insurance contracts requires projecting in the contract fulfilment cash flows the acquisition and management costs that will be paid in the future and presenting in the profit and loss account, the release of the estimated costs for the period on the one hand, and on the other, the actual costs. For commissions between consolidated companies in the Group, the Group restates the internal margin on the balance sheet and in the profit and loss account (in the breakdown of insurance liabilities and the related results between cash flows and contractual service margin) by presenting as insurance service expenses the portion of the general expenses (excluding internal margins) of the banking entities that can be attributed to the insurance activity. The internal distributors\u2019 margins are determined based on standardised management data for each of the related networks.

Effect of accounting estimates in interim financial statements

The Group has elected under IFRS\u00a017 to record in its annual financial statements the effects of changes in accounting estimates relating to insurance contracts issued or held, without taking into account estimates previously made in its interim financial statements.

1.hProperty, plant, equipment and\u00a0intangible assets

Property, plant and equipment and intangible assets shown in the consolidated balance sheet are composed of assets used in operations and investment property. Rights-of-use related to leased assets (see note\u00a01.i.2) are presented by the lessee within fixed assets in the same category as similar assets held.

Assets used in operations are those used in the provision of services or for administrative purposes, and include non-property assets leased by the Group as lessor under operating leases.

Investment property comprises property assets held to generate rental income and capital gains.

Investment property is recognised at cost, except for those held as underlying assets under participating direct contracts (as amended by IAS\u00a040), which are measured at fair value through profit or loss and presented in the balance sheet under \u201cInvestments related to insurance activities\u201d (see note\u00a01.g.1).

Property, plant and equipment and intangible assets are initially recognised at purchase price plus directly attributable costs, together with borrowing costs where a long period of construction or adaptation is required before the asset can be brought into service. By way of exception, property occupied by the holder entity that is an underlying component of direct participating contracts is measured at fair value (by amendment to IAS\u00a016).

Software developed internally by the BNP\u00a0Paribas Group that fulfils the criteria for capitalisation is capitalised at direct development cost, which includes external costs and the labour costs of employees directly attributable to the project.

Subsequent to initial recognition, property, plant and equipment and intangible assets are measured at cost less accumulated depreciation or amortisation and any impairment losses.

The depreciable amount of property, plant and equipment and intangible assets is calculated after deducting the residual value of the asset. Only assets leased by the Group as the lessor under operating leases are presumed to have a residual value, as the useful life of property, plant and equipment and intangible assets used in operations is generally the same as their economic life.

Property, plant and equipment and intangible assets are depreciated or amortised using the straight-line method over the useful life of the asset. Depreciation and amortisation expense is recognised in the profit and loss account under \u201cDepreciation, amortisation and impairment of property, plant and equipment and intangible assets\u201d.

Where an asset consists of a number of components which may require replacement at regular intervals, or which have different uses or generate economic benefits at different rates, each component is recognised separately and depreciated using a method appropriate to that component. The BNP\u00a0Paribas Group has adopted the component-based approach for property used in operations and for investment property.

The depreciation periods used for office property are as follows: 80\u00a0years or 60\u00a0years for the shell (for prime and other property respectively); 30\u00a0years for facades; 20\u00a0years for general and technical installations; and 10\u00a0years for fixtures and fittings.

Software is amortised, depending on its type, over periods of no more than 8\u00a0years in the case of infrastructure developments and 3\u00a0years or 5\u00a0years in the case of software developed primarily for the purpose of providing services to customers.

Software maintenance costs are expensed as incurred. However, expenditure that is regarded as upgrading the software or extending its useful life is included in the initial acquisition or production cost.

Depreciable property, plant and equipment and intangible assets are tested for impairment if there is an indication of potential impairment at the balance sheet date. Non-depreciable assets are tested for impairment at least annually, using the same method as for goodwill allocated to cash-generating units.

If there is an indication of impairment, the new recoverable amount of the asset is compared with the carrying amount. If the asset is found to be impaired, an impairment loss is recognised in the profit and loss account. This loss is reversed in the event of a change in the estimated recoverable amount or if there is no longer an indication of impairment. Impairment losses are taken to the profit and loss account in \u201cDepreciation, amortisation and impairment of property, plant and equipment and intangible assets\u201d.

Gains and losses on disposals of property, plant and equipment and intangible assets used in operations are recognised in the profit and loss account in \u201cNet gain on non-current assets\u201d.

Gains and losses on disposals of investment property are recognised in the profit and loss account in \u201cIncome from other activities\u201d or \u201cExpense on other activities\u201d.

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Testing cash-generating units for impairment

Goodwill allocated to cash-generating units is tested for impairment annually and whenever there is an indication that a unit may be impaired, by comparing the carrying amount of the unit with its recoverable amount. If the recoverable amount is less than the carrying amount, an irreversible impairment loss is recognised, and the goodwill is written down by the excess of the carrying amount of the unit over its recoverable amount.

1.gInsurance activities

1.g.1Investments related to insurance activities

IFRS\u00a09 is applied in the same way as to other Group entities (see note\u00a01.f).

Investments of insurance activities include investment property which are measured at fair value as underlying assets of direct participating contracts.

\u00a0

1.g.2Insurance contracts

The Group applies IFRS\u00a017 to insurance contracts issued, reinsurance contracts issued and held, and discretionary investment contracts issued (if the entity also issues insurance contracts).

The main insurance contracts issued by the Group correspond to:

A reinsurance contract (or treaty) is an insurance contract by which an insurer (ceding company or cedent) transfers part of its risks to a reinsurer. The Group acts as reinsurer by accepting risks related to persons or property from external insurers and as ceding company by transferring such risks to external reinsurers. Contracts may be proportional or non-proportional depending on the nature of the risks and the appetite for the risk accepted or retained. They are measured either according to the general model or according to the premium allocation approach since the standard prohibits the use of the variable fee approach for reinsurance contracts.

Investment contracts without discretionary participating features and without insurance risk backed by unit-linked underlying assets are measured at fair value through profit or loss in accordance with IFRS\u00a09.

The methods for measuring and recognising these various contracts according to the measurement model adopted are set out below.

These contracts are described in note\u00a05.d Assets and liabilities related to insurance contracts.

Prior separation of components covered by other standards and not closely related

When insurance or investment contracts with discretionary participation include components, which would fall within the scope of another standard if they were separate contracts, an analysis must be carried out to determine whether these components should be accounted for separately. Thus:

Insurance contracts

An insurance contract is a contract under which a party, the issuer, assumes a significant insurance risk for another party, the policyholder, by agreeing to indemnify the policyholder if a specified uncertain future event, the insured event, is detrimental to the policyholder.

An insurance risk is significant if, and only if, an insured event can cause the insurer to pay significant additional amounts in any scenario, excluding scenarios that are devoid of commercial substance. A contract transfers a significant insurance risk only if there is a scenario with a commercial substance in which there is a possibility that the issuer will incur a loss based on the present value.

The insurance risks covered by Group entities are:

Life or savings contracts issued by Group entities are qualified as insurance contracts if they include a risk in the event of survival (pension contracts with compulsory annuities) or a risk in the event of death (unit-linked contracts with a floor guarantee in the event of death and savings contracts with a guarantee of an additional amount payable in the event of death). In the absence of such risks, these contracts are investment contracts with or without discretionary participating features.

Investment contracts with discretionary participating features

Investment contracts do not expose the insurer to significant insurance risk. They are within the scope of IFRS\u00a017 if they are issued by entities that also issue insurance contracts.

Discretionary participation is defined as the contractual right to receive, in addition to an amount that is not at the issuer\u2019s discretion, additional amounts that are likely to represent a significant portion of the total benefits provided under the contract. Benefits, for which the timing or amount is contractually left to the issuer\u2019s discretion and that are contractually based on the returns arising from a defined set of contracts or type of contract or on the realised and/or unrealised investment returns from a defined set of assets held by the issuer, or the result of the entity or fund issuing the contract.

Savings contracts invested in a euro-denominated fund and multiple saving contracts invested in unit-linked assets and in a euro-denominated fund are considered by the Group as investment contracts with discretionary participating features, measured using the variable fee approach.

Accounting and measurement
Aggregation of contracts

Insurance contracts are accounted and measured by groups of contracts within portfolios of contracts covering similar risks and managed together. Groups of contracts are determined according to their expected profitability at inception: onerous contracts, profitable contracts with a low risk of becoming onerous, and others. A group of contracts may contain only contracts issued no more than one year apart (corresponding to an annual \u201ccohort\u201d), except where the optional exemption provided for in the European regulation applies, which is the case for life-savings contracts, as described below.

For creditor protection insurance, personal protection insurance and other non-life risks, the Group uses the following discriminatory criteria when constructing portfolios of homogeneous contracts: legal entity, nature of the risks and partner, distributor. The reinsurance contracts accepted shall follow the same principles.

For life and savings contracts, the Group uses the following criteria for portfolios of homogeneous contracts: legal entity, product and underlying assets. Savings and retirement contracts are classified in separate portfolios (including in the period prior to the transition) due to the existence of a risk of longevity in retirement contracts.

For reinsurance contracts held, the Group uses the following criteria: legal entity, underlying item and counterparty. A portfolio can sometimes correspond to a single reinsurance treaty.

Recognition and derecognition

A group of insurance contracts (or reinsurance contracts issued) is recognised from the earliest of the following dates: the beginning of the period of coverage of the group of contracts, the date on which the first payment of a policyholder in the group becomes due (or, in the absence of such a date, when the first payment is received) and, in the case of a group of onerous contracts, the date on which the group becomes onerous.

A group of reinsurance contracts held is recognised from the beginning of the period of coverage of the group of reinsurance contracts held or, if the reinsurance was contracted in anticipation of the coverage of an underlying group of onerous insurance contracts, on the first recognition of that onerous group.

On initial recognition of portfolios of insurance contracts acquired as part of a business combination or a separate transfer, groups of contracts acquired are treated as if the contracts had been issued at the date of the transaction. The consideration received or paid in exchange for the contracts is treated as an approximation of the premiums received for the purpose of calculating the contractual service margin at initial recognition from this amount. In the case of a business combination within the scope of IFRS\u00a03, the consideration received or paid is the fair value of the contracts at that date. For business combinations that have occurred since the first application of IFRS\u00a017, this fair value has been determined by projecting the liabilities valuation under the Solvency 2 prudential approach which constitutes a market benchmark. For onerous contracts, the excess of the fulfilment cash flows over the consideration paid or received is recognised in the goodwill (or the profit resulting from an acquisition on advantageous terms) if it is a business combination and in a separate transfer, in the profit and loss account. For profitable contracts, the difference is recorded as a contractual service margin. In addition, an asset for cash flows related to acquisition costs must be recognised, for its fair value, for the acquisition costs related to the renewal of existing insurance contracts or for the acquisition costs already paid by the acquired company for future contracts.

An insurance contract shall be derecognised when the obligation it covers is extinguished, by payment or maturity, or if the terms of the contract are amended in such a way that the accounting treatment of the contract would have been substantially different if those amendments had originally existed. The derecognition of a contract entails the adjustment of the fulfilment cash flows, the contractual services margin and the coverage units of the group in which it was included.

General measurement model (Building Block Approach \u2013 BBA)
Characteristics

The general model for the measurement of insurance contracts is the best estimate of the future cash flows to be paid or received necessary to meet contractual obligations. This estimate should reflect the different possible scenarios and the effect of the options and guarantees included in the contracts within the limit or \u201ccontract boundary\u201d. The determination of this contract boundary requires an analysis of the rights and obligations arising from the contract and, in particular, of the insurer\u2019s ability to change its price to reflect the risks. This leads, for example, to the exclusion of tacit renewals if the tariff can be amended or to the inclusion of such renewals if not.

Cash flows are discounted to reflect the time value of money. They correspond only to cash flows attributable to insurance contracts either directly or through allocation methods: premiums, acquisition and contract management costs, claims and benefits, indirect costs, taxes and depreciation of tangible and intangible assets.

The cash flows estimate is supplemented by an explicit risk adjustment to cover the uncertainty of cash flows for non-financial risk. These two elements constitute the fulfilment cash flows of the contracts. A contractual service margin is added representing the expected gain or loss on future services related to a group of contracts.

If the contractual service margin is positive, it is shown on the balance sheet within the insurance contract\u2019s measurement and amortised as the services are rendered; if negative, it is recognised immediately in the income statement. The original loss (or \u201closs component\u201d) is monitored extra-accounting to allow for the subsequent recognition of the insurance service revenue.

Acquisition costs are deducted from the contractual service margin of the group of contracts to which they relate and amortised over the coverage period of contracts.

At each reporting date, the carrying amount of a group of insurance contracts is the sum of the liabilities for the remaining coverage which include the fulfilment cash flows related to future services (best estimate and risk adjustment) and the contractual service margin remaining at that date, and of the liabilities for incurred claims which include the best estimate of the cash flows and the risk adjustment, excluding any contractual service margin. The assumptions used to estimate future cash flows and the non-financial risks adjustment are updated, as well as the discount rate, to reflect the situation at the reporting date.

The contractual service margin is adjusted for changes in the estimates of non-financial assumptions related to future services, capitalised at the inception rate, and then amortised in the income statement for services rendered over the period in the insurance service revenue. In the case of contracts which become onerous, after consumption of the contractual service margin, the loss is recognised in the reporting period. In the case of onerous contracts that become profitable again as a result of favourable changes in assumptions, the contractual service margin is only reconstitued after offsetting the loss component.

The release of expected fulfillment flows (cash flow estimates and risk adjustments) for the period, except for the amount allocated to the loss component, is recorded in insurance service revenue. The change in estimates related to past service (cash flow estimates and risk adjustments) is recognised in \u201cInsurance service expenses\u201d.

The Group includes the change in the adjustment for non-financial risk related to past and current services in its entirety in the \u201cInsurance service result\u201d.

The Group records in equity the effect of the change in the discount rate on the cash flows. The expense of unwinding the discount is recorded in \u201cInsurance financial income or expenses\u201d based on the initial rate (the inception rate for the liability for remaining coverage, and the rate at claims occurrence date for the liability for incurred claims). The difference between the value of liabilities discounted at the rate fixed at initial date and the value of those same liabilities estimated using current discount rate is recognised in equity. The effect on liabilities of changes in financial variables, in particular the indexation of benefits under the contract, is also recognised in equity.

The discount rate is based on the risk-free rate adjusted for the illiquidity of the liabilities. For protection, the liquidity premium is currently valued at zero due to the short settlement period for claims on the main risks covered and non-transferability to policyholders of the illiquidity of liabilities.

The risk adjustment is determined using the quantile method.

The coverage unit used to amortise the contractual service margin is derived from the risk premium earned during the period.

Contracts concerned

Contracts covering personal or property risks (creditor protection insurance, protection and other non-life risks) are measured according to the general model when the contract boundary, expected changes in cash flows and the time value effect over the coverage period do not make them eligible under the simplified approach, or by operational choice (a single measurement model for short and long contracts).

Measurement model for contracts with direct participation features (Variable Fee Approach \u2013 VFA)
Characteristics

Direct participating contracts are insurance or investment contracts for which:

Compliance with these conditions is monitored on the underwriting date and is not reviewed later.

For these contracts, for which the insurer has to pay the policyholder an amount corresponding to the fair value of clearly identified underlying assets, less a variable compensation, a specific model (called the \u201cVariable Fee Approach\u201d) has been developed by adapting the general model.

At each reporting date, liabilities related to these contracts are adjusted for the return earned and changes in the fair value of the underlying assets: the policyholders\u2019 share is recorded in the contract fulfilment cash flows against insurance financial income or expense and the insurer\u2019s share corresponding to the variable fee is included in the contractual service margin.

The contractual service margin is also adjusted for the effect of changes in cash flows that do not vary according to the returns on the underlying assets and that relate to future services: estimation of cash flows, risk adjustment, changes in the time value effect of money and changes in the financial risks that do not result from the underlying assets (for example, the effect of financial guarantees).

Changes in the fulfillment cash flows that do not change in connection with the yields of underlying assets and that relate to past service events are recognised in the profit and loss account. This is the case for management fees and attributable costs.

Acquisition cash flows are deducted from the contractual service margin of the group of contracts to which they relate and amortised over the coverage period of the contracts, as in the general model.

Due to the mechanism for allocating the change in the value of the underlying assets between the policyholders and the insurer, the result of these contracts is in principle mainly represented by the release of the fulfilment cash flows and the amortisation of the contractual service margin. When the underlying assets fully support the liabilities and are measured at fair value through profit or loss, the financial result under these contracts should be nil. The Group has chosen the option of reclassifying in shareholders\u2019 equity the change in the liabilities related to the underlying assets that are not measured at fair value through profit or loss.

Life and savings contracts meeting the above definition of direct participating contracts are valued using the variable fee approach. When these contracts include a surrender value, it meets the definition of a non-distinct investment component and changes in that investment component (including related payments) are therefore not recognised in the income statement.

The Group has chosen to apply the option introduced by the European regulation not to divide the portfolios of participating contracts based on intergenerational mutualisation by annual cohort. As a result of this choice, the assessment of the onerousness is made on the basis of the portfolio and not on the basis of the annual cohorts.

The contract boundary includes future payments as long as the applicable pricing is not modifiable (e.g. acquisition or management loadings), as well as the annuity phase in service when contracts provide for a mandatory annuity or optional (in this case, the option is probabilistic).

The discount rate is based on the risk-free rate, extrapolated over the duration exceeding the period for which observable data are available and adjusted by a liquidity premium on the basis of the underlying assets to reflect the illiquidity of the liabilities.

The risk adjustment is determined by combining the cost of capital method without considering the risk of mass lapses, including future payments and considering only attributable costs, and the quantile method for the free payment component.

The coverage unit used to amortise the contractual service margin is the change in savings due to policyholders (determined at present value), adjusted to take into account the impact of the real return on financial or property assets compared with the actuarial neutral risk projection.

Contracts concerned

Insurance contracts and investment contracts with discretionary participating features backed by pools of underlying assets commonly referred to as \u201cgeneral funds\u201d or \u201cpolicyholders\u2019 funds\u201d that correspond to pools of assets isolated analytically, contractually or in regulation, as well as unit-linked contracts with a floor guarantee in case of death and multiple saving contracts backed by assets such as a \u201cgeneral fund\u201d, are measured using the variable fee approach.

The option provided for in the European regulation related to the annual cohort exemption is applied to insurance contracts and investment contracts with discretionary participation features where the policyholders\u2019 profit-sharing is mutualised between the different generations of policyholders: these are euro-denominated or multiple saving contracts including a euro-denominated fund, in France, Italy and Luxembourg.

The liabilities for incurred claims are measured using the variable fee approach if they are sensitive to changes in the value of the underlying assets and the general model if they are not.

Simplified measurement model (Premium Allocation Approach \u2013 PAA)
Characteristics

Short-term contracts (less than one year) may be measured using a simplified approach known as the premium allocation approach, also applicable to longer-term contracts if it leads to results similar to those of the general model in terms of liability for the remaining coverage.

Contracts with a long contract boundary, where significant changes in cash flows are expected over the coverage period, or where the time value effect over the coverage period is material, are not eligible for the simplified approach.

For profitable contracts, the liability for the remaining coverage corresponds to the deferral of premiums collected according to a profile representing the remaining coverage at the reporting date. For onerous contracts, deferred premiums are supplemented by an estimate of the expected loss over the coverage period. Liabilities for incurred claims are valued according to the general model. In this case, the method used to determine the risk adjustment is the same as for the general model.

The Group has chosen the option of deferring acquisition costs over the coverage duration and therefore presenting them as a deduction of the deferred premiums, except where the coverage of the contracts coincides with the calendar year or the deferred acquisition costs are not material.

Liabilities for incurred claims are discounted if the expected settlement of claims takes place after one year from the date of occurrence. The discount expense is recognised in insurance financial income or expenses as in the general model. In this case, the option to classify the effect of changes in the discount rate into equity is also applicable. The Group has retained this option for the liabilities for incurred claims.

At each reporting date, the adjustment of liabilities for remaining coverage and for incurred claims is recognised in profit or loss.

Contracts concerned

Creditor protection insurance, personal protection insurance and other non-life insurance contracts, are measured using the simplified approach if the conditions are met (unless the general model is chosen for operational reasons).

Treatment of the reinsurance
Reinsurance contracts issued (reinsurance accepted)

Reinsurance accepted shall be treated as insurance contracts issued, either in the general model or in the simplified model, depending on the duration of the reinsurance contracts.

The Group accepts mainly risks corresponding to those it covers as a direct insurer under proportional or non-proportional treaties.

Reinsurance contracts held (reinsurance ceded)

The reinsurance ceded is also treated according to the general or simplified model, but the equivalent of the contractual service margin represents the expected gain or loss on the reinsurance and may be positive or negative. If a reinsurance contract offsets the losses of an underlying group of onerous contracts, the reinsurance gain is recognised immediately in profit or loss. This \u201closs recovery component\u201d is used to record amounts that are subsequently presented in net income.

In addition, contract execution flows include the reinsurer\u2019s risk of non-performance.

The Group cedes on reinsurance the risks it wishes to hedge (for example, non-proportional treaties covering peak risk, the risk of accumulation or exceeding the desired retention) or under the risk-sharing framework of proportional treaties for technical or commercial reasons.

The reinsurance contracts held are measured by the Group using the simplified approach or the general model.

\u00a0

Presentation in the balance sheet and in\u00a0the\u00a0profit and loss

The Group has chosen to present the investments of insurance activities and their results separately from the financial assets and liabilities of banking activities.

Financial income or expenses from issued insurance contracts are presented separately between the profit and loss account and shareholders\u2019 equity for portfolios for which this breakdown has been deemed relevant, as allowed by the standard. For the Protection contracts liabilities measured under the general model and for the liabilities for incurred claims arising from contracts measured under the simplified model, this choice for portfolios classification was made by taking into account both the effects in the profit and loss account of the undiscounting of the liabilities and the accounting treatment of the assets backing them. For contracts measured using the variable fee approach, this choice was made to offset any accounting mismatch that may exist in the profit and loss account between the effect of changes in fair value from insurance or investment liabilities and that from the underlying assets when these are not recognised at fair value through profit or loss.

Insurance contracts may be distributed and managed by non-insurance entities of the Group that are remunerated as such by commissions paid by insurance entities. The measurement model for insurance contracts requires projecting in the contract fulfilment cash flows the acquisition and management costs that will be paid in the future and presenting in the profit and loss account, the release of the estimated costs for the period on the one hand, and on the other, the actual costs. For commissions between consolidated companies in the Group, the Group restates the internal margin on the balance sheet and in the profit and loss account (in the breakdown of insurance liabilities and the related results between cash flows and contractual service margin) by presenting as insurance service expenses the portion of the general expenses (excluding internal margins) of the banking entities that can be attributed to the insurance activity. The internal distributors\u2019 margins are determined based on standardised management data for each of the related networks.

Effect of accounting estimates in interim financial statements

The Group has elected under IFRS\u00a017 to record in its annual financial statements the effects of changes in accounting estimates relating to insurance contracts issued or held, without taking into account estimates previously made in its interim financial statements.

1.hProperty, plant, equipment and\u00a0intangible assets

Property, plant and equipment and intangible assets shown in the consolidated balance sheet are composed of assets used in operations and investment property. Rights-of-use related to leased assets (see note\u00a01.i.2) are presented by the lessee within fixed assets in the same category as similar assets held.

Assets used in operations are those used in the provision of services or for administrative purposes, and include non-property assets leased by the Group as lessor under operating leases.

Investment property comprises property assets held to generate rental income and capital gains.

Investment property is recognised at cost, except for those held as underlying assets under participating direct contracts (as amended by IAS\u00a040), which are measured at fair value through profit or loss and presented in the balance sheet under \u201cInvestments related to insurance activities\u201d (see note\u00a01.g.1).

Property, plant and equipment and intangible assets are initially recognised at purchase price plus directly attributable costs, together with borrowing costs where a long period of construction or adaptation is required before the asset can be brought into service. By way of exception, property occupied by the holder entity that is an underlying component of direct participating contracts is measured at fair value (by amendment to IAS\u00a016).

Software developed internally by the BNP\u00a0Paribas Group that fulfils the criteria for capitalisation is capitalised at direct development cost, which includes external costs and the labour costs of employees directly attributable to the project.

Subsequent to initial recognition, property, plant and equipment and intangible assets are measured at cost less accumulated depreciation or amortisation and any impairment losses.

The depreciable amount of property, plant and equipment and intangible assets is calculated after deducting the residual value of the asset. Only assets leased by the Group as the lessor under operating leases are presumed to have a residual value, as the useful life of property, plant and equipment and intangible assets used in operations is generally the same as their economic life.

Property, plant and equipment and intangible assets are depreciated or amortised using the straight-line method over the useful life of the asset. Depreciation and amortisation expense is recognised in the profit and loss account under \u201cDepreciation, amortisation and impairment of property, plant and equipment and intangible assets\u201d.

Where an asset consists of a number of components which may require replacement at regular intervals, or which have different uses or generate economic benefits at different rates, each component is recognised separately and depreciated using a method appropriate to that component. The BNP\u00a0Paribas Group has adopted the component-based approach for property used in operations and for investment property.

The depreciation periods used for office property are as follows: 80\u00a0years or 60\u00a0years for the shell (for prime and other property respectively); 30\u00a0years for facades; 20\u00a0years for general and technical installations; and 10\u00a0years for fixtures and fittings.

Software is amortised, depending on its type, over periods of no more than 8\u00a0years in the case of infrastructure developments and 3\u00a0years or 5\u00a0years in the case of software developed primarily for the purpose of providing services to customers.

Software maintenance costs are expensed as incurred. However, expenditure that is regarded as upgrading the software or extending its useful life is included in the initial acquisition or production cost.

Depreciable property, plant and equipment and intangible assets are tested for impairment if there is an indication of potential impairment at the balance sheet date. Non-depreciable assets are tested for impairment at least annually, using the same method as for goodwill allocated to cash-generating units.

If there is an indication of impairment, the new recoverable amount of the asset is compared with the carrying amount. If the asset is found to be impaired, an impairment loss is recognised in the profit and loss account. This loss is reversed in the event of a change in the estimated recoverable amount or if there is no longer an indication of impairment. Impairment losses are taken to the profit and loss account in \u201cDepreciation, amortisation and impairment of property, plant and equipment and intangible assets\u201d.

Gains and losses on disposals of property, plant and equipment and intangible assets used in operations are recognised in the profit and loss account in \u201cNet gain on non-current assets\u201d.

Gains and losses on disposals of investment property are recognised in the profit and loss account in \u201cIncome from other activities\u201d or \u201cExpense on other activities\u201d.

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Testing cash-generating units for impairment

Goodwill allocated to cash-generating units is tested for impairment annually and whenever there is an indication that a unit may be impaired, by comparing the carrying amount of the unit with its recoverable amount. If the recoverable amount is less than the carrying amount, an irreversible impairment loss is recognised, and the goodwill is written down by the excess of the carrying amount of the unit over its recoverable amount.

1.gInsurance activities

1.g.1Investments related to insurance activities

IFRS\u00a09 is applied in the same way as to other Group entities (see note\u00a01.f).

Investments of insurance activities include investment property which are measured at fair value as underlying assets of direct participating contracts.

\u00a0

1.g.2Insurance contracts

The Group applies IFRS\u00a017 to insurance contracts issued, reinsurance contracts issued and held, and discretionary investment contracts issued (if the entity also issues insurance contracts).

The main insurance contracts issued by the Group correspond to:

A reinsurance contract (or treaty) is an insurance contract by which an insurer (ceding company or cedent) transfers part of its risks to a reinsurer. The Group acts as reinsurer by accepting risks related to persons or property from external insurers and as ceding company by transferring such risks to external reinsurers. Contracts may be proportional or non-proportional depending on the nature of the risks and the appetite for the risk accepted or retained. They are measured either according to the general model or according to the premium allocation approach since the standard prohibits the use of the variable fee approach for reinsurance contracts.

Investment contracts without discretionary participating features and without insurance risk backed by unit-linked underlying assets are measured at fair value through profit or loss in accordance with IFRS\u00a09.

The methods for measuring and recognising these various contracts according to the measurement model adopted are set out below.

These contracts are described in note\u00a05.d Assets and liabilities related to insurance contracts.

Prior separation of components covered by other standards and not closely related

When insurance or investment contracts with discretionary participation include components, which would fall within the scope of another standard if they were separate contracts, an analysis must be carried out to determine whether these components should be accounted for separately. Thus:

Insurance contracts

An insurance contract is a contract under which a party, the issuer, assumes a significant insurance risk for another party, the policyholder, by agreeing to indemnify the policyholder if a specified uncertain future event, the insured event, is detrimental to the policyholder.

An insurance risk is significant if, and only if, an insured event can cause the insurer to pay significant additional amounts in any scenario, excluding scenarios that are devoid of commercial substance. A contract transfers a significant insurance risk only if there is a scenario with a commercial substance in which there is a possibility that the issuer will incur a loss based on the present value.

The insurance risks covered by Group entities are:

Life or savings contracts issued by Group entities are qualified as insurance contracts if they include a risk in the event of survival (pension contracts with compulsory annuities) or a risk in the event of death (unit-linked contracts with a floor guarantee in the event of death and savings contracts with a guarantee of an additional amount payable in the event of death). In the absence of such risks, these contracts are investment contracts with or without discretionary participating features.

Investment contracts with discretionary participating features

Investment contracts do not expose the insurer to significant insurance risk. They are within the scope of IFRS\u00a017 if they are issued by entities that also issue insurance contracts.

Discretionary participation is defined as the contractual right to receive, in addition to an amount that is not at the issuer\u2019s discretion, additional amounts that are likely to represent a significant portion of the total benefits provided under the contract. Benefits, for which the timing or amount is contractually left to the issuer\u2019s discretion and that are contractually based on the returns arising from a defined set of contracts or type of contract or on the realised and/or unrealised investment returns from a defined set of assets held by the issuer, or the result of the entity or fund issuing the contract.

Savings contracts invested in a euro-denominated fund and multiple saving contracts invested in unit-linked assets and in a euro-denominated fund are considered by the Group as investment contracts with discretionary participating features, measured using the variable fee approach.

Accounting and measurement
Aggregation of contracts

Insurance contracts are accounted and measured by groups of contracts within portfolios of contracts covering similar risks and managed together. Groups of contracts are determined according to their expected profitability at inception: onerous contracts, profitable contracts with a low risk of becoming onerous, and others. A group of contracts may contain only contracts issued no more than one year apart (corresponding to an annual \u201ccohort\u201d), except where the optional exemption provided for in the European regulation applies, which is the case for life-savings contracts, as described below.

For creditor protection insurance, personal protection insurance and other non-life risks, the Group uses the following discriminatory criteria when constructing portfolios of homogeneous contracts: legal entity, nature of the risks and partner, distributor. The reinsurance contracts accepted shall follow the same principles.

For life and savings contracts, the Group uses the following criteria for portfolios of homogeneous contracts: legal entity, product and underlying assets. Savings and retirement contracts are classified in separate portfolios (including in the period prior to the transition) due to the existence of a risk of longevity in retirement contracts.

For reinsurance contracts held, the Group uses the following criteria: legal entity, underlying item and counterparty. A portfolio can sometimes correspond to a single reinsurance treaty.

Recognition and derecognition

A group of insurance contracts (or reinsurance contracts issued) is recognised from the earliest of the following dates: the beginning of the period of coverage of the group of contracts, the date on which the first payment of a policyholder in the group becomes due (or, in the absence of such a date, when the first payment is received) and, in the case of a group of onerous contracts, the date on which the group becomes onerous.

A group of reinsurance contracts held is recognised from the beginning of the period of coverage of the group of reinsurance contracts held or, if the reinsurance was contracted in anticipation of the coverage of an underlying group of onerous insurance contracts, on the first recognition of that onerous group.

On initial recognition of portfolios of insurance contracts acquired as part of a business combination or a separate transfer, groups of contracts acquired are treated as if the contracts had been issued at the date of the transaction. The consideration received or paid in exchange for the contracts is treated as an approximation of the premiums received for the purpose of calculating the contractual service margin at initial recognition from this amount. In the case of a business combination within the scope of IFRS\u00a03, the consideration received or paid is the fair value of the contracts at that date. For business combinations that have occurred since the first application of IFRS\u00a017, this fair value has been determined by projecting the liabilities valuation under the Solvency 2 prudential approach which constitutes a market benchmark. For onerous contracts, the excess of the fulfilment cash flows over the consideration paid or received is recognised in the goodwill (or the profit resulting from an acquisition on advantageous terms) if it is a business combination and in a separate transfer, in the profit and loss account. For profitable contracts, the difference is recorded as a contractual service margin. In addition, an asset for cash flows related to acquisition costs must be recognised, for its fair value, for the acquisition costs related to the renewal of existing insurance contracts or for the acquisition costs already paid by the acquired company for future contracts.

An insurance contract shall be derecognised when the obligation it covers is extinguished, by payment or maturity, or if the terms of the contract are amended in such a way that the accounting treatment of the contract would have been substantially different if those amendments had originally existed. The derecognition of a contract entails the adjustment of the fulfilment cash flows, the contractual services margin and the coverage units of the group in which it was included.

General measurement model (Building Block Approach \u2013 BBA)
Characteristics

The general model for the measurement of insurance contracts is the best estimate of the future cash flows to be paid or received necessary to meet contractual obligations. This estimate should reflect the different possible scenarios and the effect of the options and guarantees included in the contracts within the limit or \u201ccontract boundary\u201d. The determination of this contract boundary requires an analysis of the rights and obligations arising from the contract and, in particular, of the insurer\u2019s ability to change its price to reflect the risks. This leads, for example, to the exclusion of tacit renewals if the tariff can be amended or to the inclusion of such renewals if not.

Cash flows are discounted to reflect the time value of money. They correspond only to cash flows attributable to insurance contracts either directly or through allocation methods: premiums, acquisition and contract management costs, claims and benefits, indirect costs, taxes and depreciation of tangible and intangible assets.

The cash flows estimate is supplemented by an explicit risk adjustment to cover the uncertainty of cash flows for non-financial risk. These two elements constitute the fulfilment cash flows of the contracts. A contractual service margin is added representing the expected gain or loss on future services related to a group of contracts.

If the contractual service margin is positive, it is shown on the balance sheet within the insurance contract\u2019s measurement and amortised as the services are rendered; if negative, it is recognised immediately in the income statement. The original loss (or \u201closs component\u201d) is monitored extra-accounting to allow for the subsequent recognition of the insurance service revenue.

Acquisition costs are deducted from the contractual service margin of the group of contracts to which they relate and amortised over the coverage period of contracts.

At each reporting date, the carrying amount of a group of insurance contracts is the sum of the liabilities for the remaining coverage which include the fulfilment cash flows related to future services (best estimate and risk adjustment) and the contractual service margin remaining at that date, and of the liabilities for incurred claims which include the best estimate of the cash flows and the risk adjustment, excluding any contractual service margin. The assumptions used to estimate future cash flows and the non-financial risks adjustment are updated, as well as the discount rate, to reflect the situation at the reporting date.

The contractual service margin is adjusted for changes in the estimates of non-financial assumptions related to future services, capitalised at the inception rate, and then amortised in the income statement for services rendered over the period in the insurance service revenue. In the case of contracts which become onerous, after consumption of the contractual service margin, the loss is recognised in the reporting period. In the case of onerous contracts that become profitable again as a result of favourable changes in assumptions, the contractual service margin is only reconstitued after offsetting the loss component.

The release of expected fulfillment flows (cash flow estimates and risk adjustments) for the period, except for the amount allocated to the loss component, is recorded in insurance service revenue. The change in estimates related to past service (cash flow estimates and risk adjustments) is recognised in \u201cInsurance service expenses\u201d.

The Group includes the change in the adjustment for non-financial risk related to past and current services in its entirety in the \u201cInsurance service result\u201d.

The Group records in equity the effect of the change in the discount rate on the cash flows. The expense of unwinding the discount is recorded in \u201cInsurance financial income or expenses\u201d based on the initial rate (the inception rate for the liability for remaining coverage, and the rate at claims occurrence date for the liability for incurred claims). The difference between the value of liabilities discounted at the rate fixed at initial date and the value of those same liabilities estimated using current discount rate is recognised in equity. The effect on liabilities of changes in financial variables, in particular the indexation of benefits under the contract, is also recognised in equity.

The discount rate is based on the risk-free rate adjusted for the illiquidity of the liabilities. For protection, the liquidity premium is currently valued at zero due to the short settlement period for claims on the main risks covered and non-transferability to policyholders of the illiquidity of liabilities.

The risk adjustment is determined using the quantile method.

The coverage unit used to amortise the contractual service margin is derived from the risk premium earned during the period.

Contracts concerned

Contracts covering personal or property risks (creditor protection insurance, protection and other non-life risks) are measured according to the general model when the contract boundary, expected changes in cash flows and the time value effect over the coverage period do not make them eligible under the simplified approach, or by operational choice (a single measurement model for short and long contracts).

Measurement model for contracts with direct participation features (Variable Fee Approach \u2013 VFA)
Characteristics

Direct participating contracts are insurance or investment contracts for which:

Compliance with these conditions is monitored on the underwriting date and is not reviewed later.

For these contracts, for which the insurer has to pay the policyholder an amount corresponding to the fair value of clearly identified underlying assets, less a variable compensation, a specific model (called the \u201cVariable Fee Approach\u201d) has been developed by adapting the general model.

At each reporting date, liabilities related to these contracts are adjusted for the return earned and changes in the fair value of the underlying assets: the policyholders\u2019 share is recorded in the contract fulfilment cash flows against insurance financial income or expense and the insurer\u2019s share corresponding to the variable fee is included in the contractual service margin.

The contractual service margin is also adjusted for the effect of changes in cash flows that do not vary according to the returns on the underlying assets and that relate to future services: estimation of cash flows, risk adjustment, changes in the time value effect of money and changes in the financial risks that do not result from the underlying assets (for example, the effect of financial guarantees).

Changes in the fulfillment cash flows that do not change in connection with the yields of underlying assets and that relate to past service events are recognised in the profit and loss account. This is the case for management fees and attributable costs.

Acquisition cash flows are deducted from the contractual service margin of the group of contracts to which they relate and amortised over the coverage period of the contracts, as in the general model.

Due to the mechanism for allocating the change in the value of the underlying assets between the policyholders and the insurer, the result of these contracts is in principle mainly represented by the release of the fulfilment cash flows and the amortisation of the contractual service margin. When the underlying assets fully support the liabilities and are measured at fair value through profit or loss, the financial result under these contracts should be nil. The Group has chosen the option of reclassifying in shareholders\u2019 equity the change in the liabilities related to the underlying assets that are not measured at fair value through profit or loss.

Life and savings contracts meeting the above definition of direct participating contracts are valued using the variable fee approach. When these contracts include a surrender value, it meets the definition of a non-distinct investment component and changes in that investment component (including related payments) are therefore not recognised in the income statement.

The Group has chosen to apply the option introduced by the European regulation not to divide the portfolios of participating contracts based on intergenerational mutualisation by annual cohort. As a result of this choice, the assessment of the onerousness is made on the basis of the portfolio and not on the basis of the annual cohorts.

The contract boundary includes future payments as long as the applicable pricing is not modifiable (e.g. acquisition or management loadings), as well as the annuity phase in service when contracts provide for a mandatory annuity or optional (in this case, the option is probabilistic).

The discount rate is based on the risk-free rate, extrapolated over the duration exceeding the period for which observable data are available and adjusted by a liquidity premium on the basis of the underlying assets to reflect the illiquidity of the liabilities.

The risk adjustment is determined by combining the cost of capital method without considering the risk of mass lapses, including future payments and considering only attributable costs, and the quantile method for the free payment component.

The coverage unit used to amortise the contractual service margin is the change in savings due to policyholders (determined at present value), adjusted to take into account the impact of the real return on financial or property assets compared with the actuarial neutral risk projection.

Contracts concerned

Insurance contracts and investment contracts with discretionary participating features backed by pools of underlying assets commonly referred to as \u201cgeneral funds\u201d or \u201cpolicyholders\u2019 funds\u201d that correspond to pools of assets isolated analytically, contractually or in regulation, as well as unit-linked contracts with a floor guarantee in case of death and multiple saving contracts backed by assets such as a \u201cgeneral fund\u201d, are measured using the variable fee approach.

The option provided for in the European regulation related to the annual cohort exemption is applied to insurance contracts and investment contracts with discretionary participation features where the policyholders\u2019 profit-sharing is mutualised between the different generations of policyholders: these are euro-denominated or multiple saving contracts including a euro-denominated fund, in France, Italy and Luxembourg.

The liabilities for incurred claims are measured using the variable fee approach if they are sensitive to changes in the value of the underlying assets and the general model if they are not.

Simplified measurement model (Premium Allocation Approach \u2013 PAA)
Characteristics

Short-term contracts (less than one year) may be measured using a simplified approach known as the premium allocation approach, also applicable to longer-term contracts if it leads to results similar to those of the general model in terms of liability for the remaining coverage.

Contracts with a long contract boundary, where significant changes in cash flows are expected over the coverage period, or where the time value effect over the coverage period is material, are not eligible for the simplified approach.

For profitable contracts, the liability for the remaining coverage corresponds to the deferral of premiums collected according to a profile representing the remaining coverage at the reporting date. For onerous contracts, deferred premiums are supplemented by an estimate of the expected loss over the coverage period. Liabilities for incurred claims are valued according to the general model. In this case, the method used to determine the risk adjustment is the same as for the general model.

The Group has chosen the option of deferring acquisition costs over the coverage duration and therefore presenting them as a deduction of the deferred premiums, except where the coverage of the contracts coincides with the calendar year or the deferred acquisition costs are not material.

Liabilities for incurred claims are discounted if the expected settlement of claims takes place after one year from the date of occurrence. The discount expense is recognised in insurance financial income or expenses as in the general model. In this case, the option to classify the effect of changes in the discount rate into equity is also applicable. The Group has retained this option for the liabilities for incurred claims.

At each reporting date, the adjustment of liabilities for remaining coverage and for incurred claims is recognised in profit or loss.

Contracts concerned

Creditor protection insurance, personal protection insurance and other non-life insurance contracts, are measured using the simplified approach if the conditions are met (unless the general model is chosen for operational reasons).

Treatment of the reinsurance
Reinsurance contracts issued (reinsurance accepted)

Reinsurance accepted shall be treated as insurance contracts issued, either in the general model or in the simplified model, depending on the duration of the reinsurance contracts.

The Group accepts mainly risks corresponding to those it covers as a direct insurer under proportional or non-proportional treaties.

Reinsurance contracts held (reinsurance ceded)

The reinsurance ceded is also treated according to the general or simplified model, but the equivalent of the contractual service margin represents the expected gain or loss on the reinsurance and may be positive or negative. If a reinsurance contract offsets the losses of an underlying group of onerous contracts, the reinsurance gain is recognised immediately in profit or loss. This \u201closs recovery component\u201d is used to record amounts that are subsequently presented in net income.

In addition, contract execution flows include the reinsurer\u2019s risk of non-performance.

The Group cedes on reinsurance the risks it wishes to hedge (for example, non-proportional treaties covering peak risk, the risk of accumulation or exceeding the desired retention) or under the risk-sharing framework of proportional treaties for technical or commercial reasons.

The reinsurance contracts held are measured by the Group using the simplified approach or the general model.

\u00a0

Presentation in the balance sheet and in\u00a0the\u00a0profit and loss

The Group has chosen to present the investments of insurance activities and their results separately from the financial assets and liabilities of banking activities.

Financial income or expenses from issued insurance contracts are presented separately between the profit and loss account and shareholders\u2019 equity for portfolios for which this breakdown has been deemed relevant, as allowed by the standard. For the Protection contracts liabilities measured under the general model and for the liabilities for incurred claims arising from contracts measured under the simplified model, this choice for portfolios classification was made by taking into account both the effects in the profit and loss account of the undiscounting of the liabilities and the accounting treatment of the assets backing them. For contracts measured using the variable fee approach, this choice was made to offset any accounting mismatch that may exist in the profit and loss account between the effect of changes in fair value from insurance or investment liabilities and that from the underlying assets when these are not recognised at fair value through profit or loss.

Insurance contracts may be distributed and managed by non-insurance entities of the Group that are remunerated as such by commissions paid by insurance entities. The measurement model for insurance contracts requires projecting in the contract fulfilment cash flows the acquisition and management costs that will be paid in the future and presenting in the profit and loss account, the release of the estimated costs for the period on the one hand, and on the other, the actual costs. For commissions between consolidated companies in the Group, the Group restates the internal margin on the balance sheet and in the profit and loss account (in the breakdown of insurance liabilities and the related results between cash flows and contractual service margin) by presenting as insurance service expenses the portion of the general expenses (excluding internal margins) of the banking entities that can be attributed to the insurance activity. The internal distributors\u2019 margins are determined based on standardised management data for each of the related networks.

Effect of accounting estimates in interim financial statements

The Group has elected under IFRS\u00a017 to record in its annual financial statements the effects of changes in accounting estimates relating to insurance contracts issued or held, without taking into account estimates previously made in its interim financial statements.

1.hProperty, plant, equipment and\u00a0intangible assets

Property, plant and equipment and intangible assets shown in the consolidated balance sheet are composed of assets used in operations and investment property. Rights-of-use related to leased assets (see note\u00a01.i.2) are presented by the lessee within fixed assets in the same category as similar assets held.

Assets used in operations are those used in the provision of services or for administrative purposes, and include non-property assets leased by the Group as lessor under operating leases.

Investment property comprises property assets held to generate rental income and capital gains.

Investment property is recognised at cost, except for those held as underlying assets under participating direct contracts (as amended by IAS\u00a040), which are measured at fair value through profit or loss and presented in the balance sheet under \u201cInvestments related to insurance activities\u201d (see note\u00a01.g.1).

Property, plant and equipment and intangible assets are initially recognised at purchase price plus directly attributable costs, together with borrowing costs where a long period of construction or adaptation is required before the asset can be brought into service. By way of exception, property occupied by the holder entity that is an underlying component of direct participating contracts is measured at fair value (by amendment to IAS\u00a016).

Software developed internally by the BNP\u00a0Paribas Group that fulfils the criteria for capitalisation is capitalised at direct development cost, which includes external costs and the labour costs of employees directly attributable to the project.

Subsequent to initial recognition, property, plant and equipment and intangible assets are measured at cost less accumulated depreciation or amortisation and any impairment losses.

The depreciable amount of property, plant and equipment and intangible assets is calculated after deducting the residual value of the asset. Only assets leased by the Group as the lessor under operating leases are presumed to have a residual value, as the useful life of property, plant and equipment and intangible assets used in operations is generally the same as their economic life.

Property, plant and equipment and intangible assets are depreciated or amortised using the straight-line method over the useful life of the asset. Depreciation and amortisation expense is recognised in the profit and loss account under \u201cDepreciation, amortisation and impairment of property, plant and equipment and intangible assets\u201d.

Where an asset consists of a number of components which may require replacement at regular intervals, or which have different uses or generate economic benefits at different rates, each component is recognised separately and depreciated using a method appropriate to that component. The BNP\u00a0Paribas Group has adopted the component-based approach for property used in operations and for investment property.

The depreciation periods used for office property are as follows: 80\u00a0years or 60\u00a0years for the shell (for prime and other property respectively); 30\u00a0years for facades; 20\u00a0years for general and technical installations; and 10\u00a0years for fixtures and fittings.

Software is amortised, depending on its type, over periods of no more than 8\u00a0years in the case of infrastructure developments and 3\u00a0years or 5\u00a0years in the case of software developed primarily for the purpose of providing services to customers.

Software maintenance costs are expensed as incurred. However, expenditure that is regarded as upgrading the software or extending its useful life is included in the initial acquisition or production cost.

Depreciable property, plant and equipment and intangible assets are tested for impairment if there is an indication of potential impairment at the balance sheet date. Non-depreciable assets are tested for impairment at least annually, using the same method as for goodwill allocated to cash-generating units.

If there is an indication of impairment, the new recoverable amount of the asset is compared with the carrying amount. If the asset is found to be impaired, an impairment loss is recognised in the profit and loss account. This loss is reversed in the event of a change in the estimated recoverable amount or if there is no longer an indication of impairment. Impairment losses are taken to the profit and loss account in \u201cDepreciation, amortisation and impairment of property, plant and equipment and intangible assets\u201d.

Gains and losses on disposals of property, plant and equipment and intangible assets used in operations are recognised in the profit and loss account in \u201cNet gain on non-current assets\u201d.

Gains and losses on disposals of investment property are recognised in the profit and loss account in \u201cIncome from other activities\u201d or \u201cExpense on other activities\u201d.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_775582fa-f4d3-4426-9723-3cc126084c2b": { "value": "
1.dFinancial information in\u00a0hyperinflationary economies

The Group applies IAS\u00a029 to the presentation of the accounts of its consolidated subsidiaries located in countries whose economies are in hyperinflation.

IAS\u00a029 presents a number of quantitative and qualitative criteria to assess whether an economy is hyperinflationary, including a cumulative, three-year inflation rate approaching or exceeding 100%.

IAS 29 standard requires that the balance sheet and the profit or loss amounts not already expressed in terms of the measuring unit current at the end of the reporting period be restated by applying a general price index.

For this purpose:

In a period of inflation, an entity holding an excess of monetary assets over monetary liabilities loses purchasing power and an entity with an excess of monetary liabilities over monetary assets gains purchasing power to the extent the assets and liabilities are not linked to a price level. The gain or loss on the net monetary position, which reflects this gain or loss on purchasing power incurred by the Group during the reporting period, may be derived as the difference resulting from the restatement of non\u2011monetary assets, equity and the profit and loss account and the adjustment of index linked assets and liabilities. This gain or loss is recognised under \u201cNet gain on non-current assets\u201d.

Financial statements of these subsidiaries are then translated into euros at the closing rate.

In accordance with the provisions of the IFRIC\u2019s decision of March\u202f2020 on classifying the effects of indexation and translation of accounts of subsidiaries in hyperinflationary economies, the Group has opted to present these effects (including the net book value effect at the date of the initial application of IAS\u202f29) within changes in assets and liabilities recognised directly through equity related to exchange differences.

Since 1\u00a0January 2022, the Group has applied IAS\u00a029 to the presentation of the accounts of its consolidated subsidiaries located in T\u00fcrkiye.

2.iNet gain on non-current assets

In millions of euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Gain or loss on investments in consolidated undertakings (note\u00a08.d)

133

29

Gain or loss on tangible and intangible assets

(30)

139

Results from net monetary position

(294)

(272)

Net gain on non-current assets

(191)

(104)

\u00a0

According to IAS 29 in connection with the hyperinflation situation of the economy in T\u00fcrkiye, the line \u201cResults from net monetary positions\u201d corresponds to the effect of the revaluation of net monetary assets of the evolution of the consumer price index in T\u00fcrkiye on the valuation of non-monetary assets and liabilities (-EUR\u00a0549\u00a0million) and on income from the Turkish government bonds portfolio indexed to inflation and held by Turk Ekonomi Bankasi AS (+EUR\u00a0255\u00a0million, reclassified from interest margin) in 2024 (respectively -EUR\u00a0563\u00a0million and +EUR\u00a0291\u00a0million in 2023).

", "dimensions": { "concept": "ifrs-full:DisclosureOfHyperinflationaryReportingExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_5353464c-9a6b-46b8-856e-68e6e1e52209": { "value": "
1.e.1Net interest income

Income and expenses relating to debt instruments measured at amortised cost and at fair value through shareholders\u2019 equity are recognised in the income statement using the effective interest rate method.

The effective interest rate is the rate that ensures that the discounted estimated future cash flows through the expected life of the financial instrument or, when appropriate, a shorter period, is equal to the carrying amount of the asset or liability in the balance sheet. The effective interest rate measurement takes into account all fees received or paid that are an integral part of the effective interest rate of the contract, transaction costs, and premiums and discounts.

Commissions considered as an additional component of interest are included in the effective interest rate and are recognised in the profit and loss account in \u201cNet interest income\u201d. This category includes notably commissions on financing commitments when it is considered that the setting up of a loan is more likely than unlikely. Commissions received in respect of financing commitments are deferred until they are drawn and then included in the effective interest rate calculation and amortised over the life of the loan. Syndication commissions are also included in this category for the portion of the commission equivalent to the remuneration of other syndication participants.

2.aNet interest income

The BNP\u00a0Paribas Group includes in \u201cInterest income\u201d and \u201cInterest expense\u201d all income and expense calculated using the effective interest method (interest, fees and transaction costs) from financial instruments measured at amortised cost and financial instruments measured at fair value through equity.

These items also include the interest income and expense of non-trading financial instruments the characteristics of which do not allow for recognition at amortised cost or at fair value through equity, as well as of financial instruments that the Group has designated as at fair value through profit or loss. The change in fair value on financial instruments at fair value through profit or loss (excluding accrued interest) is recognised under \u201cNet gain on financial instruments at fair value through profit or loss\u201d.

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.

\u00a0

In millions of euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Income

Expense

Net

Income

Expense

Net

Financial instruments at amortised cost

69,819

(52,364)

17,455

66,886

(48,617)

18,269

Deposits, loans and borrowings

59,598

(39,095)

20,503

59,019

(36,827)

22,192

Repurchase agreements

815

(1,248)

(433)

681

(1,295)

(614)

Finance leases

3,134

(118)

3,016

2,480

(109)

2,371

Debt securities

6,272

\u00a0

6,272

4,706

\u00a0

4,706

Issued debt securities and subordinated debt

\u00a0

(11,903)

(11,903)

\u00a0

(10,386)

(10,386)

Financial instruments at fair value through equity

2,892

-

2,892

1,856

-

1,856

Financial instruments at fair value through profit or loss (Trading securities excluded)

305

(1,595)

(1,290)

243

(1,454)

(1,211)

Cash flow hedge instruments

3,916

(1,961)

1,955

3,897

(1,741)

2,156

Interest rate portfolio hedge instruments

6,088

(7,497)

(1,409)

6,660

(8,600)

(1,940)

Lease liabilities

-

(79)

(79)

-

(72)

(72)

Total interest income/(expense)

83,020

(63,496)

19,524

79,542

(60,484)

19,058

\u00a0

Net interest income notably includes an expense of EUR\u00a036\u00a0million for the year ended 2024, compared with EUR\u00a0938\u00a0million for the year ended 2023, due to the adjustment of economic hedges consecutive to the changes in the TLTRO terms and conditions mentioned below.

Net interest income includes funding costs related to Global Markets, whose revenues are mainly accounted for in \u201cNet gain on financial instruments at fair value through profit or loss\u201d (see note\u00a02.c), as well as to Arval, whose income from operating leases is presented in note\u00a02.e.

The evolution of the net interest income is therefore to be analysed in conjunction with those observed for these lines.

Interest income on individually impaired loans amounted to EUR\u00a0338\u00a0million for the year ended 2024, compared with EUR\u00a0342\u00a0million for the year ended 2023.

The Group subscribed to the TLTRO\u00a0III (Targeted Longer-Term Refinancing Operations) programme, as modified by the Governing Council of the European Central Bank in March\u00a02020, in December\u00a02020 and in October\u00a02022 (see\u00a0note\u00a04.g). The Group achieved the lending performance thresholds that enabled it to benefit from favourable interest rate conditions applicable for each of the reference period, namely:

This floating interest rate is considered as a market rate since it is applicable to all financial institutions meeting the lending criteria defined by the European Central Bank. The effective interest rate of these financial liabilities is determined for each reference period, its two components (reference rate and margin) being adjustable; it corresponds to the nominal interest rate. The addition of the last interest period in October\u00a02022 is part of the European Central Bank\u2019s monetary policy and is therefore not considered a contractual amendment according to IFRS\u00a09 but a revision of the market rate.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_d3e3d065-dc44-49ed-902d-5c1cca028d3c": { "value": "
1.e.1Net interest income

Income and expenses relating to debt instruments measured at amortised cost and at fair value through shareholders\u2019 equity are recognised in the income statement using the effective interest rate method.

The effective interest rate is the rate that ensures that the discounted estimated future cash flows through the expected life of the financial instrument or, when appropriate, a shorter period, is equal to the carrying amount of the asset or liability in the balance sheet. The effective interest rate measurement takes into account all fees received or paid that are an integral part of the effective interest rate of the contract, transaction costs, and premiums and discounts.

Commissions considered as an additional component of interest are included in the effective interest rate and are recognised in the profit and loss account in \u201cNet interest income\u201d. This category includes notably commissions on financing commitments when it is considered that the setting up of a loan is more likely than unlikely. Commissions received in respect of financing commitments are deferred until they are drawn and then included in the effective interest rate calculation and amortised over the life of the loan. Syndication commissions are also included in this category for the portion of the commission equivalent to the remuneration of other syndication participants.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_cdcf95f5-715e-43c3-a01e-e0d2de9c980b": { "value": "
1.e.1Net interest income

Income and expenses relating to debt instruments measured at amortised cost and at fair value through shareholders\u2019 equity are recognised in the income statement using the effective interest rate method.

The effective interest rate is the rate that ensures that the discounted estimated future cash flows through the expected life of the financial instrument or, when appropriate, a shorter period, is equal to the carrying amount of the asset or liability in the balance sheet. The effective interest rate measurement takes into account all fees received or paid that are an integral part of the effective interest rate of the contract, transaction costs, and premiums and discounts.

Commissions considered as an additional component of interest are included in the effective interest rate and are recognised in the profit and loss account in \u201cNet interest income\u201d. This category includes notably commissions on financing commitments when it is considered that the setting up of a loan is more likely than unlikely. Commissions received in respect of financing commitments are deferred until they are drawn and then included in the effective interest rate calculation and amortised over the life of the loan. Syndication commissions are also included in this category for the portion of the commission equivalent to the remuneration of other syndication participants.

2.aNet interest income

The BNP\u00a0Paribas Group includes in \u201cInterest income\u201d and \u201cInterest expense\u201d all income and expense calculated using the effective interest method (interest, fees and transaction costs) from financial instruments measured at amortised cost and financial instruments measured at fair value through equity.

These items also include the interest income and expense of non-trading financial instruments the characteristics of which do not allow for recognition at amortised cost or at fair value through equity, as well as of financial instruments that the Group has designated as at fair value through profit or loss. The change in fair value on financial instruments at fair value through profit or loss (excluding accrued interest) is recognised under \u201cNet gain on financial instruments at fair value through profit or loss\u201d.

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.

\u00a0

In millions of euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Income

Expense

Net

Income

Expense

Net

Financial instruments at amortised cost

69,819

(52,364)

17,455

66,886

(48,617)

18,269

Deposits, loans and borrowings

59,598

(39,095)

20,503

59,019

(36,827)

22,192

Repurchase agreements

815

(1,248)

(433)

681

(1,295)

(614)

Finance leases

3,134

(118)

3,016

2,480

(109)

2,371

Debt securities

6,272

\u00a0

6,272

4,706

\u00a0

4,706

Issued debt securities and subordinated debt

\u00a0

(11,903)

(11,903)

\u00a0

(10,386)

(10,386)

Financial instruments at fair value through equity

2,892

-

2,892

1,856

-

1,856

Financial instruments at fair value through profit or loss (Trading securities excluded)

305

(1,595)

(1,290)

243

(1,454)

(1,211)

Cash flow hedge instruments

3,916

(1,961)

1,955

3,897

(1,741)

2,156

Interest rate portfolio hedge instruments

6,088

(7,497)

(1,409)

6,660

(8,600)

(1,940)

Lease liabilities

-

(79)

(79)

-

(72)

(72)

Total interest income/(expense)

83,020

(63,496)

19,524

79,542

(60,484)

19,058

\u00a0

Net interest income notably includes an expense of EUR\u00a036\u00a0million for the year ended 2024, compared with EUR\u00a0938\u00a0million for the year ended 2023, due to the adjustment of economic hedges consecutive to the changes in the TLTRO terms and conditions mentioned below.

Net interest income includes funding costs related to Global Markets, whose revenues are mainly accounted for in \u201cNet gain on financial instruments at fair value through profit or loss\u201d (see note\u00a02.c), as well as to Arval, whose income from operating leases is presented in note\u00a02.e.

The evolution of the net interest income is therefore to be analysed in conjunction with those observed for these lines.

Interest income on individually impaired loans amounted to EUR\u00a0338\u00a0million for the year ended 2024, compared with EUR\u00a0342\u00a0million for the year ended 2023.

The Group subscribed to the TLTRO\u00a0III (Targeted Longer-Term Refinancing Operations) programme, as modified by the Governing Council of the European Central Bank in March\u00a02020, in December\u00a02020 and in October\u00a02022 (see\u00a0note\u00a04.g). The Group achieved the lending performance thresholds that enabled it to benefit from favourable interest rate conditions applicable for each of the reference period, namely:

This floating interest rate is considered as a market rate since it is applicable to all financial institutions meeting the lending criteria defined by the European Central Bank. The effective interest rate of these financial liabilities is determined for each reference period, its two components (reference rate and margin) being adjustable; it corresponds to the nominal interest rate. The addition of the last interest period in October\u00a02022 is part of the European Central Bank\u2019s monetary policy and is therefore not considered a contractual amendment according to IFRS\u00a09 but a revision of the market rate.

", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_8978c64c-7b21-461a-ab5b-0d7cd3f95a1b": { "value": "
1.e.1Net interest income

Income and expenses relating to debt instruments measured at amortised cost and at fair value through shareholders\u2019 equity are recognised in the income statement using the effective interest rate method.

The effective interest rate is the rate that ensures that the discounted estimated future cash flows through the expected life of the financial instrument or, when appropriate, a shorter period, is equal to the carrying amount of the asset or liability in the balance sheet. The effective interest rate measurement takes into account all fees received or paid that are an integral part of the effective interest rate of the contract, transaction costs, and premiums and discounts.

Commissions considered as an additional component of interest are included in the effective interest rate and are recognised in the profit and loss account in \u201cNet interest income\u201d. This category includes notably commissions on financing commitments when it is considered that the setting up of a loan is more likely than unlikely. Commissions received in respect of financing commitments are deferred until they are drawn and then included in the effective interest rate calculation and amortised over the life of the loan. Syndication commissions are also included in this category for the portion of the commission equivalent to the remuneration of other syndication participants.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_9114a8a1-f6c2-42fc-8f63-ca998dfa7125": { "value": "

Commissions received with regards to banking and similar services provided (except for those that are integral part of the effective interest rate), revenues from property development and revenues from services provided in connection with lease contracts fall within the scope of IFRS\u00a015 \u201cRevenue from Contracts with Customers\u201d.

This standard defines a single model for recognising revenue based on principles set out in five steps. These five steps enable to identify the distinct performance obligations included in the contracts and allocate the transaction price among them. The income related to those performance obligations is recognised as revenue when the latter are satisfied, namely when the control of the promised goods or services has been transferred.

The price of a service may contain a variable component. Variable amounts may be recognised in the income statement only if it is highly probable that the amounts recorded will not result in a significant downward adjustment.

Income and expenses from other activities

Margins on property development as well as income and expenses from services provided in connection with lease contracts are recorded under \u201cIncome from other activities\u201d in the profit or loss account.

With regard to the revenues and expenses composing the margins of property development transactions, the Group records them in the profit or loss account:

Provisions and impairment are recognised when the margin above is negative (provisions for onerous contracts and inventories impairment).

Regarding income from services provided in connection with lease contracts, the Group records them in profit or loss as the service is rendered, i.e. in proportion to the costs incurred for maintenance contracts. The corresponding expenses are recognised when the service is rendered. At the same time, provisions are recognised to cover risks mainly related to services provided like risk retention and relay-assistance vehicles.

", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_3782d8b4-72c3-421b-899a-429c738792aa": { "value": "

Commissions received with regards to banking and similar services provided (except for those that are integral part of the effective interest rate), revenues from property development and revenues from services provided in connection with lease contracts fall within the scope of IFRS\u00a015 \u201cRevenue from Contracts with Customers\u201d.

This standard defines a single model for recognising revenue based on principles set out in five steps. These five steps enable to identify the distinct performance obligations included in the contracts and allocate the transaction price among them. The income related to those performance obligations is recognised as revenue when the latter are satisfied, namely when the control of the promised goods or services has been transferred.

The price of a service may contain a variable component. Variable amounts may be recognised in the income statement only if it is highly probable that the amounts recorded will not result in a significant downward adjustment.

Income and expenses from other activities

Margins on property development as well as income and expenses from services provided in connection with lease contracts are recorded under \u201cIncome from other activities\u201d in the profit or loss account.

With regard to the revenues and expenses composing the margins of property development transactions, the Group records them in the profit or loss account:

Provisions and impairment are recognised when the margin above is negative (provisions for onerous contracts and inventories impairment).

Regarding income from services provided in connection with lease contracts, the Group records them in profit or loss as the service is rendered, i.e. in proportion to the costs incurred for maintenance contracts. The corresponding expenses are recognised when the service is rendered. At the same time, provisions are recognised to cover risks mainly related to services provided like risk retention and relay-assistance vehicles.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_af4df745-5398-4401-90d4-97227acc782b": { "value": "
Commission

The Group records commission income and expense in profit or loss either:

2.bCommission income and expense

In millions of euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Income

Expense

Net

Income

Expense

Net

Customer transactions

5,466

(1,488)

3,978

4,997

(1,250)

3,747

Securities and derivatives transactions

2,619

(2,004)

615

2,483

(1,965)

518

Financing and guarantee commitments

1,267

(92)

1,175

1,155

(189)

966

Asset management and other services

5,549

(431)

5,118

5,176

(367)

4,809

Others

1,295

(1,480)

(185)

1,200

(1,419)

(219)

Commission income and expense

16,196

(5,495)

10,701

15,011

(5,190)

9,821

of which net commission income related to trust and similar activities through which the Group holds or invests assets on\u00a0behalf of clients, trusts, pension and\u00a0personal risk funds or\u00a0other institutions

3,243

(410)

2,833

3,133

(360)

2,773

of which commission income and expense on financial instruments not measured at fair value through profit or\u00a0loss

3,421

(311)

3,110

3,133

(453)

2,680

", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_6f32fbc5-3b54-4636-89a0-535ad1e2df72": { "value": "
Commission

The Group records commission income and expense in profit or loss either:

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_7937bab7-bc19-4cb3-84fa-c7ef0cb286e7": { "value": "
Income and expenses from other activities

Margins on property development as well as income and expenses from services provided in connection with lease contracts are recorded under \u201cIncome from other activities\u201d in the profit or loss account.

With regard to the revenues and expenses composing the margins of property development transactions, the Group records them in the profit or loss account:

Provisions and impairment are recognised when the margin above is negative (provisions for onerous contracts and inventories impairment).

Regarding income from services provided in connection with lease contracts, the Group records them in profit or loss as the service is rendered, i.e. in proportion to the costs incurred for maintenance contracts. The corresponding expenses are recognised when the service is rendered. At the same time, provisions are recognised to cover risks mainly related to services provided like risk retention and relay-assistance vehicles.

", "dimensions": { "concept": "bnpp:DescriptionOfAccountingPolicyForIncomeExpenseFromOtherActivitiesExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_b7a5ee0f-4dea-42d3-88d0-f6ed56844ff8": { "value": "
1.fFinancial assets and liabilities

Financial assets are classified at amortised cost, at fair value through shareholders\u2019 equity or at fair value through profit or loss depending on the business model and the contractual features of the instruments at initial recognition.

Financial liabilities are classified at amortised cost or at fair value through profit or loss at initial recognition.

Financial assets and liabilities are recognised in the balance sheet when the Group becomes a party to the contractual provisions of the instrument. Purchases and sales of financial assets made within a period established by the regulations or by a convention in the relevant marketplace are recognised in the balance sheet at the settlement date.

1.f.1Financial assets at amortised cost

Financial assets are classified at amortised cost if the following two criteria are met: the business model objective is to hold the instrument in order to collect the contractual cash flows and the cash flows consist solely of payments relating to principal and interest on the principal.

Business model criterion

Financial assets are managed within a business model whose objective is to hold financial assets in order to collect cash flows through the collection of contractual payments over the life of the instrument.

The realisation of disposals close to the maturity of the instrument and for an amount close to the remaining contractual cash flows, or due to an increase in the counterparty\u2019s credit risk is consistent with a business model whose objective is to collect the contractual cash flows (\u201ccollect\u201d). Sales imposed by regulatory requirements or to manage the concentration of credit risk (without an increase in the asset\u2019s credit risk) are also consistent with this business model when they are infrequent or insignificant in value.

Cash flow criterion

The cash flow criterion is satisfied if the contractual terms of the debt instrument give rise, on specified dates, to cash flows that are solely repayments of principal and interest on the principal amount outstanding.

The criterion is not met in the event of a contractual characteristic that exposes the holder to risks or to the volatility of contractual cash flows that are inconsistent with those of a non-structured or \u201cbasic lending\u201d arrangement. It is also not satisfied in the event of leverage that increases the variability of the contractual cash flows.

Interest consists of consideration for the time value of money, for the credit risk, and for the remuneration of other risks (e.g. liquidity risk), costs (e.g. administration fees), and a profit margin consistent with that of a basic lending arrangement. The existence of negative interest does not call into question the cash flow criterion.

The time value of money is the component of interest - usually referred to as the \u201crate\u201d component - which provides consideration for only the passage of time. The relationship between the interest rate and the passage of time must not be modified by specific characteristics that could call into question the respect of the cash flow criterion.

Thus, when the variable interest rate of the financial asset is periodically reset at a frequency that does not match the duration for which the interest rate is established, the time value of money may be considered as modified and, depending on the significance of that modification, the cash flow criterion may not be met. Some financial assets held by the Group present a mismatch between the interest rate reset frequency and the maturity of the index, or interest rates indexed to an average of benchmark rate. The Group has developed a consistent methodology for analysing this alteration of the time value of money.

Regulated rates meet the cash flow criterion when they provide consideration that is broadly consistent with the passage of time and do not expose to risks or volatility in the contractual cash flows that would be inconsistent with those of a basic lending arrangement (example: loans granted in the context of Livret A savings accounts).

Some contractual clauses may change the timing or the amount of cash flows. Early redemption options do not call into question the cash flow criterion if the prepayment amount substantially represents the principal amount outstanding and the interest thereon, which may include reasonable compensation for the early termination of the contract. For example, as regards loans to retail customers, the compensation limited to 6\u00a0months of interest or 3% of the capital outstanding is considered reasonable. Actuarial penalties, corresponding to the present value of the difference between the residual contractual cash flows of the loan, and their reinvestment in a loan to a similar counterparty or in the interbank market for a similar residual maturity are also considered as reasonable, even when the compensation can be positive or negative (i.e. \u201csymmetric\u201d compensation). An option that permits the issuer or the holder of a financial instrument to change the interest rate from floating to fixed rate does not breach the cash flow criterion if the fixed rate is determined at origination, or if it represents the time value of money for the residual maturity of the instrument at the date of exercise of the option. Clauses included in financing granted to encourage the sustainable development of companies which adjust the interest margin depending on the achievement of environmental, social or governance (ESG) objectives and disclosed in chapter\u00a07 of the Universal registration document, do not call into question the cash flow criterion when such an adjustment is considered to be minimal. Structured instruments indexed to ESG market indices do not meet the cash flow criterion.

In the particular case of financial assets contractually linked to payments received on a portfolio of underlying assets and which include a priority order for payment of cash flows between investors (\u201ctranches\u201d), thereby creating concentrations of credit risk, a specific analysis is carried out. The contractual characteristics of the tranche and those of the underlying financial instrument portfolios must meet the cash flow criterion and the credit risk exposure of the tranche must be equal to or lower than the exposure to credit risk of the underlying pool of financial instruments.

Certain loans may be \u201cnon-recourse\u201d, either contractually, or in substance when they are granted to a special purpose entity. That is in particular the case of numerous project financing or asset financing loans. The cash flow criterion is met as long as these loans do not represent a direct exposure on the assets acting as collateral. In practice, the sole fact that the financial asset explicitly gives rise to cash flows that are consistent with payments of principal and interest is not sufficient to conclude that the instrument meets the cash flow criterion. In that case, the particular underlying assets to which there is limited recourse shall be analysed using the \u201clook-through\u201d approach. If those assets do not themselves meet the cash flow criterion, the existing credit enhancement is assessed. The following aspects are considered: structuring and sizing of the transaction, own funds level of the structure, expected source of repayment, price volatility of the underlying assets.\u00a0

The \u201cfinancial assets at amortised cost\u201d category includes, in particular, loans granted by the Group, as well as reverse repurchase agreements and securities held by the Group ALM Treasury in order to collect contractual flows and meeting the cash flow criterion.

Recognition

On initial recognition, financial assets are recognised at fair value, including transaction costs directly attributable to the transaction as well as commissions related to the origination of the loans.

They are subsequently measured at amortised cost, including accrued interest and net of repayments of principal and interest during the past period. These financial assets are also subject from their initial recognition, to the measurement of a loss allowance for expected credit losses (note\u00a01.f.5).

Interest is calculated using the effective interest method determined at inception of the contract.

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1.f.2Financial assets at fair value through shareholders\u2019 equity
Debt instruments

Debt instruments are classified at fair value through shareholders\u2019 equity if the following two criteria are met:

The securities held by the Group ALM Treasury in order to collect contractual flows or to be sold and meeting the cash flow criterion are in particular classified in this category.

On initial recognition, financial assets are recognised at their fair value, including transaction costs directly attributable to the transaction. They are subsequently measured at fair value and changes in fair value are recognised, under a specific line of shareholders\u2019 equity entitled \u201cChanges in assets and liabilities recognised directly in equity that may be reclassified to profit or loss\u201d. These financial assets are also subject to the measurement of a loss allowance for expected credit losses on the same approach as for debt instruments at amortised cost. The counterparty of the related impact in cost of risk is recognised in the same specific line of shareholders\u2019 equity. On disposal, changes in fair value previously recognised in shareholders\u2019 equity are reclassified to profit or loss.

In addition, interest is recognised in the income statement using the effective interest method determined at the inception of the contract.

Equity instruments

Investments in equity instruments such as shares are classified on option, and on a case-by-case basis, at fair value through shareholders\u2019 equity (under a specific line). On disposal of the shares, changes in fair value previously recognised in equity are not recognised in profit or loss. Only dividends, if they represent remuneration for the investment and not repayment of capital, are recognised in profit or loss. These instruments are not subject to impairment.

Investments in mutual funds puttable to the issuer do not meet the definition of equity instruments. They do not meet the cash flow criterion either, and thus are recognised at fair value through profit or loss.

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1.f.3Financing and guarantee commitments

Financing and financial guarantee commitments that are not recognised at fair value through profit or loss are presented respectively in notes 6.a and 6.b. They are subject to the measurement of a loss allowance for expected credit losses. These loss allowances are presented under \u201cProvisions for contingencies and charges\u201d.

The Group may issue performance guarantees in conjunction with integral indemnity agreements that provide the Group the right to claim back any amounts paid out from the party whose non-performance would have led to the guarantee being called. This type of commitment exposes the Group to credit risk and therefore results in the recognition of expected credit losses.

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1.f.4Regulated savings and loan contracts

Home savings accounts (Comptes \u00c9pargne-Logement \u2013 \u201cCEL\u201d) and home savings plans (Plans d\u2019\u00c9pargne Logement \u2013 \u201cPEL\u201d) are government-regulated retail products sold in France. They combine a savings phase and a loan phase which are inseparable, with the loan phase contingent upon the savings phase.

These products contain two types of obligations for BNP\u00a0Paribas: an obligation to pay interest on the savings for an indefinite period, at a rate set by the government at the inception of the contract (in the case of PEL products) or at a rate reset every six months using an indexation formula set by law (in the case of CEL products); and an obligation to lend to the customer (at the customer\u2019s option) an amount contingent upon the rights acquired during the savings phase, at a rate set at the inception of the contract (in the case of PEL products) or at a rate contingent upon the savings phase (in the case of CEL products).

The Group\u2019s future obligations with respect to each generation (in the case of PEL products, a generation comprises all products with the same interest rate at inception; in the case of CEL products, all such products constitute a single generation) are measured by discounting potential future earnings from at-risk outstandings for that generation.

At-risk outstandings are estimated on the basis of a historical analysis of customer behaviour, and are equivalent to:

Earnings for future periods from the savings phase are estimated as the difference between the investment rate and the fixed savings interest rate on at-risk savings outstanding for the period in question. Earnings for future periods from the loan phase are estimated as the difference between the refinancing rate and the fixed loan interest rate on at-risk loans outstanding for the period in question.

The investment rate for savings and the refinancing rate for loans are derived from the swap yield curve and from the spreads expected on financial instruments of similar type and maturity. Spreads are determined on the basis of actual spreads on fixed-rate home loans in the case of the loan phase and products offered to individual clients in the case of the savings phase. In order to reflect the uncertainty of future interest rate trends, and the impact of such trends on customer behaviour models and on at-risk outstandings, the obligations are estimated using the Monte-Carlo method.

Where the sum of the Group\u2019s estimated future obligations with respect to the savings and loan phases of any generation of contracts indicates a potentially unfavourable situation for the Group, a provision is recognised (with no offset between generations) in the balance sheet in \u201cProvisions for contingencies and charges\u201d. Movements in this provision are recognised as interest income in the profit and loss account.

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1.f.5Impairment of financial assets measured at amortised cost and debt instruments measured at fair value through shareholders\u2019 equity

The impairment model for credit risk is based on expected losses.

This model applies to loans and debt instruments measured at amortised cost or at fair value through equity, to loan commitments and financial guarantee contracts that are not recognised at fair value, as well as to lease receivables, trade receivables and contract assets.

General model

The Group identifies three \u201cstages\u201d that each correspond to a specific status with regards to the evolution of counterparty credit risk since the initial recognition of the asset.

This general model is applied to all instruments within the scope of IFRS\u00a09 impairment, except for purchased or originated credit-impaired financial assets and instruments for which a simplified model is used (see below).

The IFRS\u00a09 expected credit loss approach is symmetrical, i.e. if lifetime expected credit losses have been recognised in a previous reporting period, and if it is assessed in the current reporting period that there is no longer any significant increase in credit risk since initial recognition, the loss allowance reverts to a 12-months expected credit loss.

As regards interest income, under \u201cstages\u201d 1 and 2, it is calculated on the gross carrying amount. Under \u201cstage\u00a03\u201d, interest income is calculated on the amortised cost (i.e. the gross carrying amount adjusted for the loss allowance).

Definition of default

The definition of default is aligned with the Basel regulatory default definition, with a rebuttable presumption that the default occurs no later than 90\u00a0days past due. This definition takes into account the EBA guidelines of 28\u00a0September 2016, notably those regarding the thresholds applicable for the counting of past-due and probation periods.

The definition of default is used consistently for assessing the increase in credit risk and measuring expected credit losses.

Credit-impaired or doubtful financial assets
Definition

A financial asset is considered credit-impaired or doubtful and classified in \u201cstage\u00a03\u201d when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred.

At an individual level, objective evidence that a financial asset is credit-impaired includes observable data regarding the following events: the existence of accounts that are more than 90\u00a0days past due; knowledge or indications that the borrower is experiencing significant financial difficulties, such that a risk can be considered to have arisen regardless of whether the borrower has missed any payments; concessions with respect to the credit terms granted to the borrower that the lender would not have considered had the borrower not been in financial difficulty (see section Restructuring of financial assets for financial difficulties).

Specific cases of purchased or originated credit-impaired assets

In some cases, financial assets are credit-impaired at initial recognition.

For these assets, no loss allowance is recorded on initial recognition. The effective interest rate is calculated taking into account the lifetime expected credit losses in the initial estimated cash flows. Any change in lifetime expected credit losses since initial recognition, positive or negative, is recognised as a loss allowance adjustment in profit or loss.

Simplified model

The simplified approach consists in accounting for a loss allowance corresponding to lifetime expected credit losses since initial recognition, and at each reporting date.

The Group applies this model to trade receivables with a maturity shorter than 12\u00a0months.

Significant increase in credit risk

A significant increase in credit risk may be assessed on an individual basis or on a collective basis (by grouping financial instruments according to common credit risk characteristics), taking into account all reasonable and supportable information and comparing the risk of default of the financial instrument at the reporting date with the risk of default of the financial instrument at the date of initial recognition.

Assessment of deterioration is based on the comparison of the probabilities of default derived from the ratings on the date of initial recognition with those existing at the reporting date.

There is also, according to the standard, a rebuttable presumption that the credit risk of an instrument has significantly increased since initial recognition when the contractual payments are more than 30\u00a0days past due.

In the consumer credit specialist business, a significant increase in credit risk is also considered when a past due event has occurred within the last 12\u00a0months, even if it has since been regularised. From 2024, this specificity no longer applies to most exposures in the eurozone.

The approaches applied to assess the significant increase in credit risk are detailed in note\u00a02.g Cost of risk.

Measurement of expected credit losses

Expected credit losses are defined as an estimate of credit losses (i.e. the present value of all cash shortfalls) weighted by the probability of occurrence of these losses over the expected life of the financial instruments. They are measured on an individual basis, for all exposures.

In practice, for exposures classified in stage\u00a01 and stage\u00a02, expected credit losses are measured as the product of the probability of default (\u201cPD\u201d), Loss Given Default (\u201cLGD\u201d) and Exposure at Default (\u201cEAD\u201d), discounted at the effective interest rate of the exposure (EIR). They result from the risk of default within the next 12\u00a0months (stage\u00a01), or from the risk of default over the maturity of the facility (stage\u00a02). In the consumer credit specialist business, because of the specificity of credit exposures, the methodology used is based on the probability of transition to term forfeiture, and on discounted loss rates after term forfeiture. These parameters are measured on a statistical basis for homogeneous populations. From 2024, this specificity no longer applies to most exposures in the Eurozone.

For exposures classified in stage\u00a03, expected credit losses are measured as the value, discounted at the effective interest rate, of all cash shortfalls over the life of the financial instrument. Cash shortfalls represent the difference between the cash flows that are due in accordance with the contract, and the cash flows that are expected to be received. Where appropriate, the estimate of expected cash flows takes into account a cash flow scenario arising from the sale of the defaulted loans or groups of loans. Proceeds from the sale are recorded net of costs to sell.

The methodology developed is based on existing concepts and methods (in particular the Basel framework) on exposures for which capital requirement for credit risk is measured according to the Internal Ratings-Based Approach (IRBA) methodology. This method is also applied to portfolios for which capital requirement for credit risk is measured according to the standardised approach. Besides, the Basel framework has been adjusted in order to be compliant with IFRS\u00a09 requirements, in particular the use of forward-looking information.

Maturity

All contractual terms of the financial instrument are taken into account, including prepayment, extension and similar options. In the rare cases where the expected life of the financial instrument cannot be estimated reliably, the residual contractual term is used. The standard specifies that the maximum period to consider when measuring expected credit losses is the maximum contractual period. However, for revolving credit cards and overdrafts, in accordance with the exception provided by IFRS\u00a09 for these products, the maturity considered for measuring expected credit losses is the period over which the entity is exposed to credit risk, which may extend beyond the contractual maturity (notice period). For revolving credits and overdrafts to non-retail counterparties, the contractual maturity can be used, for example if the next review date is the contractual maturity as they are individually managed.

Probabilities of Default (PD)

Probability of Default is an estimate of the likelihood of default over a given time horizon.

The determination of the PD is based on the Group\u2019s internal rating system, which is described in chapter\u00a05 of the Universal registration document (section\u00a05.4 Credit risk \u2013 Credit risk management policy). This section describes how Environmental, social and governance (ESG) risks are taken into account in credit and rating policies, notably with the introduction of a new tool: the ESG Assessment.

The measurement of expected credit losses requires the estimation of both 1-year probabilities of default and lifetime probabilities of default.

1-year PDs are derived from long term average regulatory \u201cthrough the cycle\u201d PDs to reflect the current situation and macroeconomic scenarios (\u201cPoint in Time\u201d or \u201cPIT\u201d).

Lifetime PDs are determined based on the rating migration matrices reflecting the expected changes in the rating of the exposure until maturity, and the associated probabilities of default.

Loss Given Default (LGD)

Loss Given Default is the difference between contractual cash flows and expected cash-flows, discounted using the effective interest rate (or an approximation thereof) at the default date. LGD is expressed as a percentage of the Exposure at Default (EAD).

The estimate of expected cash flows takes into account cash flows resulting from the sale of collateral held or other credit enhancements if they are part of the contractual terms and are not accounted for separately by the entity (for example, a mortgage associated with a residential loan), net of the costs of obtaining and selling the collateral.

For guaranteed loans, the guarantee is considered as integral to the loan agreement if it is embedded in the contractual clauses of the loan, or if it was granted concomitantly to the loan, and if the expected reimbursement amount can be attached to a loan in particular (i.e. absence of pooling effect by means of a tranching mechanism, or the existence of a global cap for a whole portfolio). In such case, the guarantee is taken into account when measuring the expected credit losses. Otherwise, it is accounted for as a separate reimbursement asset.

The LGD used for IFRS\u00a09 purposes is derived from the Basel LGD parameters. It is adjusted for downturn and conservatism margins (in particular regulatory margins), except for margins for model uncertainties. For corporate clients, this LGD is determined considering macroeconomic scenarios.

Exposure at Default (EAD)

Exposure at Default (EAD) of an instrument is the anticipated outstanding amount owed by the obligor at the time of default. It is determined by the expected payment profile taking into account, depending on the product type: the contractual repayment schedule, expected early repayments and expected future drawings for revolving facilities.

Forward-looking information

The amount of expected credit losses is measured on the basis of probability-weighted scenarios, in view of past events, current conditions and reasonable and supportable economic forecasts. From 31\u00a0December 2024, forward\u2011looking information specifically takes into account risks related to climate change transition, in particular through the use of long-term scenarios.

The approaches applied to take into account forward-looking information when measuring expected credit losses are detailed in note\u00a02.g Cost of risk.

Write-offs

A write-off consists in reducing the gross carrying amount of a financial asset when there are no longer reasonable expectations of recovering that financial asset in its entirety or a portion thereof, or when it has been fully or partially forgiven. The write-off is recorded when all other means available to the Bank for recovering the receivables or guarantees have failed, and also generally depends on the context specific to each jurisdiction.

If the amount of loss on write-off is greater than the accumulated loss allowance, the difference is recognised as an additional impairment loss in \u201cCost of risk\u201d. For any recovery once the financial asset (or part thereof) is no longer recognised on the balance sheet, the amount received is recorded as a gain in \u201cCost of risk\u201d.

Recoveries through the repossession of\u00a0the\u00a0collateral

When a loan is secured by a financial or a non-financial asset serving as a guarantee and the counterparty is in default, the Group may decide to exercise the guarantee and, depending on the jurisdiction, it may then become owner of the asset. In such a situation, the loan is written-off against the asset received as collateral.

Once ownership of the asset is effective, it is recognised at fair value and classified according to the intent of use.

Restructuring of financial assets for financial difficulties

A restructuring due to the borrower\u2019s financial difficulties is defined as a change in the terms and conditions of the initial transaction that the Group is considering only for economic or legal reasons related to the borrower\u2019s financial difficulties.

For restructurings not resulting in derecognition of the financial asset, the restructured asset\u2019s gross carrying amount is reduced to the discounted amount, using the original effective interest rate of the asset, of the new expected future flows. The change in the gross carrying amount of the asset is recorded in the income statement in \u201cCost of risk\u201d.

The existence of a significant increase in credit risk for the financial instrument is then assessed by comparing the risk of default after the restructuring (under the revised contractual terms) and the risk of default at the initial recognition date (under the original contractual terms). In order to demonstrate that the criteria for recognising lifetime expected credit losses are no longer met, good payment behaviour will have to be observed over a certain period of time.

When the restructuring consists of a partial or total exchange against other substantially different assets (for example, the exchange of a debt instrument against an equity instrument), it results in the extinction of the original asset and the recognition of the assets remitted in exchange, measured at their fair value at the date of exchange. The difference in value is recorded in the income statement in \u201cCost of risk\u201d.

Modifications to financial assets that are not due to a borrower\u2019s financial difficulties, or granted in the context of a moratorium (i.e. commercial renegotiations) are generally analysed as the early repayment of the former loan, which is then derecognised, followed by the set-up of a new loan at market conditions. If there is no significant repayment penalty, they consist in resetting the interest rate of the loan at market conditions, with the client being in a position to change lender and not encountering any financial difficulties.

Probation periods

The Group applies observation periods to assess the possible return to a better stage. Accordingly, a 3-month probation period is observed for the transition from stage\u00a03 to stage\u00a02 which is extended to 12\u00a0months in the event of restructuring due to financial difficulties.

For the transition from stage\u00a02 to stage\u00a01, a probation period of two years is observed for loans that have been restructured due to financial difficulties.

1.f.6Cost of risk

Cost of risk includes the following items of profit or loss:

It also includes expenses relating to fraud and to disputes inherent to the financing activity.

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1.f.7Financial instruments at fair value through profit or loss
Trading portfolio and other financial assets measured at fair value through profit or loss

The trading portfolio includes instruments held for trading (trading transactions), including derivatives.

Other financial assets measured at fair value through profit or loss include debt instruments that do not meet the \u201ccollect\u201d or \u201ccollect and sale\u201d business model criterion or that do not meet the cash flow criterion, as well as equity instruments for which the fair value through shareholders\u2019 equity option has not been retained. Finally financial assets may be designated as at fair value through profit or loss if this enables the entity to eliminate or significantly reduce a mismatch in the measurement and accounting treatment of assets and liabilities that would otherwise arise if they were to be classified in separate categories.

All those financial instruments are measured at fair value at initial recognition, with transaction costs directly posted in profit or loss. At the reporting date, they are measured at fair value, with changes presented in \u201cNet gain/loss on financial instruments at fair value through profit or loss\u201d. Income, dividends, and realised gains and losses on disposal related to held-for-trading transactions are accounted for in the same profit or loss account.

Financial liabilities designated as at fair value through profit or loss

Financial liabilities are recognised under option in this category in the two following situations:

Changes in fair value due to the own credit risk are recognised under a specific heading of shareholders\u2019 equity.

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1.f.8Financial liabilities and equity instruments

A financial instrument issued or its various components are classified as a financial liability or equity instrument, in accordance with the economic substance of the legal contract.

Financial instruments issued by the Group are qualified as debt instruments if the entity in the Group issuing the instruments has a contractual obligation to deliver cash or another financial asset to the holder of the instrument. The same applies if the Group is required to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the Group, or to deliver a variable number of the Group\u2019s own equity instruments.

Equity instruments result from contracts evidencing a residual interest in an entity\u2019s assets after deducting all of its liabilities.

Debt securities and subordinated debt

Debt securities and subordinated debt are measured at amortised cost unless they are recognised at fair value through profit or loss.

Debt securities are initially recognised at the issue value including transaction costs and are subsequently measured at amortised cost using the effective interest method.

Issued bonds redeemable or convertible into own equity may contain a debt component and an equity component, determined upon initial recognition of the transaction. In this case, they will be qualified as compound financial instruments.

In this respect, the Group has elected to record contingent convertible bonds issued, without maturity, when convertible into a variable number of own shares on the occurrence of a predetermined trigger event (e.g. a decrease in the solvency ratio below a threshold), as compound instruments, to the extent that the coupons on these bonds are paid discretionarily.

Equity instruments

The term \u201cown equity instruments\u201d refers to shares issued by the parent company (BNP\u00a0Paribas\u00a0SA) and by its fully consolidated subsidiaries. External costs that are directly attributable to an issue of new shares are deducted from equity net of all related taxes.

Own equity instruments held by the Group, also known as treasury shares, are deducted from consolidated shareholders\u2019 equity irrespective of the purpose for which they are held. Gains and losses arising on such instruments are eliminated from the consolidated profit and loss account.

When the Group acquires equity instruments issued by subsidiaries under the exclusive control of BNP\u00a0Paribas, the difference between the acquisition price and the share of net assets acquired is recorded in retained earnings attributable to BNP\u00a0Paribas shareholders. Similarly, the liability corresponding to put options granted to minority shareholders in such subsidiaries, and changes in the value of that liability, are offset against minority interests, with any surplus offset against retained earnings attributable to BNP\u00a0Paribas shareholders. Until these options have been exercised, the portion of net income attributable to minority interests is allocated to minority interests in the profit and loss account. A decrease in the Group\u2019s interest in a fully consolidated subsidiary is recognised in the Group\u2019s accounts as a change in shareholders\u2019 equity.

Financial instruments issued by the Group and classified as equity instruments (notably the undated super subordinated notes) are presented in the balance sheet in \u201cCapital and retained earnings\u201d.

Distributions from a financial instrument classified as an equity instrument are recognised directly as a deduction from equity. Similarly, the transaction costs of an instrument classified as equity are recognised as a deduction from shareholders\u2019 equity.

Own equity instrument derivatives are treated as follows, depending on the method of settlement:

If the contract includes an obligation, whether contingent or not, for the bank to repurchase its own shares, the Bank recognises the debt at its present value with an offsetting entry in shareholders\u2019 equity.

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1.f.9Hedge accounting

The Group retained the option provided by the standard to maintain the hedge accounting requirements of IAS\u00a039 until the future standard on macro-hedging is entered into force. Furthermore, IFRS\u00a09 does not explicitly address the fair value hedge of the interest rate risk on a portfolio of financial assets or liabilities. The provisions in IAS\u00a039 for these portfolio hedges, as adopted by the European Union, continue to apply.

Derivatives contracted as part of a hedging relationship are designated according to the purpose of the hedge.

Fair value hedges are particularly used to hedge interest rate risk on fixed-rate assets and liabilities, both for identified financial instruments (securities, debt issues, loans, borrowings) and for portfolios of financial instruments (in particular, demand deposits and fixed-rate loans).

Cash flow hedges are particularly used to hedge interest rate risk on floating-rate assets and liabilities, including rollovers, and foreign exchange risks on highly probable forecast foreign currency revenues.

At the inception of the hedge, the Group prepares formal documentation which details the hedging relationship, identifying the instrument, or portion of the instrument, or portion of risk that is being hedged, the hedging strategy and the type of risk hedged, the hedging instrument, and the methods used to assess the effectiveness of the hedging relationship.

On inception and at least quarterly, the Group assesses, in consistency with the original documentation, the actual (retrospective) and expected (prospective) effectiveness of the hedging relationship. Retrospective effectiveness tests are designed to assess whether the ratio of actual changes in the fair value or cash flows of the hedging instrument to those in the hedged item is within a range of 80% to 125%. Prospective effectiveness tests are designed to ensure that expected changes in the fair value or cash flows of the derivative over the residual life of the hedge adequately offset those of the hedged item. For highly probable forecast transactions, effectiveness is assessed largely on the basis of historical data for similar transactions.

Under IAS\u00a039 as adopted by the European Union, which excludes certain provisions on portfolio hedging, interest rate risk hedging relationships based on portfolios of assets or liabilities qualify for fair value hedge accounting as follows:

The accounting treatment of derivatives and hedged items depends on the hedging strategy.

In a fair value hedging relationship, the derivative instrument is remeasured at fair value in the balance sheet, with changes in fair value recognised in profit or loss in \u201cNet gain/loss on financial instruments at fair value through profit or loss\u201d, symmetrically with the remeasurement of the hedged item to reflect the hedged risk. In the balance sheet, the fair value remeasurement of the hedged component is recognised in accordance with the classification of the hedged item in the case of a hedge of identified assets and liabilities, or under \u201cRemeasurement adjustment on interest rate risk hedged portfolios\u201d in the case of a portfolio hedging relationship.

If a hedging relationship ceases or no longer fulfils the effectiveness criteria, the hedging instrument is transferred to the trading book and accounted for using the treatment applied to this category. In the case of identified fixed-income instruments, the remeasurement adjustment recognised in the balance sheet is amortised at the effective interest rate over the remaining life of the instrument. In the case of interest rate risk hedged fixed-income portfolios, the adjustment is amortised on a straight-line basis over the remainder of the original term of the hedge. If the hedged item no longer appears in the balance sheet, in particular due to prepayments, the adjustment is taken to the profit and loss account immediately.

In a cash flow hedging relationship, the derivative is measured at fair value in the balance sheet, with changes in fair value taken to shareholders\u2019 equity on a separate line, \u201cChanges in fair value recognised directly in equity\u201d. The amounts taken to shareholders\u2019 equity over the life of the hedge are transferred to the profit and loss account under \u201cNet interest income\u201d as and when the cash flows from the hedged item impact profit or loss. The hedged items continue to be accounted for using the treatment specific to the category to which they belong.

If the hedging relationship ceases or no longer fulfils the effectiveness criteria, the cumulative amounts recognised in shareholders\u2019 equity as a result of the remeasurement of the hedging instrument remain in equity until the hedged transaction itself impacts profit or loss, or until it becomes clear that the transaction will not occur, at which point they are transferred to the profit and loss account.

If the hedged item ceases to exist, the cumulative amounts recognised in shareholders\u2019 equity are immediately taken to the profit and loss account.

Whatever the hedging strategy used, any ineffective portion of the hedge is recognised in the profit and loss account under \u201cNet gain/loss on financial instruments at fair value through profit or loss\u201d.

Hedges of net foreign currency investments in subsidiaries and branches are accounted for in the same way as cash flow hedges. Hedging instruments may be foreign exchange derivatives or any other non-derivative financial instrument.

\u00a0

1.f.10Determination of fair value

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal market or most advantageous market, at the measurement date.

The Group determines the fair value of financial instruments either by using prices obtained directly from external data or by using valuation techniques. These valuation techniques are primarily market and income approaches encompassing generally accepted models (e.g. discounted cash flows, Black-Scholes model, and interpolation techniques). They maximise the use of observable inputs and minimise the use of unobservable inputs. They are calibrated to reflect current market conditions and valuation adjustments are applied as appropriate, when some factors such as model, liquidity and credit risks are not captured by the models or their underlying inputs but are nevertheless considered by market participants when setting the exit price.

The unit of measurement is the individual financial asset or financial liability but a portfolio-based measurement can be elected, subject to certain conditions. Accordingly, the Group retains this portfolio-based measurement exception to determine the fair value when some group of financial assets and financial liabilities and other contracts within the scope of the standard relating to financial instruments with substantially similar and offsetting market risks or credit risks is managed on the basis of a net exposure, in accordance with the documented risk management strategy.

Assets and liabilities measured or disclosed at fair value are categorised into the three following levels of the fair value hierarchy:

The level in the fair value hierarchy within which the asset or liability is categorised in its entirety is based upon the lowest level input that is significant to the entire fair value measurement.

For financial instruments disclosed in Level\u00a03 of the fair value hierarchy, and marginally some instruments disclosed in Level\u00a02, a difference between the transaction price and the fair value may arise at initial recognition. This \u201cDay One Profit\u201d is deferred and released to the profit and loss account over the period during which the valuation parameters are expected to remain non-observable. When parameters that were originally non-observable become observable, or when the valuation can be substantiated in comparison with recent similar transactions in an active market, the unrecognised portion of the day one profit is released to the profit and loss account.

\u00a0

1.f.11Derecognition of financial assets and financial liabilities
Derecognition of financial assets

The Group derecognises all or part of a financial asset when the contractual rights to the cash flows of the asset expire, or when the Group transfers the asset \u2013 either on the basis of a transfer of the contractual rights to its cash flows, or by retaining the contractual rights to receive the cash flows of the asset while assuming an obligation to pay the cash flows of the asset under an eligible pass-through arrangement \u2013 as well as substantially all the risks and rewards of the asset.

Where the Group has transferred the cash flows of a financial asset but has neither transferred nor retained substantially all the risks and rewards of ownership of the financial asset and has not in practice retained control of the financial asset, the Group derecognises the financial asset and then records separately, if necessary, an asset or liability representing the rights and obligations created or held as part of the transfer of the asset. If the Group has retained control of the financial asset, it maintains it on its balance sheet to the extent of its continuing involvement in that asset.

Upon the derecognition of a financial asset in its entirety, a gain or loss on disposal is recognised in the profit and loss account for an amount equal to the difference between the carrying amount of the asset and the value of the consideration received, adjusted where appropriate for any unrealised gain or loss previously recognised directly in equity.

If all these conditions are not met, the Group retains the asset in its balance sheet and recognises a liability for the obligations arising on the transfer of the asset.

Derecognition of financial liabilities

The Group derecognises all or part of a financial liability when the liability is extinguished, i.e. when the obligation specified in the contract is extinguished, cancelled or expired. A financial liability may also be derecognised in the event of a substantial change in its contractual terms or if exchanged with the lender for an instrument with substantially different contractual terms.

Repurchase agreements and securities lending/borrowing

Securities temporarily sold under repurchase agreements continue to be recognised in the Group\u2019s balance sheet in the category of securities to which they belong. The corresponding liability is recognised at amortised cost under the appropriate \u201cFinancial liabilities at amortised cost\u201d category on the balance sheet, except in the case of repurchase agreements contracted for trading purposes, for which the corresponding liability is recognised in \u201cFinancial liabilities at fair value through profit or loss\u201d.

Securities temporarily acquired under reverse repurchase agreements are not recognised in the Group\u2019s balance sheet. The corresponding receivable is recognised at amortised cost under the appropriate \u201cFinancial assets at amortised cost\u201d category in the balance sheet, except in the case of reverse repurchase agreements contracted for trading purposes, for which the corresponding receivable is recognised in \u201cFinancial assets at fair value through profit or loss\u201d.

Securities lending transactions do not result in derecognition of the lent securities, and securities borrowing transactions do not result in recognition of the borrowed securities on the balance sheet. In cases where the borrowed securities are subsequently sold by the Group, the obligation to deliver the borrowed securities on maturity is recognised on the balance sheet under \u201cFinancial liabilities at fair value through profit or loss\u201d.

\u00a0\u00a0

1.f.12Offsetting financial assets and financial liabilities

A financial asset and a financial liability are offset and the net amount presented in the balance sheet if, and only if, the Group has a legally enforceable right to set off the recognised amounts, and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Repurchase agreements and derivatives that meet the two criteria set out in the accounting standard are offset in the balance sheet.

1.g.1Investments related to insurance activities

IFRS\u00a09 is applied in the same way as to other Group entities (see note\u00a01.f).

Investments of insurance activities include investment property which are measured at fair value as underlying assets of direct participating contracts.

\u00a0

2.cNet gain on financial instruments at fair value through profit or\u00a0loss

Net gain on financial instruments measured at fair value through profit or loss includes all profit and loss items relating to financial instruments held for trading, financial instruments that the Group has designated as at fair value through profit or loss, non-trading equity instruments that the Group did not choose to measure at fair value through equity, as well as debt instruments whose cash flows are not solely repayments of principal and interest on the principal or whose business model is not to collect cash flows nor to collect cash flows and sell the assets.

These income items include dividends on these instruments and exclude interest income and expense from financial instruments designated as at fair value through profit or loss and instruments whose cash flows are not only repayments of principal and interest on the principal or whose business model is not to collect cash flows nor to collect cash flows and sell the assets, which are presented in \u201cNet interest income\u201d (see note\u00a02.a).

In millions of euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Financial instruments held for trading

11,633

13,801

Interest rate and credit instruments

(1,406)

8,948

Equity financial instruments

12,794

3,184

Foreign exchange financial instruments

6,269

5,452

Loans and repurchase agreements

(6,048)

(4,515)

Other financial instruments

24

732

Financial instruments designated as at fair value through profit or loss

(964)

(3,985)

Other financial instruments at fair value through profit or loss

797

565

Impact of hedge accounting

103

(35)

Fair value hedging derivatives

1,677

(1,247)

Hedged items in fair value hedge

(1,574)

1,212

Net gain on financial instruments at fair value through profit or loss

11,569

10,346

\u00a0

Gains and losses on financial instruments designated as at fair value through profit or loss are mainly related to instruments for which changes in value may be compensated by changes in the value of economic hedging derivative financial instruments held for trading.

Net gain on financial instruments held for trading in 2024 and 2023 includes a non-material amount related to the ineffective portion of cash flow hedges.

Potential sources of ineffectiveness can be the differences between hedging instruments and hedged items, notably generated by mismatches in the terms of hedged and hedging instruments, such as the frequency and timing of interest rates resetting, the frequency of payments and the discounting factors, or when hedging derivatives have a non-zero fair value at the inception date of the hedging relationship.\u00a0Credit valuation adjustments applied to hedging derivatives are also sources of ineffectiveness.

Cumulated changes in fair value related to discontinued cash flow hedge relationships, previously recognised in equity and included in 2024 in profit and loss accounts are not material, whether the hedged item ceased to exist or not.

2.dNet 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

145

(56)

Dividend income on equity instruments

64

84

Net gain on financial instruments at fair value through equity

209

28

\u00a0

Interest income from debt instruments is included in note\u00a02.a Net interest income, and impairment losses related to potential issuer default are included in note\u00a02.g Cost of risk.

2.gCost of risk

The general model for impairment described in note\u00a01.f.5 used by the Group relies on the following two steps:

Both steps rely on forward-looking information.

Significant increase in credit risk

At 31\u00a0December 2022, BNP\u00a0Paribas revised its criteria for assessing the significant increase in credit risk in line with the recommendations issued by the European Banking Authority and the European Central Bank.

Under these criteria, credit risk is assumed to have significantly increased, and the asset is classified in stage\u00a02, if the probability of default to maturity of the instrument has increased at least threefold since its origination. This relative variation criterion is supplemented by an absolute variation criterion of the default probability of 400\u00a0basis points.

Furthermore, for all portfolios (except for the consumer credit specialist business):

In the consumer credit specialist business, the existence of a payment incident during the last 12\u00a0months, potentially regularised, is considered to be an indication of significant increase in credit risk and the facility is therefore classified in stage\u00a02. From 2024, this specificity no longer applies to most exposures in the Eurozone.

Credit risk is assumed to have increased significantly since initial recognition and the asset is classified in stage\u00a02 in the event of late payment of more than 30\u00a0days or restructuring due to financial difficulties (as long as the facility is not credit-impaired). Since 31\u00a0December 2023, performing corporate clients placed under credit watch are systematically downgraded to stage\u00a02.

In 2022, the internal ratings of the Russian counterparties (including the sovereign rating) were systematically downgraded to take into account the geopolitical situation of the country, thus leading to the transfer of their outstandings to stage\u00a02. However, given the Group\u2019s limited level of exposure to this country, this deterioration had no significant effect on the cost of risk.

Forward-Looking Information

The Group considers forward-looking information both when assessing significant increase in credit risk and when measuring Expected Credit Losses (ECL).

Regarding the measurement of expected credit losses, the Group has chosen to use 4 macroeconomic scenarios by geographic area covering a wide range of potential future economic conditions:

The link between the macroeconomic scenarios and the ECL measurement is mainly achieved through a modelling of the probabilities of default and deformation of migration matrices based on internal rating (or risk parameter). The probabilities of default determined according to these scenarios are used to measure expected credit losses in each of these scenarios.

The Group\u2019s setup is broken down by sector to take into account the heterogeneity of sectoral dynamics when assessing the probability of default for corporates.

Forward-looking information is also considered when determining the significant deterioration in credit risk. As a matter of fact, the probabilities of default used as the basis for this assessment include forward-looking multi-scenario information in the same way as for the calculation of the expected losses.

The weight to be attributed to the expected credit losses calculated in each of the scenarios is defined as follows:

When appropriate, the ECL measurement can take into account asset sale scenarios.

Macroeconomic scenarios

The four macroeconomic scenarios are defined over a three-year projection horizon. They correspond to:

The link between the macroeconomic scenarios and the measurement of the ECL is complemented by an approach allowing to take into account anticipation aspects not captured by the models in the generic approach. This is particularly the case when unprecedented events in the historical chronicle taken into account to build the models occur or are anticipated, or when the nature or amplitude of change in macroeconomic parameter calls into question past correlations. Thus, the situation of high inflation and the level of interest rates previously recorded were not observed in the reference history. In this context, the Group has developed an approach to take into account the future economic outlook when assessing the financial strength of counterparties. This approach involves projecting the impact of higher interest rates on customers\u2019 financial ratios, notably considering their level of indebtedness. Credit ratings and associated probabilities of default are revalued based on these simulated financial ratios. This approach is also used to anticipate the effect of lower prices of commercial properties. Starting in 2024, this approach is also used to complete the prospective assessment of the potential consequences of climate change (transition and physical risks) on the credit risk of corporate counterparties and mortgages. At the end of 2024, physical risks are accounted for through a post-model adjustment.

Baseline scenario

In 2024, global activity grew at a relatively moderate pace. In the Eurozone, activity returned to growth, supported by the positive impact of disinflation on real incomes and consumption, and the gradual easing of monetary conditions. In the United States, the economy remained strong. At 31\u00a0December 2024, annual growth forecasts were +0.8% in the Eurozone and +2.7% in the United States (compared to expectations of +0.8% and +0.7% respectively at 31\u00a0December 2023).\u00a0

Over the 2025-2027 period, the baseline scenario assumes a gradual continuation of the recovery in the eurozone, which would result from a strengthening of private domestic demand, as public spending is expected to be more constrained. In the United States, a deceleration in growth is assumed, after a few years of strong expansion.\u00a0

Inflation has continued to slow over the course of 2024, moving closer to the targets of major central banks. This has allowed most of them (ECB, Federal Reserve, Bank of England, etc.) to start a rate cut cycle. This monetary policy adjustment is expected to extend in 2025. Then, central bank rates are expected to remain stable over the following years (2026-2027), in the presence of controlled inflation, evolving around 2%.\u00a0

Long-term interest rates in 2023-2024 reached levels not seen in more than a decade and are assumed to remain relatively stable over the projection horizon (with no significant changes in growth and inflation scenarios).

The uncertainty surrounding the baseline scenario appears to be relatively high. The current geopolitical context, marked by two major ongoing conflicts (invasion of Ukraine, conflict in the Middle East) and significant tensions in other regions (in Asia in particular), is likely to evolve rapidly. Additionally, the presidential shift in the\u00a0United\u00a0States in January 2025 may lead to notable changes in economic policy, particularly concerning customs duties, which could impact the global economy.\u00a0

\u00a0

The graph below presents a comparison of Eurozone GDP projections used in the baseline scenario for the calculation of ECLs on 31\u00a0December 2024 and 31\u00a0December 2023.

\u27a4EUROZONE GDP: INDEX BASE 100 AT THE FOURTH QUARTER OF 2019
\"BNP2024_URD_EN_I027_HD.jpg\"
\u27a4Macroeconomic variables, baseline scenario at 31\u00a0December 2024

(annual averages)

2024

2025

2026

2027

GDP growth rate

\u00a0

\u00a0

\u00a0

\u00a0

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

\u00a0

\u00a0

\u00a0

\u00a0

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

\u00a0

\u00a0

\u00a0

\u00a0

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

\u00a0

\u00a0

\u00a0

\u00a0

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%

\u00a0

Adverse and severely adverse scenarios

The adverse and severely adverse scenarios assume that some downside risks will materialise, resulting in much less favourable economic paths than in the baseline scenario.

The following main risks are identified:

The adverse and severe scenarios assume the materialisation of these identified risks from the first quarter of 2025. While downside risks are shared by these scenarios, the impacts are assumed to be markedly higher in the severely adverse scenario, due to both more pronounced direct shocks notably higher commodity prices, and the development of a negative spiral between key driving factors (activity, public debt, bond yields, equity markets).
Among the considered countries, GDP levels in the adverse scenario stand between 7.8% and 11.2% lower than in the baseline scenario at the end of the shock period. In particular, this deviation reaches 8.2% in the Eurozone and 8.4% in the United States. In the severe scenario, GDP levels stand between 11.5% and 16.4% lower than in the baseline scenario at the end of the shock period. This deviation reaches 12.1% in the Eurozone and 12.3% in the United States.

Scenario weighting and cost of risk sensitivity

At 31\u00a0December 2024, the weight of the favourable scenario considered by the Group was 28%, and 17% for the adverse scenario and 5% for the severe scenario. At 31\u00a0December 2023, the weight of the favourable scenario was 33%, 12% for the adverse scenario and 5% for the severe scenario.

The sensitivity of the amount of expected credit losses for all financial assets at amortised cost or at fair value through equity and credit commitments is assessed by comparing the estimated expected credit losses resulting from the weighting of the above scenarios with that resulting from each of the two main scenarios:

Post-model adjustments

Post-model adjustments are made when system limitations are identified in a particular context, for instance, in the case of insufficient statistical data to reflect the specific situation in the models. Post-model adjustments are also considered to take into account, where applicable, the consequences of climatic events on expected credit losses.

Notably, additional adjustments were made in 2022 to take into account the effects of inflation and interest rate hikes when this effect is not directly estimated by the models. For example, within the consumer credit specialist business, adjustments were considered for the categories of customers most sensitive to the gradual decline in the level of their net income. Given the evolution of the macroeconomic context in 2023 and 2024, these adjustments have been reassessed and are gradually reversed or used.

All of these adjustments represent 3.7% of the total amount of expected credit losses at 31\u00a0December 2024, compared with 4.5% at 31\u00a0December 2023.

\u00a0

\u27a4Cost of credit risk for the period

In millions of euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Net allowances to impairment

(2,689)

(2,596)

Recoveries on loans and receivables previously written off

250

250

Losses on irrecoverable loans

(560)

(561)

Total cost of risk for the period

(2,999)

(2,907)

\u00a0

\u27a4Cost of risk for the period by accounting category and asset type

In millions of euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Cash and balances at central banks

4

(5)

Financial instruments at fair value through profit or loss

(98)

(31)

Financial assets at fair value through equity

(1)

3

Financial assets at amortised cost

(3,013)

(2,904)

Loans and receivables

(2,907)

(2,912)

Debt securities

(106)

8

Other assets

1

(2)

Financing and guarantee commitments and other items

108

32

Total cost of risk for the period

(2,999)

(2,907)

Cost of risk on unimpaired assets and commitments

765

517

of which stage\u00a01

212

122

of which stage\u00a02

553

395

Cost of risk on impaired assets and commitments \u2013 stage\u00a03

(3,764)

(3,424)

\u27a4Credit risk impairment

Changes in impairment by accounting category and asset type during the period

In millions of euros, at

31 December 2023

Net allowance to impairment

Impairment provisions used

Changes in scope, exchange rates and other items

31 December 2024

Assets impairment

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Amounts due from central banks

20

(4)

\u00a0

(1)

15

Financial instruments at fair value through profit or loss

108

61

(87)

8

90

Financial assets at fair value through equity

121

2

\u00a0

\u00a0

123

Financial assets at amortised cost

17,715

2,769

(3,647)

344

17,181

Loans and receivables

17,611

2,665

(3,619)

336

16,993

Debt securities

104

104

(28)

8

188

Other assets

30

6

(1)

15

50

Total impairment of financial assets

17,994

2,834

(3,735)

366

17,459

of which stage\u00a01

1,966

(122)

(3)

(28)

1,813

of which stage\u00a02

2,429

(458)

(23)

3

1,951

of which stage\u00a03

13,599

3,414

(3,709)

391

13,695

Provisions recognised as liabilities

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Provisions for commitments

883

(148)

(1)

(28)

706

Other provisions

387

3

(38)

(3)

349

Total provisions recognised for credit commitments

1,270

(145)

(39)

(31)

1,055

of which stage\u00a01

269

(91)

\u00a0

4

182

of which stage\u00a02

301

(98)

\u00a0

3

206

of which stage\u00a03

700

44

(39)

(38)

667

Total impairment and provisions

19,264

2,689

(3,774)

335

18,514

Change in impairment by accounting category and asset type during the previous period

In millions of euros, at

31 December 2022

Net allowance to impairment

Impairment provisions used

Changes in scope, exchange rates and other items

31 December 2023

Assets impairment

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Amounts due from central banks

21

5

\u00a0

(6)

20

Financial instruments at fair value through profit or loss

108

30

(24)

(6)

108

Financial assets at fair value through equity

130

(3)

\u00a0

(6)

121

Financial assets at amortised cost

18,511

2,620

(3,273)

(143)

17,715

Loans and receivables

18,381

2,627

(3,264)

(133)

17,611

Debt securities

130

(7)

(9)

(10)

104

Other assets

43

\u00a0

(14)

1

30

Total impairment of financial assets

18,813

2,652

(3,311)

(160)

17,994

of which stage\u00a01

2,074

(60)

(2)

(46)

1,966

of which stage\u00a02

2,881

(347)

(41)

(64)

2,429

of which stage\u00a03

13,858

3,059

(3,268)

(50)

13,599

Provisions recognised as liabilities

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Provisions for commitments

980

(69)

(1)

(27)

883

Other provisions

450

13

(44)

(32)

387

Total provisions recognised for credit commitments

1,430

(56)

(45)

(59)

1,270

of which stage\u00a01

326

(47)

\u00a0

(10)

269

of which stage\u00a02

338

(25)

\u00a0

(12)

301

of which stage\u00a03

766

16

(45)

(37)

700

Total impairment and provisions

20,243

2,596

(3,356)

(219)

19,264

\u00a0

Changes in impairment of financial assets at amortised cost during the period

In millions of euros

Impairment on assets subject to 12-month Expected Credit Losses

(Stage 1)

Impairment on assets subject to lifetime Expected Credit Losses

(Stage 2)

Impairment on doubtful\u00a0assets

(Stage 3)

Total

At 31 December 2023

1,938

2,416

13,361

17,715

Net allowance to impairment

(123)

(458)

3,350

2,769

Financial assets purchased or originated during the period

686

188

3

877

Financial assets derecognised during the period(1)

(367)

(500)

(724)

(1,591)

Transfer to stage\u00a02

(263)

2,005

(320)

1,422

Transfer to stage\u00a03

(72)

(908)

2,280

1,300

Transfer to stage\u00a01

206

(914)

(47)

(755)

Other allowances/reversals without stage transfer(2)

(313)

(329)

2,158

1,516

Impairment provisions used

(3)

(23)

(3,621)

(3,647)

Changes in exchange rates

(1)

4

173

176

Changes in scope of consolidation and other items

(26)

\u00a0

194

168

At 31 December 2024

1,785

1,939

13,457

17,181

  • Including disposals.
  • Including amortisation.

In 2024, the volume of financial assets at amortised cost increased compared to previous year and amounted to EUR\u00a01,095\u00a0billion (see note 4.e Financial assets at amortised cost) of which EUR\u00a0917\u00a0billion in loans and advances to customers.

Loans and advances to customers classified in stage 1 increased by EUR\u00a044\u00a0billion over the year, while stage 2 outstandings decreased by EUR\u00a05\u00a0billion.

Within each of these stages, net reversals of provisions were observed. The stabilisation of the interest rate and inflation environment has led to the reversal of additional provisions previously set aside to anticipate the impact of rising interest rates on corporate clients\u2019 financial ratios and the effect of inflation on the disposable income of the most vulnerable customer segments within the specialised consumer credit business. In parallel, a review of models and migration matrices applied to probabilities of default has resulted in an overall improvement of counterparties rating and risk parameters. These effects are particularly observed in Table No.52 : Breakdown of financial assets subject to impairment by stage and internal rating in section 5.4\u202fCredit risk of the Universal registration document. Finally, transfers of exposures to Stage 3 were higher than in 2023 and amounted to EUR\u00a09.2\u00a0billion, particularly for corporate clients (see note 4.f Impaired financial assets). This led to a net reversal of impairment on Stages 1 and 2 in 2024.

Additionally, debt securities classified in Stage 2 amounted to EUR\u00a01.9\u00a0billion as of 31\u00a0December 2024, compared to EUR\u00a094\u00a0million as of 31\u00a0December 2023. This evolution, which resulted in an increase in related provisions, is mainly due to a change in the consolidation method applied to the UkrSibbank entity (see note 8.d Business combinations and loss of control or influence).

\u00a0

Changes in impairment of financial assets at amortised cost during the previous period

In millions of euros

Impairment on assets subject to 12-month Expected Credit Losses

(Stage 1)

Impairment on assets subject to lifetime Expected Credit Losses

(Stage 2)

Impairmen on doubtful\u00a0assets

(Stage 3)

Total

At 31 December 2022

2,035

2,860

13,616

18,511

Net allowance to impairment

(63)

(339)

3,022

2,620

Financial assets purchased or originated during the period

691

294

\u00a0

985

Financial assets derecognised during the period(1)

(405)

(490)

(726)

(1,621)

Transfer to stage\u00a02

(371)

2,121

(199)

1,551

Transfer to stage\u00a03

(74)

(990)

2,258

1,194

Transfer to stage\u00a01

288

(860)

(86)

(658)

Other allowances/reversals without stage transfer(2)

(192)

(414)

1,775

1,169

Impairment provisions used

(2)

(41)

(3,230)

(3,273)

Changes in exchange rates

(16)

(7)

(80)

(103)

Changes in scope of consolidation and other items

(16)

(57)

33

(40)

At 31 December 2023

1,938

2,416

13,361

17,715

  • Including disposals.
  • Including amortisation.

\u00a0

4.aFinancial instruments at fair value through profit or loss
Financial assets and liabilities at fair value through profit or loss

Financial assets and financial liabilities at fair value through profit or loss consist of held-for-trading transactions - including derivatives - of certain assets and liabilities designated by the Group as at fair value through profit or loss at the time of issuance and of non-trading instruments whose characteristics prevent their accounting at amortised cost or at fair value through equity.

\u00a0

In millions of euros, at

31 December 2024

31 December 2023

Financial instruments held for trading

Financial instruments designated as at fair value through profit or loss

Other financial assets at fair value through profit or loss

Total

Financial instruments held for trading

Financial instruments designated as at fair value through profit or loss

Other financial assets at fair value through profit or loss

Total

Securities

256,779

15

10,563

267,357

202,225

549

8,860

211,634

Loans and repurchase agreements

221,622

\u00a0

4,077

225,699

224,700

\u00a0

2,475

227,175

FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS

478,401

15

14,640

493,056

426,925

549

11,335

438,809

Securities

79,958

\u00a0

\u00a0

79,958

104,910

\u00a0

\u00a0

104,910

Deposits and repurchase agreements

302,488

2,329

\u00a0

304,817

271,486

2,128

\u00a0

273,614

Issued debt securities and subordinated debt \u00a0(note\u00a04.h)

\u00a0

104,934

\u00a0

104,934

\u00a0

83,763

\u00a0

83,763

FINANCIAL LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS

382,446

107,263

\u00a0

489,709

376,396

85,891

\u00a0

462,287

\u00a0

Detail of these assets and liabilities is provided in note\u00a04.d.

Financial liabilities designated as at fair value through profit or loss

Financial liabilities at fair value through profit or loss mainly consist of issued debt securities, originated and structured on behalf of customers, where the risk exposure is managed in combination with the hedging strategy. These types of issued debt securities contain significant embedded derivatives, which changes in value may be compensated by changes in the value of economic hedging derivatives.

The redemption value of debt issued and designated as at fair value through profit or loss at 31\u00a0December 2024 was EUR\u00a0110,823\u00a0million (EUR\u00a089,910\u00a0million at 31\u00a0December 2023).

Other financial assets measured at fair value through profit or loss

Other financial assets at fair value through profit or loss are financial assets not held for trading:

Derivative financial instruments

The majority of derivative financial instruments held for trading are related to transactions initiated for trading purposes. They may result from market-making or arbitrage activities. BNP\u00a0Paribas actively trades in derivatives. Transactions include trades in \u201cordinary\u201d instruments such as credit default swaps, and structured transactions with complex risk profiles tailored to meet the needs of its customers. The net position is in all cases subject to limits.

Some derivative instruments are also contracted to hedge financial assets or financial liabilities for which the Group has not documented a hedging relationship, or which do not qualify for hedge accounting under IFRS.

In millions of euros, at

31 December 2024

31 December 2023

Positive market value

Negative market value

Positive market value

Negative market value

Interest rate derivatives

121,491

95,045

133,500

105,976

Foreign exchange derivatives

158,085

152,269

119,094

118,126

Credit derivatives

10,767

11,085

8,427

10,320

Equity derivatives

28,065

40,185

24,067

38,027

Other derivatives

4,223

3,369

6,991

6,443

Derivative financial instruments

322,631

301,953

292,079

278,892

\u00a0

The table below shows the total notional amount of trading derivatives. The notional amounts of derivative instruments are merely an indication of the volume of the Group\u2019s activities in financial instruments markets, and do not reflect the market risks associated with such instruments.

In millions of euros, at

31 December 2024

31 December 2023

Exchange-
traded

Over-the-
counter,
\u00a0cleared through
\u00a0central clearing houses

Over-the-
counter

Total

Exchange-
traded

Over-the-
counter,
\u00a0cleared through
\u00a0central clearing houses

Over-the-
counter

Total

Interest rate derivatives

983,378

15,690,701

7,277,395

23,951,474

1,327,902

14,448,396

6,811,394

22,587,692

Foreign exchange derivatives

74,516

194,540

10,769,644

11,038,700

57,625

173,339

8,980,659

9,211,623

Credit derivatives

\u00a0

436,041

463,565

899,606

\u00a0

357,964

465,403

823,367

Equity derivatives

1,356,158

\u00a0

798,676

2,154,834

1,130,554

\u00a0

638,904

1,769,458

Other derivatives

184,941

\u00a0

93,181

278,122

119,024

\u00a0

84,251

203,275

Derivative financial instruments

2,598,993

16,321,282

19,402,461

38,322,736

2,635,105

14,979,699

16,980,611

34,595,415

\u00a0

As part of its Client Clearing activity, the Group guarantees the risk of default of its clients to central counterparties. The corresponding notional amount is EUR\u00a01,271\u00a0billion at 31\u00a0December 2024 (EUR\u00a01,197\u00a0billion at 31\u00a0December 2023).

4.bDerivatives used for hedging purposes

The table below shows the notional amounts and the fair value of derivatives used for hedging purposes.

In millions of euros, at

31 December 2024

31 December 2023

Notional amounts

Positive fair value

Negative fair value

Notional amounts

Positive fair value

Negative fair value

Fair value hedges

1,215,184

19,489

32,610

1,148,308

19,409

33,808

Interest rate derivatives

1,210,173

19,305

32,391

1,139,647

18,516

32,617

Foreign exchange derivatives

5,011

184

219

8,661

893

1,191

Cash flow hedges

267,840

1,297

4,196

241,125

2,233

4,138

Interest rate derivatives

75,830

654

1,583

66,134

896

1,760

Foreign exchange derivatives

191,237

590

2,532

174,426

1,270

2,312

Other derivatives

773

53

81

565

67

66

Net foreign investment hedges

2,885

65

58

2,648

50

65

Foreign exchange derivatives

2,885

65

58

2,648

50

65

Derivatives used for hedging purposes

1,485,909

20,851

36,864

1,392,081

21,692

38,011

Interest rate risk and foreign exchange risk management strategies are described in chapter\u00a05 \u2013 Pillar 3 of the Universal registration document (section\u00a05.7 Market risk \u2013 Market risk related to banking activities). Quantitative information related to foreign currency borrowings used for net investment hedges is also mentioned in this chapter.

The table below presents the detail of fair value hedge relationships for identified financial instruments and portfolios of financial instruments that are continuing at 31\u00a0December 2024:

\u00a0

In millions of euros,

at 31 December 2024

Hedging instruments

Hedged instruments

Notional amounts

Positive
\u00a0fair value

Negative
\u00a0fair value

Cumulated changes in fair value used as the basis for recognising ineffectiveness

Carrying amount \u2013 asset

Cumulated changes in fair value \u2013 asset

Carrying amount \u2013 liability

Cumulated changes in fair value \u2013 liability

Fair value hedges of identified instruments

467,277

10,935

14,372

(408)

171,514

(4,723)

149,961

(5,075)

Interest rate derivatives hedging the interest rate risk related to

462,854

10,786

14,154

(396)

169,146

(4,721)

148,362

(5,061)

Loans and receivables

21,678

459

504

(35)

17,111

34

\u00a0

\u00a0

Securities

220,047

9,896

6,286

4,680

152,035

(4,755)

\u00a0

\u00a0

Deposits

21,350

134

137

(9)

\u00a0

\u00a0

16,851

(11)

Debt securities

199,779

297

7,227

(5,032)

\u00a0

\u00a0

131,511

(5,050)

Foreign exchange derivatives hedging the interest rate and foreign exchange risks related\u00a0to

4,423

149

218

(12)

2,368

(2)

1,599

(14)

Loans and receivables

1,403

137

47

3

1,007

(3)

\u00a0

\u00a0

Securities

1,435

8

5

\u00a0

1,361

1

\u00a0

\u00a0

Deposits

36

\u00a0

2

2

\u00a0

\u00a0

41

2

Debt securities

1,549

4

164

(17)

\u00a0

\u00a0

1,558

(16)

Interest rate risk hedged portfolios

747,907

8,554

18,238

(8,868)

200,215

(1,745)

151,658

(10,592)

Interest rate derivatives hedging the interest rate risk related to(1)

747,319

8,519

18,237

(8,865)

199,658

(1,747)

151,658

(10,592)

Loans and receivables

319,703

5,461

2,721

1,848

199,658

(1,747)

\u00a0

\u00a0

Deposits

427,616

3,058

15,516

(10,713)

\u00a0

\u00a0

151,658

(10,592)

Foreign exchange derivatives hedging the interest rate and foreign exchange risks related to

588

35

1

(3)

557

2

-

-

Loans and receivables

588

35

1

(3)

557

2

\u00a0

\u00a0

Total fair value hedge

1,215,184

19,489

32,610

(9,276)

371,729

(6,468)

301,619

(15,667)

  • Are included in this section the notional amounts of hedging derivatives and of swaps that reverse the interest rate positions, thus reducing the hedge relationship, when the hedged item still exists, for respectively EUR\u00a0129,507\u00a0million for derivatives hedging loans and receivables and EUR\u00a0263,952\u00a0million for derivatives hedging deposits.

The table below presents the detail of fair value hedge relationships for identified financial instruments and portfolios of financial instruments that are continuing at 31\u00a0December 2023:

\u00a0

In millions of euros,

at 31 December 2023

Hedging instruments

Hedged instruments

Notional amounts

Positive
\u00a0fair value

Negative
\u00a0fair value

Cumulated changes in fair value used as the basis for recognising ineffectiveness

Carrying amount \u2013 asset

Cumulated changes in fair value \u2013 asset

Carrying amount \u2013 liability

Cumulated changes in fair value \u2013 liability

Fair value hedges of identified instruments

405,307

9,539

13,084

(582)

133,418

(6,571)

154,708

(7,030)

Interest rate derivatives hedging the interest rate risk related to

398,328

8,653

11,932

(491)

129,967

(6,575)

151,227

(6,948)

Loans and receivables

20,674

487

449

88

20,886

(82)

\u00a0

\u00a0

Securities

162,254

7,826

2,383

6,369

109,081

(6,493)

\u00a0

\u00a0

Deposits

24,158

123

222

(203)

\u00a0

\u00a0

20,487

(201)

Debt securities

191,242

217

8,878

(6,745)

\u00a0

\u00a0

130,740

(6,747)

Foreign exchange derivatives hedging the interest rate and foreign exchange risks related\u00a0to

6,979

886

1,152

(91)

3,451

4

3,481

(82)

Loans and receivables

2,069

687

737

(11)

2,055

10

\u00a0

\u00a0

Securities

1,405

184

193

8

1,396

(6)

\u00a0

\u00a0

Deposits

833

6

21

4

\u00a0

\u00a0

846

3

Debt securities

2,672

9

201

(92)

\u00a0

\u00a0

2,635

(85)

Interest rate risk hedged portfolios

743,001

9,870

20,724

(10,261)

233,224

(3,803)

228,527

(14,009)

Interest rate derivatives hedging the interest rate risk related to(1)

741,319

9,862

20,685

(10,263)

231,609

(3,801)

228,527

(14,009)

Loans and receivables

339,035

6,302

1,938

3,780

231,609

(3,801)

\u00a0

\u00a0

Deposits

402,284

3,560

18,747

(14,043)

\u00a0

\u00a0

228,527

(14,009)

Foreign exchange derivatives hedging the interest rate and foreign exchange risks related to

1,682

8

39

2

1,615

(2)

-

-

Loans and receivables

1,682

8

39

2

1,615

(2)

\u00a0

\u00a0

Total fair value hedge

1,148,308

19,409

33,808

(10,843)

366,642

(10,374)

383,235

(21,039)

  • Are included in this section the notional amounts of hedging derivatives and of swaps that reverse the interest rate positions, thus reducing the hedge relationship, when the hedged item still exists, for respectively EUR\u00a093,839\u00a0million for derivatives hedging loans and receivables and EUR\u00a0177,833\u00a0million for derivatives hedging deposits.

\u00a0

An asset or a liability or set of assets and liabilities, can be hedged over several periods of time with different derivative financial instruments. Besides, some hedges are achieved by the combination of two derivative instruments. In this case, the notional amounts add up and their total amount is higher than the hedged amount. The first situation is observed more particularly for interest rate risk hedged portfolios and the second for hedges of issued debt securities.

As regards discontinued fair value hedge relationships where the derivative contract was terminated, the cumulated amount of revaluation remaining to be amortised over the residual life of the hedged instruments amounted to EUR\u00a0986\u00a0million in assets at 31\u00a0December 2024, and to -EUR\u00a0104\u00a0million in liabilities, for hedges of portfolios of financial instruments. At 31\u00a0December 2023, these amounts were EUR\u00a01,143\u00a0million in assets and -EUR\u00a0166\u00a0million in liabilities.

Regarding hedges of identified instruments, the cumulated amount of revaluation remaining to be amortised over the residual life of the hedged instruments amounts to EUR\u00a099\u00a0million in assets at 31\u00a0December 2024. At\u00a031\u00a0December\u00a02023, this amount was EUR\u00a0105\u00a0million in assets.

The notional amount of cash flow hedge derivatives is EUR\u00a0267,840\u00a0million at 31\u00a0December 2024. Changes in assets and liabilities recognised directly in equity amount to EUR\u00a048\u00a0million. At\u00a031 December 2023, the notional amount of cash flow hedge derivatives was EUR\u00a0241,125\u00a0million and changes in assets and liabilities recognised directly in equity amounted to EUR\u00a0189\u00a0million.

The tables below present the notional amounts of hedging derivatives by maturity at 31\u00a0December 2024 and at 31\u00a0December 2023:

\u00a0

In millions of euros,

at 31 December 2024

Maturity date

Less than 1\u00a0year

Between 1 and 5\u00a0years

Over 5\u00a0years

Total

Fair value hedges

454,601

456,223

304,360

1,215,184

Interest rate derivatives

452,137

454,004

304,032

1,210,173

Foreign exchange derivatives

2,464

2,219

328

5,011

Cash flow hedges

198,515

55,256

14,069

267,840

Interest rate derivatives

41,299

25,253

9,278

75,830

Foreign exchange derivatives

156,886

29,563

4,788

191,237

Other derivatives

330

440

3

773

Net foreign investment hedges

2,432

453

-

2,885

Foreign exchange derivatives

2,432

453

\u00a0

2,885

\u00a0

In millions of euros,

at 31 December 2023

Maturity date

Less than 1\u00a0year

Between 1 and 5\u00a0years

Over 5\u00a0years

Total

Fair value hedges

328,104

487,495

332,709

1,148,308

Interest rate derivatives

323,853

483,325

332,469

1,139,647

Foreign exchange derivatives

4,251

4,170

240

8,661

Cash flow hedges

176,330

52,161

12,634

241,125

Interest rate derivatives

30,565

28,999

6,570

66,134

Foreign exchange derivatives

145,532

22,832

6,062

174,426

Other derivatives

233

330

2

565

Net foreign investment hedges

2,648

-

-

2,648

Foreign exchange derivatives

2,648

\u00a0

\u00a0

2,648

4.cFinancial assets at fair value through equity

In millions of euros, at

31 December 2024

31 December 2023

Fair value

of which changes in value recognised directly to equity

Fair value

of which changes in value recognised directly to equity

Debt securities

71,430

(1,285)

50,274

(585)

Governments

36,128

(545)

23,334

(207)

Other public administrations

20,721

(432)

16,188

(117)

Credit institutions

11,148

(306)

7,388

(248)

Others

3,433

(2)

3,364

(13)

Equity securities

1,610

489

2,275

767

Total financial assets at fair value through equity

73,040

(796)

52,549

182

\u00a0

Debt securities at fair value through equity include EUR\u00a0106\u00a0million classified as stage 3 at 31\u00a0December 2024 (EUR\u00a0109\u00a0million at 31\u00a0December 2023). For these securities, the credit impairment recognised in the profit and loss account has been charged to the negative changes in value recognised in equity amounting to EUR\u00a0102\u00a0million at 31\u00a0December 2024 (unchanged compared with 31\u00a0December 2023).

The option to recognise certain equity instruments at fair value through equity was retained in particular for shares held through strategic partnerships and shares that the Group is required to hold in order to carry out certain activities.

During the year ended 31\u00a0December 2024, the Group sold several of these investments and a net gain of EUR\u00a0207\u00a0million was transferred to \u201cretained earnings\u201d (EUR\u00a09\u00a0million for the year ended 31\u00a0December 2023).

4.dMeasurement of the fair value of\u00a0financial instruments
Valuation process

BNP\u00a0Paribas has retained the fundamental principle that it should have a unique and integrated processing chain for producing and controlling the valuations of financial instruments that are used for the purpose of daily risk management and financial reporting. All these processes are based on a common economic valuation which is a core component of business decisions and risk management strategies.

Economic value is composed of mid-market value, to which valuation adjustments are made.

Mid-market value is derived from external data or valuation techniques that maximise the use of observable and market-based data. Mid-market value is a theoretical additive value which does not take account of i)\u00a0the direction of the transaction or its impact on the existing risks in the portfolio, ii)\u00a0the nature of the counterparties, and iii)\u00a0the aversion of a market participant to particular risks inherent in the instrument, the market in which it is traded, or the risk management strategy.

Valuation adjustments take into account valuation uncertainty and include market and credit risk premiums to reflect costs that could be incurred in case of an exit transaction in the principal market.

Fair value generally equals the economic value, subject to limited adjustments, such as own credit adjustments, which are specifically required by IFRS standards.

The main valuation adjustments are presented in the section below.

Valuation adjustments

Valuation adjustments retained by BNP\u00a0Paribas for determining fair values are as follows:

Bid/offer adjustments: the bid/offer range reflects the additional exit cost for a price taker and symmetrically the compensation sought by dealers to bear the risk of holding the position or closing it out by accepting another dealer\u2019s price.

BNP\u00a0Paribas assumes that the best estimate of an exit price is the bid or offer price, unless there is evidence that another point in the bid/offer range would provide a more representative exit price.

Input uncertainty adjustments: when the observation of prices or data inputs required by valuation techniques is difficult or irregular, an uncertainty exists on the exit price. There are several ways to gauge the degree of uncertainty on the exit price such as measuring the dispersion of the available price indications or estimating the possible ranges of the inputs to a valuation technique.

Model uncertainty adjustments: these relate to situations where valuation uncertainty is due to the valuation technique used, even though observable inputs might be available. This situation arises when the risks inherent in the instruments are different from those available in the observable data, and therefore the valuation technique involves assumptions that cannot be easily corroborated.

Future Hedging Costs adjustments (FHC): this adjustment applies to positions that require dynamic hedging throughout their lifetime leading to additional bid/offer costs. Calculation methods capture these expected costs in particular based on the optimal hedging frequency.

Credit valuation adjustment (CVA): the CVA adjustment applies to valuations and market quotations whereby the credit worthiness of the counterparty is not reflected. It aims to account for the possibility that the counterparty may default and that BNP\u00a0Paribas may not receive the full fair value of the transactions.

In determining the cost of exiting or transferring counterparty risk exposures, the relevant market is deemed to be an inter-dealer market. However, the determination of CVA remains judgemental due to i)\u00a0the possible absence or lack of price discovery in the inter-dealer market, ii)\u00a0the influence of the regulatory landscape relating to counterparty risk on the market participants\u2019 pricing behaviour and iii)\u00a0the absence of a dominant business model for managing counterparty risk.

The CVA model is grounded on the same exposures as those used for regulatory purposes. The model attempts to estimate the cost of an optimal risk management strategy based on i) implicit incentives and constraints inherent in the regulations in force and their evolutions, ii) market perception of the probability of default, and iii) default parameters used for regulatory purposes.

Funding valuation adjustment (FVA): when valuation techniques are used for the purpose of deriving fair value, funding assumptions related to the future expected cash flows are an integral part of the mid-market valuation, notably through the use of appropriate discount rates. These assumptions reflect what the Bank anticipates as being the effective funding conditions of the instrument that a market participant would consider. This notably takes into account the existence and terms of any collateral agreement. In particular, for non- or imperfectly collateralised derivative instruments, they include an explicit adjustment to the interbank interest rate.

Own-credit valuation adjustment for debts (OCA) and for derivatives (debit valuation adjustment \u2013 DVA): OCA and DVA are adjustments reflecting the effect of credit worthiness of BNP\u00a0Paribas, on respectively the value of debt securities designated as at fair value through profit or loss and derivatives. Both adjustments are based on the expected future liability profiles of such instruments. The own credit worthiness is inferred from the market-based observation of the relevant bond issuance levels. The DVA adjustment is determined after taking into account the Funding Valuation Adjustment (FVA).

Thus, the carrying value of debt securities designated as at fair value though profit or loss increased by EUR\u00a0388\u00a0million at 31\u00a0December 2024, compared with a decrease in value of EUR 198\u00a0million at 31\u00a0December 2023, i.e. a\u00a0+EUR\u00a0586 million variation recognised directly in equity that will not be reclassified to profit or loss.

Instrument classes and Classification within the fair value hierarchy for assets and liabilities measured at fair value

As explained in the summary of significant accounting policies (note\u00a01.f.10), financial instruments measured at fair value are categorised into a fair value hierarchy consisting of three levels.

\u00a0

In millions of euros, at

31 December 2024

Financial instruments held for trading

Instruments at fair value through profit or
\u00a0loss not held for trading

Financial assets at fair value through equity

Level 1

Level 2

Level 3

Total

Level 1

Level 2

Level 3

Total

Level 1

Level 2

Level 3

Total

Securities

215,211

40,417

1,151

256,779

640

1,397

8,541

10,578

62,844

9,427

769

73,040

Governments

76,246

18,301

171

94,718

\u00a0

\u00a0

\u00a0

\u00a0

32,137

3,919

72

36,128

Other debt securities

18,922

21,937

781

41,640

24

411

378

813

29,740

5,295

267

35,302

Equities and other equity securities

120,043

179

199

120,421

616

986

8,163

9,765

967

213

430

1,610

Loans and repurchase agreements

\u00a0

221,607

15

221,622

\u00a0

2,874

1,203

4,077

\u00a0

\u00a0

\u00a0

\u00a0

Loans

\u00a0

9,324

\u00a0

9,324

\u00a0

2,874

1,203

4,077

\u00a0

\u00a0

\u00a0

\u00a0

Repurchase agreements

\u00a0

212,283

15

212,298

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

FINANCIAL ASSETS AT FAIR VALUE

215,211

262,024

1,166

478,401

640

4,271

9,744

14,655

62,844

9,427

769

73,040

Securities

77,891

1,971

96

79,958

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Governments

54,020

373

\u00a0

54,393

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Other debt securities

8,648

1,576

96

10,320

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Equities and other equity securities

15,223

22

\u00a0

15,245

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Borrowings and repurchase agreements

\u00a0

301,036

1,452

302,488

\u00a0

2,126

203

2,329

\u00a0

\u00a0

\u00a0

\u00a0

Borrowings

\u00a0

6,113

\u00a0

6,113

\u00a0

2,126

203

2,329

\u00a0

\u00a0

\u00a0

\u00a0

Repurchase agreements

\u00a0

294,923

1,452

296,375

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Issued debt securities and subordinated debt (note\u00a04.h)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

66,580

38,354

104,934

\u00a0

\u00a0

\u00a0

\u00a0

Issued debt securities

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

65,764

38,354

104,118

\u00a0

\u00a0

\u00a0

\u00a0

Subordinated debt

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

816

\u00a0

816

\u00a0

\u00a0

\u00a0

\u00a0

FINANCIAL LIABILITIES AT\u00a0FAIR\u00a0VALUE

77,891

303,007

1,548

382,446

-

68,706

38,557

107,263

\u00a0

\u00a0

\u00a0

\u00a0

In millions of euros, at

31 December 2023

Financial instruments held for trading

Instruments at fair value through profit or
\u00a0loss not held for trading

Financial assets at fair value through equity

Level 1

Level 2

Level 3

Total

Level 1

Level 2

Level 3

Total

Level 1

Level 2

Level 3

Total

Securities

171,172

30,482

571

202,225

1,205

1,079

7,125

9,409

44,707

7,095

747

52,549

Governments

80,933

14,291

10

95,234

225

\u00a0

\u00a0

225

19,919

3,367

48

23,334

Other debt securities

19,776

15,747

439

35,962

327

363

380

1,070

23,218

3,515

207

26,940

Equities and other equity securities

70,463

444

122

71,029

653

716

6,745

8,114

1,570

213

492

2,275

Loans and repurchase agreements

\u00a0

224,512

188

224,700

\u00a0

913

1,562

2,475

\u00a0

\u00a0

\u00a0

\u00a0

Loans

\u00a0

8,441

\u00a0

8,441

\u00a0

913

1,562

2,475

\u00a0

\u00a0

\u00a0

\u00a0

Repurchase agreements

\u00a0

216,071

188

216,259

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

FINANCIAL ASSETS AT FAIR VALUE

171,172

254,994

759

426,925

1,205

1,992

8,687

11,884

44,707

7,095

747

52,549

Securities

102,913

1,955

42

104,910

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Governments

69,811

398

\u00a0

70,209

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Other debt securities

9,670

1,544

41

11,255

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Equities and other equity securities

23,432

13

1

23,446

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Borrowings and repurchase agreements

\u00a0

270,854

632

271,486

\u00a0

1,973

155

2,128

\u00a0

\u00a0

\u00a0

\u00a0

Borrowings

\u00a0

4,846

\u00a0

4,846

\u00a0

1,973

155

2,128

\u00a0

\u00a0

\u00a0

\u00a0

Repurchase agreements

\u00a0

266,008

632

266,640

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Issued debt securities and subordinated debt (note\u00a04.h)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

52,080

31,683

83,763

\u00a0

\u00a0

\u00a0

\u00a0

Issued debt securities(1)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

51,345

31,683

83,028

\u00a0

\u00a0

\u00a0

\u00a0

Subordinated debt

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

735

\u00a0

735

\u00a0

\u00a0

\u00a0

\u00a0

FINANCIAL LIABILITIES AT\u00a0FAIR\u00a0VALUE

102,913

272,809

674

376,396

-

54,053

31,838

85,891

\u00a0

\u00a0

\u00a0

\u00a0

  • The hierarchical level breakdown has been adjusted, moving EUR 8.1 billion from level 2 to level 3. This adjustment is not associated with a decreased observability of valuation parameters and does not challenge the fair value measurement of the affected financial instruments.

\u00a0

Fair values of derivatives are broken down by dominant risk factor, namely interest rate, foreign exchange, credit and equity. Derivatives used for hedging purposes are mainly interest rate derivatives.

In millions of euros, at

31 December 2024

Positive market value

Negative market value

Level 1

Level 2

Level 3

Total

Level 1

Level 2

Level 3

Total

Interest rate derivatives

479

119,383

1,629

121,491

505

92,636

1,904

95,045

Foreign exchange derivatives

57

157,499

529

158,085

53

151,964

252

152,269

Credit derivatives

\u00a0

10,161

606

10,767

\u00a0

10,362

723

11,085

Equity derivatives

9

24,977

3,079

28,065

4

34,165

6,016

40,185

Other derivatives

693

3,400

130

4,223

851

2,466

52

3,369

Derivative financial instruments not used for\u00a0hedging purposes

1,238

315,420

5,973

322,631

1,413

291,593

8,947

301,953

Derivative financial instruments used for\u00a0hedging purposes

-

20,851

-

20,851

-

36,864

-

36,864

\u00a0

In millions of euros, at

31 December 2023

Positive market value

Negative market value

Level 1

Level 2

Level 3

Total

Level 1

Level 2

Level 3

Total

Interest rate derivatives

734

131,382

1,384

133,500

714

103,334

1,928

105,976

Foreign exchange derivatives

18

118,300

776

119,094

16

118,065

45

118,126

Credit derivatives

\u00a0

7,663

764

8,427

\u00a0

8,697

1,623

10,320

Equity derivatives

15

21,177

2,875

24,067

659

31,222

6,146

38,027

Other derivatives

586

6,365

40

6,991

607

5,769

67

6,443

Derivative financial instruments not used for\u00a0hedging purposes

1,353

284,887

5,839

292,079

1,996

267,087

9,809

278,892

Derivative financial instruments used for\u00a0hedging purposes

-

21,692

-

21,692

-

38,011

-

38,011

\u00a0

Transfers between levels may occur when an instrument fulfils the criteria defined, which are generally market and product dependent. The main factors influencing transfers are changes in the observation capabilities, passage of time, and events during the transaction lifetime. The timing of recognising transfers is determined at the beginning of the reporting period.

During the year 2024, transfers between Level\u00a01 and Level\u00a02 were not significant.

Description of main instruments in each level

The following section provides a description of the instruments in each level in the hierarchy. It describes notably instruments classified in Level\u00a03 and the associated valuation methodologies.

For main trading book instruments and derivatives classified in Level\u00a03, further quantitative information is provided about the inputs used to derive fair value.

Level\u00a01

This level encompasses all derivatives and securities that are quoted continuously in active markets.

Level\u00a01 includes notably equity securities and liquid bonds, shortselling of these instruments, derivative instruments traded on organised markets (futures, options, etc.). It includes shares of funds and UCITS, for which the net asset value is calculated on a daily basis.

Level\u00a02

The Level\u00a02\u00a0stock of securities is composed of securities which are less liquid than the Level\u00a01 bonds. They are predominantly corporate debt securities, government bonds, mortgage backed securities, fund shares and short-term securities such as certificates of deposit. They are classified in Level\u00a02 notably when external prices for the same security can be regularly observed from a reasonable number of market makers that are active in this security, but these prices do not represent directly tradable prices. This comprises amongst other, consensus pricing services with a reasonable number of contributors that are active market makers as well as indicative runs from active brokers and/or dealers. Other sources, such as primary issuance market, may also be used where relevant.

Repurchase agreements are classified predominantly in Level\u00a02. The classification is primarily based on the observability and liquidity of the repo market, depending on the underlying collateral and the maturity of the repo transaction.

Debts issued designated as at fair value through profit or loss, are classified in the same level as the one that would apply to the embedded derivative taken individually. The issuance spread is considered observable.

Derivatives classified in Level\u00a02 comprise mainly the following instruments:

The above derivatives are classified in Level\u00a02 when there is a documented stream of evidence supporting one of the following:

Determining whether an over-the-counter (OTC) derivative is eligible for Level\u00a02 classification involves judgement. Consideration is given to the origin, transparency and reliability of external data used, and the amount of uncertainty associated with the use of models. It follows that the Level\u00a02 classification criteria involve multiple analysis axis within an \u201cobservability zone\u201d whose limits are determined by i)\u00a0a predetermined list of product categories and ii)\u00a0the underlying and maturity bands. These criteria are regularly reviewed and updated, together with the applicable valuation adjustments, so that the classification by level remains consistent with the valuation adjustment policy.

Level\u00a03

Level\u00a03\u00a0securities of the trading book mainly comprise units of funds and unlisted equity shares measured at fair value through profit or loss or through equity.

Unlisted private equities are systematically classified as Level\u00a03, with the exception of UCITS with a daily net asset value, which are classified in Level\u00a01 of the fair value hierarchy.

Shares and other unlisted variable income securities in Level\u00a03 are valued using one of the following methods: a share of revalued net book value, multiples of comparable companies, future cash flows method, multi-criteria approach.

Repurchase agreements, mainly long-term or structured repurchase agreements on corporate bonds and ABS: the valuation of these transactions requires proprietary methodologies given the bespoke nature of the transactions and the lack of activity and price discovery in the long-term repo market. The curves used in the valuation are corroborated using available data such as recent long-term repo trade data and price enquiry data. Valuation adjustments applicable to these exposures are commensurate with the degree of uncertainty inherent in the modelling choices and amount of data available.

Debts issued designated as at fair value through profit or loss, are classified in the same level as the one that would apply to the embedded derivative taken individually. The issuance spread is considered observable.

Derivatives

Vanilla derivatives are classified in Level\u00a03 when the exposure is beyond the observation zone for rate curves or volatility surfaces, or relates to less liquid markets such as tranches on old credit index series or emerging markets interest rates markets. The main instruments are:

These vanilla derivatives are subject to valuation adjustments linked to uncertainty on liquidity, specialised by nature of underlying and liquidity bands.

Structured derivatives classified in Level\u00a03 predominantly comprise hybrid products (FX/Interest Rates hybrids, Equity hybrids), credit correlation products, prepayment-sensitive products, some stock basket optional products and some interest rate optional instruments. The main exposures are described below, with insight into the related valuation techniques and on the source of uncertainty:

These structured derivatives are subject to specific valuation adjustments to cover uncertainties linked to liquidity, parameters and model risk.

Valuation adjustments (CVA, DVA and FVA)

The valuation adjustment for counterparty credit risk (CVA), own-credit risk for derivatives (DVA) and the explicit funding valuation adjustment (FVA) are deemed to be unobservable components of the valuation framework and therefore classified in Level\u00a03. This does not impact, in general cases, the classification of individual transactions into the fair value hierarchy. However, a specific process allows to identify individual deals for which the marginal contribution of these adjustments and related uncertainty is significant and justifies classifying these transactions in Level\u00a03.

The table below provides the range of values of main unobservable inputs for the valuation of Level\u00a03 financial instruments. The ranges displayed correspond to a variety of different underlying instruments and are meaningful only in the context of the valuation technique implemented by BNP\u00a0Paribas. The weighted averages, where relevant and available, are based on fair values, nominal amounts or sensitivities.

The main unobservable parameters used for the valuation of debt issued in Level\u00a03 are equivalent to those of their economic hedge derivative. Information on those derivatives, displayed in the following table, is also applicable to these debts.

Risk classes

Balance Sheet valuation

(in millions of euros)

Main product types composing the Level\u00a03\u00a0stock within\u00a0the\u00a0risk class

Valuation technique used\u00a0
for the product types considered

Main unobservable inputs\u00a0
for the product types considered

Range of unobservable input across Level\u00a03 population considered

Weighted average

Asset

Liability

Repurchase agreements

15

1,452

Long-term repo\u00a0
and reverse-repo\u00a0
agreements

Proxy techniques, based amongst other on the funding basis of a benchmark bond pool, that is actively traded and representative of the repo underlying

Long-term repo spread on private bonds (High Yield, High\u00a0Grade) and on ABS

0 bp to 107 bp

32 bp (a)

Interest rate derivatives

1,629

1,904

Hybrid Forex / Interest rates derivatives

Hybrid Forex interest rate option pricing model

Correlation between FX rate and interest rates. Main currency pairs are EUR/JPY, USD/JPY, AUD/JPY

3% to 56%

9%\u00a0(a)

Hybrid inflation rates / Interest rates derivatives

Hybrid inflation interest rate option pricing model

Correlation between interest rates and inflation rates mainly in Europe.

19% to 45%

35%

Floors and caps on inflation rate or on the cumulative inflation (such as redemption floors), predominantly on European and French inflation

Inflation pricing model

Volatility of cumulative inflation

1.3% to 11.6%

\u00a0(b)

Volatility of the year-on-
year inflation rate

0.3% to 2.6%

Forward Volatility products such as volatility swaps, mainly in euros

Interest rates option pricing model

Forward volatility of interest rates

0.5% to 0.8%

(b)

Balance-guaranteed fixed rate, basis or cross currency swaps, predominantly indexed on European collateral pools

Prepayment modelling

Discounted cash flows

Constant prepayment rates

0% to 25%

0.2% (a)

Credit derivatives

606

723

Collateralised Debt Obligations and index tranches for inactive index series

Base correlation projection technique and recovery modelling

Base correlation curve for\u00a0bespoke portfolios

27% to 88%

(b)

Recovery rate variance for\u00a0single name underlyings

0% to 25%

(b)

N-to-default baskets

Credit default model

Default correlation

50% to 83%

54% (a)

Single name Credit Default Swaps (other than CDS on\u00a0ABs and loans indices)

Stripping, extrapolation and\u00a0interpolation

Credit default spreads beyond observation limit (10\u00a0years)

19 bp to 20 bp

19 bp

Illiquid credit default spread curves (across main tenors)

1 bp to 2,217 bp (1)

102 bp (c)

Equity derivatives

3,079

6,016

Simple and complex derivatives on multi-underlying baskets on stocks

Various volatility option models

Unobservable equity volatility

0% to 184% (2)

24% (d)

Unobservable equity correlation

16% to 99%

62% (c)

(1)
\u00a0

(2)

(a)

(b)

(c)

(d)

The upper bound of the range relates to building, retail and services sector issuers that represent an insignificant portion of the balance sheet (CDS with illiquid underlying instruments).

The underlyings with implied volatility greater than 50% have a very limited exposure.

Weights based on relevant risk axis at portfolio level.

No weighting, since no explicit sensitivity is attributed to these inputs.

Weighting is not based on risks, but on an alternative methodology in relation with the Level\u00a03 instruments (present value or notional).

Simple averaging.

Table of movements in Level\u00a03 financial instruments

For Level\u00a03 financial instruments, the following movements occurred during the year ended 2024:

\u00a0

In millions of euros

Financial assets

Financial liabilities

Financial instruments
\u00a0at fair value
\u00a0through profit
\u00a0or loss held for\u00a0trading

Financial instruments
\u00a0at fair value through profit or loss not held for\u00a0trading

Financial
\u00a0assets at
\u00a0fair value
\u00a0through
\u00a0equity

TOTAL

Financial instruments
\u00a0at fair value through profit or\u00a0loss held for\u00a0trading

Financial instruments designated
\u00a0as at fair value through profit\u00a0or\u00a0loss

TOTAL

At 31 December 2023

6,598

8,687

747

16,032

(10,483)

(31,838)

(42,321)

Purchases

2,327

1,797

306

4,430

\u00a0

\u00a0

-

Issues

\u00a0

\u00a0

\u00a0

-

\u00a0

(21,959)

(21,959)

Sales

(1,856)

(1,383)

(281)

(3,520)

167

\u00a0

167

Settlements(1)

1,970

(9)

(20)

1,941

(1,045)

14,371

13,326

Transfers to Level\u00a03

724

2

145

871

(760)

(517)

(1,277)

Transfers from Level\u00a03

(1,227)

(36)

(51)

(1,314)

659

1,583

2,242

Gains (or losses) recognised in profit or loss with respect to transactions expired or terminated during the period

(95)

623

(8)

520

147

55

202

Gains (or losses) recognised in profit or loss with respect to unexpired instruments at the end of\u00a0the\u00a0period

(1,303)

(9)

\u00a0

(1,312)

825

(209)

616

Items related to exchange rate movements

1

72

(11)

62

(5)

(43)

(48)

Changes in fair value of assets and\u00a0liabilities recognised in equity

\u00a0

\u00a0

(58)

(58)

\u00a0

\u00a0

\u00a0

At 31 December 2024

7,139

9,744

769

17,652

(10,495)

(38,557)

(49,052)

  • For the assets, includes redemptions of principal, interest payments as well as cash inflows and outflows relating to derivatives. For the liabilities, includes principal redemptions, interest payments as well as cash inflows and outflows relating to derivatives the fair value of which is negative.

\u00a0

Transfers out of Level\u00a03 of derivatives include mainly the update of the observability tenor of certain yield curves, and of market parameters related to repurchase agreements and credit transactions but also the effect of derivatives becoming only or mainly sensitive to observable inputs due to the shortening of their lifetime.

Transfers into Level\u00a03 of instruments at fair value reflect the effect of the regular update of the observability zones.

Transfers have been reflected as if they had taken place at the beginning of the reporting period.

The Level\u00a03 financial instruments may be hedged by other Level\u00a01 and Level\u00a02 instruments, the gains and losses of which are not shown in this table. Consequently, the gains and losses shown in this table are not representative of the gains and losses arising from management of the net risk on all these instruments.

Sensitivity of fair value to reasonably possible changes in level\u00a03 assumptions

The following table summarises those financial assets and financial liabilities classified as Level\u00a03 for which alternative assumptions in one or more of the unobservable inputs would change fair value significantly.

The amounts disclosed are intended to illustrate the range of possible uncertainty inherent to the judgement applied when estimating Level\u00a03 parameters, or when selecting valuation techniques. These amounts reflect valuation uncertainties that prevail at the measurement date, and even though such uncertainties predominantly derive from the portfolio sensitivities that prevailed at that measurement date, they are not predictive or indicative of future movements in fair value, nor do they represent the effect of market stress on the portfolio value.

In estimating sensitivities, BNP\u00a0Paribas either remeasured the financial instruments using reasonably possible inputs, or applied assumptions based on the valuation adjustment policy.

For the sake of simplicity, the sensitivity on cash instruments that are not relating to securitised instruments was based on a uniform 1% shift in the price. More specific shifts were however calibrated for each class of the Level\u00a03\u00a0securitised exposures, based on the possible ranges of the unobservable inputs.

For derivative exposures, the sensitivity measurement is based on the credit valuation adjustment (CVA), the explicit funding valuation adjustment (FVA) and the parameter and model uncertainty adjustments related to Level\u00a03.

Regarding the credit valuation adjustment (CVA) and the explicit funding valuation adjustment (FVA), the uncertainty was calibrated based on prudent valuation adjustments described in the technical standard \u201cPrudent Valuation\u201d published by the European Banking Authority. For other valuation adjustments, two scenarios were considered: a favourable scenario where all or portion of the valuation adjustment is not considered by market participants, and an unfavourable scenario where market participants would require twice the amount of valuation adjustments considered by BNP\u00a0Paribas for entering into a transaction.

\u00a0

In millions of euros, at

31 December 2024

31 December 2023

Potential impact on income

Potential impact on equity

Potential impact on income

Potential impact on equity

Debt securities

+/-\u00a010

+/-\u00a04

+/-\u00a06

+/-\u00a02

Equities and other equity securities

+/-\u00a084

+/-\u00a04

+/-\u00a068

+/-\u00a05

Loans and repurchase agreements

+/-\u00a026

\u00a0

+/-\u00a020

\u00a0

Derivative financial instruments

+/-\u00a0584

\u00a0

+/-\u00a0586

\u00a0

Interest rate and foreign exchange derivatives

+/-\u00a0194

\u00a0

+/-\u00a0218

\u00a0

Credit derivatives

+/-\u00a079

\u00a0

+/-\u00a094

\u00a0

Equity derivatives

+/-\u00a0308

\u00a0

+/-\u00a0271

\u00a0

Other derivatives

+/-\u00a03

\u00a0

+/-\u00a03

\u00a0

Sensitivity of Level\u00a03 financial instruments

+/-\u00a0704

+/-\u00a08

+/-\u00a0680

+/-\u00a07

\u00a0

Deferred margin on financial instruments measured using techniques developed internally and\u00a0based on inputs partly unobservable in active markets

Deferred margin on financial instruments (\u201cDay One Profit\u201d) primarily concerns the scope of financial instruments eligible for Level\u00a03 and to a lesser extent some financial instruments eligible for Level\u00a02 where valuation adjustments for uncertainties regarding parameters or models are not negligible compared with the initial margin.

The Day One Profit is calculated after setting aside valuation adjustments for uncertainties as described previously and released to profit or loss over the expected period for which the inputs will be unobservable. The unamortised amount is included under \u201cFinancial instruments at fair value through profit or loss\u201d as a reduction in the fair value of the relevant transactions.

\u00a0

In millions of euros

Deferred margin at

31 December 2023

Deferred margin on transactions during\u00a0the\u00a0period

Margin taken to the profit and loss account during the period

Deferred margin at

31 December 2024

Interest rate and foreign exchange derivatives

167

68

(68)

167

Credit derivatives

225

145

(141)

229

Equity derivatives

381

385

(393)

373

Other instruments

11

29

(28)

12

Financial instruments

784

627

(630)

781

4.eFinancial assets at amortised cost

\u27a4Detail of loans and advances by nature

In millions of euros, at

31 December 2024

31 December 2023

Gross value

Impairment (note\u00a02.g)

Carrying
\u00a0amount

Gross value

Impairment (note\u00a02.g)

Carrying
\u00a0amount

Loans and advances to credit institutions

31,232

(85)

31,147

24,434

(99)

24,335

On demand accounts

8,384

(4)

8,380

7,252

(6)

7,246

Loans(1)

14,447

(81)

14,366

12,267

(93)

12,174

Repurchase agreements

8,401

\u00a0

8,401

4,915

\u00a0

4,915

Loans and advances to customers

917,049

(16,908)

900,141

876,712

(17,512)

859,200

On demand accounts

59,558

(2,720)

56,838

46,733

(2,752)

43,981

Loans to customers(2)

804,734

(12,941)

791,793

780,638

(13,593)

767,045

Finance leases

52,268

(1,247)

51,021

48,842

(1,167)

47,675

Repurchase agreements

489

\u00a0

489

499

\u00a0

499

Total loans and advances at amortised cost

948,281

(16,993)

931,288

901,146

(17,611)

883,535

  • Loans and advances to credit institutions include term deposits made with central banks.
  • Of which EUR\u202f352\u202fmillion in discounts for mortgage loans in Swiss franc or indexed to the Swiss franc in Poland at 31 December 2024 compared with EUR\u00a0480 million at 31\u202fDecember\u202f2023 and EUR\u202f47\u202fmillion in provisions for foreign currency loans issued by BNP\u00a0Paribas Personal Finance at 31\u00a0December\u00a02024 compared with EUR\u202f255\u202fmillion at 31 December 2023.
\u27a4Contractual maturities of finance leases

In millions of euros, at

31 December 2024

31 December 2023

Gross investment

57,602

53,562

Receivable within 1\u00a0year

17,772

15,771

Receivable after 1\u00a0year but within 5\u00a0years

34,434

32,539

Receivable beyond 5\u00a0years

5,396

5,252

Unearned interest income

(5,334)

(4,720)

Net investment before impairment

52,268

48,842

Receivable within 1\u00a0year

15,858

14,057

Receivable after 1\u00a0year but within 5\u00a0years

31,481

29,999

Receivable beyond 5\u00a0years

4,929

4,786

Impairment provisions

(1,247)

(1,167)

Net investment after impairment

51,021

47,675

\u00a0\u00a0\u00a0

\u27a4Detail of debt securities by type of issuer

In millions of euros, at

31 December 2024

31 December 2023

Gross value

Impairment (note\u00a02.g)

Carrying
\u00a0amount

Gross value

Impairment (note\u00a02.g)

Carrying
\u00a0amount

Governments

69,172

(31)

69,141

62,659

(11)

62,648

Other public administration

25,709

(2)

25,707

16,288

(2)

16,286

Credit institutions

14,743

(2)

14,741

10,318

(2)

10,316

Others

37,539

(153)

37,386

32,000

(89)

31,911

Total debt securities at amortised cost

147,163

(188)

146,975

121,265

(104)

121,161

\u00a0

\u27a4Detail of financial assets at amortised cost by stage

In millions of euros, at

31 December 2024

31 December 2023

Gross Value

Impairment (note\u00a02.g)

Carrying
\u00a0amount

Gross Value

Impairment (note\u00a02.g)

Carrying
\u00a0amount

\u00a0Loans and advances to credit institutions

31,232

(85)

31,147

24,434

(99)

24,335

Stage\u00a01

30,998

(8)

30,990

23,673

(19)

23,654

Stage\u00a02

157

(6)

151

679

(13)

666

Stage\u00a03

77

(71)

6

82

(67)

15

Loans and advances to customers

917,049

(16,908)

900,141

876,712

(17,512)

859,200

Stage\u00a01

821,576

(1,762)

819,814

777,190

(1,906)

775,284

Stage\u00a02

69,649

(1,904)

67,745

74,214

(2,399)

71,815

Stage\u00a03

25,824

(13,242)

12,582

25,308

(13,207)

12,101

\u00a0Debt securities

147,163

(188)

146,975

121,265

(104)

121,161

Stage\u00a01

144,987

(15)

144,972

120,991

(12)

120,979

Stage\u00a02

1,911

(28)

1,883

94

(5)

89

Stage\u00a03

265

(145)

120

180

(87)

93

Total financial assets at amortised cost

1,095,444

(17,181)

1,078,263

1,022,411

(17,715)

1,004,696

4.fImpaired financial assets (stage\u00a03)

The following tables present the carrying amounts of impaired financial assets carried at amortised cost and of impaired financing and guarantee commitments, as well as related collateral and other guarantees.

The amounts shown for collateral and other guarantees correspond to the lower of the value of the collateral or other guarantee and the value of the secured assets.

\u00a0

In millions of euros, at

31 December 2024

Impaired financial assets (Stage\u00a03)

Collateral
\u00a0received

Gross value

Impairment

Net

Loans and advances to credit institutions (note\u00a04.e)

77

(71)

6

\u00a0

Loans and advances to customers (note\u00a04.e)

25,824

(13,242)

12,582

8,044

Debt securities at amortised cost (note\u00a04.e)

265

(145)

120

\u00a0

Total amortised-cost impaired assets (stage\u00a03)

26,166

(13,458)

12,708

8,044

Financing commitments given

1,384

(95)

1,289

554

Guarantee commitments given

1,054

(223)

831

195

Total off-balance sheet impaired commitments (stage\u00a03)

2,438

(318)

2,120

749

In millions of euros, at

31 December 2023

Impaired financial assets (Stage\u00a03)

Collateral
\u00a0received

Gross value

Impairment

Net

Loans and advances to credit institutions (note\u00a04.e)

82

(67)

15

\u00a0

Loans and advances to customers (note\u00a04.e)

25,308

(13,207)

12,101

7,720

Debt securities at amortised cost (note\u00a04.e)

180

(87)

93

\u00a0

Total amortised-cost impaired assets (stage\u00a03)

25,570

(13,361)

12,209

7,720

Financing commitments given

889

(96)

793

263

Guarantee commitments given

769

(218)

551

135

Total off-balance sheet impaired commitments (stage\u00a03)

1,658

(314)

1,344

398

\u00a0

The following table presents the changes in gross exposures of stage\u00a03 assets (EU CR2):

\u00a0

Gross value

In millions of euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Impaired exposures (stage\u00a03) at opening balance

25,570

25,517

Transfer to stage\u00a03

9,163

8,632

Transfer to stage\u00a01 or stage\u00a02

(2,041)

(2,166)

Assets written off

(4,101)

(3,769)

Other changes

(2,425)

(2,644)

Impaired exposures (stage\u00a03) at closing balance

26,166

25,570

4.hDebt securities and subordinated debt

This note covers all issued debt securities and subordinated debt measured at amortised cost and designated as at fair value through profit or loss.

\u27a4Debt securities designated at fair value through profit or loss (note\u00a04.a)

Issuer/Issue date

In millions of euros, at

Currency

Original amount in foreign currency (millions)

Date of call or interest step-up

Interest
\u00a0rate

Interest rate reset

Conditions precedent for\u00a0coupon payment(1)

31 December 2024

31 December 2023

ISSUED DEBT SECURITIES AND SUBORDINATED DEBT

\u00a0

\u00a0

\u00a0

\u00a0

104,934

83,763

Debt securities

\u00a0

\u00a0

\u00a0

\u00a0

104,118

83,028

Subordinated debt

\u00a0

\u00a0

\u00a0

\u00a0

816

735

Redeemable subordinated debt

(2)

\u00a0

\u00a0

\u00a0

18

18

Perpetual subordinated debt

\u00a0

\u00a0

\u00a0

\u00a0

798

717

BNP\u00a0Paribas Fortis Dec. 2007(3)

EUR

3,000

Dec.-14

3-month Euribor +200\u00a0bp

\u00a0

A

798

717

  • Conditions precedent for coupon payment:
    A Coupon payments are halted should the issuer have insufficient capital or the underwriters become insolvent or when the dividend declared for Ageas shares falls below a certain threshold.
  • After agreement from the banking supervisory authority and at the issuer\u2019s initiative, redeemable subordinated debt issues may contain a call provision authorising the Group to redeem the securities prior to maturity by repurchasing them in the stock market, via public tender offers, or in the case of private placements over the counter. Debt issued by BNP\u00a0Paribas\u00a0SA or foreign subsidiaries of the Group via placements in the international markets may be subject to early redemption of the capital and early payment of interest due at maturity at the issuer\u2019s discretion on or after a date stipulated in the issue particulars (call option), or in the event that changes in the applicable tax rules oblige the BNP\u00a0Paribas Group issuer to compensate debt-holders for the consequences of such changes. Redemption may be subject to a notice period of between 15 and 60\u00a0days, and is in all cases subject to approval by the banking supervisory authorities.
  • Convertible And Subordinated Hybrid Equity-linked Securities (CASHES) issued by BNP\u00a0Paribas Fortis (previously Fortis Banque) in December\u00a02007.
  • The CASHES are perpetual securities but may be exchanged for Ageas (previously Fortis\u00a0SA/NV) shares at the holder\u2019s sole discretion at a price of EUR\u00a0239.40. However, as of 19 December 2014, the CASHES will be automatically exchanged into Ageas shares if their price is equal to or higher than EUR\u00a0359.10 for twenty consecutive trading days. The principal amount will never be redeemed in cash. The rights of the CASHES holders are limited to the Ageas shares held by BNP\u00a0Paribas Fortis and pledged to them.
  • Ageas and BNP\u00a0Paribas Fortis have entered into a Relative Performance Note (RPN) contract, the value of which varies contractually so as to offset the impact on BNP\u00a0Paribas Fortis of the relative difference between changes in the value of the CASHES and changes in the value of the Ageas shares.
  • Since 1 January 2022, the liability is no longer eligible to prudential own funds.
\u27a4Debt securities measured at amortised cost

Issuer/Issue date

In millions euros, at

Currency

Original amount in foreign currency (millions)

Date of call or interest step-up

Interest rate

Interest rate reset

Conditions precedent for\u00a0coupon payment(1)

31 December 2024

31 December 2023

Debt securities

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

198,119

191,482

Debt securities in issue with an initial maturity of less than one year

\u00a0

82,327

75,743

Negotiable debt securities

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

82,327

75,743

Debt securities in issue with an initial maturity of more than one year

\u00a0

115,792

115,739

Negotiable debt securities

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

31,109

30,592

Bonds

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

84,683

85,147

Subordinated debt

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

31,799

24,743

Redeemable subordinated debt

(2)

\u00a0

\u00a0

\u00a0

26,073

21,594

Undated subordinated notes

\u00a0

\u00a0

\u00a0

\u00a0

5,460

2,920

Contingent convertible bonds recognised as Tier 1 capital

\u00a0

\u00a0

\u00a0

\u00a0

3,851

1,352

BNP\u00a0Paribas SA Aug. 23(5)

USD

1,500

Aug.-28

8.5%

CMT

+ 4.354%

E

1,449

1,352

BNP\u00a0Paribas SA Feb. 24(5)

USD

1,500

Aug.-31

8.000%

CMT

+ 3.727%

E

1,449

-

BNP\u00a0Paribas SA Sept. 24(5)

USD

1,000

Sept.-34

7.375%

CMT

+3.535%

E

953

-

Other perpetual subordinated notes

\u00a0

\u00a0

\u00a0

1,609

1,568

BNP\u00a0Paribas SA Oct. 85(3)

EUR

305

-

TMO

- 0.25%

-

B

254

254

BNP\u00a0Paribas SA Sept. 86 (4)

USD

500

-

Libor 6 month

+ 0.075%

-

C

-

248

BNP\u00a0Paribas Cardif Nov. 14

EUR

1,000

Nov.-25

4.032%

Euribor 3 month

+ 393 bp

D

1,000

998

BMCI Feb. 23

MAD

750

Feb.-28

3.9%

2.5%-2.6%

F

71

68

TEB Sept. 24

USD

300

sept.-29

9.375%

CMT +5.758%

G

284

-

Perpetual participating notes

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

225

225

BNP\u00a0Paribas\u00a0SA July 84(3)(6)

EUR

337

-

(7)

-

\u00a0

219

219

Others

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

6

6

Expenses and commission, related debt

\u00a0

\u00a0

\u00a0

41

4

  • Conditions precedent for coupon payment:
  • B - Payment of the interest is mandatory, unless the Board of directors decides to postpone these payments after the Shareholders\u2019 General Meeting has officially noted that there is no income available for distribution, where this occurs within the 12-month period preceding the due date for payment of the interest. Interest payments are cumulative and are payable in full once dividend payments resume.
  • C - Payment of the interest is mandatory, unless the Board of directors decides to postpone these payments after the Shareholders\u2019 General Meeting has validated the decision not to pay out a dividend, where this occurs within the 12-month period preceding the due date for payment of the interest. Interest payments are cumulative and are payable in full once dividend payments resume. The bank has the option of resuming payment of interest arrears, even where no dividend is paid out.
  • D - Payment of the interest is mandatory, except for cases of regulatory deficiency, in agreement with the regulator, or of suspension of payments. Interest payments are cumulative and are payable in full, once coupon payments resume, or, if these events occur before, when the issuance is redeemed or when the issuer is liquidated.
  • E - Payment of the interest is at full discretion and could be cancelled in whole or in part if the relevant regulator notifies based on its assessment of the financial and solvency situation of the issuer. Interest amounts on the Notes will be non-cumulative, once coupon payments resume.
  • F - Payment of interest is made on a discretionary basis and may be fully or partially cancelled with the prior approval of Bank Al-Maghrib for an indefinite period and on a non-cumulative basis to meet its obligations. Interest amounts on bonds will not be cumulative when coupon payments resume.
  • G - Payment of interest is discretionary and may be fully or partially cancelled at any time and for any reason for an indefinite period. Interest amounts on bonds will not be cumulative when coupon payments resume.\u00a0
  • See reference relating to \u201cDebt securities at fair value through profit or loss\u201d.
  • These securities are no longer eligible to prudential own funds since 31 December 2023.
  • This instrument has been fully redeemed on 28 March 2024.
  • The instruments issued by BNP\u00a0Paribas SA in August 2023 and February and September 2024 are contingent convertible securities classified as financial liabilities in accounting and eligible to Additional Tier 1 capital (see note 1.f.8). The distribution from these instruments is recognised directly as a reduction from equity.
  • The participating notes issued by BNP\u00a0Paribas SA may be repurchased as provided for in the law of 3 January 1983. The number of notes in the market is 1,434,092.
  • Depending on net income subject to a minimum of 85% of the TMO rate and a maximum of 130% of the TMO rate.
4.oOffsetting of financial assets and\u00a0liabilities

The following tables present the amounts of financial assets and liabilities before and after offsetting. This information, required by IFRS\u00a07, 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\u00a032 as regards offsetting.

\u201cAmounts set off on the balance sheet\u201d have been determined according to IAS\u00a032. Thus, a financial asset and a financial liability are offset and the net amount presented on the balance sheet when, and only when, the Group has a legally enforceable right to set off the recognised amounts and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Amounts set off derive mainly from repurchase agreements and derivative instruments traded with clearing houses.

The \u201cimpacts of master netting agreements and similar agreements\u201d are relative to outstanding amounts of transactions within an enforceable agreement, which do not meet the offsetting criteria defined by IAS\u00a032. 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.

\u201cFinancial instruments given or received as collateral\u201d include guarantee deposits and securities collateral recognised at fair value. These guarantees can only be exercised in case of default, insolvency or bankruptcy of one of the contracting parties.

Regarding master netting agreements, the guarantee deposits received or given in compensation for the positive or negative fair values of financial instruments are recognised in the balance sheet in accrued income or expenses and other assets or liabilities.

\u00a0

In millions of euros,

at 31 December 2024

Gross amounts of financial assets

Gross amounts set off on the balance sheet

Net amounts presented on the balance sheet

Impact of Master Netting Agreements (MNA) and similar agreements

Financial instruments received as collateral

Net amounts

Assets

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Financial instruments at fair value\u00a0
through profit or loss

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Securities

267,357

\u00a0

267,357

\u00a0

\u00a0

267,357

Loans and repurchase agreements

429,312

(203,613)

225,699

(28,506)

(178,752)

18,441

Derivative financial instruments\u00a0
(including derivatives used for hedging purposes)

986,171

(642,689)

343,482

(245,188)

(52,223)

46,071

Financial assets at amortised cost

1,078,804

(541)

1,078,263

(1,194)

(7,485)

1,069,584

of which repurchase agreements

9,431

(541)

8,890

(1,194)

(7,485)

211

Accrued income and other assets

174,147

\u00a0

174,147

\u00a0

(43,944)

130,203

of which guarantee deposits paid

125,090

\u00a0

125,090

\u00a0

(43,944)

81,146

Other assets not subject to offsetting

615,960

\u00a0

615,960

\u00a0

\u00a0

615,960

TOTAL ASSETS

3,551,751

(846,843)

2,704,908

(274,888)

(282,404)

2,147,616

\u00a0

In millions of euros,

at 31 December 2024

Gross amounts of financial liabilities

Gross amounts set off on the balance sheet

Net amounts presented on the balance sheet

Impact of Master Netting Agreements (MNA) and similar agreements

Financial instruments given as collateral

Net amounts

Liabilities

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Financial instruments at fair value\u00a0
through profit or loss

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Securities

79,958

\u00a0

79,958

\u00a0

\u00a0

79,958

Deposits and repurchase agreements

508,430

(203,613)

304,817

(27,351)

(262,872)

14,594

Issued debt securities

104,934

\u00a0

104,934

\u00a0

\u00a0

104,934

Derivative financial instruments\u00a0
(including derivatives used for hedging purposes)

981,506

(642,689)

338,817

(245,188)

(46,548)

47,081

Financial liabilities at amortised cost

1,102,270

(541)

1,101,729

(2,349)

(22,573)

1,076,807

of which repurchase agreements

25,990

(541)

25,449

(2,349)

(22,573)

527

Accrued expense and other liabilities

136,955

\u00a0

136,955

\u00a0

(44,223)

92,732

of which guarantee deposits received

86,113

\u00a0

86,113

\u00a0

(44,223)

41,890

Other liabilities not subject to\u00a0offsetting

503,557

\u00a0

503,557

\u00a0

\u00a0

503,557

TOTAL LIABILITIES

3,417,610

(846,843)

2,570,767

(274,888)

(376,216)

1,919,663

In millions of euros,

at 31 December 2023

Gross
\u00a0amounts of
\u00a0financial
\u00a0assets

Gross
\u00a0amounts
\u00a0set off on the
\u00a0balance sheet

Net amounts
\u00a0presented on the balance sheet

Impact of Master Netting Agreements (MNA) and similar agreements

Financial
\u00a0instruments
\u00a0received as collateral

Net amounts

Assets

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Financial instruments at fair value through profit or loss

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Securities

211,634

\u00a0

211,634

\u00a0

\u00a0

211,634

Loans and repurchase agreements

462,109

(234,934)

227,175

(28,383)

(181,529)

17,263

Derivative financial instruments (including derivatives used for hedging purposes)

890,604

(576,833)

313,771

(213,517)

(51,325)

48,929

Financial assets at amortised cost

1,005,096

(400)

1,004,696

(676)

(4,325)

999,695

of which repurchase agreements

5,814

(400)

5,414

(676)

(4,325)

413

Accrued income and other assets

170,758

\u00a0

170,758

\u00a0

(40,664)

130,094

of which guarantee deposits paid

119,187

\u00a0

119,187

\u00a0

(40,664)

78,523

Other assets not subject to offsetting

663,465

\u00a0

663,465

\u00a0

\u00a0

663,465

TOTAL ASSETS

3,403,666

(812,167)

2,591,499

(242,576)

(277,843)

2,071,080

\u00a0

In millions of euros,

at 31 December 2023

Gross
\u00a0amounts of
\u00a0financial
\u00a0liabilities

Gross
\u00a0amounts
\u00a0set off on the
\u00a0balance sheet

Net amounts
\u00a0presented on the balance sheet

Impact of Master Netting Agreements (MNA) and similar agreements

Financial
\u00a0instruments\u00a0
given as collateral

Net amounts

Liabilities

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Financial instruments at fair value through profit or loss

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Securities

104,910

\u00a0

104,910

\u00a0

\u00a0

104,910

Deposits and repurchase agreements

508,548

(234,934)

273,614

(26,113)

(231,737)

15,764

Issued debt securities

83,763

\u00a0

83,763

\u00a0

\u00a0

83,763

Derivative financial instruments (including derivatives used\u00a0
for\u00a0hedging purposes)

893,736

(576,833)

316,903

(213,517)

(41,756)

61,630

Financial liabilities at amortised cost

1,084,124

(400)

1,083,724

(2,946)

(26,145)

1,054,633

of which repurchase agreements

31,269

(400)

30,869

(2,946)

(26,145)

1,778

Accrued expense and other liabilities

143,673

\u00a0

143,673

\u00a0

(46,631)

97,042

of which guarantee deposits received

87,612

\u00a0

87,612

\u00a0

(46,631)

40,981

Other liabilities not subject to\u00a0offsetting

456,045

\u00a0

456,045

\u00a0

\u00a0

456,045

TOTAL LIABILITIES

3,274,799

(812,167)

2,462,632

(242,576)

(346,269)

1,873,787

4.pTransfers of financial assets

Financial assets that have been transferred but not derecognised by the Group are mainly composed of securities sold temporarily under repurchase agreements or securities lending transactions, as well as securitised assets. The liabilities associated to securities temporarily sold under repurchase agreements consist of debts recognised under the \u201crepurchase agreements\u201d heading. The liabilities associated to securitised assets consist of the securitisation notes purchased by third parties.

\u27a4Securities lending, repurchase agreements and other transactions

In millions of euros, at

31 December 2024

31 December 2023

Carrying amount of transferred assets

Carrying amount of associated liabilities

Carrying amount of transferred assets

Carrying amount of associated liabilities

Securities lending operations

\u00a0

\u00a0

\u00a0

\u00a0

Financial instruments at fair value through profit or loss

11,034

\u00a0

7,565

\u00a0

Financial assets at amortised cost

85

\u00a0

474

\u00a0

Financial assets at fair value through equity

\u00a0

\u00a0

39

\u00a0

Repurchase agreements

\u00a0

\u00a0

\u00a0

\u00a0

Financial instruments at fair value through profit or loss

59,543

59,543

49,747

49,700

Financial assets at amortised cost

2,009

2,009

5,949

5,949

Financial assets at fair value through equity

1,165

1,165

1,936

1,936

Financial investments of insurance activities

4,163

4,194

8,995

8,316

Total

77,999

66,911

74,705

65,901

\u27a4Securitisation transactions partially refinanced by external investors, whose recourse is limited to\u00a0the\u00a0transferred assets

In millions of euros,
at 31 December 2024

Carrying amount of transferred assets

Carrying amount of associated liabilities

Fair value of transferred assets

Fair value of associated liabilities

Net position

Securitisation

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Financial assets at amortised cost

28,465

26,122

28,517

26,060

2,457

Total

28,465

26,122

28,517

26,060

2,457

\u00a0

In millions of euros,\u00a0
at 31 December 2023

Carrying amount of transferred assets

Carrying amount of associated liabilities

Fair value of transferred assets

Fair value of associated liabilities

Net position

Securitisation

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Financial assets at amortised cost

27,995

26,355

28,032

26,278

1,754

Total

27,995

26,355

28,032

26,278

1,754

\u00a0

There have been no significant transfers leading to partial or full derecognition of the financial assets in which the Bank has a continuing involvement.
5.cInvestments, other assets and financial liabilities related to insurance activities

\u27a4Investments and other assets related to insurance activities

In millions of euros, at

31 December 2024

31 December 2023

Assets not representative of unit-linked insurance contracts

Assets representative of unit-linked accounts

Total

Assets not representative of unit-linked insurance contracts

Assets representative of unit-linked accounts

Total

Derivative financial instruments

1,731

\u00a0

1,731

1,658

\u00a0

1,658

Derivatives used for hedging purposes

74

\u00a0

74

36

\u00a0

36

Financial assets at fair value through profit or loss

61,465

111,954

173,419

64,492

92,266

156,758

Financial assets at fair value through equity

102,222

\u00a0

102,222

89,139

\u00a0

89,139

Financial assets at amortised cost

1,379

\u00a0

1,379

1,267

\u00a0

1,267

Investment properties

3,868

3,178

7,046

4,008

3,483

7,491

Equity-method investments

82

\u00a0

82

89

\u00a0

89

Assets related to insurance activities (see note\u00a05.d)

896

\u00a0

896

660

\u00a0

660

Investments and other assets related to insurance activities

171,717

115,132

286,849

161,349

95,749

257,098

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

\u27a4Financial liabilities related to insurance activities

\u201cFinancial liabilities related to insurance activities\u201d includes unit-linked investment contracts without discretionary participating features. Those contracts are measured under IFRS\u00a09 at fair value through profit or loss.

In millions of euros, at

31 December 2024

31 December 2023

Derivative financial instruments

982

1,138

Derivatives used for hedging purposes

238

152

Deposit at fair value through profit or loss

960

1,063

Debt representative of shares of consolidated funds held by third parties

7,317

5,802

Investment contracts without discretionary participation feature \u2013 Unit-linked contracts

8,388

8,427

Other debts

1,922

1,657

Financial liabilities related to insurance activities

19,807

18,239

\u27a4Measurement of the fair value of financial instruments

The criteria for allocating instruments to each level of the fair value hierarchy, the measurement methods, and the principles governing transfers between levels are those presented in note\u00a04.d for the Group\u2019s financial instruments.

In millions of euros, at

31 December 2024

31 December 2023

Level\u00a01

Level\u00a02

Level\u00a03

Total

Level\u00a01

Level\u00a02

Level\u00a03

Total

Financial assets designated as at fair value through profit or loss

110,018

47,346

16,055

173,419

85,585

56,294

14,879

156,758

Equity instruments

102,824

31,996

15,772

150,592

79,269

41,846

14,779

135,894

Debt securities

7,194

14,827

218

22,239

6,316

13,740

41

20,097

Loans

523

65

588

708

59

767

Financial assets at fair value through equity

89,003

13,214

5

102,222

81,018

8,106

15

89,139

Equity instruments

1,729

1,729

646

646

Debt securities

87,274

13,214

5

100,493

80,372

8,106

15

88,493

Derivative financial instruments

-

1,772

33

1,805

2

1,678

14

1,694

FINANCIAL ASSETS MEASURED AT FAIR VALUE

199,021

62,332

16,093

277,446

166,605

66,078

14,908

247,591

Financial liabilities designated at fair value through profit or loss

4,666

10,866

1,133

16,665

2,625

12,039

628

15,292

Deposit at fair value through profit or loss

960

960

1,063

1,063

Debt representative of shares of consolidated funds held by third parties

4,666

2,352

299

7,317

2,625

3,177

5,802

Investment contracts without discretionary participation feature - Unit-linked contracts

7,554

834

8,388

7,799

628

8,427

Derivative financial instruments

-

1,198

22

1,220

127

977

186

1,290

FINANCIAL LIABILITIES MEASURED AT FAIR VALUE

4,666

12,064

1,155

17,885

2,752

13,016

814

16,582

\u00a0

Level\u00a01: includes notably equity securities and liquid bonds, derivative instruments traded on organised markets (futures, options, etc.), shares of funds and UCITS, for which the net asset value is calculated on a daily basis.

Level\u00a02: includes equity securities, government bonds, corporate debt securities, shares of funds and UCITS, and over-the-counter derivatives.

Level\u00a03: includes units of funds and unlisted equity shares which are mainly company shares and venture capital.

\u00a0

\u27a4Table of movements in Level\u00a03 financial instruments

For Level\u00a03 financial instruments, the following movements occurred during the period:

In millions of euros

Financial assets

Financial liabilities

Financial instruments at fair value through profit or loss

Financial assets at fair value through equity

Total

Financial instruments at fair value through profit or loss

Total

At 31 December 2023

14,893

15

14,908

(814)

(814)

Purchases

2,209

\u00a0

2,209

\u00a0

\u00a0

Sales

(2,325)

\u00a0

(2,325)

\u00a0

\u00a0

Settlements

40

(3)

37

(110)

(110)

Transfers to Level\u00a03

463

\u00a0

463

\u00a0

\u00a0

Transfers from Level\u00a03

(141)

(8)

(149)

\u00a0

\u00a0

Gains recognised in profit or loss

187

\u00a0

187

(226)

(226)

Items related to exchange rate movement and changes in scope of consolidation

762

\u00a0

762

(5)

(5)

Changes in fair value of assets and liabilities recognised in equity

\u00a0

1

1

\u00a0

\u00a0

At 31 December 2024

16,088

5

16,093

(1,155)

(1,155)

\u00a0\u00a0\u00a0\u00a0\u00a0

\u27a4Financial assets at fair value through equity

In millions of euros, at

31 December 2024

31 December 2023

Fair value

of which changes in value recognised directly to equity

Fair Value

of which changes in value recognised directly to equity

Debt securities

100,493

(5,341)

88,493

(5,154)

Equity securities

1,729

107

646

70

Total financial assets at fair value through equity

102,222

(5,234)

89,139

(5,084)

\u00a0

The option to recognise certain equity instruments at fair value through equity was retained in particular for shares held through strategic partnerships and shares that the Group is required to hold in order to carry out certain activities.

During the year ended 31 December 2024, the Group sold several of these investments and a net gain of EUR\u00a03\u00a0million was transferred to \u201cretained earnings\u201d (EUR\u00a026\u00a0million for the year ended 31 December 2023).

\u00a0\u00a0

\u27a4Fair value of investment properties

The fair value of investment properties amounted to EUR\u00a07.0\u00a0billion at 31 December 2024, compared with EUR\u00a07.5\u00a0billion at 31 December 2023. The value of investment properties classified in Level\u00a03 amounted to EUR\u00a00.5\u00a0billion at\u00a031 December 2024.

The entire non-listed real estate portfolio is appraised by one or more independent third parties. Experts have professional rules for carrying out these assessments.

For buildings that are directly held, experts use three main methods:

The final value retained by the expert may be a compromise between these three methods.\u00a0

\u27a4Fair value of financial instruments carried at amortised cost

In millions of euros, at

31 December 2024

31 December 2023

Estimated fair value

Carrying value

Estimated fair value

Carrying value

Level 1

Level 2

Level 3

Total

Level 1

Level 2

Level 3

Total

Loans and receivables

\u00a0

1,326

47

1,373

1,379

\u00a0

1,242

24

1,266

1,267

\u00a0

5.e.2Market risk

Qualitative information on the valuation of the carrying amount and fair value of financial instruments is provided in the financial instruments section of note 1.f Financial assets and liabilities. Quantitative information on the carrying value of financial instruments is disclosed in note 5.c Investments, other financial assets and liabilities related to insurance activities.

IFRS 17 defines market risk as the risk that changes in market prices (e.g. interest rates, currency exchange rates, share prices) affect the fulfilment cash flows of insurance and reinsurance contracts and the fair value or future cash flows of financial instruments. Market risk includes:

Market Risk Management Framework

For its insurance activities, the Group has equipped itself with the necessary management tools to calibrate the strategic asset allocation and to measure asset-liability matching risks. Asset-liability studies enable to project expected flows on both the assets and the liabilities of the various general funds. In particular, they allow to adapt the duration of assets according to the profile of the various liabilities.

The investment policy dictates the framework for asset management. It defines the principles for aligning the structure of asset portfolios with the commitments made to policyholders, while optimising the expected return on investment relative to the risk limit set. Thus, in particular in the case of BNP\u202fParibas\u202fCardif, the implementation of the investment policy, entrusted to the Asset Management Department, is governed for each portfolio by a management agreement that specifies the investment limits according to asset classes. Market risk can also be managed through the use of financial hedging instruments.

Market risk exposure is also monitored through targeted studies such as the review of securities in an unrealised loss position.

In addition, foreign currency exchange risk exposure arises from the funding of the foreign branches, equity investments in foreign currency or investment strategy in foreign currency-denominated assets in general funds. Foreign exchange risk may be hedged by forward financial instruments, such as cross-currency swaps, or by foreign currency borrowings.

For unit-linked commitments, market risk is mainly transferred to policyholders.

Interest rate risk sensitivity analysis

The sensitivity on insurance contracts arises from the following effects:

The table below shows the impact gross of taxes on income and shareholders\u2019 equity of reasonably possible changes in interest rates at reporting date. Sensitivities are presented on all financial assets, excluding assets representing unit-linked contracts.

Sensitivity was determined for the most significant countries, i.e. France, Italy and Luxembourg.

\u00a0

In millions of euros, at

31 December 2024

Potential impact on income

Potential impact on equity

related to investments(1)

related to insurance contracts

Net impact

related to investments

related to insurance contracts

Net impact

+50\u00a0bps variation of interest rate risk

(190)

178

(12)

(4,019)

3,738

(281)

-50\u00a0bps variation of interest rate risk

249

(237)

12

4,015

(3,738)

277

  • Excepted financial assets representing unit-linked contracts.

\u00a0

In millions of euros, at

31 December 2023

Potential impact on income

Potential impact on equity

related to investments(1)

related to insurance contracts

Net impact

related to investments

related to insurance contracts

Net impact

+50\u00a0bps variation of interest rate risk

(225)

206

(19)

(3,662)

3,330

(332)

-50\u00a0bps variation of interest rate risk

239

(220)

19

3,662

(3,330)

332

  • Excepted financial assets representing unit-linked contracts.
Price risk sensitivity analysis

The table below shows the impact gross of taxes on income and equity of reasonably possible changes in market and real estate prices at the reporting date. Sensitivities are presented excluding unit-linked contracts.

Sensitivity was determined for the most significant countries, i.e. France, Italy and Luxembourg.

\u00a0

In millions of euros, at

31 December 2024

Potential impact on income

Potential impact on equity

related to investments(1)

related to insurance contracts

Net impact

related to investments

related to insurance contracts

Net impact

+10% variation of equity market

1,310

(1,246)

64

175

(3)

172

-10% variation of equity market

(1,310)

1,246

(64)

(175)

3

(172)

+10% variation of real estate market

1,183

(1,153)

30

\u00a0

\u00a0

\u00a0

-10% variation of real estate market

(1,183)

1,153

(30)

\u00a0

\u00a0

\u00a0

  • Excepted financial assets representing unit-linked contracts.

\u00a0

In millions of euros, at

31 December 2023

Potential impact on income

Potential impact on equity

related to investments(1)

related to insurance contracts

Net impact

related to investments

related to insurance contracts

Net impact

+10% variation of equity market

1,834

(1,760)

74

61

\u00a0

61

-10% variation of equity market

(1,834)

1,760

(74)

(61)

\u00a0

(61)

+10% variation of real estate market

1,062

(1,031)

31

37

\u00a0

37

-10% variation of real estate market

(1,062)

1,031

(31)

(37)

\u00a0

(37)

  • Excepted financial assets representing unit-linked contracts.

\u00a0

For savings contracts valued using the variable fees approach, the change in the value of the underlying financial assets is largely offset by the change in the value of the liabilities, provided that the contractual service margin remains positive.\u00a0

Potential effects on income and equity are therefore mainly derived from non-participating contracts and assets representing the shareholders\u2019 equity of insurance entities.

5.e.3Credit risk

IFRS 17 defines credit risk as the risk that a party to a financial instrument, an insurance contract issued which is an asset or a reinsurance contract held, fails to meet one of its obligations and thereby causes the other party to suffer a financial loss.

The credit risk related to contracts in the scope of IFRS 17 relates mainly to reinsurance contracts held (risk of default by a reinsurer that would no longer allow him to assume a share of the amount due to him) and to receivables on the partners to whom the collection of the premiums have been delegated.

Counterparty risk management on reinsurers is achieved through rigorous selection of reinsurers, negotiation of collateral provided and regular monitoring of major exposures. The guarantees required may be real sureties, such as cash deposits and security pledges, or financial guarantees given and letters of guarantee.

The counterparty risk of BNP\u00a0Paribas Cardif\u2019s partners comes under the Partners and Reinsurers credit governance. As with a reinsurer, an exposure to a partner may be subject to real or personal security. Depending on the quality of the counterparty, the following techniques may be used: guarantee of the parent company, first-demand bank guarantee, segregated account of the rest of the assets in the event of bankruptcy, etc.

5.e.4Liquidity risk

IFRS 17 defines liquidity risk as the difficulty of honouring commitments related to insurance contracts and financial liabilities that are to be settled through the provision of cash or other financial assets.

Tactical asset management is carried out to release the cash needed to settle insurance benefits, in keeping with the fund's current management framework, while minimising impacts on the rate of return on assets.

Liquidity risk is managed centrally based on studies carried out at intervals appropriate to the risk exposure.

Stress tests are carried out as part of asset-liability management studies. They test the ability to honour its commitments in adverse financial market situations, taking into account the impact of these situations on the behaviour of policyholders. These medium and long-term asset-liability matching analyses are based on a projection of the medium and/or long-term profit and loss account and balance sheet under various economic scenarios. The analysis of the results obtained makes it possible to take, where appropriate, measures to adjust the constraints on asset allocation (strategic allocation, diversification, derivatives, etc.).

The table below details the forward schedule of the present value of the future cash flows of all insurance contracts excluding reinsurance.

In millions of euros, at

31 December 2024

31 December 2023

1\u00a0year

7,770

7,094

1 to 2\u00a0years

8,037

6,274

2 to 3\u00a0years

6,685

6,179

3 to 4\u00a0years

6,923

6,074

4 to 5\u00a0years

7,735

5,598

5 to 10\u00a0years

33,032

19,511

More than 10\u00a0years

157,419

148,819

TOTAL

227,601

199,549

\u00a0

For participating contracts, amounts payable on demand correspond to surrender values of saving contracts.

In millions of euros, at

31 December 2024

31 December 2023

Amount payable on demand

Carrying amount

Amount payable on demand

Carrying amount

Participating contracts

227,706

241,278

197,551

212,297

Non-participating contracts

57

6,222

70

5,640

TOTAL

227,763

247,500

197,621

217,937

8.jFair value of financial instruments carried at\u00a0amortised\u00a0cost

The information supplied in this note must be used and interpreted with the greatest caution for the following reasons:

In millions of euros,

at 31 December 2024

Estimated fair value

Carrying
value

Level 1

Level 2

Level 3

Total

FINANCIAL ASSETS

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Loans and advances to credit institutions and customers(1)

\u00a0

114,149

753,614

867,763

880,267

Debt securities at amortised cost (note\u00a04.e)

103,780

39,122

1,423

144,325

146,975

FINANCIAL LIABILITIES

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Deposits from credit institutions and customers

\u00a0

1,101,596

\u00a0

1,101,596

1,101,729

Debt securities (note\u00a04.h)

80,401

119,429

\u00a0

199,830

198,119

Subordinated debt (note\u00a04.h)

23,087

8,743

\u00a0

31,830

31,799

  • Finance leases excluded.

\u00a0

In millions of euros,

at 31 December 2023

Estimated fair value

Carrying
value

Level 1

Level 2

Level 3

Total

FINANCIAL ASSETS

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Loans and advances to credit institutions and customers(1)

\u00a0

91,565

719,554

811,119

835,860

Debt securities at amortised cost (note\u00a04.e)

88,984

29,720

989

119,693

121,161

FINANCIAL LIABILITIES

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Deposits from credit institutions and customers

\u00a0

1,083,782

\u00a0

1,083,782

1,083,724

Debt securities (note\u00a04.h)

77,165

115,102

\u00a0

192,267

191,482

Subordinated debt (note\u00a04.h)

17,128

7,588

\u00a0

24,716

24,743

  • Finance leases excluded.

\u00a0

The valuation techniques and assumptions used by BNP\u00a0Paribas ensure that the fair value of financial assets and liabilities carried at amortised cost is measured on a consistent basis throughout the Group. Fair value is based on prices quoted in an active market when these are available. In other cases, fair value is determined using valuation techniques such as discounting of estimated future cash flows for loans, liabilities and debt securities at amortised cost, or specific valuation models for other financial instruments as described in note\u00a01, Summary of material accounting policies applied by the BNP\u00a0Paribas Group. The description of the fair value hierarchy levels is also presented in the accounting principles (see note\u00a01.f.10). In the case of loans, liabilities and debt securities at amortised cost that have an initial maturity of less than one year (including demand deposits) or of most regulated savings products, fair value equates to carrying amount. These instruments have been classified in Level\u00a02, except for loans to customers, which are classified in Level\u00a03.

Credit policies [Audited]

The Bank\u2019s lending activities are governed by the Global Credit Policy. It applies to all Group activities that generate credit or counterparty risk. The Global Credit Policy provides general principles (including the risk assessment and decision-making process, adherence to the highest standards of compliance and ethics) applicable to all credit risk, as well as specific principles applicable to country risk, sector risks, clients selection and the transaction structures. It is supplemented by specific policies tailored to certain type of business or counterparty.

These credit policies are regularly updated in line with developments in the credit environment in which the Group operates.

BNP Paribas takes ESG criteria into account in its credit decision-making processes. For more\u00a0details, see chapter 5.11 Environmental, social and governance risk.

Individual decision-\u200amaking procedures [Audited]

A system of discretionary credit delegations has been established, under which all lending decisions must be approved by managers or representatives of the business teams, with the concurrence of a formally designated RISK representative. Approvals are systematically evidenced in writing, possibly electronically either by means of a signed approval form or in the minutes of formal Credit Committee meetings. Discretionary credit delegations correspond to aggregate commitments by business group and vary according to internal credit ratings and the specific nature of the business concerned. All transactions proposed are subject to a detailed review of the borrower\u2019s current and future position. The review, conducted when granting the transaction and updated at least on an annual basis, is designed to ensure the Group has a comprehensive understanding of the borrower and can monitor any potential changes in its situation. Certain types of lending commitments, such as loans to financial institutions, sovereign loans and loans to customers operating in certain industries that are exposed to cyclical risks or to a rapid pace of change, are subject to specific authorisation procedures and require the sign-off of an industry expert or designated specialist. In Retail Banking, simplified procedures are applied, based on statistical decision-making aids.

Credit applications must comply with the Bank\u2019s Global Credit Policy and any relevant specific policies. Material exceptions undergo a special approval process. Before making any commitments, BNP\u00a0Paribas carries out an in-depth review of any known development plans of the borrower, and ensures that it has thorough knowledge of all the structural aspects of the borrower\u2019s operations and that adequate monitoring will be possible.

The General Management Credit Committee (CCDG) is the highest level Group committee for all decisions related to credit and counterparty risk. It has in particular ultimate decision-making authority for all credit applications notably for amounts in excess of individual discretionary credit delegations or applications that would not comply with the Global Credit Policy.

Monitoring and portfolio management procedures\u00a0[Audited]

Monitoring exposures

A comprehensive risk monitoring system is organised around control units, which are responsible for ensuring that lending commitments comply with the credit decision, that credit risk reporting data are reliable and that risks are effectively monitored. Daily irregular exception reports are produced and various early warning tools are used to identify early the deterioration of credit risks. The various monitoring levels are carried out under the supervision of RISK. Non-performing loans or those placed under credit watch (see Exposures, provisions and cost of risk) are overseen more closely via dedicated quarterly committee meetings (see the Governance part of section\u00a05.3 Risk management). To supplement this mechanism, the Doubtful Committee meets on a monthly basis to validate the proposed changes in individual provisions for doubtful loans for which an adjustment is necessary based on expected financial flows.

The responsibilities of the control teams include the monitoring of exposures against approved authorisations, covenants, and guarantees. This allows the identification of any signs of deterioration against the risk profile approved by the Credit Committee. Control teams flag up (to the RISK teams and business units) any cases that fail to comply with Credit Committee decisions and oversee their resolution. In some cases, a specific alert is sent to the senior management of RISK and of the relevant business unit. These are mainly where exceptions remain unresolved and/or where there are serious indications of deterioration in the risk profile compared with that approved by the Credit Committee.

Furthermore, since 2018 the General Credit Policy has included specific checks to be conducted for loans granted to clients presenting high leverage ratios, in accordance with European Central Bank guidelines.

Overall portfolio management and monitoring

The selection and careful evaluation of individual risks taken are supported by a monitoring and risk control system based on more aggregated portfolio levels in terms of division/business line, regions, industry, business/product.

The overall portfolio management policy, including concentration of risk by single name, industry and country, is based on this monitoring system and Group Risk Committees review all reports and analyses produced:

Lastly, BNP\u00a0Paribas may use credit risk transfer instruments, such as securitisation programmes, credit derivatives or credit insurance, to mitigate individual risks, reduce portfolio concentration or cap potential losses arising from crisis scenarios.

Impairment valuation procedures\u00a0[Audited]

The Group applies the impairment procedures described below for all loans subject to impairment (see note\u00a01.f.5 Impairment of financial assets at amortised cost and of debt instruments at market value through shareholders\u2019 equity to the consolidated financial statements):

Rating system [Audited]

Each counterparty is rated internally by the Group using uniform principles, regardless of the approach used to calculate regulatory capital requirements.

The Bank has a comprehensive internal rating system compliant with regulatory requirements regarding capital adequacy. A periodic assessment and control process has been deployed within the Bank to ensure that the system is appropriate and correctly implemented. The system was formally validated by the supervisor in December\u00a02007 and is inspected on a regular basis.

For loans to institutions, corporates, sovereigns and specialised lendings, the system is based on three parameters: the counterparty\u2019s probability of default (PD) expressed via a rating, the Global Recovery Rate (GRR) or its complement, Loss Given Default (LGD), which depends on the structure of the transaction, and the Credit Conversion Factor (CCF), which estimates the off-balance sheet exposure at risk.

There are twelve counterparty ratings. Ten cover performing clients with credit assessments ranging from \u201cexcellent\u201d to \u201cvery concerning\u201d, and two relate to clients classified as in default, as per the definition by the banking supervisor.

Confirmation or amendments to the probability of default parameters and GRR applicable to each transaction are reviewed at least once a year as part of the loan approval process or annual credit review. These are based on the combined expertise of business line staff and, as a second look, the RISK representatives (who have the final say in case of disagreement). It uses appropriate tools including analysis aids and credit scoring systems. The decision to use these tools and the choice of technique depends on the nature of the risk.

For retail counterparties, the system is also based on three parameters: Probability of Default (PD), the Global Recovery Rate (GRR) and the Credit Conversion Factor (CCF). On the other hand, rating methods are applied automatically to determine the loan parameters.

Internal estimates of risk parameters are used in the Bank\u2019s day-to-day management in line with regulation recommendations. Thus, apart from calculating capital requirements, they are used for example when setting delegated limits, granting new loans or reviewing existing loans to measure profitability, determine impairments and for book analyses.

\u27a4TABLE 27: INDICATIVE MAPPING OF INTERNAL COUNTERPARTY RATING WITH AGENCY RATING SCALE AND AVERAGE EXPECTED PD

\u00a0

Internal rating

BNP\u00a0Paribas

LT Issuer/Unsecured issuer\u2019s ratings S&P/Fitch

Average expected PD

Investment Grade

1+

AAA

0.01%

1

AA+

0.01%

1-

AA

0.01%

2+

AA-

0.02%

2

A+/A

0.03%

2-

A-

0.04%

3+/3/3-

BBB+

0.06% to 0.10%

4+/4/4-

BBB

0.13 to 0.21%

5+/5/5-

BBB-

0.26% to 0.48%

Non-Investment Grade

6+

BB+

0.69%

6/6-

BB

1.00% to 1.46%

7+/7

BB-

2.11% to 3.07%

7-

B+

4.01%

8+/8/8-

B

5.23% to 8.06%

9+/9/9-

B-

9.53% to 13.32%

10+

CCC

15.75%

10

CC

18.62%

10-

C

21.81%

Default

11

D

100%

12

D

100%

\u00a0

The Group has developed an indicative equivalence between the Bank\u2019s\u00a0internal ratings and the long-term issuer ratings assigned by the major rating agencies. Nevertheless, the Bank has a much broader clientele than just those counterparties rated by an external rating agency. An indicative equivalence is not relevant in Retail Banking. It is used when the internal ratings are assigned or reviewed in order to identify any differences between the Bank\u2019s assessment of a borrower\u2019s probability of default and that of one or more of the rating agencies. However, the internal ratings do not aim to reproduce or even approximate the external ratings. There are significant variances in both directions within the portfolio. Some counterparties rated 6 or 7 by BNP\u00a0Paribas could be considered Investment Grade by the rating agencies.

For further details, see the sections Internal rating system \u2013 sovereign, financial institution, corporate and specialised financing portfolios and Internal rating system specific to retail customers.

Exposures, provisions and cost of risk [Audited]

Impaired exposures (stage\u00a03) related to assets at amortised cost and financing and guarantee commitments given, as well as the guarantees received as collateral, are presented in note\u00a04.f Impaired financial assets (stage 3). The definition of impaired loans (stage\u00a03) is presented in note\u00a01.f.5 Impairment of financial assets measured at amortised cost and debt instruments measured at fair value through shareholders\u2019 equity, Definition of default paragraph.

The following table shows the carrying amount of performing and non-performing(9)\u00a0financial assets included in the prudential consolidation scope.

An exposure is deemed to be non-performing when it falls into one of the following categories:

In this part, in accordance with the Implementing Regulation (EU) No.\u00a02021/637, the scope of the tables in this section includes the following items:

Exposures in default include impaired loans and receivables (stage\u00a03) and doubtful loans and receivables and debt securities at fair value through profit or loss outside the trading book.

The classifications used for exposures shown are taken from financial reports intended for the supervisory authority(10)\u00a0and so differ from the exposure classes usually used within the context of Pillar\u00a03. The classification includes:

\u00a0

\u27a4TABLE 48: PERFORMING AND NON-PERFORMING EXPOSURES AND RELATED PROVISIONS (EU CR1)\u00a0[Audited]

\u00a0

\u00a0

a

b

c

d

e

f

g

h

i

j

k

l

n

o

In millions of euros

31 December 2024

Gross carrying amount

Accumulated impairment, accumulated negative changes in fair value due to credit risk and provisions

Collateral and financial guarantees received

Performing exposures

Non-performing exposures

Performing exposures

Non-performing exposures

On performing exposures

On non-performing exposures

\u00a0

of which stage 1

of which stage 2

\u00a0

of which stage 1 & 2

of which defaulted

\u00a0

of which stage 1

of which stage 2

\u00a0

of which stage \u00a01 & 2

of which defaulted

005

Current accounts at central banks and other demand deposits

188,522

187,857

665

1

-

1

(19)

(15)

(4)

-

-

-

759

-

010

Loans and advances

928,317

858,701

69,616

26,998

498

26,501

(3,720)

(1,810)

(1,909)

(13,439)

(8)

(13,431)

524,030

8,646

020

Central banks

10,646

10,646

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

4,270

\u00a0

030

General governments

35,523

33,951

1,573

261

89

171

(17)

(8)

(9)

(64)

(3)

(61)

8,954

79

040

Credit institutions

12,242

12,143

98

77

1

76

(10)

(6)

(4)

(71)

\u00a0

(71)

6,411

1

050

Other financial corporations

114,808

111,624

3,184

1,053

3

1,050

(92)

(42)

(51)

(854)

\u00a0

(854)

18,314

139

060

Non-financial corporations

422,317

375,443

46,874

14,912

394

14,518

(1,406)

(635)

(771)

(7,219)

(4)

(7,214)

251,579

5,683

070

of which SMEs

126,007

110,597

15,411

6,162

107

6,056

(629)

(314)

(315)

(2,537)

(2)

(2,535)

86,554

2,731

080

Households

332,782

314,895

17,888

10,696

11

10,685

(2,195)

(1,120)

(1,075)

(5,232)

(1)

(5,231)

234,503

2,744

090

Debt securities

223,009

220,815

2,194

422

-

422

(64)

(25)

(39)

(288)

-

(288)

3,925

-

100

Central banks

6,056

4,847

1,209

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

110

General governments

151,791

151,100

691

\u00a0

\u00a0

\u00a0

(39)

(14)

(26)

\u00a0

\u00a0

\u00a0

350

\u00a0

120

Credit institutions

25,990

25,900

90

101

\u00a0

101

(9)

(7)

(2)

(101)

\u00a0

(101)

3,575

\u00a0

130

Other financial corporations

32,275

32,105

171

259

\u00a0

259

(12)

(1)

(11)

(133)

\u00a0

(133)

\u00a0

\u00a0

140

Non-financial corporations

6,896

6,863

33

62

\u00a0

62

(3)

(3)

\u00a0

(54)

\u00a0

(54)

\u00a0

\u00a0

150

Off-balance sheet exposures

596,936

573,146

23,790

2,441

2

2,439

(387)

(181)

(206)

(318)

-

(318)

154,322

749

160

Central banks

65,839

65,839

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

65,474

\u00a0

170

General governments

9,201

8,000

1,201

1

\u00a0

1

(2)

(1)

(1)

\u00a0

\u00a0

\u00a0

866

\u00a0

180

Credit institutions

22,379

21,950

429

\u00a0

\u00a0

\u00a0

(11)

(4)

(7)

\u00a0

\u00a0

\u00a0

4,744

\u00a0

190

Other financial corporations

78,195

77,516

680

22

\u00a0

22

(18)

(13)

(5)

(4)

\u00a0

(4)

11,636

2

200

Non-financial corporations

370,308

350,169

20,139

2,281

\u00a0

2,281

(286)

(121)

(166)

(309)

\u00a0

(309)

67,365

729

210

Households

51,014

49,672

1,342

138

2

136

(70)

(42)

(28)

(5)

\u00a0

(5)

4,237

18

220

TOTAL

1,936,784

1,840,519

96,265

29,862

500

29,362

(4,191)

(2,032)

(2,159)

(14,045)

(8)

(14,037)

683,036

9,395

\u00a0

\u00a0

a

b

c

d

e

f

g

h

i

j

k

l

n

o

In millions of euros

31 December 2023

Gross carrying amount

Accumulated impairment, accumulated negative changes in fair value due to credit risk and provisions

Collateral and financial guarantees received

Performing exposures

Non-performing exposures

Performing exposures

Non-performing exposures

On performing exposures

On non-performing exposures

\u00a0

of which stage 1

of which stage 2

\u00a0

of which stage 1 & 2

of which defaulted

\u00a0

of which stage 1

of which stage 2

\u00a0

of which stage 1 & 2

of which defaulted

005

Cash balances at central banks and other demand deposits

292,738

292,359

379

2

-

2

(26)

(21)

(5)

-

-

-

973

-

010

Loans and advances

902,012

828,757

73,255

26,775

465

26,310

(4,338)

(1,960)

(2,378)

(13,261)

(13)

(13,248)

538,230

8,551

020

Central banks

9,731

9,731

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

3,313

\u00a0

030

General governments

33,971

31,954

2,017

256

93

163

(16)

(6)

(10)

(39)

(1)

(38)

8,826

167

040

Credit institutions

7,457

6,839

618

80

\u00a0

80

(27)

(18)

(9)

(67)

\u00a0

(67)

3,580

\u00a0

050

Other financial corporations

90,811

87,537

3,274

1,412

\u00a0

1,412

(153)

(70)

(83)

(856)

\u00a0

(856)

21,110

502

060

Non-financial corporations

430,758

380,019

50,739

14,155

344

13,811

(1,807)

(726)

(1,081)

(6,978)

(3)

(6,975)

272,354

5,011

070

of which SMEs

127,144

108,650

18,494

5,597

90

5,507

(770)

(319)

(451)

(2,363)

(2)

(2,361)

92,600

2,532

080

Households

329,284

312,677

16,607

10,872

28

10,844

(2,335)

(1,140)

(1,195)

(5,321)

(9)

(5,312)

229,047

2,871

090

Debt securities

175,677

175,342

335

349

-

349

(36)

(19)

(17)

(226)

-

(226)

4,017

-

100

Central banks

4,705

4,705

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

110

General governments

118,856

118,785

71

\u00a0

\u00a0

\u00a0

(17)

(14)

(3)

\u00a0

\u00a0

\u00a0

450

\u00a0

120

Credit institutions

18,004

18,004

\u00a0

101

\u00a0

101

\u00a0

\u00a0

\u00a0

(101)

\u00a0

(101)

3,262

\u00a0

130

Other financial corporations

27,747

27,552

195

152

\u00a0

152

(13)

(1)

(12)

(56)

\u00a0

(56)

305

\u00a0

140

Non-financial corporations

6,365

6,296

69

96

\u00a0

96

(6)

(4)

(2)

(69)

\u00a0

(69)

\u00a0

\u00a0

150

Off-balance sheet exposures

560,116

533,559

26,557

1,661

3

1,658

(570)

(269)

(301)

(313)

-

(313)

142,400

398

160

Central banks

51,627

51,627

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

49,622

\u00a0

170

General governments

11,292

9,915

1,377

48

\u00a0

48

(5)

(2)

(3)

\u00a0

\u00a0

\u00a0

742

42

180

Credit institutions

15,155

13,611

1,544

\u00a0

\u00a0

\u00a0

(27)

(7)

(20)

\u00a0

\u00a0

\u00a0

654

\u00a0

190

Other financial corporations

77,005

76,019

986

87

\u00a0

87

(32)

(24)

(8)

(11)

\u00a0

(11)

17,614

12

200

Non-financial corporations

357,031

335,568

21,463

1,390

4

1,386

(421)

(182)

(239)

(298)

\u00a0

(298)

69,078

331

210

Households

48,006

46,819

1,187

136

(1)

137

(85)

(54)

(31)

(4)

\u00a0

(4)

4,690

13

220

TOTAL

1,930,543

1,830,017

100,526

28,787

468

28,319

(4,970)

(2,269)

(2,701)

(13,800)

(13)

(13,787)

685,620

8,949

\u00a0

Changes in the stock of non-performing loans and advances (EU CR2) are presented in note\u00a04.f Impaired financial assets (stage\u00a03) to the consolidated financial statements as at 31\u00a0December 2024.

\u27a4TABLE 49: PERFORMING AND NON-PERFORMING EXPOSURES BY PAST DUE DAYS\u00a0(EU CQ3)\u00a0[Audited]

\u00a0

\u00a0

a

b

c

d

e

f

g

h

i

j

k

l

In millions of euros

31 December 2024

Performing exposures

Non-performing exposures

\u00a0

Not past due or\u00a0
\u2264 30 days

> 30 days

\u2264 90 days

\u00a0

Unlikely to pay that are not past due or are past due\u00a0
\u2264 90 days

> 90 days

\u2264 180 days

> 180 days

\u2264 1 year

> 1 year\u00a0
\u2264 2 years

> 2 years\u00a0
\u2264 5 years

> 5 years\u00a0
\u2264 7 years

> 7 years

of which defaulted

005

Cash balances at central banks and other demand deposits

188,522

188,522

-

1

1

-

-

-

-

-

-

1

010

Loans and advances

928,317

923,500

4,818

26,998

9,307

1,910

2,574

3,032

4,925

1,697

3,553

26,501

020

Central banks

10,646

10,646

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

030

General governments

35,523

35,458

66

261

67

34

28

10

76

26

21

171

040

Credit institutions

12,242

12,239

2

77

2

\u00a0

\u00a0

2

\u00a0

\u00a0

72

76

050

Other financial corporations

114,808

114,759

48

1,053

523

13

23

17

88

175

215

1,050

060

Non-financial corporations

422,317

418,949

3,368

14,912

5,864

864

1,350

1,507

2,062

990

2,275

14,518

070

of which SMEs

126,007

125,278

729

6,162

2,050

474

693

929

1,068

413

534

6,056

080

Households

332,782

331,449

1,333

10,696

2,852

999

1,173

1,496

2,699

506

971

10,685

090

Debt securities

223,009

223,009

-

422

309

-

-

-

5

-

108

422

100

Central banks

6,056

6,056

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

110

General governments

151,791

151,791

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

120

Credit institutions

25,990

25,990

\u00a0

101

2

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

99

101

130

Other financial corporations

32,275

32,275

\u00a0

259

250

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

8

259

140

Non-financial corporations

6,896

6,896

\u00a0

62

57

\u00a0

\u00a0

\u00a0

5

\u00a0

\u00a0

62

150

Off-balance sheet exposures

596,936

\u00a0

\u00a0

2,441

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

2,439

160

Central banks

65,839

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

170

General governments

9,201

\u00a0

\u00a0

1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1

180

Credit institutions

22,379

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

190

Other financial corporations

78,195

\u00a0

\u00a0

22

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

22

200

Non-financial corporations

370,308

\u00a0

\u00a0

2,281

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

2,281

210

Households

51,014

\u00a0

\u00a0

138

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

136

220

TOTAL

1,936,784

1,335,030

4,818

29,862

9,617

1,910

2,574

3,032

4,930

1,697

3,661

29,362

\u00a0

\u00a0

a

b

c

d

e

f

g

h

i

j

k

l

In millions of euros

31 December 2023

Performing exposures

Non-performing exposures

\u00a0

Not past due or \u2264\u00a030\u00a0days

>\u00a030\u00a0days

\u2264\u00a090\u00a0days

\u00a0

Unlikely to pay that are not past due or are past due \u2264\u00a090\u00a0days

>\u00a090\u00a0days

\u2264\u00a0180\u00a0days

>\u00a0180\u00a0days

\u2264\u00a01\u00a0year

>\u00a01\u00a0year

\u2264\u00a02\u00a0years

>\u00a02\u00a0years

\u2264\u00a05\u00a0years

>\u00a01\u00a0year

\u2264\u00a02\u00a0years

>\u00a05\u00a0years

of which defaulted

005

Cash balances at central banks and other demand deposits

292,738

292,738

-

2

-

-

-

-

-

-

2

2

010

Loans and advances

902,012

897,206

4,806

26,775

9,475

2,051

2,110

2,728

4,780

1,374

4,257

26,310

020

Central banks

9,731

9,731

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

030

General governments

33,971

33,935

36

256

36

12

6

69

99

28

6

163

040

Credit institutions

7,457

7,454

3

80

3

\u00a0

\u00a0

2

\u00a0

\u00a0

75

79

050

Other financial corporations

90,811

90,687

124

1,412

638

30

5

309

230

8

192

1,412

060

Non-financial corporations

430,758

427,102

3,656

14,155

5,847

995

848

1,049

1,767

869

2,780

13,812

070

of which SMEs

127,144

126,363

781

5,597

2,082

378

544

707

838

314

734

5,506

080

Households

329,284

328,297

987

10,872

2,951

1,014

1,251

1,299

2,684

469

1,204

10,844

090

Debt securities

175,677

175,677

-

349

236

-

-

-

5

101

7

349

100

Central banks

4,705

4,705

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

110

General governments

118,856

118,856

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

120

Credit institutions

18,004

18,004

\u00a0

101

2

\u00a0

\u00a0

\u00a0

\u00a0

99

\u00a0

101

130

Other financial corporations

27,747

27,747

\u00a0

152

144

\u00a0

\u00a0

\u00a0

\u00a0

2

6

152

140

Non-financial corporations

6,365

6,365

\u00a0

96

90

\u00a0

\u00a0

\u00a0

5

\u00a0

1

96

150

Off-balance sheet exposures

560,116

\u00a0

\u00a0

1,661

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1,658

160

Central banks

51,627

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

170

General governments

11,292

\u00a0

\u00a0

48

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

48

180

Credit institutions

15,155

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

190

Other financial corporations

77,005

\u00a0

\u00a0

87

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

87

200

Non-financial corporations

357,031

\u00a0

\u00a0

1,390

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1,386

210

Households

48,006

\u00a0

\u00a0

136

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

137

220

TOTAL

1,930,543

1,365,621

4,806

28,787

9,711

2,051

2,110

2,728

4,785

1,475

4,266

28,319

\u00a0

Table\u00a050 (EU CQ4) below shows the on- and off-balance sheet exposures. These exposures contribute to all Group risks, mainly credit risk.

\u27a4TABLE 50: EXPOSURES AND PROVISIONS BY GEOGRAPHIC BREAKDOWN\u00a0(EU CQ4)\u00a0[Audited]

\u00a0

\u00a0

a

\u00a0

b

c

d

e

\u00a0

\u00a0

f

g

In millions of euros

31 December 2024

Gross carrying amount/Nominal amount

Accumulated impairment

Provisions on off-balance sheet commitments and financial guarantees given

Accumulated negative due to credit risk on non-performing exposures changes in fair value

\u00a0

Of which Instruments with significant increase in credit risk since initial recognition but not credit-impaired

(stage\u00a02)

Of which non-performing

Of which loans and advances subject to impairment

\u00a0

\u00a0

Of which Instruments with significant increase in credit risk since initial recognition but not credit-impaired

(Stage\u00a02)

Of which defaulted

\u00a0

Of which defaulted

010

On balance sheet exposures

1,367,269

72,927

27,421

26,923

1,362,026

(17,478)

(1,956)

(13,667)

(52)

\u00a0

Europe(1)

1,010,510

58,127

23,040

22,792

1,006,345

(14,298)

(1,684)

(10,982)

(52)

\u00a0

France

402,055

22,190

9,441

9,278

400,100

(5,707)

(736)

(4,452)

(15)

\u00a0

Belgium

171,333

8,076

3,100

3,098

171,297

(1,512)

(130)

(1,246)

\u00a0

\u00a0

Luxembourg

43,921

2,266

581

572

43,705

(167)

(33)

(114)

(2)

\u00a0

Italy

126,360

7,329

3,929

3,926

126,250

(3,032)

(304)

(2,353)

(30)

\u00a0

United Kingdom

62,681

3,423

1,221

1,215

62,262

(828)

(75)

(642)

(3)

\u00a0

Germany

58,412

5,613

1,641

1,622

57,329

(1,059)

(118)

(805)

\u00a0

\u00a0

Netherlands

22,577

1,125

144

144

22,571

(78)

(11)

(54)

\u00a0

\u00a0

Other European countries

123,172

8,105

2,984

2,937

122,830

(1,915)

(277)

(1,314)

(3)

\u00a0

North America

139,856

4,894

858

658

139,194

(204)

(60)

(126)

-

\u00a0

Asia Pacific

102,374

2,127

372

369

102,312

(232)

(16)

(156)

-

\u00a0

Japan

34,252

380

11

11

34,222

(11)

(9)

0

\u00a0

\u00a0

North Asia

28,533

893

216

214

28,533

(79)

(2)

(31)

\u00a0

\u00a0

South-East Asia (ASEAN)

19,730

558

121

121

19,713

(129)

(3)

(117)

\u00a0

\u00a0

Indian peninsula &\u00a0Pacific

19,858

296

24

22

19,843

(13)

(2)

(7)

\u00a0

070

Rest of the World

114,529

7,780

3,151

3,104

114,176

(2,744)

(196)

(2,403)

-

\u00a0

T\u00fcrkiye

18,381

981

167

167

18,381

(220)

(48)

(114)

\u00a0

\u00a0

Mediterranean

9,909

2,018

973

969

9,909

(796)

(52)

(706)

\u00a0

\u00a0

Gulf States & Africa

9,996

396

1,431

1,431

9,996

(1,255)

(40)

(1,188)

\u00a0

\u00a0

Latin America

13,689

477

168

167

13,335

(131)

(4)

(120)

\u00a0

\u00a0

Other countries

62,554

3,908

412

371

62,554

(342)

(52)

(275)

\u00a0

080

Off-balance sheet exposures

599,377

23,792

2,441

2,439

599,377

(706)

(206)

(318)

(706)

-

\u00a0

Europe(1)

361,142

12,951

1,940

1,938

361,142

(492)

(116)

(240)

(492)

-

\u00a0

France

104,375

4,124

735

735

104,375

(166)

(52)

(62)

(166)

\u00a0

\u00a0

Belgium

40,899

2,195

263

263

40,899

(87)

(10)

(61)

(87)

\u00a0

\u00a0

Luxembourg

17,157

424

134

134

17,157

(22)

(4)

(14)

(22)

\u00a0

\u00a0

Italy

36,610

1,459

401

401

36,610

(96)

(13)

(65)

(96)

\u00a0

\u00a0

United Kingdom

40,702

1,635

113

113

40,702

(22)

(6)

0

(22)

\u00a0

\u00a0

Germany

34,894

896

164

164

34,894

(40)

(5)

(26)

(40)

\u00a0

\u00a0

Netherlands

18,561

295

20

20

18,561

(4)

(1)

0

(4)

\u00a0

\u00a0

Other European countries

67,944

1,923

111

109

67,944

(55)

(24)

(13)

(55)

\u00a0

\u00a0

North America

123,998

7,625

280

280

123,998

(85)

(55)

(14)

(85)

-

\u00a0

Asia Pacific

33,997

366

43

43

33,997

(6)

(2)

(1)

(6)

-

\u00a0

Japan

2,836

4

0

0

2,836

0

0

0

0

\u00a0

\u00a0

North Asia

18,584

146

30

30

18,584

(3)

(1)

0

(3)

\u00a0

\u00a0

South-East Asia (ASEAN)

6,063

108

0

0

6,063

(1)

0

0

(1)

\u00a0

\u00a0

Indian peninsula &\u00a0Pacific

6,514

110

13

13

6,514

(2)

(1)

(1)

(2)

\u00a0

140

Rest of the World

80,240

2,849

179

179

80,240

(122)

(33)

(63)

(122)

-

\u00a0

T\u00fcrkiye

6,897

328

27

27

6,897

(31)

(10)

(10)

(31)

\u00a0

\u00a0

Mediterranean

2,524

670

94

94

2,524

(59)

(10)

(41)

(59)

\u00a0

\u00a0

Gulf States & Africa

54,749

120

54

54

54,749

(20)

(4)

(12)

(20)

\u00a0

\u00a0

Latin America

5,356

408

3

3

5,356

(8)

(7)

0

(8)

\u00a0

\u00a0

Other countries

10,714

1,323

1

1

10,714

(4)

(2)

0

(4)

\u00a0

150

TOTAL

1,966,646

96,719

29,862

29,362

1,961,403

(18,183)

(2,162)

(13,985)

(706)

(52)

  • Within the European Union, the European Free Trade Association (EFTA) and the United Kingdom.

\u00a0

\u00a0

a

\u00a0

b

c

d

e

\u00a0

\u00a0

f

g

In millions of euros

31 December 2023

Gross carrying amount/Nominal amount

Accumulated impairment

Provisions on off-balance sheet commitments and financial guarantees given

Accumulated negative due to credit risk on non-performing exposures changes in fair value

\u00a0

Of which Instruments with significant increase in credit risk since initial recognition but not credit-impaired

(stage\u00a02)

Of which non-performing

Of which loans and advances subject to impairment

\u00a0

\u00a0

Of which Instruments with significant increase in credit risk since initial recognition but not credit-impaired

(Stage\u00a02)

Of which defaulted

\u00a0

Of which defaulted

010

On balance sheet exposures

1,397,553

74,371

27,126

26,661

1,393,402

(17,817)

(2,404)

(13,404)

-

(70)

\u00a0

Europe(1)

1,100,051

62,345

22,566

22,352

1,097,563

(14,349)

(2,050)

(10,559)

-

(43)

\u00a0

France

490,339

21,068

9,042

8,897

488,938

(5,286)

(759)

(3,949)

\u00a0

(8)

\u00a0

Belgium

174,544

9,073

2,531

2,521

174,517

(1,423)

(190)

(1,087)

\u00a0

\u00a0

\u00a0

Luxembourg

51,238

2,419

362

357

51,042

(189)

(46)

(113)

\u00a0

(3)

\u00a0

Italy

133,525

8,179

4,631

4,629

133,453

(3,657)

(487)

(2,784)

\u00a0

(23)

\u00a0

United Kingdom

57,788

4,811

977

966

57,545

(743)

(99)

(533)

\u00a0

(7)

\u00a0

Germany

52,738

5,913

1,330

1,308

52,529

(987)

(151)

(689)

\u00a0

\u00a0

\u00a0

Netherlands

21,181

2,190

160

157

21,165

(92)

(20)

(52)

\u00a0

\u00a0

\u00a0

Other European countries

118,699

8,693

3,532

3,517

118,374

(1,972)

(298)

(1,353)

\u00a0

(3)

\u00a0

North America

111,548

4,431

767

614

110,240

(225)

(87)

(113)

-

(27)

\u00a0

Asia Pacific

95,147

2,294

323

320

94,981

(290)

(48)

(160)

-

-

\u00a0

Japan

31,455

276

12

12

31,424

(2)

(1)

\u00a0

\u00a0

\u00a0

\u00a0

North Asia

26,472

855

149

148

26,466

(103)

(11)

(31)

\u00a0

\u00a0

\u00a0

South-East Asia (ASEAN)

18,706

488

131

130

18,697

(165)

(32)

(121)

\u00a0

\u00a0

\u00a0

Indian peninsula &\u00a0Pacific

18,514

675

31

30

18,394

(20)

(4)

(8)

\u00a0

\u00a0

070

Rest of the World

90,807

5,301

3,471

3,375

90,617

(2,954)

(218)

(2,571)

-

-

\u00a0

T\u00fcrkiye

14,086

1,201

140

140

14,066

(213)

(83)

(81)

\u00a0

\u00a0

\u00a0

Mediterranean

9,387

1,450

798

791

9,387

(723)

(54)

(630)

\u00a0

\u00a0

\u00a0

Gulf States & Africa

10,606

267

1,726

1,726

10,606

(1,509)

(43)

(1,439)

\u00a0

\u00a0

\u00a0

Latin America

17,683

592

318

316

17,513

(264)

(16)

(214)

\u00a0

\u00a0

\u00a0

Other countries

39,045

1,791

489

402

39,045

(245)

(22)

(207)

\u00a0

\u00a0

080

Off-balance sheet exposures

561,777

26,559

1,661

1,658

561,777

(883)

(301)

(313)

(883)

-

\u00a0

Europe(1)

350,726

14,572

1,230

1,228

350,726

(560)

(172)

(178)

(560)

-

\u00a0

France

102,178

3,597

286

286

102,178

(159)

(52)

(37)

(159)

\u00a0

\u00a0

Belgium

41,563

2,157

190

190

41,563

(106)

(16)

(64)

(106)

\u00a0

\u00a0

Luxembourg

16,864

492

51

51

16,864

(19)

(7)

(3)

(19)

\u00a0

\u00a0

Italy

40,105

1,604

367

367

40,105

(90)

(25)

(40)

(90)

\u00a0

\u00a0

United Kingdom

39,555

2,538

114

114

39,555

(55)

(32)

(2)

(55)

\u00a0

\u00a0

Germany

32,110

1,726

57

57

32,110

(52)

(14)

(21)

(52)

\u00a0

\u00a0

Netherlands

17,431

406

47

47

17,431

(12)

(2)

(3)

(12)

\u00a0

\u00a0

Other European countries

60,920

2,052

119

116

60,920

(66)

(24)

(8)

(66)

\u00a0

\u00a0

North America

111,492

7,479

177

177

111,492

(135)

(74)

(38)

(135)

-

\u00a0

Asia Pacific

33,458

863

30

30

33,458

(14)

(3)

-

(14)

\u00a0

Japan

2,669

\u00a0

\u00a0

\u00a0

2,669

(1)

\u00a0

\u00a0

(1)

\u00a0

\u00a0

North Asia

18,854

151

27

27

18,854

(7)

(1)

\u00a0

(7)

\u00a0

\u00a0

South-East Asia (ASEAN)

4,896

429

3

3

4,896

(3)

(1)

\u00a0

(3)

\u00a0

\u00a0

Indian peninsula &\u00a0Pacific

7,038

283

\u00a0

\u00a0

7,038

(4)

(1)

\u00a0

(4)

\u00a0

140

Rest of the World

66,101

3,645

223

223

66,101

(174)

(53)

(97)

(174)

-

\u00a0

T\u00fcrkiye

4,633

388

8

8

4,633

(31)

(21)

(4)

(31)

\u00a0

\u00a0

Mediterranean

2,240

521

86

86

2,240

(58)

(14)

(39)

(58)

\u00a0

\u00a0

Gulf States & Africa

44,285

316

49

49

44,285

(65)

(5)

(54)

(65)

\u00a0

\u00a0

Latin America

5,910

812

33

33

5,910

(11)

(9)

\u00a0

(11)

\u00a0

\u00a0

Other countries

9,033

1,608

48

48

9,033

(9)

(4)

\u00a0

(9)

\u00a0

150

TOTAL

1,959,330

100,930

28,787

28,319

1,955,179

(18,700)

(2,705)

(13,717)

(883)

(70)

  • Within the European Union, the European Free Trade Association (EFTA) and the United Kingdom.

\u00a0

\u00a0

In accordance with Implementing Regulation (EU) No.\u00a02021/637, the table below (EU CQ5) shows the breakdown of loans and receivables with the scope of non-financial corporations. It does not take into account all exposures to central governments and central banks, credit institutions, financial companies and households. These on-balance sheet and off-balance sheet exposures contribute to all Group risks, mainly credit risk. The breakdown by sector \u2013 as defined by European Regulation No.\u00a01893/2006 establishing the statistical classification of economic activities NACE rev. 2 \u2013 is based on the borrower\u2019s declaration.

These same balance sheet exposures of continuing activities, broken down by sector, are included in Table\u00a0107: Credit quality of exposures by sector and residual maturities of section\u00a05.11\u00a0Environmental, social and governance risks of this chapter. In the latter, exposures include, however, debt securities and equity instruments not held for trading.

\u27a4TABLE 51: BREAKDOWN OF LOANS AND ADVANCES AND PROVISIONS TO NON-FINANCIAL CORPORATIONS BY\u00a0INDUSTRY\u00a0(EU CQ5)\u00a0[Audited]

\u00a0

\u00a0

a

\u00a0

b

c

d

e

\u00a0

\u00a0

f

In millions of euros

31 December 2024

Gross carrying amount/Nominal amount

Accumulated impairment

Accumulated negative changes in fair value due to credit risk on non-performing exposures

\u00a0

Of which Instruments with significant increase in credit risk since initial recognition but not credit-impaired

(stage 2)

Of which non-performing

\u00a0

\u00a0

Of which Instruments with significant increase in credit risk since initial recognition but not credit-impaired

(Stage2)

Of which defaulted

\u00a0

Of which defaulted

Of which loans and advances subject to impairment

\u00a0

On balance sheet exposures

437,229

47,227

14,912

14,518

433,809

(8,613)

(775)

(7,203)

(11)

010

Agriculture, forestry and\u00a0fishing

11,331

810

396

395

11,226

(224)

(35)

(139)

020

Mining and quarrying

5,073

277

70

70

4,787

(67)

(4)

(60)

030

Manufacturing

93,308

11,654

3,326

3,286

93,170

(2,189)

(120)

(1,959)

040

Electricity, gas, steam and air conditioning supply

19,562

1,689

259

258

18,582

(133)

(34)

(85)

050

Water supply

3,397

368

138

136

3,397

(118)

(4)

(109)

060

Construction

25,065

2,815

1,889

1,882

24,937

(985)

(48)

(888)

(11)

070

Wholesale and retail trade

76,759

8,354

2,798

2,743

75,999

(1,768)

(116)

(1,535)

080

Transport and storage

26,790

2,912

614

577

26,734

(377)

(36)

(310)

090

Accommodation and food service activities

7,630

1,250

571

551

7,626

(276)

(16)

(247)

100

Information and communication

18,396

2,090

634

631

18,269

(206)

(45)

(144)

110

Financial and insurance activities

24,350

1,517

450

448

24,292

(293)

(38)

(223)

120

Real estate activities

60,216

6,995

1,890

1,889

60,216

(929)

(126)

(708)

130

Professional, scientific and technical activities

24,330

1,551

708

691

23,561

(428)

(34)

(348)

140

Administrative and support service activities

25,461

2,158

383

379

25,453

(293)

(68)

(194)

150

Public administration and defence, compulsory social security

205

64

12

11

205

(6)

(1)

(5)

160

Education

966

145

35

35

966

(20)

(1)

(17)

170

Human health services and social work activities

5,409

639

128

127

5,409

(80)

(13)

(54)

180

Arts, entertainment and recreation

2,099

641

136

136

2,099

(70)

(7)

(60)

190

Other services

6,883

1,297

474

274

6,882

(151)

(26)

(117)

200

Off-balance sheet exposures

372,589

20,139

2,281

2,281

372,589

(595)

(166)

(309)

-

\u00a0

Agriculture, forestry and fishing

988

48

3

3

988

(2)

(1)

\u00a0

Mining and quarrying

10,038

116

6

6

10,038

(2)

(1)

\u00a0

Manufacturing

117,538

5,630

420

420

117,538

(164)

(53)

(77)

\u00a0

Electricity, gas, steam and air conditioning supply

34,247

1,525

60

60

34,247

(21)

(13)

(1)

\u00a0

Water supply

3,418

108

81

81

3,418

(1)

\u00a0

\u00a0

\u00a0

Construction

28,290

2,526

555

555

28,290

(125)

(19)

(91)

\u00a0

Wholesale and retail trade

35,525

1,928

603

603

35,525

(123)

(16)

(87)

\u00a0

Transport and storage

20,471

1,876

26

26

20,471

(12)

(3)

(5)

\u00a0

Accommodation and food service activities

2,839

276

9

9

2,839

(6)

(3)

(2)

\u00a0

Information and communication

26,357

1,222

247

247

26,357

(21)

(12)

(4)

\u00a0

Financial and insurance activities

18,958

759

40

40

18,958

(23)

(6)

(9)

\u00a0

Real estate activities

16,492

660

143

143

16,492

(40)

(13)

(19)

\u00a0

Professional, scientific and technical activities

32,359

1,384

43

43

32,359

(20)

(12)

(1)

\u00a0

Administrative and support service activities

16,220

1,206

22

22

16,220

(20)

(10)

(5)

\u00a0

Public administration and defense, compulsory social security

125

\u00a0

1

1

125

\u00a0

Education

188

29

1

1

188

(1)

\u00a0

\u00a0

Human health services and social work activities

1,474

67

1

1

1,474

(1)

(1)

\u00a0

Arts, entertainment and recreation

1,638

288

5

5

1,638

(2)

(2)

\u00a0

Other services

5,423

491

14

14

5,423

(10)

(2)

(6)

\u00a0

TOTAL

809,818

67,366

17,193

16,799

806,398

(9,208)

(941)

(7,512)

(11)

\u00a0

\u00a0

a

\u00a0

b

c

d

e

\u00a0

\u00a0

f

In millions of euros

31 December 2023

Gross carrying amount\\Nominal amount

Accumulated impairment

Accumulated negative changes in fair value due to credit risk on non-performing exposures

\u00a0

Of which Instruments with significant increase in credit risk since initial recognition but not credit-impaired

(stage2)

Of which non-performing

\u00a0

\u00a0

\u00a0

Of which Instruments with significant increase in credit risk since initial recognition but not credit-impaired

(Stage2)

Of which Defaulted

\u00a0

Of which Defaulted

Of which loans and advances subject to impairment

\u00a0

On balance sheet exposures

444,913

51,031

14,155

13,810

443,073

(8,753)

(1,084)

(6,942)

(33)

010

Agriculture, forestry and fishing

12,989

969

460

457

12,841

(341)

(40)

(261)

\u00a0

020

Mining and quarrying

7,622

544

192

192

7,622

(124)

(5)

(108)

\u00a0

030

Manufacturing

91,434

9,444

2,603

2,439

90,492

(2,035)

(235)

(1,663)

\u00a0

040

Electricity, gas, steam and air conditioning supply

18,367

1,537

312

310

18,366

(138)

(17)

(102)

\u00a0

050

Water supply

2,507

276

108

106

2,507

(72)

(4)

(62)

\u00a0

060

Construction

25,544

2,919

2,110

2,099

25,523

(1,494)

(49)

(1,389)

(6)

070

Wholesale and retail trade

69,557

10,492

2,120

2,084

69,546

(1,323)

(172)

(1,033)

\u00a0

080

Transport and storage

28,600

3,837

593

591

28,529

(423)

(51)

(335)

\u00a0

090

Accommodation and food service activities

7,545

1,761

653

652

7,517

(347)

(69)

(262)

\u00a0

100

Information and communication

16,133

2,147

620

606

15,758

(178)

(46)

(111)

(27)

110

Financial and insurance activities

21,192

1,650

788

711

20,964

(502)

(58)

(408)

\u00a0

120

Real estate activities

61,270

7,111

1,494

1,494

61,256

(730)

(181)

(438)

\u00a0

130

Professional, scientific and technical activities

19,413

2,087

604

592

19,413

(333)

(41)

(257)

\u00a0

140

Administrative and support service activities

45,092

2,462

624

618

45,091

(334)

(49)

(252)

\u00a0

150

Public administration and defence, compulsory social security

724

55

59

59

724

(41)

(4)

(35)

\u00a0

160

Education

1,072

165

34

34

1,072

(29)

(5)

(16)

\u00a0

170

Human health services and social work activities

6,348

965

485

480

6,348

(139)

(27)

(96)

\u00a0

180

Arts, entertainment and recreation

1,974

511

141

141

1,974

(83)

(19)

(51)

\u00a0

190

Other services

7,531

2,098

155

146

7,530

(86)

(12)

(63)

\u00a0

200

Off-balance sheet exposures

358,419

21,465

1,389

1,386

358,419

(717)

(239)

(296)

-

\u00a0

Agriculture, forestry and fishing

1,511

91

3

3

1,511

(3)

(2)

\u00a0

\u00a0

\u00a0

Mining and quarrying

8,305

292

35

35

8,305

(6)

(1)

\u00a0

\u00a0

\u00a0

Manufacturing

112,756

4,542

352

352

112,756

(190)

(63)

(69)

\u00a0

\u00a0

Electricity, gas, steam and air conditioning supply

31,873

750

60

60

31,873

(26)

(6)

(10)

\u00a0

\u00a0

Water supply

3,317

90

19

19

3,317

(3)

\u00a0

(2)

\u00a0

\u00a0

Construction

32,639

2,205

356

356

32,639

(113)

(29)

(64)

\u00a0

\u00a0

Wholesale and retail trade

37,411

2,657

170

170

37,411

(91)

(24)

(45)

\u00a0

\u00a0

Transport and storage

20,851

3,981

33

33

20,851

(40)

(31)

(3)

\u00a0

\u00a0

Accommodation and food service activities

2,595

247

30

30

2,595

(10)

(6)

(2)

\u00a0

\u00a0

Information and communication

23,863

2,254

76

76

23,863

(50)

(21)

(21)

\u00a0

\u00a0

Financial and insurance activities

20,121

904

37

37

20,121

(69)

(13)

(48)

\u00a0

\u00a0

Real estate activities

15,335

732

55

55

15,335

(26)

(9)

(7)

\u00a0

\u00a0

Professional, scientific and technical activities

22,323

877

29

26

22,323

(19)

(7)

(2)

\u00a0

\u00a0

Administrative and support service activities

19,863

911

91

91

19,863

(27)

(12)

(5)

\u00a0

\u00a0

Public administration and defence, compulsory social security

364

110

\u00a0

\u00a0

364

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Education

279

30

1

1

279

(1)

\u00a0

\u00a0

\u00a0

\u00a0

Human health services and social work activities

1,393

82

32

32

1,393

(3)

(1)

\u00a0

\u00a0

\u00a0

Arts, entertainment and recreation

1,030

259

5

5

1,030

(10)

(6)

\u00a0

\u00a0

\u00a0

Other services

2,589

452

5

5

2,589

(29)

(7)

(18)

\u00a0

\u00a0

TOTAL

803,332

72,496

15,544

15,196

801,492

(9,470)

(1,323)

(7,238)

(33)

\u00a0

Industry risks are monitored in terms of gross exposure(11)\u00a0and risk-weighted assets. Certain sectors, defined in line with the principles of the Group\u2019s Risk Appetite Statement, are subject to enhanced monitoring and specific reviews. Their monitoring is carried out on a wider scope, taking into account all the exposures of the Business Groups and entities relating to these sectors as defined by the monitoring and the internal risk management nomenclature.

The Group remains diversified, with no sector accounting for more than 10% of corporate lending exposure and more than 4.0% of total credit exposure as at 31\u00a0December 2023.

At 31 December 2024, doubtful loans increased resulting from an increase in CPBS corporate and retail portfolios, especially in CPB France, CPB Belgium and ARVAL, offset by the disposal of non performing retail portfolios in Italy.

The main effects explaining changes in the amount of doubtful outstandings in 2024 (EU CR2-B) are presented in note\u00a04.f Impaired financial assets (stage\u00a03) to the consolidated financial statments.

The cost of risk and the change in impairment in respect of credit risk are presented in note\u00a01.f.6 Cost of risk to the consolidated financial statements.

The following table shows the carrying amounts of the financial assets and commitments at amortised cost and fair value through equity subject to impairment provisions for credit risk (i.e. excluding instruments at fair value through profit and loss) broken down by stage of impairment and by BNP\u00a0Paribas internal rating in the prudential scope. Financial assets subject to impairment are recognised in the following accounting categories:

\u27a4TABLE 52: BREAKDOWN OF FINANCIAL ASSETS SUBJECT TO IMPAIRMENT BY STAGE AND internal RATING\u00a0[Audited]

In millions of euros

31 December 2024

Gross carrying value

Impairments

Net carrying value

BNP Paribas rating or equivalent

TOTAL

1 to 3

4 to 5

6 to 8

9 to 10

Defaulted

Central Banks

174,299

1,294

3,786

597

-

179,975

(15)

179,961

Stage\u00a01

174,299

1,293

3,780

179,371

(14)

179,357

Stage\u00a02

1

6

597

604

(1)

603

Stage\u00a03

\u00a0

\u00a0

\u00a0

Debt securities at fair value through\u00a0equity

69,567

3,071

2,251

1

106

74,997

(123)

74,874

Stage\u00a01

69,567

2,956

2,084

1

74,608

(10)

74,598

Stage\u00a02

116

167

283

(11)

272

Stage\u00a03

106

106

(102)

4

Loans and advances at amortised cost

295,916

247,221

369,980

20,438

26,479

960,034

(17,152)

942,882

Stage\u00a01

294,095

241,379

322,731

5,221

863,426

(1,812)

861,614

Stage\u00a02

1,821

5,842

47,250

15,217

70,129

(1,920)

68,209

Stage\u00a03

26,479

26,479

(13,420)

13,059

Debt securities at amortised cost

127,268

12,838

5,118

1,529

265

147,019

(188)

146,830

Stage\u00a01

127,268

12,508

5,068

\u00a0

144,843

(16)

144,827

Stage\u00a02

330

50

1,529

1,911

(28)

1,883

Stage\u00a03

265

265

(145)

120

Financing and guarantee commitments

337,114

131,476

124,485

3,863

2,439

599,377

(496)

598,881

Stage\u00a01

335,261

128,219

109,042

623

573,146

(163)

572,983

Stage\u00a02

1,853

3,257

15,443

3,240

23,792

(173)

23,619

Stage\u00a03

2,439

2,439

(160)

2,279

TOTAL

1,004,164

395,900

505,620

26,429

29,290

1,961,403

(17,974)

1,943,429

\u00a0

Financial assets subject to impairement are up by EUR 6 billion compared to 31 December 2023. The increase observed in loans and receivables, debt securities and financing and guarantee commitments is compensated by a decrease in central banks deposits.

This annual variation relates mainly to financial assets and commitments rated 1 to 3 (+EUR 71 billion), while financial assets and commitments rated 4 to 5 decreased by EUR 63 billion, as a result of internal credit risk models review leading to an overall improvement in the ratings of counterparties concerned.

Loans and receivables at amortised cost classified in stage 1 increased by EUR 29 billion, while outstandings classified in stage 2 decreased by EUR 4 billion.

Debt securities at amortised cost classified in stage 2 amounted to EUR 1.9 billion compared to EUR 94 million in 31 December 2023, following the change in consolidation method for UkrSibbank entity (See section 8.d in financial statements Business combinations and loss of control or significant influence).

In millions of euros

31 December 2023

Gross carrying value

Impairments

Net carrying value

BNP Paribas rating or equivalent

TOTAL

1 to 3

4 to 5

6 to 8

9 to 10

Defaulted

Central Banks

280,710

1,085

3,489

312

-

285,596

(20)

285,576

Stage\u00a01

280,710

1,085

3,484

\u00a0

\u00a0

285,279

(20)

285,259

Stage\u00a02

\u00a0

\u00a0

5

312

\u00a0

317

\u00a0

317

Stage\u00a03

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Debt securities at fair value through equity

49,857

1,996

1,126

-

109

53,088

(121)

52,967

Stage\u00a01

49,857

1,833

1,048

\u00a0

\u00a0

52,738

(7)

52,731

Stage\u00a02

\u00a0

163

78

\u00a0

\u00a0

241

(12)

229

Stage\u00a03

\u00a0

\u00a0

\u00a0

\u00a0

109

109

(102)

7

Loans and advances at amortised cost

222,805

283,937

380,766

20,237

25,887

933,632

(17,572)

916,060

Stage\u00a01

220,797

276,147

331,317

5,766

\u00a0

834,027

(1,970)

832,057

Stage\u00a02

2,008

7,790

49,449

14,471

\u00a0

73,718

(2,387)

71,331

Stage\u00a03

\u00a0

\u00a0

\u00a0

\u00a0

25,887

25,887

(13,215)

12,672

Debt securities at amortised cost

105,170

12,653

3,016

67

180

121,086

(104)

120,982

Stage\u00a01

105,170

12,632

2,960

50

\u00a0

120,812

(12)

120,800

Stage\u00a02

\u00a0

21

56

17

\u00a0

94

(5)

89

Stage\u00a03

\u00a0

\u00a0

\u00a0

\u00a0

180

180

(87)

93

Financing and guarantee commitments

274,772

159,280

118,897

7,169

1,658

561,776

(883)

560,893

Stage\u00a01

272,732

155,360

104,403

1,064

\u00a0

533,559

(269)

533,290

Stage\u00a02

2,040

3,920

14,494

6,105

\u00a0

26,559

(301)

26,258

Stage\u00a03

\u00a0

\u00a0

\u00a0

\u00a0

1,658

1,658

(313)

1,345

TOTAL

933,314

458,951

507,294

27,785

27,834

1,955,178

(18,700)

1,936,478

\u00a0

Restructured loans [Audited]

When a borrower is bordering on or is in financial difficulties, he may receive a concession from the Bank that would otherwise not have been granted if the borrower had not met with financial difficulties. The concession may be:

The loan is then said to be \u201crestructured\u201d. It must retain the status of \u201crestructured\u201d during a period of observation, known as a probation period, for at least two years. The concept of restructuring is described in the accounting principles (note\u00a01.f.5 Impairment of financial assets measured at amortised cost and debt instruments measured at fair value through shareholders\u2019 equity to the consolidated financial statements as at 31\u00a0December 2024) and is aligned with article\u00a047 of Regulation 575/2013.

According to the principles for identifying the restructured exposure amounts for the Group as a whole, for the non-retail business, exposures are identified individually during the loan process, notably during committees. As for restructured exposures for retail customers, they are usually identified via a systematic process requiring the use of algorithms whose parameters are validated by the RISK and Finance & Strategy Functions.

Information on restructured loans is reported to the supervisory authority on a quarterly basis.

The following table shows the gross value and impairment amounts of performing and non-performing loans that have been restructured.

\u00a0

\u27a4TABLE 53: CREDIT QUALITY OF RESTRUCTURED LOANS\u00a0(EU CQ1)\u00a0[Audited]

\u00a0

\u00a0

a

b

c

e

f

g

h

In millions of euros

31 December 2024

Gross carrying amount

Accumulated impairment, accumulated negative changes in fair value due to credit risk and provisions

Collaterals received and financial guarantees received

Performing exposures

Non-performing exposures

On performing exposures

On non-performing exposures

\u00a0

Of which Collateral and financial guarantees received on non-performing exposures

\u00a0

Of which defaulted

010

Loans and advances

8,328

7,985

7,984

(289)

(3,260)

8,500

2,850

030

General governments

14

3

3

\u00a0

(2)

040

Credit institutions

5

5

(5)

050

Other financial corporations

111

386

386

(2)

(258)

162

114

060

Non-financial corporations

6,281

4,255

4,253

(145)

(1,725)

6,766

2,006

070

Households

1,923

3,336

3,336

(141)

(1,270)

1,572

730

080

Debt securities

-

22

22

-

(22)

-

-

090

Loan commitments given

2,209

433

431

(11)

(34)

1,323

245

100

Total

10,537

8,440

8,437

(300)

(3,316)

9,823

3,095

\u00a0

\u00a0

a

b

c

e

f

g

h

In millions of euros

31 December 2023

Gross carrying amount

Accumulated impairment, accumulated negative changes in fair value due to credit risk and provisions

Collaterals received and financial guarantees received

Performing exposures

Non-performing exposures

On performing exposures

On non-performing exposures

\u00a0

Of which Collateral and financial guarantees received on non-performing exposures

\u00a0

Of which defaulted

010

Loans and advances

6,713

7,738

7,714

(312)

(3,179)

6,977

2,695

030

General governments

15

5

5

\u00a0

(4)

\u00a0

\u00a0

040

Credit institutions

\u00a0

5

5

\u00a0

(5)

\u00a0

\u00a0

050

Other financial corporations

377

421

421

(11)

(244)

252

169

060

Non-financial corporations

4,547

3,915

3,898

(140)

(1,639)

4,981

1,660

070

Households

1,775

3,392

3,385

(162)

(1,287)

1,744

866

080

Debt securities

-

25

25

-

(13)

-

-

\u00a0

Assets held for sale

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

090

Loan commitments given

2,290

309

307

(18)

(40)

1,465

64

100

Total

9,002

8,073

8,046

(331)

(3,232)

8,442

2,758

\u27a4TABLE 54: CREDIT RISK MITIGATION TECHNIQUES\u00a0(EU CR3)\u00a0[Audited]

\u00a0

\u00a0

\u00a0

a

b

c

d

e

In millions of euros

31 December 2024

Gross carrying amount

Unsecured net carrying amount

\u00a0

Secured net carrying amount

\u00a0

Secured by\u00a0
physical collateral

Secured by personal guarantees

\u00a0

Secured by credit derivatives

1

Loans and advances

1,143,839

593,984

532,676

320,793

211,883

\u00a0

2

Debt securities

223,430

219,153

3,925

2,035

1,890

\u00a0

3

Total

1,367,269

813,137

536,601

322,828

213,773

-

4

of which non-performing exposures

27,421

5,048

8,646

5,435

3,211

\u00a0

EU-5

of which defaulted

26,923

4,785

8,506

5,420

3,086

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

a

b

c

d

e

In millions of euros

31 December 2023

Gross carrying amount

Unsecured net carrying amount

\u00a0

Secured net carrying amount

\u00a0

Secured by physical collateral

Secured by personal guarantees

\u00a0

Secured by credit derivatives

1

Loans and advances

1,221,527

656,149

547,754

315,544

232,210

\u00a0

2

Debt securities

176,026

171,747

4,017

1,795

2,222

\u00a0

3

Total

1,397,553

827,895

551,771

317,339

234,432

-

4

of which non-performing exposures

27,126

5,089

8,551

5,847

2,704

\u00a0

EU-5

of which defaulted

26,661

4,981

8,343

5,826

2,517

\u00a0

\u27a4TABLE 57: COLLATERAL OBTAINED BY TAKING POSSESSION AND EXECUTION PROCESSES (EU CQ7) [Audited]

\u00a0

\u00a0

a

b

a

b

In millions of euros

31 December 2024

31 December 2023

Collateral obtained by taking possession accumulated

Collateral obtained by taking possession accumulated

Value at initial recognition

Accumulated negative changes

Value at initial recognition

Accumulated negative changes

010

Property Plant and Equipment (PP&E)

\u00a0

\u00a0

\u00a0

\u00a0

020

Other than Property Plant and Equipment

191

(23)

227

(29)

030

Residential immovable property

167

(23)

199

(29)

040

Commercial immovable property

6

\u00a0

8

\u00a0

050

Movable property (auto, shipping, etc.)

\u00a0

\u00a0

060

Equity and debt instruments

19

20

\u00a0

070

Other collateral

\u00a0

\u00a0

080

TOTAL

191

(23)

227

(29)

\u00a0

\u00a0

Collateral obtained by taking possession includes assets obtained in exchange for cancellation of the receivable, whether on a voluntary basis or on the basis of legal proceedings.

The accounting classification of securitisation positions in the banking book is shown in Table\u00a09: Prudential balance sheet by risk type (EU\u00a0LI1-B).

Securitisation positions classified as \u201cFinancial assets at amortised cost\u201d are measured using the method described in note\u00a01.f.1 Financial assets at amortised cost to the consolidated financial statements: the effective interest rate used to recognise interest income is measured on the basis of an expected cash flow model. From the outset, these positions are subject to an impairment calculation for expected credit risk losses (see note\u00a01.f.5 Impairment of financial assets measured at amortised cost and debt instruments measured at fair value through shareholders\u2019 equity to the consolidated financial statements).

Securitisation positions classified on an accounting basis as \u201cFinancial assets at fair value through equity\u201d are measured using the method described in note\u00a01.f.2 Financial assets at fair value through shareholders\u2019 equity to the consolidated financial statements. Changes in fair value determined according to the principles listed in note\u00a01.f.10 Determination of fair value to the consolidated financial statements (excluding revenue recognised using the effective interest method) are presented in a specific subsection of shareholders\u2019 equity along with expected credit risk losses calculated using the methods described in note\u00a01.f.5 Impairment of financial assets measured at amortised cost and debt instruments measured at fair value through shareholders\u2019 equity to the consolidated financial statements. Upon disposal, amounts previously recognised in recyclable equity are transferred to the profit and loss account.

Securitisation positions classified on an accounting basis as \u201cFinancial instruments at fair value through profit or loss\u201d are measured using the method described in note\u00a01.f.7 Financial instruments at fair value through profit or loss to the consolidated financial statements.

Proceeds from the sale of securitisation positions are recognised in accordance with rules for the category of origin of positions sold.

Synthetic securitisations in the form of credit derivatives (credit default swaps) or guarantees received follow accounting rules appertaining respectively:

Assets awaiting securitisation are classified as:

VaR (Value at Risk) [Audited]

The VaR is a statistical measure indicating the worst loss expected for a given portfolio over a given time horizon and within a given confidence interval under normal market movements. It is not a maximum loss and it can potentially be exceeded in some cases, for example in the event of abnormal market conditions.

The BNP\u00a0Paribas VaR calculation uses an internal model which has been approved by the banking supervisor. The BNP\u00a0Paribas VaR methodology aims to accurately compute a one-day Value at Risk at the 99% confidence level.

The VaR calculation is based on a Monte-Carlo approach, which not only performs normal or log-normal simulations but also accounts for the non-normality often observed in financial markets as well as correlation between risk factors. An equally weighted one-year rolling window of historical market data (updated fortnightly) is used to calibrate the Monte-Carlo simulation.

The principal groups of simulated factors include: interest rates, credit spreads, exchange rates, equity prices, commodities prices, and associated volatilities. Changes in risk factors are proportional (share prices, volatility, CDS spreads) or absolute (rates excluding OIS, spreads, repo rates, correlations).

The valuation method used varies depending not upon the product but upon the type of risk we are capturing. To generalise, the methods used are either sensitivity based or full revaluation based on grid interpolation to incorporate both linear and, especially for derivatives, non-linear effects. In both cases, BNP\u00a0Paribas calculates the general and specific risk as a whole, taking into account the diversification effect by correlating market parameters.

The algorithms, methodologies and sets of indicators are reviewed and improved regularly to take into account the capital market evolution.

The scope of the BNP\u00a0Paribas internal model covers the majority of capital market activities (Global Markets, ALM Treasury). As an indication, market risk based on the standardised approach (excluding securitisation positions in the trading book) represented less than 5% of the total market risk capital requirement at 31\u00a0December 2023, including foreign exchange risk.

VaR is a statistical measure that does not take into account losses outside a given confidence interval and does not apply to losses related to intraday market movements. Other risk measures, such as Stressed VaR (SVaR), IRC and CRM, complement the BNP\u00a0Paribas Group\u2019s market risk monitoring and management system.

Evolution of the VaR (1-day, 99%) [Audited]

The VaR set out below are calculated from an internal model, which uses parameters that comply with regulations in place. They correspond to measurements taken into account within the framework of monitoring market limits. They are based on a one-day time horizon and a 99% confidence interval.

In 2024, total average VaR for BNP\u00a0Paribas was EUR\u00a032\u00a0million (with a minimum of EUR\u00a024\u00a0million and a maximum of EUR\u00a045\u00a0million), after taking into account the -EUR\u00a038\u00a0million netting effect between the different types of risks. These amounts break down as follows:

\u00a0

\u27a4TABLE 84: VALUE AT RISK (1-DAY, 99%) [Audited]

In millions of euros

Year to 2024

Year to 2023

Minimum(1)

Average

Maximum(1)

Last measure

Average

Last measure

Interest rate risk

15

26

46

25

28

31

Credit risk

7

11

17

10

11

9

Foreign exchange risk

4

9

18

9

10

7

Equity price risk

10

16

28

25

14

11

Commodity price risk

5

8

15

10

7

5

Netting effect(1)

\u00a0

(38)

\u00a0

(45)

(39)

(30)

TOTAL VALUE AT RISK

24

32

45

33

31

33

  • Note that the minimum and maximum figures shown above for the various risk types are computed on a standalone basis (i.e. independently from each other as well as the total VaR). While the minimum or maximum for each risk type may not necessarily be observed on the same date, minimum/maximum netting effects are not considered relevant.
Foreign exchange risk and hedging of net income generated in foreign currencies [Audited]

So-called \u201coperating\u201d foreign exchange risk exposure relates to net earnings generated by activities conducted in currencies other than the functional currency of the entity concerned. The Group\u2019s policy is to hedge the variability of its net income due to currency movements. To this end, earnings generated in a currency other than the functional currency of a given entity of the Group are hedged locally.

Foreign exchange risk and hedging of net investments in foreign operations [Audited]

The so-called \u201cstructural\u201d foreign exchange position of an entity relates to investments in currencies other than the functional currency. This position mainly results from the capital endowment of the branches and equity investments in foreign currencies financed by buying the investment currency. This structural foreign exchange position, adjusted for any intangibles, constitutes patrimonial exposure.

The Group\u2019s policy is to hedge portfolio exposure to liquid currencies, while at the same time maintaining the solvency ratio\u2019s limited sensitivity to exchange rate fluctuations. For this, borrowings in the same currency as the investment are used as an alternative to financing by purchasing the currency in question. Borrowings are recognised as hedges of investments.

Organisation of the Group interest risk management [Audited]

The Board of directors assigns responsibility to the Chief Executive Officer for management of interest rate risk in the banking book. The Board of directors is informed quarterly on the principles governing interest rate policy and the Group\u2019s position through the Internal Control, Risk Management and Compliance Committee (CCIRC).

The Chief Executive Officer delegates management responsibility to the Group ALM Treasury Committee (Asset and Liability Management Committee). The permanent members of the Group ALM Treasury Committee are the Group Senior Executive Advisor (Chairman), the Delegate Deputy Chief Operating Officers, the Group Chief Risk Officer, the Group Chief Financial Officer, the Group ALM Treasury Head. The Head of General Inspection and the Head of Compliance are also invited. This committee is responsible for tracking interest rate risk monitoring indicators, proposing the Group\u2019s interest rate risk profile and assigning limits.

ALM Treasury is responsible for the analysis of the management proposals and operational implementation of decisions related to managing the interest rate risk of the banking book as part of its delegated management.

The RISK Function participates in the Group ALM Treasury Committee and the local ALM Treasury Committees (ALCo) and oversees implementation by ALM Treasury of the relevant decisions made by these committees. It also provides second-line control by reviewing the models and risk indicators, monitoring the level of risk indicators and ensuring compliance with the limits assigned.

The banking book consists of the Group\u2019s total bank balance sheet, excluding trading book transactions. This includes intermediation transactions (deposits, loans, etc.), non-commercial balance sheet items (equity, fixed assets, etc.) and banking book risk management activities, including derivatives used for the management of interest rate risk on the banking book (notably when they are ineligible for hedge accounting under IFRS).

Banking book interest rate risk in each BNP\u00a0Paribas entity is systematically transferred to ALM Treasury, through internal analytic contracts or lending/borrowing transactions. For the Group as a whole, ALM Treasury is responsible for managing the interest rate risk transferred in this way.

Decisions concerning the management of interest rate risk are made and monitored during monthly or quarterly committee meetings by entity or group of entities, attended by representatives of local ALM Treasury, Group ALM Treasury, FINANCE & STRATEGY and RISK Functions and senior management of the entities and/or businesses.

Measurement of interest rate risk [Audited]

Rate positions are measured taking into account the specific features of the risks managed. Hence, the Group has defined the concepts of standard rate risks and structural rate risks. The standard rate risk corresponds to the general case, namely when it is possible to define uniquely the most appropriate hedging strategy for a given transaction. The structural rate risk is the interest rate risk for equity and non-interest-bearing current accounts: the investment of these balance sheet items generates regular revenues but are sensitive to interest rate levels. However, it is not possible to define a single hedging strategy to fully neutralise this sensitivity. In this case, the Group included all the possible so-called \u201cneutral\u201d management strategies in terms of interest rate risk.

Interest rate risks are analysed in terms of interest rate gaps that measure for each future period the potential rate characteristic mismatches between assets and liabilities (fixed rate and indexation type). In the interest rate gaps, the optional effects, in particular linked to behavioural options, are embedded and translated into their delta equivalent. Value indicators are also used.

The maturity split is determined on the basis of the contractual terms of the transactions and observations of customer behaviour. For Retail\u00a0Banking products, behavioural models are based on historical or forward data and econometric studies. These possible management strategies notably relate to early redemption and savings accounts. Moreover, the maturities of non-interest-bearing current accounts and of equity are calculated according to a more conventional approach defining a range of investments taking into account the objective of stabilising results and stability of deposits. For current accounts, average maturities are less than five\u00a0years and the proportion invested beyond 10\u00a0years is negligible.

Incorporating dynamic changes in balance sheet items, the interest rate risk is measured through indicators of the sensitivity of revenues to interest rate changes on a going concern basis. This enables the partial or zero correlation between customer interest rates and market interest rates to be taken into account on the one hand, and the volume sensitivities to interest rates on the other hand, which create a risk to future revenues.

The choice of indicators and risk modelling are reviewed by RISK. The results and the adjustments following these reviews are presented and monitored to the committees on a regular basis.

The interest rate risk measurement indicators are consistently presented to the ALCos and serve as the basis for operating risk management decisions.

Risk limits [Audited]

Interest rate risk indicators span the entire banking book as at 31\u00a0December 2024.

The interest rate gaps are subject to interest rate risk limits across all time horizons. These limits are calibrated based on the nature of the risks (standard or structural) at Group and entity level. They are reviewed annually.

The Group\u2019s revenue sensitivity indicator is subject to limits and a warning threshold relative to the overall sensitivity level, also broken down by division and the main entities. Moreover, the Group regularly monitors the impact of stress scenarios on its revenues.

Sensitivity of revenues to global interest rate risk [Audited]

Net interest income sensitivities are calculated on the total banking book, over one-, two- and three-year rolling timeframes notably, for a parallel, instantaneous and definitive increase and decrease in market rates on all currencies over all the terms of \u00b150 basis points (\u00b10.5%). These sensitivities are measured as deviations from the NII projection for the central rate scenario corresponding to future interest rates expected by the markets at estimation date (e.g. forward rates seen at the end of December\u00a02024 for sensitivities at the end-2024). Other scenarios are also used to measure NII sensitivities, including instantaneous, parallel and definitive shocks of \u00b1200 basis points.

The sensitivities include the direct impacts of market rates and business trends. Indirect effects on commercial activity linked to changes in outstandings and customer rates, are also taken into account. Thus, increases in sight non\u2011interest\u2011bearing current account balances, observed during the period of low or negative interest rates, are considered as situational to the low interest rates environment, and are assumed to decrease gradually when short\u2011term rates return to sufficiently positive levels.Having maintained interest rates at significant positive levels, led to sensitivities levels that existed before the low interest rate environment, as illustrated below by end-2023 sensitivities (end-December interest rates being punctually at lower levels compared to previous and subsequent weeks).

\u27a4TABLE 90: SENSITIVITY OF REVENUES TO GLOBAL INTEREST RATE RISK BASED ON A 50 BASIS POINTS INCREASE OR DECREASE IN THE INTEREST RATES\u00a0(EU IRRBB1A) [Audited]

In millions of euros

31 December 2024

For +50\u00a0bps shock

For -50\u00a0bps shock

Year 1

147

(134)

Year 2

313

(266)

Year 3

574

(516)

\u00a0

In millions of euros

31 December 2023

For +50\u00a0bps shock

For -50\u00a0bps shock

Year 1

336

(363)

Year 2

401

(378)

Year 3

603

(555)

Structural foreign exchange risk [Audited]

Currency hedges are contracted by the ALM Treasury in relation to the Group\u2019s investments in foreign currencies and its future foreign currency revenues. Each hedging relationship is formally documented at inception. The documentation describes the hedging strategy, identifies the hedged item and the hedging instrument, and the nature of the hedged risk and describes the methodology used to test the expected (prospective) and actual (retrospective) effectiveness of the hedge.

A hedging relationship is applied and documented for investments in subsidiaries and branches financed by foreign currency loans so as to record movements in exchange rates symmetrically and avoid impacts on the profit and loss account. In this context, these instruments are designated as net investment hedges. The amount of these loans stood at EUR\u00a014\u00a0billion at 31\u00a0December 2024, compared with EUR\u00a016\u00a0billion at 31\u00a0December 2023. The changes in value related to exchange differences recognised directly in equity with respect to these hedges amounted to -EUR\u00a0964\u00a0million in 2024, compared with -EUR\u00a0339\u00a0million at 31\u00a0December 2023.

During the 2024 financial year, no net investment hedging relationships were disqualified.

The amount recorded in the profit and loss account for 2024 with respect to the ineffective portion of hedges of net investments is immaterial.

\u27a4TABLE 92: HEDGED CASH FLOWS [Audited]

Period to realisation

In millions of euros

31 December 2024

31 December 2023

Less than 1\u00a0year

1 to 5\u00a0years

More than 5\u00a0years

Total

Less than 1\u00a0year

1 to 5\u00a0years

More than 5\u00a0years

Total

Hedged cash flows

2,617

6,720

1,779

11,115

2,993

6,716

887

10,596

\u00a0

In 2024, no cash flow hedges were declassified on the grounds that achieving these future earnings would no longer be highly probable.

Liquidity risk management policy\u00a0[Audited]

Objectives

The objectives of the Group\u2019s liquidity management policy are to secure a balanced financing structure for the development of BNP\u00a0Paribas business activities, and to ensure it is sufficiently robust to cope with crisis situations.

The liquidity risk management framework relies on:

The Group\u2019s liquidity policy defines the management principles that apply across all Group entities and businesses and across all time horizons.

Governance

As for all risks, the Group Chief Executive Officer is granted authority by the Board of directors to manage the Group\u2019s liquidity risk. The Chief Executive Officer delegates this responsibility to the Group ALM Treasury Committee.

The Internal Control, Risk Management and Compliance Committee (CCIRC) reports quarterly to the Board of directors on liquidity policy principles and the Group\u2019s liquidity position.

The Group ALM Treasury Committee is responsible for:

In particular, the Group ALM Treasury Committee is informed about funding programmes and programmes to build up liquidity reserves, simulations in crisis conditions (stress tests), and about all events that may arise in crisis situations.

The Group ALM Treasury Committee is tasked with defining the management approach in periods of crisis (emergency plan). This framework is based on:

The Group ALM Treasury Committee meets every month under normal conditions and more often in stressed conditions or to deal with specific issues.

The permanent members of the Group ALM Treasury Committee are the Group Senior Executive Advisor (Chairman), the Delegate Deputy Chief Operating Officers, the Chief Risk Officer, the Group Chief Financial Officer and the Group ALM Treasury Head. Other members represent the RISK Function, Finance & Strategy Function and ALM Treasury. The Head of General Inspection and the Head of Compliance are also invited.

Across the Group, ALM Treasury is responsible for the operational implementation of the Group ALM Treasury Committee\u2019s liquidity management decisions. The ALM Treasury Committees in entities or groups of entities are responsible for local implementation of the strategy decided by the Group ALM Treasury Committee to manage the Bank\u2019s liquidity risk.

ALM Treasury is responsible for managing liquidity for the entire Group across all maturities. In particular, it is responsible for funding and short-term issuance (certificates of deposit, commercial paper, etc.), for senior and subordinated debt issuance (MTNs, bonds, medium/long\u2011term deposits, covered bonds, etc.), preferred share issuance, and loan securitisation programmes for the Group. ALM Treasury is tasked with providing internal funding to the Group\u2019s divisions, operating entities and business lines, and investing their surplus cash. It is also responsible for building up and managing liquidity reserves, which comprise assets that can be easily sold in the event of a liquidity squeeze.

RISK participates in the Group and local ALM Treasury Committees and oversees implementation by ALM Treasury of the relevant decisions made by these committees. It provides second-line control by reviewing the models and risk indicators (including liquidity stress tests), monitoring risk indicators and ensuring compliance with the limits assigned.

Finance is responsible for producing the regulatory liquidity indicators, as well as the internal monitoring indicators. Finance oversees the consistency of the internal monitoring indicators with the objectives defined by the Group ALM Treasury Committee. Finance takes also part in the Group and local ALM Committees.

Business lines\u2019 internal monitoring indicators\u00a0[Audited]

The management indicators relate to funding needs of Group\u2019s business lines under normal and stressed conditions. These indicators are part of the Group\u2019s budget management framework, with targets and regular (monthly) monitoring of the deviations from the objectives set.

Funding needs of the Group\u2019s businesses

The funding needs associated with the activity of the Group\u2019s businesses are managed in particular by measuring the difference between commercial funding needs (customer loans and overdrafts, trading assets, etc.) and commercial funding resources (customer deposits, sale of the Group\u2019s debt securities to customers, trading liabilities, etc.). This indicator makes it possible to measure the business lines\u2019 liquidity consumption under a normal business scenario.

It is supplemented by indicators to measure the funding needs of the business lines in one month and one year depending on the assumptions defined by European regulations in force (Liquidity Coverage Ratio) and (Net Stable Funding Ratio).

In addition to this commercial funding need indicators, the Group closely monitors the liquidity reserves and the refinancing provided by ALM Treasury, as well as the Group\u2019s structural resources (i.e. net own funds).

The overall management of the business funding needs, the Group\u2019s structural resources, funding and liquidity reserves made by the ALM Treasury allows the Group to achieve a structurally robust liquidity situation able to resist severe liquidity stresses.

Business lines\u2019 consumption of liquidity is thus integrated in the Group\u2019s budget process, wherein each business line estimates its future liquidity needs, in keeping with its profitability targets and capital consumption objectives. During the iterative budget process, liquidity consumption objectives are allotted to the business lines, taking into account the funding provided by ALM Treasury and structural resources, in line with the Group\u2019s overall target. This process is regularly renewed, monitored and adjusted as appropriate throughout the year by the Group ALM Treasury Committee.

Internal liquidity pricing

All of the Group\u2019s assets and liabilities are subject to internal liquidity pricing, the principles of which are decided by the Group ALM Treasury Committee and aim to take account of trends in the cost of market liquidity and the balance between assets and liabilities within the Group\u2019s development strategy.

Change in the liquidity position

At end-2024, the businesses had a net liquidity surplus, asthe last year (deposits higher than loans). Group\u2019s net equity is added to this surplus leading to an overall liquidity surplus.

In this context, the funding provided by ALM Treasury is used to finance the liquidity reserve, while also correcting the structural differences between assets and liabilities (by maturity term) and covering TLAC (Total Loss-Absorbing Capacity) requirements, as well as future Minimum Requirement for own funds and Eligible Liabilities (MREL).

The Group maintains a large surplus in liquidity.

Medium- to long-term liquidity position [Audited]

The medium-to long-term liquidity positions are measured regularly at Group level by entity and by currency to evaluate the medium-to long-term resources and uses. To this end, each balance sheet item is given a maturity in an economic approach using models and conventions offered by ALM Treasury and reviewed by the RISK Function, or a regulatory approach by applying standardised weightings of the Net Stable Funding Ratio (NSFR). For example, despite their immediate availability, the current accounts of retail customers and those linked with corporates\u2019 cash management activities always remain highly stable, even through the most severe financial crises, thus constituting stable medium- to long-term funding sources in both an economic and a regulatory approach.

Stress tests and liquidity reserve [Audited]

Liquidity stress tests are performed regularly on various maturities (one day to twelve months) based on market factors and/or factors specific to the Group and using different scenarios: idiosyncratic (i.e. specific to BNP\u00a0Paribas), systemic crisis (affecting financial institutions), and combined crisis scenarios.

For each crisis scenario considered, borrowings and liabilities are expected to only partially renew, while loan amortisations are expected to be replaced by new loans to protect the commercial franchise, off-balance sheet financing commitments are expected to be used, and market assets are expected to lose their market liquidity. Commitment renewal and utilisation are differentiated in intensity and in time, based on client type (individuals, small and medium enterprises, corporates, financial institutions, etc.) and/or the type of underlying for secured borrowings and loans (repos/reverse repos). Stress scenarios also cover calls for additional collateral (e.g. increased margin calls for collateralised derivatives, impact of \u201crating trigger\u201d clauses).

The liquidity reserve consists of Group assets held by ALM Treasury and the capital market businesses. The liquidity reserve comprises:

The global liquidity reserve (counterbalancing capacity) is calculated net of the payment systems\u2019 intraday needs and in keeping with prudential rules, in particular US rules, under which certain liquid assets are only recognised as available after a certain time period. Transferability restrictions are also taken into consideration in the calculation of the Group\u2019s liquidity reserve. These restrictions may stem from local regulations which limit transfers between entities of a group, non-convertible currencies or jurisdictions with foreign exchange control.
\u27a4TABLE 100: CONTRACTUAL MATURITIES OF THE PRUDENTIAL BALANCE SHEET\u00a0(EU CR1-A)\u00a0[Audited]

In millions of euros

31 December 2024

Not determined

Overnight or demand

Up to 1\u00a0month (excl. Overnight)

1 to 3\u00a0months

3\u00a0months\u00a0
to 1\u00a0year\u00a0

1 to 5\u00a0years

More than 5\u00a0years

TOTAL

ASSETS

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Cash and amounts due from central banks

182,504

182,504

Financial instruments at fair value through profit and loss

591,250

42,333

97,130

30,911

28,187

23,440

4,768

818,022

Securities

267,920

267,920

Loans and repurchase agreements

42,333

97,130

30,911

28,187

23,440

4,768

226,771

Derivative financial instruments

323,331

323,331

Derivatives used for hedging purposes

20,930

20,930

Financial assets at fair value through equity

1,637

140

1,800

1,304

3,728

28,932

38,943

76,484

Debt securities

27

140

1,800

1,304

3,728

28,932

38,943

74,874

Equity securities

1,610

1,610

Financial assets at amortised cost

146

42,076

80,712

88,862

156,057

408,647

313,213

1,089,713

Loans and advances to credit institutions

7,455

11,806

5,173

4,772

1,539

648

31,393

Loans and advances to customers

34,472

65,560

78,389

130,328

344,865

257,875

911,489

Debt securities

146

148

3,347

5,301

20,957

62,242

54,690

146,830

Remeasurement adjustment on interest rate risk hedged portfolios

(758)

(758)

Financial assets

613,205

267,054

179,643

121,078

187,972

461,019

356,924

2,186,895

Other assets

178,054

8,916

9,421

5,503

11,061

27,537

5,435

245,928

TOTAL ASSETS

791,259

275,970

189,064

126,581

199,032

488,556

362,359

2,432,823

of which Loans and advances

75,718

174,496

114,473

163,287

369,845

263,292

1,161,111

of which Debt securities

137,902

289

5,147

6,605

24,684

91,174

93,632

359,434

LIABILITIES

Deposit from central banks

3,366

Financial instruments at fair value through profit and loss

382,202

36,489

194,996

50,812

45,095

59,779

22,299

382,202

Securities

79,958

79,958

Deposits and repurchase agreements

36,489

189,196

43,873

21,992

11,236

2,091

Issued debt securities

5,800

6,939

23,102

48,543

20,207

Derivative financial instruments

302,243

302,243

Derivatives used for hedging purposes

36,823

36,823

Financial liabilities at amortised cost

712,068

192,246

169,571

110,293

86,230

60,281

Deposits from credit institutions

10,265

11,656

27,436

10,360

3,035

314

Deposits from customers

701,803

170,597

97,292

54,130

10,103

2,741

Debt securities

9,986

43,318

44,207

66,612

36,095

Subordinated debt

6

1,525

1,595

6,480

21,131

Remeasurement adjustment on interest rate risk hedged portfolios

(10,696)

(10,696)

Financial liabilities

408,329

751,923

387,242

220,383

155,388

146,009

82,580

408,329

Other liabilities

235,115

4,644

15,332

3,710

2,523

1,290

18,355

235,115

TOTAL LIABILITIES AND EQUITY

643,444

756,567

402,574

224,093

157,911

147,298

100,934

643,444

In millions of euros

31 December 2023

Not determined

Overnight or demand

Up to 1\u00a0month (excl. Overnight)

1 to 3\u00a0months

3\u00a0months\u00a0
to 1\u00a0year\u00a0

1 to 5\u00a0years

More than 5\u00a0years

TOTAL

ASSETS

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Cash and amounts due from central banks

288,270

288,270

Financial instruments at fair value through profit and loss

504,881

65,049

86,442

30,200

24,195

16,466

4,686

731,919

Securities

212,127

212,127

Loans and repurchase agreements

65,049

86,442

30,200

24,195

16,466

4,686

227,038

Derivative financial instruments

292,754

292,754

Derivatives used for hedging purposes

21,814

21,814

Financial assets at fair value through equity

2,301

81

1,571

1,418

3,440

16,706

29,725

55,242

Debt securities

26

81

1,571

1,418

3,440

16,706

29,725

52,967

Equity securities

2,275

2,275

Financial assets at amortised cost

150

40,769

69,096

81,123

149,178

398,239

298,489

1,037,042

Loans and advances to credit institutions

7,058

8,971

4,672

2,496

496

560

24,255

Loans and advances to customers(1)

33,157

58,033

71,940

126,098

349,672

252,907

891,806

Debt securities

150

553

2,092

4,511

20,584

48,071

45,021

120,982

Remeasurement adjustment on interest rate risk hedged portfolios

(2,661)

(2,661)

Financial assets

526,485

394,168

157,108

112,741

176,814

431,410

332,900

2,131,627

Other assets

174,813

9,772

8,581

1,568

1,521

766

5,575

202,596

TOTAL ASSETS

701,298

403,941

165,690

114,309

178,335

432,176

338,475

2,334,224

of which Loans and advances(1)

-

98,125

153,446

106,812

152,789

366,634

258,154

1,135,960

of which Debt securities

133,195

635

3,662

5,929

24,024

64,777

74,746

306,969

LIABILITIES

Deposit from central banks

3,374

3,374

Financial instruments at fair value through profit and loss

384,357

35,669

161,410

52,685

36,213

49,455

21,783

741,573

Securities

104,910

104,910

Deposits and repurchase agreements

35,451

157,221

47,554

20,074

11,907

1,667

273,873

Issued debt securities

218

4,190

5,131

16,140

37,549

20,116

83,343

Derivative financial instruments

279,446

279,446

Derivatives used for hedging purposes

37,911

37,911

Financial liabilities at amortised cost

701,969

169,081

170,762

115,776

75,661

53,852

1,287,102

Deposits from credit institutions

14,293

4,219

53,913

10,944

2,154

67

85,590

Deposits from customers

687,569

153,167

83,997

57,565

7,978

3,598

993,875

Debt securities

107

11,647

32,852

46,140

57,453

36,473

184,672

Subordinated debt

48

1,127

8,076

13,715

22,965

Remeasurement adjustment on interest rate risk hedged portfolios

(14,175)

(14,175)

Financial liabilities

408,093

741,012

330,491

223,447

151,989

125,116

75,635

2,055,785

Other non-financial liabilities

229,199

3,965

22,483

2,466

1,903

585

17,838

278,439

TOTAL LIABILITIES AND EQUITY

637,292

744,977

352,974

225,914

153,893

125,701

93,473

2,334,224

  • Including the reallocation by maturity buckets of the main Prime Brokerage oustandings, with no impact on total oustandings of Loans and advances to customers\u00a0and Deposits from customers.

For liquidity risk management, the above contractual schedule is supplemented by economic analyses taking into account customer behaviour or market liquidity of certain assets (e.g. securities), under normal conditions and stress situations.

To this end, the Group uses a set of tools to anticipate and manage its economic liquidity, in particular as previously stated:

The following table presents the details of Table\u00a0100: Contractual maturities of the prudential balance sheet for equity instruments and debt securities issued by the Group in the medium and long term, excluding early redemption options.

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1.fFinancial assets and liabilities

Financial assets are classified at amortised cost, at fair value through shareholders\u2019 equity or at fair value through profit or loss depending on the business model and the contractual features of the instruments at initial recognition.

Financial liabilities are classified at amortised cost or at fair value through profit or loss at initial recognition.

Financial assets and liabilities are recognised in the balance sheet when the Group becomes a party to the contractual provisions of the instrument. Purchases and sales of financial assets made within a period established by the regulations or by a convention in the relevant marketplace are recognised in the balance sheet at the settlement date.

1.f.1Financial assets at amortised cost

Financial assets are classified at amortised cost if the following two criteria are met: the business model objective is to hold the instrument in order to collect the contractual cash flows and the cash flows consist solely of payments relating to principal and interest on the principal.

Business model criterion

Financial assets are managed within a business model whose objective is to hold financial assets in order to collect cash flows through the collection of contractual payments over the life of the instrument.

The realisation of disposals close to the maturity of the instrument and for an amount close to the remaining contractual cash flows, or due to an increase in the counterparty\u2019s credit risk is consistent with a business model whose objective is to collect the contractual cash flows (\u201ccollect\u201d). Sales imposed by regulatory requirements or to manage the concentration of credit risk (without an increase in the asset\u2019s credit risk) are also consistent with this business model when they are infrequent or insignificant in value.

Cash flow criterion

The cash flow criterion is satisfied if the contractual terms of the debt instrument give rise, on specified dates, to cash flows that are solely repayments of principal and interest on the principal amount outstanding.

The criterion is not met in the event of a contractual characteristic that exposes the holder to risks or to the volatility of contractual cash flows that are inconsistent with those of a non-structured or \u201cbasic lending\u201d arrangement. It is also not satisfied in the event of leverage that increases the variability of the contractual cash flows.

Interest consists of consideration for the time value of money, for the credit risk, and for the remuneration of other risks (e.g. liquidity risk), costs (e.g. administration fees), and a profit margin consistent with that of a basic lending arrangement. The existence of negative interest does not call into question the cash flow criterion.

The time value of money is the component of interest - usually referred to as the \u201crate\u201d component - which provides consideration for only the passage of time. The relationship between the interest rate and the passage of time must not be modified by specific characteristics that could call into question the respect of the cash flow criterion.

Thus, when the variable interest rate of the financial asset is periodically reset at a frequency that does not match the duration for which the interest rate is established, the time value of money may be considered as modified and, depending on the significance of that modification, the cash flow criterion may not be met. Some financial assets held by the Group present a mismatch between the interest rate reset frequency and the maturity of the index, or interest rates indexed to an average of benchmark rate. The Group has developed a consistent methodology for analysing this alteration of the time value of money.

Regulated rates meet the cash flow criterion when they provide consideration that is broadly consistent with the passage of time and do not expose to risks or volatility in the contractual cash flows that would be inconsistent with those of a basic lending arrangement (example: loans granted in the context of Livret A savings accounts).

Some contractual clauses may change the timing or the amount of cash flows. Early redemption options do not call into question the cash flow criterion if the prepayment amount substantially represents the principal amount outstanding and the interest thereon, which may include reasonable compensation for the early termination of the contract. For example, as regards loans to retail customers, the compensation limited to 6\u00a0months of interest or 3% of the capital outstanding is considered reasonable. Actuarial penalties, corresponding to the present value of the difference between the residual contractual cash flows of the loan, and their reinvestment in a loan to a similar counterparty or in the interbank market for a similar residual maturity are also considered as reasonable, even when the compensation can be positive or negative (i.e. \u201csymmetric\u201d compensation). An option that permits the issuer or the holder of a financial instrument to change the interest rate from floating to fixed rate does not breach the cash flow criterion if the fixed rate is determined at origination, or if it represents the time value of money for the residual maturity of the instrument at the date of exercise of the option. Clauses included in financing granted to encourage the sustainable development of companies which adjust the interest margin depending on the achievement of environmental, social or governance (ESG) objectives and disclosed in chapter\u00a07 of the Universal registration document, do not call into question the cash flow criterion when such an adjustment is considered to be minimal. Structured instruments indexed to ESG market indices do not meet the cash flow criterion.

In the particular case of financial assets contractually linked to payments received on a portfolio of underlying assets and which include a priority order for payment of cash flows between investors (\u201ctranches\u201d), thereby creating concentrations of credit risk, a specific analysis is carried out. The contractual characteristics of the tranche and those of the underlying financial instrument portfolios must meet the cash flow criterion and the credit risk exposure of the tranche must be equal to or lower than the exposure to credit risk of the underlying pool of financial instruments.

Certain loans may be \u201cnon-recourse\u201d, either contractually, or in substance when they are granted to a special purpose entity. That is in particular the case of numerous project financing or asset financing loans. The cash flow criterion is met as long as these loans do not represent a direct exposure on the assets acting as collateral. In practice, the sole fact that the financial asset explicitly gives rise to cash flows that are consistent with payments of principal and interest is not sufficient to conclude that the instrument meets the cash flow criterion. In that case, the particular underlying assets to which there is limited recourse shall be analysed using the \u201clook-through\u201d approach. If those assets do not themselves meet the cash flow criterion, the existing credit enhancement is assessed. The following aspects are considered: structuring and sizing of the transaction, own funds level of the structure, expected source of repayment, price volatility of the underlying assets.\u00a0

The \u201cfinancial assets at amortised cost\u201d category includes, in particular, loans granted by the Group, as well as reverse repurchase agreements and securities held by the Group ALM Treasury in order to collect contractual flows and meeting the cash flow criterion.

Recognition

On initial recognition, financial assets are recognised at fair value, including transaction costs directly attributable to the transaction as well as commissions related to the origination of the loans.

They are subsequently measured at amortised cost, including accrued interest and net of repayments of principal and interest during the past period. These financial assets are also subject from their initial recognition, to the measurement of a loss allowance for expected credit losses (note\u00a01.f.5).

Interest is calculated using the effective interest method determined at inception of the contract.

\u00a0\u00a0

1.f.2Financial assets at fair value through shareholders\u2019 equity
Debt instruments

Debt instruments are classified at fair value through shareholders\u2019 equity if the following two criteria are met:

The securities held by the Group ALM Treasury in order to collect contractual flows or to be sold and meeting the cash flow criterion are in particular classified in this category.

On initial recognition, financial assets are recognised at their fair value, including transaction costs directly attributable to the transaction. They are subsequently measured at fair value and changes in fair value are recognised, under a specific line of shareholders\u2019 equity entitled \u201cChanges in assets and liabilities recognised directly in equity that may be reclassified to profit or loss\u201d. These financial assets are also subject to the measurement of a loss allowance for expected credit losses on the same approach as for debt instruments at amortised cost. The counterparty of the related impact in cost of risk is recognised in the same specific line of shareholders\u2019 equity. On disposal, changes in fair value previously recognised in shareholders\u2019 equity are reclassified to profit or loss.

In addition, interest is recognised in the income statement using the effective interest method determined at the inception of the contract.

Equity instruments

Investments in equity instruments such as shares are classified on option, and on a case-by-case basis, at fair value through shareholders\u2019 equity (under a specific line). On disposal of the shares, changes in fair value previously recognised in equity are not recognised in profit or loss. Only dividends, if they represent remuneration for the investment and not repayment of capital, are recognised in profit or loss. These instruments are not subject to impairment.

Investments in mutual funds puttable to the issuer do not meet the definition of equity instruments. They do not meet the cash flow criterion either, and thus are recognised at fair value through profit or loss.

\u00a0\u00a0

1.f.3Financing and guarantee commitments

Financing and financial guarantee commitments that are not recognised at fair value through profit or loss are presented respectively in notes 6.a and 6.b. They are subject to the measurement of a loss allowance for expected credit losses. These loss allowances are presented under \u201cProvisions for contingencies and charges\u201d.

The Group may issue performance guarantees in conjunction with integral indemnity agreements that provide the Group the right to claim back any amounts paid out from the party whose non-performance would have led to the guarantee being called. This type of commitment exposes the Group to credit risk and therefore results in the recognition of expected credit losses.

\u00a0

1.f.4Regulated savings and loan contracts

Home savings accounts (Comptes \u00c9pargne-Logement \u2013 \u201cCEL\u201d) and home savings plans (Plans d\u2019\u00c9pargne Logement \u2013 \u201cPEL\u201d) are government-regulated retail products sold in France. They combine a savings phase and a loan phase which are inseparable, with the loan phase contingent upon the savings phase.

These products contain two types of obligations for BNP\u00a0Paribas: an obligation to pay interest on the savings for an indefinite period, at a rate set by the government at the inception of the contract (in the case of PEL products) or at a rate reset every six months using an indexation formula set by law (in the case of CEL products); and an obligation to lend to the customer (at the customer\u2019s option) an amount contingent upon the rights acquired during the savings phase, at a rate set at the inception of the contract (in the case of PEL products) or at a rate contingent upon the savings phase (in the case of CEL products).

The Group\u2019s future obligations with respect to each generation (in the case of PEL products, a generation comprises all products with the same interest rate at inception; in the case of CEL products, all such products constitute a single generation) are measured by discounting potential future earnings from at-risk outstandings for that generation.

At-risk outstandings are estimated on the basis of a historical analysis of customer behaviour, and are equivalent to:

Earnings for future periods from the savings phase are estimated as the difference between the investment rate and the fixed savings interest rate on at-risk savings outstanding for the period in question. Earnings for future periods from the loan phase are estimated as the difference between the refinancing rate and the fixed loan interest rate on at-risk loans outstanding for the period in question.

The investment rate for savings and the refinancing rate for loans are derived from the swap yield curve and from the spreads expected on financial instruments of similar type and maturity. Spreads are determined on the basis of actual spreads on fixed-rate home loans in the case of the loan phase and products offered to individual clients in the case of the savings phase. In order to reflect the uncertainty of future interest rate trends, and the impact of such trends on customer behaviour models and on at-risk outstandings, the obligations are estimated using the Monte-Carlo method.

Where the sum of the Group\u2019s estimated future obligations with respect to the savings and loan phases of any generation of contracts indicates a potentially unfavourable situation for the Group, a provision is recognised (with no offset between generations) in the balance sheet in \u201cProvisions for contingencies and charges\u201d. Movements in this provision are recognised as interest income in the profit and loss account.

\u00a0

1.f.5Impairment of financial assets measured at amortised cost and debt instruments measured at fair value through shareholders\u2019 equity

The impairment model for credit risk is based on expected losses.

This model applies to loans and debt instruments measured at amortised cost or at fair value through equity, to loan commitments and financial guarantee contracts that are not recognised at fair value, as well as to lease receivables, trade receivables and contract assets.

General model

The Group identifies three \u201cstages\u201d that each correspond to a specific status with regards to the evolution of counterparty credit risk since the initial recognition of the asset.

This general model is applied to all instruments within the scope of IFRS\u00a09 impairment, except for purchased or originated credit-impaired financial assets and instruments for which a simplified model is used (see below).

The IFRS\u00a09 expected credit loss approach is symmetrical, i.e. if lifetime expected credit losses have been recognised in a previous reporting period, and if it is assessed in the current reporting period that there is no longer any significant increase in credit risk since initial recognition, the loss allowance reverts to a 12-months expected credit loss.

As regards interest income, under \u201cstages\u201d 1 and 2, it is calculated on the gross carrying amount. Under \u201cstage\u00a03\u201d, interest income is calculated on the amortised cost (i.e. the gross carrying amount adjusted for the loss allowance).

Definition of default

The definition of default is aligned with the Basel regulatory default definition, with a rebuttable presumption that the default occurs no later than 90\u00a0days past due. This definition takes into account the EBA guidelines of 28\u00a0September 2016, notably those regarding the thresholds applicable for the counting of past-due and probation periods.

The definition of default is used consistently for assessing the increase in credit risk and measuring expected credit losses.

Credit-impaired or doubtful financial assets
Definition

A financial asset is considered credit-impaired or doubtful and classified in \u201cstage\u00a03\u201d when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred.

At an individual level, objective evidence that a financial asset is credit-impaired includes observable data regarding the following events: the existence of accounts that are more than 90\u00a0days past due; knowledge or indications that the borrower is experiencing significant financial difficulties, such that a risk can be considered to have arisen regardless of whether the borrower has missed any payments; concessions with respect to the credit terms granted to the borrower that the lender would not have considered had the borrower not been in financial difficulty (see section Restructuring of financial assets for financial difficulties).

Specific cases of purchased or originated credit-impaired assets

In some cases, financial assets are credit-impaired at initial recognition.

For these assets, no loss allowance is recorded on initial recognition. The effective interest rate is calculated taking into account the lifetime expected credit losses in the initial estimated cash flows. Any change in lifetime expected credit losses since initial recognition, positive or negative, is recognised as a loss allowance adjustment in profit or loss.

Simplified model

The simplified approach consists in accounting for a loss allowance corresponding to lifetime expected credit losses since initial recognition, and at each reporting date.

The Group applies this model to trade receivables with a maturity shorter than 12\u00a0months.

Significant increase in credit risk

A significant increase in credit risk may be assessed on an individual basis or on a collective basis (by grouping financial instruments according to common credit risk characteristics), taking into account all reasonable and supportable information and comparing the risk of default of the financial instrument at the reporting date with the risk of default of the financial instrument at the date of initial recognition.

Assessment of deterioration is based on the comparison of the probabilities of default derived from the ratings on the date of initial recognition with those existing at the reporting date.

There is also, according to the standard, a rebuttable presumption that the credit risk of an instrument has significantly increased since initial recognition when the contractual payments are more than 30\u00a0days past due.

In the consumer credit specialist business, a significant increase in credit risk is also considered when a past due event has occurred within the last 12\u00a0months, even if it has since been regularised. From 2024, this specificity no longer applies to most exposures in the eurozone.

The approaches applied to assess the significant increase in credit risk are detailed in note\u00a02.g Cost of risk.

Measurement of expected credit losses

Expected credit losses are defined as an estimate of credit losses (i.e. the present value of all cash shortfalls) weighted by the probability of occurrence of these losses over the expected life of the financial instruments. They are measured on an individual basis, for all exposures.

In practice, for exposures classified in stage\u00a01 and stage\u00a02, expected credit losses are measured as the product of the probability of default (\u201cPD\u201d), Loss Given Default (\u201cLGD\u201d) and Exposure at Default (\u201cEAD\u201d), discounted at the effective interest rate of the exposure (EIR). They result from the risk of default within the next 12\u00a0months (stage\u00a01), or from the risk of default over the maturity of the facility (stage\u00a02). In the consumer credit specialist business, because of the specificity of credit exposures, the methodology used is based on the probability of transition to term forfeiture, and on discounted loss rates after term forfeiture. These parameters are measured on a statistical basis for homogeneous populations. From 2024, this specificity no longer applies to most exposures in the Eurozone.

For exposures classified in stage\u00a03, expected credit losses are measured as the value, discounted at the effective interest rate, of all cash shortfalls over the life of the financial instrument. Cash shortfalls represent the difference between the cash flows that are due in accordance with the contract, and the cash flows that are expected to be received. Where appropriate, the estimate of expected cash flows takes into account a cash flow scenario arising from the sale of the defaulted loans or groups of loans. Proceeds from the sale are recorded net of costs to sell.

The methodology developed is based on existing concepts and methods (in particular the Basel framework) on exposures for which capital requirement for credit risk is measured according to the Internal Ratings-Based Approach (IRBA) methodology. This method is also applied to portfolios for which capital requirement for credit risk is measured according to the standardised approach. Besides, the Basel framework has been adjusted in order to be compliant with IFRS\u00a09 requirements, in particular the use of forward-looking information.

Maturity

All contractual terms of the financial instrument are taken into account, including prepayment, extension and similar options. In the rare cases where the expected life of the financial instrument cannot be estimated reliably, the residual contractual term is used. The standard specifies that the maximum period to consider when measuring expected credit losses is the maximum contractual period. However, for revolving credit cards and overdrafts, in accordance with the exception provided by IFRS\u00a09 for these products, the maturity considered for measuring expected credit losses is the period over which the entity is exposed to credit risk, which may extend beyond the contractual maturity (notice period). For revolving credits and overdrafts to non-retail counterparties, the contractual maturity can be used, for example if the next review date is the contractual maturity as they are individually managed.

Probabilities of Default (PD)

Probability of Default is an estimate of the likelihood of default over a given time horizon.

The determination of the PD is based on the Group\u2019s internal rating system, which is described in chapter\u00a05 of the Universal registration document (section\u00a05.4 Credit risk \u2013 Credit risk management policy). This section describes how Environmental, social and governance (ESG) risks are taken into account in credit and rating policies, notably with the introduction of a new tool: the ESG Assessment.

The measurement of expected credit losses requires the estimation of both 1-year probabilities of default and lifetime probabilities of default.

1-year PDs are derived from long term average regulatory \u201cthrough the cycle\u201d PDs to reflect the current situation and macroeconomic scenarios (\u201cPoint in Time\u201d or \u201cPIT\u201d).

Lifetime PDs are determined based on the rating migration matrices reflecting the expected changes in the rating of the exposure until maturity, and the associated probabilities of default.

Loss Given Default (LGD)

Loss Given Default is the difference between contractual cash flows and expected cash-flows, discounted using the effective interest rate (or an approximation thereof) at the default date. LGD is expressed as a percentage of the Exposure at Default (EAD).

The estimate of expected cash flows takes into account cash flows resulting from the sale of collateral held or other credit enhancements if they are part of the contractual terms and are not accounted for separately by the entity (for example, a mortgage associated with a residential loan), net of the costs of obtaining and selling the collateral.

For guaranteed loans, the guarantee is considered as integral to the loan agreement if it is embedded in the contractual clauses of the loan, or if it was granted concomitantly to the loan, and if the expected reimbursement amount can be attached to a loan in particular (i.e. absence of pooling effect by means of a tranching mechanism, or the existence of a global cap for a whole portfolio). In such case, the guarantee is taken into account when measuring the expected credit losses. Otherwise, it is accounted for as a separate reimbursement asset.

The LGD used for IFRS\u00a09 purposes is derived from the Basel LGD parameters. It is adjusted for downturn and conservatism margins (in particular regulatory margins), except for margins for model uncertainties. For corporate clients, this LGD is determined considering macroeconomic scenarios.

Exposure at Default (EAD)

Exposure at Default (EAD) of an instrument is the anticipated outstanding amount owed by the obligor at the time of default. It is determined by the expected payment profile taking into account, depending on the product type: the contractual repayment schedule, expected early repayments and expected future drawings for revolving facilities.

Forward-looking information

The amount of expected credit losses is measured on the basis of probability-weighted scenarios, in view of past events, current conditions and reasonable and supportable economic forecasts. From 31\u00a0December 2024, forward\u2011looking information specifically takes into account risks related to climate change transition, in particular through the use of long-term scenarios.

The approaches applied to take into account forward-looking information when measuring expected credit losses are detailed in note\u00a02.g Cost of risk.

Write-offs

A write-off consists in reducing the gross carrying amount of a financial asset when there are no longer reasonable expectations of recovering that financial asset in its entirety or a portion thereof, or when it has been fully or partially forgiven. The write-off is recorded when all other means available to the Bank for recovering the receivables or guarantees have failed, and also generally depends on the context specific to each jurisdiction.

If the amount of loss on write-off is greater than the accumulated loss allowance, the difference is recognised as an additional impairment loss in \u201cCost of risk\u201d. For any recovery once the financial asset (or part thereof) is no longer recognised on the balance sheet, the amount received is recorded as a gain in \u201cCost of risk\u201d.

Recoveries through the repossession of\u00a0the\u00a0collateral

When a loan is secured by a financial or a non-financial asset serving as a guarantee and the counterparty is in default, the Group may decide to exercise the guarantee and, depending on the jurisdiction, it may then become owner of the asset. In such a situation, the loan is written-off against the asset received as collateral.

Once ownership of the asset is effective, it is recognised at fair value and classified according to the intent of use.

Restructuring of financial assets for financial difficulties

A restructuring due to the borrower\u2019s financial difficulties is defined as a change in the terms and conditions of the initial transaction that the Group is considering only for economic or legal reasons related to the borrower\u2019s financial difficulties.

For restructurings not resulting in derecognition of the financial asset, the restructured asset\u2019s gross carrying amount is reduced to the discounted amount, using the original effective interest rate of the asset, of the new expected future flows. The change in the gross carrying amount of the asset is recorded in the income statement in \u201cCost of risk\u201d.

The existence of a significant increase in credit risk for the financial instrument is then assessed by comparing the risk of default after the restructuring (under the revised contractual terms) and the risk of default at the initial recognition date (under the original contractual terms). In order to demonstrate that the criteria for recognising lifetime expected credit losses are no longer met, good payment behaviour will have to be observed over a certain period of time.

When the restructuring consists of a partial or total exchange against other substantially different assets (for example, the exchange of a debt instrument against an equity instrument), it results in the extinction of the original asset and the recognition of the assets remitted in exchange, measured at their fair value at the date of exchange. The difference in value is recorded in the income statement in \u201cCost of risk\u201d.

Modifications to financial assets that are not due to a borrower\u2019s financial difficulties, or granted in the context of a moratorium (i.e. commercial renegotiations) are generally analysed as the early repayment of the former loan, which is then derecognised, followed by the set-up of a new loan at market conditions. If there is no significant repayment penalty, they consist in resetting the interest rate of the loan at market conditions, with the client being in a position to change lender and not encountering any financial difficulties.

Probation periods

The Group applies observation periods to assess the possible return to a better stage. Accordingly, a 3-month probation period is observed for the transition from stage\u00a03 to stage\u00a02 which is extended to 12\u00a0months in the event of restructuring due to financial difficulties.

For the transition from stage\u00a02 to stage\u00a01, a probation period of two years is observed for loans that have been restructured due to financial difficulties.

1.f.6Cost of risk

Cost of risk includes the following items of profit or loss:

It also includes expenses relating to fraud and to disputes inherent to the financing activity.

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1.f.7Financial instruments at fair value through profit or loss
Trading portfolio and other financial assets measured at fair value through profit or loss

The trading portfolio includes instruments held for trading (trading transactions), including derivatives.

Other financial assets measured at fair value through profit or loss include debt instruments that do not meet the \u201ccollect\u201d or \u201ccollect and sale\u201d business model criterion or that do not meet the cash flow criterion, as well as equity instruments for which the fair value through shareholders\u2019 equity option has not been retained. Finally financial assets may be designated as at fair value through profit or loss if this enables the entity to eliminate or significantly reduce a mismatch in the measurement and accounting treatment of assets and liabilities that would otherwise arise if they were to be classified in separate categories.

All those financial instruments are measured at fair value at initial recognition, with transaction costs directly posted in profit or loss. At the reporting date, they are measured at fair value, with changes presented in \u201cNet gain/loss on financial instruments at fair value through profit or loss\u201d. Income, dividends, and realised gains and losses on disposal related to held-for-trading transactions are accounted for in the same profit or loss account.

Financial liabilities designated as at fair value through profit or loss

Financial liabilities are recognised under option in this category in the two following situations:

Changes in fair value due to the own credit risk are recognised under a specific heading of shareholders\u2019 equity.

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1.f.8Financial liabilities and equity instruments

A financial instrument issued or its various components are classified as a financial liability or equity instrument, in accordance with the economic substance of the legal contract.

Financial instruments issued by the Group are qualified as debt instruments if the entity in the Group issuing the instruments has a contractual obligation to deliver cash or another financial asset to the holder of the instrument. The same applies if the Group is required to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the Group, or to deliver a variable number of the Group\u2019s own equity instruments.

Equity instruments result from contracts evidencing a residual interest in an entity\u2019s assets after deducting all of its liabilities.

Debt securities and subordinated debt

Debt securities and subordinated debt are measured at amortised cost unless they are recognised at fair value through profit or loss.

Debt securities are initially recognised at the issue value including transaction costs and are subsequently measured at amortised cost using the effective interest method.

Issued bonds redeemable or convertible into own equity may contain a debt component and an equity component, determined upon initial recognition of the transaction. In this case, they will be qualified as compound financial instruments.

In this respect, the Group has elected to record contingent convertible bonds issued, without maturity, when convertible into a variable number of own shares on the occurrence of a predetermined trigger event (e.g. a decrease in the solvency ratio below a threshold), as compound instruments, to the extent that the coupons on these bonds are paid discretionarily.

Equity instruments

The term \u201cown equity instruments\u201d refers to shares issued by the parent company (BNP\u00a0Paribas\u00a0SA) and by its fully consolidated subsidiaries. External costs that are directly attributable to an issue of new shares are deducted from equity net of all related taxes.

Own equity instruments held by the Group, also known as treasury shares, are deducted from consolidated shareholders\u2019 equity irrespective of the purpose for which they are held. Gains and losses arising on such instruments are eliminated from the consolidated profit and loss account.

When the Group acquires equity instruments issued by subsidiaries under the exclusive control of BNP\u00a0Paribas, the difference between the acquisition price and the share of net assets acquired is recorded in retained earnings attributable to BNP\u00a0Paribas shareholders. Similarly, the liability corresponding to put options granted to minority shareholders in such subsidiaries, and changes in the value of that liability, are offset against minority interests, with any surplus offset against retained earnings attributable to BNP\u00a0Paribas shareholders. Until these options have been exercised, the portion of net income attributable to minority interests is allocated to minority interests in the profit and loss account. A decrease in the Group\u2019s interest in a fully consolidated subsidiary is recognised in the Group\u2019s accounts as a change in shareholders\u2019 equity.

Financial instruments issued by the Group and classified as equity instruments (notably the undated super subordinated notes) are presented in the balance sheet in \u201cCapital and retained earnings\u201d.

Distributions from a financial instrument classified as an equity instrument are recognised directly as a deduction from equity. Similarly, the transaction costs of an instrument classified as equity are recognised as a deduction from shareholders\u2019 equity.

Own equity instrument derivatives are treated as follows, depending on the method of settlement:

If the contract includes an obligation, whether contingent or not, for the bank to repurchase its own shares, the Bank recognises the debt at its present value with an offsetting entry in shareholders\u2019 equity.

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1.f.9Hedge accounting

The Group retained the option provided by the standard to maintain the hedge accounting requirements of IAS\u00a039 until the future standard on macro-hedging is entered into force. Furthermore, IFRS\u00a09 does not explicitly address the fair value hedge of the interest rate risk on a portfolio of financial assets or liabilities. The provisions in IAS\u00a039 for these portfolio hedges, as adopted by the European Union, continue to apply.

Derivatives contracted as part of a hedging relationship are designated according to the purpose of the hedge.

Fair value hedges are particularly used to hedge interest rate risk on fixed-rate assets and liabilities, both for identified financial instruments (securities, debt issues, loans, borrowings) and for portfolios of financial instruments (in particular, demand deposits and fixed-rate loans).

Cash flow hedges are particularly used to hedge interest rate risk on floating-rate assets and liabilities, including rollovers, and foreign exchange risks on highly probable forecast foreign currency revenues.

At the inception of the hedge, the Group prepares formal documentation which details the hedging relationship, identifying the instrument, or portion of the instrument, or portion of risk that is being hedged, the hedging strategy and the type of risk hedged, the hedging instrument, and the methods used to assess the effectiveness of the hedging relationship.

On inception and at least quarterly, the Group assesses, in consistency with the original documentation, the actual (retrospective) and expected (prospective) effectiveness of the hedging relationship. Retrospective effectiveness tests are designed to assess whether the ratio of actual changes in the fair value or cash flows of the hedging instrument to those in the hedged item is within a range of 80% to 125%. Prospective effectiveness tests are designed to ensure that expected changes in the fair value or cash flows of the derivative over the residual life of the hedge adequately offset those of the hedged item. For highly probable forecast transactions, effectiveness is assessed largely on the basis of historical data for similar transactions.

Under IAS\u00a039 as adopted by the European Union, which excludes certain provisions on portfolio hedging, interest rate risk hedging relationships based on portfolios of assets or liabilities qualify for fair value hedge accounting as follows:

The accounting treatment of derivatives and hedged items depends on the hedging strategy.

In a fair value hedging relationship, the derivative instrument is remeasured at fair value in the balance sheet, with changes in fair value recognised in profit or loss in \u201cNet gain/loss on financial instruments at fair value through profit or loss\u201d, symmetrically with the remeasurement of the hedged item to reflect the hedged risk. In the balance sheet, the fair value remeasurement of the hedged component is recognised in accordance with the classification of the hedged item in the case of a hedge of identified assets and liabilities, or under \u201cRemeasurement adjustment on interest rate risk hedged portfolios\u201d in the case of a portfolio hedging relationship.

If a hedging relationship ceases or no longer fulfils the effectiveness criteria, the hedging instrument is transferred to the trading book and accounted for using the treatment applied to this category. In the case of identified fixed-income instruments, the remeasurement adjustment recognised in the balance sheet is amortised at the effective interest rate over the remaining life of the instrument. In the case of interest rate risk hedged fixed-income portfolios, the adjustment is amortised on a straight-line basis over the remainder of the original term of the hedge. If the hedged item no longer appears in the balance sheet, in particular due to prepayments, the adjustment is taken to the profit and loss account immediately.

In a cash flow hedging relationship, the derivative is measured at fair value in the balance sheet, with changes in fair value taken to shareholders\u2019 equity on a separate line, \u201cChanges in fair value recognised directly in equity\u201d. The amounts taken to shareholders\u2019 equity over the life of the hedge are transferred to the profit and loss account under \u201cNet interest income\u201d as and when the cash flows from the hedged item impact profit or loss. The hedged items continue to be accounted for using the treatment specific to the category to which they belong.

If the hedging relationship ceases or no longer fulfils the effectiveness criteria, the cumulative amounts recognised in shareholders\u2019 equity as a result of the remeasurement of the hedging instrument remain in equity until the hedged transaction itself impacts profit or loss, or until it becomes clear that the transaction will not occur, at which point they are transferred to the profit and loss account.

If the hedged item ceases to exist, the cumulative amounts recognised in shareholders\u2019 equity are immediately taken to the profit and loss account.

Whatever the hedging strategy used, any ineffective portion of the hedge is recognised in the profit and loss account under \u201cNet gain/loss on financial instruments at fair value through profit or loss\u201d.

Hedges of net foreign currency investments in subsidiaries and branches are accounted for in the same way as cash flow hedges. Hedging instruments may be foreign exchange derivatives or any other non-derivative financial instrument.

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1.f.10Determination of fair value

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal market or most advantageous market, at the measurement date.

The Group determines the fair value of financial instruments either by using prices obtained directly from external data or by using valuation techniques. These valuation techniques are primarily market and income approaches encompassing generally accepted models (e.g. discounted cash flows, Black-Scholes model, and interpolation techniques). They maximise the use of observable inputs and minimise the use of unobservable inputs. They are calibrated to reflect current market conditions and valuation adjustments are applied as appropriate, when some factors such as model, liquidity and credit risks are not captured by the models or their underlying inputs but are nevertheless considered by market participants when setting the exit price.

The unit of measurement is the individual financial asset or financial liability but a portfolio-based measurement can be elected, subject to certain conditions. Accordingly, the Group retains this portfolio-based measurement exception to determine the fair value when some group of financial assets and financial liabilities and other contracts within the scope of the standard relating to financial instruments with substantially similar and offsetting market risks or credit risks is managed on the basis of a net exposure, in accordance with the documented risk management strategy.

Assets and liabilities measured or disclosed at fair value are categorised into the three following levels of the fair value hierarchy:

The level in the fair value hierarchy within which the asset or liability is categorised in its entirety is based upon the lowest level input that is significant to the entire fair value measurement.

For financial instruments disclosed in Level\u00a03 of the fair value hierarchy, and marginally some instruments disclosed in Level\u00a02, a difference between the transaction price and the fair value may arise at initial recognition. This \u201cDay One Profit\u201d is deferred and released to the profit and loss account over the period during which the valuation parameters are expected to remain non-observable. When parameters that were originally non-observable become observable, or when the valuation can be substantiated in comparison with recent similar transactions in an active market, the unrecognised portion of the day one profit is released to the profit and loss account.

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1.f.11Derecognition of financial assets and financial liabilities
Derecognition of financial assets

The Group derecognises all or part of a financial asset when the contractual rights to the cash flows of the asset expire, or when the Group transfers the asset \u2013 either on the basis of a transfer of the contractual rights to its cash flows, or by retaining the contractual rights to receive the cash flows of the asset while assuming an obligation to pay the cash flows of the asset under an eligible pass-through arrangement \u2013 as well as substantially all the risks and rewards of the asset.

Where the Group has transferred the cash flows of a financial asset but has neither transferred nor retained substantially all the risks and rewards of ownership of the financial asset and has not in practice retained control of the financial asset, the Group derecognises the financial asset and then records separately, if necessary, an asset or liability representing the rights and obligations created or held as part of the transfer of the asset. If the Group has retained control of the financial asset, it maintains it on its balance sheet to the extent of its continuing involvement in that asset.

Upon the derecognition of a financial asset in its entirety, a gain or loss on disposal is recognised in the profit and loss account for an amount equal to the difference between the carrying amount of the asset and the value of the consideration received, adjusted where appropriate for any unrealised gain or loss previously recognised directly in equity.

If all these conditions are not met, the Group retains the asset in its balance sheet and recognises a liability for the obligations arising on the transfer of the asset.

Derecognition of financial liabilities

The Group derecognises all or part of a financial liability when the liability is extinguished, i.e. when the obligation specified in the contract is extinguished, cancelled or expired. A financial liability may also be derecognised in the event of a substantial change in its contractual terms or if exchanged with the lender for an instrument with substantially different contractual terms.

Repurchase agreements and securities lending/borrowing

Securities temporarily sold under repurchase agreements continue to be recognised in the Group\u2019s balance sheet in the category of securities to which they belong. The corresponding liability is recognised at amortised cost under the appropriate \u201cFinancial liabilities at amortised cost\u201d category on the balance sheet, except in the case of repurchase agreements contracted for trading purposes, for which the corresponding liability is recognised in \u201cFinancial liabilities at fair value through profit or loss\u201d.

Securities temporarily acquired under reverse repurchase agreements are not recognised in the Group\u2019s balance sheet. The corresponding receivable is recognised at amortised cost under the appropriate \u201cFinancial assets at amortised cost\u201d category in the balance sheet, except in the case of reverse repurchase agreements contracted for trading purposes, for which the corresponding receivable is recognised in \u201cFinancial assets at fair value through profit or loss\u201d.

Securities lending transactions do not result in derecognition of the lent securities, and securities borrowing transactions do not result in recognition of the borrowed securities on the balance sheet. In cases where the borrowed securities are subsequently sold by the Group, the obligation to deliver the borrowed securities on maturity is recognised on the balance sheet under \u201cFinancial liabilities at fair value through profit or loss\u201d.

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1.f.12Offsetting financial assets and financial liabilities

A financial asset and a financial liability are offset and the net amount presented in the balance sheet if, and only if, the Group has a legally enforceable right to set off the recognised amounts, and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Repurchase agreements and derivatives that meet the two criteria set out in the accounting standard are offset in the balance sheet.

1.g.1Investments related to insurance activities

IFRS\u00a09 is applied in the same way as to other Group entities (see note\u00a01.f).

Investments of insurance activities include investment property which are measured at fair value as underlying assets of direct participating contracts.

The accounting classification of securitisation positions in the banking book is shown in Table\u00a09: Prudential balance sheet by risk type (EU\u00a0LI1-B).

Securitisation positions classified as \u201cFinancial assets at amortised cost\u201d are measured using the method described in note\u00a01.f.1 Financial assets at amortised cost to the consolidated financial statements: the effective interest rate used to recognise interest income is measured on the basis of an expected cash flow model. From the outset, these positions are subject to an impairment calculation for expected credit risk losses (see note\u00a01.f.5 Impairment of financial assets measured at amortised cost and debt instruments measured at fair value through shareholders\u2019 equity to the consolidated financial statements).

Securitisation positions classified on an accounting basis as \u201cFinancial assets at fair value through equity\u201d are measured using the method described in note\u00a01.f.2 Financial assets at fair value through shareholders\u2019 equity to the consolidated financial statements. Changes in fair value determined according to the principles listed in note\u00a01.f.10 Determination of fair value to the consolidated financial statements (excluding revenue recognised using the effective interest method) are presented in a specific subsection of shareholders\u2019 equity along with expected credit risk losses calculated using the methods described in note\u00a01.f.5 Impairment of financial assets measured at amortised cost and debt instruments measured at fair value through shareholders\u2019 equity to the consolidated financial statements. Upon disposal, amounts previously recognised in recyclable equity are transferred to the profit and loss account.

Securitisation positions classified on an accounting basis as \u201cFinancial instruments at fair value through profit or loss\u201d are measured using the method described in note\u00a01.f.7 Financial instruments at fair value through profit or loss to the consolidated financial statements.

Proceeds from the sale of securitisation positions are recognised in accordance with rules for the category of origin of positions sold.

Synthetic securitisations in the form of credit derivatives (credit default swaps) or guarantees received follow accounting rules appertaining respectively:

Assets awaiting securitisation are classified as:

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1.f.1Financial assets at amortised cost

Financial assets are classified at amortised cost if the following two criteria are met: the business model objective is to hold the instrument in order to collect the contractual cash flows and the cash flows consist solely of payments relating to principal and interest on the principal.

Business model criterion

Financial assets are managed within a business model whose objective is to hold financial assets in order to collect cash flows through the collection of contractual payments over the life of the instrument.

The realisation of disposals close to the maturity of the instrument and for an amount close to the remaining contractual cash flows, or due to an increase in the counterparty\u2019s credit risk is consistent with a business model whose objective is to collect the contractual cash flows (\u201ccollect\u201d). Sales imposed by regulatory requirements or to manage the concentration of credit risk (without an increase in the asset\u2019s credit risk) are also consistent with this business model when they are infrequent or insignificant in value.

Cash flow criterion

The cash flow criterion is satisfied if the contractual terms of the debt instrument give rise, on specified dates, to cash flows that are solely repayments of principal and interest on the principal amount outstanding.

The criterion is not met in the event of a contractual characteristic that exposes the holder to risks or to the volatility of contractual cash flows that are inconsistent with those of a non-structured or \u201cbasic lending\u201d arrangement. It is also not satisfied in the event of leverage that increases the variability of the contractual cash flows.

Interest consists of consideration for the time value of money, for the credit risk, and for the remuneration of other risks (e.g. liquidity risk), costs (e.g. administration fees), and a profit margin consistent with that of a basic lending arrangement. The existence of negative interest does not call into question the cash flow criterion.

The time value of money is the component of interest - usually referred to as the \u201crate\u201d component - which provides consideration for only the passage of time. The relationship between the interest rate and the passage of time must not be modified by specific characteristics that could call into question the respect of the cash flow criterion.

Thus, when the variable interest rate of the financial asset is periodically reset at a frequency that does not match the duration for which the interest rate is established, the time value of money may be considered as modified and, depending on the significance of that modification, the cash flow criterion may not be met. Some financial assets held by the Group present a mismatch between the interest rate reset frequency and the maturity of the index, or interest rates indexed to an average of benchmark rate. The Group has developed a consistent methodology for analysing this alteration of the time value of money.

Regulated rates meet the cash flow criterion when they provide consideration that is broadly consistent with the passage of time and do not expose to risks or volatility in the contractual cash flows that would be inconsistent with those of a basic lending arrangement (example: loans granted in the context of Livret A savings accounts).

Some contractual clauses may change the timing or the amount of cash flows. Early redemption options do not call into question the cash flow criterion if the prepayment amount substantially represents the principal amount outstanding and the interest thereon, which may include reasonable compensation for the early termination of the contract. For example, as regards loans to retail customers, the compensation limited to 6\u00a0months of interest or 3% of the capital outstanding is considered reasonable. Actuarial penalties, corresponding to the present value of the difference between the residual contractual cash flows of the loan, and their reinvestment in a loan to a similar counterparty or in the interbank market for a similar residual maturity are also considered as reasonable, even when the compensation can be positive or negative (i.e. \u201csymmetric\u201d compensation). An option that permits the issuer or the holder of a financial instrument to change the interest rate from floating to fixed rate does not breach the cash flow criterion if the fixed rate is determined at origination, or if it represents the time value of money for the residual maturity of the instrument at the date of exercise of the option. Clauses included in financing granted to encourage the sustainable development of companies which adjust the interest margin depending on the achievement of environmental, social or governance (ESG) objectives and disclosed in chapter\u00a07 of the Universal registration document, do not call into question the cash flow criterion when such an adjustment is considered to be minimal. Structured instruments indexed to ESG market indices do not meet the cash flow criterion.

In the particular case of financial assets contractually linked to payments received on a portfolio of underlying assets and which include a priority order for payment of cash flows between investors (\u201ctranches\u201d), thereby creating concentrations of credit risk, a specific analysis is carried out. The contractual characteristics of the tranche and those of the underlying financial instrument portfolios must meet the cash flow criterion and the credit risk exposure of the tranche must be equal to or lower than the exposure to credit risk of the underlying pool of financial instruments.

Certain loans may be \u201cnon-recourse\u201d, either contractually, or in substance when they are granted to a special purpose entity. That is in particular the case of numerous project financing or asset financing loans. The cash flow criterion is met as long as these loans do not represent a direct exposure on the assets acting as collateral. In practice, the sole fact that the financial asset explicitly gives rise to cash flows that are consistent with payments of principal and interest is not sufficient to conclude that the instrument meets the cash flow criterion. In that case, the particular underlying assets to which there is limited recourse shall be analysed using the \u201clook-through\u201d approach. If those assets do not themselves meet the cash flow criterion, the existing credit enhancement is assessed. The following aspects are considered: structuring and sizing of the transaction, own funds level of the structure, expected source of repayment, price volatility of the underlying assets.\u00a0

The \u201cfinancial assets at amortised cost\u201d category includes, in particular, loans granted by the Group, as well as reverse repurchase agreements and securities held by the Group ALM Treasury in order to collect contractual flows and meeting the cash flow criterion.

Recognition

On initial recognition, financial assets are recognised at fair value, including transaction costs directly attributable to the transaction as well as commissions related to the origination of the loans.

They are subsequently measured at amortised cost, including accrued interest and net of repayments of principal and interest during the past period. These financial assets are also subject from their initial recognition, to the measurement of a loss allowance for expected credit losses (note\u00a01.f.5).

Interest is calculated using the effective interest method determined at inception of the contract.

", "dimensions": { "concept": "bnpp:DescriptionOfAccountingPolicyForFinancialAssetsAtAmortisedCostExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_c805d9fa-bcc6-4a79-a5a1-5a6d63e4386e": { "value": "
1.f.1Financial assets at amortised cost

Financial assets are classified at amortised cost if the following two criteria are met: the business model objective is to hold the instrument in order to collect the contractual cash flows and the cash flows consist solely of payments relating to principal and interest on the principal.

Business model criterion

Financial assets are managed within a business model whose objective is to hold financial assets in order to collect cash flows through the collection of contractual payments over the life of the instrument.

The realisation of disposals close to the maturity of the instrument and for an amount close to the remaining contractual cash flows, or due to an increase in the counterparty\u2019s credit risk is consistent with a business model whose objective is to collect the contractual cash flows (\u201ccollect\u201d). Sales imposed by regulatory requirements or to manage the concentration of credit risk (without an increase in the asset\u2019s credit risk) are also consistent with this business model when they are infrequent or insignificant in value.

Cash flow criterion

The cash flow criterion is satisfied if the contractual terms of the debt instrument give rise, on specified dates, to cash flows that are solely repayments of principal and interest on the principal amount outstanding.

The criterion is not met in the event of a contractual characteristic that exposes the holder to risks or to the volatility of contractual cash flows that are inconsistent with those of a non-structured or \u201cbasic lending\u201d arrangement. It is also not satisfied in the event of leverage that increases the variability of the contractual cash flows.

Interest consists of consideration for the time value of money, for the credit risk, and for the remuneration of other risks (e.g. liquidity risk), costs (e.g. administration fees), and a profit margin consistent with that of a basic lending arrangement. The existence of negative interest does not call into question the cash flow criterion.

The time value of money is the component of interest - usually referred to as the \u201crate\u201d component - which provides consideration for only the passage of time. The relationship between the interest rate and the passage of time must not be modified by specific characteristics that could call into question the respect of the cash flow criterion.

Thus, when the variable interest rate of the financial asset is periodically reset at a frequency that does not match the duration for which the interest rate is established, the time value of money may be considered as modified and, depending on the significance of that modification, the cash flow criterion may not be met. Some financial assets held by the Group present a mismatch between the interest rate reset frequency and the maturity of the index, or interest rates indexed to an average of benchmark rate. The Group has developed a consistent methodology for analysing this alteration of the time value of money.

Regulated rates meet the cash flow criterion when they provide consideration that is broadly consistent with the passage of time and do not expose to risks or volatility in the contractual cash flows that would be inconsistent with those of a basic lending arrangement (example: loans granted in the context of Livret A savings accounts).

Some contractual clauses may change the timing or the amount of cash flows. Early redemption options do not call into question the cash flow criterion if the prepayment amount substantially represents the principal amount outstanding and the interest thereon, which may include reasonable compensation for the early termination of the contract. For example, as regards loans to retail customers, the compensation limited to 6\u00a0months of interest or 3% of the capital outstanding is considered reasonable. Actuarial penalties, corresponding to the present value of the difference between the residual contractual cash flows of the loan, and their reinvestment in a loan to a similar counterparty or in the interbank market for a similar residual maturity are also considered as reasonable, even when the compensation can be positive or negative (i.e. \u201csymmetric\u201d compensation). An option that permits the issuer or the holder of a financial instrument to change the interest rate from floating to fixed rate does not breach the cash flow criterion if the fixed rate is determined at origination, or if it represents the time value of money for the residual maturity of the instrument at the date of exercise of the option. Clauses included in financing granted to encourage the sustainable development of companies which adjust the interest margin depending on the achievement of environmental, social or governance (ESG) objectives and disclosed in chapter\u00a07 of the Universal registration document, do not call into question the cash flow criterion when such an adjustment is considered to be minimal. Structured instruments indexed to ESG market indices do not meet the cash flow criterion.

In the particular case of financial assets contractually linked to payments received on a portfolio of underlying assets and which include a priority order for payment of cash flows between investors (\u201ctranches\u201d), thereby creating concentrations of credit risk, a specific analysis is carried out. The contractual characteristics of the tranche and those of the underlying financial instrument portfolios must meet the cash flow criterion and the credit risk exposure of the tranche must be equal to or lower than the exposure to credit risk of the underlying pool of financial instruments.

Certain loans may be \u201cnon-recourse\u201d, either contractually, or in substance when they are granted to a special purpose entity. That is in particular the case of numerous project financing or asset financing loans. The cash flow criterion is met as long as these loans do not represent a direct exposure on the assets acting as collateral. In practice, the sole fact that the financial asset explicitly gives rise to cash flows that are consistent with payments of principal and interest is not sufficient to conclude that the instrument meets the cash flow criterion. In that case, the particular underlying assets to which there is limited recourse shall be analysed using the \u201clook-through\u201d approach. If those assets do not themselves meet the cash flow criterion, the existing credit enhancement is assessed. The following aspects are considered: structuring and sizing of the transaction, own funds level of the structure, expected source of repayment, price volatility of the underlying assets.\u00a0

The \u201cfinancial assets at amortised cost\u201d category includes, in particular, loans granted by the Group, as well as reverse repurchase agreements and securities held by the Group ALM Treasury in order to collect contractual flows and meeting the cash flow criterion.

Recognition

On initial recognition, financial assets are recognised at fair value, including transaction costs directly attributable to the transaction as well as commissions related to the origination of the loans.

They are subsequently measured at amortised cost, including accrued interest and net of repayments of principal and interest during the past period. These financial assets are also subject from their initial recognition, to the measurement of a loss allowance for expected credit losses (note\u00a01.f.5).

Interest is calculated using the effective interest method determined at inception of the contract.

1.f.2Financial assets at fair value through shareholders\u2019 equity
Debt instruments

Debt instruments are classified at fair value through shareholders\u2019 equity if the following two criteria are met:

The securities held by the Group ALM Treasury in order to collect contractual flows or to be sold and meeting the cash flow criterion are in particular classified in this category.

On initial recognition, financial assets are recognised at their fair value, including transaction costs directly attributable to the transaction. They are subsequently measured at fair value and changes in fair value are recognised, under a specific line of shareholders\u2019 equity entitled \u201cChanges in assets and liabilities recognised directly in equity that may be reclassified to profit or loss\u201d. These financial assets are also subject to the measurement of a loss allowance for expected credit losses on the same approach as for debt instruments at amortised cost. The counterparty of the related impact in cost of risk is recognised in the same specific line of shareholders\u2019 equity. On disposal, changes in fair value previously recognised in shareholders\u2019 equity are reclassified to profit or loss.

In addition, interest is recognised in the income statement using the effective interest method determined at the inception of the contract.

Equity instruments

Investments in equity instruments such as shares are classified on option, and on a case-by-case basis, at fair value through shareholders\u2019 equity (under a specific line). On disposal of the shares, changes in fair value previously recognised in equity are not recognised in profit or loss. Only dividends, if they represent remuneration for the investment and not repayment of capital, are recognised in profit or loss. These instruments are not subject to impairment.

Investments in mutual funds puttable to the issuer do not meet the definition of equity instruments. They do not meet the cash flow criterion either, and thus are recognised at fair value through profit or loss.

1.f.5Impairment of financial assets measured at amortised cost and debt instruments measured at fair value through shareholders\u2019 equity

The impairment model for credit risk is based on expected losses.

This model applies to loans and debt instruments measured at amortised cost or at fair value through equity, to loan commitments and financial guarantee contracts that are not recognised at fair value, as well as to lease receivables, trade receivables and contract assets.

General model

The Group identifies three \u201cstages\u201d that each correspond to a specific status with regards to the evolution of counterparty credit risk since the initial recognition of the asset.

This general model is applied to all instruments within the scope of IFRS\u00a09 impairment, except for purchased or originated credit-impaired financial assets and instruments for which a simplified model is used (see below).

The IFRS\u00a09 expected credit loss approach is symmetrical, i.e. if lifetime expected credit losses have been recognised in a previous reporting period, and if it is assessed in the current reporting period that there is no longer any significant increase in credit risk since initial recognition, the loss allowance reverts to a 12-months expected credit loss.

As regards interest income, under \u201cstages\u201d 1 and 2, it is calculated on the gross carrying amount. Under \u201cstage\u00a03\u201d, interest income is calculated on the amortised cost (i.e. the gross carrying amount adjusted for the loss allowance).

Definition of default

The definition of default is aligned with the Basel regulatory default definition, with a rebuttable presumption that the default occurs no later than 90\u00a0days past due. This definition takes into account the EBA guidelines of 28\u00a0September 2016, notably those regarding the thresholds applicable for the counting of past-due and probation periods.

The definition of default is used consistently for assessing the increase in credit risk and measuring expected credit losses.

Credit-impaired or doubtful financial assets
Definition

A financial asset is considered credit-impaired or doubtful and classified in \u201cstage\u00a03\u201d when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred.

At an individual level, objective evidence that a financial asset is credit-impaired includes observable data regarding the following events: the existence of accounts that are more than 90\u00a0days past due; knowledge or indications that the borrower is experiencing significant financial difficulties, such that a risk can be considered to have arisen regardless of whether the borrower has missed any payments; concessions with respect to the credit terms granted to the borrower that the lender would not have considered had the borrower not been in financial difficulty (see section Restructuring of financial assets for financial difficulties).

Specific cases of purchased or originated credit-impaired assets

In some cases, financial assets are credit-impaired at initial recognition.

For these assets, no loss allowance is recorded on initial recognition. The effective interest rate is calculated taking into account the lifetime expected credit losses in the initial estimated cash flows. Any change in lifetime expected credit losses since initial recognition, positive or negative, is recognised as a loss allowance adjustment in profit or loss.

Simplified model

The simplified approach consists in accounting for a loss allowance corresponding to lifetime expected credit losses since initial recognition, and at each reporting date.

The Group applies this model to trade receivables with a maturity shorter than 12\u00a0months.

Significant increase in credit risk

A significant increase in credit risk may be assessed on an individual basis or on a collective basis (by grouping financial instruments according to common credit risk characteristics), taking into account all reasonable and supportable information and comparing the risk of default of the financial instrument at the reporting date with the risk of default of the financial instrument at the date of initial recognition.

Assessment of deterioration is based on the comparison of the probabilities of default derived from the ratings on the date of initial recognition with those existing at the reporting date.

There is also, according to the standard, a rebuttable presumption that the credit risk of an instrument has significantly increased since initial recognition when the contractual payments are more than 30\u00a0days past due.

In the consumer credit specialist business, a significant increase in credit risk is also considered when a past due event has occurred within the last 12\u00a0months, even if it has since been regularised. From 2024, this specificity no longer applies to most exposures in the eurozone.

The approaches applied to assess the significant increase in credit risk are detailed in note\u00a02.g Cost of risk.

Measurement of expected credit losses

Expected credit losses are defined as an estimate of credit losses (i.e. the present value of all cash shortfalls) weighted by the probability of occurrence of these losses over the expected life of the financial instruments. They are measured on an individual basis, for all exposures.

In practice, for exposures classified in stage\u00a01 and stage\u00a02, expected credit losses are measured as the product of the probability of default (\u201cPD\u201d), Loss Given Default (\u201cLGD\u201d) and Exposure at Default (\u201cEAD\u201d), discounted at the effective interest rate of the exposure (EIR). They result from the risk of default within the next 12\u00a0months (stage\u00a01), or from the risk of default over the maturity of the facility (stage\u00a02). In the consumer credit specialist business, because of the specificity of credit exposures, the methodology used is based on the probability of transition to term forfeiture, and on discounted loss rates after term forfeiture. These parameters are measured on a statistical basis for homogeneous populations. From 2024, this specificity no longer applies to most exposures in the Eurozone.

For exposures classified in stage\u00a03, expected credit losses are measured as the value, discounted at the effective interest rate, of all cash shortfalls over the life of the financial instrument. Cash shortfalls represent the difference between the cash flows that are due in accordance with the contract, and the cash flows that are expected to be received. Where appropriate, the estimate of expected cash flows takes into account a cash flow scenario arising from the sale of the defaulted loans or groups of loans. Proceeds from the sale are recorded net of costs to sell.

The methodology developed is based on existing concepts and methods (in particular the Basel framework) on exposures for which capital requirement for credit risk is measured according to the Internal Ratings-Based Approach (IRBA) methodology. This method is also applied to portfolios for which capital requirement for credit risk is measured according to the standardised approach. Besides, the Basel framework has been adjusted in order to be compliant with IFRS\u00a09 requirements, in particular the use of forward-looking information.

Maturity

All contractual terms of the financial instrument are taken into account, including prepayment, extension and similar options. In the rare cases where the expected life of the financial instrument cannot be estimated reliably, the residual contractual term is used. The standard specifies that the maximum period to consider when measuring expected credit losses is the maximum contractual period. However, for revolving credit cards and overdrafts, in accordance with the exception provided by IFRS\u00a09 for these products, the maturity considered for measuring expected credit losses is the period over which the entity is exposed to credit risk, which may extend beyond the contractual maturity (notice period). For revolving credits and overdrafts to non-retail counterparties, the contractual maturity can be used, for example if the next review date is the contractual maturity as they are individually managed.

Probabilities of Default (PD)

Probability of Default is an estimate of the likelihood of default over a given time horizon.

The determination of the PD is based on the Group\u2019s internal rating system, which is described in chapter\u00a05 of the Universal registration document (section\u00a05.4 Credit risk \u2013 Credit risk management policy). This section describes how Environmental, social and governance (ESG) risks are taken into account in credit and rating policies, notably with the introduction of a new tool: the ESG Assessment.

The measurement of expected credit losses requires the estimation of both 1-year probabilities of default and lifetime probabilities of default.

1-year PDs are derived from long term average regulatory \u201cthrough the cycle\u201d PDs to reflect the current situation and macroeconomic scenarios (\u201cPoint in Time\u201d or \u201cPIT\u201d).

Lifetime PDs are determined based on the rating migration matrices reflecting the expected changes in the rating of the exposure until maturity, and the associated probabilities of default.

Loss Given Default (LGD)

Loss Given Default is the difference between contractual cash flows and expected cash-flows, discounted using the effective interest rate (or an approximation thereof) at the default date. LGD is expressed as a percentage of the Exposure at Default (EAD).

The estimate of expected cash flows takes into account cash flows resulting from the sale of collateral held or other credit enhancements if they are part of the contractual terms and are not accounted for separately by the entity (for example, a mortgage associated with a residential loan), net of the costs of obtaining and selling the collateral.

For guaranteed loans, the guarantee is considered as integral to the loan agreement if it is embedded in the contractual clauses of the loan, or if it was granted concomitantly to the loan, and if the expected reimbursement amount can be attached to a loan in particular (i.e. absence of pooling effect by means of a tranching mechanism, or the existence of a global cap for a whole portfolio). In such case, the guarantee is taken into account when measuring the expected credit losses. Otherwise, it is accounted for as a separate reimbursement asset.

The LGD used for IFRS\u00a09 purposes is derived from the Basel LGD parameters. It is adjusted for downturn and conservatism margins (in particular regulatory margins), except for margins for model uncertainties. For corporate clients, this LGD is determined considering macroeconomic scenarios.

Exposure at Default (EAD)

Exposure at Default (EAD) of an instrument is the anticipated outstanding amount owed by the obligor at the time of default. It is determined by the expected payment profile taking into account, depending on the product type: the contractual repayment schedule, expected early repayments and expected future drawings for revolving facilities.

Forward-looking information

The amount of expected credit losses is measured on the basis of probability-weighted scenarios, in view of past events, current conditions and reasonable and supportable economic forecasts. From 31\u00a0December 2024, forward\u2011looking information specifically takes into account risks related to climate change transition, in particular through the use of long-term scenarios.

The approaches applied to take into account forward-looking information when measuring expected credit losses are detailed in note\u00a02.g Cost of risk.

Write-offs

A write-off consists in reducing the gross carrying amount of a financial asset when there are no longer reasonable expectations of recovering that financial asset in its entirety or a portion thereof, or when it has been fully or partially forgiven. The write-off is recorded when all other means available to the Bank for recovering the receivables or guarantees have failed, and also generally depends on the context specific to each jurisdiction.

If the amount of loss on write-off is greater than the accumulated loss allowance, the difference is recognised as an additional impairment loss in \u201cCost of risk\u201d. For any recovery once the financial asset (or part thereof) is no longer recognised on the balance sheet, the amount received is recorded as a gain in \u201cCost of risk\u201d.

Recoveries through the repossession of\u00a0the\u00a0collateral

When a loan is secured by a financial or a non-financial asset serving as a guarantee and the counterparty is in default, the Group may decide to exercise the guarantee and, depending on the jurisdiction, it may then become owner of the asset. In such a situation, the loan is written-off against the asset received as collateral.

Once ownership of the asset is effective, it is recognised at fair value and classified according to the intent of use.

Restructuring of financial assets for financial difficulties

A restructuring due to the borrower\u2019s financial difficulties is defined as a change in the terms and conditions of the initial transaction that the Group is considering only for economic or legal reasons related to the borrower\u2019s financial difficulties.

For restructurings not resulting in derecognition of the financial asset, the restructured asset\u2019s gross carrying amount is reduced to the discounted amount, using the original effective interest rate of the asset, of the new expected future flows. The change in the gross carrying amount of the asset is recorded in the income statement in \u201cCost of risk\u201d.

The existence of a significant increase in credit risk for the financial instrument is then assessed by comparing the risk of default after the restructuring (under the revised contractual terms) and the risk of default at the initial recognition date (under the original contractual terms). In order to demonstrate that the criteria for recognising lifetime expected credit losses are no longer met, good payment behaviour will have to be observed over a certain period of time.

When the restructuring consists of a partial or total exchange against other substantially different assets (for example, the exchange of a debt instrument against an equity instrument), it results in the extinction of the original asset and the recognition of the assets remitted in exchange, measured at their fair value at the date of exchange. The difference in value is recorded in the income statement in \u201cCost of risk\u201d.

Modifications to financial assets that are not due to a borrower\u2019s financial difficulties, or granted in the context of a moratorium (i.e. commercial renegotiations) are generally analysed as the early repayment of the former loan, which is then derecognised, followed by the set-up of a new loan at market conditions. If there is no significant repayment penalty, they consist in resetting the interest rate of the loan at market conditions, with the client being in a position to change lender and not encountering any financial difficulties.

Probation periods

The Group applies observation periods to assess the possible return to a better stage. Accordingly, a 3-month probation period is observed for the transition from stage\u00a03 to stage\u00a02 which is extended to 12\u00a0months in the event of restructuring due to financial difficulties.

For the transition from stage\u00a02 to stage\u00a01, a probation period of two years is observed for loans that have been restructured due to financial difficulties.

1.f.6Cost of risk

Cost of risk includes the following items of profit or loss:

It also includes expenses relating to fraud and to disputes inherent to the financing activity.

1.g.1Investments related to insurance activities

IFRS\u00a09 is applied in the same way as to other Group entities (see note\u00a01.f).

Investments of insurance activities include investment property which are measured at fair value as underlying assets of direct participating contracts.

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1.f.2Financial assets at fair value through shareholders\u2019 equity
Debt instruments

Debt instruments are classified at fair value through shareholders\u2019 equity if the following two criteria are met:

The securities held by the Group ALM Treasury in order to collect contractual flows or to be sold and meeting the cash flow criterion are in particular classified in this category.

On initial recognition, financial assets are recognised at their fair value, including transaction costs directly attributable to the transaction. They are subsequently measured at fair value and changes in fair value are recognised, under a specific line of shareholders\u2019 equity entitled \u201cChanges in assets and liabilities recognised directly in equity that may be reclassified to profit or loss\u201d. These financial assets are also subject to the measurement of a loss allowance for expected credit losses on the same approach as for debt instruments at amortised cost. The counterparty of the related impact in cost of risk is recognised in the same specific line of shareholders\u2019 equity. On disposal, changes in fair value previously recognised in shareholders\u2019 equity are reclassified to profit or loss.

In addition, interest is recognised in the income statement using the effective interest method determined at the inception of the contract.

Equity instruments

Investments in equity instruments such as shares are classified on option, and on a case-by-case basis, at fair value through shareholders\u2019 equity (under a specific line). On disposal of the shares, changes in fair value previously recognised in equity are not recognised in profit or loss. Only dividends, if they represent remuneration for the investment and not repayment of capital, are recognised in profit or loss. These instruments are not subject to impairment.

Investments in mutual funds puttable to the issuer do not meet the definition of equity instruments. They do not meet the cash flow criterion either, and thus are recognised at fair value through profit or loss.

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1.f.3Financing and guarantee commitments

Financing and financial guarantee commitments that are not recognised at fair value through profit or loss are presented respectively in notes 6.a and 6.b. They are subject to the measurement of a loss allowance for expected credit losses. These loss allowances are presented under \u201cProvisions for contingencies and charges\u201d.

The Group may issue performance guarantees in conjunction with integral indemnity agreements that provide the Group the right to claim back any amounts paid out from the party whose non-performance would have led to the guarantee being called. This type of commitment exposes the Group to credit risk and therefore results in the recognition of expected credit losses.

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1.f.4Regulated savings and loan contracts

Home savings accounts (Comptes \u00c9pargne-Logement \u2013 \u201cCEL\u201d) and home savings plans (Plans d\u2019\u00c9pargne Logement \u2013 \u201cPEL\u201d) are government-regulated retail products sold in France. They combine a savings phase and a loan phase which are inseparable, with the loan phase contingent upon the savings phase.

These products contain two types of obligations for BNP\u00a0Paribas: an obligation to pay interest on the savings for an indefinite period, at a rate set by the government at the inception of the contract (in the case of PEL products) or at a rate reset every six months using an indexation formula set by law (in the case of CEL products); and an obligation to lend to the customer (at the customer\u2019s option) an amount contingent upon the rights acquired during the savings phase, at a rate set at the inception of the contract (in the case of PEL products) or at a rate contingent upon the savings phase (in the case of CEL products).

The Group\u2019s future obligations with respect to each generation (in the case of PEL products, a generation comprises all products with the same interest rate at inception; in the case of CEL products, all such products constitute a single generation) are measured by discounting potential future earnings from at-risk outstandings for that generation.

At-risk outstandings are estimated on the basis of a historical analysis of customer behaviour, and are equivalent to:

Earnings for future periods from the savings phase are estimated as the difference between the investment rate and the fixed savings interest rate on at-risk savings outstanding for the period in question. Earnings for future periods from the loan phase are estimated as the difference between the refinancing rate and the fixed loan interest rate on at-risk loans outstanding for the period in question.

The investment rate for savings and the refinancing rate for loans are derived from the swap yield curve and from the spreads expected on financial instruments of similar type and maturity. Spreads are determined on the basis of actual spreads on fixed-rate home loans in the case of the loan phase and products offered to individual clients in the case of the savings phase. In order to reflect the uncertainty of future interest rate trends, and the impact of such trends on customer behaviour models and on at-risk outstandings, the obligations are estimated using the Monte-Carlo method.

Where the sum of the Group\u2019s estimated future obligations with respect to the savings and loan phases of any generation of contracts indicates a potentially unfavourable situation for the Group, a provision is recognised (with no offset between generations) in the balance sheet in \u201cProvisions for contingencies and charges\u201d. Movements in this provision are recognised as interest income in the profit and loss account.

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1.f.5Impairment of financial assets measured at amortised cost and debt instruments measured at fair value through shareholders\u2019 equity

The impairment model for credit risk is based on expected losses.

This model applies to loans and debt instruments measured at amortised cost or at fair value through equity, to loan commitments and financial guarantee contracts that are not recognised at fair value, as well as to lease receivables, trade receivables and contract assets.

General model

The Group identifies three \u201cstages\u201d that each correspond to a specific status with regards to the evolution of counterparty credit risk since the initial recognition of the asset.

This general model is applied to all instruments within the scope of IFRS\u00a09 impairment, except for purchased or originated credit-impaired financial assets and instruments for which a simplified model is used (see below).

The IFRS\u00a09 expected credit loss approach is symmetrical, i.e. if lifetime expected credit losses have been recognised in a previous reporting period, and if it is assessed in the current reporting period that there is no longer any significant increase in credit risk since initial recognition, the loss allowance reverts to a 12-months expected credit loss.

As regards interest income, under \u201cstages\u201d 1 and 2, it is calculated on the gross carrying amount. Under \u201cstage\u00a03\u201d, interest income is calculated on the amortised cost (i.e. the gross carrying amount adjusted for the loss allowance).

Definition of default

The definition of default is aligned with the Basel regulatory default definition, with a rebuttable presumption that the default occurs no later than 90\u00a0days past due. This definition takes into account the EBA guidelines of 28\u00a0September 2016, notably those regarding the thresholds applicable for the counting of past-due and probation periods.

The definition of default is used consistently for assessing the increase in credit risk and measuring expected credit losses.

Credit-impaired or doubtful financial assets
Definition

A financial asset is considered credit-impaired or doubtful and classified in \u201cstage\u00a03\u201d when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred.

At an individual level, objective evidence that a financial asset is credit-impaired includes observable data regarding the following events: the existence of accounts that are more than 90\u00a0days past due; knowledge or indications that the borrower is experiencing significant financial difficulties, such that a risk can be considered to have arisen regardless of whether the borrower has missed any payments; concessions with respect to the credit terms granted to the borrower that the lender would not have considered had the borrower not been in financial difficulty (see section Restructuring of financial assets for financial difficulties).

Specific cases of purchased or originated credit-impaired assets

In some cases, financial assets are credit-impaired at initial recognition.

For these assets, no loss allowance is recorded on initial recognition. The effective interest rate is calculated taking into account the lifetime expected credit losses in the initial estimated cash flows. Any change in lifetime expected credit losses since initial recognition, positive or negative, is recognised as a loss allowance adjustment in profit or loss.

Simplified model

The simplified approach consists in accounting for a loss allowance corresponding to lifetime expected credit losses since initial recognition, and at each reporting date.

The Group applies this model to trade receivables with a maturity shorter than 12\u00a0months.

Significant increase in credit risk

A significant increase in credit risk may be assessed on an individual basis or on a collective basis (by grouping financial instruments according to common credit risk characteristics), taking into account all reasonable and supportable information and comparing the risk of default of the financial instrument at the reporting date with the risk of default of the financial instrument at the date of initial recognition.

Assessment of deterioration is based on the comparison of the probabilities of default derived from the ratings on the date of initial recognition with those existing at the reporting date.

There is also, according to the standard, a rebuttable presumption that the credit risk of an instrument has significantly increased since initial recognition when the contractual payments are more than 30\u00a0days past due.

In the consumer credit specialist business, a significant increase in credit risk is also considered when a past due event has occurred within the last 12\u00a0months, even if it has since been regularised. From 2024, this specificity no longer applies to most exposures in the eurozone.

The approaches applied to assess the significant increase in credit risk are detailed in note\u00a02.g Cost of risk.

Measurement of expected credit losses

Expected credit losses are defined as an estimate of credit losses (i.e. the present value of all cash shortfalls) weighted by the probability of occurrence of these losses over the expected life of the financial instruments. They are measured on an individual basis, for all exposures.

In practice, for exposures classified in stage\u00a01 and stage\u00a02, expected credit losses are measured as the product of the probability of default (\u201cPD\u201d), Loss Given Default (\u201cLGD\u201d) and Exposure at Default (\u201cEAD\u201d), discounted at the effective interest rate of the exposure (EIR). They result from the risk of default within the next 12\u00a0months (stage\u00a01), or from the risk of default over the maturity of the facility (stage\u00a02). In the consumer credit specialist business, because of the specificity of credit exposures, the methodology used is based on the probability of transition to term forfeiture, and on discounted loss rates after term forfeiture. These parameters are measured on a statistical basis for homogeneous populations. From 2024, this specificity no longer applies to most exposures in the Eurozone.

For exposures classified in stage\u00a03, expected credit losses are measured as the value, discounted at the effective interest rate, of all cash shortfalls over the life of the financial instrument. Cash shortfalls represent the difference between the cash flows that are due in accordance with the contract, and the cash flows that are expected to be received. Where appropriate, the estimate of expected cash flows takes into account a cash flow scenario arising from the sale of the defaulted loans or groups of loans. Proceeds from the sale are recorded net of costs to sell.

The methodology developed is based on existing concepts and methods (in particular the Basel framework) on exposures for which capital requirement for credit risk is measured according to the Internal Ratings-Based Approach (IRBA) methodology. This method is also applied to portfolios for which capital requirement for credit risk is measured according to the standardised approach. Besides, the Basel framework has been adjusted in order to be compliant with IFRS\u00a09 requirements, in particular the use of forward-looking information.

Maturity

All contractual terms of the financial instrument are taken into account, including prepayment, extension and similar options. In the rare cases where the expected life of the financial instrument cannot be estimated reliably, the residual contractual term is used. The standard specifies that the maximum period to consider when measuring expected credit losses is the maximum contractual period. However, for revolving credit cards and overdrafts, in accordance with the exception provided by IFRS\u00a09 for these products, the maturity considered for measuring expected credit losses is the period over which the entity is exposed to credit risk, which may extend beyond the contractual maturity (notice period). For revolving credits and overdrafts to non-retail counterparties, the contractual maturity can be used, for example if the next review date is the contractual maturity as they are individually managed.

Probabilities of Default (PD)

Probability of Default is an estimate of the likelihood of default over a given time horizon.

The determination of the PD is based on the Group\u2019s internal rating system, which is described in chapter\u00a05 of the Universal registration document (section\u00a05.4 Credit risk \u2013 Credit risk management policy). This section describes how Environmental, social and governance (ESG) risks are taken into account in credit and rating policies, notably with the introduction of a new tool: the ESG Assessment.

The measurement of expected credit losses requires the estimation of both 1-year probabilities of default and lifetime probabilities of default.

1-year PDs are derived from long term average regulatory \u201cthrough the cycle\u201d PDs to reflect the current situation and macroeconomic scenarios (\u201cPoint in Time\u201d or \u201cPIT\u201d).

Lifetime PDs are determined based on the rating migration matrices reflecting the expected changes in the rating of the exposure until maturity, and the associated probabilities of default.

Loss Given Default (LGD)

Loss Given Default is the difference between contractual cash flows and expected cash-flows, discounted using the effective interest rate (or an approximation thereof) at the default date. LGD is expressed as a percentage of the Exposure at Default (EAD).

The estimate of expected cash flows takes into account cash flows resulting from the sale of collateral held or other credit enhancements if they are part of the contractual terms and are not accounted for separately by the entity (for example, a mortgage associated with a residential loan), net of the costs of obtaining and selling the collateral.

For guaranteed loans, the guarantee is considered as integral to the loan agreement if it is embedded in the contractual clauses of the loan, or if it was granted concomitantly to the loan, and if the expected reimbursement amount can be attached to a loan in particular (i.e. absence of pooling effect by means of a tranching mechanism, or the existence of a global cap for a whole portfolio). In such case, the guarantee is taken into account when measuring the expected credit losses. Otherwise, it is accounted for as a separate reimbursement asset.

The LGD used for IFRS\u00a09 purposes is derived from the Basel LGD parameters. It is adjusted for downturn and conservatism margins (in particular regulatory margins), except for margins for model uncertainties. For corporate clients, this LGD is determined considering macroeconomic scenarios.

Exposure at Default (EAD)

Exposure at Default (EAD) of an instrument is the anticipated outstanding amount owed by the obligor at the time of default. It is determined by the expected payment profile taking into account, depending on the product type: the contractual repayment schedule, expected early repayments and expected future drawings for revolving facilities.

Forward-looking information

The amount of expected credit losses is measured on the basis of probability-weighted scenarios, in view of past events, current conditions and reasonable and supportable economic forecasts. From 31\u00a0December 2024, forward\u2011looking information specifically takes into account risks related to climate change transition, in particular through the use of long-term scenarios.

The approaches applied to take into account forward-looking information when measuring expected credit losses are detailed in note\u00a02.g Cost of risk.

Write-offs

A write-off consists in reducing the gross carrying amount of a financial asset when there are no longer reasonable expectations of recovering that financial asset in its entirety or a portion thereof, or when it has been fully or partially forgiven. The write-off is recorded when all other means available to the Bank for recovering the receivables or guarantees have failed, and also generally depends on the context specific to each jurisdiction.

If the amount of loss on write-off is greater than the accumulated loss allowance, the difference is recognised as an additional impairment loss in \u201cCost of risk\u201d. For any recovery once the financial asset (or part thereof) is no longer recognised on the balance sheet, the amount received is recorded as a gain in \u201cCost of risk\u201d.

Recoveries through the repossession of\u00a0the\u00a0collateral

When a loan is secured by a financial or a non-financial asset serving as a guarantee and the counterparty is in default, the Group may decide to exercise the guarantee and, depending on the jurisdiction, it may then become owner of the asset. In such a situation, the loan is written-off against the asset received as collateral.

Once ownership of the asset is effective, it is recognised at fair value and classified according to the intent of use.

Restructuring of financial assets for financial difficulties

A restructuring due to the borrower\u2019s financial difficulties is defined as a change in the terms and conditions of the initial transaction that the Group is considering only for economic or legal reasons related to the borrower\u2019s financial difficulties.

For restructurings not resulting in derecognition of the financial asset, the restructured asset\u2019s gross carrying amount is reduced to the discounted amount, using the original effective interest rate of the asset, of the new expected future flows. The change in the gross carrying amount of the asset is recorded in the income statement in \u201cCost of risk\u201d.

The existence of a significant increase in credit risk for the financial instrument is then assessed by comparing the risk of default after the restructuring (under the revised contractual terms) and the risk of default at the initial recognition date (under the original contractual terms). In order to demonstrate that the criteria for recognising lifetime expected credit losses are no longer met, good payment behaviour will have to be observed over a certain period of time.

When the restructuring consists of a partial or total exchange against other substantially different assets (for example, the exchange of a debt instrument against an equity instrument), it results in the extinction of the original asset and the recognition of the assets remitted in exchange, measured at their fair value at the date of exchange. The difference in value is recorded in the income statement in \u201cCost of risk\u201d.

Modifications to financial assets that are not due to a borrower\u2019s financial difficulties, or granted in the context of a moratorium (i.e. commercial renegotiations) are generally analysed as the early repayment of the former loan, which is then derecognised, followed by the set-up of a new loan at market conditions. If there is no significant repayment penalty, they consist in resetting the interest rate of the loan at market conditions, with the client being in a position to change lender and not encountering any financial difficulties.

Probation periods

The Group applies observation periods to assess the possible return to a better stage. Accordingly, a 3-month probation period is observed for the transition from stage\u00a03 to stage\u00a02 which is extended to 12\u00a0months in the event of restructuring due to financial difficulties.

For the transition from stage\u00a02 to stage\u00a01, a probation period of two years is observed for loans that have been restructured due to financial difficulties.

1.f.6Cost of risk

Cost of risk includes the following items of profit or loss:

It also includes expenses relating to fraud and to disputes inherent to the financing activity.

2.gCost of risk

The general model for impairment described in note\u00a01.f.5 used by the Group relies on the following two steps:

Both steps rely on forward-looking information.

Significant increase in credit risk

At 31\u00a0December 2022, BNP\u00a0Paribas revised its criteria for assessing the significant increase in credit risk in line with the recommendations issued by the European Banking Authority and the European Central Bank.

Under these criteria, credit risk is assumed to have significantly increased, and the asset is classified in stage\u00a02, if the probability of default to maturity of the instrument has increased at least threefold since its origination. This relative variation criterion is supplemented by an absolute variation criterion of the default probability of 400\u00a0basis points.

Furthermore, for all portfolios (except for the consumer credit specialist business):

In the consumer credit specialist business, the existence of a payment incident during the last 12\u00a0months, potentially regularised, is considered to be an indication of significant increase in credit risk and the facility is therefore classified in stage\u00a02. From 2024, this specificity no longer applies to most exposures in the Eurozone.

Credit risk is assumed to have increased significantly since initial recognition and the asset is classified in stage\u00a02 in the event of late payment of more than 30\u00a0days or restructuring due to financial difficulties (as long as the facility is not credit-impaired). Since 31\u00a0December 2023, performing corporate clients placed under credit watch are systematically downgraded to stage\u00a02.

In 2022, the internal ratings of the Russian counterparties (including the sovereign rating) were systematically downgraded to take into account the geopolitical situation of the country, thus leading to the transfer of their outstandings to stage\u00a02. However, given the Group\u2019s limited level of exposure to this country, this deterioration had no significant effect on the cost of risk.

Forward-Looking Information

The Group considers forward-looking information both when assessing significant increase in credit risk and when measuring Expected Credit Losses (ECL).

Regarding the measurement of expected credit losses, the Group has chosen to use 4 macroeconomic scenarios by geographic area covering a wide range of potential future economic conditions:

The link between the macroeconomic scenarios and the ECL measurement is mainly achieved through a modelling of the probabilities of default and deformation of migration matrices based on internal rating (or risk parameter). The probabilities of default determined according to these scenarios are used to measure expected credit losses in each of these scenarios.

The Group\u2019s setup is broken down by sector to take into account the heterogeneity of sectoral dynamics when assessing the probability of default for corporates.

Forward-looking information is also considered when determining the significant deterioration in credit risk. As a matter of fact, the probabilities of default used as the basis for this assessment include forward-looking multi-scenario information in the same way as for the calculation of the expected losses.

The weight to be attributed to the expected credit losses calculated in each of the scenarios is defined as follows:

When appropriate, the ECL measurement can take into account asset sale scenarios.

Macroeconomic scenarios

The four macroeconomic scenarios are defined over a three-year projection horizon. They correspond to:

The link between the macroeconomic scenarios and the measurement of the ECL is complemented by an approach allowing to take into account anticipation aspects not captured by the models in the generic approach. This is particularly the case when unprecedented events in the historical chronicle taken into account to build the models occur or are anticipated, or when the nature or amplitude of change in macroeconomic parameter calls into question past correlations. Thus, the situation of high inflation and the level of interest rates previously recorded were not observed in the reference history. In this context, the Group has developed an approach to take into account the future economic outlook when assessing the financial strength of counterparties. This approach involves projecting the impact of higher interest rates on customers\u2019 financial ratios, notably considering their level of indebtedness. Credit ratings and associated probabilities of default are revalued based on these simulated financial ratios. This approach is also used to anticipate the effect of lower prices of commercial properties. Starting in 2024, this approach is also used to complete the prospective assessment of the potential consequences of climate change (transition and physical risks) on the credit risk of corporate counterparties and mortgages. At the end of 2024, physical risks are accounted for through a post-model adjustment.

Baseline scenario

In 2024, global activity grew at a relatively moderate pace. In the Eurozone, activity returned to growth, supported by the positive impact of disinflation on real incomes and consumption, and the gradual easing of monetary conditions. In the United States, the economy remained strong. At 31\u00a0December 2024, annual growth forecasts were +0.8% in the Eurozone and +2.7% in the United States (compared to expectations of +0.8% and +0.7% respectively at 31\u00a0December 2023).\u00a0

Over the 2025-2027 period, the baseline scenario assumes a gradual continuation of the recovery in the eurozone, which would result from a strengthening of private domestic demand, as public spending is expected to be more constrained. In the United States, a deceleration in growth is assumed, after a few years of strong expansion.\u00a0

Inflation has continued to slow over the course of 2024, moving closer to the targets of major central banks. This has allowed most of them (ECB, Federal Reserve, Bank of England, etc.) to start a rate cut cycle. This monetary policy adjustment is expected to extend in 2025. Then, central bank rates are expected to remain stable over the following years (2026-2027), in the presence of controlled inflation, evolving around 2%.\u00a0

Long-term interest rates in 2023-2024 reached levels not seen in more than a decade and are assumed to remain relatively stable over the projection horizon (with no significant changes in growth and inflation scenarios).

The uncertainty surrounding the baseline scenario appears to be relatively high. The current geopolitical context, marked by two major ongoing conflicts (invasion of Ukraine, conflict in the Middle East) and significant tensions in other regions (in Asia in particular), is likely to evolve rapidly. Additionally, the presidential shift in the\u00a0United\u00a0States in January 2025 may lead to notable changes in economic policy, particularly concerning customs duties, which could impact the global economy.\u00a0

\u00a0

The graph below presents a comparison of Eurozone GDP projections used in the baseline scenario for the calculation of ECLs on 31\u00a0December 2024 and 31\u00a0December 2023.

\u27a4EUROZONE GDP: INDEX BASE 100 AT THE FOURTH QUARTER OF 2019
\"BNP2024_URD_EN_I027_HD.jpg\"
\u27a4Macroeconomic variables, baseline scenario at 31\u00a0December 2024

(annual averages)

2024

2025

2026

2027

GDP growth rate

\u00a0

\u00a0

\u00a0

\u00a0

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

\u00a0

\u00a0

\u00a0

\u00a0

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

\u00a0

\u00a0

\u00a0

\u00a0

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

\u00a0

\u00a0

\u00a0

\u00a0

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%

\u00a0

Adverse and severely adverse scenarios

The adverse and severely adverse scenarios assume that some downside risks will materialise, resulting in much less favourable economic paths than in the baseline scenario.

The following main risks are identified:

The adverse and severe scenarios assume the materialisation of these identified risks from the first quarter of 2025. While downside risks are shared by these scenarios, the impacts are assumed to be markedly higher in the severely adverse scenario, due to both more pronounced direct shocks notably higher commodity prices, and the development of a negative spiral between key driving factors (activity, public debt, bond yields, equity markets).
Among the considered countries, GDP levels in the adverse scenario stand between 7.8% and 11.2% lower than in the baseline scenario at the end of the shock period. In particular, this deviation reaches 8.2% in the Eurozone and 8.4% in the United States. In the severe scenario, GDP levels stand between 11.5% and 16.4% lower than in the baseline scenario at the end of the shock period. This deviation reaches 12.1% in the Eurozone and 12.3% in the United States.

Scenario weighting and cost of risk sensitivity

At 31\u00a0December 2024, the weight of the favourable scenario considered by the Group was 28%, and 17% for the adverse scenario and 5% for the severe scenario. At 31\u00a0December 2023, the weight of the favourable scenario was 33%, 12% for the adverse scenario and 5% for the severe scenario.

The sensitivity of the amount of expected credit losses for all financial assets at amortised cost or at fair value through equity and credit commitments is assessed by comparing the estimated expected credit losses resulting from the weighting of the above scenarios with that resulting from each of the two main scenarios:

Post-model adjustments

Post-model adjustments are made when system limitations are identified in a particular context, for instance, in the case of insufficient statistical data to reflect the specific situation in the models. Post-model adjustments are also considered to take into account, where applicable, the consequences of climatic events on expected credit losses.

Notably, additional adjustments were made in 2022 to take into account the effects of inflation and interest rate hikes when this effect is not directly estimated by the models. For example, within the consumer credit specialist business, adjustments were considered for the categories of customers most sensitive to the gradual decline in the level of their net income. Given the evolution of the macroeconomic context in 2023 and 2024, these adjustments have been reassessed and are gradually reversed or used.

All of these adjustments represent 3.7% of the total amount of expected credit losses at 31\u00a0December 2024, compared with 4.5% at 31\u00a0December 2023.

\u00a0

\u27a4Cost of credit risk for the period

In millions of euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Net allowances to impairment

(2,689)

(2,596)

Recoveries on loans and receivables previously written off

250

250

Losses on irrecoverable loans

(560)

(561)

Total cost of risk for the period

(2,999)

(2,907)

\u00a0

\u27a4Cost of risk for the period by accounting category and asset type

In millions of euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Cash and balances at central banks

4

(5)

Financial instruments at fair value through profit or loss

(98)

(31)

Financial assets at fair value through equity

(1)

3

Financial assets at amortised cost

(3,013)

(2,904)

Loans and receivables

(2,907)

(2,912)

Debt securities

(106)

8

Other assets

1

(2)

Financing and guarantee commitments and other items

108

32

Total cost of risk for the period

(2,999)

(2,907)

Cost of risk on unimpaired assets and commitments

765

517

of which stage\u00a01

212

122

of which stage\u00a02

553

395

Cost of risk on impaired assets and commitments \u2013 stage\u00a03

(3,764)

(3,424)

\u27a4Credit risk impairment

Changes in impairment by accounting category and asset type during the period

In millions of euros, at

31 December 2023

Net allowance to impairment

Impairment provisions used

Changes in scope, exchange rates and other items

31 December 2024

Assets impairment

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Amounts due from central banks

20

(4)

\u00a0

(1)

15

Financial instruments at fair value through profit or loss

108

61

(87)

8

90

Financial assets at fair value through equity

121

2

\u00a0

\u00a0

123

Financial assets at amortised cost

17,715

2,769

(3,647)

344

17,181

Loans and receivables

17,611

2,665

(3,619)

336

16,993

Debt securities

104

104

(28)

8

188

Other assets

30

6

(1)

15

50

Total impairment of financial assets

17,994

2,834

(3,735)

366

17,459

of which stage\u00a01

1,966

(122)

(3)

(28)

1,813

of which stage\u00a02

2,429

(458)

(23)

3

1,951

of which stage\u00a03

13,599

3,414

(3,709)

391

13,695

Provisions recognised as liabilities

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Provisions for commitments

883

(148)

(1)

(28)

706

Other provisions

387

3

(38)

(3)

349

Total provisions recognised for credit commitments

1,270

(145)

(39)

(31)

1,055

of which stage\u00a01

269

(91)

\u00a0

4

182

of which stage\u00a02

301

(98)

\u00a0

3

206

of which stage\u00a03

700

44

(39)

(38)

667

Total impairment and provisions

19,264

2,689

(3,774)

335

18,514

Change in impairment by accounting category and asset type during the previous period

In millions of euros, at

31 December 2022

Net allowance to impairment

Impairment provisions used

Changes in scope, exchange rates and other items

31 December 2023

Assets impairment

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Amounts due from central banks

21

5

\u00a0

(6)

20

Financial instruments at fair value through profit or loss

108

30

(24)

(6)

108

Financial assets at fair value through equity

130

(3)

\u00a0

(6)

121

Financial assets at amortised cost

18,511

2,620

(3,273)

(143)

17,715

Loans and receivables

18,381

2,627

(3,264)

(133)

17,611

Debt securities

130

(7)

(9)

(10)

104

Other assets

43

\u00a0

(14)

1

30

Total impairment of financial assets

18,813

2,652

(3,311)

(160)

17,994

of which stage\u00a01

2,074

(60)

(2)

(46)

1,966

of which stage\u00a02

2,881

(347)

(41)

(64)

2,429

of which stage\u00a03

13,858

3,059

(3,268)

(50)

13,599

Provisions recognised as liabilities

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Provisions for commitments

980

(69)

(1)

(27)

883

Other provisions

450

13

(44)

(32)

387

Total provisions recognised for credit commitments

1,430

(56)

(45)

(59)

1,270

of which stage\u00a01

326

(47)

\u00a0

(10)

269

of which stage\u00a02

338

(25)

\u00a0

(12)

301

of which stage\u00a03

766

16

(45)

(37)

700

Total impairment and provisions

20,243

2,596

(3,356)

(219)

19,264

\u00a0

Changes in impairment of financial assets at amortised cost during the period

In millions of euros

Impairment on assets subject to 12-month Expected Credit Losses

(Stage 1)

Impairment on assets subject to lifetime Expected Credit Losses

(Stage 2)

Impairment on doubtful\u00a0assets

(Stage 3)

Total

At 31 December 2023

1,938

2,416

13,361

17,715

Net allowance to impairment

(123)

(458)

3,350

2,769

Financial assets purchased or originated during the period

686

188

3

877

Financial assets derecognised during the period(1)

(367)

(500)

(724)

(1,591)

Transfer to stage\u00a02

(263)

2,005

(320)

1,422

Transfer to stage\u00a03

(72)

(908)

2,280

1,300

Transfer to stage\u00a01

206

(914)

(47)

(755)

Other allowances/reversals without stage transfer(2)

(313)

(329)

2,158

1,516

Impairment provisions used

(3)

(23)

(3,621)

(3,647)

Changes in exchange rates

(1)

4

173

176

Changes in scope of consolidation and other items

(26)

\u00a0

194

168

At 31 December 2024

1,785

1,939

13,457

17,181

  • Including disposals.
  • Including amortisation.

In 2024, the volume of financial assets at amortised cost increased compared to previous year and amounted to EUR\u00a01,095\u00a0billion (see note 4.e Financial assets at amortised cost) of which EUR\u00a0917\u00a0billion in loans and advances to customers.

Loans and advances to customers classified in stage 1 increased by EUR\u00a044\u00a0billion over the year, while stage 2 outstandings decreased by EUR\u00a05\u00a0billion.

Within each of these stages, net reversals of provisions were observed. The stabilisation of the interest rate and inflation environment has led to the reversal of additional provisions previously set aside to anticipate the impact of rising interest rates on corporate clients\u2019 financial ratios and the effect of inflation on the disposable income of the most vulnerable customer segments within the specialised consumer credit business. In parallel, a review of models and migration matrices applied to probabilities of default has resulted in an overall improvement of counterparties rating and risk parameters. These effects are particularly observed in Table No.52 : Breakdown of financial assets subject to impairment by stage and internal rating in section 5.4\u202fCredit risk of the Universal registration document. Finally, transfers of exposures to Stage 3 were higher than in 2023 and amounted to EUR\u00a09.2\u00a0billion, particularly for corporate clients (see note 4.f Impaired financial assets). This led to a net reversal of impairment on Stages 1 and 2 in 2024.

Additionally, debt securities classified in Stage 2 amounted to EUR\u00a01.9\u00a0billion as of 31\u00a0December 2024, compared to EUR\u00a094\u00a0million as of 31\u00a0December 2023. This evolution, which resulted in an increase in related provisions, is mainly due to a change in the consolidation method applied to the UkrSibbank entity (see note 8.d Business combinations and loss of control or influence).

\u00a0

Changes in impairment of financial assets at amortised cost during the previous period

In millions of euros

Impairment on assets subject to 12-month Expected Credit Losses

(Stage 1)

Impairment on assets subject to lifetime Expected Credit Losses

(Stage 2)

Impairmen on doubtful\u00a0assets

(Stage 3)

Total

At 31 December 2022

2,035

2,860

13,616

18,511

Net allowance to impairment

(63)

(339)

3,022

2,620

Financial assets purchased or originated during the period

691

294

\u00a0

985

Financial assets derecognised during the period(1)

(405)

(490)

(726)

(1,621)

Transfer to stage\u00a02

(371)

2,121

(199)

1,551

Transfer to stage\u00a03

(74)

(990)

2,258

1,194

Transfer to stage\u00a01

288

(860)

(86)

(658)

Other allowances/reversals without stage transfer(2)

(192)

(414)

1,775

1,169

Impairment provisions used

(2)

(41)

(3,230)

(3,273)

Changes in exchange rates

(16)

(7)

(80)

(103)

Changes in scope of consolidation and other items

(16)

(57)

33

(40)

At 31 December 2023

1,938

2,416

13,361

17,715

  • Including disposals.
  • Including amortisation.

\u00a0

4.fImpaired financial assets (stage\u00a03)

The following tables present the carrying amounts of impaired financial assets carried at amortised cost and of impaired financing and guarantee commitments, as well as related collateral and other guarantees.

The amounts shown for collateral and other guarantees correspond to the lower of the value of the collateral or other guarantee and the value of the secured assets.

\u00a0

In millions of euros, at

31 December 2024

Impaired financial assets (Stage\u00a03)

Collateral
\u00a0received

Gross value

Impairment

Net

Loans and advances to credit institutions (note\u00a04.e)

77

(71)

6

\u00a0

Loans and advances to customers (note\u00a04.e)

25,824

(13,242)

12,582

8,044

Debt securities at amortised cost (note\u00a04.e)

265

(145)

120

\u00a0

Total amortised-cost impaired assets (stage\u00a03)

26,166

(13,458)

12,708

8,044

Financing commitments given

1,384

(95)

1,289

554

Guarantee commitments given

1,054

(223)

831

195

Total off-balance sheet impaired commitments (stage\u00a03)

2,438

(318)

2,120

749

In millions of euros, at

31 December 2023

Impaired financial assets (Stage\u00a03)

Collateral
\u00a0received

Gross value

Impairment

Net

Loans and advances to credit institutions (note\u00a04.e)

82

(67)

15

\u00a0

Loans and advances to customers (note\u00a04.e)

25,308

(13,207)

12,101

7,720

Debt securities at amortised cost (note\u00a04.e)

180

(87)

93

\u00a0

Total amortised-cost impaired assets (stage\u00a03)

25,570

(13,361)

12,209

7,720

Financing commitments given

889

(96)

793

263

Guarantee commitments given

769

(218)

551

135

Total off-balance sheet impaired commitments (stage\u00a03)

1,658

(314)

1,344

398

\u00a0

The following table presents the changes in gross exposures of stage\u00a03 assets (EU CR2):

\u00a0

Gross value

In millions of euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Impaired exposures (stage\u00a03) at opening balance

25,570

25,517

Transfer to stage\u00a03

9,163

8,632

Transfer to stage\u00a01 or stage\u00a02

(2,041)

(2,166)

Assets written off

(4,101)

(3,769)

Other changes

(2,425)

(2,644)

Impaired exposures (stage\u00a03) at closing balance

26,166

25,570

5.e.3Credit risk

IFRS 17 defines credit risk as the risk that a party to a financial instrument, an insurance contract issued which is an asset or a reinsurance contract held, fails to meet one of its obligations and thereby causes the other party to suffer a financial loss.

The credit risk related to contracts in the scope of IFRS 17 relates mainly to reinsurance contracts held (risk of default by a reinsurer that would no longer allow him to assume a share of the amount due to him) and to receivables on the partners to whom the collection of the premiums have been delegated.

Counterparty risk management on reinsurers is achieved through rigorous selection of reinsurers, negotiation of collateral provided and regular monitoring of major exposures. The guarantees required may be real sureties, such as cash deposits and security pledges, or financial guarantees given and letters of guarantee.

The counterparty risk of BNP\u00a0Paribas Cardif\u2019s partners comes under the Partners and Reinsurers credit governance. As with a reinsurer, an exposure to a partner may be subject to real or personal security. Depending on the quality of the counterparty, the following techniques may be used: guarantee of the parent company, first-demand bank guarantee, segregated account of the rest of the assets in the event of bankruptcy, etc.

Credit policies [Audited]

The Bank\u2019s lending activities are governed by the Global Credit Policy. It applies to all Group activities that generate credit or counterparty risk. The Global Credit Policy provides general principles (including the risk assessment and decision-making process, adherence to the highest standards of compliance and ethics) applicable to all credit risk, as well as specific principles applicable to country risk, sector risks, clients selection and the transaction structures. It is supplemented by specific policies tailored to certain type of business or counterparty.

These credit policies are regularly updated in line with developments in the credit environment in which the Group operates.

BNP Paribas takes ESG criteria into account in its credit decision-making processes. For more\u00a0details, see chapter 5.11 Environmental, social and governance risk.

Individual decision-\u200amaking procedures [Audited]

A system of discretionary credit delegations has been established, under which all lending decisions must be approved by managers or representatives of the business teams, with the concurrence of a formally designated RISK representative. Approvals are systematically evidenced in writing, possibly electronically either by means of a signed approval form or in the minutes of formal Credit Committee meetings. Discretionary credit delegations correspond to aggregate commitments by business group and vary according to internal credit ratings and the specific nature of the business concerned. All transactions proposed are subject to a detailed review of the borrower\u2019s current and future position. The review, conducted when granting the transaction and updated at least on an annual basis, is designed to ensure the Group has a comprehensive understanding of the borrower and can monitor any potential changes in its situation. Certain types of lending commitments, such as loans to financial institutions, sovereign loans and loans to customers operating in certain industries that are exposed to cyclical risks or to a rapid pace of change, are subject to specific authorisation procedures and require the sign-off of an industry expert or designated specialist. In Retail Banking, simplified procedures are applied, based on statistical decision-making aids.

Credit applications must comply with the Bank\u2019s Global Credit Policy and any relevant specific policies. Material exceptions undergo a special approval process. Before making any commitments, BNP\u00a0Paribas carries out an in-depth review of any known development plans of the borrower, and ensures that it has thorough knowledge of all the structural aspects of the borrower\u2019s operations and that adequate monitoring will be possible.

The General Management Credit Committee (CCDG) is the highest level Group committee for all decisions related to credit and counterparty risk. It has in particular ultimate decision-making authority for all credit applications notably for amounts in excess of individual discretionary credit delegations or applications that would not comply with the Global Credit Policy.

Monitoring and portfolio management procedures\u00a0[Audited]

Monitoring exposures

A comprehensive risk monitoring system is organised around control units, which are responsible for ensuring that lending commitments comply with the credit decision, that credit risk reporting data are reliable and that risks are effectively monitored. Daily irregular exception reports are produced and various early warning tools are used to identify early the deterioration of credit risks. The various monitoring levels are carried out under the supervision of RISK. Non-performing loans or those placed under credit watch (see Exposures, provisions and cost of risk) are overseen more closely via dedicated quarterly committee meetings (see the Governance part of section\u00a05.3 Risk management). To supplement this mechanism, the Doubtful Committee meets on a monthly basis to validate the proposed changes in individual provisions for doubtful loans for which an adjustment is necessary based on expected financial flows.

The responsibilities of the control teams include the monitoring of exposures against approved authorisations, covenants, and guarantees. This allows the identification of any signs of deterioration against the risk profile approved by the Credit Committee. Control teams flag up (to the RISK teams and business units) any cases that fail to comply with Credit Committee decisions and oversee their resolution. In some cases, a specific alert is sent to the senior management of RISK and of the relevant business unit. These are mainly where exceptions remain unresolved and/or where there are serious indications of deterioration in the risk profile compared with that approved by the Credit Committee.

Furthermore, since 2018 the General Credit Policy has included specific checks to be conducted for loans granted to clients presenting high leverage ratios, in accordance with European Central Bank guidelines.

Overall portfolio management and monitoring

The selection and careful evaluation of individual risks taken are supported by a monitoring and risk control system based on more aggregated portfolio levels in terms of division/business line, regions, industry, business/product.

The overall portfolio management policy, including concentration of risk by single name, industry and country, is based on this monitoring system and Group Risk Committees review all reports and analyses produced:

Lastly, BNP\u00a0Paribas may use credit risk transfer instruments, such as securitisation programmes, credit derivatives or credit insurance, to mitigate individual risks, reduce portfolio concentration or cap potential losses arising from crisis scenarios.

Impairment valuation procedures\u00a0[Audited]

The Group applies the impairment procedures described below for all loans subject to impairment (see note\u00a01.f.5 Impairment of financial assets at amortised cost and of debt instruments at market value through shareholders\u2019 equity to the consolidated financial statements):

Rating system [Audited]

Each counterparty is rated internally by the Group using uniform principles, regardless of the approach used to calculate regulatory capital requirements.

The Bank has a comprehensive internal rating system compliant with regulatory requirements regarding capital adequacy. A periodic assessment and control process has been deployed within the Bank to ensure that the system is appropriate and correctly implemented. The system was formally validated by the supervisor in December\u00a02007 and is inspected on a regular basis.

For loans to institutions, corporates, sovereigns and specialised lendings, the system is based on three parameters: the counterparty\u2019s probability of default (PD) expressed via a rating, the Global Recovery Rate (GRR) or its complement, Loss Given Default (LGD), which depends on the structure of the transaction, and the Credit Conversion Factor (CCF), which estimates the off-balance sheet exposure at risk.

There are twelve counterparty ratings. Ten cover performing clients with credit assessments ranging from \u201cexcellent\u201d to \u201cvery concerning\u201d, and two relate to clients classified as in default, as per the definition by the banking supervisor.

Confirmation or amendments to the probability of default parameters and GRR applicable to each transaction are reviewed at least once a year as part of the loan approval process or annual credit review. These are based on the combined expertise of business line staff and, as a second look, the RISK representatives (who have the final say in case of disagreement). It uses appropriate tools including analysis aids and credit scoring systems. The decision to use these tools and the choice of technique depends on the nature of the risk.

For retail counterparties, the system is also based on three parameters: Probability of Default (PD), the Global Recovery Rate (GRR) and the Credit Conversion Factor (CCF). On the other hand, rating methods are applied automatically to determine the loan parameters.

Internal estimates of risk parameters are used in the Bank\u2019s day-to-day management in line with regulation recommendations. Thus, apart from calculating capital requirements, they are used for example when setting delegated limits, granting new loans or reviewing existing loans to measure profitability, determine impairments and for book analyses.

\u27a4TABLE 27: INDICATIVE MAPPING OF INTERNAL COUNTERPARTY RATING WITH AGENCY RATING SCALE AND AVERAGE EXPECTED PD

\u00a0

Internal rating

BNP\u00a0Paribas

LT Issuer/Unsecured issuer\u2019s ratings S&P/Fitch

Average expected PD

Investment Grade

1+

AAA

0.01%

1

AA+

0.01%

1-

AA

0.01%

2+

AA-

0.02%

2

A+/A

0.03%

2-

A-

0.04%

3+/3/3-

BBB+

0.06% to 0.10%

4+/4/4-

BBB

0.13 to 0.21%

5+/5/5-

BBB-

0.26% to 0.48%

Non-Investment Grade

6+

BB+

0.69%

6/6-

BB

1.00% to 1.46%

7+/7

BB-

2.11% to 3.07%

7-

B+

4.01%

8+/8/8-

B

5.23% to 8.06%

9+/9/9-

B-

9.53% to 13.32%

10+

CCC

15.75%

10

CC

18.62%

10-

C

21.81%

Default

11

D

100%

12

D

100%

\u00a0

The Group has developed an indicative equivalence between the Bank\u2019s\u00a0internal ratings and the long-term issuer ratings assigned by the major rating agencies. Nevertheless, the Bank has a much broader clientele than just those counterparties rated by an external rating agency. An indicative equivalence is not relevant in Retail Banking. It is used when the internal ratings are assigned or reviewed in order to identify any differences between the Bank\u2019s assessment of a borrower\u2019s probability of default and that of one or more of the rating agencies. However, the internal ratings do not aim to reproduce or even approximate the external ratings. There are significant variances in both directions within the portfolio. Some counterparties rated 6 or 7 by BNP\u00a0Paribas could be considered Investment Grade by the rating agencies.

For further details, see the sections Internal rating system \u2013 sovereign, financial institution, corporate and specialised financing portfolios and Internal rating system specific to retail customers.

Exposures, provisions and cost of risk [Audited]

Impaired exposures (stage\u00a03) related to assets at amortised cost and financing and guarantee commitments given, as well as the guarantees received as collateral, are presented in note\u00a04.f Impaired financial assets (stage 3). The definition of impaired loans (stage\u00a03) is presented in note\u00a01.f.5 Impairment of financial assets measured at amortised cost and debt instruments measured at fair value through shareholders\u2019 equity, Definition of default paragraph.

The following table shows the carrying amount of performing and non-performing(9)\u00a0financial assets included in the prudential consolidation scope.

An exposure is deemed to be non-performing when it falls into one of the following categories:

In this part, in accordance with the Implementing Regulation (EU) No.\u00a02021/637, the scope of the tables in this section includes the following items:

Exposures in default include impaired loans and receivables (stage\u00a03) and doubtful loans and receivables and debt securities at fair value through profit or loss outside the trading book.

The classifications used for exposures shown are taken from financial reports intended for the supervisory authority(10)\u00a0and so differ from the exposure classes usually used within the context of Pillar\u00a03. The classification includes:

\u00a0

\u27a4TABLE 48: PERFORMING AND NON-PERFORMING EXPOSURES AND RELATED PROVISIONS (EU CR1)\u00a0[Audited]

\u00a0

\u00a0

a

b

c

d

e

f

g

h

i

j

k

l

n

o

In millions of euros

31 December 2024

Gross carrying amount

Accumulated impairment, accumulated negative changes in fair value due to credit risk and provisions

Collateral and financial guarantees received

Performing exposures

Non-performing exposures

Performing exposures

Non-performing exposures

On performing exposures

On non-performing exposures

\u00a0

of which stage 1

of which stage 2

\u00a0

of which stage 1 & 2

of which defaulted

\u00a0

of which stage 1

of which stage 2

\u00a0

of which stage \u00a01 & 2

of which defaulted

005

Current accounts at central banks and other demand deposits

188,522

187,857

665

1

-

1

(19)

(15)

(4)

-

-

-

759

-

010

Loans and advances

928,317

858,701

69,616

26,998

498

26,501

(3,720)

(1,810)

(1,909)

(13,439)

(8)

(13,431)

524,030

8,646

020

Central banks

10,646

10,646

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

4,270

\u00a0

030

General governments

35,523

33,951

1,573

261

89

171

(17)

(8)

(9)

(64)

(3)

(61)

8,954

79

040

Credit institutions

12,242

12,143

98

77

1

76

(10)

(6)

(4)

(71)

\u00a0

(71)

6,411

1

050

Other financial corporations

114,808

111,624

3,184

1,053

3

1,050

(92)

(42)

(51)

(854)

\u00a0

(854)

18,314

139

060

Non-financial corporations

422,317

375,443

46,874

14,912

394

14,518

(1,406)

(635)

(771)

(7,219)

(4)

(7,214)

251,579

5,683

070

of which SMEs

126,007

110,597

15,411

6,162

107

6,056

(629)

(314)

(315)

(2,537)

(2)

(2,535)

86,554

2,731

080

Households

332,782

314,895

17,888

10,696

11

10,685

(2,195)

(1,120)

(1,075)

(5,232)

(1)

(5,231)

234,503

2,744

090

Debt securities

223,009

220,815

2,194

422

-

422

(64)

(25)

(39)

(288)

-

(288)

3,925

-

100

Central banks

6,056

4,847

1,209

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

110

General governments

151,791

151,100

691

\u00a0

\u00a0

\u00a0

(39)

(14)

(26)

\u00a0

\u00a0

\u00a0

350

\u00a0

120

Credit institutions

25,990

25,900

90

101

\u00a0

101

(9)

(7)

(2)

(101)

\u00a0

(101)

3,575

\u00a0

130

Other financial corporations

32,275

32,105

171

259

\u00a0

259

(12)

(1)

(11)

(133)

\u00a0

(133)

\u00a0

\u00a0

140

Non-financial corporations

6,896

6,863

33

62

\u00a0

62

(3)

(3)

\u00a0

(54)

\u00a0

(54)

\u00a0

\u00a0

150

Off-balance sheet exposures

596,936

573,146

23,790

2,441

2

2,439

(387)

(181)

(206)

(318)

-

(318)

154,322

749

160

Central banks

65,839

65,839

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

65,474

\u00a0

170

General governments

9,201

8,000

1,201

1

\u00a0

1

(2)

(1)

(1)

\u00a0

\u00a0

\u00a0

866

\u00a0

180

Credit institutions

22,379

21,950

429

\u00a0

\u00a0

\u00a0

(11)

(4)

(7)

\u00a0

\u00a0

\u00a0

4,744

\u00a0

190

Other financial corporations

78,195

77,516

680

22

\u00a0

22

(18)

(13)

(5)

(4)

\u00a0

(4)

11,636

2

200

Non-financial corporations

370,308

350,169

20,139

2,281

\u00a0

2,281

(286)

(121)

(166)

(309)

\u00a0

(309)

67,365

729

210

Households

51,014

49,672

1,342

138

2

136

(70)

(42)

(28)

(5)

\u00a0

(5)

4,237

18

220

TOTAL

1,936,784

1,840,519

96,265

29,862

500

29,362

(4,191)

(2,032)

(2,159)

(14,045)

(8)

(14,037)

683,036

9,395

\u00a0

\u00a0

a

b

c

d

e

f

g

h

i

j

k

l

n

o

In millions of euros

31 December 2023

Gross carrying amount

Accumulated impairment, accumulated negative changes in fair value due to credit risk and provisions

Collateral and financial guarantees received

Performing exposures

Non-performing exposures

Performing exposures

Non-performing exposures

On performing exposures

On non-performing exposures

\u00a0

of which stage 1

of which stage 2

\u00a0

of which stage 1 & 2

of which defaulted

\u00a0

of which stage 1

of which stage 2

\u00a0

of which stage 1 & 2

of which defaulted

005

Cash balances at central banks and other demand deposits

292,738

292,359

379

2

-

2

(26)

(21)

(5)

-

-

-

973

-

010

Loans and advances

902,012

828,757

73,255

26,775

465

26,310

(4,338)

(1,960)

(2,378)

(13,261)

(13)

(13,248)

538,230

8,551

020

Central banks

9,731

9,731

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

3,313

\u00a0

030

General governments

33,971

31,954

2,017

256

93

163

(16)

(6)

(10)

(39)

(1)

(38)

8,826

167

040

Credit institutions

7,457

6,839

618

80

\u00a0

80

(27)

(18)

(9)

(67)

\u00a0

(67)

3,580

\u00a0

050

Other financial corporations

90,811

87,537

3,274

1,412

\u00a0

1,412

(153)

(70)

(83)

(856)

\u00a0

(856)

21,110

502

060

Non-financial corporations

430,758

380,019

50,739

14,155

344

13,811

(1,807)

(726)

(1,081)

(6,978)

(3)

(6,975)

272,354

5,011

070

of which SMEs

127,144

108,650

18,494

5,597

90

5,507

(770)

(319)

(451)

(2,363)

(2)

(2,361)

92,600

2,532

080

Households

329,284

312,677

16,607

10,872

28

10,844

(2,335)

(1,140)

(1,195)

(5,321)

(9)

(5,312)

229,047

2,871

090

Debt securities

175,677

175,342

335

349

-

349

(36)

(19)

(17)

(226)

-

(226)

4,017

-

100

Central banks

4,705

4,705

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

110

General governments

118,856

118,785

71

\u00a0

\u00a0

\u00a0

(17)

(14)

(3)

\u00a0

\u00a0

\u00a0

450

\u00a0

120

Credit institutions

18,004

18,004

\u00a0

101

\u00a0

101

\u00a0

\u00a0

\u00a0

(101)

\u00a0

(101)

3,262

\u00a0

130

Other financial corporations

27,747

27,552

195

152

\u00a0

152

(13)

(1)

(12)

(56)

\u00a0

(56)

305

\u00a0

140

Non-financial corporations

6,365

6,296

69

96

\u00a0

96

(6)

(4)

(2)

(69)

\u00a0

(69)

\u00a0

\u00a0

150

Off-balance sheet exposures

560,116

533,559

26,557

1,661

3

1,658

(570)

(269)

(301)

(313)

-

(313)

142,400

398

160

Central banks

51,627

51,627

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

49,622

\u00a0

170

General governments

11,292

9,915

1,377

48

\u00a0

48

(5)

(2)

(3)

\u00a0

\u00a0

\u00a0

742

42

180

Credit institutions

15,155

13,611

1,544

\u00a0

\u00a0

\u00a0

(27)

(7)

(20)

\u00a0

\u00a0

\u00a0

654

\u00a0

190

Other financial corporations

77,005

76,019

986

87

\u00a0

87

(32)

(24)

(8)

(11)

\u00a0

(11)

17,614

12

200

Non-financial corporations

357,031

335,568

21,463

1,390

4

1,386

(421)

(182)

(239)

(298)

\u00a0

(298)

69,078

331

210

Households

48,006

46,819

1,187

136

(1)

137

(85)

(54)

(31)

(4)

\u00a0

(4)

4,690

13

220

TOTAL

1,930,543

1,830,017

100,526

28,787

468

28,319

(4,970)

(2,269)

(2,701)

(13,800)

(13)

(13,787)

685,620

8,949

\u00a0

Changes in the stock of non-performing loans and advances (EU CR2) are presented in note\u00a04.f Impaired financial assets (stage\u00a03) to the consolidated financial statements as at 31\u00a0December 2024.

\u27a4TABLE 49: PERFORMING AND NON-PERFORMING EXPOSURES BY PAST DUE DAYS\u00a0(EU CQ3)\u00a0[Audited]

\u00a0

\u00a0

a

b

c

d

e

f

g

h

i

j

k

l

In millions of euros

31 December 2024

Performing exposures

Non-performing exposures

\u00a0

Not past due or\u00a0
\u2264 30 days

> 30 days

\u2264 90 days

\u00a0

Unlikely to pay that are not past due or are past due\u00a0
\u2264 90 days

> 90 days

\u2264 180 days

> 180 days

\u2264 1 year

> 1 year\u00a0
\u2264 2 years

> 2 years\u00a0
\u2264 5 years

> 5 years\u00a0
\u2264 7 years

> 7 years

of which defaulted

005

Cash balances at central banks and other demand deposits

188,522

188,522

-

1

1

-

-

-

-

-

-

1

010

Loans and advances

928,317

923,500

4,818

26,998

9,307

1,910

2,574

3,032

4,925

1,697

3,553

26,501

020

Central banks

10,646

10,646

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

030

General governments

35,523

35,458

66

261

67

34

28

10

76

26

21

171

040

Credit institutions

12,242

12,239

2

77

2

\u00a0

\u00a0

2

\u00a0

\u00a0

72

76

050

Other financial corporations

114,808

114,759

48

1,053

523

13

23

17

88

175

215

1,050

060

Non-financial corporations

422,317

418,949

3,368

14,912

5,864

864

1,350

1,507

2,062

990

2,275

14,518

070

of which SMEs

126,007

125,278

729

6,162

2,050

474

693

929

1,068

413

534

6,056

080

Households

332,782

331,449

1,333

10,696

2,852

999

1,173

1,496

2,699

506

971

10,685

090

Debt securities

223,009

223,009

-

422

309

-

-

-

5

-

108

422

100

Central banks

6,056

6,056

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

110

General governments

151,791

151,791

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

120

Credit institutions

25,990

25,990

\u00a0

101

2

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

99

101

130

Other financial corporations

32,275

32,275

\u00a0

259

250

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

8

259

140

Non-financial corporations

6,896

6,896

\u00a0

62

57

\u00a0

\u00a0

\u00a0

5

\u00a0

\u00a0

62

150

Off-balance sheet exposures

596,936

\u00a0

\u00a0

2,441

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

2,439

160

Central banks

65,839

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

170

General governments

9,201

\u00a0

\u00a0

1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1

180

Credit institutions

22,379

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

190

Other financial corporations

78,195

\u00a0

\u00a0

22

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

22

200

Non-financial corporations

370,308

\u00a0

\u00a0

2,281

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

2,281

210

Households

51,014

\u00a0

\u00a0

138

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

136

220

TOTAL

1,936,784

1,335,030

4,818

29,862

9,617

1,910

2,574

3,032

4,930

1,697

3,661

29,362

\u00a0

\u00a0

a

b

c

d

e

f

g

h

i

j

k

l

In millions of euros

31 December 2023

Performing exposures

Non-performing exposures

\u00a0

Not past due or \u2264\u00a030\u00a0days

>\u00a030\u00a0days

\u2264\u00a090\u00a0days

\u00a0

Unlikely to pay that are not past due or are past due \u2264\u00a090\u00a0days

>\u00a090\u00a0days

\u2264\u00a0180\u00a0days

>\u00a0180\u00a0days

\u2264\u00a01\u00a0year

>\u00a01\u00a0year

\u2264\u00a02\u00a0years

>\u00a02\u00a0years

\u2264\u00a05\u00a0years

>\u00a01\u00a0year

\u2264\u00a02\u00a0years

>\u00a05\u00a0years

of which defaulted

005

Cash balances at central banks and other demand deposits

292,738

292,738

-

2

-

-

-

-

-

-

2

2

010

Loans and advances

902,012

897,206

4,806

26,775

9,475

2,051

2,110

2,728

4,780

1,374

4,257

26,310

020

Central banks

9,731

9,731

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

030

General governments

33,971

33,935

36

256

36

12

6

69

99

28

6

163

040

Credit institutions

7,457

7,454

3

80

3

\u00a0

\u00a0

2

\u00a0

\u00a0

75

79

050

Other financial corporations

90,811

90,687

124

1,412

638

30

5

309

230

8

192

1,412

060

Non-financial corporations

430,758

427,102

3,656

14,155

5,847

995

848

1,049

1,767

869

2,780

13,812

070

of which SMEs

127,144

126,363

781

5,597

2,082

378

544

707

838

314

734

5,506

080

Households

329,284

328,297

987

10,872

2,951

1,014

1,251

1,299

2,684

469

1,204

10,844

090

Debt securities

175,677

175,677

-

349

236

-

-

-

5

101

7

349

100

Central banks

4,705

4,705

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

110

General governments

118,856

118,856

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

120

Credit institutions

18,004

18,004

\u00a0

101

2

\u00a0

\u00a0

\u00a0

\u00a0

99

\u00a0

101

130

Other financial corporations

27,747

27,747

\u00a0

152

144

\u00a0

\u00a0

\u00a0

\u00a0

2

6

152

140

Non-financial corporations

6,365

6,365

\u00a0

96

90

\u00a0

\u00a0

\u00a0

5

\u00a0

1

96

150

Off-balance sheet exposures

560,116

\u00a0

\u00a0

1,661

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1,658

160

Central banks

51,627

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

170

General governments

11,292

\u00a0

\u00a0

48

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

48

180

Credit institutions

15,155

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

190

Other financial corporations

77,005

\u00a0

\u00a0

87

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

87

200

Non-financial corporations

357,031

\u00a0

\u00a0

1,390

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1,386

210

Households

48,006

\u00a0

\u00a0

136

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

137

220

TOTAL

1,930,543

1,365,621

4,806

28,787

9,711

2,051

2,110

2,728

4,785

1,475

4,266

28,319

\u00a0

Table\u00a050 (EU CQ4) below shows the on- and off-balance sheet exposures. These exposures contribute to all Group risks, mainly credit risk.

\u27a4TABLE 50: EXPOSURES AND PROVISIONS BY GEOGRAPHIC BREAKDOWN\u00a0(EU CQ4)\u00a0[Audited]

\u00a0

\u00a0

a

\u00a0

b

c

d

e

\u00a0

\u00a0

f

g

In millions of euros

31 December 2024

Gross carrying amount/Nominal amount

Accumulated impairment

Provisions on off-balance sheet commitments and financial guarantees given

Accumulated negative due to credit risk on non-performing exposures changes in fair value

\u00a0

Of which Instruments with significant increase in credit risk since initial recognition but not credit-impaired

(stage\u00a02)

Of which non-performing

Of which loans and advances subject to impairment

\u00a0

\u00a0

Of which Instruments with significant increase in credit risk since initial recognition but not credit-impaired

(Stage\u00a02)

Of which defaulted

\u00a0

Of which defaulted

010

On balance sheet exposures

1,367,269

72,927

27,421

26,923

1,362,026

(17,478)

(1,956)

(13,667)

(52)

\u00a0

Europe(1)

1,010,510

58,127

23,040

22,792

1,006,345

(14,298)

(1,684)

(10,982)

(52)

\u00a0

France

402,055

22,190

9,441

9,278

400,100

(5,707)

(736)

(4,452)

(15)

\u00a0

Belgium

171,333

8,076

3,100

3,098

171,297

(1,512)

(130)

(1,246)

\u00a0

\u00a0

Luxembourg

43,921

2,266

581

572

43,705

(167)

(33)

(114)

(2)

\u00a0

Italy

126,360

7,329

3,929

3,926

126,250

(3,032)

(304)

(2,353)

(30)

\u00a0

United Kingdom

62,681

3,423

1,221

1,215

62,262

(828)

(75)

(642)

(3)

\u00a0

Germany

58,412

5,613

1,641

1,622

57,329

(1,059)

(118)

(805)

\u00a0

\u00a0

Netherlands

22,577

1,125

144

144

22,571

(78)

(11)

(54)

\u00a0

\u00a0

Other European countries

123,172

8,105

2,984

2,937

122,830

(1,915)

(277)

(1,314)

(3)

\u00a0

North America

139,856

4,894

858

658

139,194

(204)

(60)

(126)

-

\u00a0

Asia Pacific

102,374

2,127

372

369

102,312

(232)

(16)

(156)

-

\u00a0

Japan

34,252

380

11

11

34,222

(11)

(9)

0

\u00a0

\u00a0

North Asia

28,533

893

216

214

28,533

(79)

(2)

(31)

\u00a0

\u00a0

South-East Asia (ASEAN)

19,730

558

121

121

19,713

(129)

(3)

(117)

\u00a0

\u00a0

Indian peninsula &\u00a0Pacific

19,858

296

24

22

19,843

(13)

(2)

(7)

\u00a0

070

Rest of the World

114,529

7,780

3,151

3,104

114,176

(2,744)

(196)

(2,403)

-

\u00a0

T\u00fcrkiye

18,381

981

167

167

18,381

(220)

(48)

(114)

\u00a0

\u00a0

Mediterranean

9,909

2,018

973

969

9,909

(796)

(52)

(706)

\u00a0

\u00a0

Gulf States & Africa

9,996

396

1,431

1,431

9,996

(1,255)

(40)

(1,188)

\u00a0

\u00a0

Latin America

13,689

477

168

167

13,335

(131)

(4)

(120)

\u00a0

\u00a0

Other countries

62,554

3,908

412

371

62,554

(342)

(52)

(275)

\u00a0

080

Off-balance sheet exposures

599,377

23,792

2,441

2,439

599,377

(706)

(206)

(318)

(706)

-

\u00a0

Europe(1)

361,142

12,951

1,940

1,938

361,142

(492)

(116)

(240)

(492)

-

\u00a0

France

104,375

4,124

735

735

104,375

(166)

(52)

(62)

(166)

\u00a0

\u00a0

Belgium

40,899

2,195

263

263

40,899

(87)

(10)

(61)

(87)

\u00a0

\u00a0

Luxembourg

17,157

424

134

134

17,157

(22)

(4)

(14)

(22)

\u00a0

\u00a0

Italy

36,610

1,459

401

401

36,610

(96)

(13)

(65)

(96)

\u00a0

\u00a0

United Kingdom

40,702

1,635

113

113

40,702

(22)

(6)

0

(22)

\u00a0

\u00a0

Germany

34,894

896

164

164

34,894

(40)

(5)

(26)

(40)

\u00a0

\u00a0

Netherlands

18,561

295

20

20

18,561

(4)

(1)

0

(4)

\u00a0

\u00a0

Other European countries

67,944

1,923

111

109

67,944

(55)

(24)

(13)

(55)

\u00a0

\u00a0

North America

123,998

7,625

280

280

123,998

(85)

(55)

(14)

(85)

-

\u00a0

Asia Pacific

33,997

366

43

43

33,997

(6)

(2)

(1)

(6)

-

\u00a0

Japan

2,836

4

0

0

2,836

0

0

0

0

\u00a0

\u00a0

North Asia

18,584

146

30

30

18,584

(3)

(1)

0

(3)

\u00a0

\u00a0

South-East Asia (ASEAN)

6,063

108

0

0

6,063

(1)

0

0

(1)

\u00a0

\u00a0

Indian peninsula &\u00a0Pacific

6,514

110

13

13

6,514

(2)

(1)

(1)

(2)

\u00a0

140

Rest of the World

80,240

2,849

179

179

80,240

(122)

(33)

(63)

(122)

-

\u00a0

T\u00fcrkiye

6,897

328

27

27

6,897

(31)

(10)

(10)

(31)

\u00a0

\u00a0

Mediterranean

2,524

670

94

94

2,524

(59)

(10)

(41)

(59)

\u00a0

\u00a0

Gulf States & Africa

54,749

120

54

54

54,749

(20)

(4)

(12)

(20)

\u00a0

\u00a0

Latin America

5,356

408

3

3

5,356

(8)

(7)

0

(8)

\u00a0

\u00a0

Other countries

10,714

1,323

1

1

10,714

(4)

(2)

0

(4)

\u00a0

150

TOTAL

1,966,646

96,719

29,862

29,362

1,961,403

(18,183)

(2,162)

(13,985)

(706)

(52)

  • Within the European Union, the European Free Trade Association (EFTA) and the United Kingdom.

\u00a0

\u00a0

a

\u00a0

b

c

d

e

\u00a0

\u00a0

f

g

In millions of euros

31 December 2023

Gross carrying amount/Nominal amount

Accumulated impairment

Provisions on off-balance sheet commitments and financial guarantees given

Accumulated negative due to credit risk on non-performing exposures changes in fair value

\u00a0

Of which Instruments with significant increase in credit risk since initial recognition but not credit-impaired

(stage\u00a02)

Of which non-performing

Of which loans and advances subject to impairment

\u00a0

\u00a0

Of which Instruments with significant increase in credit risk since initial recognition but not credit-impaired

(Stage\u00a02)

Of which defaulted

\u00a0

Of which defaulted

010

On balance sheet exposures

1,397,553

74,371

27,126

26,661

1,393,402

(17,817)

(2,404)

(13,404)

-

(70)

\u00a0

Europe(1)

1,100,051

62,345

22,566

22,352

1,097,563

(14,349)

(2,050)

(10,559)

-

(43)

\u00a0

France

490,339

21,068

9,042

8,897

488,938

(5,286)

(759)

(3,949)

\u00a0

(8)

\u00a0

Belgium

174,544

9,073

2,531

2,521

174,517

(1,423)

(190)

(1,087)

\u00a0

\u00a0

\u00a0

Luxembourg

51,238

2,419

362

357

51,042

(189)

(46)

(113)

\u00a0

(3)

\u00a0

Italy

133,525

8,179

4,631

4,629

133,453

(3,657)

(487)

(2,784)

\u00a0

(23)

\u00a0

United Kingdom

57,788

4,811

977

966

57,545

(743)

(99)

(533)

\u00a0

(7)

\u00a0

Germany

52,738

5,913

1,330

1,308

52,529

(987)

(151)

(689)

\u00a0

\u00a0

\u00a0

Netherlands

21,181

2,190

160

157

21,165

(92)

(20)

(52)

\u00a0

\u00a0

\u00a0

Other European countries

118,699

8,693

3,532

3,517

118,374

(1,972)

(298)

(1,353)

\u00a0

(3)

\u00a0

North America

111,548

4,431

767

614

110,240

(225)

(87)

(113)

-

(27)

\u00a0

Asia Pacific

95,147

2,294

323

320

94,981

(290)

(48)

(160)

-

-

\u00a0

Japan

31,455

276

12

12

31,424

(2)

(1)

\u00a0

\u00a0

\u00a0

\u00a0

North Asia

26,472

855

149

148

26,466

(103)

(11)

(31)

\u00a0

\u00a0

\u00a0

South-East Asia (ASEAN)

18,706

488

131

130

18,697

(165)

(32)

(121)

\u00a0

\u00a0

\u00a0

Indian peninsula &\u00a0Pacific

18,514

675

31

30

18,394

(20)

(4)

(8)

\u00a0

\u00a0

070

Rest of the World

90,807

5,301

3,471

3,375

90,617

(2,954)

(218)

(2,571)

-

-

\u00a0

T\u00fcrkiye

14,086

1,201

140

140

14,066

(213)

(83)

(81)

\u00a0

\u00a0

\u00a0

Mediterranean

9,387

1,450

798

791

9,387

(723)

(54)

(630)

\u00a0

\u00a0

\u00a0

Gulf States & Africa

10,606

267

1,726

1,726

10,606

(1,509)

(43)

(1,439)

\u00a0

\u00a0

\u00a0

Latin America

17,683

592

318

316

17,513

(264)

(16)

(214)

\u00a0

\u00a0

\u00a0

Other countries

39,045

1,791

489

402

39,045

(245)

(22)

(207)

\u00a0

\u00a0

080

Off-balance sheet exposures

561,777

26,559

1,661

1,658

561,777

(883)

(301)

(313)

(883)

-

\u00a0

Europe(1)

350,726

14,572

1,230

1,228

350,726

(560)

(172)

(178)

(560)

-

\u00a0

France

102,178

3,597

286

286

102,178

(159)

(52)

(37)

(159)

\u00a0

\u00a0

Belgium

41,563

2,157

190

190

41,563

(106)

(16)

(64)

(106)

\u00a0

\u00a0

Luxembourg

16,864

492

51

51

16,864

(19)

(7)

(3)

(19)

\u00a0

\u00a0

Italy

40,105

1,604

367

367

40,105

(90)

(25)

(40)

(90)

\u00a0

\u00a0

United Kingdom

39,555

2,538

114

114

39,555

(55)

(32)

(2)

(55)

\u00a0

\u00a0

Germany

32,110

1,726

57

57

32,110

(52)

(14)

(21)

(52)

\u00a0

\u00a0

Netherlands

17,431

406

47

47

17,431

(12)

(2)

(3)

(12)

\u00a0

\u00a0

Other European countries

60,920

2,052

119

116

60,920

(66)

(24)

(8)

(66)

\u00a0

\u00a0

North America

111,492

7,479

177

177

111,492

(135)

(74)

(38)

(135)

-

\u00a0

Asia Pacific

33,458

863

30

30

33,458

(14)

(3)

-

(14)

\u00a0

Japan

2,669

\u00a0

\u00a0

\u00a0

2,669

(1)

\u00a0

\u00a0

(1)

\u00a0

\u00a0

North Asia

18,854

151

27

27

18,854

(7)

(1)

\u00a0

(7)

\u00a0

\u00a0

South-East Asia (ASEAN)

4,896

429

3

3

4,896

(3)

(1)

\u00a0

(3)

\u00a0

\u00a0

Indian peninsula &\u00a0Pacific

7,038

283

\u00a0

\u00a0

7,038

(4)

(1)

\u00a0

(4)

\u00a0

140

Rest of the World

66,101

3,645

223

223

66,101

(174)

(53)

(97)

(174)

-

\u00a0

T\u00fcrkiye

4,633

388

8

8

4,633

(31)

(21)

(4)

(31)

\u00a0

\u00a0

Mediterranean

2,240

521

86

86

2,240

(58)

(14)

(39)

(58)

\u00a0

\u00a0

Gulf States & Africa

44,285

316

49

49

44,285

(65)

(5)

(54)

(65)

\u00a0

\u00a0

Latin America

5,910

812

33

33

5,910

(11)

(9)

\u00a0

(11)

\u00a0

\u00a0

Other countries

9,033

1,608

48

48

9,033

(9)

(4)

\u00a0

(9)

\u00a0

150

TOTAL

1,959,330

100,930

28,787

28,319

1,955,179

(18,700)

(2,705)

(13,717)

(883)

(70)

  • Within the European Union, the European Free Trade Association (EFTA) and the United Kingdom.

\u00a0

\u00a0

In accordance with Implementing Regulation (EU) No.\u00a02021/637, the table below (EU CQ5) shows the breakdown of loans and receivables with the scope of non-financial corporations. It does not take into account all exposures to central governments and central banks, credit institutions, financial companies and households. These on-balance sheet and off-balance sheet exposures contribute to all Group risks, mainly credit risk. The breakdown by sector \u2013 as defined by European Regulation No.\u00a01893/2006 establishing the statistical classification of economic activities NACE rev. 2 \u2013 is based on the borrower\u2019s declaration.

These same balance sheet exposures of continuing activities, broken down by sector, are included in Table\u00a0107: Credit quality of exposures by sector and residual maturities of section\u00a05.11\u00a0Environmental, social and governance risks of this chapter. In the latter, exposures include, however, debt securities and equity instruments not held for trading.

\u27a4TABLE 51: BREAKDOWN OF LOANS AND ADVANCES AND PROVISIONS TO NON-FINANCIAL CORPORATIONS BY\u00a0INDUSTRY\u00a0(EU CQ5)\u00a0[Audited]

\u00a0

\u00a0

a

\u00a0

b

c

d

e

\u00a0

\u00a0

f

In millions of euros

31 December 2024

Gross carrying amount/Nominal amount

Accumulated impairment

Accumulated negative changes in fair value due to credit risk on non-performing exposures

\u00a0

Of which Instruments with significant increase in credit risk since initial recognition but not credit-impaired

(stage 2)

Of which non-performing

\u00a0

\u00a0

Of which Instruments with significant increase in credit risk since initial recognition but not credit-impaired

(Stage2)

Of which defaulted

\u00a0

Of which defaulted

Of which loans and advances subject to impairment

\u00a0

On balance sheet exposures

437,229

47,227

14,912

14,518

433,809

(8,613)

(775)

(7,203)

(11)

010

Agriculture, forestry and\u00a0fishing

11,331

810

396

395

11,226

(224)

(35)

(139)

020

Mining and quarrying

5,073

277

70

70

4,787

(67)

(4)

(60)

030

Manufacturing

93,308

11,654

3,326

3,286

93,170

(2,189)

(120)

(1,959)

040

Electricity, gas, steam and air conditioning supply

19,562

1,689

259

258

18,582

(133)

(34)

(85)

050

Water supply

3,397

368

138

136

3,397

(118)

(4)

(109)

060

Construction

25,065

2,815

1,889

1,882

24,937

(985)

(48)

(888)

(11)

070

Wholesale and retail trade

76,759

8,354

2,798

2,743

75,999

(1,768)

(116)

(1,535)

080

Transport and storage

26,790

2,912

614

577

26,734

(377)

(36)

(310)

090

Accommodation and food service activities

7,630

1,250

571

551

7,626

(276)

(16)

(247)

100

Information and communication

18,396

2,090

634

631

18,269

(206)

(45)

(144)

110

Financial and insurance activities

24,350

1,517

450

448

24,292

(293)

(38)

(223)

120

Real estate activities

60,216

6,995

1,890

1,889

60,216

(929)

(126)

(708)

130

Professional, scientific and technical activities

24,330

1,551

708

691

23,561

(428)

(34)

(348)

140

Administrative and support service activities

25,461

2,158

383

379

25,453

(293)

(68)

(194)

150

Public administration and defence, compulsory social security

205

64

12

11

205

(6)

(1)

(5)

160

Education

966

145

35

35

966

(20)

(1)

(17)

170

Human health services and social work activities

5,409

639

128

127

5,409

(80)

(13)

(54)

180

Arts, entertainment and recreation

2,099

641

136

136

2,099

(70)

(7)

(60)

190

Other services

6,883

1,297

474

274

6,882

(151)

(26)

(117)

200

Off-balance sheet exposures

372,589

20,139

2,281

2,281

372,589

(595)

(166)

(309)

-

\u00a0

Agriculture, forestry and fishing

988

48

3

3

988

(2)

(1)

\u00a0

Mining and quarrying

10,038

116

6

6

10,038

(2)

(1)

\u00a0

Manufacturing

117,538

5,630

420

420

117,538

(164)

(53)

(77)

\u00a0

Electricity, gas, steam and air conditioning supply

34,247

1,525

60

60

34,247

(21)

(13)

(1)

\u00a0

Water supply

3,418

108

81

81

3,418

(1)

\u00a0

\u00a0

\u00a0

Construction

28,290

2,526

555

555

28,290

(125)

(19)

(91)

\u00a0

Wholesale and retail trade

35,525

1,928

603

603

35,525

(123)

(16)

(87)

\u00a0

Transport and storage

20,471

1,876

26

26

20,471

(12)

(3)

(5)

\u00a0

Accommodation and food service activities

2,839

276

9

9

2,839

(6)

(3)

(2)

\u00a0

Information and communication

26,357

1,222

247

247

26,357

(21)

(12)

(4)

\u00a0

Financial and insurance activities

18,958

759

40

40

18,958

(23)

(6)

(9)

\u00a0

Real estate activities

16,492

660

143

143

16,492

(40)

(13)

(19)

\u00a0

Professional, scientific and technical activities

32,359

1,384

43

43

32,359

(20)

(12)

(1)

\u00a0

Administrative and support service activities

16,220

1,206

22

22

16,220

(20)

(10)

(5)

\u00a0

Public administration and defense, compulsory social security

125

\u00a0

1

1

125

\u00a0

Education

188

29

1

1

188

(1)

\u00a0

\u00a0

Human health services and social work activities

1,474

67

1

1

1,474

(1)

(1)

\u00a0

Arts, entertainment and recreation

1,638

288

5

5

1,638

(2)

(2)

\u00a0

Other services

5,423

491

14

14

5,423

(10)

(2)

(6)

\u00a0

TOTAL

809,818

67,366

17,193

16,799

806,398

(9,208)

(941)

(7,512)

(11)

\u00a0

\u00a0

a

\u00a0

b

c

d

e

\u00a0

\u00a0

f

In millions of euros

31 December 2023

Gross carrying amount\\Nominal amount

Accumulated impairment

Accumulated negative changes in fair value due to credit risk on non-performing exposures

\u00a0

Of which Instruments with significant increase in credit risk since initial recognition but not credit-impaired

(stage2)

Of which non-performing

\u00a0

\u00a0

\u00a0

Of which Instruments with significant increase in credit risk since initial recognition but not credit-impaired

(Stage2)

Of which Defaulted

\u00a0

Of which Defaulted

Of which loans and advances subject to impairment

\u00a0

On balance sheet exposures

444,913

51,031

14,155

13,810

443,073

(8,753)

(1,084)

(6,942)

(33)

010

Agriculture, forestry and fishing

12,989

969

460

457

12,841

(341)

(40)

(261)

\u00a0

020

Mining and quarrying

7,622

544

192

192

7,622

(124)

(5)

(108)

\u00a0

030

Manufacturing

91,434

9,444

2,603

2,439

90,492

(2,035)

(235)

(1,663)

\u00a0

040

Electricity, gas, steam and air conditioning supply

18,367

1,537

312

310

18,366

(138)

(17)

(102)

\u00a0

050

Water supply

2,507

276

108

106

2,507

(72)

(4)

(62)

\u00a0

060

Construction

25,544

2,919

2,110

2,099

25,523

(1,494)

(49)

(1,389)

(6)

070

Wholesale and retail trade

69,557

10,492

2,120

2,084

69,546

(1,323)

(172)

(1,033)

\u00a0

080

Transport and storage

28,600

3,837

593

591

28,529

(423)

(51)

(335)

\u00a0

090

Accommodation and food service activities

7,545

1,761

653

652

7,517

(347)

(69)

(262)

\u00a0

100

Information and communication

16,133

2,147

620

606

15,758

(178)

(46)

(111)

(27)

110

Financial and insurance activities

21,192

1,650

788

711

20,964

(502)

(58)

(408)

\u00a0

120

Real estate activities

61,270

7,111

1,494

1,494

61,256

(730)

(181)

(438)

\u00a0

130

Professional, scientific and technical activities

19,413

2,087

604

592

19,413

(333)

(41)

(257)

\u00a0

140

Administrative and support service activities

45,092

2,462

624

618

45,091

(334)

(49)

(252)

\u00a0

150

Public administration and defence, compulsory social security

724

55

59

59

724

(41)

(4)

(35)

\u00a0

160

Education

1,072

165

34

34

1,072

(29)

(5)

(16)

\u00a0

170

Human health services and social work activities

6,348

965

485

480

6,348

(139)

(27)

(96)

\u00a0

180

Arts, entertainment and recreation

1,974

511

141

141

1,974

(83)

(19)

(51)

\u00a0

190

Other services

7,531

2,098

155

146

7,530

(86)

(12)

(63)

\u00a0

200

Off-balance sheet exposures

358,419

21,465

1,389

1,386

358,419

(717)

(239)

(296)

-

\u00a0

Agriculture, forestry and fishing

1,511

91

3

3

1,511

(3)

(2)

\u00a0

\u00a0

\u00a0

Mining and quarrying

8,305

292

35

35

8,305

(6)

(1)

\u00a0

\u00a0

\u00a0

Manufacturing

112,756

4,542

352

352

112,756

(190)

(63)

(69)

\u00a0

\u00a0

Electricity, gas, steam and air conditioning supply

31,873

750

60

60

31,873

(26)

(6)

(10)

\u00a0

\u00a0

Water supply

3,317

90

19

19

3,317

(3)

\u00a0

(2)

\u00a0

\u00a0

Construction

32,639

2,205

356

356

32,639

(113)

(29)

(64)

\u00a0

\u00a0

Wholesale and retail trade

37,411

2,657

170

170

37,411

(91)

(24)

(45)

\u00a0

\u00a0

Transport and storage

20,851

3,981

33

33

20,851

(40)

(31)

(3)

\u00a0

\u00a0

Accommodation and food service activities

2,595

247

30

30

2,595

(10)

(6)

(2)

\u00a0

\u00a0

Information and communication

23,863

2,254

76

76

23,863

(50)

(21)

(21)

\u00a0

\u00a0

Financial and insurance activities

20,121

904

37

37

20,121

(69)

(13)

(48)

\u00a0

\u00a0

Real estate activities

15,335

732

55

55

15,335

(26)

(9)

(7)

\u00a0

\u00a0

Professional, scientific and technical activities

22,323

877

29

26

22,323

(19)

(7)

(2)

\u00a0

\u00a0

Administrative and support service activities

19,863

911

91

91

19,863

(27)

(12)

(5)

\u00a0

\u00a0

Public administration and defence, compulsory social security

364

110

\u00a0

\u00a0

364

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Education

279

30

1

1

279

(1)

\u00a0

\u00a0

\u00a0

\u00a0

Human health services and social work activities

1,393

82

32

32

1,393

(3)

(1)

\u00a0

\u00a0

\u00a0

Arts, entertainment and recreation

1,030

259

5

5

1,030

(10)

(6)

\u00a0

\u00a0

\u00a0

Other services

2,589

452

5

5

2,589

(29)

(7)

(18)

\u00a0

\u00a0

TOTAL

803,332

72,496

15,544

15,196

801,492

(9,470)

(1,323)

(7,238)

(33)

\u00a0

Industry risks are monitored in terms of gross exposure(11)\u00a0and risk-weighted assets. Certain sectors, defined in line with the principles of the Group\u2019s Risk Appetite Statement, are subject to enhanced monitoring and specific reviews. Their monitoring is carried out on a wider scope, taking into account all the exposures of the Business Groups and entities relating to these sectors as defined by the monitoring and the internal risk management nomenclature.

The Group remains diversified, with no sector accounting for more than 10% of corporate lending exposure and more than 4.0% of total credit exposure as at 31\u00a0December 2023.

At 31 December 2024, doubtful loans increased resulting from an increase in CPBS corporate and retail portfolios, especially in CPB France, CPB Belgium and ARVAL, offset by the disposal of non performing retail portfolios in Italy.

The main effects explaining changes in the amount of doubtful outstandings in 2024 (EU CR2-B) are presented in note\u00a04.f Impaired financial assets (stage\u00a03) to the consolidated financial statments.

The cost of risk and the change in impairment in respect of credit risk are presented in note\u00a01.f.6 Cost of risk to the consolidated financial statements.

The following table shows the carrying amounts of the financial assets and commitments at amortised cost and fair value through equity subject to impairment provisions for credit risk (i.e. excluding instruments at fair value through profit and loss) broken down by stage of impairment and by BNP\u00a0Paribas internal rating in the prudential scope. Financial assets subject to impairment are recognised in the following accounting categories:

\u27a4TABLE 52: BREAKDOWN OF FINANCIAL ASSETS SUBJECT TO IMPAIRMENT BY STAGE AND internal RATING\u00a0[Audited]

In millions of euros

31 December 2024

Gross carrying value

Impairments

Net carrying value

BNP Paribas rating or equivalent

TOTAL

1 to 3

4 to 5

6 to 8

9 to 10

Defaulted

Central Banks

174,299

1,294

3,786

597

-

179,975

(15)

179,961

Stage\u00a01

174,299

1,293

3,780

179,371

(14)

179,357

Stage\u00a02

1

6

597

604

(1)

603

Stage\u00a03

\u00a0

\u00a0

\u00a0

Debt securities at fair value through\u00a0equity

69,567

3,071

2,251

1

106

74,997

(123)

74,874

Stage\u00a01

69,567

2,956

2,084

1

74,608

(10)

74,598

Stage\u00a02

116

167

283

(11)

272

Stage\u00a03

106

106

(102)

4

Loans and advances at amortised cost

295,916

247,221

369,980

20,438

26,479

960,034

(17,152)

942,882

Stage\u00a01

294,095

241,379

322,731

5,221

863,426

(1,812)

861,614

Stage\u00a02

1,821

5,842

47,250

15,217

70,129

(1,920)

68,209

Stage\u00a03

26,479

26,479

(13,420)

13,059

Debt securities at amortised cost

127,268

12,838

5,118

1,529

265

147,019

(188)

146,830

Stage\u00a01

127,268

12,508

5,068

\u00a0

144,843

(16)

144,827

Stage\u00a02

330

50

1,529

1,911

(28)

1,883

Stage\u00a03

265

265

(145)

120

Financing and guarantee commitments

337,114

131,476

124,485

3,863

2,439

599,377

(496)

598,881

Stage\u00a01

335,261

128,219

109,042

623

573,146

(163)

572,983

Stage\u00a02

1,853

3,257

15,443

3,240

23,792

(173)

23,619

Stage\u00a03

2,439

2,439

(160)

2,279

TOTAL

1,004,164

395,900

505,620

26,429

29,290

1,961,403

(17,974)

1,943,429

\u00a0

Financial assets subject to impairement are up by EUR 6 billion compared to 31 December 2023. The increase observed in loans and receivables, debt securities and financing and guarantee commitments is compensated by a decrease in central banks deposits.

This annual variation relates mainly to financial assets and commitments rated 1 to 3 (+EUR 71 billion), while financial assets and commitments rated 4 to 5 decreased by EUR 63 billion, as a result of internal credit risk models review leading to an overall improvement in the ratings of counterparties concerned.

Loans and receivables at amortised cost classified in stage 1 increased by EUR 29 billion, while outstandings classified in stage 2 decreased by EUR 4 billion.

Debt securities at amortised cost classified in stage 2 amounted to EUR 1.9 billion compared to EUR 94 million in 31 December 2023, following the change in consolidation method for UkrSibbank entity (See section 8.d in financial statements Business combinations and loss of control or significant influence).

In millions of euros

31 December 2023

Gross carrying value

Impairments

Net carrying value

BNP Paribas rating or equivalent

TOTAL

1 to 3

4 to 5

6 to 8

9 to 10

Defaulted

Central Banks

280,710

1,085

3,489

312

-

285,596

(20)

285,576

Stage\u00a01

280,710

1,085

3,484

\u00a0

\u00a0

285,279

(20)

285,259

Stage\u00a02

\u00a0

\u00a0

5

312

\u00a0

317

\u00a0

317

Stage\u00a03

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Debt securities at fair value through equity

49,857

1,996

1,126

-

109

53,088

(121)

52,967

Stage\u00a01

49,857

1,833

1,048

\u00a0

\u00a0

52,738

(7)

52,731

Stage\u00a02

\u00a0

163

78

\u00a0

\u00a0

241

(12)

229

Stage\u00a03

\u00a0

\u00a0

\u00a0

\u00a0

109

109

(102)

7

Loans and advances at amortised cost

222,805

283,937

380,766

20,237

25,887

933,632

(17,572)

916,060

Stage\u00a01

220,797

276,147

331,317

5,766

\u00a0

834,027

(1,970)

832,057

Stage\u00a02

2,008

7,790

49,449

14,471

\u00a0

73,718

(2,387)

71,331

Stage\u00a03

\u00a0

\u00a0

\u00a0

\u00a0

25,887

25,887

(13,215)

12,672

Debt securities at amortised cost

105,170

12,653

3,016

67

180

121,086

(104)

120,982

Stage\u00a01

105,170

12,632

2,960

50

\u00a0

120,812

(12)

120,800

Stage\u00a02

\u00a0

21

56

17

\u00a0

94

(5)

89

Stage\u00a03

\u00a0

\u00a0

\u00a0

\u00a0

180

180

(87)

93

Financing and guarantee commitments

274,772

159,280

118,897

7,169

1,658

561,776

(883)

560,893

Stage\u00a01

272,732

155,360

104,403

1,064

\u00a0

533,559

(269)

533,290

Stage\u00a02

2,040

3,920

14,494

6,105

\u00a0

26,559

(301)

26,258

Stage\u00a03

\u00a0

\u00a0

\u00a0

\u00a0

1,658

1,658

(313)

1,345

TOTAL

933,314

458,951

507,294

27,785

27,834

1,955,178

(18,700)

1,936,478

\u00a0

Restructured loans [Audited]

When a borrower is bordering on or is in financial difficulties, he may receive a concession from the Bank that would otherwise not have been granted if the borrower had not met with financial difficulties. The concession may be:

The loan is then said to be \u201crestructured\u201d. It must retain the status of \u201crestructured\u201d during a period of observation, known as a probation period, for at least two years. The concept of restructuring is described in the accounting principles (note\u00a01.f.5 Impairment of financial assets measured at amortised cost and debt instruments measured at fair value through shareholders\u2019 equity to the consolidated financial statements as at 31\u00a0December 2024) and is aligned with article\u00a047 of Regulation 575/2013.

According to the principles for identifying the restructured exposure amounts for the Group as a whole, for the non-retail business, exposures are identified individually during the loan process, notably during committees. As for restructured exposures for retail customers, they are usually identified via a systematic process requiring the use of algorithms whose parameters are validated by the RISK and Finance & Strategy Functions.

Information on restructured loans is reported to the supervisory authority on a quarterly basis.

The following table shows the gross value and impairment amounts of performing and non-performing loans that have been restructured.

\u00a0

\u27a4TABLE 53: CREDIT QUALITY OF RESTRUCTURED LOANS\u00a0(EU CQ1)\u00a0[Audited]

\u00a0

\u00a0

a

b

c

e

f

g

h

In millions of euros

31 December 2024

Gross carrying amount

Accumulated impairment, accumulated negative changes in fair value due to credit risk and provisions

Collaterals received and financial guarantees received

Performing exposures

Non-performing exposures

On performing exposures

On non-performing exposures

\u00a0

Of which Collateral and financial guarantees received on non-performing exposures

\u00a0

Of which defaulted

010

Loans and advances

8,328

7,985

7,984

(289)

(3,260)

8,500

2,850

030

General governments

14

3

3

\u00a0

(2)

040

Credit institutions

5

5

(5)

050

Other financial corporations

111

386

386

(2)

(258)

162

114

060

Non-financial corporations

6,281

4,255

4,253

(145)

(1,725)

6,766

2,006

070

Households

1,923

3,336

3,336

(141)

(1,270)

1,572

730

080

Debt securities

-

22

22

-

(22)

-

-

090

Loan commitments given

2,209

433

431

(11)

(34)

1,323

245

100

Total

10,537

8,440

8,437

(300)

(3,316)

9,823

3,095

\u00a0

\u00a0

a

b

c

e

f

g

h

In millions of euros

31 December 2023

Gross carrying amount

Accumulated impairment, accumulated negative changes in fair value due to credit risk and provisions

Collaterals received and financial guarantees received

Performing exposures

Non-performing exposures

On performing exposures

On non-performing exposures

\u00a0

Of which Collateral and financial guarantees received on non-performing exposures

\u00a0

Of which defaulted

010

Loans and advances

6,713

7,738

7,714

(312)

(3,179)

6,977

2,695

030

General governments

15

5

5

\u00a0

(4)

\u00a0

\u00a0

040

Credit institutions

\u00a0

5

5

\u00a0

(5)

\u00a0

\u00a0

050

Other financial corporations

377

421

421

(11)

(244)

252

169

060

Non-financial corporations

4,547

3,915

3,898

(140)

(1,639)

4,981

1,660

070

Households

1,775

3,392

3,385

(162)

(1,287)

1,744

866

080

Debt securities

-

25

25

-

(13)

-

-

\u00a0

Assets held for sale

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

090

Loan commitments given

2,290

309

307

(18)

(40)

1,465

64

100

Total

9,002

8,073

8,046

(331)

(3,232)

8,442

2,758

\u27a4TABLE 54: CREDIT RISK MITIGATION TECHNIQUES\u00a0(EU CR3)\u00a0[Audited]

\u00a0

\u00a0

\u00a0

a

b

c

d

e

In millions of euros

31 December 2024

Gross carrying amount

Unsecured net carrying amount

\u00a0

Secured net carrying amount

\u00a0

Secured by\u00a0
physical collateral

Secured by personal guarantees

\u00a0

Secured by credit derivatives

1

Loans and advances

1,143,839

593,984

532,676

320,793

211,883

\u00a0

2

Debt securities

223,430

219,153

3,925

2,035

1,890

\u00a0

3

Total

1,367,269

813,137

536,601

322,828

213,773

-

4

of which non-performing exposures

27,421

5,048

8,646

5,435

3,211

\u00a0

EU-5

of which defaulted

26,923

4,785

8,506

5,420

3,086

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

a

b

c

d

e

In millions of euros

31 December 2023

Gross carrying amount

Unsecured net carrying amount

\u00a0

Secured net carrying amount

\u00a0

Secured by physical collateral

Secured by personal guarantees

\u00a0

Secured by credit derivatives

1

Loans and advances

1,221,527

656,149

547,754

315,544

232,210

\u00a0

2

Debt securities

176,026

171,747

4,017

1,795

2,222

\u00a0

3

Total

1,397,553

827,895

551,771

317,339

234,432

-

4

of which non-performing exposures

27,126

5,089

8,551

5,847

2,704

\u00a0

EU-5

of which defaulted

26,661

4,981

8,343

5,826

2,517

\u00a0

\u27a4TABLE 57: COLLATERAL OBTAINED BY TAKING POSSESSION AND EXECUTION PROCESSES (EU CQ7) [Audited]

\u00a0

\u00a0

a

b

a

b

In millions of euros

31 December 2024

31 December 2023

Collateral obtained by taking possession accumulated

Collateral obtained by taking possession accumulated

Value at initial recognition

Accumulated negative changes

Value at initial recognition

Accumulated negative changes

010

Property Plant and Equipment (PP&E)

\u00a0

\u00a0

\u00a0

\u00a0

020

Other than Property Plant and Equipment

191

(23)

227

(29)

030

Residential immovable property

167

(23)

199

(29)

040

Commercial immovable property

6

\u00a0

8

\u00a0

050

Movable property (auto, shipping, etc.)

\u00a0

\u00a0

060

Equity and debt instruments

19

20

\u00a0

070

Other collateral

\u00a0

\u00a0

080

TOTAL

191

(23)

227

(29)

\u00a0

\u00a0

Collateral obtained by taking possession includes assets obtained in exchange for cancellation of the receivable, whether on a voluntary basis or on the basis of legal proceedings.

", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_24e2ae0c-b37d-450c-94d5-d4dc73fae149": { "value": "
1.f.5Impairment of financial assets measured at amortised cost and debt instruments measured at fair value through shareholders\u2019 equity

The impairment model for credit risk is based on expected losses.

This model applies to loans and debt instruments measured at amortised cost or at fair value through equity, to loan commitments and financial guarantee contracts that are not recognised at fair value, as well as to lease receivables, trade receivables and contract assets.

General model

The Group identifies three \u201cstages\u201d that each correspond to a specific status with regards to the evolution of counterparty credit risk since the initial recognition of the asset.

This general model is applied to all instruments within the scope of IFRS\u00a09 impairment, except for purchased or originated credit-impaired financial assets and instruments for which a simplified model is used (see below).

The IFRS\u00a09 expected credit loss approach is symmetrical, i.e. if lifetime expected credit losses have been recognised in a previous reporting period, and if it is assessed in the current reporting period that there is no longer any significant increase in credit risk since initial recognition, the loss allowance reverts to a 12-months expected credit loss.

As regards interest income, under \u201cstages\u201d 1 and 2, it is calculated on the gross carrying amount. Under \u201cstage\u00a03\u201d, interest income is calculated on the amortised cost (i.e. the gross carrying amount adjusted for the loss allowance).

Definition of default

The definition of default is aligned with the Basel regulatory default definition, with a rebuttable presumption that the default occurs no later than 90\u00a0days past due. This definition takes into account the EBA guidelines of 28\u00a0September 2016, notably those regarding the thresholds applicable for the counting of past-due and probation periods.

The definition of default is used consistently for assessing the increase in credit risk and measuring expected credit losses.

Credit-impaired or doubtful financial assets
Definition

A financial asset is considered credit-impaired or doubtful and classified in \u201cstage\u00a03\u201d when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred.

At an individual level, objective evidence that a financial asset is credit-impaired includes observable data regarding the following events: the existence of accounts that are more than 90\u00a0days past due; knowledge or indications that the borrower is experiencing significant financial difficulties, such that a risk can be considered to have arisen regardless of whether the borrower has missed any payments; concessions with respect to the credit terms granted to the borrower that the lender would not have considered had the borrower not been in financial difficulty (see section Restructuring of financial assets for financial difficulties).

Specific cases of purchased or originated credit-impaired assets

In some cases, financial assets are credit-impaired at initial recognition.

For these assets, no loss allowance is recorded on initial recognition. The effective interest rate is calculated taking into account the lifetime expected credit losses in the initial estimated cash flows. Any change in lifetime expected credit losses since initial recognition, positive or negative, is recognised as a loss allowance adjustment in profit or loss.

Simplified model

The simplified approach consists in accounting for a loss allowance corresponding to lifetime expected credit losses since initial recognition, and at each reporting date.

The Group applies this model to trade receivables with a maturity shorter than 12\u00a0months.

Significant increase in credit risk

A significant increase in credit risk may be assessed on an individual basis or on a collective basis (by grouping financial instruments according to common credit risk characteristics), taking into account all reasonable and supportable information and comparing the risk of default of the financial instrument at the reporting date with the risk of default of the financial instrument at the date of initial recognition.

Assessment of deterioration is based on the comparison of the probabilities of default derived from the ratings on the date of initial recognition with those existing at the reporting date.

There is also, according to the standard, a rebuttable presumption that the credit risk of an instrument has significantly increased since initial recognition when the contractual payments are more than 30\u00a0days past due.

In the consumer credit specialist business, a significant increase in credit risk is also considered when a past due event has occurred within the last 12\u00a0months, even if it has since been regularised. From 2024, this specificity no longer applies to most exposures in the eurozone.

The approaches applied to assess the significant increase in credit risk are detailed in note\u00a02.g Cost of risk.

Measurement of expected credit losses

Expected credit losses are defined as an estimate of credit losses (i.e. the present value of all cash shortfalls) weighted by the probability of occurrence of these losses over the expected life of the financial instruments. They are measured on an individual basis, for all exposures.

In practice, for exposures classified in stage\u00a01 and stage\u00a02, expected credit losses are measured as the product of the probability of default (\u201cPD\u201d), Loss Given Default (\u201cLGD\u201d) and Exposure at Default (\u201cEAD\u201d), discounted at the effective interest rate of the exposure (EIR). They result from the risk of default within the next 12\u00a0months (stage\u00a01), or from the risk of default over the maturity of the facility (stage\u00a02). In the consumer credit specialist business, because of the specificity of credit exposures, the methodology used is based on the probability of transition to term forfeiture, and on discounted loss rates after term forfeiture. These parameters are measured on a statistical basis for homogeneous populations. From 2024, this specificity no longer applies to most exposures in the Eurozone.

For exposures classified in stage\u00a03, expected credit losses are measured as the value, discounted at the effective interest rate, of all cash shortfalls over the life of the financial instrument. Cash shortfalls represent the difference between the cash flows that are due in accordance with the contract, and the cash flows that are expected to be received. Where appropriate, the estimate of expected cash flows takes into account a cash flow scenario arising from the sale of the defaulted loans or groups of loans. Proceeds from the sale are recorded net of costs to sell.

The methodology developed is based on existing concepts and methods (in particular the Basel framework) on exposures for which capital requirement for credit risk is measured according to the Internal Ratings-Based Approach (IRBA) methodology. This method is also applied to portfolios for which capital requirement for credit risk is measured according to the standardised approach. Besides, the Basel framework has been adjusted in order to be compliant with IFRS\u00a09 requirements, in particular the use of forward-looking information.

Maturity

All contractual terms of the financial instrument are taken into account, including prepayment, extension and similar options. In the rare cases where the expected life of the financial instrument cannot be estimated reliably, the residual contractual term is used. The standard specifies that the maximum period to consider when measuring expected credit losses is the maximum contractual period. However, for revolving credit cards and overdrafts, in accordance with the exception provided by IFRS\u00a09 for these products, the maturity considered for measuring expected credit losses is the period over which the entity is exposed to credit risk, which may extend beyond the contractual maturity (notice period). For revolving credits and overdrafts to non-retail counterparties, the contractual maturity can be used, for example if the next review date is the contractual maturity as they are individually managed.

Probabilities of Default (PD)

Probability of Default is an estimate of the likelihood of default over a given time horizon.

The determination of the PD is based on the Group\u2019s internal rating system, which is described in chapter\u00a05 of the Universal registration document (section\u00a05.4 Credit risk \u2013 Credit risk management policy). This section describes how Environmental, social and governance (ESG) risks are taken into account in credit and rating policies, notably with the introduction of a new tool: the ESG Assessment.

The measurement of expected credit losses requires the estimation of both 1-year probabilities of default and lifetime probabilities of default.

1-year PDs are derived from long term average regulatory \u201cthrough the cycle\u201d PDs to reflect the current situation and macroeconomic scenarios (\u201cPoint in Time\u201d or \u201cPIT\u201d).

Lifetime PDs are determined based on the rating migration matrices reflecting the expected changes in the rating of the exposure until maturity, and the associated probabilities of default.

Loss Given Default (LGD)

Loss Given Default is the difference between contractual cash flows and expected cash-flows, discounted using the effective interest rate (or an approximation thereof) at the default date. LGD is expressed as a percentage of the Exposure at Default (EAD).

The estimate of expected cash flows takes into account cash flows resulting from the sale of collateral held or other credit enhancements if they are part of the contractual terms and are not accounted for separately by the entity (for example, a mortgage associated with a residential loan), net of the costs of obtaining and selling the collateral.

For guaranteed loans, the guarantee is considered as integral to the loan agreement if it is embedded in the contractual clauses of the loan, or if it was granted concomitantly to the loan, and if the expected reimbursement amount can be attached to a loan in particular (i.e. absence of pooling effect by means of a tranching mechanism, or the existence of a global cap for a whole portfolio). In such case, the guarantee is taken into account when measuring the expected credit losses. Otherwise, it is accounted for as a separate reimbursement asset.

The LGD used for IFRS\u00a09 purposes is derived from the Basel LGD parameters. It is adjusted for downturn and conservatism margins (in particular regulatory margins), except for margins for model uncertainties. For corporate clients, this LGD is determined considering macroeconomic scenarios.

Exposure at Default (EAD)

Exposure at Default (EAD) of an instrument is the anticipated outstanding amount owed by the obligor at the time of default. It is determined by the expected payment profile taking into account, depending on the product type: the contractual repayment schedule, expected early repayments and expected future drawings for revolving facilities.

Forward-looking information

The amount of expected credit losses is measured on the basis of probability-weighted scenarios, in view of past events, current conditions and reasonable and supportable economic forecasts. From 31\u00a0December 2024, forward\u2011looking information specifically takes into account risks related to climate change transition, in particular through the use of long-term scenarios.

The approaches applied to take into account forward-looking information when measuring expected credit losses are detailed in note\u00a02.g Cost of risk.

Write-offs

A write-off consists in reducing the gross carrying amount of a financial asset when there are no longer reasonable expectations of recovering that financial asset in its entirety or a portion thereof, or when it has been fully or partially forgiven. The write-off is recorded when all other means available to the Bank for recovering the receivables or guarantees have failed, and also generally depends on the context specific to each jurisdiction.

If the amount of loss on write-off is greater than the accumulated loss allowance, the difference is recognised as an additional impairment loss in \u201cCost of risk\u201d. For any recovery once the financial asset (or part thereof) is no longer recognised on the balance sheet, the amount received is recorded as a gain in \u201cCost of risk\u201d.

Recoveries through the repossession of\u00a0the\u00a0collateral

When a loan is secured by a financial or a non-financial asset serving as a guarantee and the counterparty is in default, the Group may decide to exercise the guarantee and, depending on the jurisdiction, it may then become owner of the asset. In such a situation, the loan is written-off against the asset received as collateral.

Once ownership of the asset is effective, it is recognised at fair value and classified according to the intent of use.

Restructuring of financial assets for financial difficulties

A restructuring due to the borrower\u2019s financial difficulties is defined as a change in the terms and conditions of the initial transaction that the Group is considering only for economic or legal reasons related to the borrower\u2019s financial difficulties.

For restructurings not resulting in derecognition of the financial asset, the restructured asset\u2019s gross carrying amount is reduced to the discounted amount, using the original effective interest rate of the asset, of the new expected future flows. The change in the gross carrying amount of the asset is recorded in the income statement in \u201cCost of risk\u201d.

The existence of a significant increase in credit risk for the financial instrument is then assessed by comparing the risk of default after the restructuring (under the revised contractual terms) and the risk of default at the initial recognition date (under the original contractual terms). In order to demonstrate that the criteria for recognising lifetime expected credit losses are no longer met, good payment behaviour will have to be observed over a certain period of time.

When the restructuring consists of a partial or total exchange against other substantially different assets (for example, the exchange of a debt instrument against an equity instrument), it results in the extinction of the original asset and the recognition of the assets remitted in exchange, measured at their fair value at the date of exchange. The difference in value is recorded in the income statement in \u201cCost of risk\u201d.

Modifications to financial assets that are not due to a borrower\u2019s financial difficulties, or granted in the context of a moratorium (i.e. commercial renegotiations) are generally analysed as the early repayment of the former loan, which is then derecognised, followed by the set-up of a new loan at market conditions. If there is no significant repayment penalty, they consist in resetting the interest rate of the loan at market conditions, with the client being in a position to change lender and not encountering any financial difficulties.

Probation periods

The Group applies observation periods to assess the possible return to a better stage. Accordingly, a 3-month probation period is observed for the transition from stage\u00a03 to stage\u00a02 which is extended to 12\u00a0months in the event of restructuring due to financial difficulties.

For the transition from stage\u00a02 to stage\u00a01, a probation period of two years is observed for loans that have been restructured due to financial difficulties.

1.f.6Cost of risk

Cost of risk includes the following items of profit or loss:

It also includes expenses relating to fraud and to disputes inherent to the financing activity.

2.gCost of risk

The general model for impairment described in note\u00a01.f.5 used by the Group relies on the following two steps:

Both steps rely on forward-looking information.

Significant increase in credit risk

At 31\u00a0December 2022, BNP\u00a0Paribas revised its criteria for assessing the significant increase in credit risk in line with the recommendations issued by the European Banking Authority and the European Central Bank.

Under these criteria, credit risk is assumed to have significantly increased, and the asset is classified in stage\u00a02, if the probability of default to maturity of the instrument has increased at least threefold since its origination. This relative variation criterion is supplemented by an absolute variation criterion of the default probability of 400\u00a0basis points.

Furthermore, for all portfolios (except for the consumer credit specialist business):

In the consumer credit specialist business, the existence of a payment incident during the last 12\u00a0months, potentially regularised, is considered to be an indication of significant increase in credit risk and the facility is therefore classified in stage\u00a02. From 2024, this specificity no longer applies to most exposures in the Eurozone.

Credit risk is assumed to have increased significantly since initial recognition and the asset is classified in stage\u00a02 in the event of late payment of more than 30\u00a0days or restructuring due to financial difficulties (as long as the facility is not credit-impaired). Since 31\u00a0December 2023, performing corporate clients placed under credit watch are systematically downgraded to stage\u00a02.

In 2022, the internal ratings of the Russian counterparties (including the sovereign rating) were systematically downgraded to take into account the geopolitical situation of the country, thus leading to the transfer of their outstandings to stage\u00a02. However, given the Group\u2019s limited level of exposure to this country, this deterioration had no significant effect on the cost of risk.

Forward-Looking Information

The Group considers forward-looking information both when assessing significant increase in credit risk and when measuring Expected Credit Losses (ECL).

Regarding the measurement of expected credit losses, the Group has chosen to use 4 macroeconomic scenarios by geographic area covering a wide range of potential future economic conditions:

The link between the macroeconomic scenarios and the ECL measurement is mainly achieved through a modelling of the probabilities of default and deformation of migration matrices based on internal rating (or risk parameter). The probabilities of default determined according to these scenarios are used to measure expected credit losses in each of these scenarios.

The Group\u2019s setup is broken down by sector to take into account the heterogeneity of sectoral dynamics when assessing the probability of default for corporates.

Forward-looking information is also considered when determining the significant deterioration in credit risk. As a matter of fact, the probabilities of default used as the basis for this assessment include forward-looking multi-scenario information in the same way as for the calculation of the expected losses.

The weight to be attributed to the expected credit losses calculated in each of the scenarios is defined as follows:

When appropriate, the ECL measurement can take into account asset sale scenarios.

Macroeconomic scenarios

The four macroeconomic scenarios are defined over a three-year projection horizon. They correspond to:

The link between the macroeconomic scenarios and the measurement of the ECL is complemented by an approach allowing to take into account anticipation aspects not captured by the models in the generic approach. This is particularly the case when unprecedented events in the historical chronicle taken into account to build the models occur or are anticipated, or when the nature or amplitude of change in macroeconomic parameter calls into question past correlations. Thus, the situation of high inflation and the level of interest rates previously recorded were not observed in the reference history. In this context, the Group has developed an approach to take into account the future economic outlook when assessing the financial strength of counterparties. This approach involves projecting the impact of higher interest rates on customers\u2019 financial ratios, notably considering their level of indebtedness. Credit ratings and associated probabilities of default are revalued based on these simulated financial ratios. This approach is also used to anticipate the effect of lower prices of commercial properties. Starting in 2024, this approach is also used to complete the prospective assessment of the potential consequences of climate change (transition and physical risks) on the credit risk of corporate counterparties and mortgages. At the end of 2024, physical risks are accounted for through a post-model adjustment.

Baseline scenario

In 2024, global activity grew at a relatively moderate pace. In the Eurozone, activity returned to growth, supported by the positive impact of disinflation on real incomes and consumption, and the gradual easing of monetary conditions. In the United States, the economy remained strong. At 31\u00a0December 2024, annual growth forecasts were +0.8% in the Eurozone and +2.7% in the United States (compared to expectations of +0.8% and +0.7% respectively at 31\u00a0December 2023).\u00a0

Over the 2025-2027 period, the baseline scenario assumes a gradual continuation of the recovery in the eurozone, which would result from a strengthening of private domestic demand, as public spending is expected to be more constrained. In the United States, a deceleration in growth is assumed, after a few years of strong expansion.\u00a0

Inflation has continued to slow over the course of 2024, moving closer to the targets of major central banks. This has allowed most of them (ECB, Federal Reserve, Bank of England, etc.) to start a rate cut cycle. This monetary policy adjustment is expected to extend in 2025. Then, central bank rates are expected to remain stable over the following years (2026-2027), in the presence of controlled inflation, evolving around 2%.\u00a0

Long-term interest rates in 2023-2024 reached levels not seen in more than a decade and are assumed to remain relatively stable over the projection horizon (with no significant changes in growth and inflation scenarios).

The uncertainty surrounding the baseline scenario appears to be relatively high. The current geopolitical context, marked by two major ongoing conflicts (invasion of Ukraine, conflict in the Middle East) and significant tensions in other regions (in Asia in particular), is likely to evolve rapidly. Additionally, the presidential shift in the\u00a0United\u00a0States in January 2025 may lead to notable changes in economic policy, particularly concerning customs duties, which could impact the global economy.\u00a0

\u00a0

The graph below presents a comparison of Eurozone GDP projections used in the baseline scenario for the calculation of ECLs on 31\u00a0December 2024 and 31\u00a0December 2023.

\u27a4EUROZONE GDP: INDEX BASE 100 AT THE FOURTH QUARTER OF 2019
\"BNP2024_URD_EN_I027_HD.jpg\"
\u27a4Macroeconomic variables, baseline scenario at 31\u00a0December 2024

(annual averages)

2024

2025

2026

2027

GDP growth rate

\u00a0

\u00a0

\u00a0

\u00a0

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

\u00a0

\u00a0

\u00a0

\u00a0

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

\u00a0

\u00a0

\u00a0

\u00a0

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

\u00a0

\u00a0

\u00a0

\u00a0

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%

\u00a0

Adverse and severely adverse scenarios

The adverse and severely adverse scenarios assume that some downside risks will materialise, resulting in much less favourable economic paths than in the baseline scenario.

The following main risks are identified:

The adverse and severe scenarios assume the materialisation of these identified risks from the first quarter of 2025. While downside risks are shared by these scenarios, the impacts are assumed to be markedly higher in the severely adverse scenario, due to both more pronounced direct shocks notably higher commodity prices, and the development of a negative spiral between key driving factors (activity, public debt, bond yields, equity markets).
Among the considered countries, GDP levels in the adverse scenario stand between 7.8% and 11.2% lower than in the baseline scenario at the end of the shock period. In particular, this deviation reaches 8.2% in the Eurozone and 8.4% in the United States. In the severe scenario, GDP levels stand between 11.5% and 16.4% lower than in the baseline scenario at the end of the shock period. This deviation reaches 12.1% in the Eurozone and 12.3% in the United States.

Scenario weighting and cost of risk sensitivity

At 31\u00a0December 2024, the weight of the favourable scenario considered by the Group was 28%, and 17% for the adverse scenario and 5% for the severe scenario. At 31\u00a0December 2023, the weight of the favourable scenario was 33%, 12% for the adverse scenario and 5% for the severe scenario.

The sensitivity of the amount of expected credit losses for all financial assets at amortised cost or at fair value through equity and credit commitments is assessed by comparing the estimated expected credit losses resulting from the weighting of the above scenarios with that resulting from each of the two main scenarios:

Post-model adjustments

Post-model adjustments are made when system limitations are identified in a particular context, for instance, in the case of insufficient statistical data to reflect the specific situation in the models. Post-model adjustments are also considered to take into account, where applicable, the consequences of climatic events on expected credit losses.

Notably, additional adjustments were made in 2022 to take into account the effects of inflation and interest rate hikes when this effect is not directly estimated by the models. For example, within the consumer credit specialist business, adjustments were considered for the categories of customers most sensitive to the gradual decline in the level of their net income. Given the evolution of the macroeconomic context in 2023 and 2024, these adjustments have been reassessed and are gradually reversed or used.

All of these adjustments represent 3.7% of the total amount of expected credit losses at 31\u00a0December 2024, compared with 4.5% at 31\u00a0December 2023.

\u00a0

\u27a4Cost of credit risk for the period

In millions of euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Net allowances to impairment

(2,689)

(2,596)

Recoveries on loans and receivables previously written off

250

250

Losses on irrecoverable loans

(560)

(561)

Total cost of risk for the period

(2,999)

(2,907)

\u00a0

\u27a4Cost of risk for the period by accounting category and asset type

In millions of euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Cash and balances at central banks

4

(5)

Financial instruments at fair value through profit or loss

(98)

(31)

Financial assets at fair value through equity

(1)

3

Financial assets at amortised cost

(3,013)

(2,904)

Loans and receivables

(2,907)

(2,912)

Debt securities

(106)

8

Other assets

1

(2)

Financing and guarantee commitments and other items

108

32

Total cost of risk for the period

(2,999)

(2,907)

Cost of risk on unimpaired assets and commitments

765

517

of which stage\u00a01

212

122

of which stage\u00a02

553

395

Cost of risk on impaired assets and commitments \u2013 stage\u00a03

(3,764)

(3,424)

\u27a4Credit risk impairment

Changes in impairment by accounting category and asset type during the period

In millions of euros, at

31 December 2023

Net allowance to impairment

Impairment provisions used

Changes in scope, exchange rates and other items

31 December 2024

Assets impairment

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Amounts due from central banks

20

(4)

\u00a0

(1)

15

Financial instruments at fair value through profit or loss

108

61

(87)

8

90

Financial assets at fair value through equity

121

2

\u00a0

\u00a0

123

Financial assets at amortised cost

17,715

2,769

(3,647)

344

17,181

Loans and receivables

17,611

2,665

(3,619)

336

16,993

Debt securities

104

104

(28)

8

188

Other assets

30

6

(1)

15

50

Total impairment of financial assets

17,994

2,834

(3,735)

366

17,459

of which stage\u00a01

1,966

(122)

(3)

(28)

1,813

of which stage\u00a02

2,429

(458)

(23)

3

1,951

of which stage\u00a03

13,599

3,414

(3,709)

391

13,695

Provisions recognised as liabilities

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Provisions for commitments

883

(148)

(1)

(28)

706

Other provisions

387

3

(38)

(3)

349

Total provisions recognised for credit commitments

1,270

(145)

(39)

(31)

1,055

of which stage\u00a01

269

(91)

\u00a0

4

182

of which stage\u00a02

301

(98)

\u00a0

3

206

of which stage\u00a03

700

44

(39)

(38)

667

Total impairment and provisions

19,264

2,689

(3,774)

335

18,514

Change in impairment by accounting category and asset type during the previous period

In millions of euros, at

31 December 2022

Net allowance to impairment

Impairment provisions used

Changes in scope, exchange rates and other items

31 December 2023

Assets impairment

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Amounts due from central banks

21

5

\u00a0

(6)

20

Financial instruments at fair value through profit or loss

108

30

(24)

(6)

108

Financial assets at fair value through equity

130

(3)

\u00a0

(6)

121

Financial assets at amortised cost

18,511

2,620

(3,273)

(143)

17,715

Loans and receivables

18,381

2,627

(3,264)

(133)

17,611

Debt securities

130

(7)

(9)

(10)

104

Other assets

43

\u00a0

(14)

1

30

Total impairment of financial assets

18,813

2,652

(3,311)

(160)

17,994

of which stage\u00a01

2,074

(60)

(2)

(46)

1,966

of which stage\u00a02

2,881

(347)

(41)

(64)

2,429

of which stage\u00a03

13,858

3,059

(3,268)

(50)

13,599

Provisions recognised as liabilities

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Provisions for commitments

980

(69)

(1)

(27)

883

Other provisions

450

13

(44)

(32)

387

Total provisions recognised for credit commitments

1,430

(56)

(45)

(59)

1,270

of which stage\u00a01

326

(47)

\u00a0

(10)

269

of which stage\u00a02

338

(25)

\u00a0

(12)

301

of which stage\u00a03

766

16

(45)

(37)

700

Total impairment and provisions

20,243

2,596

(3,356)

(219)

19,264

\u00a0

Changes in impairment of financial assets at amortised cost during the period

In millions of euros

Impairment on assets subject to 12-month Expected Credit Losses

(Stage 1)

Impairment on assets subject to lifetime Expected Credit Losses

(Stage 2)

Impairment on doubtful\u00a0assets

(Stage 3)

Total

At 31 December 2023

1,938

2,416

13,361

17,715

Net allowance to impairment

(123)

(458)

3,350

2,769

Financial assets purchased or originated during the period

686

188

3

877

Financial assets derecognised during the period(1)

(367)

(500)

(724)

(1,591)

Transfer to stage\u00a02

(263)

2,005

(320)

1,422

Transfer to stage\u00a03

(72)

(908)

2,280

1,300

Transfer to stage\u00a01

206

(914)

(47)

(755)

Other allowances/reversals without stage transfer(2)

(313)

(329)

2,158

1,516

Impairment provisions used

(3)

(23)

(3,621)

(3,647)

Changes in exchange rates

(1)

4

173

176

Changes in scope of consolidation and other items

(26)

\u00a0

194

168

At 31 December 2024

1,785

1,939

13,457

17,181

  • Including disposals.
  • Including amortisation.

In 2024, the volume of financial assets at amortised cost increased compared to previous year and amounted to EUR\u00a01,095\u00a0billion (see note 4.e Financial assets at amortised cost) of which EUR\u00a0917\u00a0billion in loans and advances to customers.

Loans and advances to customers classified in stage 1 increased by EUR\u00a044\u00a0billion over the year, while stage 2 outstandings decreased by EUR\u00a05\u00a0billion.

Within each of these stages, net reversals of provisions were observed. The stabilisation of the interest rate and inflation environment has led to the reversal of additional provisions previously set aside to anticipate the impact of rising interest rates on corporate clients\u2019 financial ratios and the effect of inflation on the disposable income of the most vulnerable customer segments within the specialised consumer credit business. In parallel, a review of models and migration matrices applied to probabilities of default has resulted in an overall improvement of counterparties rating and risk parameters. These effects are particularly observed in Table No.52 : Breakdown of financial assets subject to impairment by stage and internal rating in section 5.4\u202fCredit risk of the Universal registration document. Finally, transfers of exposures to Stage 3 were higher than in 2023 and amounted to EUR\u00a09.2\u00a0billion, particularly for corporate clients (see note 4.f Impaired financial assets). This led to a net reversal of impairment on Stages 1 and 2 in 2024.

Additionally, debt securities classified in Stage 2 amounted to EUR\u00a01.9\u00a0billion as of 31\u00a0December 2024, compared to EUR\u00a094\u00a0million as of 31\u00a0December 2023. This evolution, which resulted in an increase in related provisions, is mainly due to a change in the consolidation method applied to the UkrSibbank entity (see note 8.d Business combinations and loss of control or influence).

\u00a0

Changes in impairment of financial assets at amortised cost during the previous period

In millions of euros

Impairment on assets subject to 12-month Expected Credit Losses

(Stage 1)

Impairment on assets subject to lifetime Expected Credit Losses

(Stage 2)

Impairmen on doubtful\u00a0assets

(Stage 3)

Total

At 31 December 2022

2,035

2,860

13,616

18,511

Net allowance to impairment

(63)

(339)

3,022

2,620

Financial assets purchased or originated during the period

691

294

\u00a0

985

Financial assets derecognised during the period(1)

(405)

(490)

(726)

(1,621)

Transfer to stage\u00a02

(371)

2,121

(199)

1,551

Transfer to stage\u00a03

(74)

(990)

2,258

1,194

Transfer to stage\u00a01

288

(860)

(86)

(658)

Other allowances/reversals without stage transfer(2)

(192)

(414)

1,775

1,169

Impairment provisions used

(2)

(41)

(3,230)

(3,273)

Changes in exchange rates

(16)

(7)

(80)

(103)

Changes in scope of consolidation and other items

(16)

(57)

33

(40)

At 31 December 2023

1,938

2,416

13,361

17,715

  • Including disposals.
  • Including amortisation.

\u00a0

4.fImpaired financial assets (stage\u00a03)

The following tables present the carrying amounts of impaired financial assets carried at amortised cost and of impaired financing and guarantee commitments, as well as related collateral and other guarantees.

The amounts shown for collateral and other guarantees correspond to the lower of the value of the collateral or other guarantee and the value of the secured assets.

\u00a0

In millions of euros, at

31 December 2024

Impaired financial assets (Stage\u00a03)

Collateral
\u00a0received

Gross value

Impairment

Net

Loans and advances to credit institutions (note\u00a04.e)

77

(71)

6

\u00a0

Loans and advances to customers (note\u00a04.e)

25,824

(13,242)

12,582

8,044

Debt securities at amortised cost (note\u00a04.e)

265

(145)

120

\u00a0

Total amortised-cost impaired assets (stage\u00a03)

26,166

(13,458)

12,708

8,044

Financing commitments given

1,384

(95)

1,289

554

Guarantee commitments given

1,054

(223)

831

195

Total off-balance sheet impaired commitments (stage\u00a03)

2,438

(318)

2,120

749

In millions of euros, at

31 December 2023

Impaired financial assets (Stage\u00a03)

Collateral
\u00a0received

Gross value

Impairment

Net

Loans and advances to credit institutions (note\u00a04.e)

82

(67)

15

\u00a0

Loans and advances to customers (note\u00a04.e)

25,308

(13,207)

12,101

7,720

Debt securities at amortised cost (note\u00a04.e)

180

(87)

93

\u00a0

Total amortised-cost impaired assets (stage\u00a03)

25,570

(13,361)

12,209

7,720

Financing commitments given

889

(96)

793

263

Guarantee commitments given

769

(218)

551

135

Total off-balance sheet impaired commitments (stage\u00a03)

1,658

(314)

1,344

398

\u00a0

The following table presents the changes in gross exposures of stage\u00a03 assets (EU CR2):

\u00a0

Gross value

In millions of euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Impaired exposures (stage\u00a03) at opening balance

25,570

25,517

Transfer to stage\u00a03

9,163

8,632

Transfer to stage\u00a01 or stage\u00a02

(2,041)

(2,166)

Assets written off

(4,101)

(3,769)

Other changes

(2,425)

(2,644)

Impaired exposures (stage\u00a03) at closing balance

26,166

25,570

\u27a4TABLE 49: PERFORMING AND NON-PERFORMING EXPOSURES BY PAST DUE DAYS\u00a0(EU CQ3)\u00a0[Audited]

\u00a0

\u00a0

a

b

c

d

e

f

g

h

i

j

k

l

In millions of euros

31 December 2024

Performing exposures

Non-performing exposures

\u00a0

Not past due or\u00a0
\u2264 30 days

> 30 days

\u2264 90 days

\u00a0

Unlikely to pay that are not past due or are past due\u00a0
\u2264 90 days

> 90 days

\u2264 180 days

> 180 days

\u2264 1 year

> 1 year\u00a0
\u2264 2 years

> 2 years\u00a0
\u2264 5 years

> 5 years\u00a0
\u2264 7 years

> 7 years

of which defaulted

005

Cash balances at central banks and other demand deposits

188,522

188,522

-

1

1

-

-

-

-

-

-

1

010

Loans and advances

928,317

923,500

4,818

26,998

9,307

1,910

2,574

3,032

4,925

1,697

3,553

26,501

020

Central banks

10,646

10,646

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

030

General governments

35,523

35,458

66

261

67

34

28

10

76

26

21

171

040

Credit institutions

12,242

12,239

2

77

2

\u00a0

\u00a0

2

\u00a0

\u00a0

72

76

050

Other financial corporations

114,808

114,759

48

1,053

523

13

23

17

88

175

215

1,050

060

Non-financial corporations

422,317

418,949

3,368

14,912

5,864

864

1,350

1,507

2,062

990

2,275

14,518

070

of which SMEs

126,007

125,278

729

6,162

2,050

474

693

929

1,068

413

534

6,056

080

Households

332,782

331,449

1,333

10,696

2,852

999

1,173

1,496

2,699

506

971

10,685

090

Debt securities

223,009

223,009

-

422

309

-

-

-

5

-

108

422

100

Central banks

6,056

6,056

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

110

General governments

151,791

151,791

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

120

Credit institutions

25,990

25,990

\u00a0

101

2

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

99

101

130

Other financial corporations

32,275

32,275

\u00a0

259

250

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

8

259

140

Non-financial corporations

6,896

6,896

\u00a0

62

57

\u00a0

\u00a0

\u00a0

5

\u00a0

\u00a0

62

150

Off-balance sheet exposures

596,936

\u00a0

\u00a0

2,441

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

2,439

160

Central banks

65,839

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

170

General governments

9,201

\u00a0

\u00a0

1

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1

180

Credit institutions

22,379

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

190

Other financial corporations

78,195

\u00a0

\u00a0

22

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

22

200

Non-financial corporations

370,308

\u00a0

\u00a0

2,281

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

2,281

210

Households

51,014

\u00a0

\u00a0

138

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

136

220

TOTAL

1,936,784

1,335,030

4,818

29,862

9,617

1,910

2,574

3,032

4,930

1,697

3,661

29,362

\u00a0

\u00a0

a

b

c

d

e

f

g

h

i

j

k

l

In millions of euros

31 December 2023

Performing exposures

Non-performing exposures

\u00a0

Not past due or \u2264\u00a030\u00a0days

>\u00a030\u00a0days

\u2264\u00a090\u00a0days

\u00a0

Unlikely to pay that are not past due or are past due \u2264\u00a090\u00a0days

>\u00a090\u00a0days

\u2264\u00a0180\u00a0days

>\u00a0180\u00a0days

\u2264\u00a01\u00a0year

>\u00a01\u00a0year

\u2264\u00a02\u00a0years

>\u00a02\u00a0years

\u2264\u00a05\u00a0years

>\u00a01\u00a0year

\u2264\u00a02\u00a0years

>\u00a05\u00a0years

of which defaulted

005

Cash balances at central banks and other demand deposits

292,738

292,738

-

2

-

-

-

-

-

-

2

2

010

Loans and advances

902,012

897,206

4,806

26,775

9,475

2,051

2,110

2,728

4,780

1,374

4,257

26,310

020

Central banks

9,731

9,731

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

030

General governments

33,971

33,935

36

256

36

12

6

69

99

28

6

163

040

Credit institutions

7,457

7,454

3

80

3

\u00a0

\u00a0

2

\u00a0

\u00a0

75

79

050

Other financial corporations

90,811

90,687

124

1,412

638

30

5

309

230

8

192

1,412

060

Non-financial corporations

430,758

427,102

3,656

14,155

5,847

995

848

1,049

1,767

869

2,780

13,812

070

of which SMEs

127,144

126,363

781

5,597

2,082

378

544

707

838

314

734

5,506

080

Households

329,284

328,297

987

10,872

2,951

1,014

1,251

1,299

2,684

469

1,204

10,844

090

Debt securities

175,677

175,677

-

349

236

-

-

-

5

101

7

349

100

Central banks

4,705

4,705

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

110

General governments

118,856

118,856

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

120

Credit institutions

18,004

18,004

\u00a0

101

2

\u00a0

\u00a0

\u00a0

\u00a0

99

\u00a0

101

130

Other financial corporations

27,747

27,747

\u00a0

152

144

\u00a0

\u00a0

\u00a0

\u00a0

2

6

152

140

Non-financial corporations

6,365

6,365

\u00a0

96

90

\u00a0

\u00a0

\u00a0

5

\u00a0

1

96

150

Off-balance sheet exposures

560,116

\u00a0

\u00a0

1,661

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1,658

160

Central banks

51,627

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

170

General governments

11,292

\u00a0

\u00a0

48

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

48

180

Credit institutions

15,155

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

190

Other financial corporations

77,005

\u00a0

\u00a0

87

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

87

200

Non-financial corporations

357,031

\u00a0

\u00a0

1,390

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1,386

210

Households

48,006

\u00a0

\u00a0

136

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

137

220

TOTAL

1,930,543

1,365,621

4,806

28,787

9,711

2,051

2,110

2,728

4,785

1,475

4,266

28,319

", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_1181e492-8f42-434c-b708-d89c57e8b19d": { "value": "
1.f.5Impairment of financial assets measured at amortised cost and debt instruments measured at fair value through shareholders\u2019 equity

The impairment model for credit risk is based on expected losses.

This model applies to loans and debt instruments measured at amortised cost or at fair value through equity, to loan commitments and financial guarantee contracts that are not recognised at fair value, as well as to lease receivables, trade receivables and contract assets.

General model

The Group identifies three \u201cstages\u201d that each correspond to a specific status with regards to the evolution of counterparty credit risk since the initial recognition of the asset.

This general model is applied to all instruments within the scope of IFRS\u00a09 impairment, except for purchased or originated credit-impaired financial assets and instruments for which a simplified model is used (see below).

The IFRS\u00a09 expected credit loss approach is symmetrical, i.e. if lifetime expected credit losses have been recognised in a previous reporting period, and if it is assessed in the current reporting period that there is no longer any significant increase in credit risk since initial recognition, the loss allowance reverts to a 12-months expected credit loss.

As regards interest income, under \u201cstages\u201d 1 and 2, it is calculated on the gross carrying amount. Under \u201cstage\u00a03\u201d, interest income is calculated on the amortised cost (i.e. the gross carrying amount adjusted for the loss allowance).

Definition of default

The definition of default is aligned with the Basel regulatory default definition, with a rebuttable presumption that the default occurs no later than 90\u00a0days past due. This definition takes into account the EBA guidelines of 28\u00a0September 2016, notably those regarding the thresholds applicable for the counting of past-due and probation periods.

The definition of default is used consistently for assessing the increase in credit risk and measuring expected credit losses.

Credit-impaired or doubtful financial assets
Definition

A financial asset is considered credit-impaired or doubtful and classified in \u201cstage\u00a03\u201d when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred.

At an individual level, objective evidence that a financial asset is credit-impaired includes observable data regarding the following events: the existence of accounts that are more than 90\u00a0days past due; knowledge or indications that the borrower is experiencing significant financial difficulties, such that a risk can be considered to have arisen regardless of whether the borrower has missed any payments; concessions with respect to the credit terms granted to the borrower that the lender would not have considered had the borrower not been in financial difficulty (see section Restructuring of financial assets for financial difficulties).

Specific cases of purchased or originated credit-impaired assets

In some cases, financial assets are credit-impaired at initial recognition.

For these assets, no loss allowance is recorded on initial recognition. The effective interest rate is calculated taking into account the lifetime expected credit losses in the initial estimated cash flows. Any change in lifetime expected credit losses since initial recognition, positive or negative, is recognised as a loss allowance adjustment in profit or loss.

Simplified model

The simplified approach consists in accounting for a loss allowance corresponding to lifetime expected credit losses since initial recognition, and at each reporting date.

The Group applies this model to trade receivables with a maturity shorter than 12\u00a0months.

Significant increase in credit risk

A significant increase in credit risk may be assessed on an individual basis or on a collective basis (by grouping financial instruments according to common credit risk characteristics), taking into account all reasonable and supportable information and comparing the risk of default of the financial instrument at the reporting date with the risk of default of the financial instrument at the date of initial recognition.

Assessment of deterioration is based on the comparison of the probabilities of default derived from the ratings on the date of initial recognition with those existing at the reporting date.

There is also, according to the standard, a rebuttable presumption that the credit risk of an instrument has significantly increased since initial recognition when the contractual payments are more than 30\u00a0days past due.

In the consumer credit specialist business, a significant increase in credit risk is also considered when a past due event has occurred within the last 12\u00a0months, even if it has since been regularised. From 2024, this specificity no longer applies to most exposures in the eurozone.

The approaches applied to assess the significant increase in credit risk are detailed in note\u00a02.g Cost of risk.

Measurement of expected credit losses

Expected credit losses are defined as an estimate of credit losses (i.e. the present value of all cash shortfalls) weighted by the probability of occurrence of these losses over the expected life of the financial instruments. They are measured on an individual basis, for all exposures.

In practice, for exposures classified in stage\u00a01 and stage\u00a02, expected credit losses are measured as the product of the probability of default (\u201cPD\u201d), Loss Given Default (\u201cLGD\u201d) and Exposure at Default (\u201cEAD\u201d), discounted at the effective interest rate of the exposure (EIR). They result from the risk of default within the next 12\u00a0months (stage\u00a01), or from the risk of default over the maturity of the facility (stage\u00a02). In the consumer credit specialist business, because of the specificity of credit exposures, the methodology used is based on the probability of transition to term forfeiture, and on discounted loss rates after term forfeiture. These parameters are measured on a statistical basis for homogeneous populations. From 2024, this specificity no longer applies to most exposures in the Eurozone.

For exposures classified in stage\u00a03, expected credit losses are measured as the value, discounted at the effective interest rate, of all cash shortfalls over the life of the financial instrument. Cash shortfalls represent the difference between the cash flows that are due in accordance with the contract, and the cash flows that are expected to be received. Where appropriate, the estimate of expected cash flows takes into account a cash flow scenario arising from the sale of the defaulted loans or groups of loans. Proceeds from the sale are recorded net of costs to sell.

The methodology developed is based on existing concepts and methods (in particular the Basel framework) on exposures for which capital requirement for credit risk is measured according to the Internal Ratings-Based Approach (IRBA) methodology. This method is also applied to portfolios for which capital requirement for credit risk is measured according to the standardised approach. Besides, the Basel framework has been adjusted in order to be compliant with IFRS\u00a09 requirements, in particular the use of forward-looking information.

Maturity

All contractual terms of the financial instrument are taken into account, including prepayment, extension and similar options. In the rare cases where the expected life of the financial instrument cannot be estimated reliably, the residual contractual term is used. The standard specifies that the maximum period to consider when measuring expected credit losses is the maximum contractual period. However, for revolving credit cards and overdrafts, in accordance with the exception provided by IFRS\u00a09 for these products, the maturity considered for measuring expected credit losses is the period over which the entity is exposed to credit risk, which may extend beyond the contractual maturity (notice period). For revolving credits and overdrafts to non-retail counterparties, the contractual maturity can be used, for example if the next review date is the contractual maturity as they are individually managed.

Probabilities of Default (PD)

Probability of Default is an estimate of the likelihood of default over a given time horizon.

The determination of the PD is based on the Group\u2019s internal rating system, which is described in chapter\u00a05 of the Universal registration document (section\u00a05.4 Credit risk \u2013 Credit risk management policy). This section describes how Environmental, social and governance (ESG) risks are taken into account in credit and rating policies, notably with the introduction of a new tool: the ESG Assessment.

The measurement of expected credit losses requires the estimation of both 1-year probabilities of default and lifetime probabilities of default.

1-year PDs are derived from long term average regulatory \u201cthrough the cycle\u201d PDs to reflect the current situation and macroeconomic scenarios (\u201cPoint in Time\u201d or \u201cPIT\u201d).

Lifetime PDs are determined based on the rating migration matrices reflecting the expected changes in the rating of the exposure until maturity, and the associated probabilities of default.

Loss Given Default (LGD)

Loss Given Default is the difference between contractual cash flows and expected cash-flows, discounted using the effective interest rate (or an approximation thereof) at the default date. LGD is expressed as a percentage of the Exposure at Default (EAD).

The estimate of expected cash flows takes into account cash flows resulting from the sale of collateral held or other credit enhancements if they are part of the contractual terms and are not accounted for separately by the entity (for example, a mortgage associated with a residential loan), net of the costs of obtaining and selling the collateral.

For guaranteed loans, the guarantee is considered as integral to the loan agreement if it is embedded in the contractual clauses of the loan, or if it was granted concomitantly to the loan, and if the expected reimbursement amount can be attached to a loan in particular (i.e. absence of pooling effect by means of a tranching mechanism, or the existence of a global cap for a whole portfolio). In such case, the guarantee is taken into account when measuring the expected credit losses. Otherwise, it is accounted for as a separate reimbursement asset.

The LGD used for IFRS\u00a09 purposes is derived from the Basel LGD parameters. It is adjusted for downturn and conservatism margins (in particular regulatory margins), except for margins for model uncertainties. For corporate clients, this LGD is determined considering macroeconomic scenarios.

Exposure at Default (EAD)

Exposure at Default (EAD) of an instrument is the anticipated outstanding amount owed by the obligor at the time of default. It is determined by the expected payment profile taking into account, depending on the product type: the contractual repayment schedule, expected early repayments and expected future drawings for revolving facilities.

Forward-looking information

The amount of expected credit losses is measured on the basis of probability-weighted scenarios, in view of past events, current conditions and reasonable and supportable economic forecasts. From 31\u00a0December 2024, forward\u2011looking information specifically takes into account risks related to climate change transition, in particular through the use of long-term scenarios.

The approaches applied to take into account forward-looking information when measuring expected credit losses are detailed in note\u00a02.g Cost of risk.

Write-offs

A write-off consists in reducing the gross carrying amount of a financial asset when there are no longer reasonable expectations of recovering that financial asset in its entirety or a portion thereof, or when it has been fully or partially forgiven. The write-off is recorded when all other means available to the Bank for recovering the receivables or guarantees have failed, and also generally depends on the context specific to each jurisdiction.

If the amount of loss on write-off is greater than the accumulated loss allowance, the difference is recognised as an additional impairment loss in \u201cCost of risk\u201d. For any recovery once the financial asset (or part thereof) is no longer recognised on the balance sheet, the amount received is recorded as a gain in \u201cCost of risk\u201d.

Recoveries through the repossession of\u00a0the\u00a0collateral

When a loan is secured by a financial or a non-financial asset serving as a guarantee and the counterparty is in default, the Group may decide to exercise the guarantee and, depending on the jurisdiction, it may then become owner of the asset. In such a situation, the loan is written-off against the asset received as collateral.

Once ownership of the asset is effective, it is recognised at fair value and classified according to the intent of use.

Restructuring of financial assets for financial difficulties

A restructuring due to the borrower\u2019s financial difficulties is defined as a change in the terms and conditions of the initial transaction that the Group is considering only for economic or legal reasons related to the borrower\u2019s financial difficulties.

For restructurings not resulting in derecognition of the financial asset, the restructured asset\u2019s gross carrying amount is reduced to the discounted amount, using the original effective interest rate of the asset, of the new expected future flows. The change in the gross carrying amount of the asset is recorded in the income statement in \u201cCost of risk\u201d.

The existence of a significant increase in credit risk for the financial instrument is then assessed by comparing the risk of default after the restructuring (under the revised contractual terms) and the risk of default at the initial recognition date (under the original contractual terms). In order to demonstrate that the criteria for recognising lifetime expected credit losses are no longer met, good payment behaviour will have to be observed over a certain period of time.

When the restructuring consists of a partial or total exchange against other substantially different assets (for example, the exchange of a debt instrument against an equity instrument), it results in the extinction of the original asset and the recognition of the assets remitted in exchange, measured at their fair value at the date of exchange. The difference in value is recorded in the income statement in \u201cCost of risk\u201d.

Modifications to financial assets that are not due to a borrower\u2019s financial difficulties, or granted in the context of a moratorium (i.e. commercial renegotiations) are generally analysed as the early repayment of the former loan, which is then derecognised, followed by the set-up of a new loan at market conditions. If there is no significant repayment penalty, they consist in resetting the interest rate of the loan at market conditions, with the client being in a position to change lender and not encountering any financial difficulties.

Probation periods

The Group applies observation periods to assess the possible return to a better stage. Accordingly, a 3-month probation period is observed for the transition from stage\u00a03 to stage\u00a02 which is extended to 12\u00a0months in the event of restructuring due to financial difficulties.

For the transition from stage\u00a02 to stage\u00a01, a probation period of two years is observed for loans that have been restructured due to financial difficulties.

1.f.6Cost of risk

Cost of risk includes the following items of profit or loss:

It also includes expenses relating to fraud and to disputes inherent to the financing activity.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_44bec471-17a7-4844-abfd-5b055e3565f2": { "value": "
1.f.7Financial instruments at fair value through profit or loss
Trading portfolio and other financial assets measured at fair value through profit or loss

The trading portfolio includes instruments held for trading (trading transactions), including derivatives.

Other financial assets measured at fair value through profit or loss include debt instruments that do not meet the \u201ccollect\u201d or \u201ccollect and sale\u201d business model criterion or that do not meet the cash flow criterion, as well as equity instruments for which the fair value through shareholders\u2019 equity option has not been retained. Finally financial assets may be designated as at fair value through profit or loss if this enables the entity to eliminate or significantly reduce a mismatch in the measurement and accounting treatment of assets and liabilities that would otherwise arise if they were to be classified in separate categories.

All those financial instruments are measured at fair value at initial recognition, with transaction costs directly posted in profit or loss. At the reporting date, they are measured at fair value, with changes presented in \u201cNet gain/loss on financial instruments at fair value through profit or loss\u201d. Income, dividends, and realised gains and losses on disposal related to held-for-trading transactions are accounted for in the same profit or loss account.

Financial liabilities designated as at fair value through profit or loss

Financial liabilities are recognised under option in this category in the two following situations:

Changes in fair value due to the own credit risk are recognised under a specific heading of shareholders\u2019 equity.

\u00a0

2.cNet gain on financial instruments at fair value through profit or\u00a0loss

Net gain on financial instruments measured at fair value through profit or loss includes all profit and loss items relating to financial instruments held for trading, financial instruments that the Group has designated as at fair value through profit or loss, non-trading equity instruments that the Group did not choose to measure at fair value through equity, as well as debt instruments whose cash flows are not solely repayments of principal and interest on the principal or whose business model is not to collect cash flows nor to collect cash flows and sell the assets.

These income items include dividends on these instruments and exclude interest income and expense from financial instruments designated as at fair value through profit or loss and instruments whose cash flows are not only repayments of principal and interest on the principal or whose business model is not to collect cash flows nor to collect cash flows and sell the assets, which are presented in \u201cNet interest income\u201d (see note\u00a02.a).

In millions of euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Financial instruments held for trading

11,633

13,801

Interest rate and credit instruments

(1,406)

8,948

Equity financial instruments

12,794

3,184

Foreign exchange financial instruments

6,269

5,452

Loans and repurchase agreements

(6,048)

(4,515)

Other financial instruments

24

732

Financial instruments designated as at fair value through profit or loss

(964)

(3,985)

Other financial instruments at fair value through profit or loss

797

565

Impact of hedge accounting

103

(35)

Fair value hedging derivatives

1,677

(1,247)

Hedged items in fair value hedge

(1,574)

1,212

Net gain on financial instruments at fair value through profit or loss

11,569

10,346

\u00a0

Gains and losses on financial instruments designated as at fair value through profit or loss are mainly related to instruments for which changes in value may be compensated by changes in the value of economic hedging derivative financial instruments held for trading.

Net gain on financial instruments held for trading in 2024 and 2023 includes a non-material amount related to the ineffective portion of cash flow hedges.

Potential sources of ineffectiveness can be the differences between hedging instruments and hedged items, notably generated by mismatches in the terms of hedged and hedging instruments, such as the frequency and timing of interest rates resetting, the frequency of payments and the discounting factors, or when hedging derivatives have a non-zero fair value at the inception date of the hedging relationship.\u00a0Credit valuation adjustments applied to hedging derivatives are also sources of ineffectiveness.

Cumulated changes in fair value related to discontinued cash flow hedge relationships, previously recognised in equity and included in 2024 in profit and loss accounts are not material, whether the hedged item ceased to exist or not.

4.aFinancial instruments at fair value through profit or loss
Financial assets and liabilities at fair value through profit or loss

Financial assets and financial liabilities at fair value through profit or loss consist of held-for-trading transactions - including derivatives - of certain assets and liabilities designated by the Group as at fair value through profit or loss at the time of issuance and of non-trading instruments whose characteristics prevent their accounting at amortised cost or at fair value through equity.

\u00a0

In millions of euros, at

31 December 2024

31 December 2023

Financial instruments held for trading

Financial instruments designated as at fair value through profit or loss

Other financial assets at fair value through profit or loss

Total

Financial instruments held for trading

Financial instruments designated as at fair value through profit or loss

Other financial assets at fair value through profit or loss

Total

Securities

256,779

15

10,563

267,357

202,225

549

8,860

211,634

Loans and repurchase agreements

221,622

\u00a0

4,077

225,699

224,700

\u00a0

2,475

227,175

FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS

478,401

15

14,640

493,056

426,925

549

11,335

438,809

Securities

79,958

\u00a0

\u00a0

79,958

104,910

\u00a0

\u00a0

104,910

Deposits and repurchase agreements

302,488

2,329

\u00a0

304,817

271,486

2,128

\u00a0

273,614

Issued debt securities and subordinated debt \u00a0(note\u00a04.h)

\u00a0

104,934

\u00a0

104,934

\u00a0

83,763

\u00a0

83,763

FINANCIAL LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS

382,446

107,263

\u00a0

489,709

376,396

85,891

\u00a0

462,287

\u00a0

Detail of these assets and liabilities is provided in note\u00a04.d.

Financial liabilities designated as at fair value through profit or loss

Financial liabilities at fair value through profit or loss mainly consist of issued debt securities, originated and structured on behalf of customers, where the risk exposure is managed in combination with the hedging strategy. These types of issued debt securities contain significant embedded derivatives, which changes in value may be compensated by changes in the value of economic hedging derivatives.

The redemption value of debt issued and designated as at fair value through profit or loss at 31\u00a0December 2024 was EUR\u00a0110,823\u00a0million (EUR\u00a089,910\u00a0million at 31\u00a0December 2023).

Other financial assets measured at fair value through profit or loss

Other financial assets at fair value through profit or loss are financial assets not held for trading:

Derivative financial instruments

The majority of derivative financial instruments held for trading are related to transactions initiated for trading purposes. They may result from market-making or arbitrage activities. BNP\u00a0Paribas actively trades in derivatives. Transactions include trades in \u201cordinary\u201d instruments such as credit default swaps, and structured transactions with complex risk profiles tailored to meet the needs of its customers. The net position is in all cases subject to limits.

Some derivative instruments are also contracted to hedge financial assets or financial liabilities for which the Group has not documented a hedging relationship, or which do not qualify for hedge accounting under IFRS.

In millions of euros, at

31 December 2024

31 December 2023

Positive market value

Negative market value

Positive market value

Negative market value

Interest rate derivatives

121,491

95,045

133,500

105,976

Foreign exchange derivatives

158,085

152,269

119,094

118,126

Credit derivatives

10,767

11,085

8,427

10,320

Equity derivatives

28,065

40,185

24,067

38,027

Other derivatives

4,223

3,369

6,991

6,443

Derivative financial instruments

322,631

301,953

292,079

278,892

\u00a0

The table below shows the total notional amount of trading derivatives. The notional amounts of derivative instruments are merely an indication of the volume of the Group\u2019s activities in financial instruments markets, and do not reflect the market risks associated with such instruments.

In millions of euros, at

31 December 2024

31 December 2023

Exchange-
traded

Over-the-
counter,
\u00a0cleared through
\u00a0central clearing houses

Over-the-
counter

Total

Exchange-
traded

Over-the-
counter,
\u00a0cleared through
\u00a0central clearing houses

Over-the-
counter

Total

Interest rate derivatives

983,378

15,690,701

7,277,395

23,951,474

1,327,902

14,448,396

6,811,394

22,587,692

Foreign exchange derivatives

74,516

194,540

10,769,644

11,038,700

57,625

173,339

8,980,659

9,211,623

Credit derivatives

\u00a0

436,041

463,565

899,606

\u00a0

357,964

465,403

823,367

Equity derivatives

1,356,158

\u00a0

798,676

2,154,834

1,130,554

\u00a0

638,904

1,769,458

Other derivatives

184,941

\u00a0

93,181

278,122

119,024

\u00a0

84,251

203,275

Derivative financial instruments

2,598,993

16,321,282

19,402,461

38,322,736

2,635,105

14,979,699

16,980,611

34,595,415

\u00a0

As part of its Client Clearing activity, the Group guarantees the risk of default of its clients to central counterparties. The corresponding notional amount is EUR\u00a01,271\u00a0billion at 31\u00a0December 2024 (EUR\u00a01,197\u00a0billion at 31\u00a0December 2023).

\u27a4Investments and other assets related to insurance activities

In millions of euros, at

31 December 2024

31 December 2023

Assets not representative of unit-linked insurance contracts

Assets representative of unit-linked accounts

Total

Assets not representative of unit-linked insurance contracts

Assets representative of unit-linked accounts

Total

Derivative financial instruments

1,731

\u00a0

1,731

1,658

\u00a0

1,658

Derivatives used for hedging purposes

74

\u00a0

74

36

\u00a0

36

Financial assets at fair value through profit or loss

61,465

111,954

173,419

64,492

92,266

156,758

Financial assets at fair value through equity

102,222

\u00a0

102,222

89,139

\u00a0

89,139

Financial assets at amortised cost

1,379

\u00a0

1,379

1,267

\u00a0

1,267

Investment properties

3,868

3,178

7,046

4,008

3,483

7,491

Equity-method investments

82

\u00a0

82

89

\u00a0

89

Assets related to insurance activities (see note\u00a05.d)

896

\u00a0

896

660

\u00a0

660

Investments and other assets related to insurance activities

171,717

115,132

286,849

161,349

95,749

257,098

\u27a4Financial liabilities related to insurance activities

\u201cFinancial liabilities related to insurance activities\u201d includes unit-linked investment contracts without discretionary participating features. Those contracts are measured under IFRS\u00a09 at fair value through profit or loss.

In millions of euros, at

31 December 2024

31 December 2023

Derivative financial instruments

982

1,138

Derivatives used for hedging purposes

238

152

Deposit at fair value through profit or loss

960

1,063

Debt representative of shares of consolidated funds held by third parties

7,317

5,802

Investment contracts without discretionary participation feature \u2013 Unit-linked contracts

8,388

8,427

Other debts

1,922

1,657

Financial liabilities related to insurance activities

19,807

18,239

\u27a4Measurement of the fair value of financial instruments

The criteria for allocating instruments to each level of the fair value hierarchy, the measurement methods, and the principles governing transfers between levels are those presented in note\u00a04.d for the Group\u2019s financial instruments.

In millions of euros, at

31 December 2024

31 December 2023

Level\u00a01

Level\u00a02

Level\u00a03

Total

Level\u00a01

Level\u00a02

Level\u00a03

Total

Financial assets designated as at fair value through profit or loss

110,018

47,346

16,055

173,419

85,585

56,294

14,879

156,758

Equity instruments

102,824

31,996

15,772

150,592

79,269

41,846

14,779

135,894

Debt securities

7,194

14,827

218

22,239

6,316

13,740

41

20,097

Loans

523

65

588

708

59

767

Financial assets at fair value through equity

89,003

13,214

5

102,222

81,018

8,106

15

89,139

Equity instruments

1,729

1,729

646

646

Debt securities

87,274

13,214

5

100,493

80,372

8,106

15

88,493

Derivative financial instruments

-

1,772

33

1,805

2

1,678

14

1,694

FINANCIAL ASSETS MEASURED AT FAIR VALUE

199,021

62,332

16,093

277,446

166,605

66,078

14,908

247,591

Financial liabilities designated at fair value through profit or loss

4,666

10,866

1,133

16,665

2,625

12,039

628

15,292

Deposit at fair value through profit or loss

960

960

1,063

1,063

Debt representative of shares of consolidated funds held by third parties

4,666

2,352

299

7,317

2,625

3,177

5,802

Investment contracts without discretionary participation feature - Unit-linked contracts

7,554

834

8,388

7,799

628

8,427

Derivative financial instruments

-

1,198

22

1,220

127

977

186

1,290

FINANCIAL LIABILITIES MEASURED AT FAIR VALUE

4,666

12,064

1,155

17,885

2,752

13,016

814

16,582

\u00a0

Level\u00a01: includes notably equity securities and liquid bonds, derivative instruments traded on organised markets (futures, options, etc.), shares of funds and UCITS, for which the net asset value is calculated on a daily basis.

Level\u00a02: includes equity securities, government bonds, corporate debt securities, shares of funds and UCITS, and over-the-counter derivatives.

Level\u00a03: includes units of funds and unlisted equity shares which are mainly company shares and venture capital.

\u00a0

\u27a4Table of movements in Level\u00a03 financial instruments

For Level\u00a03 financial instruments, the following movements occurred during the period:

In millions of euros

Financial assets

Financial liabilities

Financial instruments at fair value through profit or loss

Financial assets at fair value through equity

Total

Financial instruments at fair value through profit or loss

Total

At 31 December 2023

14,893

15

14,908

(814)

(814)

Purchases

2,209

\u00a0

2,209

\u00a0

\u00a0

Sales

(2,325)

\u00a0

(2,325)

\u00a0

\u00a0

Settlements

40

(3)

37

(110)

(110)

Transfers to Level\u00a03

463

\u00a0

463

\u00a0

\u00a0

Transfers from Level\u00a03

(141)

(8)

(149)

\u00a0

\u00a0

Gains recognised in profit or loss

187

\u00a0

187

(226)

(226)

Items related to exchange rate movement and changes in scope of consolidation

762

\u00a0

762

(5)

(5)

Changes in fair value of assets and liabilities recognised in equity

\u00a0

1

1

\u00a0

\u00a0

At 31 December 2024

16,088

5

16,093

(1,155)

(1,155)

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_2869bb28-fa51-4967-a007-013428f4565a": { "value": "
1.f.7Financial instruments at fair value through profit or loss
Trading portfolio and other financial assets measured at fair value through profit or loss

The trading portfolio includes instruments held for trading (trading transactions), including derivatives.

Other financial assets measured at fair value through profit or loss include debt instruments that do not meet the \u201ccollect\u201d or \u201ccollect and sale\u201d business model criterion or that do not meet the cash flow criterion, as well as equity instruments for which the fair value through shareholders\u2019 equity option has not been retained. Finally financial assets may be designated as at fair value through profit or loss if this enables the entity to eliminate or significantly reduce a mismatch in the measurement and accounting treatment of assets and liabilities that would otherwise arise if they were to be classified in separate categories.

All those financial instruments are measured at fair value at initial recognition, with transaction costs directly posted in profit or loss. At the reporting date, they are measured at fair value, with changes presented in \u201cNet gain/loss on financial instruments at fair value through profit or loss\u201d. Income, dividends, and realised gains and losses on disposal related to held-for-trading transactions are accounted for in the same profit or loss account.

Financial liabilities designated as at fair value through profit or loss

Financial liabilities are recognised under option in this category in the two following situations:

Changes in fair value due to the own credit risk are recognised under a specific heading of shareholders\u2019 equity.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_301b0cd4-e0d9-4de4-b5e2-d38710993e23": { "value": "
1.f.8Financial liabilities and equity instruments

A financial instrument issued or its various components are classified as a financial liability or equity instrument, in accordance with the economic substance of the legal contract.

Financial instruments issued by the Group are qualified as debt instruments if the entity in the Group issuing the instruments has a contractual obligation to deliver cash or another financial asset to the holder of the instrument. The same applies if the Group is required to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the Group, or to deliver a variable number of the Group\u2019s own equity instruments.

Equity instruments result from contracts evidencing a residual interest in an entity\u2019s assets after deducting all of its liabilities.

Debt securities and subordinated debt

Debt securities and subordinated debt are measured at amortised cost unless they are recognised at fair value through profit or loss.

Debt securities are initially recognised at the issue value including transaction costs and are subsequently measured at amortised cost using the effective interest method.

Issued bonds redeemable or convertible into own equity may contain a debt component and an equity component, determined upon initial recognition of the transaction. In this case, they will be qualified as compound financial instruments.

In this respect, the Group has elected to record contingent convertible bonds issued, without maturity, when convertible into a variable number of own shares on the occurrence of a predetermined trigger event (e.g. a decrease in the solvency ratio below a threshold), as compound instruments, to the extent that the coupons on these bonds are paid discretionarily.

Equity instruments

The term \u201cown equity instruments\u201d refers to shares issued by the parent company (BNP\u00a0Paribas\u00a0SA) and by its fully consolidated subsidiaries. External costs that are directly attributable to an issue of new shares are deducted from equity net of all related taxes.

Own equity instruments held by the Group, also known as treasury shares, are deducted from consolidated shareholders\u2019 equity irrespective of the purpose for which they are held. Gains and losses arising on such instruments are eliminated from the consolidated profit and loss account.

When the Group acquires equity instruments issued by subsidiaries under the exclusive control of BNP\u00a0Paribas, the difference between the acquisition price and the share of net assets acquired is recorded in retained earnings attributable to BNP\u00a0Paribas shareholders. Similarly, the liability corresponding to put options granted to minority shareholders in such subsidiaries, and changes in the value of that liability, are offset against minority interests, with any surplus offset against retained earnings attributable to BNP\u00a0Paribas shareholders. Until these options have been exercised, the portion of net income attributable to minority interests is allocated to minority interests in the profit and loss account. A decrease in the Group\u2019s interest in a fully consolidated subsidiary is recognised in the Group\u2019s accounts as a change in shareholders\u2019 equity.

Financial instruments issued by the Group and classified as equity instruments (notably the undated super subordinated notes) are presented in the balance sheet in \u201cCapital and retained earnings\u201d.

Distributions from a financial instrument classified as an equity instrument are recognised directly as a deduction from equity. Similarly, the transaction costs of an instrument classified as equity are recognised as a deduction from shareholders\u2019 equity.

Own equity instrument derivatives are treated as follows, depending on the method of settlement:

If the contract includes an obligation, whether contingent or not, for the bank to repurchase its own shares, the Bank recognises the debt at its present value with an offsetting entry in shareholders\u2019 equity.

8.aChanges in share capital and earnings per share

At 31\u00a0December 2024, the share capital of BNP\u00a0Paribas\u00a0SA amounted to EUR\u00a02,261,621,342 and was divided into 1,130,810,671\u00a0shares (compared with 1,147,477,409 at 31\u00a0December 2023). The\u00a0nominal value of each share is EUR\u00a02.

Ordinary shares issued by BNP\u00a0Paribas and held by the Group

\u00a0

Proprietary transactions

Trading transactions(1)

Total

Number of shares

Carrying amount

(In millions of euros)

Number of shares

Carrying amount

(In millions of euros)

Number of shares

Carrying amount

(In millions of euros)

Shares held at 31 December 2022

721,971

38

159,670

8

881,641

46

Acquisitions

86,854,237

5,000

\u00a0

\u00a0

86,854,237

5,000

Capital decrease

(86,854,237)

(5,000)

\u00a0

\u00a0

(86,854,237)

(5,000)

Net movements

\u00a0

\u00a0

64,888

5

64,888

5

Shares held at 31 December 2023

721,971

38

224,558

13

946,529

51

Acquisitions

16,666,738

1,055

\u00a0

\u00a0

16,666,738

1,055

Capital decrease

(16,666,738)

(1,055)

\u00a0

\u00a0

(16,666,738)

(1,055)

Net movements

\u00a0

\u00a0

309,669

18

309,669

18

Shares held at 31 December 2024

721,971

38

534,227

31

1,256,198

69

  • Transactions realised in the framework of an activity of trading and arbitrage transactions on equity indices.

\u00a0

Throughout the year 2024, BNP\u00a0Paribas\u00a0SA bought back on the market then cancelled 16,666,738 of its own shares in accordance with the Board of directors\u2019 decision of 31\u00a0January 2024 to proceed to the share buyback of EUR\u00a01,055\u00a0million.

At 31\u00a0December 2024, the Group holds 1,256,198 BNP\u00a0Paribas shares representing an amount of EUR\u00a069\u00a0million, which were deducted from equity.

Undated super subordinated notes eligible as\u00a0Tier\u00a01 regulatory capital

BNP\u00a0Paribas\u00a0SA has issued undated super subordinated notes which pay a fixed, fixed adjustable or floating-rate coupon and are redeemable at the end of a fixed period and thereafter at each coupon date or every five years.

On 11 January 2023, BNP\u00a0Paribas SA issued undated super subordinated notes for an amount of EUR 1,250 million which pay a 7.375% fixed-rate coupon. These notes could be redeemed at the end of a period of 7 years. If the notes are not redeemed in 2030, a mid-swap rate EUR 5-year coupon will be paid half-yearly. This issue is eligible to Additional Tier 1 capital.

On 28 February 2023, BNP\u00a0Paribas SA issued undated super subordinated notes for an amount of SGD 600 million which pay a 5.9% fixed-rate coupon. These notes could be redeemed at the end of a period of 5 years. If the notes are not redeemed in 2028, a SGD SORA 5-year rate coupon will be paid half-yearly. This issue is eligible to Additional Tier 1 capital.

On 25 March 2024, BNP\u00a0Paribas SA redeemed the March 2019 issue, for an amount of USD\u00a01,500\u00a0million, at the first call date. These notes paid a 6.625% fixed-rate coupon.

On 10 January 2025, BNP\u00a0Paribas SA redeemed the July 2019 issue, for an amount of AUD 300 million. These notes are not eligible to Additional Tier 1 capital at 31 December 2024.

\u00a0

The following table summarises the characteristics of these various issues:

Date of issue

Currency

Amount

(in millions of currency units)

Coupon
\u00a0payment date

Rate and term
\u00a0before 1st\u00a0call date

Rate after 1st\u00a0call date

August\u00a02015

USD

1,500

semi-annual

7.375%

10\u00a0years

USD 5-year swap +5.150%

November\u00a02017

USD

750

semi-annual

5.125%

10\u00a0years

USD 5-year swap +2.838%

August\u00a02018

USD

750

semi-annual

7.000%

10\u00a0years

USD 5-year swap +3.980%

July\u00a02019

AUD

300

semi-annual

4.500%

5.5\u00a0years

AUD 5-year swap +3.372%

February\u00a02020

USD

1,750

semi-annual

4.500%

10\u00a0years

US 5-year CMT +2.944%

February\u00a02021

USD

1,250

semi-annual

4.625%

10\u00a0years

US 5-year CMT +3.340%

January\u00a02022

USD

1,250

semi-annual

4.625%

5\u00a0years

US 5-year CMT +3.196%

August\u00a02022

USD

2,000

semi-annual

7.750%

7\u00a0years

US 5-year CMT +4.899%

September\u00a02022

EUR

1,000

semi-annual

6.875%

7.25\u00a0years

EUR\u00a05-year Mid-swap +4.645%

November\u00a02022

USD

1,000

semi-annual

9.250%

5\u00a0years

US 5-year CMT +4.969%

January\u00a02023

EUR

1,250

semi-annual

7.375%

7\u00a0years

EUR\u00a05-year Mid-swap +4.631%

February\u00a02023

SGD

600

semi-annual

5.900%

5\u00a0years

SGD SORA\u00a05-year +2.674%

Total euro-equivalent historical value at 31\u00a0December 2024

12\u00a0129 (1)

\u00a0

\u00a0

\u00a0

\u00a0

  • Net of shares held in treasury by Group entities.

\u00a0

BNP\u00a0Paribas has the option of not paying interest due on these undated super subordinated notes. Unpaid interest is not carried forward.

For notes issued before 2015, the absence of coupon payment is conditional on the absence of dividend payment on BNP\u00a0Paribas\u00a0SA ordinary shares or on undated super subordinated note equivalents during the previous year. Interest due is payable once dividend payment on BNP\u00a0Paribas\u00a0SA ordinary shares resumes.

The contracts relating to these undated super subordinated notes contain a loss absorption clause. Under the terms of this clause, in the event of insufficient regulatory capital, the nominal value of the notes may be reduced in order to serve as a new basis for the calculation of the related coupons until the capital deficiency is made up and the nominal value of the notes is increased to its original amount.

The proceeds from these issues are recorded in equity under \u201cCapital and retained earnings\u201d. In accordance with IAS\u00a021, issues denominated in foreign currencies are recognised at their historical value based on their translation into euros at the issue date. Interest on the instruments is deducted from shareholders' equity.

At 31\u00a0December 2024, the BNP\u00a0Paribas Group held EUR\u00a029\u00a0million of its own undated super subordinated notes which were deducted from shareholders\u2019 equity.

\u00a0

Earnings per share

Basic earnings per share are calculated by dividing the net income for the period attributable to holders of ordinary shares by the weighted average number of ordinary shares outstanding during the period. The net income attributable to ordinary shareholders is determined by deducting the net income attributable to holders of preferred shares.

Diluted earnings per share correspond to the net income for the period attributable to holders of ordinary shares, divided by the weighted average number of shares outstanding as adjusted for the maximum effect of the conversion of dilutive equity instruments into ordinary shares. In-the-money stock subscription options are taken into account in the diluted earnings per share calculation, as are performance shares granted under the Global Share-based Incentive Plan. Conversion of these instruments would have no effect on the net income figure used in this calculation. All stock option and performance share plans are expired.

\u00a0

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Net profit used to calculate basic and diluted earnings per ordinary share (In millions of euros)(1)

10,843

10,298

Weighted average number of ordinary shares outstanding during the year

1,133,302,357

1,200,367,337

Effect of potentially dilutive ordinary shares

-

-

Weighted average number of ordinary shares used to calculate diluted earnings per share

1,133,302,357

1,200,367,337

Basic earnings per share (in euros)

9.57

8.58

of which continuing activities (in euros)

9.57

6.12

of which discontinued activities (in euros)

-

2.46

Diluted earnings per share (in euros)

9.57

8.58

of which continuing activities (in euros)

9.57

6.12

of which discontinued activities (in euros)

-

2.46

  • The net profit used to calculate basic and diluted earnings per share is the net profit attributable to equity shareholders, adjusted for the remuneration on the undated super subordinated notes issued by BNP\u00a0Paribas\u00a0SA treated as preferred share equivalents and on the convertible contingent bonds deducted from shareholders' equity, as well as the related foreign exchange gain or loss impact recognised directly in shareholders\u2019 equity in case of repurchase.

\u00a0

The Board of directors will propose to the Annual General Meeting on 13 May 2025, a dividend per share of EUR\u00a04.79\u00a0out of the 2024 net income (compared with EUR\u00a04.60\u00a0out of the 2023 net income).

The proposed distribution amounts to EUR\u00a05,411\u00a0million, compared with EUR\u00a05,198\u00a0million paid in 2024.

This distribution is raised to 60% of the 2024 net income with a share buyback programme of EUR\u00a01,084\u00a0million, after receiving the autorisation from the European Central Bank.

", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_201c57a5-fa11-46b3-9c5d-c2c25ed984f7": { "value": "
1.f.8Financial liabilities and equity instruments

A financial instrument issued or its various components are classified as a financial liability or equity instrument, in accordance with the economic substance of the legal contract.

Financial instruments issued by the Group are qualified as debt instruments if the entity in the Group issuing the instruments has a contractual obligation to deliver cash or another financial asset to the holder of the instrument. The same applies if the Group is required to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the Group, or to deliver a variable number of the Group\u2019s own equity instruments.

Equity instruments result from contracts evidencing a residual interest in an entity\u2019s assets after deducting all of its liabilities.

Debt securities and subordinated debt

Debt securities and subordinated debt are measured at amortised cost unless they are recognised at fair value through profit or loss.

Debt securities are initially recognised at the issue value including transaction costs and are subsequently measured at amortised cost using the effective interest method.

Issued bonds redeemable or convertible into own equity may contain a debt component and an equity component, determined upon initial recognition of the transaction. In this case, they will be qualified as compound financial instruments.

In this respect, the Group has elected to record contingent convertible bonds issued, without maturity, when convertible into a variable number of own shares on the occurrence of a predetermined trigger event (e.g. a decrease in the solvency ratio below a threshold), as compound instruments, to the extent that the coupons on these bonds are paid discretionarily.

Equity instruments

The term \u201cown equity instruments\u201d refers to shares issued by the parent company (BNP\u00a0Paribas\u00a0SA) and by its fully consolidated subsidiaries. External costs that are directly attributable to an issue of new shares are deducted from equity net of all related taxes.

Own equity instruments held by the Group, also known as treasury shares, are deducted from consolidated shareholders\u2019 equity irrespective of the purpose for which they are held. Gains and losses arising on such instruments are eliminated from the consolidated profit and loss account.

When the Group acquires equity instruments issued by subsidiaries under the exclusive control of BNP\u00a0Paribas, the difference between the acquisition price and the share of net assets acquired is recorded in retained earnings attributable to BNP\u00a0Paribas shareholders. Similarly, the liability corresponding to put options granted to minority shareholders in such subsidiaries, and changes in the value of that liability, are offset against minority interests, with any surplus offset against retained earnings attributable to BNP\u00a0Paribas shareholders. Until these options have been exercised, the portion of net income attributable to minority interests is allocated to minority interests in the profit and loss account. A decrease in the Group\u2019s interest in a fully consolidated subsidiary is recognised in the Group\u2019s accounts as a change in shareholders\u2019 equity.

Financial instruments issued by the Group and classified as equity instruments (notably the undated super subordinated notes) are presented in the balance sheet in \u201cCapital and retained earnings\u201d.

Distributions from a financial instrument classified as an equity instrument are recognised directly as a deduction from equity. Similarly, the transaction costs of an instrument classified as equity are recognised as a deduction from shareholders\u2019 equity.

Own equity instrument derivatives are treated as follows, depending on the method of settlement:

If the contract includes an obligation, whether contingent or not, for the bank to repurchase its own shares, the Bank recognises the debt at its present value with an offsetting entry in shareholders\u2019 equity.

8.aChanges in share capital and earnings per share

At 31\u00a0December 2024, the share capital of BNP\u00a0Paribas\u00a0SA amounted to EUR\u00a02,261,621,342 and was divided into 1,130,810,671\u00a0shares (compared with 1,147,477,409 at 31\u00a0December 2023). The\u00a0nominal value of each share is EUR\u00a02.

Ordinary shares issued by BNP\u00a0Paribas and held by the Group

\u00a0

Proprietary transactions

Trading transactions(1)

Total

Number of shares

Carrying amount

(In millions of euros)

Number of shares

Carrying amount

(In millions of euros)

Number of shares

Carrying amount

(In millions of euros)

Shares held at 31 December 2022

721,971

38

159,670

8

881,641

46

Acquisitions

86,854,237

5,000

\u00a0

\u00a0

86,854,237

5,000

Capital decrease

(86,854,237)

(5,000)

\u00a0

\u00a0

(86,854,237)

(5,000)

Net movements

\u00a0

\u00a0

64,888

5

64,888

5

Shares held at 31 December 2023

721,971

38

224,558

13

946,529

51

Acquisitions

16,666,738

1,055

\u00a0

\u00a0

16,666,738

1,055

Capital decrease

(16,666,738)

(1,055)

\u00a0

\u00a0

(16,666,738)

(1,055)

Net movements

\u00a0

\u00a0

309,669

18

309,669

18

Shares held at 31 December 2024

721,971

38

534,227

31

1,256,198

69

  • Transactions realised in the framework of an activity of trading and arbitrage transactions on equity indices.

\u00a0

Throughout the year 2024, BNP\u00a0Paribas\u00a0SA bought back on the market then cancelled 16,666,738 of its own shares in accordance with the Board of directors\u2019 decision of 31\u00a0January 2024 to proceed to the share buyback of EUR\u00a01,055\u00a0million.

At 31\u00a0December 2024, the Group holds 1,256,198 BNP\u00a0Paribas shares representing an amount of EUR\u00a069\u00a0million, which were deducted from equity.

Undated super subordinated notes eligible as\u00a0Tier\u00a01 regulatory capital

BNP\u00a0Paribas\u00a0SA has issued undated super subordinated notes which pay a fixed, fixed adjustable or floating-rate coupon and are redeemable at the end of a fixed period and thereafter at each coupon date or every five years.

On 11 January 2023, BNP\u00a0Paribas SA issued undated super subordinated notes for an amount of EUR 1,250 million which pay a 7.375% fixed-rate coupon. These notes could be redeemed at the end of a period of 7 years. If the notes are not redeemed in 2030, a mid-swap rate EUR 5-year coupon will be paid half-yearly. This issue is eligible to Additional Tier 1 capital.

On 28 February 2023, BNP\u00a0Paribas SA issued undated super subordinated notes for an amount of SGD 600 million which pay a 5.9% fixed-rate coupon. These notes could be redeemed at the end of a period of 5 years. If the notes are not redeemed in 2028, a SGD SORA 5-year rate coupon will be paid half-yearly. This issue is eligible to Additional Tier 1 capital.

On 25 March 2024, BNP\u00a0Paribas SA redeemed the March 2019 issue, for an amount of USD\u00a01,500\u00a0million, at the first call date. These notes paid a 6.625% fixed-rate coupon.

On 10 January 2025, BNP\u00a0Paribas SA redeemed the July 2019 issue, for an amount of AUD 300 million. These notes are not eligible to Additional Tier 1 capital at 31 December 2024.

\u00a0

The following table summarises the characteristics of these various issues:

Date of issue

Currency

Amount

(in millions of currency units)

Coupon
\u00a0payment date

Rate and term
\u00a0before 1st\u00a0call date

Rate after 1st\u00a0call date

August\u00a02015

USD

1,500

semi-annual

7.375%

10\u00a0years

USD 5-year swap +5.150%

November\u00a02017

USD

750

semi-annual

5.125%

10\u00a0years

USD 5-year swap +2.838%

August\u00a02018

USD

750

semi-annual

7.000%

10\u00a0years

USD 5-year swap +3.980%

July\u00a02019

AUD

300

semi-annual

4.500%

5.5\u00a0years

AUD 5-year swap +3.372%

February\u00a02020

USD

1,750

semi-annual

4.500%

10\u00a0years

US 5-year CMT +2.944%

February\u00a02021

USD

1,250

semi-annual

4.625%

10\u00a0years

US 5-year CMT +3.340%

January\u00a02022

USD

1,250

semi-annual

4.625%

5\u00a0years

US 5-year CMT +3.196%

August\u00a02022

USD

2,000

semi-annual

7.750%

7\u00a0years

US 5-year CMT +4.899%

September\u00a02022

EUR

1,000

semi-annual

6.875%

7.25\u00a0years

EUR\u00a05-year Mid-swap +4.645%

November\u00a02022

USD

1,000

semi-annual

9.250%

5\u00a0years

US 5-year CMT +4.969%

January\u00a02023

EUR

1,250

semi-annual

7.375%

7\u00a0years

EUR\u00a05-year Mid-swap +4.631%

February\u00a02023

SGD

600

semi-annual

5.900%

5\u00a0years

SGD SORA\u00a05-year +2.674%

Total euro-equivalent historical value at 31\u00a0December 2024

12\u00a0129 (1)

\u00a0

\u00a0

\u00a0

\u00a0

  • Net of shares held in treasury by Group entities.

\u00a0

BNP\u00a0Paribas has the option of not paying interest due on these undated super subordinated notes. Unpaid interest is not carried forward.

For notes issued before 2015, the absence of coupon payment is conditional on the absence of dividend payment on BNP\u00a0Paribas\u00a0SA ordinary shares or on undated super subordinated note equivalents during the previous year. Interest due is payable once dividend payment on BNP\u00a0Paribas\u00a0SA ordinary shares resumes.

The contracts relating to these undated super subordinated notes contain a loss absorption clause. Under the terms of this clause, in the event of insufficient regulatory capital, the nominal value of the notes may be reduced in order to serve as a new basis for the calculation of the related coupons until the capital deficiency is made up and the nominal value of the notes is increased to its original amount.

The proceeds from these issues are recorded in equity under \u201cCapital and retained earnings\u201d. In accordance with IAS\u00a021, issues denominated in foreign currencies are recognised at their historical value based on their translation into euros at the issue date. Interest on the instruments is deducted from shareholders' equity.

At 31\u00a0December 2024, the BNP\u00a0Paribas Group held EUR\u00a029\u00a0million of its own undated super subordinated notes which were deducted from shareholders\u2019 equity.

\u00a0

Earnings per share

Basic earnings per share are calculated by dividing the net income for the period attributable to holders of ordinary shares by the weighted average number of ordinary shares outstanding during the period. The net income attributable to ordinary shareholders is determined by deducting the net income attributable to holders of preferred shares.

Diluted earnings per share correspond to the net income for the period attributable to holders of ordinary shares, divided by the weighted average number of shares outstanding as adjusted for the maximum effect of the conversion of dilutive equity instruments into ordinary shares. In-the-money stock subscription options are taken into account in the diluted earnings per share calculation, as are performance shares granted under the Global Share-based Incentive Plan. Conversion of these instruments would have no effect on the net income figure used in this calculation. All stock option and performance share plans are expired.

\u00a0

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Net profit used to calculate basic and diluted earnings per ordinary share (In millions of euros)(1)

10,843

10,298

Weighted average number of ordinary shares outstanding during the year

1,133,302,357

1,200,367,337

Effect of potentially dilutive ordinary shares

-

-

Weighted average number of ordinary shares used to calculate diluted earnings per share

1,133,302,357

1,200,367,337

Basic earnings per share (in euros)

9.57

8.58

of which continuing activities (in euros)

9.57

6.12

of which discontinued activities (in euros)

-

2.46

Diluted earnings per share (in euros)

9.57

8.58

of which continuing activities (in euros)

9.57

6.12

of which discontinued activities (in euros)

-

2.46

  • The net profit used to calculate basic and diluted earnings per share is the net profit attributable to equity shareholders, adjusted for the remuneration on the undated super subordinated notes issued by BNP\u00a0Paribas\u00a0SA treated as preferred share equivalents and on the convertible contingent bonds deducted from shareholders' equity, as well as the related foreign exchange gain or loss impact recognised directly in shareholders\u2019 equity in case of repurchase.

\u00a0

The Board of directors will propose to the Annual General Meeting on 13 May 2025, a dividend per share of EUR\u00a04.79\u00a0out of the 2024 net income (compared with EUR\u00a04.60\u00a0out of the 2023 net income).

The proposed distribution amounts to EUR\u00a05,411\u00a0million, compared with EUR\u00a05,198\u00a0million paid in 2024.

This distribution is raised to 60% of the 2024 net income with a share buyback programme of EUR\u00a01,084\u00a0million, after receiving the autorisation from the European Central Bank.

", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_9c84e4f6-99f8-4d30-b463-a8461e56306a": { "value": "
1.f.8Financial liabilities and equity instruments

A financial instrument issued or its various components are classified as a financial liability or equity instrument, in accordance with the economic substance of the legal contract.

Financial instruments issued by the Group are qualified as debt instruments if the entity in the Group issuing the instruments has a contractual obligation to deliver cash or another financial asset to the holder of the instrument. The same applies if the Group is required to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the Group, or to deliver a variable number of the Group\u2019s own equity instruments.

Equity instruments result from contracts evidencing a residual interest in an entity\u2019s assets after deducting all of its liabilities.

Debt securities and subordinated debt

Debt securities and subordinated debt are measured at amortised cost unless they are recognised at fair value through profit or loss.

Debt securities are initially recognised at the issue value including transaction costs and are subsequently measured at amortised cost using the effective interest method.

Issued bonds redeemable or convertible into own equity may contain a debt component and an equity component, determined upon initial recognition of the transaction. In this case, they will be qualified as compound financial instruments.

In this respect, the Group has elected to record contingent convertible bonds issued, without maturity, when convertible into a variable number of own shares on the occurrence of a predetermined trigger event (e.g. a decrease in the solvency ratio below a threshold), as compound instruments, to the extent that the coupons on these bonds are paid discretionarily.

Equity instruments

The term \u201cown equity instruments\u201d refers to shares issued by the parent company (BNP\u00a0Paribas\u00a0SA) and by its fully consolidated subsidiaries. External costs that are directly attributable to an issue of new shares are deducted from equity net of all related taxes.

Own equity instruments held by the Group, also known as treasury shares, are deducted from consolidated shareholders\u2019 equity irrespective of the purpose for which they are held. Gains and losses arising on such instruments are eliminated from the consolidated profit and loss account.

When the Group acquires equity instruments issued by subsidiaries under the exclusive control of BNP\u00a0Paribas, the difference between the acquisition price and the share of net assets acquired is recorded in retained earnings attributable to BNP\u00a0Paribas shareholders. Similarly, the liability corresponding to put options granted to minority shareholders in such subsidiaries, and changes in the value of that liability, are offset against minority interests, with any surplus offset against retained earnings attributable to BNP\u00a0Paribas shareholders. Until these options have been exercised, the portion of net income attributable to minority interests is allocated to minority interests in the profit and loss account. A decrease in the Group\u2019s interest in a fully consolidated subsidiary is recognised in the Group\u2019s accounts as a change in shareholders\u2019 equity.

Financial instruments issued by the Group and classified as equity instruments (notably the undated super subordinated notes) are presented in the balance sheet in \u201cCapital and retained earnings\u201d.

Distributions from a financial instrument classified as an equity instrument are recognised directly as a deduction from equity. Similarly, the transaction costs of an instrument classified as equity are recognised as a deduction from shareholders\u2019 equity.

Own equity instrument derivatives are treated as follows, depending on the method of settlement:

If the contract includes an obligation, whether contingent or not, for the bank to repurchase its own shares, the Bank recognises the debt at its present value with an offsetting entry in shareholders\u2019 equity.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_b2cdd77b-f435-4a38-af18-ea9a940c8cbb": { "value": "
Debt securities and subordinated debt

Debt securities and subordinated debt are measured at amortised cost unless they are recognised at fair value through profit or loss.

Debt securities are initially recognised at the issue value including transaction costs and are subsequently measured at amortised cost using the effective interest method.

Issued bonds redeemable or convertible into own equity may contain a debt component and an equity component, determined upon initial recognition of the transaction. In this case, they will be qualified as compound financial instruments.

In this respect, the Group has elected to record contingent convertible bonds issued, without maturity, when convertible into a variable number of own shares on the occurrence of a predetermined trigger event (e.g. a decrease in the solvency ratio below a threshold), as compound instruments, to the extent that the coupons on these bonds are paid discretionarily.

Equity instruments

The term \u201cown equity instruments\u201d refers to shares issued by the parent company (BNP\u00a0Paribas\u00a0SA) and by its fully consolidated subsidiaries. External costs that are directly attributable to an issue of new shares are deducted from equity net of all related taxes.

Own equity instruments held by the Group, also known as treasury shares, are deducted from consolidated shareholders\u2019 equity irrespective of the purpose for which they are held. Gains and losses arising on such instruments are eliminated from the consolidated profit and loss account.

When the Group acquires equity instruments issued by subsidiaries under the exclusive control of BNP\u00a0Paribas, the difference between the acquisition price and the share of net assets acquired is recorded in retained earnings attributable to BNP\u00a0Paribas shareholders. Similarly, the liability corresponding to put options granted to minority shareholders in such subsidiaries, and changes in the value of that liability, are offset against minority interests, with any surplus offset against retained earnings attributable to BNP\u00a0Paribas shareholders. Until these options have been exercised, the portion of net income attributable to minority interests is allocated to minority interests in the profit and loss account. A decrease in the Group\u2019s interest in a fully consolidated subsidiary is recognised in the Group\u2019s accounts as a change in shareholders\u2019 equity.

Financial instruments issued by the Group and classified as equity instruments (notably the undated super subordinated notes) are presented in the balance sheet in \u201cCapital and retained earnings\u201d.

Distributions from a financial instrument classified as an equity instrument are recognised directly as a deduction from equity. Similarly, the transaction costs of an instrument classified as equity are recognised as a deduction from shareholders\u2019 equity.

Own equity instrument derivatives are treated as follows, depending on the method of settlement:

If the contract includes an obligation, whether contingent or not, for the bank to repurchase its own shares, the Bank recognises the debt at its present value with an offsetting entry in shareholders\u2019 equity.

\u27a4Detail of debt securities by type of issuer

In millions of euros, at

31 December 2024

31 December 2023

Gross value

Impairment (note\u00a02.g)

Carrying
\u00a0amount

Gross value

Impairment (note\u00a02.g)

Carrying
\u00a0amount

Governments

69,172

(31)

69,141

62,659

(11)

62,648

Other public administration

25,709

(2)

25,707

16,288

(2)

16,286

Credit institutions

14,743

(2)

14,741

10,318

(2)

10,316

Others

37,539

(153)

37,386

32,000

(89)

31,911

Total debt securities at amortised cost

147,163

(188)

146,975

121,265

(104)

121,161

\u27a4Detail of financial assets at amortised cost by stage

In millions of euros, at

31 December 2024

31 December 2023

Gross Value

Impairment (note\u00a02.g)

Carrying
\u00a0amount

Gross Value

Impairment (note\u00a02.g)

Carrying
\u00a0amount

\u00a0Loans and advances to credit institutions

31,232

(85)

31,147

24,434

(99)

24,335

Stage\u00a01

30,998

(8)

30,990

23,673

(19)

23,654

Stage\u00a02

157

(6)

151

679

(13)

666

Stage\u00a03

77

(71)

6

82

(67)

15

Loans and advances to customers

917,049

(16,908)

900,141

876,712

(17,512)

859,200

Stage\u00a01

821,576

(1,762)

819,814

777,190

(1,906)

775,284

Stage\u00a02

69,649

(1,904)

67,745

74,214

(2,399)

71,815

Stage\u00a03

25,824

(13,242)

12,582

25,308

(13,207)

12,101

\u00a0Debt securities

147,163

(188)

146,975

121,265

(104)

121,161

Stage\u00a01

144,987

(15)

144,972

120,991

(12)

120,979

Stage\u00a02

1,911

(28)

1,883

94

(5)

89

Stage\u00a03

265

(145)

120

180

(87)

93

Total financial assets at amortised cost

1,095,444

(17,181)

1,078,263

1,022,411

(17,715)

1,004,696

4.hDebt securities and subordinated debt

This note covers all issued debt securities and subordinated debt measured at amortised cost and designated as at fair value through profit or loss.

\u27a4Debt securities designated at fair value through profit or loss (note\u00a04.a)

Issuer/Issue date

In millions of euros, at

Currency

Original amount in foreign currency (millions)

Date of call or interest step-up

Interest
\u00a0rate

Interest rate reset

Conditions precedent for\u00a0coupon payment(1)

31 December 2024

31 December 2023

ISSUED DEBT SECURITIES AND SUBORDINATED DEBT

\u00a0

\u00a0

\u00a0

\u00a0

104,934

83,763

Debt securities

\u00a0

\u00a0

\u00a0

\u00a0

104,118

83,028

Subordinated debt

\u00a0

\u00a0

\u00a0

\u00a0

816

735

Redeemable subordinated debt

(2)

\u00a0

\u00a0

\u00a0

18

18

Perpetual subordinated debt

\u00a0

\u00a0

\u00a0

\u00a0

798

717

BNP\u00a0Paribas Fortis Dec. 2007(3)

EUR

3,000

Dec.-14

3-month Euribor +200\u00a0bp

\u00a0

A

798

717

  • Conditions precedent for coupon payment:
    A Coupon payments are halted should the issuer have insufficient capital or the underwriters become insolvent or when the dividend declared for Ageas shares falls below a certain threshold.
  • After agreement from the banking supervisory authority and at the issuer\u2019s initiative, redeemable subordinated debt issues may contain a call provision authorising the Group to redeem the securities prior to maturity by repurchasing them in the stock market, via public tender offers, or in the case of private placements over the counter. Debt issued by BNP\u00a0Paribas\u00a0SA or foreign subsidiaries of the Group via placements in the international markets may be subject to early redemption of the capital and early payment of interest due at maturity at the issuer\u2019s discretion on or after a date stipulated in the issue particulars (call option), or in the event that changes in the applicable tax rules oblige the BNP\u00a0Paribas Group issuer to compensate debt-holders for the consequences of such changes. Redemption may be subject to a notice period of between 15 and 60\u00a0days, and is in all cases subject to approval by the banking supervisory authorities.
  • Convertible And Subordinated Hybrid Equity-linked Securities (CASHES) issued by BNP\u00a0Paribas Fortis (previously Fortis Banque) in December\u00a02007.
  • The CASHES are perpetual securities but may be exchanged for Ageas (previously Fortis\u00a0SA/NV) shares at the holder\u2019s sole discretion at a price of EUR\u00a0239.40. However, as of 19 December 2014, the CASHES will be automatically exchanged into Ageas shares if their price is equal to or higher than EUR\u00a0359.10 for twenty consecutive trading days. The principal amount will never be redeemed in cash. The rights of the CASHES holders are limited to the Ageas shares held by BNP\u00a0Paribas Fortis and pledged to them.
  • Ageas and BNP\u00a0Paribas Fortis have entered into a Relative Performance Note (RPN) contract, the value of which varies contractually so as to offset the impact on BNP\u00a0Paribas Fortis of the relative difference between changes in the value of the CASHES and changes in the value of the Ageas shares.
  • Since 1 January 2022, the liability is no longer eligible to prudential own funds.
\u27a4Debt securities measured at amortised cost

Issuer/Issue date

In millions euros, at

Currency

Original amount in foreign currency (millions)

Date of call or interest step-up

Interest rate

Interest rate reset

Conditions precedent for\u00a0coupon payment(1)

31 December 2024

31 December 2023

Debt securities

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

198,119

191,482

Debt securities in issue with an initial maturity of less than one year

\u00a0

82,327

75,743

Negotiable debt securities

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

82,327

75,743

Debt securities in issue with an initial maturity of more than one year

\u00a0

115,792

115,739

Negotiable debt securities

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

31,109

30,592

Bonds

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

84,683

85,147

Subordinated debt

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

31,799

24,743

Redeemable subordinated debt

(2)

\u00a0

\u00a0

\u00a0

26,073

21,594

Undated subordinated notes

\u00a0

\u00a0

\u00a0

\u00a0

5,460

2,920

Contingent convertible bonds recognised as Tier 1 capital

\u00a0

\u00a0

\u00a0

\u00a0

3,851

1,352

BNP\u00a0Paribas SA Aug. 23(5)

USD

1,500

Aug.-28

8.5%

CMT

+ 4.354%

E

1,449

1,352

BNP\u00a0Paribas SA Feb. 24(5)

USD

1,500

Aug.-31

8.000%

CMT

+ 3.727%

E

1,449

-

BNP\u00a0Paribas SA Sept. 24(5)

USD

1,000

Sept.-34

7.375%

CMT

+3.535%

E

953

-

Other perpetual subordinated notes

\u00a0

\u00a0

\u00a0

1,609

1,568

BNP\u00a0Paribas SA Oct. 85(3)

EUR

305

-

TMO

- 0.25%

-

B

254

254

BNP\u00a0Paribas SA Sept. 86 (4)

USD

500

-

Libor 6 month

+ 0.075%

-

C

-

248

BNP\u00a0Paribas Cardif Nov. 14

EUR

1,000

Nov.-25

4.032%

Euribor 3 month

+ 393 bp

D

1,000

998

BMCI Feb. 23

MAD

750

Feb.-28

3.9%

2.5%-2.6%

F

71

68

TEB Sept. 24

USD

300

sept.-29

9.375%

CMT +5.758%

G

284

-

Perpetual participating notes

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

225

225

BNP\u00a0Paribas\u00a0SA July 84(3)(6)

EUR

337

-

(7)

-

\u00a0

219

219

Others

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

6

6

Expenses and commission, related debt

\u00a0

\u00a0

\u00a0

41

4

  • Conditions precedent for coupon payment:
  • B - Payment of the interest is mandatory, unless the Board of directors decides to postpone these payments after the Shareholders\u2019 General Meeting has officially noted that there is no income available for distribution, where this occurs within the 12-month period preceding the due date for payment of the interest. Interest payments are cumulative and are payable in full once dividend payments resume.
  • C - Payment of the interest is mandatory, unless the Board of directors decides to postpone these payments after the Shareholders\u2019 General Meeting has validated the decision not to pay out a dividend, where this occurs within the 12-month period preceding the due date for payment of the interest. Interest payments are cumulative and are payable in full once dividend payments resume. The bank has the option of resuming payment of interest arrears, even where no dividend is paid out.
  • D - Payment of the interest is mandatory, except for cases of regulatory deficiency, in agreement with the regulator, or of suspension of payments. Interest payments are cumulative and are payable in full, once coupon payments resume, or, if these events occur before, when the issuance is redeemed or when the issuer is liquidated.
  • E - Payment of the interest is at full discretion and could be cancelled in whole or in part if the relevant regulator notifies based on its assessment of the financial and solvency situation of the issuer. Interest amounts on the Notes will be non-cumulative, once coupon payments resume.
  • F - Payment of interest is made on a discretionary basis and may be fully or partially cancelled with the prior approval of Bank Al-Maghrib for an indefinite period and on a non-cumulative basis to meet its obligations. Interest amounts on bonds will not be cumulative when coupon payments resume.
  • G - Payment of interest is discretionary and may be fully or partially cancelled at any time and for any reason for an indefinite period. Interest amounts on bonds will not be cumulative when coupon payments resume.\u00a0
  • See reference relating to \u201cDebt securities at fair value through profit or loss\u201d.
  • These securities are no longer eligible to prudential own funds since 31 December 2023.
  • This instrument has been fully redeemed on 28 March 2024.
  • The instruments issued by BNP\u00a0Paribas SA in August 2023 and February and September 2024 are contingent convertible securities classified as financial liabilities in accounting and eligible to Additional Tier 1 capital (see note 1.f.8). The distribution from these instruments is recognised directly as a reduction from equity.
  • The participating notes issued by BNP\u00a0Paribas SA may be repurchased as provided for in the law of 3 January 1983. The number of notes in the market is 1,434,092.
  • Depending on net income subject to a minimum of 85% of the TMO rate and a maximum of 130% of the TMO rate.
\u27a4Financial liabilities related to insurance activities

\u201cFinancial liabilities related to insurance activities\u201d includes unit-linked investment contracts without discretionary participating features. Those contracts are measured under IFRS\u00a09 at fair value through profit or loss.

In millions of euros, at

31 December 2024

31 December 2023

Derivative financial instruments

982

1,138

Derivatives used for hedging purposes

238

152

Deposit at fair value through profit or loss

960

1,063

Debt representative of shares of consolidated funds held by third parties

7,317

5,802

Investment contracts without discretionary participation feature \u2013 Unit-linked contracts

8,388

8,427

Other debts

1,922

1,657

Financial liabilities related to insurance activities

19,807

18,239

\u27a4Measurement of the fair value of financial instruments

The criteria for allocating instruments to each level of the fair value hierarchy, the measurement methods, and the principles governing transfers between levels are those presented in note\u00a04.d for the Group\u2019s financial instruments.

In millions of euros, at

31 December 2024

31 December 2023

Level\u00a01

Level\u00a02

Level\u00a03

Total

Level\u00a01

Level\u00a02

Level\u00a03

Total

Financial assets designated as at fair value through profit or loss

110,018

47,346

16,055

173,419

85,585

56,294

14,879

156,758

Equity instruments

102,824

31,996

15,772

150,592

79,269

41,846

14,779

135,894

Debt securities

7,194

14,827

218

22,239

6,316

13,740

41

20,097

Loans

523

65

588

708

59

767

Financial assets at fair value through equity

89,003

13,214

5

102,222

81,018

8,106

15

89,139

Equity instruments

1,729

1,729

646

646

Debt securities

87,274

13,214

5

100,493

80,372

8,106

15

88,493

Derivative financial instruments

-

1,772

33

1,805

2

1,678

14

1,694

FINANCIAL ASSETS MEASURED AT FAIR VALUE

199,021

62,332

16,093

277,446

166,605

66,078

14,908

247,591

Financial liabilities designated at fair value through profit or loss

4,666

10,866

1,133

16,665

2,625

12,039

628

15,292

Deposit at fair value through profit or loss

960

960

1,063

1,063

Debt representative of shares of consolidated funds held by third parties

4,666

2,352

299

7,317

2,625

3,177

5,802

Investment contracts without discretionary participation feature - Unit-linked contracts

7,554

834

8,388

7,799

628

8,427

Derivative financial instruments

-

1,198

22

1,220

127

977

186

1,290

FINANCIAL LIABILITIES MEASURED AT FAIR VALUE

4,666

12,064

1,155

17,885

2,752

13,016

814

16,582

\u00a0

Level\u00a01: includes notably equity securities and liquid bonds, derivative instruments traded on organised markets (futures, options, etc.), shares of funds and UCITS, for which the net asset value is calculated on a daily basis.

Level\u00a02: includes equity securities, government bonds, corporate debt securities, shares of funds and UCITS, and over-the-counter derivatives.

Level\u00a03: includes units of funds and unlisted equity shares which are mainly company shares and venture capital.

\u00a0

\u27a4Table of movements in Level\u00a03 financial instruments

For Level\u00a03 financial instruments, the following movements occurred during the period:

In millions of euros

Financial assets

Financial liabilities

Financial instruments at fair value through profit or loss

Financial assets at fair value through equity

Total

Financial instruments at fair value through profit or loss

Total

At 31 December 2023

14,893

15

14,908

(814)

(814)

Purchases

2,209

\u00a0

2,209

\u00a0

\u00a0

Sales

(2,325)

\u00a0

(2,325)

\u00a0

\u00a0

Settlements

40

(3)

37

(110)

(110)

Transfers to Level\u00a03

463

\u00a0

463

\u00a0

\u00a0

Transfers from Level\u00a03

(141)

(8)

(149)

\u00a0

\u00a0

Gains recognised in profit or loss

187

\u00a0

187

(226)

(226)

Items related to exchange rate movement and changes in scope of consolidation

762

\u00a0

762

(5)

(5)

Changes in fair value of assets and liabilities recognised in equity

\u00a0

1

1

\u00a0

\u00a0

At 31 December 2024

16,088

5

16,093

(1,155)

(1,155)

", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_c2d0cdd1-e98e-49e6-9bf4-4581aa26bde0": { "value": "
Equity instruments

The term \u201cown equity instruments\u201d refers to shares issued by the parent company (BNP\u00a0Paribas\u00a0SA) and by its fully consolidated subsidiaries. External costs that are directly attributable to an issue of new shares are deducted from equity net of all related taxes.

Own equity instruments held by the Group, also known as treasury shares, are deducted from consolidated shareholders\u2019 equity irrespective of the purpose for which they are held. Gains and losses arising on such instruments are eliminated from the consolidated profit and loss account.

When the Group acquires equity instruments issued by subsidiaries under the exclusive control of BNP\u00a0Paribas, the difference between the acquisition price and the share of net assets acquired is recorded in retained earnings attributable to BNP\u00a0Paribas shareholders. Similarly, the liability corresponding to put options granted to minority shareholders in such subsidiaries, and changes in the value of that liability, are offset against minority interests, with any surplus offset against retained earnings attributable to BNP\u00a0Paribas shareholders. Until these options have been exercised, the portion of net income attributable to minority interests is allocated to minority interests in the profit and loss account. A decrease in the Group\u2019s interest in a fully consolidated subsidiary is recognised in the Group\u2019s accounts as a change in shareholders\u2019 equity.

Financial instruments issued by the Group and classified as equity instruments (notably the undated super subordinated notes) are presented in the balance sheet in \u201cCapital and retained earnings\u201d.

Distributions from a financial instrument classified as an equity instrument are recognised directly as a deduction from equity. Similarly, the transaction costs of an instrument classified as equity are recognised as a deduction from shareholders\u2019 equity.

Own equity instrument derivatives are treated as follows, depending on the method of settlement:

If the contract includes an obligation, whether contingent or not, for the bank to repurchase its own shares, the Bank recognises the debt at its present value with an offsetting entry in shareholders\u2019 equity.

", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_f88dcd40-a423-4432-88dd-8b5038003edf": { "value": "
Equity instruments

The term \u201cown equity instruments\u201d refers to shares issued by the parent company (BNP\u00a0Paribas\u00a0SA) and by its fully consolidated subsidiaries. External costs that are directly attributable to an issue of new shares are deducted from equity net of all related taxes.

Own equity instruments held by the Group, also known as treasury shares, are deducted from consolidated shareholders\u2019 equity irrespective of the purpose for which they are held. Gains and losses arising on such instruments are eliminated from the consolidated profit and loss account.

When the Group acquires equity instruments issued by subsidiaries under the exclusive control of BNP\u00a0Paribas, the difference between the acquisition price and the share of net assets acquired is recorded in retained earnings attributable to BNP\u00a0Paribas shareholders. Similarly, the liability corresponding to put options granted to minority shareholders in such subsidiaries, and changes in the value of that liability, are offset against minority interests, with any surplus offset against retained earnings attributable to BNP\u00a0Paribas shareholders. Until these options have been exercised, the portion of net income attributable to minority interests is allocated to minority interests in the profit and loss account. A decrease in the Group\u2019s interest in a fully consolidated subsidiary is recognised in the Group\u2019s accounts as a change in shareholders\u2019 equity.

Financial instruments issued by the Group and classified as equity instruments (notably the undated super subordinated notes) are presented in the balance sheet in \u201cCapital and retained earnings\u201d.

Distributions from a financial instrument classified as an equity instrument are recognised directly as a deduction from equity. Similarly, the transaction costs of an instrument classified as equity are recognised as a deduction from shareholders\u2019 equity.

Own equity instrument derivatives are treated as follows, depending on the method of settlement:

If the contract includes an obligation, whether contingent or not, for the bank to repurchase its own shares, the Bank recognises the debt at its present value with an offsetting entry in shareholders\u2019 equity.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_999035e6-660a-43ff-8ac4-a39744295573": { "value": "
1.f.9Hedge accounting

The Group retained the option provided by the standard to maintain the hedge accounting requirements of IAS\u00a039 until the future standard on macro-hedging is entered into force. Furthermore, IFRS\u00a09 does not explicitly address the fair value hedge of the interest rate risk on a portfolio of financial assets or liabilities. The provisions in IAS\u00a039 for these portfolio hedges, as adopted by the European Union, continue to apply.

Derivatives contracted as part of a hedging relationship are designated according to the purpose of the hedge.

Fair value hedges are particularly used to hedge interest rate risk on fixed-rate assets and liabilities, both for identified financial instruments (securities, debt issues, loans, borrowings) and for portfolios of financial instruments (in particular, demand deposits and fixed-rate loans).

Cash flow hedges are particularly used to hedge interest rate risk on floating-rate assets and liabilities, including rollovers, and foreign exchange risks on highly probable forecast foreign currency revenues.

At the inception of the hedge, the Group prepares formal documentation which details the hedging relationship, identifying the instrument, or portion of the instrument, or portion of risk that is being hedged, the hedging strategy and the type of risk hedged, the hedging instrument, and the methods used to assess the effectiveness of the hedging relationship.

On inception and at least quarterly, the Group assesses, in consistency with the original documentation, the actual (retrospective) and expected (prospective) effectiveness of the hedging relationship. Retrospective effectiveness tests are designed to assess whether the ratio of actual changes in the fair value or cash flows of the hedging instrument to those in the hedged item is within a range of 80% to 125%. Prospective effectiveness tests are designed to ensure that expected changes in the fair value or cash flows of the derivative over the residual life of the hedge adequately offset those of the hedged item. For highly probable forecast transactions, effectiveness is assessed largely on the basis of historical data for similar transactions.

Under IAS\u00a039 as adopted by the European Union, which excludes certain provisions on portfolio hedging, interest rate risk hedging relationships based on portfolios of assets or liabilities qualify for fair value hedge accounting as follows:

The accounting treatment of derivatives and hedged items depends on the hedging strategy.

In a fair value hedging relationship, the derivative instrument is remeasured at fair value in the balance sheet, with changes in fair value recognised in profit or loss in \u201cNet gain/loss on financial instruments at fair value through profit or loss\u201d, symmetrically with the remeasurement of the hedged item to reflect the hedged risk. In the balance sheet, the fair value remeasurement of the hedged component is recognised in accordance with the classification of the hedged item in the case of a hedge of identified assets and liabilities, or under \u201cRemeasurement adjustment on interest rate risk hedged portfolios\u201d in the case of a portfolio hedging relationship.

If a hedging relationship ceases or no longer fulfils the effectiveness criteria, the hedging instrument is transferred to the trading book and accounted for using the treatment applied to this category. In the case of identified fixed-income instruments, the remeasurement adjustment recognised in the balance sheet is amortised at the effective interest rate over the remaining life of the instrument. In the case of interest rate risk hedged fixed-income portfolios, the adjustment is amortised on a straight-line basis over the remainder of the original term of the hedge. If the hedged item no longer appears in the balance sheet, in particular due to prepayments, the adjustment is taken to the profit and loss account immediately.

In a cash flow hedging relationship, the derivative is measured at fair value in the balance sheet, with changes in fair value taken to shareholders\u2019 equity on a separate line, \u201cChanges in fair value recognised directly in equity\u201d. The amounts taken to shareholders\u2019 equity over the life of the hedge are transferred to the profit and loss account under \u201cNet interest income\u201d as and when the cash flows from the hedged item impact profit or loss. The hedged items continue to be accounted for using the treatment specific to the category to which they belong.

If the hedging relationship ceases or no longer fulfils the effectiveness criteria, the cumulative amounts recognised in shareholders\u2019 equity as a result of the remeasurement of the hedging instrument remain in equity until the hedged transaction itself impacts profit or loss, or until it becomes clear that the transaction will not occur, at which point they are transferred to the profit and loss account.

If the hedged item ceases to exist, the cumulative amounts recognised in shareholders\u2019 equity are immediately taken to the profit and loss account.

Whatever the hedging strategy used, any ineffective portion of the hedge is recognised in the profit and loss account under \u201cNet gain/loss on financial instruments at fair value through profit or loss\u201d.

Hedges of net foreign currency investments in subsidiaries and branches are accounted for in the same way as cash flow hedges. Hedging instruments may be foreign exchange derivatives or any other non-derivative financial instrument.

Derivative financial instruments

The majority of derivative financial instruments held for trading are related to transactions initiated for trading purposes. They may result from market-making or arbitrage activities. BNP\u00a0Paribas actively trades in derivatives. Transactions include trades in \u201cordinary\u201d instruments such as credit default swaps, and structured transactions with complex risk profiles tailored to meet the needs of its customers. The net position is in all cases subject to limits.

Some derivative instruments are also contracted to hedge financial assets or financial liabilities for which the Group has not documented a hedging relationship, or which do not qualify for hedge accounting under IFRS.

In millions of euros, at

31 December 2024

31 December 2023

Positive market value

Negative market value

Positive market value

Negative market value

Interest rate derivatives

121,491

95,045

133,500

105,976

Foreign exchange derivatives

158,085

152,269

119,094

118,126

Credit derivatives

10,767

11,085

8,427

10,320

Equity derivatives

28,065

40,185

24,067

38,027

Other derivatives

4,223

3,369

6,991

6,443

Derivative financial instruments

322,631

301,953

292,079

278,892

\u00a0

The table below shows the total notional amount of trading derivatives. The notional amounts of derivative instruments are merely an indication of the volume of the Group\u2019s activities in financial instruments markets, and do not reflect the market risks associated with such instruments.

In millions of euros, at

31 December 2024

31 December 2023

Exchange-
traded

Over-the-
counter,
\u00a0cleared through
\u00a0central clearing houses

Over-the-
counter

Total

Exchange-
traded

Over-the-
counter,
\u00a0cleared through
\u00a0central clearing houses

Over-the-
counter

Total

Interest rate derivatives

983,378

15,690,701

7,277,395

23,951,474

1,327,902

14,448,396

6,811,394

22,587,692

Foreign exchange derivatives

74,516

194,540

10,769,644

11,038,700

57,625

173,339

8,980,659

9,211,623

Credit derivatives

\u00a0

436,041

463,565

899,606

\u00a0

357,964

465,403

823,367

Equity derivatives

1,356,158

\u00a0

798,676

2,154,834

1,130,554

\u00a0

638,904

1,769,458

Other derivatives

184,941

\u00a0

93,181

278,122

119,024

\u00a0

84,251

203,275

Derivative financial instruments

2,598,993

16,321,282

19,402,461

38,322,736

2,635,105

14,979,699

16,980,611

34,595,415

\u00a0

As part of its Client Clearing activity, the Group guarantees the risk of default of its clients to central counterparties. The corresponding notional amount is EUR\u00a01,271\u00a0billion at 31\u00a0December 2024 (EUR\u00a01,197\u00a0billion at 31\u00a0December 2023).

4.bDerivatives used for hedging purposes

The table below shows the notional amounts and the fair value of derivatives used for hedging purposes.

In millions of euros, at

31 December 2024

31 December 2023

Notional amounts

Positive fair value

Negative fair value

Notional amounts

Positive fair value

Negative fair value

Fair value hedges

1,215,184

19,489

32,610

1,148,308

19,409

33,808

Interest rate derivatives

1,210,173

19,305

32,391

1,139,647

18,516

32,617

Foreign exchange derivatives

5,011

184

219

8,661

893

1,191

Cash flow hedges

267,840

1,297

4,196

241,125

2,233

4,138

Interest rate derivatives

75,830

654

1,583

66,134

896

1,760

Foreign exchange derivatives

191,237

590

2,532

174,426

1,270

2,312

Other derivatives

773

53

81

565

67

66

Net foreign investment hedges

2,885

65

58

2,648

50

65

Foreign exchange derivatives

2,885

65

58

2,648

50

65

Derivatives used for hedging purposes

1,485,909

20,851

36,864

1,392,081

21,692

38,011

Interest rate risk and foreign exchange risk management strategies are described in chapter\u00a05 \u2013 Pillar 3 of the Universal registration document (section\u00a05.7 Market risk \u2013 Market risk related to banking activities). Quantitative information related to foreign currency borrowings used for net investment hedges is also mentioned in this chapter.

The table below presents the detail of fair value hedge relationships for identified financial instruments and portfolios of financial instruments that are continuing at 31\u00a0December 2024:

\u00a0

In millions of euros,

at 31 December 2024

Hedging instruments

Hedged instruments

Notional amounts

Positive
\u00a0fair value

Negative
\u00a0fair value

Cumulated changes in fair value used as the basis for recognising ineffectiveness

Carrying amount \u2013 asset

Cumulated changes in fair value \u2013 asset

Carrying amount \u2013 liability

Cumulated changes in fair value \u2013 liability

Fair value hedges of identified instruments

467,277

10,935

14,372

(408)

171,514

(4,723)

149,961

(5,075)

Interest rate derivatives hedging the interest rate risk related to

462,854

10,786

14,154

(396)

169,146

(4,721)

148,362

(5,061)

Loans and receivables

21,678

459

504

(35)

17,111

34

\u00a0

\u00a0

Securities

220,047

9,896

6,286

4,680

152,035

(4,755)

\u00a0

\u00a0

Deposits

21,350

134

137

(9)

\u00a0

\u00a0

16,851

(11)

Debt securities

199,779

297

7,227

(5,032)

\u00a0

\u00a0

131,511

(5,050)

Foreign exchange derivatives hedging the interest rate and foreign exchange risks related\u00a0to

4,423

149

218

(12)

2,368

(2)

1,599

(14)

Loans and receivables

1,403

137

47

3

1,007

(3)

\u00a0

\u00a0

Securities

1,435

8

5

\u00a0

1,361

1

\u00a0

\u00a0

Deposits

36

\u00a0

2

2

\u00a0

\u00a0

41

2

Debt securities

1,549

4

164

(17)

\u00a0

\u00a0

1,558

(16)

Interest rate risk hedged portfolios

747,907

8,554

18,238

(8,868)

200,215

(1,745)

151,658

(10,592)

Interest rate derivatives hedging the interest rate risk related to(1)

747,319

8,519

18,237

(8,865)

199,658

(1,747)

151,658

(10,592)

Loans and receivables

319,703

5,461

2,721

1,848

199,658

(1,747)

\u00a0

\u00a0

Deposits

427,616

3,058

15,516

(10,713)

\u00a0

\u00a0

151,658

(10,592)

Foreign exchange derivatives hedging the interest rate and foreign exchange risks related to

588

35

1

(3)

557

2

-

-

Loans and receivables

588

35

1

(3)

557

2

\u00a0

\u00a0

Total fair value hedge

1,215,184

19,489

32,610

(9,276)

371,729

(6,468)

301,619

(15,667)

  • Are included in this section the notional amounts of hedging derivatives and of swaps that reverse the interest rate positions, thus reducing the hedge relationship, when the hedged item still exists, for respectively EUR\u00a0129,507\u00a0million for derivatives hedging loans and receivables and EUR\u00a0263,952\u00a0million for derivatives hedging deposits.

The table below presents the detail of fair value hedge relationships for identified financial instruments and portfolios of financial instruments that are continuing at 31\u00a0December 2023:

\u00a0

In millions of euros,

at 31 December 2023

Hedging instruments

Hedged instruments

Notional amounts

Positive
\u00a0fair value

Negative
\u00a0fair value

Cumulated changes in fair value used as the basis for recognising ineffectiveness

Carrying amount \u2013 asset

Cumulated changes in fair value \u2013 asset

Carrying amount \u2013 liability

Cumulated changes in fair value \u2013 liability

Fair value hedges of identified instruments

405,307

9,539

13,084

(582)

133,418

(6,571)

154,708

(7,030)

Interest rate derivatives hedging the interest rate risk related to

398,328

8,653

11,932

(491)

129,967

(6,575)

151,227

(6,948)

Loans and receivables

20,674

487

449

88

20,886

(82)

\u00a0

\u00a0

Securities

162,254

7,826

2,383

6,369

109,081

(6,493)

\u00a0

\u00a0

Deposits

24,158

123

222

(203)

\u00a0

\u00a0

20,487

(201)

Debt securities

191,242

217

8,878

(6,745)

\u00a0

\u00a0

130,740

(6,747)

Foreign exchange derivatives hedging the interest rate and foreign exchange risks related\u00a0to

6,979

886

1,152

(91)

3,451

4

3,481

(82)

Loans and receivables

2,069

687

737

(11)

2,055

10

\u00a0

\u00a0

Securities

1,405

184

193

8

1,396

(6)

\u00a0

\u00a0

Deposits

833

6

21

4

\u00a0

\u00a0

846

3

Debt securities

2,672

9

201

(92)

\u00a0

\u00a0

2,635

(85)

Interest rate risk hedged portfolios

743,001

9,870

20,724

(10,261)

233,224

(3,803)

228,527

(14,009)

Interest rate derivatives hedging the interest rate risk related to(1)

741,319

9,862

20,685

(10,263)

231,609

(3,801)

228,527

(14,009)

Loans and receivables

339,035

6,302

1,938

3,780

231,609

(3,801)

\u00a0

\u00a0

Deposits

402,284

3,560

18,747

(14,043)

\u00a0

\u00a0

228,527

(14,009)

Foreign exchange derivatives hedging the interest rate and foreign exchange risks related to

1,682

8

39

2

1,615

(2)

-

-

Loans and receivables

1,682

8

39

2

1,615

(2)

\u00a0

\u00a0

Total fair value hedge

1,148,308

19,409

33,808

(10,843)

366,642

(10,374)

383,235

(21,039)

  • Are included in this section the notional amounts of hedging derivatives and of swaps that reverse the interest rate positions, thus reducing the hedge relationship, when the hedged item still exists, for respectively EUR\u00a093,839\u00a0million for derivatives hedging loans and receivables and EUR\u00a0177,833\u00a0million for derivatives hedging deposits.

\u00a0

An asset or a liability or set of assets and liabilities, can be hedged over several periods of time with different derivative financial instruments. Besides, some hedges are achieved by the combination of two derivative instruments. In this case, the notional amounts add up and their total amount is higher than the hedged amount. The first situation is observed more particularly for interest rate risk hedged portfolios and the second for hedges of issued debt securities.

As regards discontinued fair value hedge relationships where the derivative contract was terminated, the cumulated amount of revaluation remaining to be amortised over the residual life of the hedged instruments amounted to EUR\u00a0986\u00a0million in assets at 31\u00a0December 2024, and to -EUR\u00a0104\u00a0million in liabilities, for hedges of portfolios of financial instruments. At 31\u00a0December 2023, these amounts were EUR\u00a01,143\u00a0million in assets and -EUR\u00a0166\u00a0million in liabilities.

Regarding hedges of identified instruments, the cumulated amount of revaluation remaining to be amortised over the residual life of the hedged instruments amounts to EUR\u00a099\u00a0million in assets at 31\u00a0December 2024. At\u00a031\u00a0December\u00a02023, this amount was EUR\u00a0105\u00a0million in assets.

The notional amount of cash flow hedge derivatives is EUR\u00a0267,840\u00a0million at 31\u00a0December 2024. Changes in assets and liabilities recognised directly in equity amount to EUR\u00a048\u00a0million. At\u00a031 December 2023, the notional amount of cash flow hedge derivatives was EUR\u00a0241,125\u00a0million and changes in assets and liabilities recognised directly in equity amounted to EUR\u00a0189\u00a0million.

The tables below present the notional amounts of hedging derivatives by maturity at 31\u00a0December 2024 and at 31\u00a0December 2023:

\u00a0

In millions of euros,

at 31 December 2024

Maturity date

Less than 1\u00a0year

Between 1 and 5\u00a0years

Over 5\u00a0years

Total

Fair value hedges

454,601

456,223

304,360

1,215,184

Interest rate derivatives

452,137

454,004

304,032

1,210,173

Foreign exchange derivatives

2,464

2,219

328

5,011

Cash flow hedges

198,515

55,256

14,069

267,840

Interest rate derivatives

41,299

25,253

9,278

75,830

Foreign exchange derivatives

156,886

29,563

4,788

191,237

Other derivatives

330

440

3

773

Net foreign investment hedges

2,432

453

-

2,885

Foreign exchange derivatives

2,432

453

\u00a0

2,885

\u00a0

In millions of euros,

at 31 December 2023

Maturity date

Less than 1\u00a0year

Between 1 and 5\u00a0years

Over 5\u00a0years

Total

Fair value hedges

328,104

487,495

332,709

1,148,308

Interest rate derivatives

323,853

483,325

332,469

1,139,647

Foreign exchange derivatives

4,251

4,170

240

8,661

Cash flow hedges

176,330

52,161

12,634

241,125

Interest rate derivatives

30,565

28,999

6,570

66,134

Foreign exchange derivatives

145,532

22,832

6,062

174,426

Other derivatives

233

330

2

565

Net foreign investment hedges

2,648

-

-

2,648

Foreign exchange derivatives

2,648

\u00a0

\u00a0

2,648

\u27a4Investments and other assets related to insurance activities

In millions of euros, at

31 December 2024

31 December 2023

Assets not representative of unit-linked insurance contracts

Assets representative of unit-linked accounts

Total

Assets not representative of unit-linked insurance contracts

Assets representative of unit-linked accounts

Total

Derivative financial instruments

1,731

\u00a0

1,731

1,658

\u00a0

1,658

Derivatives used for hedging purposes

74

\u00a0

74

36

\u00a0

36

Financial assets at fair value through profit or loss

61,465

111,954

173,419

64,492

92,266

156,758

Financial assets at fair value through equity

102,222

\u00a0

102,222

89,139

\u00a0

89,139

Financial assets at amortised cost

1,379

\u00a0

1,379

1,267

\u00a0

1,267

Investment properties

3,868

3,178

7,046

4,008

3,483

7,491

Equity-method investments

82

\u00a0

82

89

\u00a0

89

Assets related to insurance activities (see note\u00a05.d)

896

\u00a0

896

660

\u00a0

660

Investments and other assets related to insurance activities

171,717

115,132

286,849

161,349

95,749

257,098

\u27a4Financial liabilities related to insurance activities

\u201cFinancial liabilities related to insurance activities\u201d includes unit-linked investment contracts without discretionary participating features. Those contracts are measured under IFRS\u00a09 at fair value through profit or loss.

In millions of euros, at

31 December 2024

31 December 2023

Derivative financial instruments

982

1,138

Derivatives used for hedging purposes

238

152

Deposit at fair value through profit or loss

960

1,063

Debt representative of shares of consolidated funds held by third parties

7,317

5,802

Investment contracts without discretionary participation feature \u2013 Unit-linked contracts

8,388

8,427

Other debts

1,922

1,657

Financial liabilities related to insurance activities

19,807

18,239

\u27a4Measurement of the fair value of financial instruments

The criteria for allocating instruments to each level of the fair value hierarchy, the measurement methods, and the principles governing transfers between levels are those presented in note\u00a04.d for the Group\u2019s financial instruments.

In millions of euros, at

31 December 2024

31 December 2023

Level\u00a01

Level\u00a02

Level\u00a03

Total

Level\u00a01

Level\u00a02

Level\u00a03

Total

Financial assets designated as at fair value through profit or loss

110,018

47,346

16,055

173,419

85,585

56,294

14,879

156,758

Equity instruments

102,824

31,996

15,772

150,592

79,269

41,846

14,779

135,894

Debt securities

7,194

14,827

218

22,239

6,316

13,740

41

20,097

Loans

523

65

588

708

59

767

Financial assets at fair value through equity

89,003

13,214

5

102,222

81,018

8,106

15

89,139

Equity instruments

1,729

1,729

646

646

Debt securities

87,274

13,214

5

100,493

80,372

8,106

15

88,493

Derivative financial instruments

-

1,772

33

1,805

2

1,678

14

1,694

FINANCIAL ASSETS MEASURED AT FAIR VALUE

199,021

62,332

16,093

277,446

166,605

66,078

14,908

247,591

Financial liabilities designated at fair value through profit or loss

4,666

10,866

1,133

16,665

2,625

12,039

628

15,292

Deposit at fair value through profit or loss

960

960

1,063

1,063

Debt representative of shares of consolidated funds held by third parties

4,666

2,352

299

7,317

2,625

3,177

5,802

Investment contracts without discretionary participation feature - Unit-linked contracts

7,554

834

8,388

7,799

628

8,427

Derivative financial instruments

-

1,198

22

1,220

127

977

186

1,290

FINANCIAL LIABILITIES MEASURED AT FAIR VALUE

4,666

12,064

1,155

17,885

2,752

13,016

814

16,582

\u00a0

Level\u00a01: includes notably equity securities and liquid bonds, derivative instruments traded on organised markets (futures, options, etc.), shares of funds and UCITS, for which the net asset value is calculated on a daily basis.

Level\u00a02: includes equity securities, government bonds, corporate debt securities, shares of funds and UCITS, and over-the-counter derivatives.

Level\u00a03: includes units of funds and unlisted equity shares which are mainly company shares and venture capital.

\u00a0

\u27a4Table of movements in Level\u00a03 financial instruments

For Level\u00a03 financial instruments, the following movements occurred during the period:

In millions of euros

Financial assets

Financial liabilities

Financial instruments at fair value through profit or loss

Financial assets at fair value through equity

Total

Financial instruments at fair value through profit or loss

Total

At 31 December 2023

14,893

15

14,908

(814)

(814)

Purchases

2,209

\u00a0

2,209

\u00a0

\u00a0

Sales

(2,325)

\u00a0

(2,325)

\u00a0

\u00a0

Settlements

40

(3)

37

(110)

(110)

Transfers to Level\u00a03

463

\u00a0

463

\u00a0

\u00a0

Transfers from Level\u00a03

(141)

(8)

(149)

\u00a0

\u00a0

Gains recognised in profit or loss

187

\u00a0

187

(226)

(226)

Items related to exchange rate movement and changes in scope of consolidation

762

\u00a0

762

(5)

(5)

Changes in fair value of assets and liabilities recognised in equity

\u00a0

1

1

\u00a0

\u00a0

At 31 December 2024

16,088

5

16,093

(1,155)

(1,155)

", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_c1643f2b-9fb8-45ef-8287-478869d2d35f": { "value": "
1.f.9Hedge accounting

The Group retained the option provided by the standard to maintain the hedge accounting requirements of IAS\u00a039 until the future standard on macro-hedging is entered into force. Furthermore, IFRS\u00a09 does not explicitly address the fair value hedge of the interest rate risk on a portfolio of financial assets or liabilities. The provisions in IAS\u00a039 for these portfolio hedges, as adopted by the European Union, continue to apply.

Derivatives contracted as part of a hedging relationship are designated according to the purpose of the hedge.

Fair value hedges are particularly used to hedge interest rate risk on fixed-rate assets and liabilities, both for identified financial instruments (securities, debt issues, loans, borrowings) and for portfolios of financial instruments (in particular, demand deposits and fixed-rate loans).

Cash flow hedges are particularly used to hedge interest rate risk on floating-rate assets and liabilities, including rollovers, and foreign exchange risks on highly probable forecast foreign currency revenues.

At the inception of the hedge, the Group prepares formal documentation which details the hedging relationship, identifying the instrument, or portion of the instrument, or portion of risk that is being hedged, the hedging strategy and the type of risk hedged, the hedging instrument, and the methods used to assess the effectiveness of the hedging relationship.

On inception and at least quarterly, the Group assesses, in consistency with the original documentation, the actual (retrospective) and expected (prospective) effectiveness of the hedging relationship. Retrospective effectiveness tests are designed to assess whether the ratio of actual changes in the fair value or cash flows of the hedging instrument to those in the hedged item is within a range of 80% to 125%. Prospective effectiveness tests are designed to ensure that expected changes in the fair value or cash flows of the derivative over the residual life of the hedge adequately offset those of the hedged item. For highly probable forecast transactions, effectiveness is assessed largely on the basis of historical data for similar transactions.

Under IAS\u00a039 as adopted by the European Union, which excludes certain provisions on portfolio hedging, interest rate risk hedging relationships based on portfolios of assets or liabilities qualify for fair value hedge accounting as follows:

The accounting treatment of derivatives and hedged items depends on the hedging strategy.

In a fair value hedging relationship, the derivative instrument is remeasured at fair value in the balance sheet, with changes in fair value recognised in profit or loss in \u201cNet gain/loss on financial instruments at fair value through profit or loss\u201d, symmetrically with the remeasurement of the hedged item to reflect the hedged risk. In the balance sheet, the fair value remeasurement of the hedged component is recognised in accordance with the classification of the hedged item in the case of a hedge of identified assets and liabilities, or under \u201cRemeasurement adjustment on interest rate risk hedged portfolios\u201d in the case of a portfolio hedging relationship.

If a hedging relationship ceases or no longer fulfils the effectiveness criteria, the hedging instrument is transferred to the trading book and accounted for using the treatment applied to this category. In the case of identified fixed-income instruments, the remeasurement adjustment recognised in the balance sheet is amortised at the effective interest rate over the remaining life of the instrument. In the case of interest rate risk hedged fixed-income portfolios, the adjustment is amortised on a straight-line basis over the remainder of the original term of the hedge. If the hedged item no longer appears in the balance sheet, in particular due to prepayments, the adjustment is taken to the profit and loss account immediately.

In a cash flow hedging relationship, the derivative is measured at fair value in the balance sheet, with changes in fair value taken to shareholders\u2019 equity on a separate line, \u201cChanges in fair value recognised directly in equity\u201d. The amounts taken to shareholders\u2019 equity over the life of the hedge are transferred to the profit and loss account under \u201cNet interest income\u201d as and when the cash flows from the hedged item impact profit or loss. The hedged items continue to be accounted for using the treatment specific to the category to which they belong.

If the hedging relationship ceases or no longer fulfils the effectiveness criteria, the cumulative amounts recognised in shareholders\u2019 equity as a result of the remeasurement of the hedging instrument remain in equity until the hedged transaction itself impacts profit or loss, or until it becomes clear that the transaction will not occur, at which point they are transferred to the profit and loss account.

If the hedged item ceases to exist, the cumulative amounts recognised in shareholders\u2019 equity are immediately taken to the profit and loss account.

Whatever the hedging strategy used, any ineffective portion of the hedge is recognised in the profit and loss account under \u201cNet gain/loss on financial instruments at fair value through profit or loss\u201d.

Hedges of net foreign currency investments in subsidiaries and branches are accounted for in the same way as cash flow hedges. Hedging instruments may be foreign exchange derivatives or any other non-derivative financial instrument.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_dd1c1eec-962f-444b-be7f-412d8e310694": { "value": "
1.f.9Hedge accounting

The Group retained the option provided by the standard to maintain the hedge accounting requirements of IAS\u00a039 until the future standard on macro-hedging is entered into force. Furthermore, IFRS\u00a09 does not explicitly address the fair value hedge of the interest rate risk on a portfolio of financial assets or liabilities. The provisions in IAS\u00a039 for these portfolio hedges, as adopted by the European Union, continue to apply.

Derivatives contracted as part of a hedging relationship are designated according to the purpose of the hedge.

Fair value hedges are particularly used to hedge interest rate risk on fixed-rate assets and liabilities, both for identified financial instruments (securities, debt issues, loans, borrowings) and for portfolios of financial instruments (in particular, demand deposits and fixed-rate loans).

Cash flow hedges are particularly used to hedge interest rate risk on floating-rate assets and liabilities, including rollovers, and foreign exchange risks on highly probable forecast foreign currency revenues.

At the inception of the hedge, the Group prepares formal documentation which details the hedging relationship, identifying the instrument, or portion of the instrument, or portion of risk that is being hedged, the hedging strategy and the type of risk hedged, the hedging instrument, and the methods used to assess the effectiveness of the hedging relationship.

On inception and at least quarterly, the Group assesses, in consistency with the original documentation, the actual (retrospective) and expected (prospective) effectiveness of the hedging relationship. Retrospective effectiveness tests are designed to assess whether the ratio of actual changes in the fair value or cash flows of the hedging instrument to those in the hedged item is within a range of 80% to 125%. Prospective effectiveness tests are designed to ensure that expected changes in the fair value or cash flows of the derivative over the residual life of the hedge adequately offset those of the hedged item. For highly probable forecast transactions, effectiveness is assessed largely on the basis of historical data for similar transactions.

Under IAS\u00a039 as adopted by the European Union, which excludes certain provisions on portfolio hedging, interest rate risk hedging relationships based on portfolios of assets or liabilities qualify for fair value hedge accounting as follows:

The accounting treatment of derivatives and hedged items depends on the hedging strategy.

In a fair value hedging relationship, the derivative instrument is remeasured at fair value in the balance sheet, with changes in fair value recognised in profit or loss in \u201cNet gain/loss on financial instruments at fair value through profit or loss\u201d, symmetrically with the remeasurement of the hedged item to reflect the hedged risk. In the balance sheet, the fair value remeasurement of the hedged component is recognised in accordance with the classification of the hedged item in the case of a hedge of identified assets and liabilities, or under \u201cRemeasurement adjustment on interest rate risk hedged portfolios\u201d in the case of a portfolio hedging relationship.

If a hedging relationship ceases or no longer fulfils the effectiveness criteria, the hedging instrument is transferred to the trading book and accounted for using the treatment applied to this category. In the case of identified fixed-income instruments, the remeasurement adjustment recognised in the balance sheet is amortised at the effective interest rate over the remaining life of the instrument. In the case of interest rate risk hedged fixed-income portfolios, the adjustment is amortised on a straight-line basis over the remainder of the original term of the hedge. If the hedged item no longer appears in the balance sheet, in particular due to prepayments, the adjustment is taken to the profit and loss account immediately.

In a cash flow hedging relationship, the derivative is measured at fair value in the balance sheet, with changes in fair value taken to shareholders\u2019 equity on a separate line, \u201cChanges in fair value recognised directly in equity\u201d. The amounts taken to shareholders\u2019 equity over the life of the hedge are transferred to the profit and loss account under \u201cNet interest income\u201d as and when the cash flows from the hedged item impact profit or loss. The hedged items continue to be accounted for using the treatment specific to the category to which they belong.

If the hedging relationship ceases or no longer fulfils the effectiveness criteria, the cumulative amounts recognised in shareholders\u2019 equity as a result of the remeasurement of the hedging instrument remain in equity until the hedged transaction itself impacts profit or loss, or until it becomes clear that the transaction will not occur, at which point they are transferred to the profit and loss account.

If the hedged item ceases to exist, the cumulative amounts recognised in shareholders\u2019 equity are immediately taken to the profit and loss account.

Whatever the hedging strategy used, any ineffective portion of the hedge is recognised in the profit and loss account under \u201cNet gain/loss on financial instruments at fair value through profit or loss\u201d.

Hedges of net foreign currency investments in subsidiaries and branches are accounted for in the same way as cash flow hedges. Hedging instruments may be foreign exchange derivatives or any other non-derivative financial instrument.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_319a9792-1617-4bde-bbdb-65ebea9bbd46": { "value": "
1.f.10Determination of fair value

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal market or most advantageous market, at the measurement date.

The Group determines the fair value of financial instruments either by using prices obtained directly from external data or by using valuation techniques. These valuation techniques are primarily market and income approaches encompassing generally accepted models (e.g. discounted cash flows, Black-Scholes model, and interpolation techniques). They maximise the use of observable inputs and minimise the use of unobservable inputs. They are calibrated to reflect current market conditions and valuation adjustments are applied as appropriate, when some factors such as model, liquidity and credit risks are not captured by the models or their underlying inputs but are nevertheless considered by market participants when setting the exit price.

The unit of measurement is the individual financial asset or financial liability but a portfolio-based measurement can be elected, subject to certain conditions. Accordingly, the Group retains this portfolio-based measurement exception to determine the fair value when some group of financial assets and financial liabilities and other contracts within the scope of the standard relating to financial instruments with substantially similar and offsetting market risks or credit risks is managed on the basis of a net exposure, in accordance with the documented risk management strategy.

Assets and liabilities measured or disclosed at fair value are categorised into the three following levels of the fair value hierarchy:

The level in the fair value hierarchy within which the asset or liability is categorised in its entirety is based upon the lowest level input that is significant to the entire fair value measurement.

For financial instruments disclosed in Level\u00a03 of the fair value hierarchy, and marginally some instruments disclosed in Level\u00a02, a difference between the transaction price and the fair value may arise at initial recognition. This \u201cDay One Profit\u201d is deferred and released to the profit and loss account over the period during which the valuation parameters are expected to remain non-observable. When parameters that were originally non-observable become observable, or when the valuation can be substantiated in comparison with recent similar transactions in an active market, the unrecognised portion of the day one profit is released to the profit and loss account.

4.dMeasurement of the fair value of\u00a0financial instruments
Valuation process

BNP\u00a0Paribas has retained the fundamental principle that it should have a unique and integrated processing chain for producing and controlling the valuations of financial instruments that are used for the purpose of daily risk management and financial reporting. All these processes are based on a common economic valuation which is a core component of business decisions and risk management strategies.

Economic value is composed of mid-market value, to which valuation adjustments are made.

Mid-market value is derived from external data or valuation techniques that maximise the use of observable and market-based data. Mid-market value is a theoretical additive value which does not take account of i)\u00a0the direction of the transaction or its impact on the existing risks in the portfolio, ii)\u00a0the nature of the counterparties, and iii)\u00a0the aversion of a market participant to particular risks inherent in the instrument, the market in which it is traded, or the risk management strategy.

Valuation adjustments take into account valuation uncertainty and include market and credit risk premiums to reflect costs that could be incurred in case of an exit transaction in the principal market.

Fair value generally equals the economic value, subject to limited adjustments, such as own credit adjustments, which are specifically required by IFRS standards.

The main valuation adjustments are presented in the section below.

Valuation adjustments

Valuation adjustments retained by BNP\u00a0Paribas for determining fair values are as follows:

Bid/offer adjustments: the bid/offer range reflects the additional exit cost for a price taker and symmetrically the compensation sought by dealers to bear the risk of holding the position or closing it out by accepting another dealer\u2019s price.

BNP\u00a0Paribas assumes that the best estimate of an exit price is the bid or offer price, unless there is evidence that another point in the bid/offer range would provide a more representative exit price.

Input uncertainty adjustments: when the observation of prices or data inputs required by valuation techniques is difficult or irregular, an uncertainty exists on the exit price. There are several ways to gauge the degree of uncertainty on the exit price such as measuring the dispersion of the available price indications or estimating the possible ranges of the inputs to a valuation technique.

Model uncertainty adjustments: these relate to situations where valuation uncertainty is due to the valuation technique used, even though observable inputs might be available. This situation arises when the risks inherent in the instruments are different from those available in the observable data, and therefore the valuation technique involves assumptions that cannot be easily corroborated.

Future Hedging Costs adjustments (FHC): this adjustment applies to positions that require dynamic hedging throughout their lifetime leading to additional bid/offer costs. Calculation methods capture these expected costs in particular based on the optimal hedging frequency.

Credit valuation adjustment (CVA): the CVA adjustment applies to valuations and market quotations whereby the credit worthiness of the counterparty is not reflected. It aims to account for the possibility that the counterparty may default and that BNP\u00a0Paribas may not receive the full fair value of the transactions.

In determining the cost of exiting or transferring counterparty risk exposures, the relevant market is deemed to be an inter-dealer market. However, the determination of CVA remains judgemental due to i)\u00a0the possible absence or lack of price discovery in the inter-dealer market, ii)\u00a0the influence of the regulatory landscape relating to counterparty risk on the market participants\u2019 pricing behaviour and iii)\u00a0the absence of a dominant business model for managing counterparty risk.

The CVA model is grounded on the same exposures as those used for regulatory purposes. The model attempts to estimate the cost of an optimal risk management strategy based on i) implicit incentives and constraints inherent in the regulations in force and their evolutions, ii) market perception of the probability of default, and iii) default parameters used for regulatory purposes.

Funding valuation adjustment (FVA): when valuation techniques are used for the purpose of deriving fair value, funding assumptions related to the future expected cash flows are an integral part of the mid-market valuation, notably through the use of appropriate discount rates. These assumptions reflect what the Bank anticipates as being the effective funding conditions of the instrument that a market participant would consider. This notably takes into account the existence and terms of any collateral agreement. In particular, for non- or imperfectly collateralised derivative instruments, they include an explicit adjustment to the interbank interest rate.

Own-credit valuation adjustment for debts (OCA) and for derivatives (debit valuation adjustment \u2013 DVA): OCA and DVA are adjustments reflecting the effect of credit worthiness of BNP\u00a0Paribas, on respectively the value of debt securities designated as at fair value through profit or loss and derivatives. Both adjustments are based on the expected future liability profiles of such instruments. The own credit worthiness is inferred from the market-based observation of the relevant bond issuance levels. The DVA adjustment is determined after taking into account the Funding Valuation Adjustment (FVA).

Thus, the carrying value of debt securities designated as at fair value though profit or loss increased by EUR\u00a0388\u00a0million at 31\u00a0December 2024, compared with a decrease in value of EUR 198\u00a0million at 31\u00a0December 2023, i.e. a\u00a0+EUR\u00a0586 million variation recognised directly in equity that will not be reclassified to profit or loss.

Instrument classes and Classification within the fair value hierarchy for assets and liabilities measured at fair value

As explained in the summary of significant accounting policies (note\u00a01.f.10), financial instruments measured at fair value are categorised into a fair value hierarchy consisting of three levels.

\u00a0

In millions of euros, at

31 December 2024

Financial instruments held for trading

Instruments at fair value through profit or
\u00a0loss not held for trading

Financial assets at fair value through equity

Level 1

Level 2

Level 3

Total

Level 1

Level 2

Level 3

Total

Level 1

Level 2

Level 3

Total

Securities

215,211

40,417

1,151

256,779

640

1,397

8,541

10,578

62,844

9,427

769

73,040

Governments

76,246

18,301

171

94,718

\u00a0

\u00a0

\u00a0

\u00a0

32,137

3,919

72

36,128

Other debt securities

18,922

21,937

781

41,640

24

411

378

813

29,740

5,295

267

35,302

Equities and other equity securities

120,043

179

199

120,421

616

986

8,163

9,765

967

213

430

1,610

Loans and repurchase agreements

\u00a0

221,607

15

221,622

\u00a0

2,874

1,203

4,077

\u00a0

\u00a0

\u00a0

\u00a0

Loans

\u00a0

9,324

\u00a0

9,324

\u00a0

2,874

1,203

4,077

\u00a0

\u00a0

\u00a0

\u00a0

Repurchase agreements

\u00a0

212,283

15

212,298

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

FINANCIAL ASSETS AT FAIR VALUE

215,211

262,024

1,166

478,401

640

4,271

9,744

14,655

62,844

9,427

769

73,040

Securities

77,891

1,971

96

79,958

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Governments

54,020

373

\u00a0

54,393

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Other debt securities

8,648

1,576

96

10,320

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Equities and other equity securities

15,223

22

\u00a0

15,245

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Borrowings and repurchase agreements

\u00a0

301,036

1,452

302,488

\u00a0

2,126

203

2,329

\u00a0

\u00a0

\u00a0

\u00a0

Borrowings

\u00a0

6,113

\u00a0

6,113

\u00a0

2,126

203

2,329

\u00a0

\u00a0

\u00a0

\u00a0

Repurchase agreements

\u00a0

294,923

1,452

296,375

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Issued debt securities and subordinated debt (note\u00a04.h)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

66,580

38,354

104,934

\u00a0

\u00a0

\u00a0

\u00a0

Issued debt securities

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

65,764

38,354

104,118

\u00a0

\u00a0

\u00a0

\u00a0

Subordinated debt

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

816

\u00a0

816

\u00a0

\u00a0

\u00a0

\u00a0

FINANCIAL LIABILITIES AT\u00a0FAIR\u00a0VALUE

77,891

303,007

1,548

382,446

-

68,706

38,557

107,263

\u00a0

\u00a0

\u00a0

\u00a0

In millions of euros, at

31 December 2023

Financial instruments held for trading

Instruments at fair value through profit or
\u00a0loss not held for trading

Financial assets at fair value through equity

Level 1

Level 2

Level 3

Total

Level 1

Level 2

Level 3

Total

Level 1

Level 2

Level 3

Total

Securities

171,172

30,482

571

202,225

1,205

1,079

7,125

9,409

44,707

7,095

747

52,549

Governments

80,933

14,291

10

95,234

225

\u00a0

\u00a0

225

19,919

3,367

48

23,334

Other debt securities

19,776

15,747

439

35,962

327

363

380

1,070

23,218

3,515

207

26,940

Equities and other equity securities

70,463

444

122

71,029

653

716

6,745

8,114

1,570

213

492

2,275

Loans and repurchase agreements

\u00a0

224,512

188

224,700

\u00a0

913

1,562

2,475

\u00a0

\u00a0

\u00a0

\u00a0

Loans

\u00a0

8,441

\u00a0

8,441

\u00a0

913

1,562

2,475

\u00a0

\u00a0

\u00a0

\u00a0

Repurchase agreements

\u00a0

216,071

188

216,259

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

FINANCIAL ASSETS AT FAIR VALUE

171,172

254,994

759

426,925

1,205

1,992

8,687

11,884

44,707

7,095

747

52,549

Securities

102,913

1,955

42

104,910

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Governments

69,811

398

\u00a0

70,209

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Other debt securities

9,670

1,544

41

11,255

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Equities and other equity securities

23,432

13

1

23,446

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Borrowings and repurchase agreements

\u00a0

270,854

632

271,486

\u00a0

1,973

155

2,128

\u00a0

\u00a0

\u00a0

\u00a0

Borrowings

\u00a0

4,846

\u00a0

4,846

\u00a0

1,973

155

2,128

\u00a0

\u00a0

\u00a0

\u00a0

Repurchase agreements

\u00a0

266,008

632

266,640

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Issued debt securities and subordinated debt (note\u00a04.h)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

52,080

31,683

83,763

\u00a0

\u00a0

\u00a0

\u00a0

Issued debt securities(1)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

51,345

31,683

83,028

\u00a0

\u00a0

\u00a0

\u00a0

Subordinated debt

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

735

\u00a0

735

\u00a0

\u00a0

\u00a0

\u00a0

FINANCIAL LIABILITIES AT\u00a0FAIR\u00a0VALUE

102,913

272,809

674

376,396

-

54,053

31,838

85,891

\u00a0

\u00a0

\u00a0

\u00a0

  • The hierarchical level breakdown has been adjusted, moving EUR 8.1 billion from level 2 to level 3. This adjustment is not associated with a decreased observability of valuation parameters and does not challenge the fair value measurement of the affected financial instruments.

\u00a0

Fair values of derivatives are broken down by dominant risk factor, namely interest rate, foreign exchange, credit and equity. Derivatives used for hedging purposes are mainly interest rate derivatives.

In millions of euros, at

31 December 2024

Positive market value

Negative market value

Level 1

Level 2

Level 3

Total

Level 1

Level 2

Level 3

Total

Interest rate derivatives

479

119,383

1,629

121,491

505

92,636

1,904

95,045

Foreign exchange derivatives

57

157,499

529

158,085

53

151,964

252

152,269

Credit derivatives

\u00a0

10,161

606

10,767

\u00a0

10,362

723

11,085

Equity derivatives

9

24,977

3,079

28,065

4

34,165

6,016

40,185

Other derivatives

693

3,400

130

4,223

851

2,466

52

3,369

Derivative financial instruments not used for\u00a0hedging purposes

1,238

315,420

5,973

322,631

1,413

291,593

8,947

301,953

Derivative financial instruments used for\u00a0hedging purposes

-

20,851

-

20,851

-

36,864

-

36,864

\u00a0

In millions of euros, at

31 December 2023

Positive market value

Negative market value

Level 1

Level 2

Level 3

Total

Level 1

Level 2

Level 3

Total

Interest rate derivatives

734

131,382

1,384

133,500

714

103,334

1,928

105,976

Foreign exchange derivatives

18

118,300

776

119,094

16

118,065

45

118,126

Credit derivatives

\u00a0

7,663

764

8,427

\u00a0

8,697

1,623

10,320

Equity derivatives

15

21,177

2,875

24,067

659

31,222

6,146

38,027

Other derivatives

586

6,365

40

6,991

607

5,769

67

6,443

Derivative financial instruments not used for\u00a0hedging purposes

1,353

284,887

5,839

292,079

1,996

267,087

9,809

278,892

Derivative financial instruments used for\u00a0hedging purposes

-

21,692

-

21,692

-

38,011

-

38,011

\u00a0

Transfers between levels may occur when an instrument fulfils the criteria defined, which are generally market and product dependent. The main factors influencing transfers are changes in the observation capabilities, passage of time, and events during the transaction lifetime. The timing of recognising transfers is determined at the beginning of the reporting period.

During the year 2024, transfers between Level\u00a01 and Level\u00a02 were not significant.

Description of main instruments in each level

The following section provides a description of the instruments in each level in the hierarchy. It describes notably instruments classified in Level\u00a03 and the associated valuation methodologies.

For main trading book instruments and derivatives classified in Level\u00a03, further quantitative information is provided about the inputs used to derive fair value.

Level\u00a01

This level encompasses all derivatives and securities that are quoted continuously in active markets.

Level\u00a01 includes notably equity securities and liquid bonds, shortselling of these instruments, derivative instruments traded on organised markets (futures, options, etc.). It includes shares of funds and UCITS, for which the net asset value is calculated on a daily basis.

Level\u00a02

The Level\u00a02\u00a0stock of securities is composed of securities which are less liquid than the Level\u00a01 bonds. They are predominantly corporate debt securities, government bonds, mortgage backed securities, fund shares and short-term securities such as certificates of deposit. They are classified in Level\u00a02 notably when external prices for the same security can be regularly observed from a reasonable number of market makers that are active in this security, but these prices do not represent directly tradable prices. This comprises amongst other, consensus pricing services with a reasonable number of contributors that are active market makers as well as indicative runs from active brokers and/or dealers. Other sources, such as primary issuance market, may also be used where relevant.

Repurchase agreements are classified predominantly in Level\u00a02. The classification is primarily based on the observability and liquidity of the repo market, depending on the underlying collateral and the maturity of the repo transaction.

Debts issued designated as at fair value through profit or loss, are classified in the same level as the one that would apply to the embedded derivative taken individually. The issuance spread is considered observable.

Derivatives classified in Level\u00a02 comprise mainly the following instruments:

The above derivatives are classified in Level\u00a02 when there is a documented stream of evidence supporting one of the following:

Determining whether an over-the-counter (OTC) derivative is eligible for Level\u00a02 classification involves judgement. Consideration is given to the origin, transparency and reliability of external data used, and the amount of uncertainty associated with the use of models. It follows that the Level\u00a02 classification criteria involve multiple analysis axis within an \u201cobservability zone\u201d whose limits are determined by i)\u00a0a predetermined list of product categories and ii)\u00a0the underlying and maturity bands. These criteria are regularly reviewed and updated, together with the applicable valuation adjustments, so that the classification by level remains consistent with the valuation adjustment policy.

Level\u00a03

Level\u00a03\u00a0securities of the trading book mainly comprise units of funds and unlisted equity shares measured at fair value through profit or loss or through equity.

Unlisted private equities are systematically classified as Level\u00a03, with the exception of UCITS with a daily net asset value, which are classified in Level\u00a01 of the fair value hierarchy.

Shares and other unlisted variable income securities in Level\u00a03 are valued using one of the following methods: a share of revalued net book value, multiples of comparable companies, future cash flows method, multi-criteria approach.

Repurchase agreements, mainly long-term or structured repurchase agreements on corporate bonds and ABS: the valuation of these transactions requires proprietary methodologies given the bespoke nature of the transactions and the lack of activity and price discovery in the long-term repo market. The curves used in the valuation are corroborated using available data such as recent long-term repo trade data and price enquiry data. Valuation adjustments applicable to these exposures are commensurate with the degree of uncertainty inherent in the modelling choices and amount of data available.

Debts issued designated as at fair value through profit or loss, are classified in the same level as the one that would apply to the embedded derivative taken individually. The issuance spread is considered observable.

Derivatives

Vanilla derivatives are classified in Level\u00a03 when the exposure is beyond the observation zone for rate curves or volatility surfaces, or relates to less liquid markets such as tranches on old credit index series or emerging markets interest rates markets. The main instruments are:

These vanilla derivatives are subject to valuation adjustments linked to uncertainty on liquidity, specialised by nature of underlying and liquidity bands.

Structured derivatives classified in Level\u00a03 predominantly comprise hybrid products (FX/Interest Rates hybrids, Equity hybrids), credit correlation products, prepayment-sensitive products, some stock basket optional products and some interest rate optional instruments. The main exposures are described below, with insight into the related valuation techniques and on the source of uncertainty:

These structured derivatives are subject to specific valuation adjustments to cover uncertainties linked to liquidity, parameters and model risk.

Valuation adjustments (CVA, DVA and FVA)

The valuation adjustment for counterparty credit risk (CVA), own-credit risk for derivatives (DVA) and the explicit funding valuation adjustment (FVA) are deemed to be unobservable components of the valuation framework and therefore classified in Level\u00a03. This does not impact, in general cases, the classification of individual transactions into the fair value hierarchy. However, a specific process allows to identify individual deals for which the marginal contribution of these adjustments and related uncertainty is significant and justifies classifying these transactions in Level\u00a03.

The table below provides the range of values of main unobservable inputs for the valuation of Level\u00a03 financial instruments. The ranges displayed correspond to a variety of different underlying instruments and are meaningful only in the context of the valuation technique implemented by BNP\u00a0Paribas. The weighted averages, where relevant and available, are based on fair values, nominal amounts or sensitivities.

The main unobservable parameters used for the valuation of debt issued in Level\u00a03 are equivalent to those of their economic hedge derivative. Information on those derivatives, displayed in the following table, is also applicable to these debts.

Risk classes

Balance Sheet valuation

(in millions of euros)

Main product types composing the Level\u00a03\u00a0stock within\u00a0the\u00a0risk class

Valuation technique used\u00a0
for the product types considered

Main unobservable inputs\u00a0
for the product types considered

Range of unobservable input across Level\u00a03 population considered

Weighted average

Asset

Liability

Repurchase agreements

15

1,452

Long-term repo\u00a0
and reverse-repo\u00a0
agreements

Proxy techniques, based amongst other on the funding basis of a benchmark bond pool, that is actively traded and representative of the repo underlying

Long-term repo spread on private bonds (High Yield, High\u00a0Grade) and on ABS

0 bp to 107 bp

32 bp (a)

Interest rate derivatives

1,629

1,904

Hybrid Forex / Interest rates derivatives

Hybrid Forex interest rate option pricing model

Correlation between FX rate and interest rates. Main currency pairs are EUR/JPY, USD/JPY, AUD/JPY

3% to 56%

9%\u00a0(a)

Hybrid inflation rates / Interest rates derivatives

Hybrid inflation interest rate option pricing model

Correlation between interest rates and inflation rates mainly in Europe.

19% to 45%

35%

Floors and caps on inflation rate or on the cumulative inflation (such as redemption floors), predominantly on European and French inflation

Inflation pricing model

Volatility of cumulative inflation

1.3% to 11.6%

\u00a0(b)

Volatility of the year-on-
year inflation rate

0.3% to 2.6%

Forward Volatility products such as volatility swaps, mainly in euros

Interest rates option pricing model

Forward volatility of interest rates

0.5% to 0.8%

(b)

Balance-guaranteed fixed rate, basis or cross currency swaps, predominantly indexed on European collateral pools

Prepayment modelling

Discounted cash flows

Constant prepayment rates

0% to 25%

0.2% (a)

Credit derivatives

606

723

Collateralised Debt Obligations and index tranches for inactive index series

Base correlation projection technique and recovery modelling

Base correlation curve for\u00a0bespoke portfolios

27% to 88%

(b)

Recovery rate variance for\u00a0single name underlyings

0% to 25%

(b)

N-to-default baskets

Credit default model

Default correlation

50% to 83%

54% (a)

Single name Credit Default Swaps (other than CDS on\u00a0ABs and loans indices)

Stripping, extrapolation and\u00a0interpolation

Credit default spreads beyond observation limit (10\u00a0years)

19 bp to 20 bp

19 bp

Illiquid credit default spread curves (across main tenors)

1 bp to 2,217 bp (1)

102 bp (c)

Equity derivatives

3,079

6,016

Simple and complex derivatives on multi-underlying baskets on stocks

Various volatility option models

Unobservable equity volatility

0% to 184% (2)

24% (d)

Unobservable equity correlation

16% to 99%

62% (c)

(1)
\u00a0

(2)

(a)

(b)

(c)

(d)

The upper bound of the range relates to building, retail and services sector issuers that represent an insignificant portion of the balance sheet (CDS with illiquid underlying instruments).

The underlyings with implied volatility greater than 50% have a very limited exposure.

Weights based on relevant risk axis at portfolio level.

No weighting, since no explicit sensitivity is attributed to these inputs.

Weighting is not based on risks, but on an alternative methodology in relation with the Level\u00a03 instruments (present value or notional).

Simple averaging.

Table of movements in Level\u00a03 financial instruments

For Level\u00a03 financial instruments, the following movements occurred during the year ended 2024:

\u00a0

In millions of euros

Financial assets

Financial liabilities

Financial instruments
\u00a0at fair value
\u00a0through profit
\u00a0or loss held for\u00a0trading

Financial instruments
\u00a0at fair value through profit or loss not held for\u00a0trading

Financial
\u00a0assets at
\u00a0fair value
\u00a0through
\u00a0equity

TOTAL

Financial instruments
\u00a0at fair value through profit or\u00a0loss held for\u00a0trading

Financial instruments designated
\u00a0as at fair value through profit\u00a0or\u00a0loss

TOTAL

At 31 December 2023

6,598

8,687

747

16,032

(10,483)

(31,838)

(42,321)

Purchases

2,327

1,797

306

4,430

\u00a0

\u00a0

-

Issues

\u00a0

\u00a0

\u00a0

-

\u00a0

(21,959)

(21,959)

Sales

(1,856)

(1,383)

(281)

(3,520)

167

\u00a0

167

Settlements(1)

1,970

(9)

(20)

1,941

(1,045)

14,371

13,326

Transfers to Level\u00a03

724

2

145

871

(760)

(517)

(1,277)

Transfers from Level\u00a03

(1,227)

(36)

(51)

(1,314)

659

1,583

2,242

Gains (or losses) recognised in profit or loss with respect to transactions expired or terminated during the period

(95)

623

(8)

520

147

55

202

Gains (or losses) recognised in profit or loss with respect to unexpired instruments at the end of\u00a0the\u00a0period

(1,303)

(9)

\u00a0

(1,312)

825

(209)

616

Items related to exchange rate movements

1

72

(11)

62

(5)

(43)

(48)

Changes in fair value of assets and\u00a0liabilities recognised in equity

\u00a0

\u00a0

(58)

(58)

\u00a0

\u00a0

\u00a0

At 31 December 2024

7,139

9,744

769

17,652

(10,495)

(38,557)

(49,052)

  • For the assets, includes redemptions of principal, interest payments as well as cash inflows and outflows relating to derivatives. For the liabilities, includes principal redemptions, interest payments as well as cash inflows and outflows relating to derivatives the fair value of which is negative.

\u00a0

Transfers out of Level\u00a03 of derivatives include mainly the update of the observability tenor of certain yield curves, and of market parameters related to repurchase agreements and credit transactions but also the effect of derivatives becoming only or mainly sensitive to observable inputs due to the shortening of their lifetime.

Transfers into Level\u00a03 of instruments at fair value reflect the effect of the regular update of the observability zones.

Transfers have been reflected as if they had taken place at the beginning of the reporting period.

The Level\u00a03 financial instruments may be hedged by other Level\u00a01 and Level\u00a02 instruments, the gains and losses of which are not shown in this table. Consequently, the gains and losses shown in this table are not representative of the gains and losses arising from management of the net risk on all these instruments.

Sensitivity of fair value to reasonably possible changes in level\u00a03 assumptions

The following table summarises those financial assets and financial liabilities classified as Level\u00a03 for which alternative assumptions in one or more of the unobservable inputs would change fair value significantly.

The amounts disclosed are intended to illustrate the range of possible uncertainty inherent to the judgement applied when estimating Level\u00a03 parameters, or when selecting valuation techniques. These amounts reflect valuation uncertainties that prevail at the measurement date, and even though such uncertainties predominantly derive from the portfolio sensitivities that prevailed at that measurement date, they are not predictive or indicative of future movements in fair value, nor do they represent the effect of market stress on the portfolio value.

In estimating sensitivities, BNP\u00a0Paribas either remeasured the financial instruments using reasonably possible inputs, or applied assumptions based on the valuation adjustment policy.

For the sake of simplicity, the sensitivity on cash instruments that are not relating to securitised instruments was based on a uniform 1% shift in the price. More specific shifts were however calibrated for each class of the Level\u00a03\u00a0securitised exposures, based on the possible ranges of the unobservable inputs.

For derivative exposures, the sensitivity measurement is based on the credit valuation adjustment (CVA), the explicit funding valuation adjustment (FVA) and the parameter and model uncertainty adjustments related to Level\u00a03.

Regarding the credit valuation adjustment (CVA) and the explicit funding valuation adjustment (FVA), the uncertainty was calibrated based on prudent valuation adjustments described in the technical standard \u201cPrudent Valuation\u201d published by the European Banking Authority. For other valuation adjustments, two scenarios were considered: a favourable scenario where all or portion of the valuation adjustment is not considered by market participants, and an unfavourable scenario where market participants would require twice the amount of valuation adjustments considered by BNP\u00a0Paribas for entering into a transaction.

\u00a0

In millions of euros, at

31 December 2024

31 December 2023

Potential impact on income

Potential impact on equity

Potential impact on income

Potential impact on equity

Debt securities

+/-\u00a010

+/-\u00a04

+/-\u00a06

+/-\u00a02

Equities and other equity securities

+/-\u00a084

+/-\u00a04

+/-\u00a068

+/-\u00a05

Loans and repurchase agreements

+/-\u00a026

\u00a0

+/-\u00a020

\u00a0

Derivative financial instruments

+/-\u00a0584

\u00a0

+/-\u00a0586

\u00a0

Interest rate and foreign exchange derivatives

+/-\u00a0194

\u00a0

+/-\u00a0218

\u00a0

Credit derivatives

+/-\u00a079

\u00a0

+/-\u00a094

\u00a0

Equity derivatives

+/-\u00a0308

\u00a0

+/-\u00a0271

\u00a0

Other derivatives

+/-\u00a03

\u00a0

+/-\u00a03

\u00a0

Sensitivity of Level\u00a03 financial instruments

+/-\u00a0704

+/-\u00a08

+/-\u00a0680

+/-\u00a07

\u00a0

Deferred margin on financial instruments measured using techniques developed internally and\u00a0based on inputs partly unobservable in active markets

Deferred margin on financial instruments (\u201cDay One Profit\u201d) primarily concerns the scope of financial instruments eligible for Level\u00a03 and to a lesser extent some financial instruments eligible for Level\u00a02 where valuation adjustments for uncertainties regarding parameters or models are not negligible compared with the initial margin.

The Day One Profit is calculated after setting aside valuation adjustments for uncertainties as described previously and released to profit or loss over the expected period for which the inputs will be unobservable. The unamortised amount is included under \u201cFinancial instruments at fair value through profit or loss\u201d as a reduction in the fair value of the relevant transactions.

\u00a0

In millions of euros

Deferred margin at

31 December 2023

Deferred margin on transactions during\u00a0the\u00a0period

Margin taken to the profit and loss account during the period

Deferred margin at

31 December 2024

Interest rate and foreign exchange derivatives

167

68

(68)

167

Credit derivatives

225

145

(141)

229

Equity derivatives

381

385

(393)

373

Other instruments

11

29

(28)

12

Financial instruments

784

627

(630)

781

\u27a4Measurement of the fair value of financial instruments

The criteria for allocating instruments to each level of the fair value hierarchy, the measurement methods, and the principles governing transfers between levels are those presented in note\u00a04.d for the Group\u2019s financial instruments.

In millions of euros, at

31 December 2024

31 December 2023

Level\u00a01

Level\u00a02

Level\u00a03

Total

Level\u00a01

Level\u00a02

Level\u00a03

Total

Financial assets designated as at fair value through profit or loss

110,018

47,346

16,055

173,419

85,585

56,294

14,879

156,758

Equity instruments

102,824

31,996

15,772

150,592

79,269

41,846

14,779

135,894

Debt securities

7,194

14,827

218

22,239

6,316

13,740

41

20,097

Loans

523

65

588

708

59

767

Financial assets at fair value through equity

89,003

13,214

5

102,222

81,018

8,106

15

89,139

Equity instruments

1,729

1,729

646

646

Debt securities

87,274

13,214

5

100,493

80,372

8,106

15

88,493

Derivative financial instruments

-

1,772

33

1,805

2

1,678

14

1,694

FINANCIAL ASSETS MEASURED AT FAIR VALUE

199,021

62,332

16,093

277,446

166,605

66,078

14,908

247,591

Financial liabilities designated at fair value through profit or loss

4,666

10,866

1,133

16,665

2,625

12,039

628

15,292

Deposit at fair value through profit or loss

960

960

1,063

1,063

Debt representative of shares of consolidated funds held by third parties

4,666

2,352

299

7,317

2,625

3,177

5,802

Investment contracts without discretionary participation feature - Unit-linked contracts

7,554

834

8,388

7,799

628

8,427

Derivative financial instruments

-

1,198

22

1,220

127

977

186

1,290

FINANCIAL LIABILITIES MEASURED AT FAIR VALUE

4,666

12,064

1,155

17,885

2,752

13,016

814

16,582

\u00a0

Level\u00a01: includes notably equity securities and liquid bonds, derivative instruments traded on organised markets (futures, options, etc.), shares of funds and UCITS, for which the net asset value is calculated on a daily basis.

Level\u00a02: includes equity securities, government bonds, corporate debt securities, shares of funds and UCITS, and over-the-counter derivatives.

Level\u00a03: includes units of funds and unlisted equity shares which are mainly company shares and venture capital.

\u27a4Financial assets at fair value through equity

In millions of euros, at

31 December 2024

31 December 2023

Fair value

of which changes in value recognised directly to equity

Fair Value

of which changes in value recognised directly to equity

Debt securities

100,493

(5,341)

88,493

(5,154)

Equity securities

1,729

107

646

70

Total financial assets at fair value through equity

102,222

(5,234)

89,139

(5,084)

\u00a0

The option to recognise certain equity instruments at fair value through equity was retained in particular for shares held through strategic partnerships and shares that the Group is required to hold in order to carry out certain activities.

During the year ended 31 December 2024, the Group sold several of these investments and a net gain of EUR\u00a03\u00a0million was transferred to \u201cretained earnings\u201d (EUR\u00a026\u00a0million for the year ended 31 December 2023).

8.jFair value of financial instruments carried at\u00a0amortised\u00a0cost

The information supplied in this note must be used and interpreted with the greatest caution for the following reasons:

In millions of euros,

at 31 December 2024

Estimated fair value

Carrying
value

Level 1

Level 2

Level 3

Total

FINANCIAL ASSETS

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Loans and advances to credit institutions and customers(1)

\u00a0

114,149

753,614

867,763

880,267

Debt securities at amortised cost (note\u00a04.e)

103,780

39,122

1,423

144,325

146,975

FINANCIAL LIABILITIES

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Deposits from credit institutions and customers

\u00a0

1,101,596

\u00a0

1,101,596

1,101,729

Debt securities (note\u00a04.h)

80,401

119,429

\u00a0

199,830

198,119

Subordinated debt (note\u00a04.h)

23,087

8,743

\u00a0

31,830

31,799

  • Finance leases excluded.

\u00a0

In millions of euros,

at 31 December 2023

Estimated fair value

Carrying
value

Level 1

Level 2

Level 3

Total

FINANCIAL ASSETS

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Loans and advances to credit institutions and customers(1)

\u00a0

91,565

719,554

811,119

835,860

Debt securities at amortised cost (note\u00a04.e)

88,984

29,720

989

119,693

121,161

FINANCIAL LIABILITIES

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Deposits from credit institutions and customers

\u00a0

1,083,782

\u00a0

1,083,782

1,083,724

Debt securities (note\u00a04.h)

77,165

115,102

\u00a0

192,267

191,482

Subordinated debt (note\u00a04.h)

17,128

7,588

\u00a0

24,716

24,743

  • Finance leases excluded.

\u00a0

The valuation techniques and assumptions used by BNP\u00a0Paribas ensure that the fair value of financial assets and liabilities carried at amortised cost is measured on a consistent basis throughout the Group. Fair value is based on prices quoted in an active market when these are available. In other cases, fair value is determined using valuation techniques such as discounting of estimated future cash flows for loans, liabilities and debt securities at amortised cost, or specific valuation models for other financial instruments as described in note\u00a01, Summary of material accounting policies applied by the BNP\u00a0Paribas Group. The description of the fair value hierarchy levels is also presented in the accounting principles (see note\u00a01.f.10). In the case of loans, liabilities and debt securities at amortised cost that have an initial maturity of less than one year (including demand deposits) or of most regulated savings products, fair value equates to carrying amount. These instruments have been classified in Level\u00a02, except for loans to customers, which are classified in Level\u00a03.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_ea3ef52e-d25b-4e4b-aac1-ccfed3a3ae49": { "value": "
1.f.10Determination of fair value

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal market or most advantageous market, at the measurement date.

The Group determines the fair value of financial instruments either by using prices obtained directly from external data or by using valuation techniques. These valuation techniques are primarily market and income approaches encompassing generally accepted models (e.g. discounted cash flows, Black-Scholes model, and interpolation techniques). They maximise the use of observable inputs and minimise the use of unobservable inputs. They are calibrated to reflect current market conditions and valuation adjustments are applied as appropriate, when some factors such as model, liquidity and credit risks are not captured by the models or their underlying inputs but are nevertheless considered by market participants when setting the exit price.

The unit of measurement is the individual financial asset or financial liability but a portfolio-based measurement can be elected, subject to certain conditions. Accordingly, the Group retains this portfolio-based measurement exception to determine the fair value when some group of financial assets and financial liabilities and other contracts within the scope of the standard relating to financial instruments with substantially similar and offsetting market risks or credit risks is managed on the basis of a net exposure, in accordance with the documented risk management strategy.

Assets and liabilities measured or disclosed at fair value are categorised into the three following levels of the fair value hierarchy:

The level in the fair value hierarchy within which the asset or liability is categorised in its entirety is based upon the lowest level input that is significant to the entire fair value measurement.

For financial instruments disclosed in Level\u00a03 of the fair value hierarchy, and marginally some instruments disclosed in Level\u00a02, a difference between the transaction price and the fair value may arise at initial recognition. This \u201cDay One Profit\u201d is deferred and released to the profit and loss account over the period during which the valuation parameters are expected to remain non-observable. When parameters that were originally non-observable become observable, or when the valuation can be substantiated in comparison with recent similar transactions in an active market, the unrecognised portion of the day one profit is released to the profit and loss account.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_528684c9-3b31-4621-8e8d-c33a2b9bf604": { "value": "
1.f.11Derecognition of financial assets and financial liabilities
Derecognition of financial assets

The Group derecognises all or part of a financial asset when the contractual rights to the cash flows of the asset expire, or when the Group transfers the asset \u2013 either on the basis of a transfer of the contractual rights to its cash flows, or by retaining the contractual rights to receive the cash flows of the asset while assuming an obligation to pay the cash flows of the asset under an eligible pass-through arrangement \u2013 as well as substantially all the risks and rewards of the asset.

Where the Group has transferred the cash flows of a financial asset but has neither transferred nor retained substantially all the risks and rewards of ownership of the financial asset and has not in practice retained control of the financial asset, the Group derecognises the financial asset and then records separately, if necessary, an asset or liability representing the rights and obligations created or held as part of the transfer of the asset. If the Group has retained control of the financial asset, it maintains it on its balance sheet to the extent of its continuing involvement in that asset.

Upon the derecognition of a financial asset in its entirety, a gain or loss on disposal is recognised in the profit and loss account for an amount equal to the difference between the carrying amount of the asset and the value of the consideration received, adjusted where appropriate for any unrealised gain or loss previously recognised directly in equity.

If all these conditions are not met, the Group retains the asset in its balance sheet and recognises a liability for the obligations arising on the transfer of the asset.

Derecognition of financial liabilities

The Group derecognises all or part of a financial liability when the liability is extinguished, i.e. when the obligation specified in the contract is extinguished, cancelled or expired. A financial liability may also be derecognised in the event of a substantial change in its contractual terms or if exchanged with the lender for an instrument with substantially different contractual terms.

Repurchase agreements and securities lending/borrowing

Securities temporarily sold under repurchase agreements continue to be recognised in the Group\u2019s balance sheet in the category of securities to which they belong. The corresponding liability is recognised at amortised cost under the appropriate \u201cFinancial liabilities at amortised cost\u201d category on the balance sheet, except in the case of repurchase agreements contracted for trading purposes, for which the corresponding liability is recognised in \u201cFinancial liabilities at fair value through profit or loss\u201d.

Securities temporarily acquired under reverse repurchase agreements are not recognised in the Group\u2019s balance sheet. The corresponding receivable is recognised at amortised cost under the appropriate \u201cFinancial assets at amortised cost\u201d category in the balance sheet, except in the case of reverse repurchase agreements contracted for trading purposes, for which the corresponding receivable is recognised in \u201cFinancial assets at fair value through profit or loss\u201d.

Securities lending transactions do not result in derecognition of the lent securities, and securities borrowing transactions do not result in recognition of the borrowed securities on the balance sheet. In cases where the borrowed securities are subsequently sold by the Group, the obligation to deliver the borrowed securities on maturity is recognised on the balance sheet under \u201cFinancial liabilities at fair value through profit or loss\u201d.

The accounting classification of securitisation positions in the banking book is shown in Table\u00a09: Prudential balance sheet by risk type (EU\u00a0LI1-B).

Securitisation positions classified as \u201cFinancial assets at amortised cost\u201d are measured using the method described in note\u00a01.f.1 Financial assets at amortised cost to the consolidated financial statements: the effective interest rate used to recognise interest income is measured on the basis of an expected cash flow model. From the outset, these positions are subject to an impairment calculation for expected credit risk losses (see note\u00a01.f.5 Impairment of financial assets measured at amortised cost and debt instruments measured at fair value through shareholders\u2019 equity to the consolidated financial statements).

Securitisation positions classified on an accounting basis as \u201cFinancial assets at fair value through equity\u201d are measured using the method described in note\u00a01.f.2 Financial assets at fair value through shareholders\u2019 equity to the consolidated financial statements. Changes in fair value determined according to the principles listed in note\u00a01.f.10 Determination of fair value to the consolidated financial statements (excluding revenue recognised using the effective interest method) are presented in a specific subsection of shareholders\u2019 equity along with expected credit risk losses calculated using the methods described in note\u00a01.f.5 Impairment of financial assets measured at amortised cost and debt instruments measured at fair value through shareholders\u2019 equity to the consolidated financial statements. Upon disposal, amounts previously recognised in recyclable equity are transferred to the profit and loss account.

Securitisation positions classified on an accounting basis as \u201cFinancial instruments at fair value through profit or loss\u201d are measured using the method described in note\u00a01.f.7 Financial instruments at fair value through profit or loss to the consolidated financial statements.

Proceeds from the sale of securitisation positions are recognised in accordance with rules for the category of origin of positions sold.

Synthetic securitisations in the form of credit derivatives (credit default swaps) or guarantees received follow accounting rules appertaining respectively:

Assets awaiting securitisation are classified as:

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_608f00cc-1ae4-494f-a5e0-8afbfa5f361b": { "value": "
Repurchase agreements and securities lending/borrowing

Securities temporarily sold under repurchase agreements continue to be recognised in the Group\u2019s balance sheet in the category of securities to which they belong. The corresponding liability is recognised at amortised cost under the appropriate \u201cFinancial liabilities at amortised cost\u201d category on the balance sheet, except in the case of repurchase agreements contracted for trading purposes, for which the corresponding liability is recognised in \u201cFinancial liabilities at fair value through profit or loss\u201d.

Securities temporarily acquired under reverse repurchase agreements are not recognised in the Group\u2019s balance sheet. The corresponding receivable is recognised at amortised cost under the appropriate \u201cFinancial assets at amortised cost\u201d category in the balance sheet, except in the case of reverse repurchase agreements contracted for trading purposes, for which the corresponding receivable is recognised in \u201cFinancial assets at fair value through profit or loss\u201d.

Securities lending transactions do not result in derecognition of the lent securities, and securities borrowing transactions do not result in recognition of the borrowed securities on the balance sheet. In cases where the borrowed securities are subsequently sold by the Group, the obligation to deliver the borrowed securities on maturity is recognised on the balance sheet under \u201cFinancial liabilities at fair value through profit or loss\u201d.

\u27a4Detail of loans and advances by nature

In millions of euros, at

31 December 2024

31 December 2023

Gross value

Impairment (note\u00a02.g)

Carrying
\u00a0amount

Gross value

Impairment (note\u00a02.g)

Carrying
\u00a0amount

Loans and advances to credit institutions

31,232

(85)

31,147

24,434

(99)

24,335

On demand accounts

8,384

(4)

8,380

7,252

(6)

7,246

Loans(1)

14,447

(81)

14,366

12,267

(93)

12,174

Repurchase agreements

8,401

\u00a0

8,401

4,915

\u00a0

4,915

Loans and advances to customers

917,049

(16,908)

900,141

876,712

(17,512)

859,200

On demand accounts

59,558

(2,720)

56,838

46,733

(2,752)

43,981

Loans to customers(2)

804,734

(12,941)

791,793

780,638

(13,593)

767,045

Finance leases

52,268

(1,247)

51,021

48,842

(1,167)

47,675

Repurchase agreements

489

\u00a0

489

499

\u00a0

499

Total loans and advances at amortised cost

948,281

(16,993)

931,288

901,146

(17,611)

883,535

  • Loans and advances to credit institutions include term deposits made with central banks.
  • Of which EUR\u202f352\u202fmillion in discounts for mortgage loans in Swiss franc or indexed to the Swiss franc in Poland at 31 December 2024 compared with EUR\u00a0480 million at 31\u202fDecember\u202f2023 and EUR\u202f47\u202fmillion in provisions for foreign currency loans issued by BNP\u00a0Paribas Personal Finance at 31\u00a0December\u00a02024 compared with EUR\u202f255\u202fmillion at 31 December 2023.
\u27a4Contractual maturities of finance leases

In millions of euros, at

31 December 2024

31 December 2023

Gross investment

57,602

53,562

Receivable within 1\u00a0year

17,772

15,771

Receivable after 1\u00a0year but within 5\u00a0years

34,434

32,539

Receivable beyond 5\u00a0years

5,396

5,252

Unearned interest income

(5,334)

(4,720)

Net investment before impairment

52,268

48,842

Receivable within 1\u00a0year

15,858

14,057

Receivable after 1\u00a0year but within 5\u00a0years

31,481

29,999

Receivable beyond 5\u00a0years

4,929

4,786

Impairment provisions

(1,247)

(1,167)

Net investment after impairment

51,021

47,675

4.gFinancial liabilities at amortised cost due to credit institutions and\u00a0customers

In millions of euros, at

31 December 2024

31 December 2023

Deposits from credit institutions

66,872

95,175

On demand accounts

10,608

10,770

Interbank borrowings(1)

33,753

54,825

Repurchase agreements

22,511

29,580

Deposits from customers

1,034,857

988,549

On demand deposits

562,520

542,133

Savings accounts

162,064

152,636

Term accounts and short-term notes

307,335

292,491

Repurchase agreements

2,938

1,289

  • Interbank borrowings from credit institutions include term borrowings from central banks. At 31 December 2024, no TLTRO III borrowings were recorded on the balance sheet compared with EUR\u202f18\u202fbillion at 31 December 2023 (see note 2.a Net Interest Income).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRepurchaseAndReverseRepurchaseAgreementsExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_896ebbfe-06b8-4fa5-a164-79e5077aa52d": { "value": "
Repurchase agreements and securities lending/borrowing

Securities temporarily sold under repurchase agreements continue to be recognised in the Group\u2019s balance sheet in the category of securities to which they belong. The corresponding liability is recognised at amortised cost under the appropriate \u201cFinancial liabilities at amortised cost\u201d category on the balance sheet, except in the case of repurchase agreements contracted for trading purposes, for which the corresponding liability is recognised in \u201cFinancial liabilities at fair value through profit or loss\u201d.

Securities temporarily acquired under reverse repurchase agreements are not recognised in the Group\u2019s balance sheet. The corresponding receivable is recognised at amortised cost under the appropriate \u201cFinancial assets at amortised cost\u201d category in the balance sheet, except in the case of reverse repurchase agreements contracted for trading purposes, for which the corresponding receivable is recognised in \u201cFinancial assets at fair value through profit or loss\u201d.

Securities lending transactions do not result in derecognition of the lent securities, and securities borrowing transactions do not result in recognition of the borrowed securities on the balance sheet. In cases where the borrowed securities are subsequently sold by the Group, the obligation to deliver the borrowed securities on maturity is recognised on the balance sheet under \u201cFinancial liabilities at fair value through profit or loss\u201d.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepurchaseAndReverseRepurchaseAgreementsExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_918f7d2c-7e3c-4f8c-9d77-a7d734e4cca4": { "value": "
1.f.12Offsetting financial assets and financial liabilities

A financial asset and a financial liability are offset and the net amount presented in the balance sheet if, and only if, the Group has a legally enforceable right to set off the recognised amounts, and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Repurchase agreements and derivatives that meet the two criteria set out in the accounting standard are offset in the balance sheet.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_6fa75ce7-4c54-4f46-aebc-187e5176d535": { "value": "
1.gInsurance activities

1.g.1Investments related to insurance activities

IFRS\u00a09 is applied in the same way as to other Group entities (see note\u00a01.f).

Investments of insurance activities include investment property which are measured at fair value as underlying assets of direct participating contracts.

\u00a0

1.g.2Insurance contracts

The Group applies IFRS\u00a017 to insurance contracts issued, reinsurance contracts issued and held, and discretionary investment contracts issued (if the entity also issues insurance contracts).

The main insurance contracts issued by the Group correspond to:

A reinsurance contract (or treaty) is an insurance contract by which an insurer (ceding company or cedent) transfers part of its risks to a reinsurer. The Group acts as reinsurer by accepting risks related to persons or property from external insurers and as ceding company by transferring such risks to external reinsurers. Contracts may be proportional or non-proportional depending on the nature of the risks and the appetite for the risk accepted or retained. They are measured either according to the general model or according to the premium allocation approach since the standard prohibits the use of the variable fee approach for reinsurance contracts.

Investment contracts without discretionary participating features and without insurance risk backed by unit-linked underlying assets are measured at fair value through profit or loss in accordance with IFRS\u00a09.

The methods for measuring and recognising these various contracts according to the measurement model adopted are set out below.

These contracts are described in note\u00a05.d Assets and liabilities related to insurance contracts.

Prior separation of components covered by other standards and not closely related

When insurance or investment contracts with discretionary participation include components, which would fall within the scope of another standard if they were separate contracts, an analysis must be carried out to determine whether these components should be accounted for separately. Thus:

Insurance contracts

An insurance contract is a contract under which a party, the issuer, assumes a significant insurance risk for another party, the policyholder, by agreeing to indemnify the policyholder if a specified uncertain future event, the insured event, is detrimental to the policyholder.

An insurance risk is significant if, and only if, an insured event can cause the insurer to pay significant additional amounts in any scenario, excluding scenarios that are devoid of commercial substance. A contract transfers a significant insurance risk only if there is a scenario with a commercial substance in which there is a possibility that the issuer will incur a loss based on the present value.

The insurance risks covered by Group entities are:

Life or savings contracts issued by Group entities are qualified as insurance contracts if they include a risk in the event of survival (pension contracts with compulsory annuities) or a risk in the event of death (unit-linked contracts with a floor guarantee in the event of death and savings contracts with a guarantee of an additional amount payable in the event of death). In the absence of such risks, these contracts are investment contracts with or without discretionary participating features.

Investment contracts with discretionary participating features

Investment contracts do not expose the insurer to significant insurance risk. They are within the scope of IFRS\u00a017 if they are issued by entities that also issue insurance contracts.

Discretionary participation is defined as the contractual right to receive, in addition to an amount that is not at the issuer\u2019s discretion, additional amounts that are likely to represent a significant portion of the total benefits provided under the contract. Benefits, for which the timing or amount is contractually left to the issuer\u2019s discretion and that are contractually based on the returns arising from a defined set of contracts or type of contract or on the realised and/or unrealised investment returns from a defined set of assets held by the issuer, or the result of the entity or fund issuing the contract.

Savings contracts invested in a euro-denominated fund and multiple saving contracts invested in unit-linked assets and in a euro-denominated fund are considered by the Group as investment contracts with discretionary participating features, measured using the variable fee approach.

Accounting and measurement
Aggregation of contracts

Insurance contracts are accounted and measured by groups of contracts within portfolios of contracts covering similar risks and managed together. Groups of contracts are determined according to their expected profitability at inception: onerous contracts, profitable contracts with a low risk of becoming onerous, and others. A group of contracts may contain only contracts issued no more than one year apart (corresponding to an annual \u201ccohort\u201d), except where the optional exemption provided for in the European regulation applies, which is the case for life-savings contracts, as described below.

For creditor protection insurance, personal protection insurance and other non-life risks, the Group uses the following discriminatory criteria when constructing portfolios of homogeneous contracts: legal entity, nature of the risks and partner, distributor. The reinsurance contracts accepted shall follow the same principles.

For life and savings contracts, the Group uses the following criteria for portfolios of homogeneous contracts: legal entity, product and underlying assets. Savings and retirement contracts are classified in separate portfolios (including in the period prior to the transition) due to the existence of a risk of longevity in retirement contracts.

For reinsurance contracts held, the Group uses the following criteria: legal entity, underlying item and counterparty. A portfolio can sometimes correspond to a single reinsurance treaty.

Recognition and derecognition

A group of insurance contracts (or reinsurance contracts issued) is recognised from the earliest of the following dates: the beginning of the period of coverage of the group of contracts, the date on which the first payment of a policyholder in the group becomes due (or, in the absence of such a date, when the first payment is received) and, in the case of a group of onerous contracts, the date on which the group becomes onerous.

A group of reinsurance contracts held is recognised from the beginning of the period of coverage of the group of reinsurance contracts held or, if the reinsurance was contracted in anticipation of the coverage of an underlying group of onerous insurance contracts, on the first recognition of that onerous group.

On initial recognition of portfolios of insurance contracts acquired as part of a business combination or a separate transfer, groups of contracts acquired are treated as if the contracts had been issued at the date of the transaction. The consideration received or paid in exchange for the contracts is treated as an approximation of the premiums received for the purpose of calculating the contractual service margin at initial recognition from this amount. In the case of a business combination within the scope of IFRS\u00a03, the consideration received or paid is the fair value of the contracts at that date. For business combinations that have occurred since the first application of IFRS\u00a017, this fair value has been determined by projecting the liabilities valuation under the Solvency 2 prudential approach which constitutes a market benchmark. For onerous contracts, the excess of the fulfilment cash flows over the consideration paid or received is recognised in the goodwill (or the profit resulting from an acquisition on advantageous terms) if it is a business combination and in a separate transfer, in the profit and loss account. For profitable contracts, the difference is recorded as a contractual service margin. In addition, an asset for cash flows related to acquisition costs must be recognised, for its fair value, for the acquisition costs related to the renewal of existing insurance contracts or for the acquisition costs already paid by the acquired company for future contracts.

An insurance contract shall be derecognised when the obligation it covers is extinguished, by payment or maturity, or if the terms of the contract are amended in such a way that the accounting treatment of the contract would have been substantially different if those amendments had originally existed. The derecognition of a contract entails the adjustment of the fulfilment cash flows, the contractual services margin and the coverage units of the group in which it was included.

General measurement model (Building Block Approach \u2013 BBA)
Characteristics

The general model for the measurement of insurance contracts is the best estimate of the future cash flows to be paid or received necessary to meet contractual obligations. This estimate should reflect the different possible scenarios and the effect of the options and guarantees included in the contracts within the limit or \u201ccontract boundary\u201d. The determination of this contract boundary requires an analysis of the rights and obligations arising from the contract and, in particular, of the insurer\u2019s ability to change its price to reflect the risks. This leads, for example, to the exclusion of tacit renewals if the tariff can be amended or to the inclusion of such renewals if not.

Cash flows are discounted to reflect the time value of money. They correspond only to cash flows attributable to insurance contracts either directly or through allocation methods: premiums, acquisition and contract management costs, claims and benefits, indirect costs, taxes and depreciation of tangible and intangible assets.

The cash flows estimate is supplemented by an explicit risk adjustment to cover the uncertainty of cash flows for non-financial risk. These two elements constitute the fulfilment cash flows of the contracts. A contractual service margin is added representing the expected gain or loss on future services related to a group of contracts.

If the contractual service margin is positive, it is shown on the balance sheet within the insurance contract\u2019s measurement and amortised as the services are rendered; if negative, it is recognised immediately in the income statement. The original loss (or \u201closs component\u201d) is monitored extra-accounting to allow for the subsequent recognition of the insurance service revenue.

Acquisition costs are deducted from the contractual service margin of the group of contracts to which they relate and amortised over the coverage period of contracts.

At each reporting date, the carrying amount of a group of insurance contracts is the sum of the liabilities for the remaining coverage which include the fulfilment cash flows related to future services (best estimate and risk adjustment) and the contractual service margin remaining at that date, and of the liabilities for incurred claims which include the best estimate of the cash flows and the risk adjustment, excluding any contractual service margin. The assumptions used to estimate future cash flows and the non-financial risks adjustment are updated, as well as the discount rate, to reflect the situation at the reporting date.

The contractual service margin is adjusted for changes in the estimates of non-financial assumptions related to future services, capitalised at the inception rate, and then amortised in the income statement for services rendered over the period in the insurance service revenue. In the case of contracts which become onerous, after consumption of the contractual service margin, the loss is recognised in the reporting period. In the case of onerous contracts that become profitable again as a result of favourable changes in assumptions, the contractual service margin is only reconstitued after offsetting the loss component.

The release of expected fulfillment flows (cash flow estimates and risk adjustments) for the period, except for the amount allocated to the loss component, is recorded in insurance service revenue. The change in estimates related to past service (cash flow estimates and risk adjustments) is recognised in \u201cInsurance service expenses\u201d.

The Group includes the change in the adjustment for non-financial risk related to past and current services in its entirety in the \u201cInsurance service result\u201d.

The Group records in equity the effect of the change in the discount rate on the cash flows. The expense of unwinding the discount is recorded in \u201cInsurance financial income or expenses\u201d based on the initial rate (the inception rate for the liability for remaining coverage, and the rate at claims occurrence date for the liability for incurred claims). The difference between the value of liabilities discounted at the rate fixed at initial date and the value of those same liabilities estimated using current discount rate is recognised in equity. The effect on liabilities of changes in financial variables, in particular the indexation of benefits under the contract, is also recognised in equity.

The discount rate is based on the risk-free rate adjusted for the illiquidity of the liabilities. For protection, the liquidity premium is currently valued at zero due to the short settlement period for claims on the main risks covered and non-transferability to policyholders of the illiquidity of liabilities.

The risk adjustment is determined using the quantile method.

The coverage unit used to amortise the contractual service margin is derived from the risk premium earned during the period.

Contracts concerned

Contracts covering personal or property risks (creditor protection insurance, protection and other non-life risks) are measured according to the general model when the contract boundary, expected changes in cash flows and the time value effect over the coverage period do not make them eligible under the simplified approach, or by operational choice (a single measurement model for short and long contracts).

Measurement model for contracts with direct participation features (Variable Fee Approach \u2013 VFA)
Characteristics

Direct participating contracts are insurance or investment contracts for which:

Compliance with these conditions is monitored on the underwriting date and is not reviewed later.

For these contracts, for which the insurer has to pay the policyholder an amount corresponding to the fair value of clearly identified underlying assets, less a variable compensation, a specific model (called the \u201cVariable Fee Approach\u201d) has been developed by adapting the general model.

At each reporting date, liabilities related to these contracts are adjusted for the return earned and changes in the fair value of the underlying assets: the policyholders\u2019 share is recorded in the contract fulfilment cash flows against insurance financial income or expense and the insurer\u2019s share corresponding to the variable fee is included in the contractual service margin.

The contractual service margin is also adjusted for the effect of changes in cash flows that do not vary according to the returns on the underlying assets and that relate to future services: estimation of cash flows, risk adjustment, changes in the time value effect of money and changes in the financial risks that do not result from the underlying assets (for example, the effect of financial guarantees).

Changes in the fulfillment cash flows that do not change in connection with the yields of underlying assets and that relate to past service events are recognised in the profit and loss account. This is the case for management fees and attributable costs.

Acquisition cash flows are deducted from the contractual service margin of the group of contracts to which they relate and amortised over the coverage period of the contracts, as in the general model.

Due to the mechanism for allocating the change in the value of the underlying assets between the policyholders and the insurer, the result of these contracts is in principle mainly represented by the release of the fulfilment cash flows and the amortisation of the contractual service margin. When the underlying assets fully support the liabilities and are measured at fair value through profit or loss, the financial result under these contracts should be nil. The Group has chosen the option of reclassifying in shareholders\u2019 equity the change in the liabilities related to the underlying assets that are not measured at fair value through profit or loss.

Life and savings contracts meeting the above definition of direct participating contracts are valued using the variable fee approach. When these contracts include a surrender value, it meets the definition of a non-distinct investment component and changes in that investment component (including related payments) are therefore not recognised in the income statement.

The Group has chosen to apply the option introduced by the European regulation not to divide the portfolios of participating contracts based on intergenerational mutualisation by annual cohort. As a result of this choice, the assessment of the onerousness is made on the basis of the portfolio and not on the basis of the annual cohorts.

The contract boundary includes future payments as long as the applicable pricing is not modifiable (e.g. acquisition or management loadings), as well as the annuity phase in service when contracts provide for a mandatory annuity or optional (in this case, the option is probabilistic).

The discount rate is based on the risk-free rate, extrapolated over the duration exceeding the period for which observable data are available and adjusted by a liquidity premium on the basis of the underlying assets to reflect the illiquidity of the liabilities.

The risk adjustment is determined by combining the cost of capital method without considering the risk of mass lapses, including future payments and considering only attributable costs, and the quantile method for the free payment component.

The coverage unit used to amortise the contractual service margin is the change in savings due to policyholders (determined at present value), adjusted to take into account the impact of the real return on financial or property assets compared with the actuarial neutral risk projection.

Contracts concerned

Insurance contracts and investment contracts with discretionary participating features backed by pools of underlying assets commonly referred to as \u201cgeneral funds\u201d or \u201cpolicyholders\u2019 funds\u201d that correspond to pools of assets isolated analytically, contractually or in regulation, as well as unit-linked contracts with a floor guarantee in case of death and multiple saving contracts backed by assets such as a \u201cgeneral fund\u201d, are measured using the variable fee approach.

The option provided for in the European regulation related to the annual cohort exemption is applied to insurance contracts and investment contracts with discretionary participation features where the policyholders\u2019 profit-sharing is mutualised between the different generations of policyholders: these are euro-denominated or multiple saving contracts including a euro-denominated fund, in France, Italy and Luxembourg.

The liabilities for incurred claims are measured using the variable fee approach if they are sensitive to changes in the value of the underlying assets and the general model if they are not.

Simplified measurement model (Premium Allocation Approach \u2013 PAA)
Characteristics

Short-term contracts (less than one year) may be measured using a simplified approach known as the premium allocation approach, also applicable to longer-term contracts if it leads to results similar to those of the general model in terms of liability for the remaining coverage.

Contracts with a long contract boundary, where significant changes in cash flows are expected over the coverage period, or where the time value effect over the coverage period is material, are not eligible for the simplified approach.

For profitable contracts, the liability for the remaining coverage corresponds to the deferral of premiums collected according to a profile representing the remaining coverage at the reporting date. For onerous contracts, deferred premiums are supplemented by an estimate of the expected loss over the coverage period. Liabilities for incurred claims are valued according to the general model. In this case, the method used to determine the risk adjustment is the same as for the general model.

The Group has chosen the option of deferring acquisition costs over the coverage duration and therefore presenting them as a deduction of the deferred premiums, except where the coverage of the contracts coincides with the calendar year or the deferred acquisition costs are not material.

Liabilities for incurred claims are discounted if the expected settlement of claims takes place after one year from the date of occurrence. The discount expense is recognised in insurance financial income or expenses as in the general model. In this case, the option to classify the effect of changes in the discount rate into equity is also applicable. The Group has retained this option for the liabilities for incurred claims.

At each reporting date, the adjustment of liabilities for remaining coverage and for incurred claims is recognised in profit or loss.

Contracts concerned

Creditor protection insurance, personal protection insurance and other non-life insurance contracts, are measured using the simplified approach if the conditions are met (unless the general model is chosen for operational reasons).

Treatment of the reinsurance
Reinsurance contracts issued (reinsurance accepted)

Reinsurance accepted shall be treated as insurance contracts issued, either in the general model or in the simplified model, depending on the duration of the reinsurance contracts.

The Group accepts mainly risks corresponding to those it covers as a direct insurer under proportional or non-proportional treaties.

Reinsurance contracts held (reinsurance ceded)

The reinsurance ceded is also treated according to the general or simplified model, but the equivalent of the contractual service margin represents the expected gain or loss on the reinsurance and may be positive or negative. If a reinsurance contract offsets the losses of an underlying group of onerous contracts, the reinsurance gain is recognised immediately in profit or loss. This \u201closs recovery component\u201d is used to record amounts that are subsequently presented in net income.

In addition, contract execution flows include the reinsurer\u2019s risk of non-performance.

The Group cedes on reinsurance the risks it wishes to hedge (for example, non-proportional treaties covering peak risk, the risk of accumulation or exceeding the desired retention) or under the risk-sharing framework of proportional treaties for technical or commercial reasons.

The reinsurance contracts held are measured by the Group using the simplified approach or the general model.

\u00a0

Presentation in the balance sheet and in\u00a0the\u00a0profit and loss

The Group has chosen to present the investments of insurance activities and their results separately from the financial assets and liabilities of banking activities.

Financial income or expenses from issued insurance contracts are presented separately between the profit and loss account and shareholders\u2019 equity for portfolios for which this breakdown has been deemed relevant, as allowed by the standard. For the Protection contracts liabilities measured under the general model and for the liabilities for incurred claims arising from contracts measured under the simplified model, this choice for portfolios classification was made by taking into account both the effects in the profit and loss account of the undiscounting of the liabilities and the accounting treatment of the assets backing them. For contracts measured using the variable fee approach, this choice was made to offset any accounting mismatch that may exist in the profit and loss account between the effect of changes in fair value from insurance or investment liabilities and that from the underlying assets when these are not recognised at fair value through profit or loss.

Insurance contracts may be distributed and managed by non-insurance entities of the Group that are remunerated as such by commissions paid by insurance entities. The measurement model for insurance contracts requires projecting in the contract fulfilment cash flows the acquisition and management costs that will be paid in the future and presenting in the profit and loss account, the release of the estimated costs for the period on the one hand, and on the other, the actual costs. For commissions between consolidated companies in the Group, the Group restates the internal margin on the balance sheet and in the profit and loss account (in the breakdown of insurance liabilities and the related results between cash flows and contractual service margin) by presenting as insurance service expenses the portion of the general expenses (excluding internal margins) of the banking entities that can be attributed to the insurance activity. The internal distributors\u2019 margins are determined based on standardised management data for each of the related networks.

Effect of accounting estimates in interim financial statements

The Group has elected under IFRS\u00a017 to record in its annual financial statements the effects of changes in accounting estimates relating to insurance contracts issued or held, without taking into account estimates previously made in its interim financial statements.

1.hProperty, plant, equipment and\u00a0intangible assets

Property, plant and equipment and intangible assets shown in the consolidated balance sheet are composed of assets used in operations and investment property. Rights-of-use related to leased assets (see note\u00a01.i.2) are presented by the lessee within fixed assets in the same category as similar assets held.

Assets used in operations are those used in the provision of services or for administrative purposes, and include non-property assets leased by the Group as lessor under operating leases.

Investment property comprises property assets held to generate rental income and capital gains.

Investment property is recognised at cost, except for those held as underlying assets under participating direct contracts (as amended by IAS\u00a040), which are measured at fair value through profit or loss and presented in the balance sheet under \u201cInvestments related to insurance activities\u201d (see note\u00a01.g.1).

Property, plant and equipment and intangible assets are initially recognised at purchase price plus directly attributable costs, together with borrowing costs where a long period of construction or adaptation is required before the asset can be brought into service. By way of exception, property occupied by the holder entity that is an underlying component of direct participating contracts is measured at fair value (by amendment to IAS\u00a016).

Software developed internally by the BNP\u00a0Paribas Group that fulfils the criteria for capitalisation is capitalised at direct development cost, which includes external costs and the labour costs of employees directly attributable to the project.

Subsequent to initial recognition, property, plant and equipment and intangible assets are measured at cost less accumulated depreciation or amortisation and any impairment losses.

The depreciable amount of property, plant and equipment and intangible assets is calculated after deducting the residual value of the asset. Only assets leased by the Group as the lessor under operating leases are presumed to have a residual value, as the useful life of property, plant and equipment and intangible assets used in operations is generally the same as their economic life.

Property, plant and equipment and intangible assets are depreciated or amortised using the straight-line method over the useful life of the asset. Depreciation and amortisation expense is recognised in the profit and loss account under \u201cDepreciation, amortisation and impairment of property, plant and equipment and intangible assets\u201d.

Where an asset consists of a number of components which may require replacement at regular intervals, or which have different uses or generate economic benefits at different rates, each component is recognised separately and depreciated using a method appropriate to that component. The BNP\u00a0Paribas Group has adopted the component-based approach for property used in operations and for investment property.

The depreciation periods used for office property are as follows: 80\u00a0years or 60\u00a0years for the shell (for prime and other property respectively); 30\u00a0years for facades; 20\u00a0years for general and technical installations; and 10\u00a0years for fixtures and fittings.

Software is amortised, depending on its type, over periods of no more than 8\u00a0years in the case of infrastructure developments and 3\u00a0years or 5\u00a0years in the case of software developed primarily for the purpose of providing services to customers.

Software maintenance costs are expensed as incurred. However, expenditure that is regarded as upgrading the software or extending its useful life is included in the initial acquisition or production cost.

Depreciable property, plant and equipment and intangible assets are tested for impairment if there is an indication of potential impairment at the balance sheet date. Non-depreciable assets are tested for impairment at least annually, using the same method as for goodwill allocated to cash-generating units.

If there is an indication of impairment, the new recoverable amount of the asset is compared with the carrying amount. If the asset is found to be impaired, an impairment loss is recognised in the profit and loss account. This loss is reversed in the event of a change in the estimated recoverable amount or if there is no longer an indication of impairment. Impairment losses are taken to the profit and loss account in \u201cDepreciation, amortisation and impairment of property, plant and equipment and intangible assets\u201d.

Gains and losses on disposals of property, plant and equipment and intangible assets used in operations are recognised in the profit and loss account in \u201cNet gain on non-current assets\u201d.

Gains and losses on disposals of investment property are recognised in the profit and loss account in \u201cIncome from other activities\u201d or \u201cExpense on other activities\u201d.

2.iNet gain on non-current assets

In millions of euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Gain or loss on investments in consolidated undertakings (note\u00a08.d)

133

29

Gain or loss on tangible and intangible assets

(30)

139

Results from net monetary position

(294)

(272)

Net gain on non-current assets

(191)

(104)

\u00a0

According to IAS 29 in connection with the hyperinflation situation of the economy in T\u00fcrkiye, the line \u201cResults from net monetary positions\u201d corresponds to the effect of the revaluation of net monetary assets of the evolution of the consumer price index in T\u00fcrkiye on the valuation of non-monetary assets and liabilities (-EUR\u00a0549\u00a0million) and on income from the Turkish government bonds portfolio indexed to inflation and held by Turk Ekonomi Bankasi AS (+EUR\u00a0255\u00a0million, reclassified from interest margin) in 2024 (respectively -EUR\u00a0563\u00a0million and +EUR\u00a0291\u00a0million in 2023).

4.lProperty, plant, equipment and intangible assets used in\u00a0operations, investment property

In millions of euros, at

31 December 2024

31 December 2023

Gross value

Accumulated depreciation, amortisation and impairment

Carrying
\u00a0amount

Gross value

Accumulated depreciation, amortisation and impairment

Carrying
\u00a0amount

Investment property

855

(331)

524

785

(299)

486

Land and buildings

11,049

(4,758)

6,291

11,317

(4,633)

6,684

Equipment, furniture and fixtures

7,067

(5,468)

1,599

7,007

(5,321)

1,686

Plant and equipment leased as lessor under operating leases

51,333

(11,021)

40,312

45,720

(10,567)

35,153

Other property, plant and equipment

2,924

(1,336)

1,588

2,338

(1,125)

1,213

Property, plant and equipment

72,373

(22,583)

49,790

66,382

(21,646)

44,736

Of which right of use

5,786

(3,387)

2,399

5,978

(3,322)

2,656

Property, plant and equipment and investment property

73,228

(22,914)

50,314

67,167

(21,945)

45,222

Purchased software

4,135

(3,407)

728

3,853

(3,145)

708

Internally developed software

6,752

(5,137)

1,615

6,908

(5,398)

1,510

Other intangible assets

2,696

(647)

2,049

2,547

(623)

1,924

Intangible assets

13,583

(9,191)

4,392

13,308

(9,166)

4,142

Intangible assets

Other intangible assets include leasehold rights, goodwill and trademarks acquired by the Group.

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1.gInsurance activities

1.g.1Investments related to insurance activities

IFRS\u00a09 is applied in the same way as to other Group entities (see note\u00a01.f).

Investments of insurance activities include investment property which are measured at fair value as underlying assets of direct participating contracts.

\u00a0

1.g.2Insurance contracts

The Group applies IFRS\u00a017 to insurance contracts issued, reinsurance contracts issued and held, and discretionary investment contracts issued (if the entity also issues insurance contracts).

The main insurance contracts issued by the Group correspond to:

A reinsurance contract (or treaty) is an insurance contract by which an insurer (ceding company or cedent) transfers part of its risks to a reinsurer. The Group acts as reinsurer by accepting risks related to persons or property from external insurers and as ceding company by transferring such risks to external reinsurers. Contracts may be proportional or non-proportional depending on the nature of the risks and the appetite for the risk accepted or retained. They are measured either according to the general model or according to the premium allocation approach since the standard prohibits the use of the variable fee approach for reinsurance contracts.

Investment contracts without discretionary participating features and without insurance risk backed by unit-linked underlying assets are measured at fair value through profit or loss in accordance with IFRS\u00a09.

The methods for measuring and recognising these various contracts according to the measurement model adopted are set out below.

These contracts are described in note\u00a05.d Assets and liabilities related to insurance contracts.

Prior separation of components covered by other standards and not closely related

When insurance or investment contracts with discretionary participation include components, which would fall within the scope of another standard if they were separate contracts, an analysis must be carried out to determine whether these components should be accounted for separately. Thus:

Insurance contracts

An insurance contract is a contract under which a party, the issuer, assumes a significant insurance risk for another party, the policyholder, by agreeing to indemnify the policyholder if a specified uncertain future event, the insured event, is detrimental to the policyholder.

An insurance risk is significant if, and only if, an insured event can cause the insurer to pay significant additional amounts in any scenario, excluding scenarios that are devoid of commercial substance. A contract transfers a significant insurance risk only if there is a scenario with a commercial substance in which there is a possibility that the issuer will incur a loss based on the present value.

The insurance risks covered by Group entities are:

Life or savings contracts issued by Group entities are qualified as insurance contracts if they include a risk in the event of survival (pension contracts with compulsory annuities) or a risk in the event of death (unit-linked contracts with a floor guarantee in the event of death and savings contracts with a guarantee of an additional amount payable in the event of death). In the absence of such risks, these contracts are investment contracts with or without discretionary participating features.

Investment contracts with discretionary participating features

Investment contracts do not expose the insurer to significant insurance risk. They are within the scope of IFRS\u00a017 if they are issued by entities that also issue insurance contracts.

Discretionary participation is defined as the contractual right to receive, in addition to an amount that is not at the issuer\u2019s discretion, additional amounts that are likely to represent a significant portion of the total benefits provided under the contract. Benefits, for which the timing or amount is contractually left to the issuer\u2019s discretion and that are contractually based on the returns arising from a defined set of contracts or type of contract or on the realised and/or unrealised investment returns from a defined set of assets held by the issuer, or the result of the entity or fund issuing the contract.

Savings contracts invested in a euro-denominated fund and multiple saving contracts invested in unit-linked assets and in a euro-denominated fund are considered by the Group as investment contracts with discretionary participating features, measured using the variable fee approach.

Accounting and measurement
Aggregation of contracts

Insurance contracts are accounted and measured by groups of contracts within portfolios of contracts covering similar risks and managed together. Groups of contracts are determined according to their expected profitability at inception: onerous contracts, profitable contracts with a low risk of becoming onerous, and others. A group of contracts may contain only contracts issued no more than one year apart (corresponding to an annual \u201ccohort\u201d), except where the optional exemption provided for in the European regulation applies, which is the case for life-savings contracts, as described below.

For creditor protection insurance, personal protection insurance and other non-life risks, the Group uses the following discriminatory criteria when constructing portfolios of homogeneous contracts: legal entity, nature of the risks and partner, distributor. The reinsurance contracts accepted shall follow the same principles.

For life and savings contracts, the Group uses the following criteria for portfolios of homogeneous contracts: legal entity, product and underlying assets. Savings and retirement contracts are classified in separate portfolios (including in the period prior to the transition) due to the existence of a risk of longevity in retirement contracts.

For reinsurance contracts held, the Group uses the following criteria: legal entity, underlying item and counterparty. A portfolio can sometimes correspond to a single reinsurance treaty.

Recognition and derecognition

A group of insurance contracts (or reinsurance contracts issued) is recognised from the earliest of the following dates: the beginning of the period of coverage of the group of contracts, the date on which the first payment of a policyholder in the group becomes due (or, in the absence of such a date, when the first payment is received) and, in the case of a group of onerous contracts, the date on which the group becomes onerous.

A group of reinsurance contracts held is recognised from the beginning of the period of coverage of the group of reinsurance contracts held or, if the reinsurance was contracted in anticipation of the coverage of an underlying group of onerous insurance contracts, on the first recognition of that onerous group.

On initial recognition of portfolios of insurance contracts acquired as part of a business combination or a separate transfer, groups of contracts acquired are treated as if the contracts had been issued at the date of the transaction. The consideration received or paid in exchange for the contracts is treated as an approximation of the premiums received for the purpose of calculating the contractual service margin at initial recognition from this amount. In the case of a business combination within the scope of IFRS\u00a03, the consideration received or paid is the fair value of the contracts at that date. For business combinations that have occurred since the first application of IFRS\u00a017, this fair value has been determined by projecting the liabilities valuation under the Solvency 2 prudential approach which constitutes a market benchmark. For onerous contracts, the excess of the fulfilment cash flows over the consideration paid or received is recognised in the goodwill (or the profit resulting from an acquisition on advantageous terms) if it is a business combination and in a separate transfer, in the profit and loss account. For profitable contracts, the difference is recorded as a contractual service margin. In addition, an asset for cash flows related to acquisition costs must be recognised, for its fair value, for the acquisition costs related to the renewal of existing insurance contracts or for the acquisition costs already paid by the acquired company for future contracts.

An insurance contract shall be derecognised when the obligation it covers is extinguished, by payment or maturity, or if the terms of the contract are amended in such a way that the accounting treatment of the contract would have been substantially different if those amendments had originally existed. The derecognition of a contract entails the adjustment of the fulfilment cash flows, the contractual services margin and the coverage units of the group in which it was included.

General measurement model (Building Block Approach \u2013 BBA)
Characteristics

The general model for the measurement of insurance contracts is the best estimate of the future cash flows to be paid or received necessary to meet contractual obligations. This estimate should reflect the different possible scenarios and the effect of the options and guarantees included in the contracts within the limit or \u201ccontract boundary\u201d. The determination of this contract boundary requires an analysis of the rights and obligations arising from the contract and, in particular, of the insurer\u2019s ability to change its price to reflect the risks. This leads, for example, to the exclusion of tacit renewals if the tariff can be amended or to the inclusion of such renewals if not.

Cash flows are discounted to reflect the time value of money. They correspond only to cash flows attributable to insurance contracts either directly or through allocation methods: premiums, acquisition and contract management costs, claims and benefits, indirect costs, taxes and depreciation of tangible and intangible assets.

The cash flows estimate is supplemented by an explicit risk adjustment to cover the uncertainty of cash flows for non-financial risk. These two elements constitute the fulfilment cash flows of the contracts. A contractual service margin is added representing the expected gain or loss on future services related to a group of contracts.

If the contractual service margin is positive, it is shown on the balance sheet within the insurance contract\u2019s measurement and amortised as the services are rendered; if negative, it is recognised immediately in the income statement. The original loss (or \u201closs component\u201d) is monitored extra-accounting to allow for the subsequent recognition of the insurance service revenue.

Acquisition costs are deducted from the contractual service margin of the group of contracts to which they relate and amortised over the coverage period of contracts.

At each reporting date, the carrying amount of a group of insurance contracts is the sum of the liabilities for the remaining coverage which include the fulfilment cash flows related to future services (best estimate and risk adjustment) and the contractual service margin remaining at that date, and of the liabilities for incurred claims which include the best estimate of the cash flows and the risk adjustment, excluding any contractual service margin. The assumptions used to estimate future cash flows and the non-financial risks adjustment are updated, as well as the discount rate, to reflect the situation at the reporting date.

The contractual service margin is adjusted for changes in the estimates of non-financial assumptions related to future services, capitalised at the inception rate, and then amortised in the income statement for services rendered over the period in the insurance service revenue. In the case of contracts which become onerous, after consumption of the contractual service margin, the loss is recognised in the reporting period. In the case of onerous contracts that become profitable again as a result of favourable changes in assumptions, the contractual service margin is only reconstitued after offsetting the loss component.

The release of expected fulfillment flows (cash flow estimates and risk adjustments) for the period, except for the amount allocated to the loss component, is recorded in insurance service revenue. The change in estimates related to past service (cash flow estimates and risk adjustments) is recognised in \u201cInsurance service expenses\u201d.

The Group includes the change in the adjustment for non-financial risk related to past and current services in its entirety in the \u201cInsurance service result\u201d.

The Group records in equity the effect of the change in the discount rate on the cash flows. The expense of unwinding the discount is recorded in \u201cInsurance financial income or expenses\u201d based on the initial rate (the inception rate for the liability for remaining coverage, and the rate at claims occurrence date for the liability for incurred claims). The difference between the value of liabilities discounted at the rate fixed at initial date and the value of those same liabilities estimated using current discount rate is recognised in equity. The effect on liabilities of changes in financial variables, in particular the indexation of benefits under the contract, is also recognised in equity.

The discount rate is based on the risk-free rate adjusted for the illiquidity of the liabilities. For protection, the liquidity premium is currently valued at zero due to the short settlement period for claims on the main risks covered and non-transferability to policyholders of the illiquidity of liabilities.

The risk adjustment is determined using the quantile method.

The coverage unit used to amortise the contractual service margin is derived from the risk premium earned during the period.

Contracts concerned

Contracts covering personal or property risks (creditor protection insurance, protection and other non-life risks) are measured according to the general model when the contract boundary, expected changes in cash flows and the time value effect over the coverage period do not make them eligible under the simplified approach, or by operational choice (a single measurement model for short and long contracts).

Measurement model for contracts with direct participation features (Variable Fee Approach \u2013 VFA)
Characteristics

Direct participating contracts are insurance or investment contracts for which:

Compliance with these conditions is monitored on the underwriting date and is not reviewed later.

For these contracts, for which the insurer has to pay the policyholder an amount corresponding to the fair value of clearly identified underlying assets, less a variable compensation, a specific model (called the \u201cVariable Fee Approach\u201d) has been developed by adapting the general model.

At each reporting date, liabilities related to these contracts are adjusted for the return earned and changes in the fair value of the underlying assets: the policyholders\u2019 share is recorded in the contract fulfilment cash flows against insurance financial income or expense and the insurer\u2019s share corresponding to the variable fee is included in the contractual service margin.

The contractual service margin is also adjusted for the effect of changes in cash flows that do not vary according to the returns on the underlying assets and that relate to future services: estimation of cash flows, risk adjustment, changes in the time value effect of money and changes in the financial risks that do not result from the underlying assets (for example, the effect of financial guarantees).

Changes in the fulfillment cash flows that do not change in connection with the yields of underlying assets and that relate to past service events are recognised in the profit and loss account. This is the case for management fees and attributable costs.

Acquisition cash flows are deducted from the contractual service margin of the group of contracts to which they relate and amortised over the coverage period of the contracts, as in the general model.

Due to the mechanism for allocating the change in the value of the underlying assets between the policyholders and the insurer, the result of these contracts is in principle mainly represented by the release of the fulfilment cash flows and the amortisation of the contractual service margin. When the underlying assets fully support the liabilities and are measured at fair value through profit or loss, the financial result under these contracts should be nil. The Group has chosen the option of reclassifying in shareholders\u2019 equity the change in the liabilities related to the underlying assets that are not measured at fair value through profit or loss.

Life and savings contracts meeting the above definition of direct participating contracts are valued using the variable fee approach. When these contracts include a surrender value, it meets the definition of a non-distinct investment component and changes in that investment component (including related payments) are therefore not recognised in the income statement.

The Group has chosen to apply the option introduced by the European regulation not to divide the portfolios of participating contracts based on intergenerational mutualisation by annual cohort. As a result of this choice, the assessment of the onerousness is made on the basis of the portfolio and not on the basis of the annual cohorts.

The contract boundary includes future payments as long as the applicable pricing is not modifiable (e.g. acquisition or management loadings), as well as the annuity phase in service when contracts provide for a mandatory annuity or optional (in this case, the option is probabilistic).

The discount rate is based on the risk-free rate, extrapolated over the duration exceeding the period for which observable data are available and adjusted by a liquidity premium on the basis of the underlying assets to reflect the illiquidity of the liabilities.

The risk adjustment is determined by combining the cost of capital method without considering the risk of mass lapses, including future payments and considering only attributable costs, and the quantile method for the free payment component.

The coverage unit used to amortise the contractual service margin is the change in savings due to policyholders (determined at present value), adjusted to take into account the impact of the real return on financial or property assets compared with the actuarial neutral risk projection.

Contracts concerned

Insurance contracts and investment contracts with discretionary participating features backed by pools of underlying assets commonly referred to as \u201cgeneral funds\u201d or \u201cpolicyholders\u2019 funds\u201d that correspond to pools of assets isolated analytically, contractually or in regulation, as well as unit-linked contracts with a floor guarantee in case of death and multiple saving contracts backed by assets such as a \u201cgeneral fund\u201d, are measured using the variable fee approach.

The option provided for in the European regulation related to the annual cohort exemption is applied to insurance contracts and investment contracts with discretionary participation features where the policyholders\u2019 profit-sharing is mutualised between the different generations of policyholders: these are euro-denominated or multiple saving contracts including a euro-denominated fund, in France, Italy and Luxembourg.

The liabilities for incurred claims are measured using the variable fee approach if they are sensitive to changes in the value of the underlying assets and the general model if they are not.

Simplified measurement model (Premium Allocation Approach \u2013 PAA)
Characteristics

Short-term contracts (less than one year) may be measured using a simplified approach known as the premium allocation approach, also applicable to longer-term contracts if it leads to results similar to those of the general model in terms of liability for the remaining coverage.

Contracts with a long contract boundary, where significant changes in cash flows are expected over the coverage period, or where the time value effect over the coverage period is material, are not eligible for the simplified approach.

For profitable contracts, the liability for the remaining coverage corresponds to the deferral of premiums collected according to a profile representing the remaining coverage at the reporting date. For onerous contracts, deferred premiums are supplemented by an estimate of the expected loss over the coverage period. Liabilities for incurred claims are valued according to the general model. In this case, the method used to determine the risk adjustment is the same as for the general model.

The Group has chosen the option of deferring acquisition costs over the coverage duration and therefore presenting them as a deduction of the deferred premiums, except where the coverage of the contracts coincides with the calendar year or the deferred acquisition costs are not material.

Liabilities for incurred claims are discounted if the expected settlement of claims takes place after one year from the date of occurrence. The discount expense is recognised in insurance financial income or expenses as in the general model. In this case, the option to classify the effect of changes in the discount rate into equity is also applicable. The Group has retained this option for the liabilities for incurred claims.

At each reporting date, the adjustment of liabilities for remaining coverage and for incurred claims is recognised in profit or loss.

Contracts concerned

Creditor protection insurance, personal protection insurance and other non-life insurance contracts, are measured using the simplified approach if the conditions are met (unless the general model is chosen for operational reasons).

Treatment of the reinsurance
Reinsurance contracts issued (reinsurance accepted)

Reinsurance accepted shall be treated as insurance contracts issued, either in the general model or in the simplified model, depending on the duration of the reinsurance contracts.

The Group accepts mainly risks corresponding to those it covers as a direct insurer under proportional or non-proportional treaties.

Reinsurance contracts held (reinsurance ceded)

The reinsurance ceded is also treated according to the general or simplified model, but the equivalent of the contractual service margin represents the expected gain or loss on the reinsurance and may be positive or negative. If a reinsurance contract offsets the losses of an underlying group of onerous contracts, the reinsurance gain is recognised immediately in profit or loss. This \u201closs recovery component\u201d is used to record amounts that are subsequently presented in net income.

In addition, contract execution flows include the reinsurer\u2019s risk of non-performance.

The Group cedes on reinsurance the risks it wishes to hedge (for example, non-proportional treaties covering peak risk, the risk of accumulation or exceeding the desired retention) or under the risk-sharing framework of proportional treaties for technical or commercial reasons.

The reinsurance contracts held are measured by the Group using the simplified approach or the general model.

\u00a0

Presentation in the balance sheet and in\u00a0the\u00a0profit and loss

The Group has chosen to present the investments of insurance activities and their results separately from the financial assets and liabilities of banking activities.

Financial income or expenses from issued insurance contracts are presented separately between the profit and loss account and shareholders\u2019 equity for portfolios for which this breakdown has been deemed relevant, as allowed by the standard. For the Protection contracts liabilities measured under the general model and for the liabilities for incurred claims arising from contracts measured under the simplified model, this choice for portfolios classification was made by taking into account both the effects in the profit and loss account of the undiscounting of the liabilities and the accounting treatment of the assets backing them. For contracts measured using the variable fee approach, this choice was made to offset any accounting mismatch that may exist in the profit and loss account between the effect of changes in fair value from insurance or investment liabilities and that from the underlying assets when these are not recognised at fair value through profit or loss.

Insurance contracts may be distributed and managed by non-insurance entities of the Group that are remunerated as such by commissions paid by insurance entities. The measurement model for insurance contracts requires projecting in the contract fulfilment cash flows the acquisition and management costs that will be paid in the future and presenting in the profit and loss account, the release of the estimated costs for the period on the one hand, and on the other, the actual costs. For commissions between consolidated companies in the Group, the Group restates the internal margin on the balance sheet and in the profit and loss account (in the breakdown of insurance liabilities and the related results between cash flows and contractual service margin) by presenting as insurance service expenses the portion of the general expenses (excluding internal margins) of the banking entities that can be attributed to the insurance activity. The internal distributors\u2019 margins are determined based on standardised management data for each of the related networks.

Effect of accounting estimates in interim financial statements

The Group has elected under IFRS\u00a017 to record in its annual financial statements the effects of changes in accounting estimates relating to insurance contracts issued or held, without taking into account estimates previously made in its interim financial statements.

1.hProperty, plant, equipment and\u00a0intangible assets

Property, plant and equipment and intangible assets shown in the consolidated balance sheet are composed of assets used in operations and investment property. Rights-of-use related to leased assets (see note\u00a01.i.2) are presented by the lessee within fixed assets in the same category as similar assets held.

Assets used in operations are those used in the provision of services or for administrative purposes, and include non-property assets leased by the Group as lessor under operating leases.

Investment property comprises property assets held to generate rental income and capital gains.

Investment property is recognised at cost, except for those held as underlying assets under participating direct contracts (as amended by IAS\u00a040), which are measured at fair value through profit or loss and presented in the balance sheet under \u201cInvestments related to insurance activities\u201d (see note\u00a01.g.1).

Property, plant and equipment and intangible assets are initially recognised at purchase price plus directly attributable costs, together with borrowing costs where a long period of construction or adaptation is required before the asset can be brought into service. By way of exception, property occupied by the holder entity that is an underlying component of direct participating contracts is measured at fair value (by amendment to IAS\u00a016).

Software developed internally by the BNP\u00a0Paribas Group that fulfils the criteria for capitalisation is capitalised at direct development cost, which includes external costs and the labour costs of employees directly attributable to the project.

Subsequent to initial recognition, property, plant and equipment and intangible assets are measured at cost less accumulated depreciation or amortisation and any impairment losses.

The depreciable amount of property, plant and equipment and intangible assets is calculated after deducting the residual value of the asset. Only assets leased by the Group as the lessor under operating leases are presumed to have a residual value, as the useful life of property, plant and equipment and intangible assets used in operations is generally the same as their economic life.

Property, plant and equipment and intangible assets are depreciated or amortised using the straight-line method over the useful life of the asset. Depreciation and amortisation expense is recognised in the profit and loss account under \u201cDepreciation, amortisation and impairment of property, plant and equipment and intangible assets\u201d.

Where an asset consists of a number of components which may require replacement at regular intervals, or which have different uses or generate economic benefits at different rates, each component is recognised separately and depreciated using a method appropriate to that component. The BNP\u00a0Paribas Group has adopted the component-based approach for property used in operations and for investment property.

The depreciation periods used for office property are as follows: 80\u00a0years or 60\u00a0years for the shell (for prime and other property respectively); 30\u00a0years for facades; 20\u00a0years for general and technical installations; and 10\u00a0years for fixtures and fittings.

Software is amortised, depending on its type, over periods of no more than 8\u00a0years in the case of infrastructure developments and 3\u00a0years or 5\u00a0years in the case of software developed primarily for the purpose of providing services to customers.

Software maintenance costs are expensed as incurred. However, expenditure that is regarded as upgrading the software or extending its useful life is included in the initial acquisition or production cost.

Depreciable property, plant and equipment and intangible assets are tested for impairment if there is an indication of potential impairment at the balance sheet date. Non-depreciable assets are tested for impairment at least annually, using the same method as for goodwill allocated to cash-generating units.

If there is an indication of impairment, the new recoverable amount of the asset is compared with the carrying amount. If the asset is found to be impaired, an impairment loss is recognised in the profit and loss account. This loss is reversed in the event of a change in the estimated recoverable amount or if there is no longer an indication of impairment. Impairment losses are taken to the profit and loss account in \u201cDepreciation, amortisation and impairment of property, plant and equipment and intangible assets\u201d.

Gains and losses on disposals of property, plant and equipment and intangible assets used in operations are recognised in the profit and loss account in \u201cNet gain on non-current assets\u201d.

Gains and losses on disposals of investment property are recognised in the profit and loss account in \u201cIncome from other activities\u201d or \u201cExpense on other activities\u201d.

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1.gInsurance activities

1.g.1Investments related to insurance activities

IFRS\u00a09 is applied in the same way as to other Group entities (see note\u00a01.f).

Investments of insurance activities include investment property which are measured at fair value as underlying assets of direct participating contracts.

\u00a0

1.g.2Insurance contracts

The Group applies IFRS\u00a017 to insurance contracts issued, reinsurance contracts issued and held, and discretionary investment contracts issued (if the entity also issues insurance contracts).

The main insurance contracts issued by the Group correspond to:

A reinsurance contract (or treaty) is an insurance contract by which an insurer (ceding company or cedent) transfers part of its risks to a reinsurer. The Group acts as reinsurer by accepting risks related to persons or property from external insurers and as ceding company by transferring such risks to external reinsurers. Contracts may be proportional or non-proportional depending on the nature of the risks and the appetite for the risk accepted or retained. They are measured either according to the general model or according to the premium allocation approach since the standard prohibits the use of the variable fee approach for reinsurance contracts.

Investment contracts without discretionary participating features and without insurance risk backed by unit-linked underlying assets are measured at fair value through profit or loss in accordance with IFRS\u00a09.

The methods for measuring and recognising these various contracts according to the measurement model adopted are set out below.

These contracts are described in note\u00a05.d Assets and liabilities related to insurance contracts.

Prior separation of components covered by other standards and not closely related

When insurance or investment contracts with discretionary participation include components, which would fall within the scope of another standard if they were separate contracts, an analysis must be carried out to determine whether these components should be accounted for separately. Thus:

Insurance contracts

An insurance contract is a contract under which a party, the issuer, assumes a significant insurance risk for another party, the policyholder, by agreeing to indemnify the policyholder if a specified uncertain future event, the insured event, is detrimental to the policyholder.

An insurance risk is significant if, and only if, an insured event can cause the insurer to pay significant additional amounts in any scenario, excluding scenarios that are devoid of commercial substance. A contract transfers a significant insurance risk only if there is a scenario with a commercial substance in which there is a possibility that the issuer will incur a loss based on the present value.

The insurance risks covered by Group entities are:

Life or savings contracts issued by Group entities are qualified as insurance contracts if they include a risk in the event of survival (pension contracts with compulsory annuities) or a risk in the event of death (unit-linked contracts with a floor guarantee in the event of death and savings contracts with a guarantee of an additional amount payable in the event of death). In the absence of such risks, these contracts are investment contracts with or without discretionary participating features.

Investment contracts with discretionary participating features

Investment contracts do not expose the insurer to significant insurance risk. They are within the scope of IFRS\u00a017 if they are issued by entities that also issue insurance contracts.

Discretionary participation is defined as the contractual right to receive, in addition to an amount that is not at the issuer\u2019s discretion, additional amounts that are likely to represent a significant portion of the total benefits provided under the contract. Benefits, for which the timing or amount is contractually left to the issuer\u2019s discretion and that are contractually based on the returns arising from a defined set of contracts or type of contract or on the realised and/or unrealised investment returns from a defined set of assets held by the issuer, or the result of the entity or fund issuing the contract.

Savings contracts invested in a euro-denominated fund and multiple saving contracts invested in unit-linked assets and in a euro-denominated fund are considered by the Group as investment contracts with discretionary participating features, measured using the variable fee approach.

Accounting and measurement
Aggregation of contracts

Insurance contracts are accounted and measured by groups of contracts within portfolios of contracts covering similar risks and managed together. Groups of contracts are determined according to their expected profitability at inception: onerous contracts, profitable contracts with a low risk of becoming onerous, and others. A group of contracts may contain only contracts issued no more than one year apart (corresponding to an annual \u201ccohort\u201d), except where the optional exemption provided for in the European regulation applies, which is the case for life-savings contracts, as described below.

For creditor protection insurance, personal protection insurance and other non-life risks, the Group uses the following discriminatory criteria when constructing portfolios of homogeneous contracts: legal entity, nature of the risks and partner, distributor. The reinsurance contracts accepted shall follow the same principles.

For life and savings contracts, the Group uses the following criteria for portfolios of homogeneous contracts: legal entity, product and underlying assets. Savings and retirement contracts are classified in separate portfolios (including in the period prior to the transition) due to the existence of a risk of longevity in retirement contracts.

For reinsurance contracts held, the Group uses the following criteria: legal entity, underlying item and counterparty. A portfolio can sometimes correspond to a single reinsurance treaty.

Recognition and derecognition

A group of insurance contracts (or reinsurance contracts issued) is recognised from the earliest of the following dates: the beginning of the period of coverage of the group of contracts, the date on which the first payment of a policyholder in the group becomes due (or, in the absence of such a date, when the first payment is received) and, in the case of a group of onerous contracts, the date on which the group becomes onerous.

A group of reinsurance contracts held is recognised from the beginning of the period of coverage of the group of reinsurance contracts held or, if the reinsurance was contracted in anticipation of the coverage of an underlying group of onerous insurance contracts, on the first recognition of that onerous group.

On initial recognition of portfolios of insurance contracts acquired as part of a business combination or a separate transfer, groups of contracts acquired are treated as if the contracts had been issued at the date of the transaction. The consideration received or paid in exchange for the contracts is treated as an approximation of the premiums received for the purpose of calculating the contractual service margin at initial recognition from this amount. In the case of a business combination within the scope of IFRS\u00a03, the consideration received or paid is the fair value of the contracts at that date. For business combinations that have occurred since the first application of IFRS\u00a017, this fair value has been determined by projecting the liabilities valuation under the Solvency 2 prudential approach which constitutes a market benchmark. For onerous contracts, the excess of the fulfilment cash flows over the consideration paid or received is recognised in the goodwill (or the profit resulting from an acquisition on advantageous terms) if it is a business combination and in a separate transfer, in the profit and loss account. For profitable contracts, the difference is recorded as a contractual service margin. In addition, an asset for cash flows related to acquisition costs must be recognised, for its fair value, for the acquisition costs related to the renewal of existing insurance contracts or for the acquisition costs already paid by the acquired company for future contracts.

An insurance contract shall be derecognised when the obligation it covers is extinguished, by payment or maturity, or if the terms of the contract are amended in such a way that the accounting treatment of the contract would have been substantially different if those amendments had originally existed. The derecognition of a contract entails the adjustment of the fulfilment cash flows, the contractual services margin and the coverage units of the group in which it was included.

General measurement model (Building Block Approach \u2013 BBA)
Characteristics

The general model for the measurement of insurance contracts is the best estimate of the future cash flows to be paid or received necessary to meet contractual obligations. This estimate should reflect the different possible scenarios and the effect of the options and guarantees included in the contracts within the limit or \u201ccontract boundary\u201d. The determination of this contract boundary requires an analysis of the rights and obligations arising from the contract and, in particular, of the insurer\u2019s ability to change its price to reflect the risks. This leads, for example, to the exclusion of tacit renewals if the tariff can be amended or to the inclusion of such renewals if not.

Cash flows are discounted to reflect the time value of money. They correspond only to cash flows attributable to insurance contracts either directly or through allocation methods: premiums, acquisition and contract management costs, claims and benefits, indirect costs, taxes and depreciation of tangible and intangible assets.

The cash flows estimate is supplemented by an explicit risk adjustment to cover the uncertainty of cash flows for non-financial risk. These two elements constitute the fulfilment cash flows of the contracts. A contractual service margin is added representing the expected gain or loss on future services related to a group of contracts.

If the contractual service margin is positive, it is shown on the balance sheet within the insurance contract\u2019s measurement and amortised as the services are rendered; if negative, it is recognised immediately in the income statement. The original loss (or \u201closs component\u201d) is monitored extra-accounting to allow for the subsequent recognition of the insurance service revenue.

Acquisition costs are deducted from the contractual service margin of the group of contracts to which they relate and amortised over the coverage period of contracts.

At each reporting date, the carrying amount of a group of insurance contracts is the sum of the liabilities for the remaining coverage which include the fulfilment cash flows related to future services (best estimate and risk adjustment) and the contractual service margin remaining at that date, and of the liabilities for incurred claims which include the best estimate of the cash flows and the risk adjustment, excluding any contractual service margin. The assumptions used to estimate future cash flows and the non-financial risks adjustment are updated, as well as the discount rate, to reflect the situation at the reporting date.

The contractual service margin is adjusted for changes in the estimates of non-financial assumptions related to future services, capitalised at the inception rate, and then amortised in the income statement for services rendered over the period in the insurance service revenue. In the case of contracts which become onerous, after consumption of the contractual service margin, the loss is recognised in the reporting period. In the case of onerous contracts that become profitable again as a result of favourable changes in assumptions, the contractual service margin is only reconstitued after offsetting the loss component.

The release of expected fulfillment flows (cash flow estimates and risk adjustments) for the period, except for the amount allocated to the loss component, is recorded in insurance service revenue. The change in estimates related to past service (cash flow estimates and risk adjustments) is recognised in \u201cInsurance service expenses\u201d.

The Group includes the change in the adjustment for non-financial risk related to past and current services in its entirety in the \u201cInsurance service result\u201d.

The Group records in equity the effect of the change in the discount rate on the cash flows. The expense of unwinding the discount is recorded in \u201cInsurance financial income or expenses\u201d based on the initial rate (the inception rate for the liability for remaining coverage, and the rate at claims occurrence date for the liability for incurred claims). The difference between the value of liabilities discounted at the rate fixed at initial date and the value of those same liabilities estimated using current discount rate is recognised in equity. The effect on liabilities of changes in financial variables, in particular the indexation of benefits under the contract, is also recognised in equity.

The discount rate is based on the risk-free rate adjusted for the illiquidity of the liabilities. For protection, the liquidity premium is currently valued at zero due to the short settlement period for claims on the main risks covered and non-transferability to policyholders of the illiquidity of liabilities.

The risk adjustment is determined using the quantile method.

The coverage unit used to amortise the contractual service margin is derived from the risk premium earned during the period.

Contracts concerned

Contracts covering personal or property risks (creditor protection insurance, protection and other non-life risks) are measured according to the general model when the contract boundary, expected changes in cash flows and the time value effect over the coverage period do not make them eligible under the simplified approach, or by operational choice (a single measurement model for short and long contracts).

Measurement model for contracts with direct participation features (Variable Fee Approach \u2013 VFA)
Characteristics

Direct participating contracts are insurance or investment contracts for which:

Compliance with these conditions is monitored on the underwriting date and is not reviewed later.

For these contracts, for which the insurer has to pay the policyholder an amount corresponding to the fair value of clearly identified underlying assets, less a variable compensation, a specific model (called the \u201cVariable Fee Approach\u201d) has been developed by adapting the general model.

At each reporting date, liabilities related to these contracts are adjusted for the return earned and changes in the fair value of the underlying assets: the policyholders\u2019 share is recorded in the contract fulfilment cash flows against insurance financial income or expense and the insurer\u2019s share corresponding to the variable fee is included in the contractual service margin.

The contractual service margin is also adjusted for the effect of changes in cash flows that do not vary according to the returns on the underlying assets and that relate to future services: estimation of cash flows, risk adjustment, changes in the time value effect of money and changes in the financial risks that do not result from the underlying assets (for example, the effect of financial guarantees).

Changes in the fulfillment cash flows that do not change in connection with the yields of underlying assets and that relate to past service events are recognised in the profit and loss account. This is the case for management fees and attributable costs.

Acquisition cash flows are deducted from the contractual service margin of the group of contracts to which they relate and amortised over the coverage period of the contracts, as in the general model.

Due to the mechanism for allocating the change in the value of the underlying assets between the policyholders and the insurer, the result of these contracts is in principle mainly represented by the release of the fulfilment cash flows and the amortisation of the contractual service margin. When the underlying assets fully support the liabilities and are measured at fair value through profit or loss, the financial result under these contracts should be nil. The Group has chosen the option of reclassifying in shareholders\u2019 equity the change in the liabilities related to the underlying assets that are not measured at fair value through profit or loss.

Life and savings contracts meeting the above definition of direct participating contracts are valued using the variable fee approach. When these contracts include a surrender value, it meets the definition of a non-distinct investment component and changes in that investment component (including related payments) are therefore not recognised in the income statement.

The Group has chosen to apply the option introduced by the European regulation not to divide the portfolios of participating contracts based on intergenerational mutualisation by annual cohort. As a result of this choice, the assessment of the onerousness is made on the basis of the portfolio and not on the basis of the annual cohorts.

The contract boundary includes future payments as long as the applicable pricing is not modifiable (e.g. acquisition or management loadings), as well as the annuity phase in service when contracts provide for a mandatory annuity or optional (in this case, the option is probabilistic).

The discount rate is based on the risk-free rate, extrapolated over the duration exceeding the period for which observable data are available and adjusted by a liquidity premium on the basis of the underlying assets to reflect the illiquidity of the liabilities.

The risk adjustment is determined by combining the cost of capital method without considering the risk of mass lapses, including future payments and considering only attributable costs, and the quantile method for the free payment component.

The coverage unit used to amortise the contractual service margin is the change in savings due to policyholders (determined at present value), adjusted to take into account the impact of the real return on financial or property assets compared with the actuarial neutral risk projection.

Contracts concerned

Insurance contracts and investment contracts with discretionary participating features backed by pools of underlying assets commonly referred to as \u201cgeneral funds\u201d or \u201cpolicyholders\u2019 funds\u201d that correspond to pools of assets isolated analytically, contractually or in regulation, as well as unit-linked contracts with a floor guarantee in case of death and multiple saving contracts backed by assets such as a \u201cgeneral fund\u201d, are measured using the variable fee approach.

The option provided for in the European regulation related to the annual cohort exemption is applied to insurance contracts and investment contracts with discretionary participation features where the policyholders\u2019 profit-sharing is mutualised between the different generations of policyholders: these are euro-denominated or multiple saving contracts including a euro-denominated fund, in France, Italy and Luxembourg.

The liabilities for incurred claims are measured using the variable fee approach if they are sensitive to changes in the value of the underlying assets and the general model if they are not.

Simplified measurement model (Premium Allocation Approach \u2013 PAA)
Characteristics

Short-term contracts (less than one year) may be measured using a simplified approach known as the premium allocation approach, also applicable to longer-term contracts if it leads to results similar to those of the general model in terms of liability for the remaining coverage.

Contracts with a long contract boundary, where significant changes in cash flows are expected over the coverage period, or where the time value effect over the coverage period is material, are not eligible for the simplified approach.

For profitable contracts, the liability for the remaining coverage corresponds to the deferral of premiums collected according to a profile representing the remaining coverage at the reporting date. For onerous contracts, deferred premiums are supplemented by an estimate of the expected loss over the coverage period. Liabilities for incurred claims are valued according to the general model. In this case, the method used to determine the risk adjustment is the same as for the general model.

The Group has chosen the option of deferring acquisition costs over the coverage duration and therefore presenting them as a deduction of the deferred premiums, except where the coverage of the contracts coincides with the calendar year or the deferred acquisition costs are not material.

Liabilities for incurred claims are discounted if the expected settlement of claims takes place after one year from the date of occurrence. The discount expense is recognised in insurance financial income or expenses as in the general model. In this case, the option to classify the effect of changes in the discount rate into equity is also applicable. The Group has retained this option for the liabilities for incurred claims.

At each reporting date, the adjustment of liabilities for remaining coverage and for incurred claims is recognised in profit or loss.

Contracts concerned

Creditor protection insurance, personal protection insurance and other non-life insurance contracts, are measured using the simplified approach if the conditions are met (unless the general model is chosen for operational reasons).

Treatment of the reinsurance
Reinsurance contracts issued (reinsurance accepted)

Reinsurance accepted shall be treated as insurance contracts issued, either in the general model or in the simplified model, depending on the duration of the reinsurance contracts.

The Group accepts mainly risks corresponding to those it covers as a direct insurer under proportional or non-proportional treaties.

Reinsurance contracts held (reinsurance ceded)

The reinsurance ceded is also treated according to the general or simplified model, but the equivalent of the contractual service margin represents the expected gain or loss on the reinsurance and may be positive or negative. If a reinsurance contract offsets the losses of an underlying group of onerous contracts, the reinsurance gain is recognised immediately in profit or loss. This \u201closs recovery component\u201d is used to record amounts that are subsequently presented in net income.

In addition, contract execution flows include the reinsurer\u2019s risk of non-performance.

The Group cedes on reinsurance the risks it wishes to hedge (for example, non-proportional treaties covering peak risk, the risk of accumulation or exceeding the desired retention) or under the risk-sharing framework of proportional treaties for technical or commercial reasons.

The reinsurance contracts held are measured by the Group using the simplified approach or the general model.

\u00a0

Presentation in the balance sheet and in\u00a0the\u00a0profit and loss

The Group has chosen to present the investments of insurance activities and their results separately from the financial assets and liabilities of banking activities.

Financial income or expenses from issued insurance contracts are presented separately between the profit and loss account and shareholders\u2019 equity for portfolios for which this breakdown has been deemed relevant, as allowed by the standard. For the Protection contracts liabilities measured under the general model and for the liabilities for incurred claims arising from contracts measured under the simplified model, this choice for portfolios classification was made by taking into account both the effects in the profit and loss account of the undiscounting of the liabilities and the accounting treatment of the assets backing them. For contracts measured using the variable fee approach, this choice was made to offset any accounting mismatch that may exist in the profit and loss account between the effect of changes in fair value from insurance or investment liabilities and that from the underlying assets when these are not recognised at fair value through profit or loss.

Insurance contracts may be distributed and managed by non-insurance entities of the Group that are remunerated as such by commissions paid by insurance entities. The measurement model for insurance contracts requires projecting in the contract fulfilment cash flows the acquisition and management costs that will be paid in the future and presenting in the profit and loss account, the release of the estimated costs for the period on the one hand, and on the other, the actual costs. For commissions between consolidated companies in the Group, the Group restates the internal margin on the balance sheet and in the profit and loss account (in the breakdown of insurance liabilities and the related results between cash flows and contractual service margin) by presenting as insurance service expenses the portion of the general expenses (excluding internal margins) of the banking entities that can be attributed to the insurance activity. The internal distributors\u2019 margins are determined based on standardised management data for each of the related networks.

Effect of accounting estimates in interim financial statements

The Group has elected under IFRS\u00a017 to record in its annual financial statements the effects of changes in accounting estimates relating to insurance contracts issued or held, without taking into account estimates previously made in its interim financial statements.

1.hProperty, plant, equipment and\u00a0intangible assets

Property, plant and equipment and intangible assets shown in the consolidated balance sheet are composed of assets used in operations and investment property. Rights-of-use related to leased assets (see note\u00a01.i.2) are presented by the lessee within fixed assets in the same category as similar assets held.

Assets used in operations are those used in the provision of services or for administrative purposes, and include non-property assets leased by the Group as lessor under operating leases.

Investment property comprises property assets held to generate rental income and capital gains.

Investment property is recognised at cost, except for those held as underlying assets under participating direct contracts (as amended by IAS\u00a040), which are measured at fair value through profit or loss and presented in the balance sheet under \u201cInvestments related to insurance activities\u201d (see note\u00a01.g.1).

Property, plant and equipment and intangible assets are initially recognised at purchase price plus directly attributable costs, together with borrowing costs where a long period of construction or adaptation is required before the asset can be brought into service. By way of exception, property occupied by the holder entity that is an underlying component of direct participating contracts is measured at fair value (by amendment to IAS\u00a016).

Software developed internally by the BNP\u00a0Paribas Group that fulfils the criteria for capitalisation is capitalised at direct development cost, which includes external costs and the labour costs of employees directly attributable to the project.

Subsequent to initial recognition, property, plant and equipment and intangible assets are measured at cost less accumulated depreciation or amortisation and any impairment losses.

The depreciable amount of property, plant and equipment and intangible assets is calculated after deducting the residual value of the asset. Only assets leased by the Group as the lessor under operating leases are presumed to have a residual value, as the useful life of property, plant and equipment and intangible assets used in operations is generally the same as their economic life.

Property, plant and equipment and intangible assets are depreciated or amortised using the straight-line method over the useful life of the asset. Depreciation and amortisation expense is recognised in the profit and loss account under \u201cDepreciation, amortisation and impairment of property, plant and equipment and intangible assets\u201d.

Where an asset consists of a number of components which may require replacement at regular intervals, or which have different uses or generate economic benefits at different rates, each component is recognised separately and depreciated using a method appropriate to that component. The BNP\u00a0Paribas Group has adopted the component-based approach for property used in operations and for investment property.

The depreciation periods used for office property are as follows: 80\u00a0years or 60\u00a0years for the shell (for prime and other property respectively); 30\u00a0years for facades; 20\u00a0years for general and technical installations; and 10\u00a0years for fixtures and fittings.

Software is amortised, depending on its type, over periods of no more than 8\u00a0years in the case of infrastructure developments and 3\u00a0years or 5\u00a0years in the case of software developed primarily for the purpose of providing services to customers.

Software maintenance costs are expensed as incurred. However, expenditure that is regarded as upgrading the software or extending its useful life is included in the initial acquisition or production cost.

Depreciable property, plant and equipment and intangible assets are tested for impairment if there is an indication of potential impairment at the balance sheet date. Non-depreciable assets are tested for impairment at least annually, using the same method as for goodwill allocated to cash-generating units.

If there is an indication of impairment, the new recoverable amount of the asset is compared with the carrying amount. If the asset is found to be impaired, an impairment loss is recognised in the profit and loss account. This loss is reversed in the event of a change in the estimated recoverable amount or if there is no longer an indication of impairment. Impairment losses are taken to the profit and loss account in \u201cDepreciation, amortisation and impairment of property, plant and equipment and intangible assets\u201d.

Gains and losses on disposals of property, plant and equipment and intangible assets used in operations are recognised in the profit and loss account in \u201cNet gain on non-current assets\u201d.

Gains and losses on disposals of investment property are recognised in the profit and loss account in \u201cIncome from other activities\u201d or \u201cExpense on other activities\u201d.

4.lProperty, plant, equipment and intangible assets used in\u00a0operations, investment property

In millions of euros, at

31 December 2024

31 December 2023

Gross value

Accumulated depreciation, amortisation and impairment

Carrying
\u00a0amount

Gross value

Accumulated depreciation, amortisation and impairment

Carrying
\u00a0amount

Investment property

855

(331)

524

785

(299)

486

Land and buildings

11,049

(4,758)

6,291

11,317

(4,633)

6,684

Equipment, furniture and fixtures

7,067

(5,468)

1,599

7,007

(5,321)

1,686

Plant and equipment leased as lessor under operating leases

51,333

(11,021)

40,312

45,720

(10,567)

35,153

Other property, plant and equipment

2,924

(1,336)

1,588

2,338

(1,125)

1,213

Property, plant and equipment

72,373

(22,583)

49,790

66,382

(21,646)

44,736

Of which right of use

5,786

(3,387)

2,399

5,978

(3,322)

2,656

Property, plant and equipment and investment property

73,228

(22,914)

50,314

67,167

(21,945)

45,222

Purchased software

4,135

(3,407)

728

3,853

(3,145)

708

Internally developed software

6,752

(5,137)

1,615

6,908

(5,398)

1,510

Other intangible assets

2,696

(647)

2,049

2,547

(623)

1,924

Intangible assets

13,583

(9,191)

4,392

13,308

(9,166)

4,142

Investment property

Land and buildings leased by the Group as lessor under operating leases are recorded in \u201cInvestment property\u201d.

The estimated fair value of investment property accounted for at amortised cost at 31\u00a0December 2024 is EUR\u00a0718\u00a0million, compared with EUR\u00a0702\u00a0million at 31\u00a0December 2023.

\u27a4Investments and other assets related to insurance activities

In millions of euros, at

31 December 2024

31 December 2023

Assets not representative of unit-linked insurance contracts

Assets representative of unit-linked accounts

Total

Assets not representative of unit-linked insurance contracts

Assets representative of unit-linked accounts

Total

Derivative financial instruments

1,731

\u00a0

1,731

1,658

\u00a0

1,658

Derivatives used for hedging purposes

74

\u00a0

74

36

\u00a0

36

Financial assets at fair value through profit or loss

61,465

111,954

173,419

64,492

92,266

156,758

Financial assets at fair value through equity

102,222

\u00a0

102,222

89,139

\u00a0

89,139

Financial assets at amortised cost

1,379

\u00a0

1,379

1,267

\u00a0

1,267

Investment properties

3,868

3,178

7,046

4,008

3,483

7,491

Equity-method investments

82

\u00a0

82

89

\u00a0

89

Assets related to insurance activities (see note\u00a05.d)

896

\u00a0

896

660

\u00a0

660

Investments and other assets related to insurance activities

171,717

115,132

286,849

161,349

95,749

257,098

\u27a4Fair value of investment properties

The fair value of investment properties amounted to EUR\u00a07.0\u00a0billion at 31 December 2024, compared with EUR\u00a07.5\u00a0billion at 31 December 2023. The value of investment properties classified in Level\u00a03 amounted to EUR\u00a00.5\u00a0billion at\u00a031 December 2024.

The entire non-listed real estate portfolio is appraised by one or more independent third parties. Experts have professional rules for carrying out these assessments.

For buildings that are directly held, experts use three main methods:

The final value retained by the expert may be a compromise between these three methods.\u00a0

\u27a4Fair value of financial instruments carried at amortised cost

In millions of euros, at

31 December 2024

31 December 2023

Estimated fair value

Carrying value

Estimated fair value

Carrying value

Level 1

Level 2

Level 3

Total

Level 1

Level 2

Level 3

Total

Loans and receivables

\u00a0

1,326

47

1,373

1,379

\u00a0

1,242

24

1,266

1,267

\u00a0

", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_ca14c26b-ff0d-4553-a396-2720d262fe18": { "value": "
1.gInsurance activities

1.g.1Investments related to insurance activities

IFRS\u00a09 is applied in the same way as to other Group entities (see note\u00a01.f).

Investments of insurance activities include investment property which are measured at fair value as underlying assets of direct participating contracts.

\u00a0

1.g.2Insurance contracts

The Group applies IFRS\u00a017 to insurance contracts issued, reinsurance contracts issued and held, and discretionary investment contracts issued (if the entity also issues insurance contracts).

The main insurance contracts issued by the Group correspond to:

A reinsurance contract (or treaty) is an insurance contract by which an insurer (ceding company or cedent) transfers part of its risks to a reinsurer. The Group acts as reinsurer by accepting risks related to persons or property from external insurers and as ceding company by transferring such risks to external reinsurers. Contracts may be proportional or non-proportional depending on the nature of the risks and the appetite for the risk accepted or retained. They are measured either according to the general model or according to the premium allocation approach since the standard prohibits the use of the variable fee approach for reinsurance contracts.

Investment contracts without discretionary participating features and without insurance risk backed by unit-linked underlying assets are measured at fair value through profit or loss in accordance with IFRS\u00a09.

The methods for measuring and recognising these various contracts according to the measurement model adopted are set out below.

These contracts are described in note\u00a05.d Assets and liabilities related to insurance contracts.

Prior separation of components covered by other standards and not closely related

When insurance or investment contracts with discretionary participation include components, which would fall within the scope of another standard if they were separate contracts, an analysis must be carried out to determine whether these components should be accounted for separately. Thus:

Insurance contracts

An insurance contract is a contract under which a party, the issuer, assumes a significant insurance risk for another party, the policyholder, by agreeing to indemnify the policyholder if a specified uncertain future event, the insured event, is detrimental to the policyholder.

An insurance risk is significant if, and only if, an insured event can cause the insurer to pay significant additional amounts in any scenario, excluding scenarios that are devoid of commercial substance. A contract transfers a significant insurance risk only if there is a scenario with a commercial substance in which there is a possibility that the issuer will incur a loss based on the present value.

The insurance risks covered by Group entities are:

Life or savings contracts issued by Group entities are qualified as insurance contracts if they include a risk in the event of survival (pension contracts with compulsory annuities) or a risk in the event of death (unit-linked contracts with a floor guarantee in the event of death and savings contracts with a guarantee of an additional amount payable in the event of death). In the absence of such risks, these contracts are investment contracts with or without discretionary participating features.

Investment contracts with discretionary participating features

Investment contracts do not expose the insurer to significant insurance risk. They are within the scope of IFRS\u00a017 if they are issued by entities that also issue insurance contracts.

Discretionary participation is defined as the contractual right to receive, in addition to an amount that is not at the issuer\u2019s discretion, additional amounts that are likely to represent a significant portion of the total benefits provided under the contract. Benefits, for which the timing or amount is contractually left to the issuer\u2019s discretion and that are contractually based on the returns arising from a defined set of contracts or type of contract or on the realised and/or unrealised investment returns from a defined set of assets held by the issuer, or the result of the entity or fund issuing the contract.

Savings contracts invested in a euro-denominated fund and multiple saving contracts invested in unit-linked assets and in a euro-denominated fund are considered by the Group as investment contracts with discretionary participating features, measured using the variable fee approach.

Accounting and measurement
Aggregation of contracts

Insurance contracts are accounted and measured by groups of contracts within portfolios of contracts covering similar risks and managed together. Groups of contracts are determined according to their expected profitability at inception: onerous contracts, profitable contracts with a low risk of becoming onerous, and others. A group of contracts may contain only contracts issued no more than one year apart (corresponding to an annual \u201ccohort\u201d), except where the optional exemption provided for in the European regulation applies, which is the case for life-savings contracts, as described below.

For creditor protection insurance, personal protection insurance and other non-life risks, the Group uses the following discriminatory criteria when constructing portfolios of homogeneous contracts: legal entity, nature of the risks and partner, distributor. The reinsurance contracts accepted shall follow the same principles.

For life and savings contracts, the Group uses the following criteria for portfolios of homogeneous contracts: legal entity, product and underlying assets. Savings and retirement contracts are classified in separate portfolios (including in the period prior to the transition) due to the existence of a risk of longevity in retirement contracts.

For reinsurance contracts held, the Group uses the following criteria: legal entity, underlying item and counterparty. A portfolio can sometimes correspond to a single reinsurance treaty.

Recognition and derecognition

A group of insurance contracts (or reinsurance contracts issued) is recognised from the earliest of the following dates: the beginning of the period of coverage of the group of contracts, the date on which the first payment of a policyholder in the group becomes due (or, in the absence of such a date, when the first payment is received) and, in the case of a group of onerous contracts, the date on which the group becomes onerous.

A group of reinsurance contracts held is recognised from the beginning of the period of coverage of the group of reinsurance contracts held or, if the reinsurance was contracted in anticipation of the coverage of an underlying group of onerous insurance contracts, on the first recognition of that onerous group.

On initial recognition of portfolios of insurance contracts acquired as part of a business combination or a separate transfer, groups of contracts acquired are treated as if the contracts had been issued at the date of the transaction. The consideration received or paid in exchange for the contracts is treated as an approximation of the premiums received for the purpose of calculating the contractual service margin at initial recognition from this amount. In the case of a business combination within the scope of IFRS\u00a03, the consideration received or paid is the fair value of the contracts at that date. For business combinations that have occurred since the first application of IFRS\u00a017, this fair value has been determined by projecting the liabilities valuation under the Solvency 2 prudential approach which constitutes a market benchmark. For onerous contracts, the excess of the fulfilment cash flows over the consideration paid or received is recognised in the goodwill (or the profit resulting from an acquisition on advantageous terms) if it is a business combination and in a separate transfer, in the profit and loss account. For profitable contracts, the difference is recorded as a contractual service margin. In addition, an asset for cash flows related to acquisition costs must be recognised, for its fair value, for the acquisition costs related to the renewal of existing insurance contracts or for the acquisition costs already paid by the acquired company for future contracts.

An insurance contract shall be derecognised when the obligation it covers is extinguished, by payment or maturity, or if the terms of the contract are amended in such a way that the accounting treatment of the contract would have been substantially different if those amendments had originally existed. The derecognition of a contract entails the adjustment of the fulfilment cash flows, the contractual services margin and the coverage units of the group in which it was included.

General measurement model (Building Block Approach \u2013 BBA)
Characteristics

The general model for the measurement of insurance contracts is the best estimate of the future cash flows to be paid or received necessary to meet contractual obligations. This estimate should reflect the different possible scenarios and the effect of the options and guarantees included in the contracts within the limit or \u201ccontract boundary\u201d. The determination of this contract boundary requires an analysis of the rights and obligations arising from the contract and, in particular, of the insurer\u2019s ability to change its price to reflect the risks. This leads, for example, to the exclusion of tacit renewals if the tariff can be amended or to the inclusion of such renewals if not.

Cash flows are discounted to reflect the time value of money. They correspond only to cash flows attributable to insurance contracts either directly or through allocation methods: premiums, acquisition and contract management costs, claims and benefits, indirect costs, taxes and depreciation of tangible and intangible assets.

The cash flows estimate is supplemented by an explicit risk adjustment to cover the uncertainty of cash flows for non-financial risk. These two elements constitute the fulfilment cash flows of the contracts. A contractual service margin is added representing the expected gain or loss on future services related to a group of contracts.

If the contractual service margin is positive, it is shown on the balance sheet within the insurance contract\u2019s measurement and amortised as the services are rendered; if negative, it is recognised immediately in the income statement. The original loss (or \u201closs component\u201d) is monitored extra-accounting to allow for the subsequent recognition of the insurance service revenue.

Acquisition costs are deducted from the contractual service margin of the group of contracts to which they relate and amortised over the coverage period of contracts.

At each reporting date, the carrying amount of a group of insurance contracts is the sum of the liabilities for the remaining coverage which include the fulfilment cash flows related to future services (best estimate and risk adjustment) and the contractual service margin remaining at that date, and of the liabilities for incurred claims which include the best estimate of the cash flows and the risk adjustment, excluding any contractual service margin. The assumptions used to estimate future cash flows and the non-financial risks adjustment are updated, as well as the discount rate, to reflect the situation at the reporting date.

The contractual service margin is adjusted for changes in the estimates of non-financial assumptions related to future services, capitalised at the inception rate, and then amortised in the income statement for services rendered over the period in the insurance service revenue. In the case of contracts which become onerous, after consumption of the contractual service margin, the loss is recognised in the reporting period. In the case of onerous contracts that become profitable again as a result of favourable changes in assumptions, the contractual service margin is only reconstitued after offsetting the loss component.

The release of expected fulfillment flows (cash flow estimates and risk adjustments) for the period, except for the amount allocated to the loss component, is recorded in insurance service revenue. The change in estimates related to past service (cash flow estimates and risk adjustments) is recognised in \u201cInsurance service expenses\u201d.

The Group includes the change in the adjustment for non-financial risk related to past and current services in its entirety in the \u201cInsurance service result\u201d.

The Group records in equity the effect of the change in the discount rate on the cash flows. The expense of unwinding the discount is recorded in \u201cInsurance financial income or expenses\u201d based on the initial rate (the inception rate for the liability for remaining coverage, and the rate at claims occurrence date for the liability for incurred claims). The difference between the value of liabilities discounted at the rate fixed at initial date and the value of those same liabilities estimated using current discount rate is recognised in equity. The effect on liabilities of changes in financial variables, in particular the indexation of benefits under the contract, is also recognised in equity.

The discount rate is based on the risk-free rate adjusted for the illiquidity of the liabilities. For protection, the liquidity premium is currently valued at zero due to the short settlement period for claims on the main risks covered and non-transferability to policyholders of the illiquidity of liabilities.

The risk adjustment is determined using the quantile method.

The coverage unit used to amortise the contractual service margin is derived from the risk premium earned during the period.

Contracts concerned

Contracts covering personal or property risks (creditor protection insurance, protection and other non-life risks) are measured according to the general model when the contract boundary, expected changes in cash flows and the time value effect over the coverage period do not make them eligible under the simplified approach, or by operational choice (a single measurement model for short and long contracts).

Measurement model for contracts with direct participation features (Variable Fee Approach \u2013 VFA)
Characteristics

Direct participating contracts are insurance or investment contracts for which:

Compliance with these conditions is monitored on the underwriting date and is not reviewed later.

For these contracts, for which the insurer has to pay the policyholder an amount corresponding to the fair value of clearly identified underlying assets, less a variable compensation, a specific model (called the \u201cVariable Fee Approach\u201d) has been developed by adapting the general model.

At each reporting date, liabilities related to these contracts are adjusted for the return earned and changes in the fair value of the underlying assets: the policyholders\u2019 share is recorded in the contract fulfilment cash flows against insurance financial income or expense and the insurer\u2019s share corresponding to the variable fee is included in the contractual service margin.

The contractual service margin is also adjusted for the effect of changes in cash flows that do not vary according to the returns on the underlying assets and that relate to future services: estimation of cash flows, risk adjustment, changes in the time value effect of money and changes in the financial risks that do not result from the underlying assets (for example, the effect of financial guarantees).

Changes in the fulfillment cash flows that do not change in connection with the yields of underlying assets and that relate to past service events are recognised in the profit and loss account. This is the case for management fees and attributable costs.

Acquisition cash flows are deducted from the contractual service margin of the group of contracts to which they relate and amortised over the coverage period of the contracts, as in the general model.

Due to the mechanism for allocating the change in the value of the underlying assets between the policyholders and the insurer, the result of these contracts is in principle mainly represented by the release of the fulfilment cash flows and the amortisation of the contractual service margin. When the underlying assets fully support the liabilities and are measured at fair value through profit or loss, the financial result under these contracts should be nil. The Group has chosen the option of reclassifying in shareholders\u2019 equity the change in the liabilities related to the underlying assets that are not measured at fair value through profit or loss.

Life and savings contracts meeting the above definition of direct participating contracts are valued using the variable fee approach. When these contracts include a surrender value, it meets the definition of a non-distinct investment component and changes in that investment component (including related payments) are therefore not recognised in the income statement.

The Group has chosen to apply the option introduced by the European regulation not to divide the portfolios of participating contracts based on intergenerational mutualisation by annual cohort. As a result of this choice, the assessment of the onerousness is made on the basis of the portfolio and not on the basis of the annual cohorts.

The contract boundary includes future payments as long as the applicable pricing is not modifiable (e.g. acquisition or management loadings), as well as the annuity phase in service when contracts provide for a mandatory annuity or optional (in this case, the option is probabilistic).

The discount rate is based on the risk-free rate, extrapolated over the duration exceeding the period for which observable data are available and adjusted by a liquidity premium on the basis of the underlying assets to reflect the illiquidity of the liabilities.

The risk adjustment is determined by combining the cost of capital method without considering the risk of mass lapses, including future payments and considering only attributable costs, and the quantile method for the free payment component.

The coverage unit used to amortise the contractual service margin is the change in savings due to policyholders (determined at present value), adjusted to take into account the impact of the real return on financial or property assets compared with the actuarial neutral risk projection.

Contracts concerned

Insurance contracts and investment contracts with discretionary participating features backed by pools of underlying assets commonly referred to as \u201cgeneral funds\u201d or \u201cpolicyholders\u2019 funds\u201d that correspond to pools of assets isolated analytically, contractually or in regulation, as well as unit-linked contracts with a floor guarantee in case of death and multiple saving contracts backed by assets such as a \u201cgeneral fund\u201d, are measured using the variable fee approach.

The option provided for in the European regulation related to the annual cohort exemption is applied to insurance contracts and investment contracts with discretionary participation features where the policyholders\u2019 profit-sharing is mutualised between the different generations of policyholders: these are euro-denominated or multiple saving contracts including a euro-denominated fund, in France, Italy and Luxembourg.

The liabilities for incurred claims are measured using the variable fee approach if they are sensitive to changes in the value of the underlying assets and the general model if they are not.

Simplified measurement model (Premium Allocation Approach \u2013 PAA)
Characteristics

Short-term contracts (less than one year) may be measured using a simplified approach known as the premium allocation approach, also applicable to longer-term contracts if it leads to results similar to those of the general model in terms of liability for the remaining coverage.

Contracts with a long contract boundary, where significant changes in cash flows are expected over the coverage period, or where the time value effect over the coverage period is material, are not eligible for the simplified approach.

For profitable contracts, the liability for the remaining coverage corresponds to the deferral of premiums collected according to a profile representing the remaining coverage at the reporting date. For onerous contracts, deferred premiums are supplemented by an estimate of the expected loss over the coverage period. Liabilities for incurred claims are valued according to the general model. In this case, the method used to determine the risk adjustment is the same as for the general model.

The Group has chosen the option of deferring acquisition costs over the coverage duration and therefore presenting them as a deduction of the deferred premiums, except where the coverage of the contracts coincides with the calendar year or the deferred acquisition costs are not material.

Liabilities for incurred claims are discounted if the expected settlement of claims takes place after one year from the date of occurrence. The discount expense is recognised in insurance financial income or expenses as in the general model. In this case, the option to classify the effect of changes in the discount rate into equity is also applicable. The Group has retained this option for the liabilities for incurred claims.

At each reporting date, the adjustment of liabilities for remaining coverage and for incurred claims is recognised in profit or loss.

Contracts concerned

Creditor protection insurance, personal protection insurance and other non-life insurance contracts, are measured using the simplified approach if the conditions are met (unless the general model is chosen for operational reasons).

Treatment of the reinsurance
Reinsurance contracts issued (reinsurance accepted)

Reinsurance accepted shall be treated as insurance contracts issued, either in the general model or in the simplified model, depending on the duration of the reinsurance contracts.

The Group accepts mainly risks corresponding to those it covers as a direct insurer under proportional or non-proportional treaties.

Reinsurance contracts held (reinsurance ceded)

The reinsurance ceded is also treated according to the general or simplified model, but the equivalent of the contractual service margin represents the expected gain or loss on the reinsurance and may be positive or negative. If a reinsurance contract offsets the losses of an underlying group of onerous contracts, the reinsurance gain is recognised immediately in profit or loss. This \u201closs recovery component\u201d is used to record amounts that are subsequently presented in net income.

In addition, contract execution flows include the reinsurer\u2019s risk of non-performance.

The Group cedes on reinsurance the risks it wishes to hedge (for example, non-proportional treaties covering peak risk, the risk of accumulation or exceeding the desired retention) or under the risk-sharing framework of proportional treaties for technical or commercial reasons.

The reinsurance contracts held are measured by the Group using the simplified approach or the general model.

\u00a0

Presentation in the balance sheet and in\u00a0the\u00a0profit and loss

The Group has chosen to present the investments of insurance activities and their results separately from the financial assets and liabilities of banking activities.

Financial income or expenses from issued insurance contracts are presented separately between the profit and loss account and shareholders\u2019 equity for portfolios for which this breakdown has been deemed relevant, as allowed by the standard. For the Protection contracts liabilities measured under the general model and for the liabilities for incurred claims arising from contracts measured under the simplified model, this choice for portfolios classification was made by taking into account both the effects in the profit and loss account of the undiscounting of the liabilities and the accounting treatment of the assets backing them. For contracts measured using the variable fee approach, this choice was made to offset any accounting mismatch that may exist in the profit and loss account between the effect of changes in fair value from insurance or investment liabilities and that from the underlying assets when these are not recognised at fair value through profit or loss.

Insurance contracts may be distributed and managed by non-insurance entities of the Group that are remunerated as such by commissions paid by insurance entities. The measurement model for insurance contracts requires projecting in the contract fulfilment cash flows the acquisition and management costs that will be paid in the future and presenting in the profit and loss account, the release of the estimated costs for the period on the one hand, and on the other, the actual costs. For commissions between consolidated companies in the Group, the Group restates the internal margin on the balance sheet and in the profit and loss account (in the breakdown of insurance liabilities and the related results between cash flows and contractual service margin) by presenting as insurance service expenses the portion of the general expenses (excluding internal margins) of the banking entities that can be attributed to the insurance activity. The internal distributors\u2019 margins are determined based on standardised management data for each of the related networks.

Effect of accounting estimates in interim financial statements

The Group has elected under IFRS\u00a017 to record in its annual financial statements the effects of changes in accounting estimates relating to insurance contracts issued or held, without taking into account estimates previously made in its interim financial statements.

1.hProperty, plant, equipment and\u00a0intangible assets

Property, plant and equipment and intangible assets shown in the consolidated balance sheet are composed of assets used in operations and investment property. Rights-of-use related to leased assets (see note\u00a01.i.2) are presented by the lessee within fixed assets in the same category as similar assets held.

Assets used in operations are those used in the provision of services or for administrative purposes, and include non-property assets leased by the Group as lessor under operating leases.

Investment property comprises property assets held to generate rental income and capital gains.

Investment property is recognised at cost, except for those held as underlying assets under participating direct contracts (as amended by IAS\u00a040), which are measured at fair value through profit or loss and presented in the balance sheet under \u201cInvestments related to insurance activities\u201d (see note\u00a01.g.1).

Property, plant and equipment and intangible assets are initially recognised at purchase price plus directly attributable costs, together with borrowing costs where a long period of construction or adaptation is required before the asset can be brought into service. By way of exception, property occupied by the holder entity that is an underlying component of direct participating contracts is measured at fair value (by amendment to IAS\u00a016).

Software developed internally by the BNP\u00a0Paribas Group that fulfils the criteria for capitalisation is capitalised at direct development cost, which includes external costs and the labour costs of employees directly attributable to the project.

Subsequent to initial recognition, property, plant and equipment and intangible assets are measured at cost less accumulated depreciation or amortisation and any impairment losses.

The depreciable amount of property, plant and equipment and intangible assets is calculated after deducting the residual value of the asset. Only assets leased by the Group as the lessor under operating leases are presumed to have a residual value, as the useful life of property, plant and equipment and intangible assets used in operations is generally the same as their economic life.

Property, plant and equipment and intangible assets are depreciated or amortised using the straight-line method over the useful life of the asset. Depreciation and amortisation expense is recognised in the profit and loss account under \u201cDepreciation, amortisation and impairment of property, plant and equipment and intangible assets\u201d.

Where an asset consists of a number of components which may require replacement at regular intervals, or which have different uses or generate economic benefits at different rates, each component is recognised separately and depreciated using a method appropriate to that component. The BNP\u00a0Paribas Group has adopted the component-based approach for property used in operations and for investment property.

The depreciation periods used for office property are as follows: 80\u00a0years or 60\u00a0years for the shell (for prime and other property respectively); 30\u00a0years for facades; 20\u00a0years for general and technical installations; and 10\u00a0years for fixtures and fittings.

Software is amortised, depending on its type, over periods of no more than 8\u00a0years in the case of infrastructure developments and 3\u00a0years or 5\u00a0years in the case of software developed primarily for the purpose of providing services to customers.

Software maintenance costs are expensed as incurred. However, expenditure that is regarded as upgrading the software or extending its useful life is included in the initial acquisition or production cost.

Depreciable property, plant and equipment and intangible assets are tested for impairment if there is an indication of potential impairment at the balance sheet date. Non-depreciable assets are tested for impairment at least annually, using the same method as for goodwill allocated to cash-generating units.

If there is an indication of impairment, the new recoverable amount of the asset is compared with the carrying amount. If the asset is found to be impaired, an impairment loss is recognised in the profit and loss account. This loss is reversed in the event of a change in the estimated recoverable amount or if there is no longer an indication of impairment. Impairment losses are taken to the profit and loss account in \u201cDepreciation, amortisation and impairment of property, plant and equipment and intangible assets\u201d.

Gains and losses on disposals of property, plant and equipment and intangible assets used in operations are recognised in the profit and loss account in \u201cNet gain on non-current assets\u201d.

Gains and losses on disposals of investment property are recognised in the profit and loss account in \u201cIncome from other activities\u201d or \u201cExpense on other activities\u201d.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_0251f9e3-0847-4638-b7ca-7e31b30d572c": { "value": "
1.gInsurance activities

1.g.1Investments related to insurance activities

IFRS\u00a09 is applied in the same way as to other Group entities (see note\u00a01.f).

Investments of insurance activities include investment property which are measured at fair value as underlying assets of direct participating contracts.

\u00a0

1.g.2Insurance contracts

The Group applies IFRS\u00a017 to insurance contracts issued, reinsurance contracts issued and held, and discretionary investment contracts issued (if the entity also issues insurance contracts).

The main insurance contracts issued by the Group correspond to:

A reinsurance contract (or treaty) is an insurance contract by which an insurer (ceding company or cedent) transfers part of its risks to a reinsurer. The Group acts as reinsurer by accepting risks related to persons or property from external insurers and as ceding company by transferring such risks to external reinsurers. Contracts may be proportional or non-proportional depending on the nature of the risks and the appetite for the risk accepted or retained. They are measured either according to the general model or according to the premium allocation approach since the standard prohibits the use of the variable fee approach for reinsurance contracts.

Investment contracts without discretionary participating features and without insurance risk backed by unit-linked underlying assets are measured at fair value through profit or loss in accordance with IFRS\u00a09.

The methods for measuring and recognising these various contracts according to the measurement model adopted are set out below.

These contracts are described in note\u00a05.d Assets and liabilities related to insurance contracts.

Prior separation of components covered by other standards and not closely related

When insurance or investment contracts with discretionary participation include components, which would fall within the scope of another standard if they were separate contracts, an analysis must be carried out to determine whether these components should be accounted for separately. Thus:

Insurance contracts

An insurance contract is a contract under which a party, the issuer, assumes a significant insurance risk for another party, the policyholder, by agreeing to indemnify the policyholder if a specified uncertain future event, the insured event, is detrimental to the policyholder.

An insurance risk is significant if, and only if, an insured event can cause the insurer to pay significant additional amounts in any scenario, excluding scenarios that are devoid of commercial substance. A contract transfers a significant insurance risk only if there is a scenario with a commercial substance in which there is a possibility that the issuer will incur a loss based on the present value.

The insurance risks covered by Group entities are:

Life or savings contracts issued by Group entities are qualified as insurance contracts if they include a risk in the event of survival (pension contracts with compulsory annuities) or a risk in the event of death (unit-linked contracts with a floor guarantee in the event of death and savings contracts with a guarantee of an additional amount payable in the event of death). In the absence of such risks, these contracts are investment contracts with or without discretionary participating features.

Investment contracts with discretionary participating features

Investment contracts do not expose the insurer to significant insurance risk. They are within the scope of IFRS\u00a017 if they are issued by entities that also issue insurance contracts.

Discretionary participation is defined as the contractual right to receive, in addition to an amount that is not at the issuer\u2019s discretion, additional amounts that are likely to represent a significant portion of the total benefits provided under the contract. Benefits, for which the timing or amount is contractually left to the issuer\u2019s discretion and that are contractually based on the returns arising from a defined set of contracts or type of contract or on the realised and/or unrealised investment returns from a defined set of assets held by the issuer, or the result of the entity or fund issuing the contract.

Savings contracts invested in a euro-denominated fund and multiple saving contracts invested in unit-linked assets and in a euro-denominated fund are considered by the Group as investment contracts with discretionary participating features, measured using the variable fee approach.

Accounting and measurement
Aggregation of contracts

Insurance contracts are accounted and measured by groups of contracts within portfolios of contracts covering similar risks and managed together. Groups of contracts are determined according to their expected profitability at inception: onerous contracts, profitable contracts with a low risk of becoming onerous, and others. A group of contracts may contain only contracts issued no more than one year apart (corresponding to an annual \u201ccohort\u201d), except where the optional exemption provided for in the European regulation applies, which is the case for life-savings contracts, as described below.

For creditor protection insurance, personal protection insurance and other non-life risks, the Group uses the following discriminatory criteria when constructing portfolios of homogeneous contracts: legal entity, nature of the risks and partner, distributor. The reinsurance contracts accepted shall follow the same principles.

For life and savings contracts, the Group uses the following criteria for portfolios of homogeneous contracts: legal entity, product and underlying assets. Savings and retirement contracts are classified in separate portfolios (including in the period prior to the transition) due to the existence of a risk of longevity in retirement contracts.

For reinsurance contracts held, the Group uses the following criteria: legal entity, underlying item and counterparty. A portfolio can sometimes correspond to a single reinsurance treaty.

Recognition and derecognition

A group of insurance contracts (or reinsurance contracts issued) is recognised from the earliest of the following dates: the beginning of the period of coverage of the group of contracts, the date on which the first payment of a policyholder in the group becomes due (or, in the absence of such a date, when the first payment is received) and, in the case of a group of onerous contracts, the date on which the group becomes onerous.

A group of reinsurance contracts held is recognised from the beginning of the period of coverage of the group of reinsurance contracts held or, if the reinsurance was contracted in anticipation of the coverage of an underlying group of onerous insurance contracts, on the first recognition of that onerous group.

On initial recognition of portfolios of insurance contracts acquired as part of a business combination or a separate transfer, groups of contracts acquired are treated as if the contracts had been issued at the date of the transaction. The consideration received or paid in exchange for the contracts is treated as an approximation of the premiums received for the purpose of calculating the contractual service margin at initial recognition from this amount. In the case of a business combination within the scope of IFRS\u00a03, the consideration received or paid is the fair value of the contracts at that date. For business combinations that have occurred since the first application of IFRS\u00a017, this fair value has been determined by projecting the liabilities valuation under the Solvency 2 prudential approach which constitutes a market benchmark. For onerous contracts, the excess of the fulfilment cash flows over the consideration paid or received is recognised in the goodwill (or the profit resulting from an acquisition on advantageous terms) if it is a business combination and in a separate transfer, in the profit and loss account. For profitable contracts, the difference is recorded as a contractual service margin. In addition, an asset for cash flows related to acquisition costs must be recognised, for its fair value, for the acquisition costs related to the renewal of existing insurance contracts or for the acquisition costs already paid by the acquired company for future contracts.

An insurance contract shall be derecognised when the obligation it covers is extinguished, by payment or maturity, or if the terms of the contract are amended in such a way that the accounting treatment of the contract would have been substantially different if those amendments had originally existed. The derecognition of a contract entails the adjustment of the fulfilment cash flows, the contractual services margin and the coverage units of the group in which it was included.

General measurement model (Building Block Approach \u2013 BBA)
Characteristics

The general model for the measurement of insurance contracts is the best estimate of the future cash flows to be paid or received necessary to meet contractual obligations. This estimate should reflect the different possible scenarios and the effect of the options and guarantees included in the contracts within the limit or \u201ccontract boundary\u201d. The determination of this contract boundary requires an analysis of the rights and obligations arising from the contract and, in particular, of the insurer\u2019s ability to change its price to reflect the risks. This leads, for example, to the exclusion of tacit renewals if the tariff can be amended or to the inclusion of such renewals if not.

Cash flows are discounted to reflect the time value of money. They correspond only to cash flows attributable to insurance contracts either directly or through allocation methods: premiums, acquisition and contract management costs, claims and benefits, indirect costs, taxes and depreciation of tangible and intangible assets.

The cash flows estimate is supplemented by an explicit risk adjustment to cover the uncertainty of cash flows for non-financial risk. These two elements constitute the fulfilment cash flows of the contracts. A contractual service margin is added representing the expected gain or loss on future services related to a group of contracts.

If the contractual service margin is positive, it is shown on the balance sheet within the insurance contract\u2019s measurement and amortised as the services are rendered; if negative, it is recognised immediately in the income statement. The original loss (or \u201closs component\u201d) is monitored extra-accounting to allow for the subsequent recognition of the insurance service revenue.

Acquisition costs are deducted from the contractual service margin of the group of contracts to which they relate and amortised over the coverage period of contracts.

At each reporting date, the carrying amount of a group of insurance contracts is the sum of the liabilities for the remaining coverage which include the fulfilment cash flows related to future services (best estimate and risk adjustment) and the contractual service margin remaining at that date, and of the liabilities for incurred claims which include the best estimate of the cash flows and the risk adjustment, excluding any contractual service margin. The assumptions used to estimate future cash flows and the non-financial risks adjustment are updated, as well as the discount rate, to reflect the situation at the reporting date.

The contractual service margin is adjusted for changes in the estimates of non-financial assumptions related to future services, capitalised at the inception rate, and then amortised in the income statement for services rendered over the period in the insurance service revenue. In the case of contracts which become onerous, after consumption of the contractual service margin, the loss is recognised in the reporting period. In the case of onerous contracts that become profitable again as a result of favourable changes in assumptions, the contractual service margin is only reconstitued after offsetting the loss component.

The release of expected fulfillment flows (cash flow estimates and risk adjustments) for the period, except for the amount allocated to the loss component, is recorded in insurance service revenue. The change in estimates related to past service (cash flow estimates and risk adjustments) is recognised in \u201cInsurance service expenses\u201d.

The Group includes the change in the adjustment for non-financial risk related to past and current services in its entirety in the \u201cInsurance service result\u201d.

The Group records in equity the effect of the change in the discount rate on the cash flows. The expense of unwinding the discount is recorded in \u201cInsurance financial income or expenses\u201d based on the initial rate (the inception rate for the liability for remaining coverage, and the rate at claims occurrence date for the liability for incurred claims). The difference between the value of liabilities discounted at the rate fixed at initial date and the value of those same liabilities estimated using current discount rate is recognised in equity. The effect on liabilities of changes in financial variables, in particular the indexation of benefits under the contract, is also recognised in equity.

The discount rate is based on the risk-free rate adjusted for the illiquidity of the liabilities. For protection, the liquidity premium is currently valued at zero due to the short settlement period for claims on the main risks covered and non-transferability to policyholders of the illiquidity of liabilities.

The risk adjustment is determined using the quantile method.

The coverage unit used to amortise the contractual service margin is derived from the risk premium earned during the period.

Contracts concerned

Contracts covering personal or property risks (creditor protection insurance, protection and other non-life risks) are measured according to the general model when the contract boundary, expected changes in cash flows and the time value effect over the coverage period do not make them eligible under the simplified approach, or by operational choice (a single measurement model for short and long contracts).

Measurement model for contracts with direct participation features (Variable Fee Approach \u2013 VFA)
Characteristics

Direct participating contracts are insurance or investment contracts for which:

Compliance with these conditions is monitored on the underwriting date and is not reviewed later.

For these contracts, for which the insurer has to pay the policyholder an amount corresponding to the fair value of clearly identified underlying assets, less a variable compensation, a specific model (called the \u201cVariable Fee Approach\u201d) has been developed by adapting the general model.

At each reporting date, liabilities related to these contracts are adjusted for the return earned and changes in the fair value of the underlying assets: the policyholders\u2019 share is recorded in the contract fulfilment cash flows against insurance financial income or expense and the insurer\u2019s share corresponding to the variable fee is included in the contractual service margin.

The contractual service margin is also adjusted for the effect of changes in cash flows that do not vary according to the returns on the underlying assets and that relate to future services: estimation of cash flows, risk adjustment, changes in the time value effect of money and changes in the financial risks that do not result from the underlying assets (for example, the effect of financial guarantees).

Changes in the fulfillment cash flows that do not change in connection with the yields of underlying assets and that relate to past service events are recognised in the profit and loss account. This is the case for management fees and attributable costs.

Acquisition cash flows are deducted from the contractual service margin of the group of contracts to which they relate and amortised over the coverage period of the contracts, as in the general model.

Due to the mechanism for allocating the change in the value of the underlying assets between the policyholders and the insurer, the result of these contracts is in principle mainly represented by the release of the fulfilment cash flows and the amortisation of the contractual service margin. When the underlying assets fully support the liabilities and are measured at fair value through profit or loss, the financial result under these contracts should be nil. The Group has chosen the option of reclassifying in shareholders\u2019 equity the change in the liabilities related to the underlying assets that are not measured at fair value through profit or loss.

Life and savings contracts meeting the above definition of direct participating contracts are valued using the variable fee approach. When these contracts include a surrender value, it meets the definition of a non-distinct investment component and changes in that investment component (including related payments) are therefore not recognised in the income statement.

The Group has chosen to apply the option introduced by the European regulation not to divide the portfolios of participating contracts based on intergenerational mutualisation by annual cohort. As a result of this choice, the assessment of the onerousness is made on the basis of the portfolio and not on the basis of the annual cohorts.

The contract boundary includes future payments as long as the applicable pricing is not modifiable (e.g. acquisition or management loadings), as well as the annuity phase in service when contracts provide for a mandatory annuity or optional (in this case, the option is probabilistic).

The discount rate is based on the risk-free rate, extrapolated over the duration exceeding the period for which observable data are available and adjusted by a liquidity premium on the basis of the underlying assets to reflect the illiquidity of the liabilities.

The risk adjustment is determined by combining the cost of capital method without considering the risk of mass lapses, including future payments and considering only attributable costs, and the quantile method for the free payment component.

The coverage unit used to amortise the contractual service margin is the change in savings due to policyholders (determined at present value), adjusted to take into account the impact of the real return on financial or property assets compared with the actuarial neutral risk projection.

Contracts concerned

Insurance contracts and investment contracts with discretionary participating features backed by pools of underlying assets commonly referred to as \u201cgeneral funds\u201d or \u201cpolicyholders\u2019 funds\u201d that correspond to pools of assets isolated analytically, contractually or in regulation, as well as unit-linked contracts with a floor guarantee in case of death and multiple saving contracts backed by assets such as a \u201cgeneral fund\u201d, are measured using the variable fee approach.

The option provided for in the European regulation related to the annual cohort exemption is applied to insurance contracts and investment contracts with discretionary participation features where the policyholders\u2019 profit-sharing is mutualised between the different generations of policyholders: these are euro-denominated or multiple saving contracts including a euro-denominated fund, in France, Italy and Luxembourg.

The liabilities for incurred claims are measured using the variable fee approach if they are sensitive to changes in the value of the underlying assets and the general model if they are not.

Simplified measurement model (Premium Allocation Approach \u2013 PAA)
Characteristics

Short-term contracts (less than one year) may be measured using a simplified approach known as the premium allocation approach, also applicable to longer-term contracts if it leads to results similar to those of the general model in terms of liability for the remaining coverage.

Contracts with a long contract boundary, where significant changes in cash flows are expected over the coverage period, or where the time value effect over the coverage period is material, are not eligible for the simplified approach.

For profitable contracts, the liability for the remaining coverage corresponds to the deferral of premiums collected according to a profile representing the remaining coverage at the reporting date. For onerous contracts, deferred premiums are supplemented by an estimate of the expected loss over the coverage period. Liabilities for incurred claims are valued according to the general model. In this case, the method used to determine the risk adjustment is the same as for the general model.

The Group has chosen the option of deferring acquisition costs over the coverage duration and therefore presenting them as a deduction of the deferred premiums, except where the coverage of the contracts coincides with the calendar year or the deferred acquisition costs are not material.

Liabilities for incurred claims are discounted if the expected settlement of claims takes place after one year from the date of occurrence. The discount expense is recognised in insurance financial income or expenses as in the general model. In this case, the option to classify the effect of changes in the discount rate into equity is also applicable. The Group has retained this option for the liabilities for incurred claims.

At each reporting date, the adjustment of liabilities for remaining coverage and for incurred claims is recognised in profit or loss.

Contracts concerned

Creditor protection insurance, personal protection insurance and other non-life insurance contracts, are measured using the simplified approach if the conditions are met (unless the general model is chosen for operational reasons).

Treatment of the reinsurance
Reinsurance contracts issued (reinsurance accepted)

Reinsurance accepted shall be treated as insurance contracts issued, either in the general model or in the simplified model, depending on the duration of the reinsurance contracts.

The Group accepts mainly risks corresponding to those it covers as a direct insurer under proportional or non-proportional treaties.

Reinsurance contracts held (reinsurance ceded)

The reinsurance ceded is also treated according to the general or simplified model, but the equivalent of the contractual service margin represents the expected gain or loss on the reinsurance and may be positive or negative. If a reinsurance contract offsets the losses of an underlying group of onerous contracts, the reinsurance gain is recognised immediately in profit or loss. This \u201closs recovery component\u201d is used to record amounts that are subsequently presented in net income.

In addition, contract execution flows include the reinsurer\u2019s risk of non-performance.

The Group cedes on reinsurance the risks it wishes to hedge (for example, non-proportional treaties covering peak risk, the risk of accumulation or exceeding the desired retention) or under the risk-sharing framework of proportional treaties for technical or commercial reasons.

The reinsurance contracts held are measured by the Group using the simplified approach or the general model.

\u00a0

Presentation in the balance sheet and in\u00a0the\u00a0profit and loss

The Group has chosen to present the investments of insurance activities and their results separately from the financial assets and liabilities of banking activities.

Financial income or expenses from issued insurance contracts are presented separately between the profit and loss account and shareholders\u2019 equity for portfolios for which this breakdown has been deemed relevant, as allowed by the standard. For the Protection contracts liabilities measured under the general model and for the liabilities for incurred claims arising from contracts measured under the simplified model, this choice for portfolios classification was made by taking into account both the effects in the profit and loss account of the undiscounting of the liabilities and the accounting treatment of the assets backing them. For contracts measured using the variable fee approach, this choice was made to offset any accounting mismatch that may exist in the profit and loss account between the effect of changes in fair value from insurance or investment liabilities and that from the underlying assets when these are not recognised at fair value through profit or loss.

Insurance contracts may be distributed and managed by non-insurance entities of the Group that are remunerated as such by commissions paid by insurance entities. The measurement model for insurance contracts requires projecting in the contract fulfilment cash flows the acquisition and management costs that will be paid in the future and presenting in the profit and loss account, the release of the estimated costs for the period on the one hand, and on the other, the actual costs. For commissions between consolidated companies in the Group, the Group restates the internal margin on the balance sheet and in the profit and loss account (in the breakdown of insurance liabilities and the related results between cash flows and contractual service margin) by presenting as insurance service expenses the portion of the general expenses (excluding internal margins) of the banking entities that can be attributed to the insurance activity. The internal distributors\u2019 margins are determined based on standardised management data for each of the related networks.

Effect of accounting estimates in interim financial statements

The Group has elected under IFRS\u00a017 to record in its annual financial statements the effects of changes in accounting estimates relating to insurance contracts issued or held, without taking into account estimates previously made in its interim financial statements.

Note 5Notes related to insurance activities

5.aNet income from insurance activities

The various income and expenses of insurance contracts are broken down in the \u201cNet income from insurance activities\u201d as follows:

\u00a0

In millions of euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Insurance revenue

9,711

8,945

Insurance service expenses(1)

(7,502)

(6,786)

Investment return

11,554

10,254

Net finance income or expenses from insurance contracts

(11,367)

(10,093)

Net income from insurance activities

2,396

2,320

  • Insurance service expenses include attributable expenses which amounted to -EUR\u00a04,125\u00a0million for the year ended 2024, compared with -EUR\u00a03,723\u00a0million for the year ended 2023 (see note\u00a05.b).

\u00a0

Insurance service result

\u201cInsurance service result\u201d includes:

In millions of euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Contracts not measured under the premium allocation approach

5,551

5,435

Changes in the liability for remaining coverage

2,349

2,221

Change in the risk adjustment

133

122

Contractual service margin

1,908

1,825

Recovery of insurance acquisition cash flows

1,161

1,267

Contracts measured under the premium allocation approach

4,160

3,510

Insurance revenue

9,711

8,945

Incurred claims and expenses

(4,077)

(3,928)

Amortisation of insurance acquisition cash flows

(2,876)

(2,612)

Changes that relate to past service

(42)

249

Loss component recognised in profit or loss

(54)

(62)

Net expenses from reinsurance contracts held

(453)

(433)

Insurance service expenses

(7,502)

(6,786)

INSURANCE SERVICE RESULT

2,209

2,159

\u00a0

Financial result

\u201cFinancial Result\u201d includes \u201cInvestment return\u201d and \u201cNet finance income or expenses from insurance contracts.\u201d

\u201cInvestment return\u201d includes net income from financial instruments and from investment properties.

\u201cChanges in fair value of underlying items of direct participation contracts\u201d reflects the changes in value of underlying investments, for the amount which was not recognised directly in equity, and excluding the portion of these changes adjusting the contract service margin.

\u201cOther insurance financial expenses\u201d measured under the general model and under the simplified model represent the change in technical liabilities arising from financial risks (discount rates variations, forex rates, time value and financial variations expected in the contracts) for the amount which was not recognised directly in equity.

\u00a0

In millions of euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Net interest income

2,579

2,376

Net gain on financial instruments at fair value through equity

(329)

(432)

Net gain on debt instruments

(413)

(445)

Dividend income on equity instruments

84

13

Net gain on financial instruments at fair value through profit and loss

9,000

9,040

Cost of risk

3

24

Investment property income

374

(672)

Share of earnings of equity-method investments

1

(6)

Other expenses

(74)

(76)

Investment return

11,554

10,254

Changes in fair value of underlying items of direct participation contracts

(11,197)

(9,940)

Other insurance financial expenses

(170)

(153)

Net finance income or expenses from insurance contracts

(11,367)

(10,093)

FINANCIAL RESULT

187

161

\u00a0

5.bReconciliation of expenses by type and by function

In millions of euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Commissions and other expenses

(2,949)

(2,494)

Expenses incurred by internal distributors (see note\u00a02.f)

(1,085)

(1,041)

Salary and employee benefit expense (see note\u00a07.a)

(839)

(778)

Taxes and contributions

(97)

(86)

Depreciation, amortisation and impairment of property, plant and equipment and intangible assets

(173)

(32)

Total expenses by type

(5,143)

(4,431)

Acquisition cash flows incurred over the period

3,062

2,562

Amortisation of acquisition cash flows

(2,876)

(2,612)

Total expenses by type adjusted for acquisition cash flows amortisation effect

(4,957)

(4,481)

Insurance contracts attributable expenses (see note\u00a05.a)

(4,125)

(3,723)

Insurance activities non attributable costs (see note\u00a02.f)

(832)

(758)

\u00a0

Acquisition cash flows over the period are deducted from total expenses and amortised over the coverage period of the contracts.

5.cInvestments, other assets and financial liabilities related to insurance activities

\u27a4Investments and other assets related to insurance activities

In millions of euros, at

31 December 2024

31 December 2023

Assets not representative of unit-linked insurance contracts

Assets representative of unit-linked accounts

Total

Assets not representative of unit-linked insurance contracts

Assets representative of unit-linked accounts

Total

Derivative financial instruments

1,731

\u00a0

1,731

1,658

\u00a0

1,658

Derivatives used for hedging purposes

74

\u00a0

74

36

\u00a0

36

Financial assets at fair value through profit or loss

61,465

111,954

173,419

64,492

92,266

156,758

Financial assets at fair value through equity

102,222

\u00a0

102,222

89,139

\u00a0

89,139

Financial assets at amortised cost

1,379

\u00a0

1,379

1,267

\u00a0

1,267

Investment properties

3,868

3,178

7,046

4,008

3,483

7,491

Equity-method investments

82

\u00a0

82

89

\u00a0

89

Assets related to insurance activities (see note\u00a05.d)

896

\u00a0

896

660

\u00a0

660

Investments and other assets related to insurance activities

171,717

115,132

286,849

161,349

95,749

257,098

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

\u27a4Financial liabilities related to insurance activities

\u201cFinancial liabilities related to insurance activities\u201d includes unit-linked investment contracts without discretionary participating features. Those contracts are measured under IFRS\u00a09 at fair value through profit or loss.

In millions of euros, at

31 December 2024

31 December 2023

Derivative financial instruments

982

1,138

Derivatives used for hedging purposes

238

152

Deposit at fair value through profit or loss

960

1,063

Debt representative of shares of consolidated funds held by third parties

7,317

5,802

Investment contracts without discretionary participation feature \u2013 Unit-linked contracts

8,388

8,427

Other debts

1,922

1,657

Financial liabilities related to insurance activities

19,807

18,239

\u27a4Measurement of the fair value of financial instruments

The criteria for allocating instruments to each level of the fair value hierarchy, the measurement methods, and the principles governing transfers between levels are those presented in note\u00a04.d for the Group\u2019s financial instruments.

In millions of euros, at

31 December 2024

31 December 2023

Level\u00a01

Level\u00a02

Level\u00a03

Total

Level\u00a01

Level\u00a02

Level\u00a03

Total

Financial assets designated as at fair value through profit or loss

110,018

47,346

16,055

173,419

85,585

56,294

14,879

156,758

Equity instruments

102,824

31,996

15,772

150,592

79,269

41,846

14,779

135,894

Debt securities

7,194

14,827

218

22,239

6,316

13,740

41

20,097

Loans

523

65

588

708

59

767

Financial assets at fair value through equity

89,003

13,214

5

102,222

81,018

8,106

15

89,139

Equity instruments

1,729

1,729

646

646

Debt securities

87,274

13,214

5

100,493

80,372

8,106

15

88,493

Derivative financial instruments

-

1,772

33

1,805

2

1,678

14

1,694

FINANCIAL ASSETS MEASURED AT FAIR VALUE

199,021

62,332

16,093

277,446

166,605

66,078

14,908

247,591

Financial liabilities designated at fair value through profit or loss

4,666

10,866

1,133

16,665

2,625

12,039

628

15,292

Deposit at fair value through profit or loss

960

960

1,063

1,063

Debt representative of shares of consolidated funds held by third parties

4,666

2,352

299

7,317

2,625

3,177

5,802

Investment contracts without discretionary participation feature - Unit-linked contracts

7,554

834

8,388

7,799

628

8,427

Derivative financial instruments

-

1,198

22

1,220

127

977

186

1,290

FINANCIAL LIABILITIES MEASURED AT FAIR VALUE

4,666

12,064

1,155

17,885

2,752

13,016

814

16,582

\u00a0

Level\u00a01: includes notably equity securities and liquid bonds, derivative instruments traded on organised markets (futures, options, etc.), shares of funds and UCITS, for which the net asset value is calculated on a daily basis.

Level\u00a02: includes equity securities, government bonds, corporate debt securities, shares of funds and UCITS, and over-the-counter derivatives.

Level\u00a03: includes units of funds and unlisted equity shares which are mainly company shares and venture capital.

\u00a0

\u27a4Table of movements in Level\u00a03 financial instruments

For Level\u00a03 financial instruments, the following movements occurred during the period:

In millions of euros

Financial assets

Financial liabilities

Financial instruments at fair value through profit or loss

Financial assets at fair value through equity

Total

Financial instruments at fair value through profit or loss

Total

At 31 December 2023

14,893

15

14,908

(814)

(814)

Purchases

2,209

\u00a0

2,209

\u00a0

\u00a0

Sales

(2,325)

\u00a0

(2,325)

\u00a0

\u00a0

Settlements

40

(3)

37

(110)

(110)

Transfers to Level\u00a03

463

\u00a0

463

\u00a0

\u00a0

Transfers from Level\u00a03

(141)

(8)

(149)

\u00a0

\u00a0

Gains recognised in profit or loss

187

\u00a0

187

(226)

(226)

Items related to exchange rate movement and changes in scope of consolidation

762

\u00a0

762

(5)

(5)

Changes in fair value of assets and liabilities recognised in equity

\u00a0

1

1

\u00a0

\u00a0

At 31 December 2024

16,088

5

16,093

(1,155)

(1,155)

\u00a0\u00a0\u00a0\u00a0\u00a0

\u27a4Financial assets at fair value through equity

In millions of euros, at

31 December 2024

31 December 2023

Fair value

of which changes in value recognised directly to equity

Fair Value

of which changes in value recognised directly to equity

Debt securities

100,493

(5,341)

88,493

(5,154)

Equity securities

1,729

107

646

70

Total financial assets at fair value through equity

102,222

(5,234)

89,139

(5,084)

\u00a0

The option to recognise certain equity instruments at fair value through equity was retained in particular for shares held through strategic partnerships and shares that the Group is required to hold in order to carry out certain activities.

During the year ended 31 December 2024, the Group sold several of these investments and a net gain of EUR\u00a03\u00a0million was transferred to \u201cretained earnings\u201d (EUR\u00a026\u00a0million for the year ended 31 December 2023).

\u00a0\u00a0

\u27a4Fair value of investment properties

The fair value of investment properties amounted to EUR\u00a07.0\u00a0billion at 31 December 2024, compared with EUR\u00a07.5\u00a0billion at 31 December 2023. The value of investment properties classified in Level\u00a03 amounted to EUR\u00a00.5\u00a0billion at\u00a031 December 2024.

The entire non-listed real estate portfolio is appraised by one or more independent third parties. Experts have professional rules for carrying out these assessments.

For buildings that are directly held, experts use three main methods:

The final value retained by the expert may be a compromise between these three methods.\u00a0

\u27a4Fair value of financial instruments carried at amortised cost

In millions of euros, at

31 December 2024

31 December 2023

Estimated fair value

Carrying value

Estimated fair value

Carrying value

Level 1

Level 2

Level 3

Total

Level 1

Level 2

Level 3

Total

Loans and receivables

\u00a0

1,326

47

1,373

1,379

\u00a0

1,242

24

1,266

1,267

\u00a0

\u00a0\u00a0

5.dAssets and liabilities related to insurance contracts

The main contracts issued by the Group are (see note\u00a01.g.2):

Reinsurance contracts held are also measured under the general model or the premium allocation approach.

Insurance and reinsurance contracts issued and reinsurance contracts held are presented on the assets or liabilities side of the balance sheet according to the overall position of the portfolios to which they belong. They are presented separately according to their valuation model: allocation method or other models (general model and variable fee approach). Reinsurance contracts held are isolated.

\u00a0

In millions of euros, at

31 December 2024

31 December 2023

Assets

Liabilities

Net (Assets)
or Liabilities

Assets

Liabilities

Net (Assets)
or Liabilities

Insurance contracts not measured under the premium allocation approach

34

244,978

244,944

22

215,689

215,667

Insurance contracts measured under the premium allocation approach

153

2,709

2,556

84

2,354

2,270

Reinsurance contracts held

709

12

(697)

554

\u00a0

(554)

Assets and liabilities related to insurance contracts

896

247,699

246,803

660

218,043

217,383

Tables below show movements in carrying amounts of insurance contracts and do not include reinsurance contracts held.

\u27a4Movements in carrying amounts of insurance contracts - remaining coverage and incurred claims

Insurance contracts issued, excluding reinsurance contracts

In millions of euros

Remaining coverage

Incurred claims(3)

Total net liabilities

Excluding loss component

Loss component

NET (ASSETS) OR LIABILITIES AT 31 DECEMBER 2022

205,437

152

3,962

209,551

Insurance service result: (income) or expenses

(6,610)

23

3,995

(2,592)

of which insurance revenue

(8,945)

\u00a0

\u00a0

(8,945)

of which insurance service expenses

2,335

23

3,995

6,353

Net finance (income) or expenses from insurance contracts(2)

14,617

2

65

14,684

Total changes recognised in profit and loss and in equity

8,007

25

4,060

12,092

Investment component

(23,892)

-

23,892

-

Premiums received for insurance contracts issued

26,128

\u00a0

\u00a0

26,128

Insurance acquisition cash flows

(2,285)

\u00a0

\u00a0

(2,285)

Claims and other service expenses paid

\u00a0

\u00a0

(27,454)

(27,454)

Total cash flows

23,843

-

(27,454)

(3,611)

Changes in scope of consolidation and other items

(371)

(7)

283

(95)

NET (ASSETS) OR LIABILITIES AT 31 DECEMBER 2023(1)

213,024

170

4,743

217,937

Insurance service result: (income) or expenses

(7,116)

17

4,437

(2,662)

of which insurance revenue

(9,711)

(9,711)

of which insurance service expenses

2,595

17

4,437

7,049

Net finance (income) or expenses from insurance contracts(2)

10,952

3

164

11,119

Total changes recognised in profit and loss and in equity

3,836

20

4,601

8,457

Investment component

(19,641)

-

19,641

-

Premiums received for insurance contracts issued

32,795

32,795

Insurance acquisition cash flows

(2,781)

(2,781)

Claims and other service expenses paid

(24,166)

(24,166)

Total cash flows

30,014

-

(24,166)

5,848

Changes in scope of consolidation and other items

15,061

6

191

15,258

NET (ASSETS) OR LIABILITIES AT 31\u00a0DECEMBER 2024(1)

242,294

196

5,010

247,500

  • Including receivables and liabilities attributable to insurance contracts for a net asset of EUR 961 million at 31 December 2024, compared with a net asset of EUR\u202f549\u202fmillion at 31 December 2023.
  • Including finance income and expenses recognised directly in equity.
  • Including incurred claims for contracts under the premium allocation approach (PAA) for a net liability of EUR 1,956 million at 31 December 2024, of which EUR\u202f1,814\u202fmillion in respect of the present value of cash flows and EUR 142 million in respect of the non-financial risk adjustment.
\u27a4Movements in carrying amounts of insurance contracts not measured under the premium allocation approach \u2013 analysis by measurement component

Insurance contracts issued not measured under the premium allocation approach,\u00a0
excluding reinsurance contracts

In millions of euros

Present value
of future cash flows

Non-financial risk adjustment

Contractual service margin

Total

NET (ASSETS) OR LIABILITIES AT 31\u00a0DECEMBER 2022

189,422

1,048

17,065

207,535

Insurance service result: (income) or expenses

(1,674)

550

(839)

(1,963)

of which changes related to future services - new contracts

(1,164)

90

1,107

33

of which changes related to future services - change in estimation

(447)

602

(121)

34

of which changes related to current service(2)

32

(103)

(1,825)

(1,896)

of which changes related to past service

(95)

(39)

\u00a0

(134)

Net finance (income) or expenses from insurance contracts(3)

14,510

8

51

14,569

Total changes recognised in profit and loss and in equity

12,836

558

(788)

12,606

Premiums received for insurance contracts issued

22,621

\u00a0

\u00a0

22,621

Insurance acquisition cash flows

(892)

\u00a0

\u00a0

(892)

Claims and other service expenses paid

(25,994)

\u00a0

\u00a0

(25,994)

Total cash flows

(4,265)

-

-

(4,265)

Changes in scope of consolidation and other items

(204)

(3)

(2)

(209)

NET (ASSETS) OR LIABILITIES AT 31\u00a0DECEMBER 2023(1)

197,789

1,603

16,275

215,667

Insurance service result: (income) or expenses

(2,919)

154

721

(2,044)

of which changes related to future services - new contracts

(1,529)

123

1,435

29

of which changes related to future services - change in estimation

(1,337)

170

1,194

27

of which changes related to current service(2)

(8)

(118)

(1,908)

(2,034)

of which changes related to past service

(45)

(21)

(66)

Net finance (income) or expenses from insurance contracts(3)

10,867

18

60

10,945

Total changes recognised in profit and loss and in equity

7,948

172

781

8,901

Premiums received for insurance contracts issued

28,552

\u00a0

\u00a0

28,552

Insurance acquisition cash flows

(978)

\u00a0

\u00a0

(978)

Claims and other service expenses paid

(22,363)

\u00a0

\u00a0

(22,363)

Total cash flows

5,211

-

-

5,211

Changes in scope of consolidation and other items

14,613

98

454

15,165

NET (ASSETS) OR LIABILITIES AT 31\u00a0DECEMBER 2024(1)

225,561

1,873

17,510

244,944

  • Including receivables and liabilities attributable to insurance contracts for a net asset of EUR 765 million at 31 December 2024, compared with a net asset of EUR\u202f501\u202fmillion at 31 December 2023.
  • Including an experience adjustment that amounted to -EUR 9 million for the year ended 2024 and to +EUR 38 million for the year ended 2023.
  • Including finance income and expenses recognised directly in equity.
\u27a4Expected amortisation schedule for the contractual service margin

The schedule presents the amortisation of the contractual service margin to be recognised over time in profit or loss for protection contracts under the general model and for saving contracts under the variable fee approach. For the latter, it considers the over performance of financial assets compared with a risk-neutral measurement.

In millions of euros, at

31 December 2024

31 December 2023

Less than 5\u00a0years

7,938

6,734

5 to 10\u00a0years

5,347

5,183

More than 10\u00a0years

4,225

4,358

TOTAL

17,510

16,275

\u27a4Discount rates and adjustment for non-financial risk

The table below presents the average discount rates used in the measurement of savings and protection contracts for the main horizons of the euro curve.

\u00a0

31 December 2024

31 December 2023

Savings

Protection

Savings

Protection

1\u00a0year

3.17%

2.24%

4.00%

3.36%

5\u00a0years

3.07%

2.14%

2.96%

2.32%

10\u00a0years

3.20%

2.27%

3.03%

2.39%

15\u00a0years

3.26%

2.33%

3.10%

2.47%

20\u00a0years

3.19%

2.26%

3.04%

2.41%

40\u00a0years

3.09%

\u00a0

3.04%

\u00a0

\u00a0

Discount rate

For the construction of the yield curve, an approach based on the risk-free rate has been adopted, with the following parameters:

For savings contracts valued according to the variable fee method, for which the fulfilment cash flows take into account the return on underlying financial assets, the risk-free yield curve is supplemented by a liquidity premium calculated on the basis of the portfolio of assets backing the savings and the retirement contracts. By assumption, bonds (sovereign and corporate) and diversified financial assets benefit from a liquidity premium (or illiquidity premium). The average liquidity premium on all savings portfolios (in France, Italy and Luxembourg) is 0.91% at 31 December 2024, compared with 0.65% at 31 December 2023.

For protection contracts measured under the general model and for liabilities for incurred claims under the simplified approach, the discounting rate consists of the risk-free rate adjusted to reflect the illiquidity of liabilities. For protection, the liquidity premium is currently valued at zero due to the short settlement period for claims on the main risks covered.

Adjustment for non-financial risks

For savings contrats the risk adjustment is determined according to the cost of capital method, without taking into account the risk of massive lapses, including future payments, and considering only attributable expenses. It is measured within a confidence range of 60% and 70%. This one corresponds to a level of confidence of 65% at 31 December 2024 (unchanged compared with 31 December 2023).

For protection contracts, the level of confidence used in determining the adjustment for non-financial risks for the main countries is 70% (based on the quantile method).

\u00a0

5.eRisks arising from insurance and investment contracts in the scope of IFRS 17

The BNP\u00a0Paribas Group conducts its insurance activities mainly through BNP\u00a0Paribas Cardif and its subsidiaries.

Risk management framework

Risk management is an integral part of the BNP\u00a0Paribas Group\u2019s business model. The Group has developed and implemented a risk management framework designed to identify, assess, control and monitor risks related to its various activities.

Risk management involves identifying, measuring, monitoring, managing and reporting risks arising from the external environment as well as those inherent to insurance activities. Its objective is to guarantee the solvency, business continuity and development of the BNP\u00a0Paribas Group\u2019s insurance activities under satisfactory risk and profitability conditions.

The general risk management framework for insurance activities is presented in section 5.10 Risks related to insurance activity of the Universal registration document. This framework has been developed to meet the needs of Solvency II prudential regulation. The BNP\u00a0Paribas Group\u2019s exposure to insurance contracts is disclosed in note 5.d Assets and liabilities related to insurance contracts.

Pursuant to IFRS 17, the nature and extent of risks arising from BNP\u00a0Paribas Group insurance and investment contracts are determined by their contractual characteristics. Underwriting and financial risks are the main risks to which the BNP\u00a0Paribas Group is exposed as parts of its insurance activities.

5.e.1Underwriting risk

Under IFRS 17, underwriting risks include:

Through its life insurance and savings activities, the BNP\u00a0Paribas Group is mainly exposed to:

The risks related to protection relate mainly to the marketing of creditor protection insurance, but also to activities such as personal protection insurance, extended warranty, theft or damage to property, civil liability, life annuity policies in France, and health, with geographical coverage in many countries.

Creditor protection insurance mainly covers risks of death, disability, dreaded diseases, incapacity for work, loss of employment and financial losses on revolving loans, consumer loans and real estate loans. This activity is based on a multitude of contracts involving low risk and premium amounts, the profitability of which depends on the size of the portfolio of contracts, the effective mutualisation of risks and the control of operating expenses. The insurer is also exposed to lapse risk in the event of early redemption or transfer of the contract to another insurer where permitted by regulation.

Other activities (personal protection insurance, extended warranty, theft, accidental damage to property, life annuity policies in France, civil liability, health) relate to personal risk (death, accidental death, hospitalisation, critical illness, healthcare expenses) or to property and/or liabilities (accidental damage, breakdown or theft of consumer goods or automobiles, civil liability, etc.). These contracts are characterised by individual insured sums which are generally low, whether they are indemnities or lump sums.

Lastly, mainly through the Cardif IARD entity in France, insurance for motor vehicles (material damage, civil liability, assistance, etc.) and property risks are also underwritten. Such products are also growing internationally, particularly in Latin American countries.

Framework for managing underwriting risk

The underwriting risk monitoring and management framework is based on documented governance and processes. Subscription operations for direct and intermediated activities, and for accepted reinsurance are based on similar principles. Within the BNP\u00a0Paribas Cardif group, risk underwriting complies with specific delegation rules involving several levels, both local and central. The level of delegation depends on the level of assessment of the maximum acceptable loss, the estimated Solvency II capital requirement and the estimated profitability of the contracts concerned. The experience gained from managing geographically diversified portfolios enables the databases used for risk pricing to be updated regularly, taking into account numerous parameters (type of loan for creditor insurance, guarantee, insured population, etc.). Each contract is priced based on the measurement and monitoring of profitability and the return on equity set by the Executive Management of BNP\u00a0Paribas Cardif.

Contractual clauses allow underwriting risk to be managed in accordance with regulatory and commercial frameworks through technical and legal measures, such as tariff revision clauses provided for in the contract in the event of changes in taxation or risk of adverse development in loss experience, and the limitation of the duration of some guarantees.

Partners are interested in the quality of the risks of the contracts they bring so as to encourage the compliance with good underwriting practices defined by the Group.

Ceded reinsurance is a complementary element of the underwriting risk management framework. It aims to protect BNP\u00a0Paribas from the main risks to which the Group is exposed.

In savings, underwriting risk is managed through monitoring and supervision of the offering, adapted to the market context. The Group thus limits the risk exposure, which is characterised by an insufficient performance of the investments compared with the contractual remuneration obligation. Thus 97% of Cardif Assurance Vie\u2019s outstanding savings and of the retirement contracts in their accumulation phase do not provide for a guaranteed minimum rate or a guaranteed minimum rate of more than one year beyond the capital guarantee. For the French portfolio, the guaranteed average rate is less than 0.1%. In Italy, Cardif Vita offers an average guaranteed minimum rate of less than 0.15% on the main general Capital Vita fund. In Italy, only three segregated funds, in run-off, whose total outstandings represent less than 2% of the subsidiary\u2019s outstandings, have an average guaranteed minimum rate of 2.20%.

Besides, the average redemption rates for BNP\u00a0Paribas Cardif group general funds stood in France at 6.2% (compared with 7.9% in 2023), in Italy at 14.0% (compared with 21.1% in 2023) and in Luxembourg at 10.6% (compared with 23.8% in 2023).

Allocation of insurance contract liabilities by geographical area (excluding reinsurance)

The table below shows the liabilities related to insurance contracts excluding reinsurance by country of issuance. These liabilities include the present value of future cash flows, the contractual service margin, and the adjustment for non-financial risk.

\u00a0

In millions of euros, at

31 December 2024

31 December 2023

France(1)

180,289

158,470

Italy(1)

28,109

23,236

Luxembourg(1)

31,138

28,158

Other Europe(1)

1,547

1,492

Asia(1)

5,714

6,055

Latin America(2)

703

526

TOTAL

247,500

217,937

  • Savings and Protection.
  • Protection only.

\u00a0

Underwriting risk sensitivity analysis

The table below shows the impact gross of taxes on income and shareholders\u2019 equity of reasonably possible changes in the main underwriting risk variables at reporting date (i.e. changes in surrenders and mortality for life savings activities and changes in claims for protection activities). Shocks are applied to current-year death claims and surrenders. Sensitivity to non-financial risks is presented excluding the effect of ceded reinsurance contracts and assuming that all other variables remain unchanged.

\u00a0

In millions of euros, at

31 December 2024

31 December 2023

Potential impact on income

Potential impact on equity

Potential impact on income

Potential impact on equity

Savings

\u00a0

\u00a0

\u00a0

\u00a0

Mortality rates (1% increase/decrease)

-

-

-

-

Lapse rates (5% increase/decrease)

-/+\u00a02

-

-/+\u00a02

-

Protection

\u00a0

\u00a0

\u00a0

\u00a0

Ultimate loss rate (5% increase/decrease)

-/+\u00a095

-

-/+\u00a094

-

\u00a0

5.e.2Market risk

Qualitative information on the valuation of the carrying amount and fair value of financial instruments is provided in the financial instruments section of note 1.f Financial assets and liabilities. Quantitative information on the carrying value of financial instruments is disclosed in note 5.c Investments, other financial assets and liabilities related to insurance activities.

IFRS 17 defines market risk as the risk that changes in market prices (e.g. interest rates, currency exchange rates, share prices) affect the fulfilment cash flows of insurance and reinsurance contracts and the fair value or future cash flows of financial instruments. Market risk includes:

Market Risk Management Framework

For its insurance activities, the Group has equipped itself with the necessary management tools to calibrate the strategic asset allocation and to measure asset-liability matching risks. Asset-liability studies enable to project expected flows on both the assets and the liabilities of the various general funds. In particular, they allow to adapt the duration of assets according to the profile of the various liabilities.

The investment policy dictates the framework for asset management. It defines the principles for aligning the structure of asset portfolios with the commitments made to policyholders, while optimising the expected return on investment relative to the risk limit set. Thus, in particular in the case of BNP\u202fParibas\u202fCardif, the implementation of the investment policy, entrusted to the Asset Management Department, is governed for each portfolio by a management agreement that specifies the investment limits according to asset classes. Market risk can also be managed through the use of financial hedging instruments.

Market risk exposure is also monitored through targeted studies such as the review of securities in an unrealised loss position.

In addition, foreign currency exchange risk exposure arises from the funding of the foreign branches, equity investments in foreign currency or investment strategy in foreign currency-denominated assets in general funds. Foreign exchange risk may be hedged by forward financial instruments, such as cross-currency swaps, or by foreign currency borrowings.

For unit-linked commitments, market risk is mainly transferred to policyholders.

Interest rate risk sensitivity analysis

The sensitivity on insurance contracts arises from the following effects:

The table below shows the impact gross of taxes on income and shareholders\u2019 equity of reasonably possible changes in interest rates at reporting date. Sensitivities are presented on all financial assets, excluding assets representing unit-linked contracts.

Sensitivity was determined for the most significant countries, i.e. France, Italy and Luxembourg.

\u00a0

In millions of euros, at

31 December 2024

Potential impact on income

Potential impact on equity

related to investments(1)

related to insurance contracts

Net impact

related to investments

related to insurance contracts

Net impact

+50\u00a0bps variation of interest rate risk

(190)

178

(12)

(4,019)

3,738

(281)

-50\u00a0bps variation of interest rate risk

249

(237)

12

4,015

(3,738)

277

  • Excepted financial assets representing unit-linked contracts.

\u00a0

In millions of euros, at

31 December 2023

Potential impact on income

Potential impact on equity

related to investments(1)

related to insurance contracts

Net impact

related to investments

related to insurance contracts

Net impact

+50\u00a0bps variation of interest rate risk

(225)

206

(19)

(3,662)

3,330

(332)

-50\u00a0bps variation of interest rate risk

239

(220)

19

3,662

(3,330)

332

  • Excepted financial assets representing unit-linked contracts.
Price risk sensitivity analysis

The table below shows the impact gross of taxes on income and equity of reasonably possible changes in market and real estate prices at the reporting date. Sensitivities are presented excluding unit-linked contracts.

Sensitivity was determined for the most significant countries, i.e. France, Italy and Luxembourg.

\u00a0

In millions of euros, at

31 December 2024

Potential impact on income

Potential impact on equity

related to investments(1)

related to insurance contracts

Net impact

related to investments

related to insurance contracts

Net impact

+10% variation of equity market

1,310

(1,246)

64

175

(3)

172

-10% variation of equity market

(1,310)

1,246

(64)

(175)

3

(172)

+10% variation of real estate market

1,183

(1,153)

30

\u00a0

\u00a0

\u00a0

-10% variation of real estate market

(1,183)

1,153

(30)

\u00a0

\u00a0

\u00a0

  • Excepted financial assets representing unit-linked contracts.

\u00a0

In millions of euros, at

31 December 2023

Potential impact on income

Potential impact on equity

related to investments(1)

related to insurance contracts

Net impact

related to investments

related to insurance contracts

Net impact

+10% variation of equity market

1,834

(1,760)

74

61

\u00a0

61

-10% variation of equity market

(1,834)

1,760

(74)

(61)

\u00a0

(61)

+10% variation of real estate market

1,062

(1,031)

31

37

\u00a0

37

-10% variation of real estate market

(1,062)

1,031

(31)

(37)

\u00a0

(37)

  • Excepted financial assets representing unit-linked contracts.

\u00a0

For savings contracts valued using the variable fees approach, the change in the value of the underlying financial assets is largely offset by the change in the value of the liabilities, provided that the contractual service margin remains positive.\u00a0

Potential effects on income and equity are therefore mainly derived from non-participating contracts and assets representing the shareholders\u2019 equity of insurance entities.

\u00a0

5.e.3Credit risk

IFRS 17 defines credit risk as the risk that a party to a financial instrument, an insurance contract issued which is an asset or a reinsurance contract held, fails to meet one of its obligations and thereby causes the other party to suffer a financial loss.

The credit risk related to contracts in the scope of IFRS 17 relates mainly to reinsurance contracts held (risk of default by a reinsurer that would no longer allow him to assume a share of the amount due to him) and to receivables on the partners to whom the collection of the premiums have been delegated.

Counterparty risk management on reinsurers is achieved through rigorous selection of reinsurers, negotiation of collateral provided and regular monitoring of major exposures. The guarantees required may be real sureties, such as cash deposits and security pledges, or financial guarantees given and letters of guarantee.

The counterparty risk of BNP\u00a0Paribas Cardif\u2019s partners comes under the Partners and Reinsurers credit governance. As with a reinsurer, an exposure to a partner may be subject to real or personal security. Depending on the quality of the counterparty, the following techniques may be used: guarantee of the parent company, first-demand bank guarantee, segregated account of the rest of the assets in the event of bankruptcy, etc.

\u00a0

5.e.4Liquidity risk

IFRS 17 defines liquidity risk as the difficulty of honouring commitments related to insurance contracts and financial liabilities that are to be settled through the provision of cash or other financial assets.

Tactical asset management is carried out to release the cash needed to settle insurance benefits, in keeping with the fund's current management framework, while minimising impacts on the rate of return on assets.

Liquidity risk is managed centrally based on studies carried out at intervals appropriate to the risk exposure.

Stress tests are carried out as part of asset-liability management studies. They test the ability to honour its commitments in adverse financial market situations, taking into account the impact of these situations on the behaviour of policyholders. These medium and long-term asset-liability matching analyses are based on a projection of the medium and/or long-term profit and loss account and balance sheet under various economic scenarios. The analysis of the results obtained makes it possible to take, where appropriate, measures to adjust the constraints on asset allocation (strategic allocation, diversification, derivatives, etc.).

The table below details the forward schedule of the present value of the future cash flows of all insurance contracts excluding reinsurance.

In millions of euros, at

31 December 2024

31 December 2023

1\u00a0year

7,770

7,094

1 to 2\u00a0years

8,037

6,274

2 to 3\u00a0years

6,685

6,179

3 to 4\u00a0years

6,923

6,074

4 to 5\u00a0years

7,735

5,598

5 to 10\u00a0years

33,032

19,511

More than 10\u00a0years

157,419

148,819

TOTAL

227,601

199,549

\u00a0

For participating contracts, amounts payable on demand correspond to surrender values of saving contracts.

In millions of euros, at

31 December 2024

31 December 2023

Amount payable on demand

Carrying amount

Amount payable on demand

Carrying amount

Participating contracts

227,706

241,278

197,551

212,297

Non-participating contracts

57

6,222

70

5,640

TOTAL

227,763

247,500

197,621

217,937

", "dimensions": { "concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_ad816cc2-b12e-4ec1-9d6f-d3c50e3ef8b4": { "value": "
1.gInsurance activities

1.g.1Investments related to insurance activities

IFRS\u00a09 is applied in the same way as to other Group entities (see note\u00a01.f).

Investments of insurance activities include investment property which are measured at fair value as underlying assets of direct participating contracts.

\u00a0

1.g.2Insurance contracts

The Group applies IFRS\u00a017 to insurance contracts issued, reinsurance contracts issued and held, and discretionary investment contracts issued (if the entity also issues insurance contracts).

The main insurance contracts issued by the Group correspond to:

A reinsurance contract (or treaty) is an insurance contract by which an insurer (ceding company or cedent) transfers part of its risks to a reinsurer. The Group acts as reinsurer by accepting risks related to persons or property from external insurers and as ceding company by transferring such risks to external reinsurers. Contracts may be proportional or non-proportional depending on the nature of the risks and the appetite for the risk accepted or retained. They are measured either according to the general model or according to the premium allocation approach since the standard prohibits the use of the variable fee approach for reinsurance contracts.

Investment contracts without discretionary participating features and without insurance risk backed by unit-linked underlying assets are measured at fair value through profit or loss in accordance with IFRS\u00a09.

The methods for measuring and recognising these various contracts according to the measurement model adopted are set out below.

These contracts are described in note\u00a05.d Assets and liabilities related to insurance contracts.

Prior separation of components covered by other standards and not closely related

When insurance or investment contracts with discretionary participation include components, which would fall within the scope of another standard if they were separate contracts, an analysis must be carried out to determine whether these components should be accounted for separately. Thus:

Insurance contracts

An insurance contract is a contract under which a party, the issuer, assumes a significant insurance risk for another party, the policyholder, by agreeing to indemnify the policyholder if a specified uncertain future event, the insured event, is detrimental to the policyholder.

An insurance risk is significant if, and only if, an insured event can cause the insurer to pay significant additional amounts in any scenario, excluding scenarios that are devoid of commercial substance. A contract transfers a significant insurance risk only if there is a scenario with a commercial substance in which there is a possibility that the issuer will incur a loss based on the present value.

The insurance risks covered by Group entities are:

Life or savings contracts issued by Group entities are qualified as insurance contracts if they include a risk in the event of survival (pension contracts with compulsory annuities) or a risk in the event of death (unit-linked contracts with a floor guarantee in the event of death and savings contracts with a guarantee of an additional amount payable in the event of death). In the absence of such risks, these contracts are investment contracts with or without discretionary participating features.

Investment contracts with discretionary participating features

Investment contracts do not expose the insurer to significant insurance risk. They are within the scope of IFRS\u00a017 if they are issued by entities that also issue insurance contracts.

Discretionary participation is defined as the contractual right to receive, in addition to an amount that is not at the issuer\u2019s discretion, additional amounts that are likely to represent a significant portion of the total benefits provided under the contract. Benefits, for which the timing or amount is contractually left to the issuer\u2019s discretion and that are contractually based on the returns arising from a defined set of contracts or type of contract or on the realised and/or unrealised investment returns from a defined set of assets held by the issuer, or the result of the entity or fund issuing the contract.

Savings contracts invested in a euro-denominated fund and multiple saving contracts invested in unit-linked assets and in a euro-denominated fund are considered by the Group as investment contracts with discretionary participating features, measured using the variable fee approach.

Accounting and measurement
Aggregation of contracts

Insurance contracts are accounted and measured by groups of contracts within portfolios of contracts covering similar risks and managed together. Groups of contracts are determined according to their expected profitability at inception: onerous contracts, profitable contracts with a low risk of becoming onerous, and others. A group of contracts may contain only contracts issued no more than one year apart (corresponding to an annual \u201ccohort\u201d), except where the optional exemption provided for in the European regulation applies, which is the case for life-savings contracts, as described below.

For creditor protection insurance, personal protection insurance and other non-life risks, the Group uses the following discriminatory criteria when constructing portfolios of homogeneous contracts: legal entity, nature of the risks and partner, distributor. The reinsurance contracts accepted shall follow the same principles.

For life and savings contracts, the Group uses the following criteria for portfolios of homogeneous contracts: legal entity, product and underlying assets. Savings and retirement contracts are classified in separate portfolios (including in the period prior to the transition) due to the existence of a risk of longevity in retirement contracts.

For reinsurance contracts held, the Group uses the following criteria: legal entity, underlying item and counterparty. A portfolio can sometimes correspond to a single reinsurance treaty.

Recognition and derecognition

A group of insurance contracts (or reinsurance contracts issued) is recognised from the earliest of the following dates: the beginning of the period of coverage of the group of contracts, the date on which the first payment of a policyholder in the group becomes due (or, in the absence of such a date, when the first payment is received) and, in the case of a group of onerous contracts, the date on which the group becomes onerous.

A group of reinsurance contracts held is recognised from the beginning of the period of coverage of the group of reinsurance contracts held or, if the reinsurance was contracted in anticipation of the coverage of an underlying group of onerous insurance contracts, on the first recognition of that onerous group.

On initial recognition of portfolios of insurance contracts acquired as part of a business combination or a separate transfer, groups of contracts acquired are treated as if the contracts had been issued at the date of the transaction. The consideration received or paid in exchange for the contracts is treated as an approximation of the premiums received for the purpose of calculating the contractual service margin at initial recognition from this amount. In the case of a business combination within the scope of IFRS\u00a03, the consideration received or paid is the fair value of the contracts at that date. For business combinations that have occurred since the first application of IFRS\u00a017, this fair value has been determined by projecting the liabilities valuation under the Solvency 2 prudential approach which constitutes a market benchmark. For onerous contracts, the excess of the fulfilment cash flows over the consideration paid or received is recognised in the goodwill (or the profit resulting from an acquisition on advantageous terms) if it is a business combination and in a separate transfer, in the profit and loss account. For profitable contracts, the difference is recorded as a contractual service margin. In addition, an asset for cash flows related to acquisition costs must be recognised, for its fair value, for the acquisition costs related to the renewal of existing insurance contracts or for the acquisition costs already paid by the acquired company for future contracts.

An insurance contract shall be derecognised when the obligation it covers is extinguished, by payment or maturity, or if the terms of the contract are amended in such a way that the accounting treatment of the contract would have been substantially different if those amendments had originally existed. The derecognition of a contract entails the adjustment of the fulfilment cash flows, the contractual services margin and the coverage units of the group in which it was included.

General measurement model (Building Block Approach \u2013 BBA)
Characteristics

The general model for the measurement of insurance contracts is the best estimate of the future cash flows to be paid or received necessary to meet contractual obligations. This estimate should reflect the different possible scenarios and the effect of the options and guarantees included in the contracts within the limit or \u201ccontract boundary\u201d. The determination of this contract boundary requires an analysis of the rights and obligations arising from the contract and, in particular, of the insurer\u2019s ability to change its price to reflect the risks. This leads, for example, to the exclusion of tacit renewals if the tariff can be amended or to the inclusion of such renewals if not.

Cash flows are discounted to reflect the time value of money. They correspond only to cash flows attributable to insurance contracts either directly or through allocation methods: premiums, acquisition and contract management costs, claims and benefits, indirect costs, taxes and depreciation of tangible and intangible assets.

The cash flows estimate is supplemented by an explicit risk adjustment to cover the uncertainty of cash flows for non-financial risk. These two elements constitute the fulfilment cash flows of the contracts. A contractual service margin is added representing the expected gain or loss on future services related to a group of contracts.

If the contractual service margin is positive, it is shown on the balance sheet within the insurance contract\u2019s measurement and amortised as the services are rendered; if negative, it is recognised immediately in the income statement. The original loss (or \u201closs component\u201d) is monitored extra-accounting to allow for the subsequent recognition of the insurance service revenue.

Acquisition costs are deducted from the contractual service margin of the group of contracts to which they relate and amortised over the coverage period of contracts.

At each reporting date, the carrying amount of a group of insurance contracts is the sum of the liabilities for the remaining coverage which include the fulfilment cash flows related to future services (best estimate and risk adjustment) and the contractual service margin remaining at that date, and of the liabilities for incurred claims which include the best estimate of the cash flows and the risk adjustment, excluding any contractual service margin. The assumptions used to estimate future cash flows and the non-financial risks adjustment are updated, as well as the discount rate, to reflect the situation at the reporting date.

The contractual service margin is adjusted for changes in the estimates of non-financial assumptions related to future services, capitalised at the inception rate, and then amortised in the income statement for services rendered over the period in the insurance service revenue. In the case of contracts which become onerous, after consumption of the contractual service margin, the loss is recognised in the reporting period. In the case of onerous contracts that become profitable again as a result of favourable changes in assumptions, the contractual service margin is only reconstitued after offsetting the loss component.

The release of expected fulfillment flows (cash flow estimates and risk adjustments) for the period, except for the amount allocated to the loss component, is recorded in insurance service revenue. The change in estimates related to past service (cash flow estimates and risk adjustments) is recognised in \u201cInsurance service expenses\u201d.

The Group includes the change in the adjustment for non-financial risk related to past and current services in its entirety in the \u201cInsurance service result\u201d.

The Group records in equity the effect of the change in the discount rate on the cash flows. The expense of unwinding the discount is recorded in \u201cInsurance financial income or expenses\u201d based on the initial rate (the inception rate for the liability for remaining coverage, and the rate at claims occurrence date for the liability for incurred claims). The difference between the value of liabilities discounted at the rate fixed at initial date and the value of those same liabilities estimated using current discount rate is recognised in equity. The effect on liabilities of changes in financial variables, in particular the indexation of benefits under the contract, is also recognised in equity.

The discount rate is based on the risk-free rate adjusted for the illiquidity of the liabilities. For protection, the liquidity premium is currently valued at zero due to the short settlement period for claims on the main risks covered and non-transferability to policyholders of the illiquidity of liabilities.

The risk adjustment is determined using the quantile method.

The coverage unit used to amortise the contractual service margin is derived from the risk premium earned during the period.

Contracts concerned

Contracts covering personal or property risks (creditor protection insurance, protection and other non-life risks) are measured according to the general model when the contract boundary, expected changes in cash flows and the time value effect over the coverage period do not make them eligible under the simplified approach, or by operational choice (a single measurement model for short and long contracts).

Measurement model for contracts with direct participation features (Variable Fee Approach \u2013 VFA)
Characteristics

Direct participating contracts are insurance or investment contracts for which:

Compliance with these conditions is monitored on the underwriting date and is not reviewed later.

For these contracts, for which the insurer has to pay the policyholder an amount corresponding to the fair value of clearly identified underlying assets, less a variable compensation, a specific model (called the \u201cVariable Fee Approach\u201d) has been developed by adapting the general model.

At each reporting date, liabilities related to these contracts are adjusted for the return earned and changes in the fair value of the underlying assets: the policyholders\u2019 share is recorded in the contract fulfilment cash flows against insurance financial income or expense and the insurer\u2019s share corresponding to the variable fee is included in the contractual service margin.

The contractual service margin is also adjusted for the effect of changes in cash flows that do not vary according to the returns on the underlying assets and that relate to future services: estimation of cash flows, risk adjustment, changes in the time value effect of money and changes in the financial risks that do not result from the underlying assets (for example, the effect of financial guarantees).

Changes in the fulfillment cash flows that do not change in connection with the yields of underlying assets and that relate to past service events are recognised in the profit and loss account. This is the case for management fees and attributable costs.

Acquisition cash flows are deducted from the contractual service margin of the group of contracts to which they relate and amortised over the coverage period of the contracts, as in the general model.

Due to the mechanism for allocating the change in the value of the underlying assets between the policyholders and the insurer, the result of these contracts is in principle mainly represented by the release of the fulfilment cash flows and the amortisation of the contractual service margin. When the underlying assets fully support the liabilities and are measured at fair value through profit or loss, the financial result under these contracts should be nil. The Group has chosen the option of reclassifying in shareholders\u2019 equity the change in the liabilities related to the underlying assets that are not measured at fair value through profit or loss.

Life and savings contracts meeting the above definition of direct participating contracts are valued using the variable fee approach. When these contracts include a surrender value, it meets the definition of a non-distinct investment component and changes in that investment component (including related payments) are therefore not recognised in the income statement.

The Group has chosen to apply the option introduced by the European regulation not to divide the portfolios of participating contracts based on intergenerational mutualisation by annual cohort. As a result of this choice, the assessment of the onerousness is made on the basis of the portfolio and not on the basis of the annual cohorts.

The contract boundary includes future payments as long as the applicable pricing is not modifiable (e.g. acquisition or management loadings), as well as the annuity phase in service when contracts provide for a mandatory annuity or optional (in this case, the option is probabilistic).

The discount rate is based on the risk-free rate, extrapolated over the duration exceeding the period for which observable data are available and adjusted by a liquidity premium on the basis of the underlying assets to reflect the illiquidity of the liabilities.

The risk adjustment is determined by combining the cost of capital method without considering the risk of mass lapses, including future payments and considering only attributable costs, and the quantile method for the free payment component.

The coverage unit used to amortise the contractual service margin is the change in savings due to policyholders (determined at present value), adjusted to take into account the impact of the real return on financial or property assets compared with the actuarial neutral risk projection.

Contracts concerned

Insurance contracts and investment contracts with discretionary participating features backed by pools of underlying assets commonly referred to as \u201cgeneral funds\u201d or \u201cpolicyholders\u2019 funds\u201d that correspond to pools of assets isolated analytically, contractually or in regulation, as well as unit-linked contracts with a floor guarantee in case of death and multiple saving contracts backed by assets such as a \u201cgeneral fund\u201d, are measured using the variable fee approach.

The option provided for in the European regulation related to the annual cohort exemption is applied to insurance contracts and investment contracts with discretionary participation features where the policyholders\u2019 profit-sharing is mutualised between the different generations of policyholders: these are euro-denominated or multiple saving contracts including a euro-denominated fund, in France, Italy and Luxembourg.

The liabilities for incurred claims are measured using the variable fee approach if they are sensitive to changes in the value of the underlying assets and the general model if they are not.

Simplified measurement model (Premium Allocation Approach \u2013 PAA)
Characteristics

Short-term contracts (less than one year) may be measured using a simplified approach known as the premium allocation approach, also applicable to longer-term contracts if it leads to results similar to those of the general model in terms of liability for the remaining coverage.

Contracts with a long contract boundary, where significant changes in cash flows are expected over the coverage period, or where the time value effect over the coverage period is material, are not eligible for the simplified approach.

For profitable contracts, the liability for the remaining coverage corresponds to the deferral of premiums collected according to a profile representing the remaining coverage at the reporting date. For onerous contracts, deferred premiums are supplemented by an estimate of the expected loss over the coverage period. Liabilities for incurred claims are valued according to the general model. In this case, the method used to determine the risk adjustment is the same as for the general model.

The Group has chosen the option of deferring acquisition costs over the coverage duration and therefore presenting them as a deduction of the deferred premiums, except where the coverage of the contracts coincides with the calendar year or the deferred acquisition costs are not material.

Liabilities for incurred claims are discounted if the expected settlement of claims takes place after one year from the date of occurrence. The discount expense is recognised in insurance financial income or expenses as in the general model. In this case, the option to classify the effect of changes in the discount rate into equity is also applicable. The Group has retained this option for the liabilities for incurred claims.

At each reporting date, the adjustment of liabilities for remaining coverage and for incurred claims is recognised in profit or loss.

Contracts concerned

Creditor protection insurance, personal protection insurance and other non-life insurance contracts, are measured using the simplified approach if the conditions are met (unless the general model is chosen for operational reasons).

Treatment of the reinsurance
Reinsurance contracts issued (reinsurance accepted)

Reinsurance accepted shall be treated as insurance contracts issued, either in the general model or in the simplified model, depending on the duration of the reinsurance contracts.

The Group accepts mainly risks corresponding to those it covers as a direct insurer under proportional or non-proportional treaties.

Reinsurance contracts held (reinsurance ceded)

The reinsurance ceded is also treated according to the general or simplified model, but the equivalent of the contractual service margin represents the expected gain or loss on the reinsurance and may be positive or negative. If a reinsurance contract offsets the losses of an underlying group of onerous contracts, the reinsurance gain is recognised immediately in profit or loss. This \u201closs recovery component\u201d is used to record amounts that are subsequently presented in net income.

In addition, contract execution flows include the reinsurer\u2019s risk of non-performance.

The Group cedes on reinsurance the risks it wishes to hedge (for example, non-proportional treaties covering peak risk, the risk of accumulation or exceeding the desired retention) or under the risk-sharing framework of proportional treaties for technical or commercial reasons.

The reinsurance contracts held are measured by the Group using the simplified approach or the general model.

\u00a0

Presentation in the balance sheet and in\u00a0the\u00a0profit and loss

The Group has chosen to present the investments of insurance activities and their results separately from the financial assets and liabilities of banking activities.

Financial income or expenses from issued insurance contracts are presented separately between the profit and loss account and shareholders\u2019 equity for portfolios for which this breakdown has been deemed relevant, as allowed by the standard. For the Protection contracts liabilities measured under the general model and for the liabilities for incurred claims arising from contracts measured under the simplified model, this choice for portfolios classification was made by taking into account both the effects in the profit and loss account of the undiscounting of the liabilities and the accounting treatment of the assets backing them. For contracts measured using the variable fee approach, this choice was made to offset any accounting mismatch that may exist in the profit and loss account between the effect of changes in fair value from insurance or investment liabilities and that from the underlying assets when these are not recognised at fair value through profit or loss.

Insurance contracts may be distributed and managed by non-insurance entities of the Group that are remunerated as such by commissions paid by insurance entities. The measurement model for insurance contracts requires projecting in the contract fulfilment cash flows the acquisition and management costs that will be paid in the future and presenting in the profit and loss account, the release of the estimated costs for the period on the one hand, and on the other, the actual costs. For commissions between consolidated companies in the Group, the Group restates the internal margin on the balance sheet and in the profit and loss account (in the breakdown of insurance liabilities and the related results between cash flows and contractual service margin) by presenting as insurance service expenses the portion of the general expenses (excluding internal margins) of the banking entities that can be attributed to the insurance activity. The internal distributors\u2019 margins are determined based on standardised management data for each of the related networks.

Effect of accounting estimates in interim financial statements

The Group has elected under IFRS\u00a017 to record in its annual financial statements the effects of changes in accounting estimates relating to insurance contracts issued or held, without taking into account estimates previously made in its interim financial statements.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_f433cb60-74fd-4ba2-846f-a48d042c0d92": { "value": "
Treatment of the reinsurance
Reinsurance contracts issued (reinsurance accepted)

Reinsurance accepted shall be treated as insurance contracts issued, either in the general model or in the simplified model, depending on the duration of the reinsurance contracts.

The Group accepts mainly risks corresponding to those it covers as a direct insurer under proportional or non-proportional treaties.

Reinsurance contracts held (reinsurance ceded)

The reinsurance ceded is also treated according to the general or simplified model, but the equivalent of the contractual service margin represents the expected gain or loss on the reinsurance and may be positive or negative. If a reinsurance contract offsets the losses of an underlying group of onerous contracts, the reinsurance gain is recognised immediately in profit or loss. This \u201closs recovery component\u201d is used to record amounts that are subsequently presented in net income.

In addition, contract execution flows include the reinsurer\u2019s risk of non-performance.

The Group cedes on reinsurance the risks it wishes to hedge (for example, non-proportional treaties covering peak risk, the risk of accumulation or exceeding the desired retention) or under the risk-sharing framework of proportional treaties for technical or commercial reasons.

The reinsurance contracts held are measured by the Group using the simplified approach or the general model.

5.dAssets and liabilities related to insurance contracts

The main contracts issued by the Group are (see note\u00a01.g.2):

Reinsurance contracts held are also measured under the general model or the premium allocation approach.

Insurance and reinsurance contracts issued and reinsurance contracts held are presented on the assets or liabilities side of the balance sheet according to the overall position of the portfolios to which they belong. They are presented separately according to their valuation model: allocation method or other models (general model and variable fee approach). Reinsurance contracts held are isolated.

\u00a0

In millions of euros, at

31 December 2024

31 December 2023

Assets

Liabilities

Net (Assets)
or Liabilities

Assets

Liabilities

Net (Assets)
or Liabilities

Insurance contracts not measured under the premium allocation approach

34

244,978

244,944

22

215,689

215,667

Insurance contracts measured under the premium allocation approach

153

2,709

2,556

84

2,354

2,270

Reinsurance contracts held

709

12

(697)

554

\u00a0

(554)

Assets and liabilities related to insurance contracts

896

247,699

246,803

660

218,043

217,383

Tables below show movements in carrying amounts of insurance contracts and do not include reinsurance contracts held.

\u27a4Movements in carrying amounts of insurance contracts - remaining coverage and incurred claims

Insurance contracts issued, excluding reinsurance contracts

In millions of euros

Remaining coverage

Incurred claims(3)

Total net liabilities

Excluding loss component

Loss component

NET (ASSETS) OR LIABILITIES AT 31 DECEMBER 2022

205,437

152

3,962

209,551

Insurance service result: (income) or expenses

(6,610)

23

3,995

(2,592)

of which insurance revenue

(8,945)

\u00a0

\u00a0

(8,945)

of which insurance service expenses

2,335

23

3,995

6,353

Net finance (income) or expenses from insurance contracts(2)

14,617

2

65

14,684

Total changes recognised in profit and loss and in equity

8,007

25

4,060

12,092

Investment component

(23,892)

-

23,892

-

Premiums received for insurance contracts issued

26,128

\u00a0

\u00a0

26,128

Insurance acquisition cash flows

(2,285)

\u00a0

\u00a0

(2,285)

Claims and other service expenses paid

\u00a0

\u00a0

(27,454)

(27,454)

Total cash flows

23,843

-

(27,454)

(3,611)

Changes in scope of consolidation and other items

(371)

(7)

283

(95)

NET (ASSETS) OR LIABILITIES AT 31 DECEMBER 2023(1)

213,024

170

4,743

217,937

Insurance service result: (income) or expenses

(7,116)

17

4,437

(2,662)

of which insurance revenue

(9,711)

(9,711)

of which insurance service expenses

2,595

17

4,437

7,049

Net finance (income) or expenses from insurance contracts(2)

10,952

3

164

11,119

Total changes recognised in profit and loss and in equity

3,836

20

4,601

8,457

Investment component

(19,641)

-

19,641

-

Premiums received for insurance contracts issued

32,795

32,795

Insurance acquisition cash flows

(2,781)

(2,781)

Claims and other service expenses paid

(24,166)

(24,166)

Total cash flows

30,014

-

(24,166)

5,848

Changes in scope of consolidation and other items

15,061

6

191

15,258

NET (ASSETS) OR LIABILITIES AT 31\u00a0DECEMBER 2024(1)

242,294

196

5,010

247,500

  • Including receivables and liabilities attributable to insurance contracts for a net asset of EUR 961 million at 31 December 2024, compared with a net asset of EUR\u202f549\u202fmillion at 31 December 2023.
  • Including finance income and expenses recognised directly in equity.
  • Including incurred claims for contracts under the premium allocation approach (PAA) for a net liability of EUR 1,956 million at 31 December 2024, of which EUR\u202f1,814\u202fmillion in respect of the present value of cash flows and EUR 142 million in respect of the non-financial risk adjustment.
\u27a4Movements in carrying amounts of insurance contracts not measured under the premium allocation approach \u2013 analysis by measurement component

Insurance contracts issued not measured under the premium allocation approach,\u00a0
excluding reinsurance contracts

In millions of euros

Present value
of future cash flows

Non-financial risk adjustment

Contractual service margin

Total

NET (ASSETS) OR LIABILITIES AT 31\u00a0DECEMBER 2022

189,422

1,048

17,065

207,535

Insurance service result: (income) or expenses

(1,674)

550

(839)

(1,963)

of which changes related to future services - new contracts

(1,164)

90

1,107

33

of which changes related to future services - change in estimation

(447)

602

(121)

34

of which changes related to current service(2)

32

(103)

(1,825)

(1,896)

of which changes related to past service

(95)

(39)

\u00a0

(134)

Net finance (income) or expenses from insurance contracts(3)

14,510

8

51

14,569

Total changes recognised in profit and loss and in equity

12,836

558

(788)

12,606

Premiums received for insurance contracts issued

22,621

\u00a0

\u00a0

22,621

Insurance acquisition cash flows

(892)

\u00a0

\u00a0

(892)

Claims and other service expenses paid

(25,994)

\u00a0

\u00a0

(25,994)

Total cash flows

(4,265)

-

-

(4,265)

Changes in scope of consolidation and other items

(204)

(3)

(2)

(209)

NET (ASSETS) OR LIABILITIES AT 31\u00a0DECEMBER 2023(1)

197,789

1,603

16,275

215,667

Insurance service result: (income) or expenses

(2,919)

154

721

(2,044)

of which changes related to future services - new contracts

(1,529)

123

1,435

29

of which changes related to future services - change in estimation

(1,337)

170

1,194

27

of which changes related to current service(2)

(8)

(118)

(1,908)

(2,034)

of which changes related to past service

(45)

(21)

(66)

Net finance (income) or expenses from insurance contracts(3)

10,867

18

60

10,945

Total changes recognised in profit and loss and in equity

7,948

172

781

8,901

Premiums received for insurance contracts issued

28,552

\u00a0

\u00a0

28,552

Insurance acquisition cash flows

(978)

\u00a0

\u00a0

(978)

Claims and other service expenses paid

(22,363)

\u00a0

\u00a0

(22,363)

Total cash flows

5,211

-

-

5,211

Changes in scope of consolidation and other items

14,613

98

454

15,165

NET (ASSETS) OR LIABILITIES AT 31\u00a0DECEMBER 2024(1)

225,561

1,873

17,510

244,944

  • Including receivables and liabilities attributable to insurance contracts for a net asset of EUR 765 million at 31 December 2024, compared with a net asset of EUR\u202f501\u202fmillion at 31 December 2023.
  • Including an experience adjustment that amounted to -EUR 9 million for the year ended 2024 and to +EUR 38 million for the year ended 2023.
  • Including finance income and expenses recognised directly in equity.
\u27a4Expected amortisation schedule for the contractual service margin

The schedule presents the amortisation of the contractual service margin to be recognised over time in profit or loss for protection contracts under the general model and for saving contracts under the variable fee approach. For the latter, it considers the over performance of financial assets compared with a risk-neutral measurement.

In millions of euros, at

31 December 2024

31 December 2023

Less than 5\u00a0years

7,938

6,734

5 to 10\u00a0years

5,347

5,183

More than 10\u00a0years

4,225

4,358

TOTAL

17,510

16,275

\u27a4Discount rates and adjustment for non-financial risk

The table below presents the average discount rates used in the measurement of savings and protection contracts for the main horizons of the euro curve.

\u00a0

31 December 2024

31 December 2023

Savings

Protection

Savings

Protection

1\u00a0year

3.17%

2.24%

4.00%

3.36%

5\u00a0years

3.07%

2.14%

2.96%

2.32%

10\u00a0years

3.20%

2.27%

3.03%

2.39%

15\u00a0years

3.26%

2.33%

3.10%

2.47%

20\u00a0years

3.19%

2.26%

3.04%

2.41%

40\u00a0years

3.09%

\u00a0

3.04%

\u00a0

\u00a0

Discount rate

For the construction of the yield curve, an approach based on the risk-free rate has been adopted, with the following parameters:

For savings contracts valued according to the variable fee method, for which the fulfilment cash flows take into account the return on underlying financial assets, the risk-free yield curve is supplemented by a liquidity premium calculated on the basis of the portfolio of assets backing the savings and the retirement contracts. By assumption, bonds (sovereign and corporate) and diversified financial assets benefit from a liquidity premium (or illiquidity premium). The average liquidity premium on all savings portfolios (in France, Italy and Luxembourg) is 0.91% at 31 December 2024, compared with 0.65% at 31 December 2023.

For protection contracts measured under the general model and for liabilities for incurred claims under the simplified approach, the discounting rate consists of the risk-free rate adjusted to reflect the illiquidity of liabilities. For protection, the liquidity premium is currently valued at zero due to the short settlement period for claims on the main risks covered.

Adjustment for non-financial risks

For savings contrats the risk adjustment is determined according to the cost of capital method, without taking into account the risk of massive lapses, including future payments, and considering only attributable expenses. It is measured within a confidence range of 60% and 70%. This one corresponds to a level of confidence of 65% at 31 December 2024 (unchanged compared with 31 December 2023).

For protection contracts, the level of confidence used in determining the adjustment for non-financial risks for the main countries is 70% (based on the quantile method).

", "dimensions": { "concept": "ifrs-full:DisclosureOfReinsuranceExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_037eefe4-2c36-4069-b837-837e42f0a442": { "value": "
Treatment of the reinsurance
Reinsurance contracts issued (reinsurance accepted)

Reinsurance accepted shall be treated as insurance contracts issued, either in the general model or in the simplified model, depending on the duration of the reinsurance contracts.

The Group accepts mainly risks corresponding to those it covers as a direct insurer under proportional or non-proportional treaties.

Reinsurance contracts held (reinsurance ceded)

The reinsurance ceded is also treated according to the general or simplified model, but the equivalent of the contractual service margin represents the expected gain or loss on the reinsurance and may be positive or negative. If a reinsurance contract offsets the losses of an underlying group of onerous contracts, the reinsurance gain is recognised immediately in profit or loss. This \u201closs recovery component\u201d is used to record amounts that are subsequently presented in net income.

In addition, contract execution flows include the reinsurer\u2019s risk of non-performance.

The Group cedes on reinsurance the risks it wishes to hedge (for example, non-proportional treaties covering peak risk, the risk of accumulation or exceeding the desired retention) or under the risk-sharing framework of proportional treaties for technical or commercial reasons.

The reinsurance contracts held are measured by the Group using the simplified approach or the general model.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForReinsuranceExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_0a0ed2ce-481b-4c9d-8fd4-ade6a8b76c91": { "value": "
1.hProperty, plant, equipment and\u00a0intangible assets

Property, plant and equipment and intangible assets shown in the consolidated balance sheet are composed of assets used in operations and investment property. Rights-of-use related to leased assets (see note\u00a01.i.2) are presented by the lessee within fixed assets in the same category as similar assets held.

Assets used in operations are those used in the provision of services or for administrative purposes, and include non-property assets leased by the Group as lessor under operating leases.

Investment property comprises property assets held to generate rental income and capital gains.

Investment property is recognised at cost, except for those held as underlying assets under participating direct contracts (as amended by IAS\u00a040), which are measured at fair value through profit or loss and presented in the balance sheet under \u201cInvestments related to insurance activities\u201d (see note\u00a01.g.1).

Property, plant and equipment and intangible assets are initially recognised at purchase price plus directly attributable costs, together with borrowing costs where a long period of construction or adaptation is required before the asset can be brought into service. By way of exception, property occupied by the holder entity that is an underlying component of direct participating contracts is measured at fair value (by amendment to IAS\u00a016).

Software developed internally by the BNP\u00a0Paribas Group that fulfils the criteria for capitalisation is capitalised at direct development cost, which includes external costs and the labour costs of employees directly attributable to the project.

Subsequent to initial recognition, property, plant and equipment and intangible assets are measured at cost less accumulated depreciation or amortisation and any impairment losses.

The depreciable amount of property, plant and equipment and intangible assets is calculated after deducting the residual value of the asset. Only assets leased by the Group as the lessor under operating leases are presumed to have a residual value, as the useful life of property, plant and equipment and intangible assets used in operations is generally the same as their economic life.

Property, plant and equipment and intangible assets are depreciated or amortised using the straight-line method over the useful life of the asset. Depreciation and amortisation expense is recognised in the profit and loss account under \u201cDepreciation, amortisation and impairment of property, plant and equipment and intangible assets\u201d.

Where an asset consists of a number of components which may require replacement at regular intervals, or which have different uses or generate economic benefits at different rates, each component is recognised separately and depreciated using a method appropriate to that component. The BNP\u00a0Paribas Group has adopted the component-based approach for property used in operations and for investment property.

The depreciation periods used for office property are as follows: 80\u00a0years or 60\u00a0years for the shell (for prime and other property respectively); 30\u00a0years for facades; 20\u00a0years for general and technical installations; and 10\u00a0years for fixtures and fittings.

Software is amortised, depending on its type, over periods of no more than 8\u00a0years in the case of infrastructure developments and 3\u00a0years or 5\u00a0years in the case of software developed primarily for the purpose of providing services to customers.

Software maintenance costs are expensed as incurred. However, expenditure that is regarded as upgrading the software or extending its useful life is included in the initial acquisition or production cost.

Depreciable property, plant and equipment and intangible assets are tested for impairment if there is an indication of potential impairment at the balance sheet date. Non-depreciable assets are tested for impairment at least annually, using the same method as for goodwill allocated to cash-generating units.

If there is an indication of impairment, the new recoverable amount of the asset is compared with the carrying amount. If the asset is found to be impaired, an impairment loss is recognised in the profit and loss account. This loss is reversed in the event of a change in the estimated recoverable amount or if there is no longer an indication of impairment. Impairment losses are taken to the profit and loss account in \u201cDepreciation, amortisation and impairment of property, plant and equipment and intangible assets\u201d.

Gains and losses on disposals of property, plant and equipment and intangible assets used in operations are recognised in the profit and loss account in \u201cNet gain on non-current assets\u201d.

Gains and losses on disposals of investment property are recognised in the profit and loss account in \u201cIncome from other activities\u201d or \u201cExpense on other activities\u201d.

Amortisation and provision

Net depreciation and amortisation expense for the year ended 31 December 2024 was EUR\u00a02,356\u00a0million, compared with EUR 2,224\u00a0million for the year ended 31 December 2023.

The net increase in impairment on property, plant, equipment and intangible assets taken to the profit and loss account for the year ended 31\u202fDecember\u202f2024 amounted to\u00a0EUR 34 million, compared with EUR\u00a019\u00a0million for the year ended 31 December 2023.

", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_b3ae2341-b659-448b-a683-b916d920848d": { "value": "
1.hProperty, plant, equipment and\u00a0intangible assets

Property, plant and equipment and intangible assets shown in the consolidated balance sheet are composed of assets used in operations and investment property. Rights-of-use related to leased assets (see note\u00a01.i.2) are presented by the lessee within fixed assets in the same category as similar assets held.

Assets used in operations are those used in the provision of services or for administrative purposes, and include non-property assets leased by the Group as lessor under operating leases.

Investment property comprises property assets held to generate rental income and capital gains.

Investment property is recognised at cost, except for those held as underlying assets under participating direct contracts (as amended by IAS\u00a040), which are measured at fair value through profit or loss and presented in the balance sheet under \u201cInvestments related to insurance activities\u201d (see note\u00a01.g.1).

Property, plant and equipment and intangible assets are initially recognised at purchase price plus directly attributable costs, together with borrowing costs where a long period of construction or adaptation is required before the asset can be brought into service. By way of exception, property occupied by the holder entity that is an underlying component of direct participating contracts is measured at fair value (by amendment to IAS\u00a016).

Software developed internally by the BNP\u00a0Paribas Group that fulfils the criteria for capitalisation is capitalised at direct development cost, which includes external costs and the labour costs of employees directly attributable to the project.

Subsequent to initial recognition, property, plant and equipment and intangible assets are measured at cost less accumulated depreciation or amortisation and any impairment losses.

The depreciable amount of property, plant and equipment and intangible assets is calculated after deducting the residual value of the asset. Only assets leased by the Group as the lessor under operating leases are presumed to have a residual value, as the useful life of property, plant and equipment and intangible assets used in operations is generally the same as their economic life.

Property, plant and equipment and intangible assets are depreciated or amortised using the straight-line method over the useful life of the asset. Depreciation and amortisation expense is recognised in the profit and loss account under \u201cDepreciation, amortisation and impairment of property, plant and equipment and intangible assets\u201d.

Where an asset consists of a number of components which may require replacement at regular intervals, or which have different uses or generate economic benefits at different rates, each component is recognised separately and depreciated using a method appropriate to that component. The BNP\u00a0Paribas Group has adopted the component-based approach for property used in operations and for investment property.

The depreciation periods used for office property are as follows: 80\u00a0years or 60\u00a0years for the shell (for prime and other property respectively); 30\u00a0years for facades; 20\u00a0years for general and technical installations; and 10\u00a0years for fixtures and fittings.

Software is amortised, depending on its type, over periods of no more than 8\u00a0years in the case of infrastructure developments and 3\u00a0years or 5\u00a0years in the case of software developed primarily for the purpose of providing services to customers.

Software maintenance costs are expensed as incurred. However, expenditure that is regarded as upgrading the software or extending its useful life is included in the initial acquisition or production cost.

Depreciable property, plant and equipment and intangible assets are tested for impairment if there is an indication of potential impairment at the balance sheet date. Non-depreciable assets are tested for impairment at least annually, using the same method as for goodwill allocated to cash-generating units.

If there is an indication of impairment, the new recoverable amount of the asset is compared with the carrying amount. If the asset is found to be impaired, an impairment loss is recognised in the profit and loss account. This loss is reversed in the event of a change in the estimated recoverable amount or if there is no longer an indication of impairment. Impairment losses are taken to the profit and loss account in \u201cDepreciation, amortisation and impairment of property, plant and equipment and intangible assets\u201d.

Gains and losses on disposals of property, plant and equipment and intangible assets used in operations are recognised in the profit and loss account in \u201cNet gain on non-current assets\u201d.

Gains and losses on disposals of investment property are recognised in the profit and loss account in \u201cIncome from other activities\u201d or \u201cExpense on other activities\u201d.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_86ee19f7-cefb-43eb-b722-488952ac73a4": { "value": "
1.hProperty, plant, equipment and\u00a0intangible assets

Property, plant and equipment and intangible assets shown in the consolidated balance sheet are composed of assets used in operations and investment property. Rights-of-use related to leased assets (see note\u00a01.i.2) are presented by the lessee within fixed assets in the same category as similar assets held.

Assets used in operations are those used in the provision of services or for administrative purposes, and include non-property assets leased by the Group as lessor under operating leases.

Investment property comprises property assets held to generate rental income and capital gains.

Investment property is recognised at cost, except for those held as underlying assets under participating direct contracts (as amended by IAS\u00a040), which are measured at fair value through profit or loss and presented in the balance sheet under \u201cInvestments related to insurance activities\u201d (see note\u00a01.g.1).

Property, plant and equipment and intangible assets are initially recognised at purchase price plus directly attributable costs, together with borrowing costs where a long period of construction or adaptation is required before the asset can be brought into service. By way of exception, property occupied by the holder entity that is an underlying component of direct participating contracts is measured at fair value (by amendment to IAS\u00a016).

Software developed internally by the BNP\u00a0Paribas Group that fulfils the criteria for capitalisation is capitalised at direct development cost, which includes external costs and the labour costs of employees directly attributable to the project.

Subsequent to initial recognition, property, plant and equipment and intangible assets are measured at cost less accumulated depreciation or amortisation and any impairment losses.

The depreciable amount of property, plant and equipment and intangible assets is calculated after deducting the residual value of the asset. Only assets leased by the Group as the lessor under operating leases are presumed to have a residual value, as the useful life of property, plant and equipment and intangible assets used in operations is generally the same as their economic life.

Property, plant and equipment and intangible assets are depreciated or amortised using the straight-line method over the useful life of the asset. Depreciation and amortisation expense is recognised in the profit and loss account under \u201cDepreciation, amortisation and impairment of property, plant and equipment and intangible assets\u201d.

Where an asset consists of a number of components which may require replacement at regular intervals, or which have different uses or generate economic benefits at different rates, each component is recognised separately and depreciated using a method appropriate to that component. The BNP\u00a0Paribas Group has adopted the component-based approach for property used in operations and for investment property.

The depreciation periods used for office property are as follows: 80\u00a0years or 60\u00a0years for the shell (for prime and other property respectively); 30\u00a0years for facades; 20\u00a0years for general and technical installations; and 10\u00a0years for fixtures and fittings.

Software is amortised, depending on its type, over periods of no more than 8\u00a0years in the case of infrastructure developments and 3\u00a0years or 5\u00a0years in the case of software developed primarily for the purpose of providing services to customers.

Software maintenance costs are expensed as incurred. However, expenditure that is regarded as upgrading the software or extending its useful life is included in the initial acquisition or production cost.

Depreciable property, plant and equipment and intangible assets are tested for impairment if there is an indication of potential impairment at the balance sheet date. Non-depreciable assets are tested for impairment at least annually, using the same method as for goodwill allocated to cash-generating units.

If there is an indication of impairment, the new recoverable amount of the asset is compared with the carrying amount. If the asset is found to be impaired, an impairment loss is recognised in the profit and loss account. This loss is reversed in the event of a change in the estimated recoverable amount or if there is no longer an indication of impairment. Impairment losses are taken to the profit and loss account in \u201cDepreciation, amortisation and impairment of property, plant and equipment and intangible assets\u201d.

Gains and losses on disposals of property, plant and equipment and intangible assets used in operations are recognised in the profit and loss account in \u201cNet gain on non-current assets\u201d.

Gains and losses on disposals of investment property are recognised in the profit and loss account in \u201cIncome from other activities\u201d or \u201cExpense on other activities\u201d.

2.iNet gain on non-current assets

In millions of euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Gain or loss on investments in consolidated undertakings (note\u00a08.d)

133

29

Gain or loss on tangible and intangible assets

(30)

139

Results from net monetary position

(294)

(272)

Net gain on non-current assets

(191)

(104)

\u00a0

According to IAS 29 in connection with the hyperinflation situation of the economy in T\u00fcrkiye, the line \u201cResults from net monetary positions\u201d corresponds to the effect of the revaluation of net monetary assets of the evolution of the consumer price index in T\u00fcrkiye on the valuation of non-monetary assets and liabilities (-EUR\u00a0549\u00a0million) and on income from the Turkish government bonds portfolio indexed to inflation and held by Turk Ekonomi Bankasi AS (+EUR\u00a0255\u00a0million, reclassified from interest margin) in 2024 (respectively -EUR\u00a0563\u00a0million and +EUR\u00a0291\u00a0million in 2023).

4.lProperty, plant, equipment and intangible assets used in\u00a0operations, investment property

In millions of euros, at

31 December 2024

31 December 2023

Gross value

Accumulated depreciation, amortisation and impairment

Carrying
\u00a0amount

Gross value

Accumulated depreciation, amortisation and impairment

Carrying
\u00a0amount

Investment property

855

(331)

524

785

(299)

486

Land and buildings

11,049

(4,758)

6,291

11,317

(4,633)

6,684

Equipment, furniture and fixtures

7,067

(5,468)

1,599

7,007

(5,321)

1,686

Plant and equipment leased as lessor under operating leases

51,333

(11,021)

40,312

45,720

(10,567)

35,153

Other property, plant and equipment

2,924

(1,336)

1,588

2,338

(1,125)

1,213

Property, plant and equipment

72,373

(22,583)

49,790

66,382

(21,646)

44,736

Of which right of use

5,786

(3,387)

2,399

5,978

(3,322)

2,656

Property, plant and equipment and investment property

73,228

(22,914)

50,314

67,167

(21,945)

45,222

Purchased software

4,135

(3,407)

728

3,853

(3,145)

708

Internally developed software

6,752

(5,137)

1,615

6,908

(5,398)

1,510

Other intangible assets

2,696

(647)

2,049

2,547

(623)

1,924

Intangible assets

13,583

(9,191)

4,392

13,308

(9,166)

4,142

", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_fc11622c-4630-4d2e-a4dd-118231968832": { "value": "
1.hProperty, plant, equipment and\u00a0intangible assets

Property, plant and equipment and intangible assets shown in the consolidated balance sheet are composed of assets used in operations and investment property. Rights-of-use related to leased assets (see note\u00a01.i.2) are presented by the lessee within fixed assets in the same category as similar assets held.

Assets used in operations are those used in the provision of services or for administrative purposes, and include non-property assets leased by the Group as lessor under operating leases.

Investment property comprises property assets held to generate rental income and capital gains.

Investment property is recognised at cost, except for those held as underlying assets under participating direct contracts (as amended by IAS\u00a040), which are measured at fair value through profit or loss and presented in the balance sheet under \u201cInvestments related to insurance activities\u201d (see note\u00a01.g.1).

Property, plant and equipment and intangible assets are initially recognised at purchase price plus directly attributable costs, together with borrowing costs where a long period of construction or adaptation is required before the asset can be brought into service. By way of exception, property occupied by the holder entity that is an underlying component of direct participating contracts is measured at fair value (by amendment to IAS\u00a016).

Software developed internally by the BNP\u00a0Paribas Group that fulfils the criteria for capitalisation is capitalised at direct development cost, which includes external costs and the labour costs of employees directly attributable to the project.

Subsequent to initial recognition, property, plant and equipment and intangible assets are measured at cost less accumulated depreciation or amortisation and any impairment losses.

The depreciable amount of property, plant and equipment and intangible assets is calculated after deducting the residual value of the asset. Only assets leased by the Group as the lessor under operating leases are presumed to have a residual value, as the useful life of property, plant and equipment and intangible assets used in operations is generally the same as their economic life.

Property, plant and equipment and intangible assets are depreciated or amortised using the straight-line method over the useful life of the asset. Depreciation and amortisation expense is recognised in the profit and loss account under \u201cDepreciation, amortisation and impairment of property, plant and equipment and intangible assets\u201d.

Where an asset consists of a number of components which may require replacement at regular intervals, or which have different uses or generate economic benefits at different rates, each component is recognised separately and depreciated using a method appropriate to that component. The BNP\u00a0Paribas Group has adopted the component-based approach for property used in operations and for investment property.

The depreciation periods used for office property are as follows: 80\u00a0years or 60\u00a0years for the shell (for prime and other property respectively); 30\u00a0years for facades; 20\u00a0years for general and technical installations; and 10\u00a0years for fixtures and fittings.

Software is amortised, depending on its type, over periods of no more than 8\u00a0years in the case of infrastructure developments and 3\u00a0years or 5\u00a0years in the case of software developed primarily for the purpose of providing services to customers.

Software maintenance costs are expensed as incurred. However, expenditure that is regarded as upgrading the software or extending its useful life is included in the initial acquisition or production cost.

Depreciable property, plant and equipment and intangible assets are tested for impairment if there is an indication of potential impairment at the balance sheet date. Non-depreciable assets are tested for impairment at least annually, using the same method as for goodwill allocated to cash-generating units.

If there is an indication of impairment, the new recoverable amount of the asset is compared with the carrying amount. If the asset is found to be impaired, an impairment loss is recognised in the profit and loss account. This loss is reversed in the event of a change in the estimated recoverable amount or if there is no longer an indication of impairment. Impairment losses are taken to the profit and loss account in \u201cDepreciation, amortisation and impairment of property, plant and equipment and intangible assets\u201d.

Gains and losses on disposals of property, plant and equipment and intangible assets used in operations are recognised in the profit and loss account in \u201cNet gain on non-current assets\u201d.

Gains and losses on disposals of investment property are recognised in the profit and loss account in \u201cIncome from other activities\u201d or \u201cExpense on other activities\u201d.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_84404cb5-eccd-458a-bc4e-a7fbeabd077b": { "value": "
1.iLeases

Group companies may either be the lessee or the lessor in a lease agreement.

1.i.1Group company as lessor

Leases contracted by the Group as lessor are categorised as either finance leases or operating leases.

Finance leases

In a finance lease, the lessor transfers substantially all the risks and rewards of ownership of an asset to the lessee. It is treated as a loan made to the lessee to finance the purchase of the asset.

The present value of the lease payments, plus any residual value, is recognised as a receivable. The net income earned from the lease by the lessor is equal to the amount of interest on the loan and is taken to the profit and loss account under \u201cInterest income\u201d. The lease payments are spread over the lease term and are allocated to reduction of the principal and to interest such that the net income reflects a constant rate of return on the net investment outstanding in the lease. The rate of interest used is the rate implicit in the lease.

Impairments of lease receivables are determined using the same principles as applied to financial assets measured at amortised cost.

Operating leases

An operating lease is a contract under which most of the risks and rewards of ownership of the leased asset are not transferred to the lessee.

The leased asset is initially recognised by the lessor as a tangible asset for its acquisition price less residual value and subsequently depreciated on a straight-line basis over its useful life. The asset depreciation charge and lease payments are recognised in profit and loss over the lease term respectively in \"Income from other activities\u201d and \"Expense on other activities\u201d line items.

Vehicles leased by the Group and classified under operating leases are assets with an average lease term of between one and five years.

The cost of acquiring these assets includes their purchase price, as well as any directly attributable costs necessary to make the vehicle available to the lessee customers. Residual value is a statistical model estimate of the resale value of the asset and is reestimated at each reporting date, taking into account, in particular, historical data on the sale of vehicles in the second-hand market and the specific context of each geographical area. In the event of a change in the amount of the residual value of the asset relative to its estimated value, a forward-looking adjustment to the depreciation plan is made vehicle by vehicle.

\u00a0

1.i.2Group company as lessee

Lease contracts concluded by the Group, with the exception of contracts whose term is shorter than or equal to 12\u00a0months and low-value contracts, are recognised in the balance-sheet in the form of a right-of-use on the leased asset presented under fixed assets, along with the recognition of a financial liability for the rent and other payments to be made over the leasing period. The right of use assets is amortised on a straight-line basis and the financial liabilities are amortised on an actuarial basis over the lease period. Dismantling costs corresponding to specific and significant fittings and fixtures are included in the initial right-of-use estimation, in counterparty of a provision liability.

The key hypotheses used by the Group for the measurement of rights of use and lease liabilities are the following:

Operating leases

Operating leases and investment property transactions are in certain cases subject to agreements providing for the following minimum future payments:

In millions of euros, at

31 December 2024

31 December 2023

Future minimum lease payments receivable under non-cancellable leases

12,142

10,718

Payments receivable within 1\u00a0year

5,131

4,570

Payments receivable after 1\u00a0year but within 5\u00a0years

6,987

6,105

Payments receivable beyond 5\u00a0years

24

43

\u00a0

Future minimum lease payments receivable under non-cancellable leases are payments that the lessee is required to make during the lease term.

At 31 December 2024, commitments to purchase vehicles and equipment intended for operating leasing amounted to EUR 5.2 billion.

", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_8f065887-a342-4fd2-a8ac-9a2d27bc897a": { "value": "
1.iLeases

Group companies may either be the lessee or the lessor in a lease agreement.

1.i.1Group company as lessor

Leases contracted by the Group as lessor are categorised as either finance leases or operating leases.

Finance leases

In a finance lease, the lessor transfers substantially all the risks and rewards of ownership of an asset to the lessee. It is treated as a loan made to the lessee to finance the purchase of the asset.

The present value of the lease payments, plus any residual value, is recognised as a receivable. The net income earned from the lease by the lessor is equal to the amount of interest on the loan and is taken to the profit and loss account under \u201cInterest income\u201d. The lease payments are spread over the lease term and are allocated to reduction of the principal and to interest such that the net income reflects a constant rate of return on the net investment outstanding in the lease. The rate of interest used is the rate implicit in the lease.

Impairments of lease receivables are determined using the same principles as applied to financial assets measured at amortised cost.

Operating leases

An operating lease is a contract under which most of the risks and rewards of ownership of the leased asset are not transferred to the lessee.

The leased asset is initially recognised by the lessor as a tangible asset for its acquisition price less residual value and subsequently depreciated on a straight-line basis over its useful life. The asset depreciation charge and lease payments are recognised in profit and loss over the lease term respectively in \"Income from other activities\u201d and \"Expense on other activities\u201d line items.

Vehicles leased by the Group and classified under operating leases are assets with an average lease term of between one and five years.

The cost of acquiring these assets includes their purchase price, as well as any directly attributable costs necessary to make the vehicle available to the lessee customers. Residual value is a statistical model estimate of the resale value of the asset and is reestimated at each reporting date, taking into account, in particular, historical data on the sale of vehicles in the second-hand market and the specific context of each geographical area. In the event of a change in the amount of the residual value of the asset relative to its estimated value, a forward-looking adjustment to the depreciation plan is made vehicle by vehicle.

\u00a0

1.i.2Group company as lessee

Lease contracts concluded by the Group, with the exception of contracts whose term is shorter than or equal to 12\u00a0months and low-value contracts, are recognised in the balance-sheet in the form of a right-of-use on the leased asset presented under fixed assets, along with the recognition of a financial liability for the rent and other payments to be made over the leasing period. The right of use assets is amortised on a straight-line basis and the financial liabilities are amortised on an actuarial basis over the lease period. Dismantling costs corresponding to specific and significant fittings and fixtures are included in the initial right-of-use estimation, in counterparty of a provision liability.

The key hypotheses used by the Group for the measurement of rights of use and lease liabilities are the following:

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_5cddeb0c-913a-48cb-abb3-a8bbd3a5d72d": { "value": "
1.i.1Group company as lessor

Leases contracted by the Group as lessor are categorised as either finance leases or operating leases.

Finance leases

In a finance lease, the lessor transfers substantially all the risks and rewards of ownership of an asset to the lessee. It is treated as a loan made to the lessee to finance the purchase of the asset.

The present value of the lease payments, plus any residual value, is recognised as a receivable. The net income earned from the lease by the lessor is equal to the amount of interest on the loan and is taken to the profit and loss account under \u201cInterest income\u201d. The lease payments are spread over the lease term and are allocated to reduction of the principal and to interest such that the net income reflects a constant rate of return on the net investment outstanding in the lease. The rate of interest used is the rate implicit in the lease.

Impairments of lease receivables are determined using the same principles as applied to financial assets measured at amortised cost.

Operating leases

An operating lease is a contract under which most of the risks and rewards of ownership of the leased asset are not transferred to the lessee.

The leased asset is initially recognised by the lessor as a tangible asset for its acquisition price less residual value and subsequently depreciated on a straight-line basis over its useful life. The asset depreciation charge and lease payments are recognised in profit and loss over the lease term respectively in \"Income from other activities\u201d and \"Expense on other activities\u201d line items.

Vehicles leased by the Group and classified under operating leases are assets with an average lease term of between one and five years.

The cost of acquiring these assets includes their purchase price, as well as any directly attributable costs necessary to make the vehicle available to the lessee customers. Residual value is a statistical model estimate of the resale value of the asset and is reestimated at each reporting date, taking into account, in particular, historical data on the sale of vehicles in the second-hand market and the specific context of each geographical area. In the event of a change in the amount of the residual value of the asset relative to its estimated value, a forward-looking adjustment to the depreciation plan is made vehicle by vehicle.

", "dimensions": { "concept": "ifrs-full:DisclosureOfAdditionalInformationAboutLeasingActivitiesForLessorExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_222dab76-c92b-4569-a03b-3972d3953ec4": { "value": "
1.i.2Group company as lessee

Lease contracts concluded by the Group, with the exception of contracts whose term is shorter than or equal to 12\u00a0months and low-value contracts, are recognised in the balance-sheet in the form of a right-of-use on the leased asset presented under fixed assets, along with the recognition of a financial liability for the rent and other payments to be made over the leasing period. The right of use assets is amortised on a straight-line basis and the financial liabilities are amortised on an actuarial basis over the lease period. Dismantling costs corresponding to specific and significant fittings and fixtures are included in the initial right-of-use estimation, in counterparty of a provision liability.

The key hypotheses used by the Group for the measurement of rights of use and lease liabilities are the following:

", "dimensions": { "concept": "ifrs-full:DisclosureOfAdditionalInformationAboutLeasingActivitiesForLesseeExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_1cfaa17e-2488-4a4b-8ef0-8638bef99cc3": { "value": "
1.jAssets held for sale and discontinued operations

Where the Group decides to sell assets or a group of assets and liabilities and it is highly probable that the sale will occur within 12\u00a0months, these assets are shown separately in the balance sheet, on the line \u201cAssets held for sale\u201d. Any liabilities associated with these assets are also shown separately in the balance sheet, on the line \u201cLiabilities associated with assets held for sale\u201d. When the Group is committed to a sale plan involving loss of control of a subsidiary and the sale is highly probable within 12\u00a0months, all the assets and liabilities of that subsidiary are classified as held for sale.

Once classified in this category, assets and the group of assets and liabilities are measured at the lower of carrying amount or fair value less costs to sell.

Such assets are no longer depreciated. If an asset or group of assets and liabilities becomes impaired, an impairment loss is recognised in the profit and loss account. Impairment losses may be reversed.

Where a group of assets and liabilities held for sale represents a cash generating unit, it is categorised as a \u201cdiscontinued operation\u201d. Discontinued operations include operations that are held for sale, operations that have been shut down, and subsidiaries acquired exclusively with a view to resell.

In this case, gains and losses related to discontinued operations are shown separately in the profit and loss account, on the line \u201cNet income from discontinued activities\u201d. This line includes after tax profits or losses of discontinued operations, after tax gain or loss arising from remeasurement at fair value less costs to sell, and after tax gain or loss on disposal of the operation.

8.eDiscontinued activities

On 18\u00a0December\u202f2021, BNP\u00a0Paribas concluded an agreement with BMO Financial Group for the sale of 100% of its retail and commercial banking activities in the United States, operated by the BancWest cash-generating unit, for a total consideration of USD\u202f16.3\u00a0billion in cash.

The transaction was closed on 1\u00a0February 2023 following receipt of all regulatory approvals by BMO Financial Group.

The net capital gain on the disposal amounted to EUR\u00a02.9\u00a0billion, recognised in net income from discontinued activities in 2023.

", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_3904276d-bfa1-4034-b2f3-f8f61a258a8b": { "value": "
1.jAssets held for sale and discontinued operations

Where the Group decides to sell assets or a group of assets and liabilities and it is highly probable that the sale will occur within 12\u00a0months, these assets are shown separately in the balance sheet, on the line \u201cAssets held for sale\u201d. Any liabilities associated with these assets are also shown separately in the balance sheet, on the line \u201cLiabilities associated with assets held for sale\u201d. When the Group is committed to a sale plan involving loss of control of a subsidiary and the sale is highly probable within 12\u00a0months, all the assets and liabilities of that subsidiary are classified as held for sale.

Once classified in this category, assets and the group of assets and liabilities are measured at the lower of carrying amount or fair value less costs to sell.

Such assets are no longer depreciated. If an asset or group of assets and liabilities becomes impaired, an impairment loss is recognised in the profit and loss account. Impairment losses may be reversed.

Where a group of assets and liabilities held for sale represents a cash generating unit, it is categorised as a \u201cdiscontinued operation\u201d. Discontinued operations include operations that are held for sale, operations that have been shut down, and subsidiaries acquired exclusively with a view to resell.

In this case, gains and losses related to discontinued operations are shown separately in the profit and loss account, on the line \u201cNet income from discontinued activities\u201d. This line includes after tax profits or losses of discontinued operations, after tax gain or loss arising from remeasurement at fair value less costs to sell, and after tax gain or loss on disposal of the operation.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_bdc99b9c-3d24-4680-9d86-fe6909757473": { "value": "
1.kEmployee benefits

Employee benefits are classified into four categories:

Short-term benefits

The Group recognises an expense when it has used services rendered by employees in exchange for employee benefits.

Long-term benefits

These are benefits, other than short-term benefits, post-employment benefits and termination benefits. This relates, in particular, to compensation deferred for more than 12\u00a0months and not linked to the BNP\u00a0Paribas share price, which is accrued in the financial statements for the period in which this compensation is earned.

The actuarial techniques used are similar to those used for defined-benefit post-employment benefits, except that the revaluation items are recognised in the profit and loss account and not in equity.

Termination benefits

Termination benefits are employee benefits payable in exchange for the termination of an employee\u2019s contract as a result of either a decision by the Group to terminate a contract of employment before the legal retirement age, or a decision by an employee to accept voluntary redundancy in exchange for these benefits. Termination benefits due more than 12\u00a0months after the balance sheet date are discounted.

Post-employment benefits

In accordance with IFRS, the BNP\u00a0Paribas Group draws a distinction between defined-contribution plans and defined-benefit plans.

Defined-contribution plans do not give rise to an obligation for the Group and do not require a provision. The amount of the employer\u2019s contributions payable during the period is recognised as an expense.

Only defined-benefit schemes give rise to an obligation for the Group. This obligation must be measured and recognised as a liability by means of a provision.

The classification of plans into these two categories is based on the economic substance of the plan, which is reviewed to determine whether the Group has a legal or constructive obligation to pay the agreed benefits to employees.

Post-employment benefit obligations under defined-benefit plans are measured using actuarial techniques that take demographic and financial assumptions into account.

The net liability recognised with respect to post-employment benefit plans is the difference between the present value of the defined-benefit obligation and the fair value of plan assets (if any).

The present value of the defined-benefit obligation is measured on the basis of the actuarial assumptions applied by the Group, using the projected unit credit method. This method takes into account various parameters, specific to each country or Group entity, such as demographic assumptions, the probability that employees will leave before retirement age, salary inflation, a discount rate, and the general inflation rate.

When the value of the plan assets exceeds the amount of the obligation, an asset is recognised if it represents a future economic benefit for the Group in the form of a reduction in future contributions or a future partial refund of amounts paid into the plan.

The annual expense recognised in the profit and loss account under \u201cSalaries and employee benefits\u201d, with respect to defined-benefit plans includes the current service cost (the rights vested by each employee during the period in return for service rendered), the net interests linked to the effect of discounting the net defined-benefit liability (asset), the past service cost arising from plan amendments or curtailments, and the effect of any plan settlements.

Remeasurements of the net defined-benefit liability (asset) are recognised in shareholders\u2019 equity and are never reclassified to profit or loss. They include actuarial gains and losses, the return on plan assets and any change in the effect of the asset ceiling (excluding amounts included in net interest on the defined-benefit liability or asset).

Note 7Salaries and employee benefits

7.aSalary and employee benefit expense

In millions of euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Fixed and variable remuneration, incentive bonuses and profit-sharing

14,066

13,445

Employee benefit expense

3,697

3,856

Payroll taxes

380

474

Total salary and employee benefit expense for banking activities (note\u00a02.f)

18,143

17,775

Salary and employee benefit expense of insurance activities (note\u00a05.b)

839

778

Total salary and employee benefit expense

18,982

18,553

\u00a0

7.bPost-employment benefits

IAS\u00a019 distinguishes between two categories of plans, each handled differently depending on the risk incurred by the entity. When the entity is only committed to paying a fixed amount, stated as a percentage of the beneficiary\u2019s annual salary, for example, to an external entity handling payment of the benefits based on the assets available for each plan member, it is described as a defined-contribution plan. Conversely, when the entity\u2019s obligation is to manage the financial assets funded through the collection of contributions from employees and to bear the cost of benefits itself or to guarantee the final amount subject to future events, it is described as a defined-benefit plan. The same applies if the entity entrusts management of the collection of premiums and payment of benefits to a separate entity but retains the risk arising from management of the assets and/or from future changes in the benefits.

Main defined-contribution pension plans for\u00a0Group entities

The BNP\u00a0Paribas Group has implemented over the past few years a wide campaign of converting defined-benefit plans into defined-contribution plans.

Thus, in France, the BNP\u00a0Paribas Group pays contributions to mandatory state and complementary pension schemes. BNP\u00a0Paribas\u00a0SA and certain subsidiaries have set up a complementary defined-contribution pension plan under a company-wide agreement. Under this plan, employees will receive an annuity or a lump sum on retirement in addition to the pension paid by mandatory schemes.

Since defined-benefit plans have been closed to new employees in most countries outside France, they are offered the benefit of joining defined-contribution pension plans.

In Italy, the plan introduced by BNL is funded by employer contributions (4.35% of salaries) and employee contributions (2% of salaries). Employees can also make additional voluntary contributions.

In the United Kingdom, the employer contributes 12% of salaries for the majority of employees; employees can make additional voluntary contributions.

In the US, the bank matches the voluntary contributions made by employees, within certain limits.

The amount paid into defined-contribution retirement plans for the year ended 31\u00a0December 2024\u00a0was EUR\u00a0828\u00a0million, compared with EUR\u00a0791\u00a0million for the year ended 31\u00a0December 2023.

The breakdown by major contributors is determined as follows:

\u00a0

Contribution amount

In millions of euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

France

383

386

Italy

110

106

UK

74

62

T\u00fcrkiye

50

39

Luxembourg

31

30

Hong Kong

30

29

USA

29

27

Others

121

112

TOTAL

828

791

\u00a0

Main defined-benefit pension plans for Group entities and indemnities payable on retirement
Defined-benefit plans

In Belgium, BNP\u00a0Paribas Fortis funds a defined-benefit plan, based on final salary and number of years of service, for its management and employees who joined the bank before its pension plans were harmonised on 1\u00a0January 2002. Actuarial liabilities under this scheme are pre-funded at 95% at\u00a031\u00a0December 2024 (compared with 91% at\u00a031\u00a0December 2023) through insurance companies.

BNP\u00a0Paribas Fortis senior managers joining before 1\u00a0January 2015 are covered by a top-up pension plan, paying a lump sum based on the number of years of service and final salary. This plan is pre-funded at 100% at\u00a031\u00a0December 2024 (94% at\u00a031\u00a0December 2023) through insurance companies.

In Belgium, employees benefit from a defined-contribution scheme with a legal obligation for the employer to guarantee a minimum return on financial assets invested. Thus, a provision was recognised for these schemes, as this guarantee is not entirely covered by the insurance company.

In France, BNP\u00a0Paribas pays a top-up banking industry pension arising from rights acquired to 31\u00a0December 1993 by retired employees and active employees in service at that date. At\u00a031\u00a0December 2024, the Group\u2019s residual obligations for these employees were recognised on the balance sheet in full.

The defined-benefit plans previously granted to some Group senior managers have all been closed to new employees and converted into top-up type schemes. The amounts allocated to residual beneficiaries, subject to their presence within the Group at retirement, were fixed when these schemes were closed. At\u00a031\u00a0December 2024, these pension plans were funded at 442% through insurance companies (264% at\u00a031\u00a0December 2023).

In the United Kingdom, defined-benefit pension plans (pension funds) still exist but are closed to new employees. Under these plans, the defined pension is generally based on final salary and number of years of service. Pension schemes are managed by independent management bodies (Trustees). At 31\u00a0December 2024, obligations for all UK entities were 124% covered by financial assets, compared with 118% at 31\u00a0December 2023.

In Switzerland, liabilities relate to top-up pension plans based on the principle of defined-contribution schemes with guaranteed returns, paying an annuity under pre-defined terms. These schemes are managed by a foundation. At 31\u00a0December 2024, obligations were 105% covered by financial assets, compared with 111% at 31\u00a0December 2023.

In the United States, main defined-benefit pension plans are based on annual vesting rights to a lump sum comprising a pension expressed as a percentage of annual frozen salary and paying interest at a pre-defined rate. These plans are closed to new entrants and do not offer new vesting rights. At\u00a031\u00a0December 2024, the obligation was 85% covered by financial assets (87% at\u00a031\u00a0December 2023).

In Germany, liabilities are mainly related to defined-benefit pension plans, closed to new employees. Under these plans, the defined pension is generally based on the number of years of service and final salary. They offer the payment of an annuity under pre-defined terms. At 31\u00a0December 2024, the obligation was 72% covered by financial assets, (66% at\u00a031\u00a0December 2023).

In T\u00fcrkiye, the main pension plan replaces the national pension scheme and should eventually be transferred to the Turkish State. This plan offers guarantees exceeding the minimal legal requirements. At the end of 2024, obligations under this plan are fully funded by financial assets held with an external foundation; these financial assets exceeding the related obligations, this surplus is not recognised as an asset by the Group.

Other post-employment benefits

Group employees also receive various other contractual post-employment benefits, such as indemnities payable on retirement, determined according to minimal legal requirements (Labour Code, collective agreements) or according to specific company-level agreements.

In France, the obligations for these benefits are funded through a contract held with a third-party insurer. At 31\u00a0December 2024, this obligation was 129% covered by financial assets, compared with 127% at 31\u00a0December 2023.

In other countries, the obligations of the Group related to other post-employment benefits are mainly concentrated in Italy, where vested rights up to 31\u00a0December 2006 were frozen.

Obligations under defined-benefit pension plans and indemnities payable on retirement
\u27a4Assets and liabilities recognised on the balance sheet

In millions of euros,

at 31 December 2024

Defined-
benefit obligation arising from wholly or partially funded plans

Defined-
benefit obligation arising from unfunded plans

Present value of defined-benefit obligation

Fair value of plan assets

Fair value of reimburse-
ment rights(1)

Effect of asset ceiling

Net obligation

of which asset recognised in the balance sheet for defined-
benefit plans

of which net assets of defined-
benefit plans

of which fair value of reimburse-
ment rights

of which obligation recognised in the balance sheet for defined-
benefit plans

Belgium

2,691

15

2,706

(183)

(2,456)

\u00a0

67

(2,457)

(1)

(2,456)

2,524

UK

1,082

\u00a0

1,082

(1,337)

\u00a0

\u00a0

(255)

(255)

(255)

\u00a0

\u00a0

Switzerland

1,212

\u00a0

1,212

(1,276)

\u00a0

\u00a0

(64)

(68)

(68)

\u00a0

4

France

811

47

858

(1,114)

\u00a0

\u00a0

(256)

(355)

(355)

\u00a0

99

USA

145

1

146

(124)

\u00a0

\u00a0

22

\u00a0

\u00a0

\u00a0

22

T\u00fcrkiye

346

32

378

(347)

\u00a0

1

32

\u00a0

\u00a0

\u00a0

32

Italy

\u00a0

139

139

\u00a0

\u00a0

\u00a0

139

\u00a0

\u00a0

\u00a0

139

Germany

130

47

177

(127)

\u00a0

\u00a0

50

(6)

(6)

\u00a0

56

Others

314

49

363

(254)

(1)

2

110

(11)

(10)

(1)

121

TOTAL

6,731

330

7,061

(4,762)

(2,457)

3

(155)

(3,152)

(695)

(2,457)

2,997

\u00a0

In millions of euros,

at 31 December 2023

Defined-
benefit obligation arising from wholly or partially funded plans

Defined-
benefit obligation arising from unfunded plans

Present value of defined-
benefit obligation

Fair value of plan assets

Fair value of reimburse-
ment rights(1)

Effect of asset ceiling

Net obligation

of which asset recognised in the balance sheet for defined-
benefit plans

of which net assets of defined-
benefit plans

of which fair value of reimburse-
ment rights

of which obligation recognised in the balance sheet for defined-
benefit plans

Belgium

2,830

\u00a0

2,830

(152)

(2,502)

\u00a0

176

(2,502)

\u00a0

(2,502)

2,678

UK

1,158

\u00a0

1,158

(1,365)

\u00a0

\u00a0

(207)

(209)

(209)

\u00a0

2

Switzerland

1,123

\u00a0

1,123

(1,251)

\u00a0

130

2

\u00a0

\u00a0

\u00a0

2

France

856

52

908

(1,134)

\u00a0

\u00a0

(226)

(331)

(331)

\u00a0

105

USA

146

1

147

(127)

\u00a0

\u00a0

20

(4)

(4)

\u00a0

24

T\u00fcrkiye

235

43

278

(258)

\u00a0

22

42

\u00a0

\u00a0

\u00a0

42

Italy

\u00a0

164

164

\u00a0

\u00a0

\u00a0

164

\u00a0

\u00a0

\u00a0

164

Germany

129

49

178

(118)

\u00a0

\u00a0

60

\u00a0

\u00a0

\u00a0

60

Others

334

47

381

(269)

(1)

1

112

(9)

(8)

(1)

121

TOTAL

6,811

356

7,167

(4,674)

(2,503)

153

143

(3,055)

(552)

(2,503)

3,198

  • The reimbursement rights are principally found on the balance sheet of the Group\u2019s insurance subsidiaries and associated companies - notably\u00a0AG Insurance with respect to BNP\u00a0Paribas Fortis\u2019 defined-benefit plans - to hedge their commitments to other Group entities that were transferred to them to cover the post-employment benefits of certain employee categories.
\u27a4Change in the present value of the defined-benefit obligation including discontinued activities

In millions of euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Present value of defined-benefit obligation at start of period

7,167

7,174

Current service cost

193

181

Interest cost

226

236

Past service cost

(18)

(25)

Settlements

(7)

(15)

Actuarial (gains)/losses on change in demographic assumptions

(1)

(11)

Actuarial (gains)/losses on change in financial assumptions

(142)

203

Actuarial (gains)/losses on experience gaps

194

330

Actual employee contributions

25

24

Benefits paid directly by the employer

(103)

(87)

Benefits paid from assets/reimbursement rights

(483)

(453)

Exchange rate (gains)/losses on obligation

10

(41)

(Gains)/losses on obligation related to changes in the consolidation scope

\u00a0

(349)

Present value of defined-benefit obligation at end of period

7,061

7,167

\u27a4Change in the fair value of plan assets and reimbursement rights including discontinued activities

In millions of euros

Plan assets

Reimbursement rights

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Fair value of assets at start of period

4,674

4,964

2,503

2,397

Expected return on assets

148

169

77

84

Settlements

(8)

(14)

\u00a0

\u00a0

Actuarial gains/(losses) on assets

88

10

21

99

Actual employee contributions

14

14

11

10

Employer contributions

54

60

98

131

Benefits paid from assets

(226)

(234)

(257)

(219)

Exchange rate gains/(losses) on assets

22

(36)

\u00a0

\u00a0

Gains/(losses) on assets related to changes in the consolidation scope

(4)

(259)

4

1

Fair value of assets at end of period

4,762

4,674

2,457

2,503

\u27a4Components of the cost of defined-benefit plans

In millions of euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Service costs

176

155

Current service cost

193

181

Past service cost

(18)

(25)

Settlements

1

(1)

Net financial expense

7

1

Interest cost

226

236

Interest income on plan asset

6

18

Interest income on reimbursement rights

(148)

(169)

Expected return on asset ceiling

(77)

(84)

Total recognised in \u201cSalary and employee benefit expense\u201d

183

156

\u27a4Other items recognised directly in equity

In millions of euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Actuarial (losses)/gains on plan assets or reimbursement rights

109

109

Actuarial (losses)/gains of demographic assumptions on the present value of obligations

1

11

Actuarial (losses)/gains of financial assumptions on the present value of obligations

142

(203)

Experience (losses)/gains on obligations

(194)

(330)

Variation of the effect of assets limitation

165

216

Total of other items recognised directly in equity

223

(197)

\u27a4Main actuarial assumptions used to calculate obligations

In the Eurozone, United Kingdom and United States, the Group discounts its obligations using the yields of high quality corporate bonds, with a term consistent with the duration of the obligations.

The ranges of rates used are as follows:

In %

31 December 2024

31 December 2023

Discount rate

Compensation increase\u00a0rate(1)

Discount rate

Compensation increase\u00a0rate(1)

Belgium

2.60% / 3.60%

3.10% / 3.80%

3.00% / 3.60%

3.30% / 4.10%

UK

4.80% / 5.50%

2.00% / 3.60%

4.40% / 5.30%

2.00% / 3.40%

France

2.80% / 3.40%

2.00% / 4.10%

3.00% / 3.60%

2.10% / 3.60%

Switzerland

0.90% / 1.00%

1.75% / 1.80%

1.40% / 1.60%

1.80% / 2.00%

USA

4.90% / 5.20%

NA

4.70% / 5.30%

2.50%

Italy

2.90% / 3.20%

2.60% / 3.50%

3.00% / 3.60%

3.00% / 3.10%

Germany

3.00% / 3.60%

2.00% / 2.70%

3.20% / 3.70%

2.00% / 2.90%

T\u00fcrkiye

30.50%

26.25%

23.10%

18.80%

  • Including price increases (inflation).

Average discount rates weighted by obligation amounts are as follows:

\u00a0

The impact of a 100bps change in discount rates on the present value of post-employment benefit obligations is as follows:

\u00a0

Change in the present value of obligations

In millions of euros, at

31 December 2024

31 December 2023

Discount rate

-100\u00a0bps

Discount rate

+100\u00a0bps

Discount rate

-100\u00a0bps

Discount rate

+100\u00a0bps

Belgium

243

(181)

231

(168)

UK

156

(126)

170

(137)

France

94

(80)

88

(75)

Switzerland

175

(139)

148

(119)

USA

16

(13)

15

(13)

Italy

9

(8)

10

(9)

Germany

28

(22)

27

(21)

T\u00fcrkiye

15

(12)

11

(9)

\u00a0

Inflation assumptions used for the valuations of the Group obligations are determined locally depending on the monetary area, except for the Eurozone for which the assumption is determined centrally.

Average discount rates weighted by obligation amounts are as follows:

\u00a0

The impact of a +100-bps increase in inflation rates on the present value of post-employment benefit obligations is as follows:

\u00a0

Change in the present value of obligations

In millions of euros, at

31 December 2024

31 December 2023

Inflation rate

+100\u00a0bps

Inflation rate

+100\u00a0bps

Belgium

121

133

UK

94

100

France

106

88

Switzerland

10

8

Italy

6

7

Germany

18

16

T\u00fcrkiye

15

11

\u00a0

Variation effects of discount and inflation rates presented above are not cumulative.

\u27a4Actual rate of return on plan assets and reimbursement rights over the period

In %

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Range of value

(reflecting the existence of several
\u00a0plans in the same country)

Weighted average
\u00a0rates

Range of value

(reflecting the existence of several
\u00a0plans in the same country)

Weighted average
\u00a0rates

Belgium

-9.80% / 18.60%

3.40%

-0.20% / 13.20%

6.45%

UK

-6.40% / 8.90%

-3.40%

-10.50% / 5.40%

0.50%

France

2.80%

2.80%

2.60%

2.60%

Switzerland

2.10% / 9.30%

6.55%

1.70% / 2.50%

2.50%

USA

2.45%

2.45%

1.65% / 5.45%

5.25%

Germany

1.85% / 15.90%

11.15%

-2.85% / 11.50%

9.30%

T\u00fcrkiye

35.95%

35.95%

44.90%

44.90%

\u00a0

\u27a4Breakdown of plan assets

In %

31 December 2024

31 December 2023

Shares

Governmental bonds

Non-
Governmental bonds

Real-
estate

Deposit account

Others

Shares

Governmental bonds

Non-
Governmental bonds

Real-
estate

Deposit account

Others

Belgium

8%

46%

20%

1%

0%

25%

8%

46%

19%

1%

2%

24%

UK

7%

58%

27%

0%

1%

7%

12%

62%

16%

0%

2%

8%

France(1)

12%

64%

13%

9%

2%

0%

8%

59%

18%

13%

2%

0%

Switzerland

30%

0%

26%

20%

3%

21%

29%

0%

26%

25%

4%

16%

USA

20%

26%

49%

0%

5%

0%

17%

24%

45%

0%

13%

1%

Germany

18%

54%

0%

0%

1%

27%

22%

52%

0%

0%

0%

26%

T\u00fcrkiye

0%

73%

0%

18%

8%

1%

0%

68%

0%

6%

21%

5%

Others

11%

24%

13%

2%

2%

48%

9%

22%

12%

1%

2%

54%

GROUP

12%

43%

20%

6%

2%

17%

12%

43%

19%

7%

3%

16%

  • In France, the breakdown of plan assets reflects the breakdown of the general fund of the insurance company through which the Group\u2019s obligations are funded.

\u00a0

The Group introduced an asset management governance for assets backing defined-benefit pension plan commitments, the main objectives of which are the management and control of the risks in terms of investment.

It sets out investment principles, in particular, by defining an investment strategy for plan assets, based on financial objectives and risk management, to specify the way in which plan assets have to be managed, via financial management servicing contracts.

The investment strategy is based on an assets and liabilities management analysis that should be realised at least every three years for plans with assets in excess of EUR\u00a0100\u00a0million.

Post-employment healthcare benefits

The Group offers some healthcare benefit plans for retired employees, mainly in Belgium.

The present value of post-employment healthcare benefit obligations stood at EUR\u00a075\u00a0million at\u00a031\u00a0December 2024, compared with EUR\u00a078\u00a0million at\u00a031\u00a0December 2023.

\u00a0\u00a0

7.cOther long-term benefits

BNP\u00a0Paribas offers its employees various long-term benefits, mainly long-service awards, the ability to save up paid annual leave in time savings accounts, and certain guarantees protecting them in the event they become incapacitated. The net provision amounted to EUR\u00a0465\u00a0million at 31\u00a0December 2024 (EUR\u00a0462\u00a0million at 31\u00a0December 2023).

As part of the Group\u2019s variable compensation policy, annual deferred compensation plans are set up for certain high-performing employees or pursuant to special regulatory frameworks. Under these plans, payment is deferred over time and is subject to the performance achieved by the business lines, divisions and Group.

Since 2013, BNP\u00a0Paribas has introduced a Group loyalty scheme with a cash payment, at the end of a three-year to four-year vesting period, which fluctuates according to the Group\u2019s intrinsic performance. The aim of this loyalty scheme is to make different categories of managerial staff partners in the Group\u2019s development and profitability objectives. These personnels are representative of the Group\u2019s talent and the breadth of its managerial framework i.e. senior managers, managers in key positions, line managers and experts, high-potential managers, high-performing young executives with good career development prospects and key contributors to the Group\u2019s results.

The amounts allocated under this plan are linked to changes in the Group\u2019s operational performance over the duration of the plan (for 80%) and to the achievement of the Group\u2019s Corporate Social Responsibility (CSR) targets (for 20%). These ten targets are in line with the four pillars on which the Group\u2019s CSR policy is based. In addition, the final payment is subject to continuous service within the Group between the grant date and the payment date, provided that the Group\u2019s operating income and pre-tax income for the year prior to payment are strictly positive. For employees subject to special regulatory frameworks, this loyalty scheme is adjusted in accordance with the CRD European Directive.

The net obligation related to deferred compensation plans and loyalty schemes amounts to EUR\u00a01,152\u00a0million at 31\u00a0December 2024 (EUR\u00a01,033\u00a0million at 31\u00a0December 2023).

\u00a0

In millions of euros, at

31 December 2024

31 December 2023

Net provisions for other long-term benefits

1,617

1,495

Asset recognised in the balance sheet under the other long-term benefits

(92)

(76)

Obligation recognised in the balance sheet under the other long-term benefits

1,709

1,571

\u00a0

7.dTermination benefits

BNP\u00a0Paribas has implemented a number of voluntary redundancy plans and headcount adaptation plans for employees who meet certain eligibility criteria. The obligations to eligible active employees under such plans are provided for as soon as a bilateral agreement or a bilateral agreement proposal for a particular plan is made.

\u00a0

In millions of euros, at

31 December 2024

31 December 2023

Provision for voluntary departure, early retirement plans, and headcount adaptation plans

328

482

\u00a0

7.eShare-based payments

As part of the Group\u2019s variable remuneration policy, deferred annual compensation plans offered to certain high-performing employees or set up pursuant to special regulatory frameworks may entitle beneficiaries to variable compensation settled in cash but linked to the share price, payable over several years.

Variable compensation for employees, subject to special regulatory frameworks

Since the publication of the Decree by the French Ministry of Finance on 13\u00a0December 2010, and following the provisions of the European Directive CRD 4 of 26\u00a0July 2013, modified by the CRD 5 Directive of 20\u00a0May 2019, transposed into the French law in the Monetary and Financial Code by the Ordinance of 20\u00a0February 2014, and the Ordinance of 21\u00a0December 2020, as well as the Decrees and Orders of 3\u00a0November 2014 and 22\u00a0December 2020 and the Delegated European Regulation of 25\u00a0March 2021, the variable compensation plans apply to Group employees performing activities that may have a material impact on the Group\u2019s risk profile.

Under these plans, payment is deferred over time and is contingent on the performance achieved by the business lines, core businesses and Group.

Sums will mostly be paid in cash linked to the increase or decrease in the BNP\u00a0Paribas share price.

Deferred variable compensation for other Group employees

Sums due under the annual deferred compensation plans for high-performing employees are partly paid in cash linked to the increase or decrease in the BNP\u00a0Paribas share price.

\u27a4Expense of share-based payments

Expense/(revenue)

In millions of euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Prior deferred compensation plans

46

48

Deferred compensation plans for the year

600

541

Total

646

589

\u00a0

", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_9077d1d5-cec9-4ba7-a5d6-3f6046a0136b": { "value": "
1.kEmployee benefits

Employee benefits are classified into four categories:

Short-term benefits

The Group recognises an expense when it has used services rendered by employees in exchange for employee benefits.

Long-term benefits

These are benefits, other than short-term benefits, post-employment benefits and termination benefits. This relates, in particular, to compensation deferred for more than 12\u00a0months and not linked to the BNP\u00a0Paribas share price, which is accrued in the financial statements for the period in which this compensation is earned.

The actuarial techniques used are similar to those used for defined-benefit post-employment benefits, except that the revaluation items are recognised in the profit and loss account and not in equity.

Termination benefits

Termination benefits are employee benefits payable in exchange for the termination of an employee\u2019s contract as a result of either a decision by the Group to terminate a contract of employment before the legal retirement age, or a decision by an employee to accept voluntary redundancy in exchange for these benefits. Termination benefits due more than 12\u00a0months after the balance sheet date are discounted.

Post-employment benefits

In accordance with IFRS, the BNP\u00a0Paribas Group draws a distinction between defined-contribution plans and defined-benefit plans.

Defined-contribution plans do not give rise to an obligation for the Group and do not require a provision. The amount of the employer\u2019s contributions payable during the period is recognised as an expense.

Only defined-benefit schemes give rise to an obligation for the Group. This obligation must be measured and recognised as a liability by means of a provision.

The classification of plans into these two categories is based on the economic substance of the plan, which is reviewed to determine whether the Group has a legal or constructive obligation to pay the agreed benefits to employees.

Post-employment benefit obligations under defined-benefit plans are measured using actuarial techniques that take demographic and financial assumptions into account.

The net liability recognised with respect to post-employment benefit plans is the difference between the present value of the defined-benefit obligation and the fair value of plan assets (if any).

The present value of the defined-benefit obligation is measured on the basis of the actuarial assumptions applied by the Group, using the projected unit credit method. This method takes into account various parameters, specific to each country or Group entity, such as demographic assumptions, the probability that employees will leave before retirement age, salary inflation, a discount rate, and the general inflation rate.

When the value of the plan assets exceeds the amount of the obligation, an asset is recognised if it represents a future economic benefit for the Group in the form of a reduction in future contributions or a future partial refund of amounts paid into the plan.

The annual expense recognised in the profit and loss account under \u201cSalaries and employee benefits\u201d, with respect to defined-benefit plans includes the current service cost (the rights vested by each employee during the period in return for service rendered), the net interests linked to the effect of discounting the net defined-benefit liability (asset), the past service cost arising from plan amendments or curtailments, and the effect of any plan settlements.

Remeasurements of the net defined-benefit liability (asset) are recognised in shareholders\u2019 equity and are never reclassified to profit or loss. They include actuarial gains and losses, the return on plan assets and any change in the effect of the asset ceiling (excluding amounts included in net interest on the defined-benefit liability or asset).

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_0994e9c2-171f-4747-b72e-373531eb552b": { "value": "
1.lShare-based payments

Share-based payment transactions are payments based on shares issued by the Group, whether the transaction is settled in the form of equity or cash of which the amount is based on trends in the value of BNP\u00a0Paribas shares.

Stock option and share award plans

The expense related to stock option and share award plans is recognised over the vesting period, if the benefit is conditional upon the grantee\u2019s continued presence at the vesting date.

Stock options and share award expenses are recorded under salary and employee benefits expenses, with a corresponding adjustment to shareholders\u2019 equity. They are calculated on the basis of the overall plan value, determined at the date of grant by the Board of directors.

In the absence of any market for these instruments, financial valuation models are used that take into account any performance conditions related to the BNP\u00a0Paribas share price. The total expense of a plan is determined by multiplying the unit value per option or share awarded by the estimated number of options or shares awarded vested at the end of the vesting period, taking into account the conditions regarding the grantee\u2019s continued employment.

The only assumptions revised during the vesting period, and hence resulting in a remeasurement of the expense, are those relating to the probability that employees will leave the Group and those relating to performance conditions that are not linked to the price value of BNP\u00a0Paribas shares.

Share price-linked cash-settled deferred compensation plans

The expense related to these plans is recognised in the year during which the employee rendered the corresponding services.

If the payment of share-based variable compensation is explicitly subject to an enforceable condition consisting in the employee\u2019s continued presence at the vesting date, the services are presumed to have been rendered during the vesting period and the corresponding compensation expense is recognised on a pro rata basis over that period. The expense is recognised under salary and employee benefits expenses with a corresponding liability in the balance sheet. It is revised to take into account any non-fulfilment of the continued presence or performance conditions and the change in BNP\u00a0Paribas share price.

If there is no continued presence enforceable condition, the expense is not deferred, but recognised immediately with a corresponding liability in the balance sheet. This is then revised on each reporting date until settlement to take into account any performance conditions and the change in the BNP\u00a0Paribas share price.

\u00a0

7.eShare-based payments

As part of the Group\u2019s variable remuneration policy, deferred annual compensation plans offered to certain high-performing employees or set up pursuant to special regulatory frameworks may entitle beneficiaries to variable compensation settled in cash but linked to the share price, payable over several years.

Variable compensation for employees, subject to special regulatory frameworks

Since the publication of the Decree by the French Ministry of Finance on 13\u00a0December 2010, and following the provisions of the European Directive CRD 4 of 26\u00a0July 2013, modified by the CRD 5 Directive of 20\u00a0May 2019, transposed into the French law in the Monetary and Financial Code by the Ordinance of 20\u00a0February 2014, and the Ordinance of 21\u00a0December 2020, as well as the Decrees and Orders of 3\u00a0November 2014 and 22\u00a0December 2020 and the Delegated European Regulation of 25\u00a0March 2021, the variable compensation plans apply to Group employees performing activities that may have a material impact on the Group\u2019s risk profile.

Under these plans, payment is deferred over time and is contingent on the performance achieved by the business lines, core businesses and Group.

Sums will mostly be paid in cash linked to the increase or decrease in the BNP\u00a0Paribas share price.

Deferred variable compensation for other Group employees

Sums due under the annual deferred compensation plans for high-performing employees are partly paid in cash linked to the increase or decrease in the BNP\u00a0Paribas share price.

\u27a4Expense of share-based payments

Expense/(revenue)

In millions of euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Prior deferred compensation plans

46

48

Deferred compensation plans for the year

600

541

Total

646

589

\u00a0

", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_e58130d9-5be5-4c61-ba76-32d6b0c36149": { "value": "
1.lShare-based payments

Share-based payment transactions are payments based on shares issued by the Group, whether the transaction is settled in the form of equity or cash of which the amount is based on trends in the value of BNP\u00a0Paribas shares.

Stock option and share award plans

The expense related to stock option and share award plans is recognised over the vesting period, if the benefit is conditional upon the grantee\u2019s continued presence at the vesting date.

Stock options and share award expenses are recorded under salary and employee benefits expenses, with a corresponding adjustment to shareholders\u2019 equity. They are calculated on the basis of the overall plan value, determined at the date of grant by the Board of directors.

In the absence of any market for these instruments, financial valuation models are used that take into account any performance conditions related to the BNP\u00a0Paribas share price. The total expense of a plan is determined by multiplying the unit value per option or share awarded by the estimated number of options or shares awarded vested at the end of the vesting period, taking into account the conditions regarding the grantee\u2019s continued employment.

The only assumptions revised during the vesting period, and hence resulting in a remeasurement of the expense, are those relating to the probability that employees will leave the Group and those relating to performance conditions that are not linked to the price value of BNP\u00a0Paribas shares.

Share price-linked cash-settled deferred compensation plans

The expense related to these plans is recognised in the year during which the employee rendered the corresponding services.

If the payment of share-based variable compensation is explicitly subject to an enforceable condition consisting in the employee\u2019s continued presence at the vesting date, the services are presumed to have been rendered during the vesting period and the corresponding compensation expense is recognised on a pro rata basis over that period. The expense is recognised under salary and employee benefits expenses with a corresponding liability in the balance sheet. It is revised to take into account any non-fulfilment of the continued presence or performance conditions and the change in BNP\u00a0Paribas share price.

If there is no continued presence enforceable condition, the expense is not deferred, but recognised immediately with a corresponding liability in the balance sheet. This is then revised on each reporting date until settlement to take into account any performance conditions and the change in the BNP\u00a0Paribas share price.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_68b7eb4f-d37f-4135-9e4d-038ef4c655c7": { "value": "
1.mProvisions recorded under liabilities

Provisions recorded under liabilities (other than those relating to financial instruments, employee benefits and insurance contracts) mainly relate to restructuring, claims and litigation, fines and penalties.

A provision is recognised when it is probable that an outflow of resources embodying economic benefits will be required to settle an obligation arising from a past event, and a reliable estimate can be made of the amount of the obligation. The amount of such obligations is discounted, where the impact of discounting is material, in order to determine the amount of the provision.

2.hOther net losses for risk on\u00a0financial instruments

In 2023, the Group modified its accounting policy relating to the risk of loss of cash flows on financial instruments granted that are not linked to the counterparty\u2019s default, such as legal risks calling into question the validity or enforceability of such contracts.

The effect on expected cash flows due to these risks is now considered as a change in the contract\u2019s cash flows, in accordance with IFRS\u00a09 B5.4.6, and is recorded as a decrease in the gross value of the asset. It was previously recognised separately in accordance with IAS\u00a037 in \u201cProvisions for risks and charges\u201d (see note\u00a04.n). Expected losses on derecognised financial instruments, as is the case when loans have been repaid, continue to be recognised in accordance with IAS\u00a037.

The corresponding expected and realised cash flow losses are now presented under \u201cOther net losses for risk on financial instruments\u201d.

In 2024, the expense thus recognised relates to EUR\u00a0186\u00a0million in mortgage loans in Swiss franc or indexed to the Swiss franc in Poland, and to EUR\u00a016\u00a0million in losses under the law on assistance to borrowers in Poland. In 2023, it was mainly composed of EUR\u00a0450\u00a0million in mortgage loans in Swiss franc or indexed to the Swiss franc in Poland, and EUR\u00a0221\u00a0million in foreign currency loans issued by BNP\u00a0Paribas Personal Finance.

4.nProvisions for contingencies and charges
\u27a4Provisions for contingencies and charges by type

In millions of euros, at

31 December 2023

Net additions to provisions

Provisions used

Changes in value recognised directly in equity

Effect of movements in exchange rates and other movements

31 December 2024

Provisions for employee benefits

6,509

1,414

(1,307)

(182)

109

6,543

of which post-employment benefits (note 7.b)

3,198

205

(277)

(175)

46

2,997

of which post-employment healthcare benefits (note 7.b)

78

7

(3)

(7)

\u00a0

75

of which provision for other long-term benefits (note 7.c)

1,571

491

(382)

\u00a0

29

1,709

of which provision for voluntary departure, early retirement plans, and headcount adaptation plan (note\u202f7.d)

482

65

(216)

\u00a0

(3)

328

of which provision for share-based payments (note 7.e)

1,180

646

(429)

\u00a0

37

1,434

Provisions for home savings accounts and plans

48

(13)

\u00a0

\u00a0

\u00a0

35

Provisions for credit commitments (note\u00a02.g)

1,270

(145)

(39)

\u00a0

(31)

1,055

Provisions for litigations(1)

1,005

193

(283)

\u00a0

(10)

905

Other provisions for contingencies and charges

1,686

148

(614)

\u00a0

48

1,268

Total provisions for contingencies and charges

10,518

1,597

(2,243)

(182)

116

9,806

  • Of which EUR 366 million in provisions for mortgage loans in Swiss franc or indexed to the Swiss franc in Poland at 31 December 2024, compared with EUR\u00a0265 million at 31 December 2023 and EUR\u00a0 38\u202fmillion in provisions for foreign currency loans issued by BNP\u00a0Paribas Personal Finance at 31\u00a0December\u00a02024, compared with EUR\u202f180\u202fmillion at 31 December 2023.

In 2023, the Group modified its accounting policy relating to the risk of loss of cash flows on financial instruments granted that are not linked to the counterparty\u2019s default, such as legal risks calling into question the validity or enforceability of such contracts (see note\u00a02.h).

The effect on expected cash flows due to these risks is now considered as a change in the contract\u2019s cash flows, in accordance with IFRS\u00a09 B5.4.6, and is recorded as a decrease in the gross value of the asset. It was previously recognised separately in accordance with IAS\u00a037 in \u201cProvisions for risks and charges\u201d. Expected losses on derecognised financial instruments, as is the case when loans have been repaid, continue to be recognised in accordance with IAS\u00a037.

\u27a4Provisions and discount for home savings accounts and plans

In millions of euros, at

31 December 2024

31 December 2023

Deposits collected under home savings accounts and plans

12,636

14,606

of which deposits collected under home savings plans

10,504

12,426

Aged more than 10\u00a0years

7,131

6,695

Aged between 4 and 10\u00a0years

2,610

4,926

Aged less than 4\u00a0years

763

805

Outstanding loans granted under home savings accounts and plans

18

9

of which loans granted under home savings plans

14

4

Provisions and discount recognised for home savings accounts and plans

35

48

provisions recognised for home savings plans

24

33

provisions recognised for home savings accounts

11

15

discount recognised for home savings accounts and plans

-

-

7.bPost-employment benefits

IAS\u00a019 distinguishes between two categories of plans, each handled differently depending on the risk incurred by the entity. When the entity is only committed to paying a fixed amount, stated as a percentage of the beneficiary\u2019s annual salary, for example, to an external entity handling payment of the benefits based on the assets available for each plan member, it is described as a defined-contribution plan. Conversely, when the entity\u2019s obligation is to manage the financial assets funded through the collection of contributions from employees and to bear the cost of benefits itself or to guarantee the final amount subject to future events, it is described as a defined-benefit plan. The same applies if the entity entrusts management of the collection of premiums and payment of benefits to a separate entity but retains the risk arising from management of the assets and/or from future changes in the benefits.

Main defined-contribution pension plans for\u00a0Group entities

The BNP\u00a0Paribas Group has implemented over the past few years a wide campaign of converting defined-benefit plans into defined-contribution plans.

Thus, in France, the BNP\u00a0Paribas Group pays contributions to mandatory state and complementary pension schemes. BNP\u00a0Paribas\u00a0SA and certain subsidiaries have set up a complementary defined-contribution pension plan under a company-wide agreement. Under this plan, employees will receive an annuity or a lump sum on retirement in addition to the pension paid by mandatory schemes.

Since defined-benefit plans have been closed to new employees in most countries outside France, they are offered the benefit of joining defined-contribution pension plans.

In Italy, the plan introduced by BNL is funded by employer contributions (4.35% of salaries) and employee contributions (2% of salaries). Employees can also make additional voluntary contributions.

In the United Kingdom, the employer contributes 12% of salaries for the majority of employees; employees can make additional voluntary contributions.

In the US, the bank matches the voluntary contributions made by employees, within certain limits.

The amount paid into defined-contribution retirement plans for the year ended 31\u00a0December 2024\u00a0was EUR\u00a0828\u00a0million, compared with EUR\u00a0791\u00a0million for the year ended 31\u00a0December 2023.

The breakdown by major contributors is determined as follows:

\u00a0

Contribution amount

In millions of euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

France

383

386

Italy

110

106

UK

74

62

T\u00fcrkiye

50

39

Luxembourg

31

30

Hong Kong

30

29

USA

29

27

Others

121

112

TOTAL

828

791

\u00a0

Main defined-benefit pension plans for Group entities and indemnities payable on retirement
Defined-benefit plans

In Belgium, BNP\u00a0Paribas Fortis funds a defined-benefit plan, based on final salary and number of years of service, for its management and employees who joined the bank before its pension plans were harmonised on 1\u00a0January 2002. Actuarial liabilities under this scheme are pre-funded at 95% at\u00a031\u00a0December 2024 (compared with 91% at\u00a031\u00a0December 2023) through insurance companies.

BNP\u00a0Paribas Fortis senior managers joining before 1\u00a0January 2015 are covered by a top-up pension plan, paying a lump sum based on the number of years of service and final salary. This plan is pre-funded at 100% at\u00a031\u00a0December 2024 (94% at\u00a031\u00a0December 2023) through insurance companies.

In Belgium, employees benefit from a defined-contribution scheme with a legal obligation for the employer to guarantee a minimum return on financial assets invested. Thus, a provision was recognised for these schemes, as this guarantee is not entirely covered by the insurance company.

In France, BNP\u00a0Paribas pays a top-up banking industry pension arising from rights acquired to 31\u00a0December 1993 by retired employees and active employees in service at that date. At\u00a031\u00a0December 2024, the Group\u2019s residual obligations for these employees were recognised on the balance sheet in full.

The defined-benefit plans previously granted to some Group senior managers have all been closed to new employees and converted into top-up type schemes. The amounts allocated to residual beneficiaries, subject to their presence within the Group at retirement, were fixed when these schemes were closed. At\u00a031\u00a0December 2024, these pension plans were funded at 442% through insurance companies (264% at\u00a031\u00a0December 2023).

In the United Kingdom, defined-benefit pension plans (pension funds) still exist but are closed to new employees. Under these plans, the defined pension is generally based on final salary and number of years of service. Pension schemes are managed by independent management bodies (Trustees). At 31\u00a0December 2024, obligations for all UK entities were 124% covered by financial assets, compared with 118% at 31\u00a0December 2023.

In Switzerland, liabilities relate to top-up pension plans based on the principle of defined-contribution schemes with guaranteed returns, paying an annuity under pre-defined terms. These schemes are managed by a foundation. At 31\u00a0December 2024, obligations were 105% covered by financial assets, compared with 111% at 31\u00a0December 2023.

In the United States, main defined-benefit pension plans are based on annual vesting rights to a lump sum comprising a pension expressed as a percentage of annual frozen salary and paying interest at a pre-defined rate. These plans are closed to new entrants and do not offer new vesting rights. At\u00a031\u00a0December 2024, the obligation was 85% covered by financial assets (87% at\u00a031\u00a0December 2023).

In Germany, liabilities are mainly related to defined-benefit pension plans, closed to new employees. Under these plans, the defined pension is generally based on the number of years of service and final salary. They offer the payment of an annuity under pre-defined terms. At 31\u00a0December 2024, the obligation was 72% covered by financial assets, (66% at\u00a031\u00a0December 2023).

In T\u00fcrkiye, the main pension plan replaces the national pension scheme and should eventually be transferred to the Turkish State. This plan offers guarantees exceeding the minimal legal requirements. At the end of 2024, obligations under this plan are fully funded by financial assets held with an external foundation; these financial assets exceeding the related obligations, this surplus is not recognised as an asset by the Group.

Other post-employment benefits

Group employees also receive various other contractual post-employment benefits, such as indemnities payable on retirement, determined according to minimal legal requirements (Labour Code, collective agreements) or according to specific company-level agreements.

In France, the obligations for these benefits are funded through a contract held with a third-party insurer. At 31\u00a0December 2024, this obligation was 129% covered by financial assets, compared with 127% at 31\u00a0December 2023.

In other countries, the obligations of the Group related to other post-employment benefits are mainly concentrated in Italy, where vested rights up to 31\u00a0December 2006 were frozen.

Obligations under defined-benefit pension plans and indemnities payable on retirement
\u27a4Assets and liabilities recognised on the balance sheet

In millions of euros,

at 31 December 2024

Defined-
benefit obligation arising from wholly or partially funded plans

Defined-
benefit obligation arising from unfunded plans

Present value of defined-benefit obligation

Fair value of plan assets

Fair value of reimburse-
ment rights(1)

Effect of asset ceiling

Net obligation

of which asset recognised in the balance sheet for defined-
benefit plans

of which net assets of defined-
benefit plans

of which fair value of reimburse-
ment rights

of which obligation recognised in the balance sheet for defined-
benefit plans

Belgium

2,691

15

2,706

(183)

(2,456)

\u00a0

67

(2,457)

(1)

(2,456)

2,524

UK

1,082

\u00a0

1,082

(1,337)

\u00a0

\u00a0

(255)

(255)

(255)

\u00a0

\u00a0

Switzerland

1,212

\u00a0

1,212

(1,276)

\u00a0

\u00a0

(64)

(68)

(68)

\u00a0

4

France

811

47

858

(1,114)

\u00a0

\u00a0

(256)

(355)

(355)

\u00a0

99

USA

145

1

146

(124)

\u00a0

\u00a0

22

\u00a0

\u00a0

\u00a0

22

T\u00fcrkiye

346

32

378

(347)

\u00a0

1

32

\u00a0

\u00a0

\u00a0

32

Italy

\u00a0

139

139

\u00a0

\u00a0

\u00a0

139

\u00a0

\u00a0

\u00a0

139

Germany

130

47

177

(127)

\u00a0

\u00a0

50

(6)

(6)

\u00a0

56

Others

314

49

363

(254)

(1)

2

110

(11)

(10)

(1)

121

TOTAL

6,731

330

7,061

(4,762)

(2,457)

3

(155)

(3,152)

(695)

(2,457)

2,997

\u00a0

In millions of euros,

at 31 December 2023

Defined-
benefit obligation arising from wholly or partially funded plans

Defined-
benefit obligation arising from unfunded plans

Present value of defined-
benefit obligation

Fair value of plan assets

Fair value of reimburse-
ment rights(1)

Effect of asset ceiling

Net obligation

of which asset recognised in the balance sheet for defined-
benefit plans

of which net assets of defined-
benefit plans

of which fair value of reimburse-
ment rights

of which obligation recognised in the balance sheet for defined-
benefit plans

Belgium

2,830

\u00a0

2,830

(152)

(2,502)

\u00a0

176

(2,502)

\u00a0

(2,502)

2,678

UK

1,158

\u00a0

1,158

(1,365)

\u00a0

\u00a0

(207)

(209)

(209)

\u00a0

2

Switzerland

1,123

\u00a0

1,123

(1,251)

\u00a0

130

2

\u00a0

\u00a0

\u00a0

2

France

856

52

908

(1,134)

\u00a0

\u00a0

(226)

(331)

(331)

\u00a0

105

USA

146

1

147

(127)

\u00a0

\u00a0

20

(4)

(4)

\u00a0

24

T\u00fcrkiye

235

43

278

(258)

\u00a0

22

42

\u00a0

\u00a0

\u00a0

42

Italy

\u00a0

164

164

\u00a0

\u00a0

\u00a0

164

\u00a0

\u00a0

\u00a0

164

Germany

129

49

178

(118)

\u00a0

\u00a0

60

\u00a0

\u00a0

\u00a0

60

Others

334

47

381

(269)

(1)

1

112

(9)

(8)

(1)

121

TOTAL

6,811

356

7,167

(4,674)

(2,503)

153

143

(3,055)

(552)

(2,503)

3,198

  • The reimbursement rights are principally found on the balance sheet of the Group\u2019s insurance subsidiaries and associated companies - notably\u00a0AG Insurance with respect to BNP\u00a0Paribas Fortis\u2019 defined-benefit plans - to hedge their commitments to other Group entities that were transferred to them to cover the post-employment benefits of certain employee categories.
\u27a4Change in the present value of the defined-benefit obligation including discontinued activities

In millions of euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Present value of defined-benefit obligation at start of period

7,167

7,174

Current service cost

193

181

Interest cost

226

236

Past service cost

(18)

(25)

Settlements

(7)

(15)

Actuarial (gains)/losses on change in demographic assumptions

(1)

(11)

Actuarial (gains)/losses on change in financial assumptions

(142)

203

Actuarial (gains)/losses on experience gaps

194

330

Actual employee contributions

25

24

Benefits paid directly by the employer

(103)

(87)

Benefits paid from assets/reimbursement rights

(483)

(453)

Exchange rate (gains)/losses on obligation

10

(41)

(Gains)/losses on obligation related to changes in the consolidation scope

\u00a0

(349)

Present value of defined-benefit obligation at end of period

7,061

7,167

\u27a4Change in the fair value of plan assets and reimbursement rights including discontinued activities

In millions of euros

Plan assets

Reimbursement rights

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Fair value of assets at start of period

4,674

4,964

2,503

2,397

Expected return on assets

148

169

77

84

Settlements

(8)

(14)

\u00a0

\u00a0

Actuarial gains/(losses) on assets

88

10

21

99

Actual employee contributions

14

14

11

10

Employer contributions

54

60

98

131

Benefits paid from assets

(226)

(234)

(257)

(219)

Exchange rate gains/(losses) on assets

22

(36)

\u00a0

\u00a0

Gains/(losses) on assets related to changes in the consolidation scope

(4)

(259)

4

1

Fair value of assets at end of period

4,762

4,674

2,457

2,503

\u27a4Components of the cost of defined-benefit plans

In millions of euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Service costs

176

155

Current service cost

193

181

Past service cost

(18)

(25)

Settlements

1

(1)

Net financial expense

7

1

Interest cost

226

236

Interest income on plan asset

6

18

Interest income on reimbursement rights

(148)

(169)

Expected return on asset ceiling

(77)

(84)

Total recognised in \u201cSalary and employee benefit expense\u201d

183

156

\u27a4Other items recognised directly in equity

In millions of euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Actuarial (losses)/gains on plan assets or reimbursement rights

109

109

Actuarial (losses)/gains of demographic assumptions on the present value of obligations

1

11

Actuarial (losses)/gains of financial assumptions on the present value of obligations

142

(203)

Experience (losses)/gains on obligations

(194)

(330)

Variation of the effect of assets limitation

165

216

Total of other items recognised directly in equity

223

(197)

\u27a4Main actuarial assumptions used to calculate obligations

In the Eurozone, United Kingdom and United States, the Group discounts its obligations using the yields of high quality corporate bonds, with a term consistent with the duration of the obligations.

The ranges of rates used are as follows:

In %

31 December 2024

31 December 2023

Discount rate

Compensation increase\u00a0rate(1)

Discount rate

Compensation increase\u00a0rate(1)

Belgium

2.60% / 3.60%

3.10% / 3.80%

3.00% / 3.60%

3.30% / 4.10%

UK

4.80% / 5.50%

2.00% / 3.60%

4.40% / 5.30%

2.00% / 3.40%

France

2.80% / 3.40%

2.00% / 4.10%

3.00% / 3.60%

2.10% / 3.60%

Switzerland

0.90% / 1.00%

1.75% / 1.80%

1.40% / 1.60%

1.80% / 2.00%

USA

4.90% / 5.20%

NA

4.70% / 5.30%

2.50%

Italy

2.90% / 3.20%

2.60% / 3.50%

3.00% / 3.60%

3.00% / 3.10%

Germany

3.00% / 3.60%

2.00% / 2.70%

3.20% / 3.70%

2.00% / 2.90%

T\u00fcrkiye

30.50%

26.25%

23.10%

18.80%

  • Including price increases (inflation).

Average discount rates weighted by obligation amounts are as follows:

\u00a0

The impact of a 100bps change in discount rates on the present value of post-employment benefit obligations is as follows:

\u00a0

Change in the present value of obligations

In millions of euros, at

31 December 2024

31 December 2023

Discount rate

-100\u00a0bps

Discount rate

+100\u00a0bps

Discount rate

-100\u00a0bps

Discount rate

+100\u00a0bps

Belgium

243

(181)

231

(168)

UK

156

(126)

170

(137)

France

94

(80)

88

(75)

Switzerland

175

(139)

148

(119)

USA

16

(13)

15

(13)

Italy

9

(8)

10

(9)

Germany

28

(22)

27

(21)

T\u00fcrkiye

15

(12)

11

(9)

\u00a0

Inflation assumptions used for the valuations of the Group obligations are determined locally depending on the monetary area, except for the Eurozone for which the assumption is determined centrally.

Average discount rates weighted by obligation amounts are as follows:

\u00a0

The impact of a +100-bps increase in inflation rates on the present value of post-employment benefit obligations is as follows:

\u00a0

Change in the present value of obligations

In millions of euros, at

31 December 2024

31 December 2023

Inflation rate

+100\u00a0bps

Inflation rate

+100\u00a0bps

Belgium

121

133

UK

94

100

France

106

88

Switzerland

10

8

Italy

6

7

Germany

18

16

T\u00fcrkiye

15

11

\u00a0

Variation effects of discount and inflation rates presented above are not cumulative.

\u27a4Actual rate of return on plan assets and reimbursement rights over the period

In %

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Range of value

(reflecting the existence of several
\u00a0plans in the same country)

Weighted average
\u00a0rates

Range of value

(reflecting the existence of several
\u00a0plans in the same country)

Weighted average
\u00a0rates

Belgium

-9.80% / 18.60%

3.40%

-0.20% / 13.20%

6.45%

UK

-6.40% / 8.90%

-3.40%

-10.50% / 5.40%

0.50%

France

2.80%

2.80%

2.60%

2.60%

Switzerland

2.10% / 9.30%

6.55%

1.70% / 2.50%

2.50%

USA

2.45%

2.45%

1.65% / 5.45%

5.25%

Germany

1.85% / 15.90%

11.15%

-2.85% / 11.50%

9.30%

T\u00fcrkiye

35.95%

35.95%

44.90%

44.90%

\u00a0

\u27a4Breakdown of plan assets

In %

31 December 2024

31 December 2023

Shares

Governmental bonds

Non-
Governmental bonds

Real-
estate

Deposit account

Others

Shares

Governmental bonds

Non-
Governmental bonds

Real-
estate

Deposit account

Others

Belgium

8%

46%

20%

1%

0%

25%

8%

46%

19%

1%

2%

24%

UK

7%

58%

27%

0%

1%

7%

12%

62%

16%

0%

2%

8%

France(1)

12%

64%

13%

9%

2%

0%

8%

59%

18%

13%

2%

0%

Switzerland

30%

0%

26%

20%

3%

21%

29%

0%

26%

25%

4%

16%

USA

20%

26%

49%

0%

5%

0%

17%

24%

45%

0%

13%

1%

Germany

18%

54%

0%

0%

1%

27%

22%

52%

0%

0%

0%

26%

T\u00fcrkiye

0%

73%

0%

18%

8%

1%

0%

68%

0%

6%

21%

5%

Others

11%

24%

13%

2%

2%

48%

9%

22%

12%

1%

2%

54%

GROUP

12%

43%

20%

6%

2%

17%

12%

43%

19%

7%

3%

16%

  • In France, the breakdown of plan assets reflects the breakdown of the general fund of the insurance company through which the Group\u2019s obligations are funded.

\u00a0

The Group introduced an asset management governance for assets backing defined-benefit pension plan commitments, the main objectives of which are the management and control of the risks in terms of investment.

It sets out investment principles, in particular, by defining an investment strategy for plan assets, based on financial objectives and risk management, to specify the way in which plan assets have to be managed, via financial management servicing contracts.

The investment strategy is based on an assets and liabilities management analysis that should be realised at least every three years for plans with assets in excess of EUR\u00a0100\u00a0million.

Post-employment healthcare benefits

The Group offers some healthcare benefit plans for retired employees, mainly in Belgium.

The present value of post-employment healthcare benefit obligations stood at EUR\u00a075\u00a0million at\u00a031\u00a0December 2024, compared with EUR\u00a078\u00a0million at\u00a031\u00a0December 2023.

8.cLegal proceedings and arbitration

BNP\u00a0Paribas (the \u201cBank\u201d) is party as a defendant in various claims, disputes and legal proceedings (including investigations by judicial or supervisory authorities) in a number of jurisdictions arising in the ordinary course of its business, including inter alia in connection with its activities as market counterparty, lender, employer, investor and taxpayer.

The related risks have been assessed by the Bank and are subject, where appropriate, to provisions disclosed in notes\u00a04.n Provisions for contingencies and charges and 4.e Financial assets at amortised cost; a provision is recognised when it is probable that an outflow of resources embodying economic benefits will be required to settle an obligation arising from a past event and a reliable estimate can be made of the amount of the obligation.

The main contingent liabilities related to pending legal, governmental, or arbitral proceedings as of 31 December 2024 are described below. The Bank currently considers that none of these proceedings is likely to have a material adverse effect on its financial position or profitability; however, the outcome of legal or governmental proceedings is by definition unpredictable.

The Bank and certain of its subsidiaries are defendants in several actions pending before the United States Bankruptcy Court for the Southern District of New York brought by the Trustee appointed for the liquidation of Bernard L. Madoff Investment Securities\u00a0LLC (\u201cBLMIS\u201d). These actions, known generally as \u201cclawback claims\u201d, are similar to those brought by the BLMIS Trustee under the US Bankruptcy Code and New York state law against numerous institutions, and seek recovery of amounts allegedly received by BNP\u00a0Paribas entities from BLMIS or indirectly through BLMIS-related \u201cfeeder funds\u201d in which BNP\u00a0Paribas entities held interests. As a result of certain decisions of the Bankruptcy Court and the United States District Court between 2016 and 2018, the majority of the BLMIS Trustee\u2019s actions were either dismissed or substantially narrowed. However, those decisions were either reversed or effectively overruled by subsequent decisions of the United States Court of Appeals for the Second Circuit issued on 25\u00a0February 2019 and 30\u00a0August 2021. As a result, the BLMIS Trustee refiled certain of these actions and, as of end May\u00a02023, had asserted claims amounting in the aggregate to approximately USD\u202f1.2\u00a0billion. As of the end of December 2024, following the dismissal of certain of the BLMIS Trustee\u2019s actions or claims, the aggregate amount of the claims stood at approximately USD\u202f1.1\u202fbillion. BNP\u00a0Paribas has substantial and credible defences to these actions and is defending against them vigorously.

Litigation was brought in Belgium by minority shareholders of the previous Fortis Group against the Soci\u00e9t\u00e9 F\u00e9d\u00e9rale de Participations et d\u2019Investissement, Ageas and BNP\u00a0Paribas seeking (amongst other things) damages from BNP\u00a0Paribas as restitution for part of the BNP\u00a0Paribas Fortis shares that were contributed to BNP\u00a0Paribas in 2009, on the ground that the transfer of these shares was null and void. On 29\u00a0April 2016, the Brussels Commercial court decided to stay the proceedings until the resolution of the pending Fortis criminal proceeding in Belgium. The criminal proceeding, in which the Public Prosecutor had requested a dismissal, is definitively closed, as the Council Chamber of the Brussels Court of first instance issued on 4\u00a0September 2020 a ruling (which since became final) that the charges were time-barred. Certain minority shareholders are continuing the civil proceedings against BNP\u00a0Paribas and the Soci\u00e9t\u00e9 F\u00e9d\u00e9rale de Participations et d\u2019Investissement before the Brussels Commercial court; BNP\u00a0Paribas continues to defend itself vigorously against the allegations of these shareholders. Hearings on the matter took place in September and October 2024 before the Brussels Commercial court; a judgment is expected to be rendered in the coming months.

On 26\u00a0February 2020, the Paris Criminal Court found BNP\u00a0Paribas Personal Finance guilty of misleading commercial practice and concealment of this practice. BNP\u00a0Paribas Personal Finance was ordered to pay a fine of EUR\u00a0187,500 and damages and legal fees to the civil plaintiffs. On 28\u00a0November 2023, the Paris Court of Appeals upheld the Paris Criminal Court\u2019s decision relating to misleading commercial practice and the concealment of those practices. As for the damages owed to the civil plaintiffs, though the Paris Court of Appeals adjusted the calculation methodology, the majority of the damages had already been paid by provisional enforcement of the Paris Criminal Court\u2019s judgment. An agreement was also entered into with the Consommation Logement Cadre de Vie association to settle the case with customers wishing to do so.

The Bank and one of its US subsidiaries are defendants in a civil class action and related individual actions seeking money damages pending before the United States District Court for the Southern District of New York brought by former Sudanese citizens, now US citizens and legal residents, claiming they were injured by the government of Sudan between 1997 and 2011. Plaintiffs base their claims on the historical facts set forth in the Bank\u2019s 30\u202fJune\u202f2014 settlement agreements with US authorities concerning the processing of financial transactions for entities in certain countries subject to US economic sanctions. In early 2024, both the Board of Governors of the Federal Reserve in the United States and the Secr\u00e9tariat G\u00e9n\u00e9ral of the Autorit\u00e9 de Contr\u00f4le Prudentiel et de R\u00e9solution in France announced the end of BNP\u00a0Paribas\u2019s probationary period and the termination of the Cease-and-Desist Order entered into in 2014, marking the completion of BNP\u00a0Paribas Group\u2019s US sanctions remediation as set forth under this Cease-and-Desist Order. Plaintiffs allege that the transactions processed by the Bank, predominately through its Swiss-based subsidiary, with Sudanese entities subject to US sanctions make the Bank and its US subsidiary liable for injuries perpetrated to plaintiffs by the government of Sudan. On 9\u202fMay\u202f2024, the District Court granted plaintiffs\u2019 motion to proceed as a class of all refugees or asylees admitted by the United States who formerly lived in Sudan or South Sudan between November 1997 and December 2011, and ruled that the case would proceed to trial scheduled for 8\u202fSeptember\u202f2025. BNP\u00a0Paribas has substantial and credible defences to these actions and is defending against them vigorously.

BNP\u00a0Paribas Bank Polska holds mortgage loan portfolios in Swiss franc or indexed to the Swiss franc. The Swiss franc loan agreements, a majority of which were concluded in 2006-2008, were entered into in accordance with industry practices at the time of entry. Like many other financial institutions in Poland, BNP\u00a0Paribas Bank Polska is a defendant in civil proceedings with retail customers who took out these Swiss franc mortgage loans. BNP\u00a0Paribas Bank Polska is not a party to any class action proceeding in relation to such mortgage loan agreements.\u00a0

As at 31 December 2024, BNP\u00a0Paribas Bank Polska was a defendant in 6,596 individual pending court proceedings, in which plaintiffs are demanding either a declaration of invalidity or a declaration of non-enforceability of the mortgage loan agreement and the reimbursement of the payments made thereunder to date. The significant number of claims against banks in relation to these mortgage loans is believed to have been impacted by changes in exchange rates since 2009, and developments in EU and Polish court rulings since 2019. In particular, Polish courts to date have, in the vast majority of cases, ruled that such mortgage loan agreements were invalid or non-enforceable.

Since December 2021, BNP\u00a0Paribas Bank Polska has been conducting individual negotiations with clients with whom it remains in dispute or with whom there is a reasonable risk of entering into a dispute.

\u00a0

Like many other financial institutions in the banking, investment, mutual funds and brokerage sectors, the Bank has received or may receive requests for information from, or be subject to investigations by supervisory, governmental or self-regulatory agencies. The Bank responds to such requests, and cooperates with the relevant authorities and regulators and seeks to address and remedy any issues that may arise.

In 2023, BNP\u00a0Paribas premises (along with those of other financial institutions) were searched by the French financial prosecutor\u2019s office; BNP\u00a0Paribas was informed that the office had opened a preliminary investigation relating to French securities transactions.

\u00a0

There are no other legal, governmental or arbitral proceedings (including any such proceedings which are pending or threatened) that could have, or during the last twelve months have had, significant effects on the Bank\u2019s financial condition or profitability.

\u27a4TABLE 50: EXPOSURES AND PROVISIONS BY GEOGRAPHIC BREAKDOWN\u00a0(EU CQ4)\u00a0[Audited]

\u00a0

\u00a0

a

\u00a0

b

c

d

e

\u00a0

\u00a0

f

g

In millions of euros

31 December 2024

Gross carrying amount/Nominal amount

Accumulated impairment

Provisions on off-balance sheet commitments and financial guarantees given

Accumulated negative due to credit risk on non-performing exposures changes in fair value

\u00a0

Of which Instruments with significant increase in credit risk since initial recognition but not credit-impaired

(stage\u00a02)

Of which non-performing

Of which loans and advances subject to impairment

\u00a0

\u00a0

Of which Instruments with significant increase in credit risk since initial recognition but not credit-impaired

(Stage\u00a02)

Of which defaulted

\u00a0

Of which defaulted

010

On balance sheet exposures

1,367,269

72,927

27,421

26,923

1,362,026

(17,478)

(1,956)

(13,667)

(52)

\u00a0

Europe(1)

1,010,510

58,127

23,040

22,792

1,006,345

(14,298)

(1,684)

(10,982)

(52)

\u00a0

France

402,055

22,190

9,441

9,278

400,100

(5,707)

(736)

(4,452)

(15)

\u00a0

Belgium

171,333

8,076

3,100

3,098

171,297

(1,512)

(130)

(1,246)

\u00a0

\u00a0

Luxembourg

43,921

2,266

581

572

43,705

(167)

(33)

(114)

(2)

\u00a0

Italy

126,360

7,329

3,929

3,926

126,250

(3,032)

(304)

(2,353)

(30)

\u00a0

United Kingdom

62,681

3,423

1,221

1,215

62,262

(828)

(75)

(642)

(3)

\u00a0

Germany

58,412

5,613

1,641

1,622

57,329

(1,059)

(118)

(805)

\u00a0

\u00a0

Netherlands

22,577

1,125

144

144

22,571

(78)

(11)

(54)

\u00a0

\u00a0

Other European countries

123,172

8,105

2,984

2,937

122,830

(1,915)

(277)

(1,314)

(3)

\u00a0

North America

139,856

4,894

858

658

139,194

(204)

(60)

(126)

-

\u00a0

Asia Pacific

102,374

2,127

372

369

102,312

(232)

(16)

(156)

-

\u00a0

Japan

34,252

380

11

11

34,222

(11)

(9)

0

\u00a0

\u00a0

North Asia

28,533

893

216

214

28,533

(79)

(2)

(31)

\u00a0

\u00a0

South-East Asia (ASEAN)

19,730

558

121

121

19,713

(129)

(3)

(117)

\u00a0

\u00a0

Indian peninsula &\u00a0Pacific

19,858

296

24

22

19,843

(13)

(2)

(7)

\u00a0

070

Rest of the World

114,529

7,780

3,151

3,104

114,176

(2,744)

(196)

(2,403)

-

\u00a0

T\u00fcrkiye

18,381

981

167

167

18,381

(220)

(48)

(114)

\u00a0

\u00a0

Mediterranean

9,909

2,018

973

969

9,909

(796)

(52)

(706)

\u00a0

\u00a0

Gulf States & Africa

9,996

396

1,431

1,431

9,996

(1,255)

(40)

(1,188)

\u00a0

\u00a0

Latin America

13,689

477

168

167

13,335

(131)

(4)

(120)

\u00a0

\u00a0

Other countries

62,554

3,908

412

371

62,554

(342)

(52)

(275)

\u00a0

080

Off-balance sheet exposures

599,377

23,792

2,441

2,439

599,377

(706)

(206)

(318)

(706)

-

\u00a0

Europe(1)

361,142

12,951

1,940

1,938

361,142

(492)

(116)

(240)

(492)

-

\u00a0

France

104,375

4,124

735

735

104,375

(166)

(52)

(62)

(166)

\u00a0

\u00a0

Belgium

40,899

2,195

263

263

40,899

(87)

(10)

(61)

(87)

\u00a0

\u00a0

Luxembourg

17,157

424

134

134

17,157

(22)

(4)

(14)

(22)

\u00a0

\u00a0

Italy

36,610

1,459

401

401

36,610

(96)

(13)

(65)

(96)

\u00a0

\u00a0

United Kingdom

40,702

1,635

113

113

40,702

(22)

(6)

0

(22)

\u00a0

\u00a0

Germany

34,894

896

164

164

34,894

(40)

(5)

(26)

(40)

\u00a0

\u00a0

Netherlands

18,561

295

20

20

18,561

(4)

(1)

0

(4)

\u00a0

\u00a0

Other European countries

67,944

1,923

111

109

67,944

(55)

(24)

(13)

(55)

\u00a0

\u00a0

North America

123,998

7,625

280

280

123,998

(85)

(55)

(14)

(85)

-

\u00a0

Asia Pacific

33,997

366

43

43

33,997

(6)

(2)

(1)

(6)

-

\u00a0

Japan

2,836

4

0

0

2,836

0

0

0

0

\u00a0

\u00a0

North Asia

18,584

146

30

30

18,584

(3)

(1)

0

(3)

\u00a0

\u00a0

South-East Asia (ASEAN)

6,063

108

0

0

6,063

(1)

0

0

(1)

\u00a0

\u00a0

Indian peninsula &\u00a0Pacific

6,514

110

13

13

6,514

(2)

(1)

(1)

(2)

\u00a0

140

Rest of the World

80,240

2,849

179

179

80,240

(122)

(33)

(63)

(122)

-

\u00a0

T\u00fcrkiye

6,897

328

27

27

6,897

(31)

(10)

(10)

(31)

\u00a0

\u00a0

Mediterranean

2,524

670

94

94

2,524

(59)

(10)

(41)

(59)

\u00a0

\u00a0

Gulf States & Africa

54,749

120

54

54

54,749

(20)

(4)

(12)

(20)

\u00a0

\u00a0

Latin America

5,356

408

3

3

5,356

(8)

(7)

0

(8)

\u00a0

\u00a0

Other countries

10,714

1,323

1

1

10,714

(4)

(2)

0

(4)

\u00a0

150

TOTAL

1,966,646

96,719

29,862

29,362

1,961,403

(18,183)

(2,162)

(13,985)

(706)

(52)

  • Within the European Union, the European Free Trade Association (EFTA) and the United Kingdom.

\u00a0

\u00a0

a

\u00a0

b

c

d

e

\u00a0

\u00a0

f

g

In millions of euros

31 December 2023

Gross carrying amount/Nominal amount

Accumulated impairment

Provisions on off-balance sheet commitments and financial guarantees given

Accumulated negative due to credit risk on non-performing exposures changes in fair value

\u00a0

Of which Instruments with significant increase in credit risk since initial recognition but not credit-impaired

(stage\u00a02)

Of which non-performing

Of which loans and advances subject to impairment

\u00a0

\u00a0

Of which Instruments with significant increase in credit risk since initial recognition but not credit-impaired

(Stage\u00a02)

Of which defaulted

\u00a0

Of which defaulted

010

On balance sheet exposures

1,397,553

74,371

27,126

26,661

1,393,402

(17,817)

(2,404)

(13,404)

-

(70)

\u00a0

Europe(1)

1,100,051

62,345

22,566

22,352

1,097,563

(14,349)

(2,050)

(10,559)

-

(43)

\u00a0

France

490,339

21,068

9,042

8,897

488,938

(5,286)

(759)

(3,949)

\u00a0

(8)

\u00a0

Belgium

174,544

9,073

2,531

2,521

174,517

(1,423)

(190)

(1,087)

\u00a0

\u00a0

\u00a0

Luxembourg

51,238

2,419

362

357

51,042

(189)

(46)

(113)

\u00a0

(3)

\u00a0

Italy

133,525

8,179

4,631

4,629

133,453

(3,657)

(487)

(2,784)

\u00a0

(23)

\u00a0

United Kingdom

57,788

4,811

977

966

57,545

(743)

(99)

(533)

\u00a0

(7)

\u00a0

Germany

52,738

5,913

1,330

1,308

52,529

(987)

(151)

(689)

\u00a0

\u00a0

\u00a0

Netherlands

21,181

2,190

160

157

21,165

(92)

(20)

(52)

\u00a0

\u00a0

\u00a0

Other European countries

118,699

8,693

3,532

3,517

118,374

(1,972)

(298)

(1,353)

\u00a0

(3)

\u00a0

North America

111,548

4,431

767

614

110,240

(225)

(87)

(113)

-

(27)

\u00a0

Asia Pacific

95,147

2,294

323

320

94,981

(290)

(48)

(160)

-

-

\u00a0

Japan

31,455

276

12

12

31,424

(2)

(1)

\u00a0

\u00a0

\u00a0

\u00a0

North Asia

26,472

855

149

148

26,466

(103)

(11)

(31)

\u00a0

\u00a0

\u00a0

South-East Asia (ASEAN)

18,706

488

131

130

18,697

(165)

(32)

(121)

\u00a0

\u00a0

\u00a0

Indian peninsula &\u00a0Pacific

18,514

675

31

30

18,394

(20)

(4)

(8)

\u00a0

\u00a0

070

Rest of the World

90,807

5,301

3,471

3,375

90,617

(2,954)

(218)

(2,571)

-

-

\u00a0

T\u00fcrkiye

14,086

1,201

140

140

14,066

(213)

(83)

(81)

\u00a0

\u00a0

\u00a0

Mediterranean

9,387

1,450

798

791

9,387

(723)

(54)

(630)

\u00a0

\u00a0

\u00a0

Gulf States & Africa

10,606

267

1,726

1,726

10,606

(1,509)

(43)

(1,439)

\u00a0

\u00a0

\u00a0

Latin America

17,683

592

318

316

17,513

(264)

(16)

(214)

\u00a0

\u00a0

\u00a0

Other countries

39,045

1,791

489

402

39,045

(245)

(22)

(207)

\u00a0

\u00a0

080

Off-balance sheet exposures

561,777

26,559

1,661

1,658

561,777

(883)

(301)

(313)

(883)

-

\u00a0

Europe(1)

350,726

14,572

1,230

1,228

350,726

(560)

(172)

(178)

(560)

-

\u00a0

France

102,178

3,597

286

286

102,178

(159)

(52)

(37)

(159)

\u00a0

\u00a0

Belgium

41,563

2,157

190

190

41,563

(106)

(16)

(64)

(106)

\u00a0

\u00a0

Luxembourg

16,864

492

51

51

16,864

(19)

(7)

(3)

(19)

\u00a0

\u00a0

Italy

40,105

1,604

367

367

40,105

(90)

(25)

(40)

(90)

\u00a0

\u00a0

United Kingdom

39,555

2,538

114

114

39,555

(55)

(32)

(2)

(55)

\u00a0

\u00a0

Germany

32,110

1,726

57

57

32,110

(52)

(14)

(21)

(52)

\u00a0

\u00a0

Netherlands

17,431

406

47

47

17,431

(12)

(2)

(3)

(12)

\u00a0

\u00a0

Other European countries

60,920

2,052

119

116

60,920

(66)

(24)

(8)

(66)

\u00a0

\u00a0

North America

111,492

7,479

177

177

111,492

(135)

(74)

(38)

(135)

-

\u00a0

Asia Pacific

33,458

863

30

30

33,458

(14)

(3)

-

(14)

\u00a0

Japan

2,669

\u00a0

\u00a0

\u00a0

2,669

(1)

\u00a0

\u00a0

(1)

\u00a0

\u00a0

North Asia

18,854

151

27

27

18,854

(7)

(1)

\u00a0

(7)

\u00a0

\u00a0

South-East Asia (ASEAN)

4,896

429

3

3

4,896

(3)

(1)

\u00a0

(3)

\u00a0

\u00a0

Indian peninsula &\u00a0Pacific

7,038

283

\u00a0

\u00a0

7,038

(4)

(1)

\u00a0

(4)

\u00a0

140

Rest of the World

66,101

3,645

223

223

66,101

(174)

(53)

(97)

(174)

-

\u00a0

T\u00fcrkiye

4,633

388

8

8

4,633

(31)

(21)

(4)

(31)

\u00a0

\u00a0

Mediterranean

2,240

521

86

86

2,240

(58)

(14)

(39)

(58)

\u00a0

\u00a0

Gulf States & Africa

44,285

316

49

49

44,285

(65)

(5)

(54)

(65)

\u00a0

\u00a0

Latin America

5,910

812

33

33

5,910

(11)

(9)

\u00a0

(11)

\u00a0

\u00a0

Other countries

9,033

1,608

48

48

9,033

(9)

(4)

\u00a0

(9)

\u00a0

150

TOTAL

1,959,330

100,930

28,787

28,319

1,955,179

(18,700)

(2,705)

(13,717)

(883)

(70)

  • Within the European Union, the European Free Trade Association (EFTA) and the United Kingdom.

\u00a0

\u00a0

\u27a4TABLE 51: BREAKDOWN OF LOANS AND ADVANCES AND PROVISIONS TO NON-FINANCIAL CORPORATIONS BY\u00a0INDUSTRY\u00a0(EU CQ5)\u00a0[Audited]

\u00a0

\u00a0

a

\u00a0

b

c

d

e

\u00a0

\u00a0

f

In millions of euros

31 December 2024

Gross carrying amount/Nominal amount

Accumulated impairment

Accumulated negative changes in fair value due to credit risk on non-performing exposures

\u00a0

Of which Instruments with significant increase in credit risk since initial recognition but not credit-impaired

(stage 2)

Of which non-performing

\u00a0

\u00a0

Of which Instruments with significant increase in credit risk since initial recognition but not credit-impaired

(Stage2)

Of which defaulted

\u00a0

Of which defaulted

Of which loans and advances subject to impairment

\u00a0

On balance sheet exposures

437,229

47,227

14,912

14,518

433,809

(8,613)

(775)

(7,203)

(11)

010

Agriculture, forestry and\u00a0fishing

11,331

810

396

395

11,226

(224)

(35)

(139)

020

Mining and quarrying

5,073

277

70

70

4,787

(67)

(4)

(60)

030

Manufacturing

93,308

11,654

3,326

3,286

93,170

(2,189)

(120)

(1,959)

040

Electricity, gas, steam and air conditioning supply

19,562

1,689

259

258

18,582

(133)

(34)

(85)

050

Water supply

3,397

368

138

136

3,397

(118)

(4)

(109)

060

Construction

25,065

2,815

1,889

1,882

24,937

(985)

(48)

(888)

(11)

070

Wholesale and retail trade

76,759

8,354

2,798

2,743

75,999

(1,768)

(116)

(1,535)

080

Transport and storage

26,790

2,912

614

577

26,734

(377)

(36)

(310)

090

Accommodation and food service activities

7,630

1,250

571

551

7,626

(276)

(16)

(247)

100

Information and communication

18,396

2,090

634

631

18,269

(206)

(45)

(144)

110

Financial and insurance activities

24,350

1,517

450

448

24,292

(293)

(38)

(223)

120

Real estate activities

60,216

6,995

1,890

1,889

60,216

(929)

(126)

(708)

130

Professional, scientific and technical activities

24,330

1,551

708

691

23,561

(428)

(34)

(348)

140

Administrative and support service activities

25,461

2,158

383

379

25,453

(293)

(68)

(194)

150

Public administration and defence, compulsory social security

205

64

12

11

205

(6)

(1)

(5)

160

Education

966

145

35

35

966

(20)

(1)

(17)

170

Human health services and social work activities

5,409

639

128

127

5,409

(80)

(13)

(54)

180

Arts, entertainment and recreation

2,099

641

136

136

2,099

(70)

(7)

(60)

190

Other services

6,883

1,297

474

274

6,882

(151)

(26)

(117)

200

Off-balance sheet exposures

372,589

20,139

2,281

2,281

372,589

(595)

(166)

(309)

-

\u00a0

Agriculture, forestry and fishing

988

48

3

3

988

(2)

(1)

\u00a0

Mining and quarrying

10,038

116

6

6

10,038

(2)

(1)

\u00a0

Manufacturing

117,538

5,630

420

420

117,538

(164)

(53)

(77)

\u00a0

Electricity, gas, steam and air conditioning supply

34,247

1,525

60

60

34,247

(21)

(13)

(1)

\u00a0

Water supply

3,418

108

81

81

3,418

(1)

\u00a0

\u00a0

\u00a0

Construction

28,290

2,526

555

555

28,290

(125)

(19)

(91)

\u00a0

Wholesale and retail trade

35,525

1,928

603

603

35,525

(123)

(16)

(87)

\u00a0

Transport and storage

20,471

1,876

26

26

20,471

(12)

(3)

(5)

\u00a0

Accommodation and food service activities

2,839

276

9

9

2,839

(6)

(3)

(2)

\u00a0

Information and communication

26,357

1,222

247

247

26,357

(21)

(12)

(4)

\u00a0

Financial and insurance activities

18,958

759

40

40

18,958

(23)

(6)

(9)

\u00a0

Real estate activities

16,492

660

143

143

16,492

(40)

(13)

(19)

\u00a0

Professional, scientific and technical activities

32,359

1,384

43

43

32,359

(20)

(12)

(1)

\u00a0

Administrative and support service activities

16,220

1,206

22

22

16,220

(20)

(10)

(5)

\u00a0

Public administration and defense, compulsory social security

125

\u00a0

1

1

125

\u00a0

Education

188

29

1

1

188

(1)

\u00a0

\u00a0

Human health services and social work activities

1,474

67

1

1

1,474

(1)

(1)

\u00a0

Arts, entertainment and recreation

1,638

288

5

5

1,638

(2)

(2)

\u00a0

Other services

5,423

491

14

14

5,423

(10)

(2)

(6)

\u00a0

TOTAL

809,818

67,366

17,193

16,799

806,398

(9,208)

(941)

(7,512)

(11)

\u00a0

\u00a0

a

\u00a0

b

c

d

e

\u00a0

\u00a0

f

In millions of euros

31 December 2023

Gross carrying amount\\Nominal amount

Accumulated impairment

Accumulated negative changes in fair value due to credit risk on non-performing exposures

\u00a0

Of which Instruments with significant increase in credit risk since initial recognition but not credit-impaired

(stage2)

Of which non-performing

\u00a0

\u00a0

\u00a0

Of which Instruments with significant increase in credit risk since initial recognition but not credit-impaired

(Stage2)

Of which Defaulted

\u00a0

Of which Defaulted

Of which loans and advances subject to impairment

\u00a0

On balance sheet exposures

444,913

51,031

14,155

13,810

443,073

(8,753)

(1,084)

(6,942)

(33)

010

Agriculture, forestry and fishing

12,989

969

460

457

12,841

(341)

(40)

(261)

\u00a0

020

Mining and quarrying

7,622

544

192

192

7,622

(124)

(5)

(108)

\u00a0

030

Manufacturing

91,434

9,444

2,603

2,439

90,492

(2,035)

(235)

(1,663)

\u00a0

040

Electricity, gas, steam and air conditioning supply

18,367

1,537

312

310

18,366

(138)

(17)

(102)

\u00a0

050

Water supply

2,507

276

108

106

2,507

(72)

(4)

(62)

\u00a0

060

Construction

25,544

2,919

2,110

2,099

25,523

(1,494)

(49)

(1,389)

(6)

070

Wholesale and retail trade

69,557

10,492

2,120

2,084

69,546

(1,323)

(172)

(1,033)

\u00a0

080

Transport and storage

28,600

3,837

593

591

28,529

(423)

(51)

(335)

\u00a0

090

Accommodation and food service activities

7,545

1,761

653

652

7,517

(347)

(69)

(262)

\u00a0

100

Information and communication

16,133

2,147

620

606

15,758

(178)

(46)

(111)

(27)

110

Financial and insurance activities

21,192

1,650

788

711

20,964

(502)

(58)

(408)

\u00a0

120

Real estate activities

61,270

7,111

1,494

1,494

61,256

(730)

(181)

(438)

\u00a0

130

Professional, scientific and technical activities

19,413

2,087

604

592

19,413

(333)

(41)

(257)

\u00a0

140

Administrative and support service activities

45,092

2,462

624

618

45,091

(334)

(49)

(252)

\u00a0

150

Public administration and defence, compulsory social security

724

55

59

59

724

(41)

(4)

(35)

\u00a0

160

Education

1,072

165

34

34

1,072

(29)

(5)

(16)

\u00a0

170

Human health services and social work activities

6,348

965

485

480

6,348

(139)

(27)

(96)

\u00a0

180

Arts, entertainment and recreation

1,974

511

141

141

1,974

(83)

(19)

(51)

\u00a0

190

Other services

7,531

2,098

155

146

7,530

(86)

(12)

(63)

\u00a0

200

Off-balance sheet exposures

358,419

21,465

1,389

1,386

358,419

(717)

(239)

(296)

-

\u00a0

Agriculture, forestry and fishing

1,511

91

3

3

1,511

(3)

(2)

\u00a0

\u00a0

\u00a0

Mining and quarrying

8,305

292

35

35

8,305

(6)

(1)

\u00a0

\u00a0

\u00a0

Manufacturing

112,756

4,542

352

352

112,756

(190)

(63)

(69)

\u00a0

\u00a0

Electricity, gas, steam and air conditioning supply

31,873

750

60

60

31,873

(26)

(6)

(10)

\u00a0

\u00a0

Water supply

3,317

90

19

19

3,317

(3)

\u00a0

(2)

\u00a0

\u00a0

Construction

32,639

2,205

356

356

32,639

(113)

(29)

(64)

\u00a0

\u00a0

Wholesale and retail trade

37,411

2,657

170

170

37,411

(91)

(24)

(45)

\u00a0

\u00a0

Transport and storage

20,851

3,981

33

33

20,851

(40)

(31)

(3)

\u00a0

\u00a0

Accommodation and food service activities

2,595

247

30

30

2,595

(10)

(6)

(2)

\u00a0

\u00a0

Information and communication

23,863

2,254

76

76

23,863

(50)

(21)

(21)

\u00a0

\u00a0

Financial and insurance activities

20,121

904

37

37

20,121

(69)

(13)

(48)

\u00a0

\u00a0

Real estate activities

15,335

732

55

55

15,335

(26)

(9)

(7)

\u00a0

\u00a0

Professional, scientific and technical activities

22,323

877

29

26

22,323

(19)

(7)

(2)

\u00a0

\u00a0

Administrative and support service activities

19,863

911

91

91

19,863

(27)

(12)

(5)

\u00a0

\u00a0

Public administration and defence, compulsory social security

364

110

\u00a0

\u00a0

364

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Education

279

30

1

1

279

(1)

\u00a0

\u00a0

\u00a0

\u00a0

Human health services and social work activities

1,393

82

32

32

1,393

(3)

(1)

\u00a0

\u00a0

\u00a0

Arts, entertainment and recreation

1,030

259

5

5

1,030

(10)

(6)

\u00a0

\u00a0

\u00a0

Other services

2,589

452

5

5

2,589

(29)

(7)

(18)

\u00a0

\u00a0

TOTAL

803,332

72,496

15,544

15,196

801,492

(9,470)

(1,323)

(7,238)

(33)

", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_0124953d-ced2-479d-949a-9f2981d4b9ba": { "value": "
1.mProvisions recorded under liabilities

Provisions recorded under liabilities (other than those relating to financial instruments, employee benefits and insurance contracts) mainly relate to restructuring, claims and litigation, fines and penalties.

A provision is recognised when it is probable that an outflow of resources embodying economic benefits will be required to settle an obligation arising from a past event, and a reliable estimate can be made of the amount of the obligation. The amount of such obligations is discounted, where the impact of discounting is material, in order to determine the amount of the provision.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_60860af1-f821-4c2a-baeb-61d4aa3cf858": { "value": "
1.nCurrent and deferred tax

The current income tax charge is determined on the basis of the tax laws and tax rates in force in each country in which the Group operates during the period in which the income is generated.

Deferred taxes are recognised when temporary differences arise between the carrying amount of an asset or liability in the balance sheet and its tax base.

Deferred tax liabilities are recognised for all taxable temporary differences other than:

Deferred tax assets are recognised for all deductible temporary differences and unused carryforwards of tax losses only to the extent that it is probable that the entity in question will generate future taxable profits against which these temporary differences and tax losses can be offset.

Deferred tax assets and liabilities are measured using the liability method, using the tax rate which is expected to apply to the period when the asset is realised or the liability is settled, based on tax rates and tax laws that have been or will have been enacted by the balance sheet date of that period. They are not discounted.

Deferred tax assets and liabilities are offset when they arise within the same tax group, they fall under the jurisdiction of a single tax authority, and there is a legal right to offset.

As regards the assessment of uncertainty over income tax treatments, the Group adopts the following approach:

Current and deferred taxes are recognised as tax income or expenses in the profit and loss account, except for those relating to a transaction or an event directly recognised in shareholders\u2019 equity, which are also recognised in shareholders\u2019 equity. This concerns in particular the tax effect of coupons paid on financial instruments issued by the Group and qualified as equity instruments, such as undated super subordinated notes.

When tax credits on revenues from receivables and securities are used to settle corporate income tax payable for the period, the tax credits are recognised on the same line as the income to which they relate. The corresponding tax expense continues to be carried in the profit and loss account under \u201cCorporate income tax\u201d.

In accordance with the provisions of IAS\u00a012, the Group applies the mandatory and temporary exception not to recognise deferred taxes associated with the additional tax resulting from the minimum income tax applied by international groups.

2.jCorporate income tax

Reconciliation of the effective tax expense to the theoretical tax expense at standard tax rate in France

Year to 31 Dec. 2024

Year to 31 Dec. 2023

in millions of euros

tax rate

in millions of euros

tax rate

Corporate income tax expense on pre-tax income at standard tax rate in\u00a0France(1)

(3,938)

25.8%

(2,875)

25.8%

Impact of differently taxed foreign profits

(160)

1.0%

(56)

0.5%

Impact of dividends and disposals taxed at reduced rate

188

-1.2%

131

-1.2%

Impact of the non-deductibility of taxes and bank levies(2)

(132)

0.9%

(369)

3.3%

Impact of previously unrecognised deferred taxes (tax losses and temporary differences)

\u00a0

\u00a0

432

-3.9%

Impact of the hyperinflation in T\u00fcrkiye

(98)

0.6%

(202)

1.9%

Other items

139

-0.9%

(327)

2.9%

Corporate income tax expense from continuing activities

(4,001)

26.2%

(3,266)

29.3%

Current tax expense(3)

(3,013)

\u00a0

(3,063)

\u00a0

Deferred tax expense (note\u00a04.i)

(988)

\u00a0

(203)

\u00a0

  • Restated for the share of profits in equity-method entities and goodwill impairment.
  • Contribution to the Single Resolution Fund and other non-deductible banking taxes.
  • Tax expense related to OECD Pillar II Model Rules on global minimum taxation for large multinational enterprises applicable from 1 January 2024 amounted to EUR\u00a08\u00a0million for the year ended 2024.
4.iCurrent and deferred taxes

In millions of euros, at

31 December 2024

31 December 2023

Current taxes

2,836

2,942

Deferred taxes

3,379

3,614

Current and deferred tax assets

6,215

6,556

Current taxes

2,346

2,725

Deferred taxes

1,311

1,096

Current and deferred tax liabilities

3,657

3,821

\u00a0

Change in deferred tax by nature over the period:

In millions of euros, at

31 December 2023

Changes recognised in profit or loss

Changes recognised in equity that may be reclassified to profit or loss

Changes recognised in equity that will not be reclassified to profit or loss

Effects of exchange rates, consolidation scope and other movements

31 December 2024

Financial instruments

(2,067)

(862)

150

159

97

(2,523)

Provisions for employee benefit obligations

897

252

\u00a0

(47)

18

1,120

Unrealised finance lease reserve

(599)

(44)

\u00a0

\u00a0

37

(606)

Credit risk impairment

2,352

(301)

\u00a0

\u00a0

(32)

2,019

Tax loss carryforwards

732

14

\u00a0

\u00a0

340

1,086

Other items

1,203

(47)

\u00a0

\u00a0

(184)

972

Net deferred taxes

2,518

(988)

150

112

276

2,068

Deferred tax assets

3,614

\u00a0

\u00a0

\u00a0

\u00a0

3,379

Deferred tax liabilities

(1,096)

\u00a0

\u00a0

\u00a0

\u00a0

(1,311)

\u00a0

In order to determine the amount of the tax loss carryforwards recognised as assets, the Group conducts every year a specific review for each relevant entity based on the applicable tax regime, notably incorporating any time limit rules, and a realistic projection of their future revenue and charges in line with their business plan.

The vast majority of tax losses are carried forward indefinitely. The expected recovery period for the related deferred taxes is 5 years.

Unrecognised deferred tax assets totalled EUR\u00a0658\u00a0million at 31 December 2024 (of which EUR 585 million of tax loss carryforwards) compared with EUR\u00a0541\u00a0million at 31 December 2023 (of which EUR 491 million of tax loss carryforwards).

", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_0a94ae4b-b716-4e70-9b66-7b5e5732f6c2": { "value": "
1.nCurrent and deferred tax

The current income tax charge is determined on the basis of the tax laws and tax rates in force in each country in which the Group operates during the period in which the income is generated.

Deferred taxes are recognised when temporary differences arise between the carrying amount of an asset or liability in the balance sheet and its tax base.

Deferred tax liabilities are recognised for all taxable temporary differences other than:

Deferred tax assets are recognised for all deductible temporary differences and unused carryforwards of tax losses only to the extent that it is probable that the entity in question will generate future taxable profits against which these temporary differences and tax losses can be offset.

Deferred tax assets and liabilities are measured using the liability method, using the tax rate which is expected to apply to the period when the asset is realised or the liability is settled, based on tax rates and tax laws that have been or will have been enacted by the balance sheet date of that period. They are not discounted.

Deferred tax assets and liabilities are offset when they arise within the same tax group, they fall under the jurisdiction of a single tax authority, and there is a legal right to offset.

As regards the assessment of uncertainty over income tax treatments, the Group adopts the following approach:

Current and deferred taxes are recognised as tax income or expenses in the profit and loss account, except for those relating to a transaction or an event directly recognised in shareholders\u2019 equity, which are also recognised in shareholders\u2019 equity. This concerns in particular the tax effect of coupons paid on financial instruments issued by the Group and qualified as equity instruments, such as undated super subordinated notes.

When tax credits on revenues from receivables and securities are used to settle corporate income tax payable for the period, the tax credits are recognised on the same line as the income to which they relate. The corresponding tax expense continues to be carried in the profit and loss account under \u201cCorporate income tax\u201d.

In accordance with the provisions of IAS\u00a012, the Group applies the mandatory and temporary exception not to recognise deferred taxes associated with the additional tax resulting from the minimum income tax applied by international groups.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_7632ad43-63b6-42fe-91c6-6689fa1344e5": { "value": "
1.nCurrent and deferred tax

The current income tax charge is determined on the basis of the tax laws and tax rates in force in each country in which the Group operates during the period in which the income is generated.

Deferred taxes are recognised when temporary differences arise between the carrying amount of an asset or liability in the balance sheet and its tax base.

Deferred tax liabilities are recognised for all taxable temporary differences other than:

Deferred tax assets are recognised for all deductible temporary differences and unused carryforwards of tax losses only to the extent that it is probable that the entity in question will generate future taxable profits against which these temporary differences and tax losses can be offset.

Deferred tax assets and liabilities are measured using the liability method, using the tax rate which is expected to apply to the period when the asset is realised or the liability is settled, based on tax rates and tax laws that have been or will have been enacted by the balance sheet date of that period. They are not discounted.

Deferred tax assets and liabilities are offset when they arise within the same tax group, they fall under the jurisdiction of a single tax authority, and there is a legal right to offset.

As regards the assessment of uncertainty over income tax treatments, the Group adopts the following approach:

Current and deferred taxes are recognised as tax income or expenses in the profit and loss account, except for those relating to a transaction or an event directly recognised in shareholders\u2019 equity, which are also recognised in shareholders\u2019 equity. This concerns in particular the tax effect of coupons paid on financial instruments issued by the Group and qualified as equity instruments, such as undated super subordinated notes.

When tax credits on revenues from receivables and securities are used to settle corporate income tax payable for the period, the tax credits are recognised on the same line as the income to which they relate. The corresponding tax expense continues to be carried in the profit and loss account under \u201cCorporate income tax\u201d.

In accordance with the provisions of IAS\u00a012, the Group applies the mandatory and temporary exception not to recognise deferred taxes associated with the additional tax resulting from the minimum income tax applied by international groups.

2.jCorporate income tax

Reconciliation of the effective tax expense to the theoretical tax expense at standard tax rate in France

Year to 31 Dec. 2024

Year to 31 Dec. 2023

in millions of euros

tax rate

in millions of euros

tax rate

Corporate income tax expense on pre-tax income at standard tax rate in\u00a0France(1)

(3,938)

25.8%

(2,875)

25.8%

Impact of differently taxed foreign profits

(160)

1.0%

(56)

0.5%

Impact of dividends and disposals taxed at reduced rate

188

-1.2%

131

-1.2%

Impact of the non-deductibility of taxes and bank levies(2)

(132)

0.9%

(369)

3.3%

Impact of previously unrecognised deferred taxes (tax losses and temporary differences)

\u00a0

\u00a0

432

-3.9%

Impact of the hyperinflation in T\u00fcrkiye

(98)

0.6%

(202)

1.9%

Other items

139

-0.9%

(327)

2.9%

Corporate income tax expense from continuing activities

(4,001)

26.2%

(3,266)

29.3%

Current tax expense(3)

(3,013)

\u00a0

(3,063)

\u00a0

Deferred tax expense (note\u00a04.i)

(988)

\u00a0

(203)

\u00a0

  • Restated for the share of profits in equity-method entities and goodwill impairment.
  • Contribution to the Single Resolution Fund and other non-deductible banking taxes.
  • Tax expense related to OECD Pillar II Model Rules on global minimum taxation for large multinational enterprises applicable from 1 January 2024 amounted to EUR\u00a08\u00a0million for the year ended 2024.
4.iCurrent and deferred taxes

In millions of euros, at

31 December 2024

31 December 2023

Current taxes

2,836

2,942

Deferred taxes

3,379

3,614

Current and deferred tax assets

6,215

6,556

Current taxes

2,346

2,725

Deferred taxes

1,311

1,096

Current and deferred tax liabilities

3,657

3,821

\u00a0

Change in deferred tax by nature over the period:

In millions of euros, at

31 December 2023

Changes recognised in profit or loss

Changes recognised in equity that may be reclassified to profit or loss

Changes recognised in equity that will not be reclassified to profit or loss

Effects of exchange rates, consolidation scope and other movements

31 December 2024

Financial instruments

(2,067)

(862)

150

159

97

(2,523)

Provisions for employee benefit obligations

897

252

\u00a0

(47)

18

1,120

Unrealised finance lease reserve

(599)

(44)

\u00a0

\u00a0

37

(606)

Credit risk impairment

2,352

(301)

\u00a0

\u00a0

(32)

2,019

Tax loss carryforwards

732

14

\u00a0

\u00a0

340

1,086

Other items

1,203

(47)

\u00a0

\u00a0

(184)

972

Net deferred taxes

2,518

(988)

150

112

276

2,068

Deferred tax assets

3,614

\u00a0

\u00a0

\u00a0

\u00a0

3,379

Deferred tax liabilities

(1,096)

\u00a0

\u00a0

\u00a0

\u00a0

(1,311)

\u00a0

In order to determine the amount of the tax loss carryforwards recognised as assets, the Group conducts every year a specific review for each relevant entity based on the applicable tax regime, notably incorporating any time limit rules, and a realistic projection of their future revenue and charges in line with their business plan.

The vast majority of tax losses are carried forward indefinitely. The expected recovery period for the related deferred taxes is 5 years.

Unrecognised deferred tax assets totalled EUR\u00a0658\u00a0million at 31 December 2024 (of which EUR 585 million of tax loss carryforwards) compared with EUR\u00a0541\u00a0million at 31 December 2023 (of which EUR 491 million of tax loss carryforwards).

", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_c3e4f2c5-dd3b-4d02-afca-afa7af65e052": { "value": "
1.nCurrent and deferred tax

The current income tax charge is determined on the basis of the tax laws and tax rates in force in each country in which the Group operates during the period in which the income is generated.

Deferred taxes are recognised when temporary differences arise between the carrying amount of an asset or liability in the balance sheet and its tax base.

Deferred tax liabilities are recognised for all taxable temporary differences other than:

Deferred tax assets are recognised for all deductible temporary differences and unused carryforwards of tax losses only to the extent that it is probable that the entity in question will generate future taxable profits against which these temporary differences and tax losses can be offset.

Deferred tax assets and liabilities are measured using the liability method, using the tax rate which is expected to apply to the period when the asset is realised or the liability is settled, based on tax rates and tax laws that have been or will have been enacted by the balance sheet date of that period. They are not discounted.

Deferred tax assets and liabilities are offset when they arise within the same tax group, they fall under the jurisdiction of a single tax authority, and there is a legal right to offset.

As regards the assessment of uncertainty over income tax treatments, the Group adopts the following approach:

Current and deferred taxes are recognised as tax income or expenses in the profit and loss account, except for those relating to a transaction or an event directly recognised in shareholders\u2019 equity, which are also recognised in shareholders\u2019 equity. This concerns in particular the tax effect of coupons paid on financial instruments issued by the Group and qualified as equity instruments, such as undated super subordinated notes.

When tax credits on revenues from receivables and securities are used to settle corporate income tax payable for the period, the tax credits are recognised on the same line as the income to which they relate. The corresponding tax expense continues to be carried in the profit and loss account under \u201cCorporate income tax\u201d.

In accordance with the provisions of IAS\u00a012, the Group applies the mandatory and temporary exception not to recognise deferred taxes associated with the additional tax resulting from the minimum income tax applied by international groups.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_c3bfdc35-825e-47c6-8663-1eb01bb76f38": { "value": "
1.oCash flow statement

The cash and cash equivalents balance is composed of the net balance of cash accounts and accounts with central banks, and the net balance of interbank demand loans and deposits.

Changes in cash and cash equivalents related to operating activities reflect cash flows generated by the Group\u2019s operations, including those relating to financial investments of insurance activities and negotiable certificates of deposit.

Changes in cash and cash equivalents related to investing activities reflect cash flows resulting from acquisitions and disposals of subsidiaries, associates or joint ventures included in the consolidated Group, as well as acquisitions and disposals of property, plant and equipment excluding investment property and property held under operating leases.

Changes in cash and cash equivalents related to financing activities reflect the cash inflows and outflows resulting from transactions with shareholders, cash flows related to bonds and subordinated debt, and debt securities (excluding negotiable certificates of deposit).

", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_7e17114f-60cd-4ba5-a748-f056a1e6fe8a": { "value": "
1.oCash flow statement

The cash and cash equivalents balance is composed of the net balance of cash accounts and accounts with central banks, and the net balance of interbank demand loans and deposits.

Changes in cash and cash equivalents related to operating activities reflect cash flows generated by the Group\u2019s operations, including those relating to financial investments of insurance activities and negotiable certificates of deposit.

Changes in cash and cash equivalents related to investing activities reflect cash flows resulting from acquisitions and disposals of subsidiaries, associates or joint ventures included in the consolidated Group, as well as acquisitions and disposals of property, plant and equipment excluding investment property and property held under operating leases.

Changes in cash and cash equivalents related to financing activities reflect the cash inflows and outflows resulting from transactions with shareholders, cash flows related to bonds and subordinated debt, and debt securities (excluding negotiable certificates of deposit).

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_1f4900eb-ecb6-4132-b5b9-a9e7594ea5d6": { "value": "
1.pUse of estimates in the preparation of the financial statements

Preparation of the financial statements requires managers of core businesses and corporate functions to make assumptions and estimates that are reflected in the measurement of income and expense in the profit and loss account and of assets and liabilities in the balance sheet, and in the disclosure of information in the notes to the financial statements. This requires the managers in question to exercise their judgement and to make use of information available at the date of the preparation of the financial statements when making their estimates. The actual future results from operations where managers have made use of estimates may in reality differ significantly from those estimates, mainly according to market conditions. This may have a material effect on the financial statements.

This applies in particular to:

the analysis of the cash flow criterion for specific financial assets;the measurement of expected credit losses. This applies in particular to the assessment of significant increase in credit risk, the models and assumptions used to measure expected credit losses, including those relating to climate risks, the determination of the different economic scenarios and their weighting;the analysis of renegotiated loans, in order to assess whether they should be maintained on the balance-sheet or derecognised;the assessment of an active market, and the use of internally developed models for the measurement of the fair value of financial instruments not quoted in an active market classified in \u201cFinancial assets at fair value through equity\u201d, or in \u201cFinancial instruments at fair value through profit or loss\u201d, whether as assets or liabilities, and more generally calculations of the fair value of financial instruments subject to a fair value disclosure requirement;the assumptions applied to assess the sensitivity to each type of market risk of the market value of financial instruments and the sensitivity of these valuations to the main unobservable inputs as disclosed in the notes to the financial statements;the appropriateness of the designation of certain derivative instruments such as cash flow hedges, and the measurement of hedge effectiveness;impairment tests performed on intangible assets;the estimation of residual assets values under simple lease agreements. These values are used as a basis for the determination of depreciation as well as any impairment, notably in relation to the effect of environmental considerations on the evaluation of future prices of second-hand vehicles;the deferred tax assets;the measurement of insurance liabilities and assets, and investment contracts with discretionary participation, by groups of contracts, on the basis of discounted and probability weighted future fulfilment cash flows, based on assumptions that can be derived from market or entity-specific data, and the recognition of the results of such contracts on the basis of the services rendered over the coverage period;the measurement of uncertainty over income tax treatments and other provisions for contingencies and charges. In particular, while investigations and litigations are ongoing, it is difficult to foresee their outcome and potential impact. Provision estimation is established by taking into account all available information at the date of the preparation of the financial statements, in particular the nature of the dispute, the underlying facts, the ongoing legal proceedings and court decisions, including those related to similar cases. The Group may also use the opinion of experts and independent legal advisers to exercise its judgement.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_d4787193-19f5-4c03-9600-fca9b844e40e": { "value": "
2.dNet 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

145

(56)

Dividend income on equity instruments

64

84

Net gain on financial instruments at fair value through equity

209

28

\u00a0

Interest income from debt instruments is included in note\u00a02.a Net interest income, and impairment losses related to potential issuer default are included in note\u00a02.g Cost of risk.

4.cFinancial assets at fair value through equity

In millions of euros, at

31 December 2024

31 December 2023

Fair value

of which changes in value recognised directly to equity

Fair value

of which changes in value recognised directly to equity

Debt securities

71,430

(1,285)

50,274

(585)

Governments

36,128

(545)

23,334

(207)

Other public administrations

20,721

(432)

16,188

(117)

Credit institutions

11,148

(306)

7,388

(248)

Others

3,433

(2)

3,364

(13)

Equity securities

1,610

489

2,275

767

Total financial assets at fair value through equity

73,040

(796)

52,549

182

\u00a0

Debt securities at fair value through equity include EUR\u00a0106\u00a0million classified as stage 3 at 31\u00a0December 2024 (EUR\u00a0109\u00a0million at 31\u00a0December 2023). For these securities, the credit impairment recognised in the profit and loss account has been charged to the negative changes in value recognised in equity amounting to EUR\u00a0102\u00a0million at 31\u00a0December 2024 (unchanged compared with 31\u00a0December 2023).

The option to recognise certain equity instruments at fair value through equity was retained in particular for shares held through strategic partnerships and shares that the Group is required to hold in order to carry out certain activities.

During the year ended 31\u00a0December 2024, the Group sold several of these investments and a net gain of EUR\u00a0207\u00a0million was transferred to \u201cretained earnings\u201d (EUR\u00a09\u00a0million for the year ended 31\u00a0December 2023).

\u27a4Investments and other assets related to insurance activities

In millions of euros, at

31 December 2024

31 December 2023

Assets not representative of unit-linked insurance contracts

Assets representative of unit-linked accounts

Total

Assets not representative of unit-linked insurance contracts

Assets representative of unit-linked accounts

Total

Derivative financial instruments

1,731

\u00a0

1,731

1,658

\u00a0

1,658

Derivatives used for hedging purposes

74

\u00a0

74

36

\u00a0

36

Financial assets at fair value through profit or loss

61,465

111,954

173,419

64,492

92,266

156,758

Financial assets at fair value through equity

102,222

\u00a0

102,222

89,139

\u00a0

89,139

Financial assets at amortised cost

1,379

\u00a0

1,379

1,267

\u00a0

1,267

Investment properties

3,868

3,178

7,046

4,008

3,483

7,491

Equity-method investments

82

\u00a0

82

89

\u00a0

89

Assets related to insurance activities (see note\u00a05.d)

896

\u00a0

896

660

\u00a0

660

Investments and other assets related to insurance activities

171,717

115,132

286,849

161,349

95,749

257,098

\u27a4Financial assets at fair value through equity

In millions of euros, at

31 December 2024

31 December 2023

Fair value

of which changes in value recognised directly to equity

Fair Value

of which changes in value recognised directly to equity

Debt securities

100,493

(5,341)

88,493

(5,154)

Equity securities

1,729

107

646

70

Total financial assets at fair value through equity

102,222

(5,234)

89,139

(5,084)

\u00a0

The option to recognise certain equity instruments at fair value through equity was retained in particular for shares held through strategic partnerships and shares that the Group is required to hold in order to carry out certain activities.

During the year ended 31 December 2024, the Group sold several of these investments and a net gain of EUR\u00a03\u00a0million was transferred to \u201cretained earnings\u201d (EUR\u00a026\u00a0million for the year ended 31 December 2023).

", "dimensions": { "concept": "bnpp:DisclosureOfFinancialInstrumentsAtFairValueThroughEquity", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_ea530ada-a103-4589-b07d-8aa98061b70f": { "value": "
2.eNet income from other activities

In millions of euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Income

Expense

Net

Income

Expense

Net

Net income from investment property

53

(24)

29

54

(28)

26

Net income from assets held under operating leases

19,556

(15,729)

3,827

15,787

(12,103)

3,684

Net income from property development activities

308

(277)

31

488

(416)

72

Other net income

2,005

(1,515)

490

2,231

(1,778)

453

Total net income from other activities

21,922

(17,545)

4,377

18,560

(14,325)

4,235

", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_8669ba2b-8aeb-423b-9298-996971b02fb3": { "value": "
2.fOperating expenses

In millions of euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Salary and employee benefit expense for banking activities

(18,143)

(17,775)

Other operating expenses for banking activities

(9,913)

(11,221)

of which external services and other operating expenses

(8,737)

(8,865)

of which taxes and contributions(1)

(1,176)

(2,356)

Insurance activities non-attributable costs (note\u00a05.b)

(832)

(758)

Reclassification of expenses incurred by internal distributors attributable to insurance contracts

1,085

1,041

Operating expenses

(27,803)

(28,713)

  • Contributions to the Single Resolution Fund, including exceptional contributions, amounted to EUR\u00a05\u00a0million for the year ended 2024 compared with EUR\u00a01,002\u00a0million for the year ended 2023.

\u00a0

Taxes and contributions, including those related to insurance activities, amounted to EUR 1,273 million for the year ended 2024 (compared with EUR\u202f2,442\u202fmillion for the year ended 2023). This is due in particular to the absence of contributions collection for the Single Resolution Fund in 2024.

Expenses directly attributable to insurance contracts are presented in \u201cNet income from insurance activities\u201d. These costs consist mainly of distribution commissions paid for the acquisition of the contracts and other costs necessary for handling the contracts. They are included in the fulfilment expenses within the \u201cInsurance service result\u201d (see\u00a0note\u00a05.a).

Expenses attributable to insurance contracts include the operating expenses incurred by the Group banking networks to distribute insurance contracts. Related costs are assessed on the basis of the commissions paid by the insurance entities to the internal distributors less their margin. These costs are excluded from \u201cOperating expenses\u201d to be included in the contracts fulfilment cash flows through the \u201cReclassification of expenses incurred by internal distributors attributable to insurance contracts\u201d.

Operating costs not directly attributable to insurance contracts are included in \u201cOperating expenses\u201d.

Reconciliation by type and by function of insurance activities operating expenses is presented in note\u00a05.b.

", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_e52b7777-78f6-4bf3-9ff9-978cddb087d1": { "value": "

Note 3Segment information

The Group is composed of three operating divisions:

Other Activities mainly include activities related to the Group\u2019s central treasury function, some costs related to cross-business projects, the residential mortgage lending business of Personal Finance (a significant part of which is managed in run-off), and certain investments.

They also include non-recurring items resulting from applying the rules on business combinations. In order to provide consistent and relevant economic information for each core business, the impact of amortising fair value adjustments recognised in the net equity of entities acquired and restructuring costs incurred in respect to the integration of entities, have been allocated to the \u201cOther Activities\u201d segment. The same applies to transformation, adaptation and IT reinforcement costs relating to the Group\u2019s savings programmes.

In addition, Other Activities carry the impact, related to the application of IFRS\u00a017, of the reclassification as a deduction from revenues of the operating expenses \u201cattributable to insurance contracts\u201d of the Group\u2019s business lines (other than Insurance) that distribute insurance contracts (i.e., internal distributors), in order not to disrupt the readability of their financial performance. This is also the case for the impact of the volatility on the financial result generated by the recognition at fair value through profit or loss of assets backing insurance entities\u2019 equity or non-participating contracts. In the event of divestment connected to this portfolio, the realised gains or losses are allocated to the revenues of the Insurance business line.

Inter-segment transactions are conducted at arm\u2019s length. The segment information presented comprises agreed inter-segment transfer prices.

The capital allocation is carried out on the basis of risk exposure, taking into account various conventions relating primarily to the capital requirement of the business as derived from the risk-weighted asset calculations required under capital adequacy rules. Normalised equity income by segment is determined by attributing to each segment the income of its allocated equity. The capital allocation to segments is based on a minimum of 11% of weighted assets. The breakdown of balance sheet by core business follows the same rules as the breakdown of the profit or loss by core business.

In order to be comparable with the presentation format used since 1\u00a0January 2024, the year ended 31\u00a0December 2023 of this note has been restated for the following effects as if they had occurred on 1\u00a0January 2023:

\u27a4Income by business segment

In millions of euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Revenues

Operating expenses

Cost\u00a0of risk(1)

Operating income

Non-
operating
\u00a0items

Pre-tax income

Revenues

Operating expenses

Cost\u00a0of risk(1)

Operating income

Non-
operating
\u00a0items

Pre-tax income

Corporate & Institutional Banking

17,897

(10,731)

143

7,310

13

7,323

16,509

(10,265)

63

6,307

(5)

6,302

Global Banking

6,236

(2,921)

171

3,486

6

3,492

5,822

(2,802)

74

3,094

6

3,100

Global Markets

8,718

(5,649)

(28)

3,041

2

3,043

7,996

(5,402)

(13)

2,581

8

2,590

Securities Services

2,943

(2,161)

\u00a0

782

6

788

2,691

(2,061)

1

631

(19)

612

Commercial, Personal Banking &\u00a0Services

26,027

(16,119)

(3,275)

6,633

171

6,804

25,917

(15,824)

(2,920)

7,173

156

7,329

Commercial & Personal Banking in\u00a0the\u00a0Eurozone

13,162

(9,046)

(1,033)

3,083

81

3,164

13,259

(9,064)

(986)

3,209

12

3,221

Commercial & Personal Banking in\u00a0France(2)

6,241

(4,420)

(670)

1,151

(2)

1,149

6,251

(4,482)

(484)

1,285

\u00a0

1,285

BNL banca commerciale(2)

2,766

(1,745)

(338)

682

(4)

678

2,646

(1,712)

(410)

524

(3)

520

Commercial & Personal Banking in\u00a0Belgium(2)

3,545

(2,585)

(21)

939

87

1,026

3,784

(2,583)

(84)

1,116

10

1,126

Commercial & Personal Banking in\u00a0Luxembourg(2)

610

(296)

(4)

310

\u00a0

310

577

(286)

(8)

283

5

289

Commercial & Personal Banking in\u00a0the\u00a0rest of\u00a0the\u00a0world

3,104

(2,016)

(365)

723

50

773

2,631

(1,653)

(44)

934

100

1,034

Europe-Mediterranean(2)

3,104

(2,016)

(365)

723

50

773

2,631

(1,653)

(44)

934

100

1,034

Specialised businesses

9,761

(5,058)

(1,877)

2,826

40

2,866

10,027

(5,106)

(1,890)

3,031

44

3,074

Personal Finance

5,075

(2,779)

(1,573)

724

98

822

5,163

(2,952)

(1,600)

611

65

676

Arval & Leasing Solutions

3,627

(1,556)

(202)

1,869

(63)

1,807

3,869

(1,477)

(167)

2,225

(14)

2,211

New Digital Businesses &\u00a0Personal Investors(2)

1,059

(724)

(102)

233

4

237

995

(677)

(123)

195

(8)

187

Investment & Protection Services

5,824

(3,570)

(15)

2,239

116

2,355

5,590

(3,552)

(13)

2,025

148

2,173

Insurance

2,238

(840)

\u00a0

1,398

172

1,570

2,090

(808)

\u00a0

1,281

113

1,394

Wealth Management

1,688

(1,199)

\u00a0

489

\u00a0

489

1,603

(1,183)

(3)

416

4

420

Asset Management(3)

1,898

(1,530)

(15)

353

(56)

297

1,897

(1,560)

(10)

327

31

358

Other Activities - excl. restatement related to\u00a0insurance activities

173

(858)

(55)

(740)

451

(289)

(1,060)

(2,357)

(812)

(4,228)

190

(4,039)

Other Activities - restatement related to\u00a0insurance activities

(1,090)

1,085

\u00a0

(5)

\u00a0

(5)

(1,081)

1,041

\u00a0

(40)

\u00a0

(40)

of which volatility

(5)

(5)

(5)

(40)

\u00a0

(40)

(40)

of which attributable costs to internal distributors

(1,085)

1,085

\u00a0

\u00a0

(1,041)

1,041

\u00a0

\u00a0

Total continuing activities

48,831

(30,193)

(3,201)

15,437

751

16,188

45,874

(30,956)

(3,682)

11,236

489

11,725

  • Including \u201cOther net losses for risk on financial instruments\u201d.
  • Commercial & Personal Banking in France, BNL banca commerciale, Commercial & Personal Banking in Belgium, Commercial & Personal Banking in Luxembourg, Europe-Mediterranean and Personal Investors after the reallocation within Wealth and Asset Management of one-third of the Wealth Management activities in France, Italy, Belgium, Luxembourg, Germany, T\u00fcrkiye and Poland.
  • Including Real Estate and Principal Investments.
\u27a4Net commission income by business segment

In millions of euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Corporate & Institutional Banking

2,401

2,214

Global Banking

1,959

1,784

Global Markets

(1,008)

(975)

Securities Services

1,450

1,405

Commercial, Personal Banking & Services

7,216

6,777

Commercial & Personal Banking in the eurozone

5,194

5,019

Commercial & Personal Banking in France(1)

3,006

2,875

BNL banca commerciale(1)

1,077

1,043

Commercial & Personal Banking in Belgium(1)

1,023

1,014

Commercial & Personal Banking in Luxembourg(1)

88

87

Commercial & Personal Banking in the rest of the world

607

442

Europe-Mediterranean(1)

607

442

Specialised businesses

1,415

1,316

Personal Finance

795

776

Arval & Leasing Solutions

56

54

New Digital Businesses & Personal Investors(1)

564

486

Investment & Protection Services

2,018

1,850

Insurance

(361)

(368)

Wealth Management

896

749

Asset Management(2)

1,483

1,469

Other activities - excl. restatement related to insurance activities

151

21

Other activities - restatement related to insurance activities

(1,085)

(1,041)

Total Group

10,701

9,821

  • Commercial & Personal Banking in France, BNL banca commerciale, Commercial & Personal Banking in Belgium, Commercial & Personal Banking in Luxembourg, Europe-Mediterranean and Personal Investors after the reallocation within Wealth and Asset Management of one-third of the Wealth Management activities in France, Italy, Belgium, Luxembourg, Germany, T\u00fcrkiye and Poland.
  • Including Real Estate and Principal Investments.
\u27a4Assets and liabilities by business segment

In millions of euros, at

31 December 2024

31 December 2023

Asset

Liability

Asset

Liability

Corporate & Institutional Banking

1,257,271

1,375,940

1,136,691

1,309,407

Global Banking

195,330

258,037

176,822

241,346

Global Markets

1,016,601

960,504

921,650

917,780

Securities Services

45,340

157,400

38,219

150,281

Commercial, Personal Banking & Services

802,565

701,384

790,637

702,388

Commercial & Personal Banking in the eurozone

547,798

551,464

552,876

559,503

Commercial & Personal Banking in France(1)

236,792

242,000

236,866

244,563

BNL banca commerciale(1)

89,722

78,660

94,164

81,275

Commercial & Personal Banking in Belgium(1)

192,644

197,679

192,423

202,447

Commercial & Personal Banking in Luxembourg(1)

28,640

33,126

29,423

31,218

Commercial & Personal Banking in the rest of the world

71,050

68,419

59,282

55,409

Europe-Mediterranean(1)

71,050

68,419

59,282

55,409

Specialised businesses

183,718

81,500

178,479

87,476

Personal Finance

109,512

27,802

108,791

29,003

Arval & Leasing Solutions

70,283

20,785

65,086

22,245

New Digital Businesses & Personal Investors(1)

3,923

32,913

4,602

36,228

Investment & Protection Services

322,771

355,810

289,722

319,544

Insurance

286,849

274,655

257,133

243,510

Wealth Management

27,373

76,611

24,836

70,859

Asset Management(2)

8,549

4,544

7,753

5,175

Other activities

322,301

271,774

374,449

260,160

Total Group

2,704,908

2,704,908

2,591,499

2,591,499

  • Commercial & Personal Banking in France, BNL banca commerciale, Commercial & Personal Banking in Belgium, Commercial & Personal Banking in Luxembourg, Europe-Mediterranean and Personal Investors after the reallocation within Wealth and Asset Management of one-third of the Wealth Management activities in France, Italy, Belgium, Luxembourg, Germany, T\u00fcrkiye and Poland.
  • Including Real Estate and Principal Investments.

\u00a0

Information by business segment relating to goodwill is presented in note\u00a04.m Goodwill.

\u00a0

Information by geographic area

The geographic split of segment results, assets and liabilities is based on the region in which they are recognised for accounting purposes, adjusted as per the managerial origin of the business activity. It does not necessarily reflect the counterparty\u2019s nationality or the location of operational businesses.

\u27a4Revenues from continuing activities by geographic area

In millions of euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

EMEA

39,688

37,822

Americas (North and South)

4,898

4,286

APAC

4,245

3,766

Total Group

48,831

45,874

\u27a4Assets and liabilities, in contribution to the consolidated accounts, by geographic area

In millions of euros, at

31 December 2024

31 December 2023

EMEA

2,196,747

2,148,461

Americas (North and South)

316,411

255,099

APAC

191,750

187,939

Total Group

2,704,908

2,591,499

\u00a0

", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_6ec2cf6d-c0b1-448f-bb83-f75b258544aa": { "value": "
\u27a4Income by business segment

In millions of euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Revenues

Operating expenses

Cost\u00a0of risk(1)

Operating income

Non-
operating
\u00a0items

Pre-tax income

Revenues

Operating expenses

Cost\u00a0of risk(1)

Operating income

Non-
operating
\u00a0items

Pre-tax income

Corporate & Institutional Banking

17,897

(10,731)

143

7,310

13

7,323

16,509

(10,265)

63

6,307

(5)

6,302

Global Banking

6,236

(2,921)

171

3,486

6

3,492

5,822

(2,802)

74

3,094

6

3,100

Global Markets

8,718

(5,649)

(28)

3,041

2

3,043

7,996

(5,402)

(13)

2,581

8

2,590

Securities Services

2,943

(2,161)

\u00a0

782

6

788

2,691

(2,061)

1

631

(19)

612

Commercial, Personal Banking &\u00a0Services

26,027

(16,119)

(3,275)

6,633

171

6,804

25,917

(15,824)

(2,920)

7,173

156

7,329

Commercial & Personal Banking in\u00a0the\u00a0Eurozone

13,162

(9,046)

(1,033)

3,083

81

3,164

13,259

(9,064)

(986)

3,209

12

3,221

Commercial & Personal Banking in\u00a0France(2)

6,241

(4,420)

(670)

1,151

(2)

1,149

6,251

(4,482)

(484)

1,285

\u00a0

1,285

BNL banca commerciale(2)

2,766

(1,745)

(338)

682

(4)

678

2,646

(1,712)

(410)

524

(3)

520

Commercial & Personal Banking in\u00a0Belgium(2)

3,545

(2,585)

(21)

939

87

1,026

3,784

(2,583)

(84)

1,116

10

1,126

Commercial & Personal Banking in\u00a0Luxembourg(2)

610

(296)

(4)

310

\u00a0

310

577

(286)

(8)

283

5

289

Commercial & Personal Banking in\u00a0the\u00a0rest of\u00a0the\u00a0world

3,104

(2,016)

(365)

723

50

773

2,631

(1,653)

(44)

934

100

1,034

Europe-Mediterranean(2)

3,104

(2,016)

(365)

723

50

773

2,631

(1,653)

(44)

934

100

1,034

Specialised businesses

9,761

(5,058)

(1,877)

2,826

40

2,866

10,027

(5,106)

(1,890)

3,031

44

3,074

Personal Finance

5,075

(2,779)

(1,573)

724

98

822

5,163

(2,952)

(1,600)

611

65

676

Arval & Leasing Solutions

3,627

(1,556)

(202)

1,869

(63)

1,807

3,869

(1,477)

(167)

2,225

(14)

2,211

New Digital Businesses &\u00a0Personal Investors(2)

1,059

(724)

(102)

233

4

237

995

(677)

(123)

195

(8)

187

Investment & Protection Services

5,824

(3,570)

(15)

2,239

116

2,355

5,590

(3,552)

(13)

2,025

148

2,173

Insurance

2,238

(840)

\u00a0

1,398

172

1,570

2,090

(808)

\u00a0

1,281

113

1,394

Wealth Management

1,688

(1,199)

\u00a0

489

\u00a0

489

1,603

(1,183)

(3)

416

4

420

Asset Management(3)

1,898

(1,530)

(15)

353

(56)

297

1,897

(1,560)

(10)

327

31

358

Other Activities - excl. restatement related to\u00a0insurance activities

173

(858)

(55)

(740)

451

(289)

(1,060)

(2,357)

(812)

(4,228)

190

(4,039)

Other Activities - restatement related to\u00a0insurance activities

(1,090)

1,085

\u00a0

(5)

\u00a0

(5)

(1,081)

1,041

\u00a0

(40)

\u00a0

(40)

of which volatility

(5)

(5)

(5)

(40)

\u00a0

(40)

(40)

of which attributable costs to internal distributors

(1,085)

1,085

\u00a0

\u00a0

(1,041)

1,041

\u00a0

\u00a0

Total continuing activities

48,831

(30,193)

(3,201)

15,437

751

16,188

45,874

(30,956)

(3,682)

11,236

489

11,725

  • Including \u201cOther net losses for risk on financial instruments\u201d.
  • Commercial & Personal Banking in France, BNL banca commerciale, Commercial & Personal Banking in Belgium, Commercial & Personal Banking in Luxembourg, Europe-Mediterranean and Personal Investors after the reallocation within Wealth and Asset Management of one-third of the Wealth Management activities in France, Italy, Belgium, Luxembourg, Germany, T\u00fcrkiye and Poland.
  • Including Real Estate and Principal Investments.
\u27a4Net commission income by business segment

In millions of euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Corporate & Institutional Banking

2,401

2,214

Global Banking

1,959

1,784

Global Markets

(1,008)

(975)

Securities Services

1,450

1,405

Commercial, Personal Banking & Services

7,216

6,777

Commercial & Personal Banking in the eurozone

5,194

5,019

Commercial & Personal Banking in France(1)

3,006

2,875

BNL banca commerciale(1)

1,077

1,043

Commercial & Personal Banking in Belgium(1)

1,023

1,014

Commercial & Personal Banking in Luxembourg(1)

88

87

Commercial & Personal Banking in the rest of the world

607

442

Europe-Mediterranean(1)

607

442

Specialised businesses

1,415

1,316

Personal Finance

795

776

Arval & Leasing Solutions

56

54

New Digital Businesses & Personal Investors(1)

564

486

Investment & Protection Services

2,018

1,850

Insurance

(361)

(368)

Wealth Management

896

749

Asset Management(2)

1,483

1,469

Other activities - excl. restatement related to insurance activities

151

21

Other activities - restatement related to insurance activities

(1,085)

(1,041)

Total Group

10,701

9,821

  • Commercial & Personal Banking in France, BNL banca commerciale, Commercial & Personal Banking in Belgium, Commercial & Personal Banking in Luxembourg, Europe-Mediterranean and Personal Investors after the reallocation within Wealth and Asset Management of one-third of the Wealth Management activities in France, Italy, Belgium, Luxembourg, Germany, T\u00fcrkiye and Poland.
  • Including Real Estate and Principal Investments.
\u27a4Assets and liabilities by business segment

In millions of euros, at

31 December 2024

31 December 2023

Asset

Liability

Asset

Liability

Corporate & Institutional Banking

1,257,271

1,375,940

1,136,691

1,309,407

Global Banking

195,330

258,037

176,822

241,346

Global Markets

1,016,601

960,504

921,650

917,780

Securities Services

45,340

157,400

38,219

150,281

Commercial, Personal Banking & Services

802,565

701,384

790,637

702,388

Commercial & Personal Banking in the eurozone

547,798

551,464

552,876

559,503

Commercial & Personal Banking in France(1)

236,792

242,000

236,866

244,563

BNL banca commerciale(1)

89,722

78,660

94,164

81,275

Commercial & Personal Banking in Belgium(1)

192,644

197,679

192,423

202,447

Commercial & Personal Banking in Luxembourg(1)

28,640

33,126

29,423

31,218

Commercial & Personal Banking in the rest of the world

71,050

68,419

59,282

55,409

Europe-Mediterranean(1)

71,050

68,419

59,282

55,409

Specialised businesses

183,718

81,500

178,479

87,476

Personal Finance

109,512

27,802

108,791

29,003

Arval & Leasing Solutions

70,283

20,785

65,086

22,245

New Digital Businesses & Personal Investors(1)

3,923

32,913

4,602

36,228

Investment & Protection Services

322,771

355,810

289,722

319,544

Insurance

286,849

274,655

257,133

243,510

Wealth Management

27,373

76,611

24,836

70,859

Asset Management(2)

8,549

4,544

7,753

5,175

Other activities

322,301

271,774

374,449

260,160

Total Group

2,704,908

2,704,908

2,591,499

2,591,499

  • Commercial & Personal Banking in France, BNL banca commerciale, Commercial & Personal Banking in Belgium, Commercial & Personal Banking in Luxembourg, Europe-Mediterranean and Personal Investors after the reallocation within Wealth and Asset Management of one-third of the Wealth Management activities in France, Italy, Belgium, Luxembourg, Germany, T\u00fcrkiye and Poland.
  • Including Real Estate and Principal Investments.

\u00a0

Information by business segment relating to goodwill is presented in note\u00a04.m Goodwill.

", "dimensions": { "concept": "ifrs-full:DisclosureOfOperatingSegmentsExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_3d83822c-669b-425c-b1c1-9ca5c64e4ffa": { "value": "
Information by geographic area

The geographic split of segment results, assets and liabilities is based on the region in which they are recognised for accounting purposes, adjusted as per the managerial origin of the business activity. It does not necessarily reflect the counterparty\u2019s nationality or the location of operational businesses.

\u27a4Revenues from continuing activities by geographic area

In millions of euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

EMEA

39,688

37,822

Americas (North and South)

4,898

4,286

APAC

4,245

3,766

Total Group

48,831

45,874

\u27a4Assets and liabilities, in contribution to the consolidated accounts, by geographic area

In millions of euros, at

31 December 2024

31 December 2023

EMEA

2,196,747

2,148,461

Americas (North and South)

316,411

255,099

APAC

191,750

187,939

Total Group

2,704,908

2,591,499

\u00a0

", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_0872f075-4762-4c52-b670-615bc80457f5": { "value": "
Derivative financial instruments

The majority of derivative financial instruments held for trading are related to transactions initiated for trading purposes. They may result from market-making or arbitrage activities. BNP\u00a0Paribas actively trades in derivatives. Transactions include trades in \u201cordinary\u201d instruments such as credit default swaps, and structured transactions with complex risk profiles tailored to meet the needs of its customers. The net position is in all cases subject to limits.

Some derivative instruments are also contracted to hedge financial assets or financial liabilities for which the Group has not documented a hedging relationship, or which do not qualify for hedge accounting under IFRS.

In millions of euros, at

31 December 2024

31 December 2023

Positive market value

Negative market value

Positive market value

Negative market value

Interest rate derivatives

121,491

95,045

133,500

105,976

Foreign exchange derivatives

158,085

152,269

119,094

118,126

Credit derivatives

10,767

11,085

8,427

10,320

Equity derivatives

28,065

40,185

24,067

38,027

Other derivatives

4,223

3,369

6,991

6,443

Derivative financial instruments

322,631

301,953

292,079

278,892

\u00a0

The table below shows the total notional amount of trading derivatives. The notional amounts of derivative instruments are merely an indication of the volume of the Group\u2019s activities in financial instruments markets, and do not reflect the market risks associated with such instruments.

In millions of euros, at

31 December 2024

31 December 2023

Exchange-
traded

Over-the-
counter,
\u00a0cleared through
\u00a0central clearing houses

Over-the-
counter

Total

Exchange-
traded

Over-the-
counter,
\u00a0cleared through
\u00a0central clearing houses

Over-the-
counter

Total

Interest rate derivatives

983,378

15,690,701

7,277,395

23,951,474

1,327,902

14,448,396

6,811,394

22,587,692

Foreign exchange derivatives

74,516

194,540

10,769,644

11,038,700

57,625

173,339

8,980,659

9,211,623

Credit derivatives

\u00a0

436,041

463,565

899,606

\u00a0

357,964

465,403

823,367

Equity derivatives

1,356,158

\u00a0

798,676

2,154,834

1,130,554

\u00a0

638,904

1,769,458

Other derivatives

184,941

\u00a0

93,181

278,122

119,024

\u00a0

84,251

203,275

Derivative financial instruments

2,598,993

16,321,282

19,402,461

38,322,736

2,635,105

14,979,699

16,980,611

34,595,415

\u00a0

As part of its Client Clearing activity, the Group guarantees the risk of default of its clients to central counterparties. The corresponding notional amount is EUR\u00a01,271\u00a0billion at 31\u00a0December 2024 (EUR\u00a01,197\u00a0billion at 31\u00a0December 2023).

\u27a4Investments and other assets related to insurance activities

In millions of euros, at

31 December 2024

31 December 2023

Assets not representative of unit-linked insurance contracts

Assets representative of unit-linked accounts

Total

Assets not representative of unit-linked insurance contracts

Assets representative of unit-linked accounts

Total

Derivative financial instruments

1,731

\u00a0

1,731

1,658

\u00a0

1,658

Derivatives used for hedging purposes

74

\u00a0

74

36

\u00a0

36

Financial assets at fair value through profit or loss

61,465

111,954

173,419

64,492

92,266

156,758

Financial assets at fair value through equity

102,222

\u00a0

102,222

89,139

\u00a0

89,139

Financial assets at amortised cost

1,379

\u00a0

1,379

1,267

\u00a0

1,267

Investment properties

3,868

3,178

7,046

4,008

3,483

7,491

Equity-method investments

82

\u00a0

82

89

\u00a0

89

Assets related to insurance activities (see note\u00a05.d)

896

\u00a0

896

660

\u00a0

660

Investments and other assets related to insurance activities

171,717

115,132

286,849

161,349

95,749

257,098

\u27a4Financial liabilities related to insurance activities

\u201cFinancial liabilities related to insurance activities\u201d includes unit-linked investment contracts without discretionary participating features. Those contracts are measured under IFRS\u00a09 at fair value through profit or loss.

In millions of euros, at

31 December 2024

31 December 2023

Derivative financial instruments

982

1,138

Derivatives used for hedging purposes

238

152

Deposit at fair value through profit or loss

960

1,063

Debt representative of shares of consolidated funds held by third parties

7,317

5,802

Investment contracts without discretionary participation feature \u2013 Unit-linked contracts

8,388

8,427

Other debts

1,922

1,657

Financial liabilities related to insurance activities

19,807

18,239

\u27a4Measurement of the fair value of financial instruments

The criteria for allocating instruments to each level of the fair value hierarchy, the measurement methods, and the principles governing transfers between levels are those presented in note\u00a04.d for the Group\u2019s financial instruments.

In millions of euros, at

31 December 2024

31 December 2023

Level\u00a01

Level\u00a02

Level\u00a03

Total

Level\u00a01

Level\u00a02

Level\u00a03

Total

Financial assets designated as at fair value through profit or loss

110,018

47,346

16,055

173,419

85,585

56,294

14,879

156,758

Equity instruments

102,824

31,996

15,772

150,592

79,269

41,846

14,779

135,894

Debt securities

7,194

14,827

218

22,239

6,316

13,740

41

20,097

Loans

523

65

588

708

59

767

Financial assets at fair value through equity

89,003

13,214

5

102,222

81,018

8,106

15

89,139

Equity instruments

1,729

1,729

646

646

Debt securities

87,274

13,214

5

100,493

80,372

8,106

15

88,493

Derivative financial instruments

-

1,772

33

1,805

2

1,678

14

1,694

FINANCIAL ASSETS MEASURED AT FAIR VALUE

199,021

62,332

16,093

277,446

166,605

66,078

14,908

247,591

Financial liabilities designated at fair value through profit or loss

4,666

10,866

1,133

16,665

2,625

12,039

628

15,292

Deposit at fair value through profit or loss

960

960

1,063

1,063

Debt representative of shares of consolidated funds held by third parties

4,666

2,352

299

7,317

2,625

3,177

5,802

Investment contracts without discretionary participation feature - Unit-linked contracts

7,554

834

8,388

7,799

628

8,427

Derivative financial instruments

-

1,198

22

1,220

127

977

186

1,290

FINANCIAL LIABILITIES MEASURED AT FAIR VALUE

4,666

12,064

1,155

17,885

2,752

13,016

814

16,582

\u00a0

Level\u00a01: includes notably equity securities and liquid bonds, derivative instruments traded on organised markets (futures, options, etc.), shares of funds and UCITS, for which the net asset value is calculated on a daily basis.

Level\u00a02: includes equity securities, government bonds, corporate debt securities, shares of funds and UCITS, and over-the-counter derivatives.

Level\u00a03: includes units of funds and unlisted equity shares which are mainly company shares and venture capital.

\u00a0

\u27a4Table of movements in Level\u00a03 financial instruments

For Level\u00a03 financial instruments, the following movements occurred during the period:

In millions of euros

Financial assets

Financial liabilities

Financial instruments at fair value through profit or loss

Financial assets at fair value through equity

Total

Financial instruments at fair value through profit or loss

Total

At 31 December 2023

14,893

15

14,908

(814)

(814)

Purchases

2,209

\u00a0

2,209

\u00a0

\u00a0

Sales

(2,325)

\u00a0

(2,325)

\u00a0

\u00a0

Settlements

40

(3)

37

(110)

(110)

Transfers to Level\u00a03

463

\u00a0

463

\u00a0

\u00a0

Transfers from Level\u00a03

(141)

(8)

(149)

\u00a0

\u00a0

Gains recognised in profit or loss

187

\u00a0

187

(226)

(226)

Items related to exchange rate movement and changes in scope of consolidation

762

\u00a0

762

(5)

(5)

Changes in fair value of assets and liabilities recognised in equity

\u00a0

1

1

\u00a0

\u00a0

At 31 December 2024

16,088

5

16,093

(1,155)

(1,155)

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4.bDerivatives used for hedging purposes

The table below shows the notional amounts and the fair value of derivatives used for hedging purposes.

In millions of euros, at

31 December 2024

31 December 2023

Notional amounts

Positive fair value

Negative fair value

Notional amounts

Positive fair value

Negative fair value

Fair value hedges

1,215,184

19,489

32,610

1,148,308

19,409

33,808

Interest rate derivatives

1,210,173

19,305

32,391

1,139,647

18,516

32,617

Foreign exchange derivatives

5,011

184

219

8,661

893

1,191

Cash flow hedges

267,840

1,297

4,196

241,125

2,233

4,138

Interest rate derivatives

75,830

654

1,583

66,134

896

1,760

Foreign exchange derivatives

191,237

590

2,532

174,426

1,270

2,312

Other derivatives

773

53

81

565

67

66

Net foreign investment hedges

2,885

65

58

2,648

50

65

Foreign exchange derivatives

2,885

65

58

2,648

50

65

Derivatives used for hedging purposes

1,485,909

20,851

36,864

1,392,081

21,692

38,011

Interest rate risk and foreign exchange risk management strategies are described in chapter\u00a05 \u2013 Pillar 3 of the Universal registration document (section\u00a05.7 Market risk \u2013 Market risk related to banking activities). Quantitative information related to foreign currency borrowings used for net investment hedges is also mentioned in this chapter.

The table below presents the detail of fair value hedge relationships for identified financial instruments and portfolios of financial instruments that are continuing at 31\u00a0December 2024:

\u00a0

In millions of euros,

at 31 December 2024

Hedging instruments

Hedged instruments

Notional amounts

Positive
\u00a0fair value

Negative
\u00a0fair value

Cumulated changes in fair value used as the basis for recognising ineffectiveness

Carrying amount \u2013 asset

Cumulated changes in fair value \u2013 asset

Carrying amount \u2013 liability

Cumulated changes in fair value \u2013 liability

Fair value hedges of identified instruments

467,277

10,935

14,372

(408)

171,514

(4,723)

149,961

(5,075)

Interest rate derivatives hedging the interest rate risk related to

462,854

10,786

14,154

(396)

169,146

(4,721)

148,362

(5,061)

Loans and receivables

21,678

459

504

(35)

17,111

34

\u00a0

\u00a0

Securities

220,047

9,896

6,286

4,680

152,035

(4,755)

\u00a0

\u00a0

Deposits

21,350

134

137

(9)

\u00a0

\u00a0

16,851

(11)

Debt securities

199,779

297

7,227

(5,032)

\u00a0

\u00a0

131,511

(5,050)

Foreign exchange derivatives hedging the interest rate and foreign exchange risks related\u00a0to

4,423

149

218

(12)

2,368

(2)

1,599

(14)

Loans and receivables

1,403

137

47

3

1,007

(3)

\u00a0

\u00a0

Securities

1,435

8

5

\u00a0

1,361

1

\u00a0

\u00a0

Deposits

36

\u00a0

2

2

\u00a0

\u00a0

41

2

Debt securities

1,549

4

164

(17)

\u00a0

\u00a0

1,558

(16)

Interest rate risk hedged portfolios

747,907

8,554

18,238

(8,868)

200,215

(1,745)

151,658

(10,592)

Interest rate derivatives hedging the interest rate risk related to(1)

747,319

8,519

18,237

(8,865)

199,658

(1,747)

151,658

(10,592)

Loans and receivables

319,703

5,461

2,721

1,848

199,658

(1,747)

\u00a0

\u00a0

Deposits

427,616

3,058

15,516

(10,713)

\u00a0

\u00a0

151,658

(10,592)

Foreign exchange derivatives hedging the interest rate and foreign exchange risks related to

588

35

1

(3)

557

2

-

-

Loans and receivables

588

35

1

(3)

557

2

\u00a0

\u00a0

Total fair value hedge

1,215,184

19,489

32,610

(9,276)

371,729

(6,468)

301,619

(15,667)

  • Are included in this section the notional amounts of hedging derivatives and of swaps that reverse the interest rate positions, thus reducing the hedge relationship, when the hedged item still exists, for respectively EUR\u00a0129,507\u00a0million for derivatives hedging loans and receivables and EUR\u00a0263,952\u00a0million for derivatives hedging deposits.

The table below presents the detail of fair value hedge relationships for identified financial instruments and portfolios of financial instruments that are continuing at 31\u00a0December 2023:

\u00a0

In millions of euros,

at 31 December 2023

Hedging instruments

Hedged instruments

Notional amounts

Positive
\u00a0fair value

Negative
\u00a0fair value

Cumulated changes in fair value used as the basis for recognising ineffectiveness

Carrying amount \u2013 asset

Cumulated changes in fair value \u2013 asset

Carrying amount \u2013 liability

Cumulated changes in fair value \u2013 liability

Fair value hedges of identified instruments

405,307

9,539

13,084

(582)

133,418

(6,571)

154,708

(7,030)

Interest rate derivatives hedging the interest rate risk related to

398,328

8,653

11,932

(491)

129,967

(6,575)

151,227

(6,948)

Loans and receivables

20,674

487

449

88

20,886

(82)

\u00a0

\u00a0

Securities

162,254

7,826

2,383

6,369

109,081

(6,493)

\u00a0

\u00a0

Deposits

24,158

123

222

(203)

\u00a0

\u00a0

20,487

(201)

Debt securities

191,242

217

8,878

(6,745)

\u00a0

\u00a0

130,740

(6,747)

Foreign exchange derivatives hedging the interest rate and foreign exchange risks related\u00a0to

6,979

886

1,152

(91)

3,451

4

3,481

(82)

Loans and receivables

2,069

687

737

(11)

2,055

10

\u00a0

\u00a0

Securities

1,405

184

193

8

1,396

(6)

\u00a0

\u00a0

Deposits

833

6

21

4

\u00a0

\u00a0

846

3

Debt securities

2,672

9

201

(92)

\u00a0

\u00a0

2,635

(85)

Interest rate risk hedged portfolios

743,001

9,870

20,724

(10,261)

233,224

(3,803)

228,527

(14,009)

Interest rate derivatives hedging the interest rate risk related to(1)

741,319

9,862

20,685

(10,263)

231,609

(3,801)

228,527

(14,009)

Loans and receivables

339,035

6,302

1,938

3,780

231,609

(3,801)

\u00a0

\u00a0

Deposits

402,284

3,560

18,747

(14,043)

\u00a0

\u00a0

228,527

(14,009)

Foreign exchange derivatives hedging the interest rate and foreign exchange risks related to

1,682

8

39

2

1,615

(2)

-

-

Loans and receivables

1,682

8

39

2

1,615

(2)

\u00a0

\u00a0

Total fair value hedge

1,148,308

19,409

33,808

(10,843)

366,642

(10,374)

383,235

(21,039)

  • Are included in this section the notional amounts of hedging derivatives and of swaps that reverse the interest rate positions, thus reducing the hedge relationship, when the hedged item still exists, for respectively EUR\u00a093,839\u00a0million for derivatives hedging loans and receivables and EUR\u00a0177,833\u00a0million for derivatives hedging deposits.

\u00a0

An asset or a liability or set of assets and liabilities, can be hedged over several periods of time with different derivative financial instruments. Besides, some hedges are achieved by the combination of two derivative instruments. In this case, the notional amounts add up and their total amount is higher than the hedged amount. The first situation is observed more particularly for interest rate risk hedged portfolios and the second for hedges of issued debt securities.

As regards discontinued fair value hedge relationships where the derivative contract was terminated, the cumulated amount of revaluation remaining to be amortised over the residual life of the hedged instruments amounted to EUR\u00a0986\u00a0million in assets at 31\u00a0December 2024, and to -EUR\u00a0104\u00a0million in liabilities, for hedges of portfolios of financial instruments. At 31\u00a0December 2023, these amounts were EUR\u00a01,143\u00a0million in assets and -EUR\u00a0166\u00a0million in liabilities.

Regarding hedges of identified instruments, the cumulated amount of revaluation remaining to be amortised over the residual life of the hedged instruments amounts to EUR\u00a099\u00a0million in assets at 31\u00a0December 2024. At\u00a031\u00a0December\u00a02023, this amount was EUR\u00a0105\u00a0million in assets.

The notional amount of cash flow hedge derivatives is EUR\u00a0267,840\u00a0million at 31\u00a0December 2024. Changes in assets and liabilities recognised directly in equity amount to EUR\u00a048\u00a0million. At\u00a031 December 2023, the notional amount of cash flow hedge derivatives was EUR\u00a0241,125\u00a0million and changes in assets and liabilities recognised directly in equity amounted to EUR\u00a0189\u00a0million.

The tables below present the notional amounts of hedging derivatives by maturity at 31\u00a0December 2024 and at 31\u00a0December 2023:

\u00a0

In millions of euros,

at 31 December 2024

Maturity date

Less than 1\u00a0year

Between 1 and 5\u00a0years

Over 5\u00a0years

Total

Fair value hedges

454,601

456,223

304,360

1,215,184

Interest rate derivatives

452,137

454,004

304,032

1,210,173

Foreign exchange derivatives

2,464

2,219

328

5,011

Cash flow hedges

198,515

55,256

14,069

267,840

Interest rate derivatives

41,299

25,253

9,278

75,830

Foreign exchange derivatives

156,886

29,563

4,788

191,237

Other derivatives

330

440

3

773

Net foreign investment hedges

2,432

453

-

2,885

Foreign exchange derivatives

2,432

453

\u00a0

2,885

\u00a0

In millions of euros,

at 31 December 2023

Maturity date

Less than 1\u00a0year

Between 1 and 5\u00a0years

Over 5\u00a0years

Total

Fair value hedges

328,104

487,495

332,709

1,148,308

Interest rate derivatives

323,853

483,325

332,469

1,139,647

Foreign exchange derivatives

4,251

4,170

240

8,661

Cash flow hedges

176,330

52,161

12,634

241,125

Interest rate derivatives

30,565

28,999

6,570

66,134

Foreign exchange derivatives

145,532

22,832

6,062

174,426

Other derivatives

233

330

2

565

Net foreign investment hedges

2,648

-

-

2,648

Foreign exchange derivatives

2,648

\u00a0

\u00a0

2,648

\u27a4Investments and other assets related to insurance activities

In millions of euros, at

31 December 2024

31 December 2023

Assets not representative of unit-linked insurance contracts

Assets representative of unit-linked accounts

Total

Assets not representative of unit-linked insurance contracts

Assets representative of unit-linked accounts

Total

Derivative financial instruments

1,731

\u00a0

1,731

1,658

\u00a0

1,658

Derivatives used for hedging purposes

74

\u00a0

74

36

\u00a0

36

Financial assets at fair value through profit or loss

61,465

111,954

173,419

64,492

92,266

156,758

Financial assets at fair value through equity

102,222

\u00a0

102,222

89,139

\u00a0

89,139

Financial assets at amortised cost

1,379

\u00a0

1,379

1,267

\u00a0

1,267

Investment properties

3,868

3,178

7,046

4,008

3,483

7,491

Equity-method investments

82

\u00a0

82

89

\u00a0

89

Assets related to insurance activities (see note\u00a05.d)

896

\u00a0

896

660

\u00a0

660

Investments and other assets related to insurance activities

171,717

115,132

286,849

161,349

95,749

257,098

\u27a4Financial liabilities related to insurance activities

\u201cFinancial liabilities related to insurance activities\u201d includes unit-linked investment contracts without discretionary participating features. Those contracts are measured under IFRS\u00a09 at fair value through profit or loss.

In millions of euros, at

31 December 2024

31 December 2023

Derivative financial instruments

982

1,138

Derivatives used for hedging purposes

238

152

Deposit at fair value through profit or loss

960

1,063

Debt representative of shares of consolidated funds held by third parties

7,317

5,802

Investment contracts without discretionary participation feature \u2013 Unit-linked contracts

8,388

8,427

Other debts

1,922

1,657

Financial liabilities related to insurance activities

19,807

18,239

\u27a4Measurement of the fair value of financial instruments

The criteria for allocating instruments to each level of the fair value hierarchy, the measurement methods, and the principles governing transfers between levels are those presented in note\u00a04.d for the Group\u2019s financial instruments.

In millions of euros, at

31 December 2024

31 December 2023

Level\u00a01

Level\u00a02

Level\u00a03

Total

Level\u00a01

Level\u00a02

Level\u00a03

Total

Financial assets designated as at fair value through profit or loss

110,018

47,346

16,055

173,419

85,585

56,294

14,879

156,758

Equity instruments

102,824

31,996

15,772

150,592

79,269

41,846

14,779

135,894

Debt securities

7,194

14,827

218

22,239

6,316

13,740

41

20,097

Loans

523

65

588

708

59

767

Financial assets at fair value through equity

89,003

13,214

5

102,222

81,018

8,106

15

89,139

Equity instruments

1,729

1,729

646

646

Debt securities

87,274

13,214

5

100,493

80,372

8,106

15

88,493

Derivative financial instruments

-

1,772

33

1,805

2

1,678

14

1,694

FINANCIAL ASSETS MEASURED AT FAIR VALUE

199,021

62,332

16,093

277,446

166,605

66,078

14,908

247,591

Financial liabilities designated at fair value through profit or loss

4,666

10,866

1,133

16,665

2,625

12,039

628

15,292

Deposit at fair value through profit or loss

960

960

1,063

1,063

Debt representative of shares of consolidated funds held by third parties

4,666

2,352

299

7,317

2,625

3,177

5,802

Investment contracts without discretionary participation feature - Unit-linked contracts

7,554

834

8,388

7,799

628

8,427

Derivative financial instruments

-

1,198

22

1,220

127

977

186

1,290

FINANCIAL LIABILITIES MEASURED AT FAIR VALUE

4,666

12,064

1,155

17,885

2,752

13,016

814

16,582

\u00a0

Level\u00a01: includes notably equity securities and liquid bonds, derivative instruments traded on organised markets (futures, options, etc.), shares of funds and UCITS, for which the net asset value is calculated on a daily basis.

Level\u00a02: includes equity securities, government bonds, corporate debt securities, shares of funds and UCITS, and over-the-counter derivatives.

Level\u00a03: includes units of funds and unlisted equity shares which are mainly company shares and venture capital.

\u00a0

\u27a4Table of movements in Level\u00a03 financial instruments

For Level\u00a03 financial instruments, the following movements occurred during the period:

In millions of euros

Financial assets

Financial liabilities

Financial instruments at fair value through profit or loss

Financial assets at fair value through equity

Total

Financial instruments at fair value through profit or loss

Total

At 31 December 2023

14,893

15

14,908

(814)

(814)

Purchases

2,209

\u00a0

2,209

\u00a0

\u00a0

Sales

(2,325)

\u00a0

(2,325)

\u00a0

\u00a0

Settlements

40

(3)

37

(110)

(110)

Transfers to Level\u00a03

463

\u00a0

463

\u00a0

\u00a0

Transfers from Level\u00a03

(141)

(8)

(149)

\u00a0

\u00a0

Gains recognised in profit or loss

187

\u00a0

187

(226)

(226)

Items related to exchange rate movement and changes in scope of consolidation

762

\u00a0

762

(5)

(5)

Changes in fair value of assets and liabilities recognised in equity

\u00a0

1

1

\u00a0

\u00a0

At 31 December 2024

16,088

5

16,093

(1,155)

(1,155)

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4.dMeasurement of the fair value of\u00a0financial instruments
Valuation process

BNP\u00a0Paribas has retained the fundamental principle that it should have a unique and integrated processing chain for producing and controlling the valuations of financial instruments that are used for the purpose of daily risk management and financial reporting. All these processes are based on a common economic valuation which is a core component of business decisions and risk management strategies.

Economic value is composed of mid-market value, to which valuation adjustments are made.

Mid-market value is derived from external data or valuation techniques that maximise the use of observable and market-based data. Mid-market value is a theoretical additive value which does not take account of i)\u00a0the direction of the transaction or its impact on the existing risks in the portfolio, ii)\u00a0the nature of the counterparties, and iii)\u00a0the aversion of a market participant to particular risks inherent in the instrument, the market in which it is traded, or the risk management strategy.

Valuation adjustments take into account valuation uncertainty and include market and credit risk premiums to reflect costs that could be incurred in case of an exit transaction in the principal market.

Fair value generally equals the economic value, subject to limited adjustments, such as own credit adjustments, which are specifically required by IFRS standards.

The main valuation adjustments are presented in the section below.

Valuation adjustments

Valuation adjustments retained by BNP\u00a0Paribas for determining fair values are as follows:

Bid/offer adjustments: the bid/offer range reflects the additional exit cost for a price taker and symmetrically the compensation sought by dealers to bear the risk of holding the position or closing it out by accepting another dealer\u2019s price.

BNP\u00a0Paribas assumes that the best estimate of an exit price is the bid or offer price, unless there is evidence that another point in the bid/offer range would provide a more representative exit price.

Input uncertainty adjustments: when the observation of prices or data inputs required by valuation techniques is difficult or irregular, an uncertainty exists on the exit price. There are several ways to gauge the degree of uncertainty on the exit price such as measuring the dispersion of the available price indications or estimating the possible ranges of the inputs to a valuation technique.

Model uncertainty adjustments: these relate to situations where valuation uncertainty is due to the valuation technique used, even though observable inputs might be available. This situation arises when the risks inherent in the instruments are different from those available in the observable data, and therefore the valuation technique involves assumptions that cannot be easily corroborated.

Future Hedging Costs adjustments (FHC): this adjustment applies to positions that require dynamic hedging throughout their lifetime leading to additional bid/offer costs. Calculation methods capture these expected costs in particular based on the optimal hedging frequency.

Credit valuation adjustment (CVA): the CVA adjustment applies to valuations and market quotations whereby the credit worthiness of the counterparty is not reflected. It aims to account for the possibility that the counterparty may default and that BNP\u00a0Paribas may not receive the full fair value of the transactions.

In determining the cost of exiting or transferring counterparty risk exposures, the relevant market is deemed to be an inter-dealer market. However, the determination of CVA remains judgemental due to i)\u00a0the possible absence or lack of price discovery in the inter-dealer market, ii)\u00a0the influence of the regulatory landscape relating to counterparty risk on the market participants\u2019 pricing behaviour and iii)\u00a0the absence of a dominant business model for managing counterparty risk.

The CVA model is grounded on the same exposures as those used for regulatory purposes. The model attempts to estimate the cost of an optimal risk management strategy based on i) implicit incentives and constraints inherent in the regulations in force and their evolutions, ii) market perception of the probability of default, and iii) default parameters used for regulatory purposes.

Funding valuation adjustment (FVA): when valuation techniques are used for the purpose of deriving fair value, funding assumptions related to the future expected cash flows are an integral part of the mid-market valuation, notably through the use of appropriate discount rates. These assumptions reflect what the Bank anticipates as being the effective funding conditions of the instrument that a market participant would consider. This notably takes into account the existence and terms of any collateral agreement. In particular, for non- or imperfectly collateralised derivative instruments, they include an explicit adjustment to the interbank interest rate.

Own-credit valuation adjustment for debts (OCA) and for derivatives (debit valuation adjustment \u2013 DVA): OCA and DVA are adjustments reflecting the effect of credit worthiness of BNP\u00a0Paribas, on respectively the value of debt securities designated as at fair value through profit or loss and derivatives. Both adjustments are based on the expected future liability profiles of such instruments. The own credit worthiness is inferred from the market-based observation of the relevant bond issuance levels. The DVA adjustment is determined after taking into account the Funding Valuation Adjustment (FVA).

Thus, the carrying value of debt securities designated as at fair value though profit or loss increased by EUR\u00a0388\u00a0million at 31\u00a0December 2024, compared with a decrease in value of EUR 198\u00a0million at 31\u00a0December 2023, i.e. a\u00a0+EUR\u00a0586 million variation recognised directly in equity that will not be reclassified to profit or loss.

Instrument classes and Classification within the fair value hierarchy for assets and liabilities measured at fair value

As explained in the summary of significant accounting policies (note\u00a01.f.10), financial instruments measured at fair value are categorised into a fair value hierarchy consisting of three levels.

\u00a0

In millions of euros, at

31 December 2024

Financial instruments held for trading

Instruments at fair value through profit or
\u00a0loss not held for trading

Financial assets at fair value through equity

Level 1

Level 2

Level 3

Total

Level 1

Level 2

Level 3

Total

Level 1

Level 2

Level 3

Total

Securities

215,211

40,417

1,151

256,779

640

1,397

8,541

10,578

62,844

9,427

769

73,040

Governments

76,246

18,301

171

94,718

\u00a0

\u00a0

\u00a0

\u00a0

32,137

3,919

72

36,128

Other debt securities

18,922

21,937

781

41,640

24

411

378

813

29,740

5,295

267

35,302

Equities and other equity securities

120,043

179

199

120,421

616

986

8,163

9,765

967

213

430

1,610

Loans and repurchase agreements

\u00a0

221,607

15

221,622

\u00a0

2,874

1,203

4,077

\u00a0

\u00a0

\u00a0

\u00a0

Loans

\u00a0

9,324

\u00a0

9,324

\u00a0

2,874

1,203

4,077

\u00a0

\u00a0

\u00a0

\u00a0

Repurchase agreements

\u00a0

212,283

15

212,298

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

FINANCIAL ASSETS AT FAIR VALUE

215,211

262,024

1,166

478,401

640

4,271

9,744

14,655

62,844

9,427

769

73,040

Securities

77,891

1,971

96

79,958

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Governments

54,020

373

\u00a0

54,393

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Other debt securities

8,648

1,576

96

10,320

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Equities and other equity securities

15,223

22

\u00a0

15,245

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Borrowings and repurchase agreements

\u00a0

301,036

1,452

302,488

\u00a0

2,126

203

2,329

\u00a0

\u00a0

\u00a0

\u00a0

Borrowings

\u00a0

6,113

\u00a0

6,113

\u00a0

2,126

203

2,329

\u00a0

\u00a0

\u00a0

\u00a0

Repurchase agreements

\u00a0

294,923

1,452

296,375

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Issued debt securities and subordinated debt (note\u00a04.h)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

66,580

38,354

104,934

\u00a0

\u00a0

\u00a0

\u00a0

Issued debt securities

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

65,764

38,354

104,118

\u00a0

\u00a0

\u00a0

\u00a0

Subordinated debt

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

816

\u00a0

816

\u00a0

\u00a0

\u00a0

\u00a0

FINANCIAL LIABILITIES AT\u00a0FAIR\u00a0VALUE

77,891

303,007

1,548

382,446

-

68,706

38,557

107,263

\u00a0

\u00a0

\u00a0

\u00a0

In millions of euros, at

31 December 2023

Financial instruments held for trading

Instruments at fair value through profit or
\u00a0loss not held for trading

Financial assets at fair value through equity

Level 1

Level 2

Level 3

Total

Level 1

Level 2

Level 3

Total

Level 1

Level 2

Level 3

Total

Securities

171,172

30,482

571

202,225

1,205

1,079

7,125

9,409

44,707

7,095

747

52,549

Governments

80,933

14,291

10

95,234

225

\u00a0

\u00a0

225

19,919

3,367

48

23,334

Other debt securities

19,776

15,747

439

35,962

327

363

380

1,070

23,218

3,515

207

26,940

Equities and other equity securities

70,463

444

122

71,029

653

716

6,745

8,114

1,570

213

492

2,275

Loans and repurchase agreements

\u00a0

224,512

188

224,700

\u00a0

913

1,562

2,475

\u00a0

\u00a0

\u00a0

\u00a0

Loans

\u00a0

8,441

\u00a0

8,441

\u00a0

913

1,562

2,475

\u00a0

\u00a0

\u00a0

\u00a0

Repurchase agreements

\u00a0

216,071

188

216,259

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

FINANCIAL ASSETS AT FAIR VALUE

171,172

254,994

759

426,925

1,205

1,992

8,687

11,884

44,707

7,095

747

52,549

Securities

102,913

1,955

42

104,910

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Governments

69,811

398

\u00a0

70,209

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Other debt securities

9,670

1,544

41

11,255

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Equities and other equity securities

23,432

13

1

23,446

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Borrowings and repurchase agreements

\u00a0

270,854

632

271,486

\u00a0

1,973

155

2,128

\u00a0

\u00a0

\u00a0

\u00a0

Borrowings

\u00a0

4,846

\u00a0

4,846

\u00a0

1,973

155

2,128

\u00a0

\u00a0

\u00a0

\u00a0

Repurchase agreements

\u00a0

266,008

632

266,640

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Issued debt securities and subordinated debt (note\u00a04.h)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

52,080

31,683

83,763

\u00a0

\u00a0

\u00a0

\u00a0

Issued debt securities(1)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

51,345

31,683

83,028

\u00a0

\u00a0

\u00a0

\u00a0

Subordinated debt

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

735

\u00a0

735

\u00a0

\u00a0

\u00a0

\u00a0

FINANCIAL LIABILITIES AT\u00a0FAIR\u00a0VALUE

102,913

272,809

674

376,396

-

54,053

31,838

85,891

\u00a0

\u00a0

\u00a0

\u00a0

  • The hierarchical level breakdown has been adjusted, moving EUR 8.1 billion from level 2 to level 3. This adjustment is not associated with a decreased observability of valuation parameters and does not challenge the fair value measurement of the affected financial instruments.

\u00a0

Fair values of derivatives are broken down by dominant risk factor, namely interest rate, foreign exchange, credit and equity. Derivatives used for hedging purposes are mainly interest rate derivatives.

In millions of euros, at

31 December 2024

Positive market value

Negative market value

Level 1

Level 2

Level 3

Total

Level 1

Level 2

Level 3

Total

Interest rate derivatives

479

119,383

1,629

121,491

505

92,636

1,904

95,045

Foreign exchange derivatives

57

157,499

529

158,085

53

151,964

252

152,269

Credit derivatives

\u00a0

10,161

606

10,767

\u00a0

10,362

723

11,085

Equity derivatives

9

24,977

3,079

28,065

4

34,165

6,016

40,185

Other derivatives

693

3,400

130

4,223

851

2,466

52

3,369

Derivative financial instruments not used for\u00a0hedging purposes

1,238

315,420

5,973

322,631

1,413

291,593

8,947

301,953

Derivative financial instruments used for\u00a0hedging purposes

-

20,851

-

20,851

-

36,864

-

36,864

\u00a0

In millions of euros, at

31 December 2023

Positive market value

Negative market value

Level 1

Level 2

Level 3

Total

Level 1

Level 2

Level 3

Total

Interest rate derivatives

734

131,382

1,384

133,500

714

103,334

1,928

105,976

Foreign exchange derivatives

18

118,300

776

119,094

16

118,065

45

118,126

Credit derivatives

\u00a0

7,663

764

8,427

\u00a0

8,697

1,623

10,320

Equity derivatives

15

21,177

2,875

24,067

659

31,222

6,146

38,027

Other derivatives

586

6,365

40

6,991

607

5,769

67

6,443

Derivative financial instruments not used for\u00a0hedging purposes

1,353

284,887

5,839

292,079

1,996

267,087

9,809

278,892

Derivative financial instruments used for\u00a0hedging purposes

-

21,692

-

21,692

-

38,011

-

38,011

\u00a0

Transfers between levels may occur when an instrument fulfils the criteria defined, which are generally market and product dependent. The main factors influencing transfers are changes in the observation capabilities, passage of time, and events during the transaction lifetime. The timing of recognising transfers is determined at the beginning of the reporting period.

During the year 2024, transfers between Level\u00a01 and Level\u00a02 were not significant.

Description of main instruments in each level

The following section provides a description of the instruments in each level in the hierarchy. It describes notably instruments classified in Level\u00a03 and the associated valuation methodologies.

For main trading book instruments and derivatives classified in Level\u00a03, further quantitative information is provided about the inputs used to derive fair value.

Level\u00a01

This level encompasses all derivatives and securities that are quoted continuously in active markets.

Level\u00a01 includes notably equity securities and liquid bonds, shortselling of these instruments, derivative instruments traded on organised markets (futures, options, etc.). It includes shares of funds and UCITS, for which the net asset value is calculated on a daily basis.

Level\u00a02

The Level\u00a02\u00a0stock of securities is composed of securities which are less liquid than the Level\u00a01 bonds. They are predominantly corporate debt securities, government bonds, mortgage backed securities, fund shares and short-term securities such as certificates of deposit. They are classified in Level\u00a02 notably when external prices for the same security can be regularly observed from a reasonable number of market makers that are active in this security, but these prices do not represent directly tradable prices. This comprises amongst other, consensus pricing services with a reasonable number of contributors that are active market makers as well as indicative runs from active brokers and/or dealers. Other sources, such as primary issuance market, may also be used where relevant.

Repurchase agreements are classified predominantly in Level\u00a02. The classification is primarily based on the observability and liquidity of the repo market, depending on the underlying collateral and the maturity of the repo transaction.

Debts issued designated as at fair value through profit or loss, are classified in the same level as the one that would apply to the embedded derivative taken individually. The issuance spread is considered observable.

Derivatives classified in Level\u00a02 comprise mainly the following instruments:

The above derivatives are classified in Level\u00a02 when there is a documented stream of evidence supporting one of the following:

Determining whether an over-the-counter (OTC) derivative is eligible for Level\u00a02 classification involves judgement. Consideration is given to the origin, transparency and reliability of external data used, and the amount of uncertainty associated with the use of models. It follows that the Level\u00a02 classification criteria involve multiple analysis axis within an \u201cobservability zone\u201d whose limits are determined by i)\u00a0a predetermined list of product categories and ii)\u00a0the underlying and maturity bands. These criteria are regularly reviewed and updated, together with the applicable valuation adjustments, so that the classification by level remains consistent with the valuation adjustment policy.

Level\u00a03

Level\u00a03\u00a0securities of the trading book mainly comprise units of funds and unlisted equity shares measured at fair value through profit or loss or through equity.

Unlisted private equities are systematically classified as Level\u00a03, with the exception of UCITS with a daily net asset value, which are classified in Level\u00a01 of the fair value hierarchy.

Shares and other unlisted variable income securities in Level\u00a03 are valued using one of the following methods: a share of revalued net book value, multiples of comparable companies, future cash flows method, multi-criteria approach.

Repurchase agreements, mainly long-term or structured repurchase agreements on corporate bonds and ABS: the valuation of these transactions requires proprietary methodologies given the bespoke nature of the transactions and the lack of activity and price discovery in the long-term repo market. The curves used in the valuation are corroborated using available data such as recent long-term repo trade data and price enquiry data. Valuation adjustments applicable to these exposures are commensurate with the degree of uncertainty inherent in the modelling choices and amount of data available.

Debts issued designated as at fair value through profit or loss, are classified in the same level as the one that would apply to the embedded derivative taken individually. The issuance spread is considered observable.

Derivatives

Vanilla derivatives are classified in Level\u00a03 when the exposure is beyond the observation zone for rate curves or volatility surfaces, or relates to less liquid markets such as tranches on old credit index series or emerging markets interest rates markets. The main instruments are:

These vanilla derivatives are subject to valuation adjustments linked to uncertainty on liquidity, specialised by nature of underlying and liquidity bands.

Structured derivatives classified in Level\u00a03 predominantly comprise hybrid products (FX/Interest Rates hybrids, Equity hybrids), credit correlation products, prepayment-sensitive products, some stock basket optional products and some interest rate optional instruments. The main exposures are described below, with insight into the related valuation techniques and on the source of uncertainty:

These structured derivatives are subject to specific valuation adjustments to cover uncertainties linked to liquidity, parameters and model risk.

Valuation adjustments (CVA, DVA and FVA)

The valuation adjustment for counterparty credit risk (CVA), own-credit risk for derivatives (DVA) and the explicit funding valuation adjustment (FVA) are deemed to be unobservable components of the valuation framework and therefore classified in Level\u00a03. This does not impact, in general cases, the classification of individual transactions into the fair value hierarchy. However, a specific process allows to identify individual deals for which the marginal contribution of these adjustments and related uncertainty is significant and justifies classifying these transactions in Level\u00a03.

The table below provides the range of values of main unobservable inputs for the valuation of Level\u00a03 financial instruments. The ranges displayed correspond to a variety of different underlying instruments and are meaningful only in the context of the valuation technique implemented by BNP\u00a0Paribas. The weighted averages, where relevant and available, are based on fair values, nominal amounts or sensitivities.

The main unobservable parameters used for the valuation of debt issued in Level\u00a03 are equivalent to those of their economic hedge derivative. Information on those derivatives, displayed in the following table, is also applicable to these debts.

Risk classes

Balance Sheet valuation

(in millions of euros)

Main product types composing the Level\u00a03\u00a0stock within\u00a0the\u00a0risk class

Valuation technique used\u00a0
for the product types considered

Main unobservable inputs\u00a0
for the product types considered

Range of unobservable input across Level\u00a03 population considered

Weighted average

Asset

Liability

Repurchase agreements

15

1,452

Long-term repo\u00a0
and reverse-repo\u00a0
agreements

Proxy techniques, based amongst other on the funding basis of a benchmark bond pool, that is actively traded and representative of the repo underlying

Long-term repo spread on private bonds (High Yield, High\u00a0Grade) and on ABS

0 bp to 107 bp

32 bp (a)

Interest rate derivatives

1,629

1,904

Hybrid Forex / Interest rates derivatives

Hybrid Forex interest rate option pricing model

Correlation between FX rate and interest rates. Main currency pairs are EUR/JPY, USD/JPY, AUD/JPY

3% to 56%

9%\u00a0(a)

Hybrid inflation rates / Interest rates derivatives

Hybrid inflation interest rate option pricing model

Correlation between interest rates and inflation rates mainly in Europe.

19% to 45%

35%

Floors and caps on inflation rate or on the cumulative inflation (such as redemption floors), predominantly on European and French inflation

Inflation pricing model

Volatility of cumulative inflation

1.3% to 11.6%

\u00a0(b)

Volatility of the year-on-
year inflation rate

0.3% to 2.6%

Forward Volatility products such as volatility swaps, mainly in euros

Interest rates option pricing model

Forward volatility of interest rates

0.5% to 0.8%

(b)

Balance-guaranteed fixed rate, basis or cross currency swaps, predominantly indexed on European collateral pools

Prepayment modelling

Discounted cash flows

Constant prepayment rates

0% to 25%

0.2% (a)

Credit derivatives

606

723

Collateralised Debt Obligations and index tranches for inactive index series

Base correlation projection technique and recovery modelling

Base correlation curve for\u00a0bespoke portfolios

27% to 88%

(b)

Recovery rate variance for\u00a0single name underlyings

0% to 25%

(b)

N-to-default baskets

Credit default model

Default correlation

50% to 83%

54% (a)

Single name Credit Default Swaps (other than CDS on\u00a0ABs and loans indices)

Stripping, extrapolation and\u00a0interpolation

Credit default spreads beyond observation limit (10\u00a0years)

19 bp to 20 bp

19 bp

Illiquid credit default spread curves (across main tenors)

1 bp to 2,217 bp (1)

102 bp (c)

Equity derivatives

3,079

6,016

Simple and complex derivatives on multi-underlying baskets on stocks

Various volatility option models

Unobservable equity volatility

0% to 184% (2)

24% (d)

Unobservable equity correlation

16% to 99%

62% (c)

(1)
\u00a0

(2)

(a)

(b)

(c)

(d)

The upper bound of the range relates to building, retail and services sector issuers that represent an insignificant portion of the balance sheet (CDS with illiquid underlying instruments).

The underlyings with implied volatility greater than 50% have a very limited exposure.

Weights based on relevant risk axis at portfolio level.

No weighting, since no explicit sensitivity is attributed to these inputs.

Weighting is not based on risks, but on an alternative methodology in relation with the Level\u00a03 instruments (present value or notional).

Simple averaging.

Table of movements in Level\u00a03 financial instruments

For Level\u00a03 financial instruments, the following movements occurred during the year ended 2024:

\u00a0

In millions of euros

Financial assets

Financial liabilities

Financial instruments
\u00a0at fair value
\u00a0through profit
\u00a0or loss held for\u00a0trading

Financial instruments
\u00a0at fair value through profit or loss not held for\u00a0trading

Financial
\u00a0assets at
\u00a0fair value
\u00a0through
\u00a0equity

TOTAL

Financial instruments
\u00a0at fair value through profit or\u00a0loss held for\u00a0trading

Financial instruments designated
\u00a0as at fair value through profit\u00a0or\u00a0loss

TOTAL

At 31 December 2023

6,598

8,687

747

16,032

(10,483)

(31,838)

(42,321)

Purchases

2,327

1,797

306

4,430

\u00a0

\u00a0

-

Issues

\u00a0

\u00a0

\u00a0

-

\u00a0

(21,959)

(21,959)

Sales

(1,856)

(1,383)

(281)

(3,520)

167

\u00a0

167

Settlements(1)

1,970

(9)

(20)

1,941

(1,045)

14,371

13,326

Transfers to Level\u00a03

724

2

145

871

(760)

(517)

(1,277)

Transfers from Level\u00a03

(1,227)

(36)

(51)

(1,314)

659

1,583

2,242

Gains (or losses) recognised in profit or loss with respect to transactions expired or terminated during the period

(95)

623

(8)

520

147

55

202

Gains (or losses) recognised in profit or loss with respect to unexpired instruments at the end of\u00a0the\u00a0period

(1,303)

(9)

\u00a0

(1,312)

825

(209)

616

Items related to exchange rate movements

1

72

(11)

62

(5)

(43)

(48)

Changes in fair value of assets and\u00a0liabilities recognised in equity

\u00a0

\u00a0

(58)

(58)

\u00a0

\u00a0

\u00a0

At 31 December 2024

7,139

9,744

769

17,652

(10,495)

(38,557)

(49,052)

  • For the assets, includes redemptions of principal, interest payments as well as cash inflows and outflows relating to derivatives. For the liabilities, includes principal redemptions, interest payments as well as cash inflows and outflows relating to derivatives the fair value of which is negative.

\u00a0

Transfers out of Level\u00a03 of derivatives include mainly the update of the observability tenor of certain yield curves, and of market parameters related to repurchase agreements and credit transactions but also the effect of derivatives becoming only or mainly sensitive to observable inputs due to the shortening of their lifetime.

Transfers into Level\u00a03 of instruments at fair value reflect the effect of the regular update of the observability zones.

Transfers have been reflected as if they had taken place at the beginning of the reporting period.

The Level\u00a03 financial instruments may be hedged by other Level\u00a01 and Level\u00a02 instruments, the gains and losses of which are not shown in this table. Consequently, the gains and losses shown in this table are not representative of the gains and losses arising from management of the net risk on all these instruments.

Sensitivity of fair value to reasonably possible changes in level\u00a03 assumptions

The following table summarises those financial assets and financial liabilities classified as Level\u00a03 for which alternative assumptions in one or more of the unobservable inputs would change fair value significantly.

The amounts disclosed are intended to illustrate the range of possible uncertainty inherent to the judgement applied when estimating Level\u00a03 parameters, or when selecting valuation techniques. These amounts reflect valuation uncertainties that prevail at the measurement date, and even though such uncertainties predominantly derive from the portfolio sensitivities that prevailed at that measurement date, they are not predictive or indicative of future movements in fair value, nor do they represent the effect of market stress on the portfolio value.

In estimating sensitivities, BNP\u00a0Paribas either remeasured the financial instruments using reasonably possible inputs, or applied assumptions based on the valuation adjustment policy.

For the sake of simplicity, the sensitivity on cash instruments that are not relating to securitised instruments was based on a uniform 1% shift in the price. More specific shifts were however calibrated for each class of the Level\u00a03\u00a0securitised exposures, based on the possible ranges of the unobservable inputs.

For derivative exposures, the sensitivity measurement is based on the credit valuation adjustment (CVA), the explicit funding valuation adjustment (FVA) and the parameter and model uncertainty adjustments related to Level\u00a03.

Regarding the credit valuation adjustment (CVA) and the explicit funding valuation adjustment (FVA), the uncertainty was calibrated based on prudent valuation adjustments described in the technical standard \u201cPrudent Valuation\u201d published by the European Banking Authority. For other valuation adjustments, two scenarios were considered: a favourable scenario where all or portion of the valuation adjustment is not considered by market participants, and an unfavourable scenario where market participants would require twice the amount of valuation adjustments considered by BNP\u00a0Paribas for entering into a transaction.

\u00a0

In millions of euros, at

31 December 2024

31 December 2023

Potential impact on income

Potential impact on equity

Potential impact on income

Potential impact on equity

Debt securities

+/-\u00a010

+/-\u00a04

+/-\u00a06

+/-\u00a02

Equities and other equity securities

+/-\u00a084

+/-\u00a04

+/-\u00a068

+/-\u00a05

Loans and repurchase agreements

+/-\u00a026

\u00a0

+/-\u00a020

\u00a0

Derivative financial instruments

+/-\u00a0584

\u00a0

+/-\u00a0586

\u00a0

Interest rate and foreign exchange derivatives

+/-\u00a0194

\u00a0

+/-\u00a0218

\u00a0

Credit derivatives

+/-\u00a079

\u00a0

+/-\u00a094

\u00a0

Equity derivatives

+/-\u00a0308

\u00a0

+/-\u00a0271

\u00a0

Other derivatives

+/-\u00a03

\u00a0

+/-\u00a03

\u00a0

Sensitivity of Level\u00a03 financial instruments

+/-\u00a0704

+/-\u00a08

+/-\u00a0680

+/-\u00a07

\u00a0

Deferred margin on financial instruments measured using techniques developed internally and\u00a0based on inputs partly unobservable in active markets

Deferred margin on financial instruments (\u201cDay One Profit\u201d) primarily concerns the scope of financial instruments eligible for Level\u00a03 and to a lesser extent some financial instruments eligible for Level\u00a02 where valuation adjustments for uncertainties regarding parameters or models are not negligible compared with the initial margin.

The Day One Profit is calculated after setting aside valuation adjustments for uncertainties as described previously and released to profit or loss over the expected period for which the inputs will be unobservable. The unamortised amount is included under \u201cFinancial instruments at fair value through profit or loss\u201d as a reduction in the fair value of the relevant transactions.

\u00a0

In millions of euros

Deferred margin at

31 December 2023

Deferred margin on transactions during\u00a0the\u00a0period

Margin taken to the profit and loss account during the period

Deferred margin at

31 December 2024

Interest rate and foreign exchange derivatives

167

68

(68)

167

Credit derivatives

225

145

(141)

229

Equity derivatives

381

385

(393)

373

Other instruments

11

29

(28)

12

Financial instruments

784

627

(630)

781

\u27a4Financial assets at fair value through equity

In millions of euros, at

31 December 2024

31 December 2023

Fair value

of which changes in value recognised directly to equity

Fair Value

of which changes in value recognised directly to equity

Debt securities

100,493

(5,341)

88,493

(5,154)

Equity securities

1,729

107

646

70

Total financial assets at fair value through equity

102,222

(5,234)

89,139

(5,084)

\u00a0

The option to recognise certain equity instruments at fair value through equity was retained in particular for shares held through strategic partnerships and shares that the Group is required to hold in order to carry out certain activities.

During the year ended 31 December 2024, the Group sold several of these investments and a net gain of EUR\u00a03\u00a0million was transferred to \u201cretained earnings\u201d (EUR\u00a026\u00a0million for the year ended 31 December 2023).

8.jFair value of financial instruments carried at\u00a0amortised\u00a0cost

The information supplied in this note must be used and interpreted with the greatest caution for the following reasons:

In millions of euros,

at 31 December 2024

Estimated fair value

Carrying
value

Level 1

Level 2

Level 3

Total

FINANCIAL ASSETS

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Loans and advances to credit institutions and customers(1)

\u00a0

114,149

753,614

867,763

880,267

Debt securities at amortised cost (note\u00a04.e)

103,780

39,122

1,423

144,325

146,975

FINANCIAL LIABILITIES

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Deposits from credit institutions and customers

\u00a0

1,101,596

\u00a0

1,101,596

1,101,729

Debt securities (note\u00a04.h)

80,401

119,429

\u00a0

199,830

198,119

Subordinated debt (note\u00a04.h)

23,087

8,743

\u00a0

31,830

31,799

  • Finance leases excluded.

\u00a0

In millions of euros,

at 31 December 2023

Estimated fair value

Carrying
value

Level 1

Level 2

Level 3

Total

FINANCIAL ASSETS

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Loans and advances to credit institutions and customers(1)

\u00a0

91,565

719,554

811,119

835,860

Debt securities at amortised cost (note\u00a04.e)

88,984

29,720

989

119,693

121,161

FINANCIAL LIABILITIES

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Deposits from credit institutions and customers

\u00a0

1,083,782

\u00a0

1,083,782

1,083,724

Debt securities (note\u00a04.h)

77,165

115,102

\u00a0

192,267

191,482

Subordinated debt (note\u00a04.h)

17,128

7,588

\u00a0

24,716

24,743

  • Finance leases excluded.

\u00a0

The valuation techniques and assumptions used by BNP\u00a0Paribas ensure that the fair value of financial assets and liabilities carried at amortised cost is measured on a consistent basis throughout the Group. Fair value is based on prices quoted in an active market when these are available. In other cases, fair value is determined using valuation techniques such as discounting of estimated future cash flows for loans, liabilities and debt securities at amortised cost, or specific valuation models for other financial instruments as described in note\u00a01, Summary of material accounting policies applied by the BNP\u00a0Paribas Group. The description of the fair value hierarchy levels is also presented in the accounting principles (see note\u00a01.f.10). In the case of loans, liabilities and debt securities at amortised cost that have an initial maturity of less than one year (including demand deposits) or of most regulated savings products, fair value equates to carrying amount. These instruments have been classified in Level\u00a02, except for loans to customers, which are classified in Level\u00a03.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_683ce067-4664-4aa9-81f2-a9d4ec13d751": { "value": "
4.eFinancial assets at amortised cost

\u27a4Detail of loans and advances by nature

In millions of euros, at

31 December 2024

31 December 2023

Gross value

Impairment (note\u00a02.g)

Carrying
\u00a0amount

Gross value

Impairment (note\u00a02.g)

Carrying
\u00a0amount

Loans and advances to credit institutions

31,232

(85)

31,147

24,434

(99)

24,335

On demand accounts

8,384

(4)

8,380

7,252

(6)

7,246

Loans(1)

14,447

(81)

14,366

12,267

(93)

12,174

Repurchase agreements

8,401

\u00a0

8,401

4,915

\u00a0

4,915

Loans and advances to customers

917,049

(16,908)

900,141

876,712

(17,512)

859,200

On demand accounts

59,558

(2,720)

56,838

46,733

(2,752)

43,981

Loans to customers(2)

804,734

(12,941)

791,793

780,638

(13,593)

767,045

Finance leases

52,268

(1,247)

51,021

48,842

(1,167)

47,675

Repurchase agreements

489

\u00a0

489

499

\u00a0

499

Total loans and advances at amortised cost

948,281

(16,993)

931,288

901,146

(17,611)

883,535

  • Loans and advances to credit institutions include term deposits made with central banks.
  • Of which EUR\u202f352\u202fmillion in discounts for mortgage loans in Swiss franc or indexed to the Swiss franc in Poland at 31 December 2024 compared with EUR\u00a0480 million at 31\u202fDecember\u202f2023 and EUR\u202f47\u202fmillion in provisions for foreign currency loans issued by BNP\u00a0Paribas Personal Finance at 31\u00a0December\u00a02024 compared with EUR\u202f255\u202fmillion at 31 December 2023.
\u27a4Contractual maturities of finance leases

In millions of euros, at

31 December 2024

31 December 2023

Gross investment

57,602

53,562

Receivable within 1\u00a0year

17,772

15,771

Receivable after 1\u00a0year but within 5\u00a0years

34,434

32,539

Receivable beyond 5\u00a0years

5,396

5,252

Unearned interest income

(5,334)

(4,720)

Net investment before impairment

52,268

48,842

Receivable within 1\u00a0year

15,858

14,057

Receivable after 1\u00a0year but within 5\u00a0years

31,481

29,999

Receivable beyond 5\u00a0years

4,929

4,786

Impairment provisions

(1,247)

(1,167)

Net investment after impairment

51,021

47,675

\u00a0\u00a0\u00a0

\u27a4Detail of debt securities by type of issuer

In millions of euros, at

31 December 2024

31 December 2023

Gross value

Impairment (note\u00a02.g)

Carrying
\u00a0amount

Gross value

Impairment (note\u00a02.g)

Carrying
\u00a0amount

Governments

69,172

(31)

69,141

62,659

(11)

62,648

Other public administration

25,709

(2)

25,707

16,288

(2)

16,286

Credit institutions

14,743

(2)

14,741

10,318

(2)

10,316

Others

37,539

(153)

37,386

32,000

(89)

31,911

Total debt securities at amortised cost

147,163

(188)

146,975

121,265

(104)

121,161

\u00a0

\u27a4Detail of financial assets at amortised cost by stage

In millions of euros, at

31 December 2024

31 December 2023

Gross Value

Impairment (note\u00a02.g)

Carrying
\u00a0amount

Gross Value

Impairment (note\u00a02.g)

Carrying
\u00a0amount

\u00a0Loans and advances to credit institutions

31,232

(85)

31,147

24,434

(99)

24,335

Stage\u00a01

30,998

(8)

30,990

23,673

(19)

23,654

Stage\u00a02

157

(6)

151

679

(13)

666

Stage\u00a03

77

(71)

6

82

(67)

15

Loans and advances to customers

917,049

(16,908)

900,141

876,712

(17,512)

859,200

Stage\u00a01

821,576

(1,762)

819,814

777,190

(1,906)

775,284

Stage\u00a02

69,649

(1,904)

67,745

74,214

(2,399)

71,815

Stage\u00a03

25,824

(13,242)

12,582

25,308

(13,207)

12,101

\u00a0Debt securities

147,163

(188)

146,975

121,265

(104)

121,161

Stage\u00a01

144,987

(15)

144,972

120,991

(12)

120,979

Stage\u00a02

1,911

(28)

1,883

94

(5)

89

Stage\u00a03

265

(145)

120

180

(87)

93

Total financial assets at amortised cost

1,095,444

(17,181)

1,078,263

1,022,411

(17,715)

1,004,696

\u27a4Investments and other assets related to insurance activities

In millions of euros, at

31 December 2024

31 December 2023

Assets not representative of unit-linked insurance contracts

Assets representative of unit-linked accounts

Total

Assets not representative of unit-linked insurance contracts

Assets representative of unit-linked accounts

Total

Derivative financial instruments

1,731

\u00a0

1,731

1,658

\u00a0

1,658

Derivatives used for hedging purposes

74

\u00a0

74

36

\u00a0

36

Financial assets at fair value through profit or loss

61,465

111,954

173,419

64,492

92,266

156,758

Financial assets at fair value through equity

102,222

\u00a0

102,222

89,139

\u00a0

89,139

Financial assets at amortised cost

1,379

\u00a0

1,379

1,267

\u00a0

1,267

Investment properties

3,868

3,178

7,046

4,008

3,483

7,491

Equity-method investments

82

\u00a0

82

89

\u00a0

89

Assets related to insurance activities (see note\u00a05.d)

896

\u00a0

896

660

\u00a0

660

Investments and other assets related to insurance activities

171,717

115,132

286,849

161,349

95,749

257,098

", "dimensions": { "concept": "bnpp:DisclosureOfFinancialInstrumentsAtAmortisedCost", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_262781c3-471f-4d09-b31a-bab414e7c4cd": { "value": "
\u27a4Detail of loans and advances by nature

In millions of euros, at

31 December 2024

31 December 2023

Gross value

Impairment (note\u00a02.g)

Carrying
\u00a0amount

Gross value

Impairment (note\u00a02.g)

Carrying
\u00a0amount

Loans and advances to credit institutions

31,232

(85)

31,147

24,434

(99)

24,335

On demand accounts

8,384

(4)

8,380

7,252

(6)

7,246

Loans(1)

14,447

(81)

14,366

12,267

(93)

12,174

Repurchase agreements

8,401

\u00a0

8,401

4,915

\u00a0

4,915

Loans and advances to customers

917,049

(16,908)

900,141

876,712

(17,512)

859,200

On demand accounts

59,558

(2,720)

56,838

46,733

(2,752)

43,981

Loans to customers(2)

804,734

(12,941)

791,793

780,638

(13,593)

767,045

Finance leases

52,268

(1,247)

51,021

48,842

(1,167)

47,675

Repurchase agreements

489

\u00a0

489

499

\u00a0

499

Total loans and advances at amortised cost

948,281

(16,993)

931,288

901,146

(17,611)

883,535

  • Loans and advances to credit institutions include term deposits made with central banks.
  • Of which EUR\u202f352\u202fmillion in discounts for mortgage loans in Swiss franc or indexed to the Swiss franc in Poland at 31 December 2024 compared with EUR\u00a0480 million at 31\u202fDecember\u202f2023 and EUR\u202f47\u202fmillion in provisions for foreign currency loans issued by BNP\u00a0Paribas Personal Finance at 31\u00a0December\u00a02024 compared with EUR\u202f255\u202fmillion at 31 December 2023.
\u27a4Contractual maturities of finance leases

In millions of euros, at

31 December 2024

31 December 2023

Gross investment

57,602

53,562

Receivable within 1\u00a0year

17,772

15,771

Receivable after 1\u00a0year but within 5\u00a0years

34,434

32,539

Receivable beyond 5\u00a0years

5,396

5,252

Unearned interest income

(5,334)

(4,720)

Net investment before impairment

52,268

48,842

Receivable within 1\u00a0year

15,858

14,057

Receivable after 1\u00a0year but within 5\u00a0years

31,481

29,999

Receivable beyond 5\u00a0years

4,929

4,786

Impairment provisions

(1,247)

(1,167)

Net investment after impairment

51,021

47,675

\u27a4Detail of financial assets at amortised cost by stage

In millions of euros, at

31 December 2024

31 December 2023

Gross Value

Impairment (note\u00a02.g)

Carrying
\u00a0amount

Gross Value

Impairment (note\u00a02.g)

Carrying
\u00a0amount

\u00a0Loans and advances to credit institutions

31,232

(85)

31,147

24,434

(99)

24,335

Stage\u00a01

30,998

(8)

30,990

23,673

(19)

23,654

Stage\u00a02

157

(6)

151

679

(13)

666

Stage\u00a03

77

(71)

6

82

(67)

15

Loans and advances to customers

917,049

(16,908)

900,141

876,712

(17,512)

859,200

Stage\u00a01

821,576

(1,762)

819,814

777,190

(1,906)

775,284

Stage\u00a02

69,649

(1,904)

67,745

74,214

(2,399)

71,815

Stage\u00a03

25,824

(13,242)

12,582

25,308

(13,207)

12,101

\u00a0Debt securities

147,163

(188)

146,975

121,265

(104)

121,161

Stage\u00a01

144,987

(15)

144,972

120,991

(12)

120,979

Stage\u00a02

1,911

(28)

1,883

94

(5)

89

Stage\u00a03

265

(145)

120

180

(87)

93

Total financial assets at amortised cost

1,095,444

(17,181)

1,078,263

1,022,411

(17,715)

1,004,696

", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_e97375bb-cba9-4636-81a4-1718ccd0dba1": { "value": "
\u27a4Detail of loans and advances by nature

In millions of euros, at

31 December 2024

31 December 2023

Gross value

Impairment (note\u00a02.g)

Carrying
\u00a0amount

Gross value

Impairment (note\u00a02.g)

Carrying
\u00a0amount

Loans and advances to credit institutions

31,232

(85)

31,147

24,434

(99)

24,335

On demand accounts

8,384

(4)

8,380

7,252

(6)

7,246

Loans(1)

14,447

(81)

14,366

12,267

(93)

12,174

Repurchase agreements

8,401

\u00a0

8,401

4,915

\u00a0

4,915

Loans and advances to customers

917,049

(16,908)

900,141

876,712

(17,512)

859,200

On demand accounts

59,558

(2,720)

56,838

46,733

(2,752)

43,981

Loans to customers(2)

804,734

(12,941)

791,793

780,638

(13,593)

767,045

Finance leases

52,268

(1,247)

51,021

48,842

(1,167)

47,675

Repurchase agreements

489

\u00a0

489

499

\u00a0

499

Total loans and advances at amortised cost

948,281

(16,993)

931,288

901,146

(17,611)

883,535

  • Loans and advances to credit institutions include term deposits made with central banks.
  • Of which EUR\u202f352\u202fmillion in discounts for mortgage loans in Swiss franc or indexed to the Swiss franc in Poland at 31 December 2024 compared with EUR\u00a0480 million at 31\u202fDecember\u202f2023 and EUR\u202f47\u202fmillion in provisions for foreign currency loans issued by BNP\u00a0Paribas Personal Finance at 31\u00a0December\u00a02024 compared with EUR\u202f255\u202fmillion at 31 December 2023.
\u27a4Contractual maturities of finance leases

In millions of euros, at

31 December 2024

31 December 2023

Gross investment

57,602

53,562

Receivable within 1\u00a0year

17,772

15,771

Receivable after 1\u00a0year but within 5\u00a0years

34,434

32,539

Receivable beyond 5\u00a0years

5,396

5,252

Unearned interest income

(5,334)

(4,720)

Net investment before impairment

52,268

48,842

Receivable within 1\u00a0year

15,858

14,057

Receivable after 1\u00a0year but within 5\u00a0years

31,481

29,999

Receivable beyond 5\u00a0years

4,929

4,786

Impairment provisions

(1,247)

(1,167)

Net investment after impairment

51,021

47,675

\u27a4Detail of financial assets at amortised cost by stage

In millions of euros, at

31 December 2024

31 December 2023

Gross Value

Impairment (note\u00a02.g)

Carrying
\u00a0amount

Gross Value

Impairment (note\u00a02.g)

Carrying
\u00a0amount

\u00a0Loans and advances to credit institutions

31,232

(85)

31,147

24,434

(99)

24,335

Stage\u00a01

30,998

(8)

30,990

23,673

(19)

23,654

Stage\u00a02

157

(6)

151

679

(13)

666

Stage\u00a03

77

(71)

6

82

(67)

15

Loans and advances to customers

917,049

(16,908)

900,141

876,712

(17,512)

859,200

Stage\u00a01

821,576

(1,762)

819,814

777,190

(1,906)

775,284

Stage\u00a02

69,649

(1,904)

67,745

74,214

(2,399)

71,815

Stage\u00a03

25,824

(13,242)

12,582

25,308

(13,207)

12,101

\u00a0Debt securities

147,163

(188)

146,975

121,265

(104)

121,161

Stage\u00a01

144,987

(15)

144,972

120,991

(12)

120,979

Stage\u00a02

1,911

(28)

1,883

94

(5)

89

Stage\u00a03

265

(145)

120

180

(87)

93

Total financial assets at amortised cost

1,095,444

(17,181)

1,078,263

1,022,411

(17,715)

1,004,696

", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_913528dc-d9d7-43f3-a439-abef4578ae9a": { "value": "
4.gFinancial liabilities at amortised cost due to credit institutions and\u00a0customers

In millions of euros, at

31 December 2024

31 December 2023

Deposits from credit institutions

66,872

95,175

On demand accounts

10,608

10,770

Interbank borrowings(1)

33,753

54,825

Repurchase agreements

22,511

29,580

Deposits from customers

1,034,857

988,549

On demand deposits

562,520

542,133

Savings accounts

162,064

152,636

Term accounts and short-term notes

307,335

292,491

Repurchase agreements

2,938

1,289

  • Interbank borrowings from credit institutions include term borrowings from central banks. At 31 December 2024, no TLTRO III borrowings were recorded on the balance sheet compared with EUR\u202f18\u202fbillion at 31 December 2023 (see note 2.a Net Interest Income).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_dcdf3281-7c77-4848-b314-e6ff890d210e": { "value": "
4.gFinancial liabilities at amortised cost due to credit institutions and\u00a0customers

In millions of euros, at

31 December 2024

31 December 2023

Deposits from credit institutions

66,872

95,175

On demand accounts

10,608

10,770

Interbank borrowings(1)

33,753

54,825

Repurchase agreements

22,511

29,580

Deposits from customers

1,034,857

988,549

On demand deposits

562,520

542,133

Savings accounts

162,064

152,636

Term accounts and short-term notes

307,335

292,491

Repurchase agreements

2,938

1,289

  • Interbank borrowings from credit institutions include term borrowings from central banks. At 31 December 2024, no TLTRO III borrowings were recorded on the balance sheet compared with EUR\u202f18\u202fbillion at 31 December 2023 (see note 2.a Net Interest Income).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_64570fa2-b6e9-404c-b133-ca111d8b0b39": { "value": "
4.hDebt securities and subordinated debt

This note covers all issued debt securities and subordinated debt measured at amortised cost and designated as at fair value through profit or loss.

\u27a4Debt securities designated at fair value through profit or loss (note\u00a04.a)

Issuer/Issue date

In millions of euros, at

Currency

Original amount in foreign currency (millions)

Date of call or interest step-up

Interest
\u00a0rate

Interest rate reset

Conditions precedent for\u00a0coupon payment(1)

31 December 2024

31 December 2023

ISSUED DEBT SECURITIES AND SUBORDINATED DEBT

\u00a0

\u00a0

\u00a0

\u00a0

104,934

83,763

Debt securities

\u00a0

\u00a0

\u00a0

\u00a0

104,118

83,028

Subordinated debt

\u00a0

\u00a0

\u00a0

\u00a0

816

735

Redeemable subordinated debt

(2)

\u00a0

\u00a0

\u00a0

18

18

Perpetual subordinated debt

\u00a0

\u00a0

\u00a0

\u00a0

798

717

BNP\u00a0Paribas Fortis Dec. 2007(3)

EUR

3,000

Dec.-14

3-month Euribor +200\u00a0bp

\u00a0

A

798

717

  • Conditions precedent for coupon payment:
    A Coupon payments are halted should the issuer have insufficient capital or the underwriters become insolvent or when the dividend declared for Ageas shares falls below a certain threshold.
  • After agreement from the banking supervisory authority and at the issuer\u2019s initiative, redeemable subordinated debt issues may contain a call provision authorising the Group to redeem the securities prior to maturity by repurchasing them in the stock market, via public tender offers, or in the case of private placements over the counter. Debt issued by BNP\u00a0Paribas\u00a0SA or foreign subsidiaries of the Group via placements in the international markets may be subject to early redemption of the capital and early payment of interest due at maturity at the issuer\u2019s discretion on or after a date stipulated in the issue particulars (call option), or in the event that changes in the applicable tax rules oblige the BNP\u00a0Paribas Group issuer to compensate debt-holders for the consequences of such changes. Redemption may be subject to a notice period of between 15 and 60\u00a0days, and is in all cases subject to approval by the banking supervisory authorities.
  • Convertible And Subordinated Hybrid Equity-linked Securities (CASHES) issued by BNP\u00a0Paribas Fortis (previously Fortis Banque) in December\u00a02007.
  • The CASHES are perpetual securities but may be exchanged for Ageas (previously Fortis\u00a0SA/NV) shares at the holder\u2019s sole discretion at a price of EUR\u00a0239.40. However, as of 19 December 2014, the CASHES will be automatically exchanged into Ageas shares if their price is equal to or higher than EUR\u00a0359.10 for twenty consecutive trading days. The principal amount will never be redeemed in cash. The rights of the CASHES holders are limited to the Ageas shares held by BNP\u00a0Paribas Fortis and pledged to them.
  • Ageas and BNP\u00a0Paribas Fortis have entered into a Relative Performance Note (RPN) contract, the value of which varies contractually so as to offset the impact on BNP\u00a0Paribas Fortis of the relative difference between changes in the value of the CASHES and changes in the value of the Ageas shares.
  • Since 1 January 2022, the liability is no longer eligible to prudential own funds.
\u27a4Debt securities measured at amortised cost

Issuer/Issue date

In millions euros, at

Currency

Original amount in foreign currency (millions)

Date of call or interest step-up

Interest rate

Interest rate reset

Conditions precedent for\u00a0coupon payment(1)

31 December 2024

31 December 2023

Debt securities

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

198,119

191,482

Debt securities in issue with an initial maturity of less than one year

\u00a0

82,327

75,743

Negotiable debt securities

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

82,327

75,743

Debt securities in issue with an initial maturity of more than one year

\u00a0

115,792

115,739

Negotiable debt securities

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

31,109

30,592

Bonds

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

84,683

85,147

Subordinated debt

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

31,799

24,743

Redeemable subordinated debt

(2)

\u00a0

\u00a0

\u00a0

26,073

21,594

Undated subordinated notes

\u00a0

\u00a0

\u00a0

\u00a0

5,460

2,920

Contingent convertible bonds recognised as Tier 1 capital

\u00a0

\u00a0

\u00a0

\u00a0

3,851

1,352

BNP\u00a0Paribas SA Aug. 23(5)

USD

1,500

Aug.-28

8.5%

CMT

+ 4.354%

E

1,449

1,352

BNP\u00a0Paribas SA Feb. 24(5)

USD

1,500

Aug.-31

8.000%

CMT

+ 3.727%

E

1,449

-

BNP\u00a0Paribas SA Sept. 24(5)

USD

1,000

Sept.-34

7.375%

CMT

+3.535%

E

953

-

Other perpetual subordinated notes

\u00a0

\u00a0

\u00a0

1,609

1,568

BNP\u00a0Paribas SA Oct. 85(3)

EUR

305

-

TMO

- 0.25%

-

B

254

254

BNP\u00a0Paribas SA Sept. 86 (4)

USD

500

-

Libor 6 month

+ 0.075%

-

C

-

248

BNP\u00a0Paribas Cardif Nov. 14

EUR

1,000

Nov.-25

4.032%

Euribor 3 month

+ 393 bp

D

1,000

998

BMCI Feb. 23

MAD

750

Feb.-28

3.9%

2.5%-2.6%

F

71

68

TEB Sept. 24

USD

300

sept.-29

9.375%

CMT +5.758%

G

284

-

Perpetual participating notes

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

225

225

BNP\u00a0Paribas\u00a0SA July 84(3)(6)

EUR

337

-

(7)

-

\u00a0

219

219

Others

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

6

6

Expenses and commission, related debt

\u00a0

\u00a0

\u00a0

41

4

  • Conditions precedent for coupon payment:
  • B - Payment of the interest is mandatory, unless the Board of directors decides to postpone these payments after the Shareholders\u2019 General Meeting has officially noted that there is no income available for distribution, where this occurs within the 12-month period preceding the due date for payment of the interest. Interest payments are cumulative and are payable in full once dividend payments resume.
  • C - Payment of the interest is mandatory, unless the Board of directors decides to postpone these payments after the Shareholders\u2019 General Meeting has validated the decision not to pay out a dividend, where this occurs within the 12-month period preceding the due date for payment of the interest. Interest payments are cumulative and are payable in full once dividend payments resume. The bank has the option of resuming payment of interest arrears, even where no dividend is paid out.
  • D - Payment of the interest is mandatory, except for cases of regulatory deficiency, in agreement with the regulator, or of suspension of payments. Interest payments are cumulative and are payable in full, once coupon payments resume, or, if these events occur before, when the issuance is redeemed or when the issuer is liquidated.
  • E - Payment of the interest is at full discretion and could be cancelled in whole or in part if the relevant regulator notifies based on its assessment of the financial and solvency situation of the issuer. Interest amounts on the Notes will be non-cumulative, once coupon payments resume.
  • F - Payment of interest is made on a discretionary basis and may be fully or partially cancelled with the prior approval of Bank Al-Maghrib for an indefinite period and on a non-cumulative basis to meet its obligations. Interest amounts on bonds will not be cumulative when coupon payments resume.
  • G - Payment of interest is discretionary and may be fully or partially cancelled at any time and for any reason for an indefinite period. Interest amounts on bonds will not be cumulative when coupon payments resume.\u00a0
  • See reference relating to \u201cDebt securities at fair value through profit or loss\u201d.
  • These securities are no longer eligible to prudential own funds since 31 December 2023.
  • This instrument has been fully redeemed on 28 March 2024.
  • The instruments issued by BNP\u00a0Paribas SA in August 2023 and February and September 2024 are contingent convertible securities classified as financial liabilities in accounting and eligible to Additional Tier 1 capital (see note 1.f.8). The distribution from these instruments is recognised directly as a reduction from equity.
  • The participating notes issued by BNP\u00a0Paribas SA may be repurchased as provided for in the law of 3 January 1983. The number of notes in the market is 1,434,092.
  • Depending on net income subject to a minimum of 85% of the TMO rate and a maximum of 130% of the TMO rate.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_42675f62-f18e-4ba8-b81f-0c88e6636b3e": { "value": "
4.jAccrued income/expense and other assets/liabilities

In millions of euros, at

31 December 2024

31 December 2023

Guarantee deposits and bank guarantees paid

125,090

119,187

Collection accounts

460

773

Accrued income and prepaid expenses

5,686

5,400

Other debtors and miscellaneous assets

42,911

45,398

Total accrued income and other assets

174,147

170,758

Guarantee deposits received

86,113

87,612

Collection accounts

2,959

3,124

Accrued expense and deferred income

8,498

8,265

Lease liabilities

2,848

3,058

Other creditors and miscellaneous liabilities

36,537

41,614

Total accrued expense and other liabilities

136,955

143,673

", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_58314b9f-5fd2-43ab-80df-f01b88b32857": { "value": "
4.jAccrued income/expense and other assets/liabilities

In millions of euros, at

31 December 2024

31 December 2023

Guarantee deposits and bank guarantees paid

125,090

119,187

Collection accounts

460

773

Accrued income and prepaid expenses

5,686

5,400

Other debtors and miscellaneous assets

42,911

45,398

Total accrued income and other assets

174,147

170,758

Guarantee deposits received

86,113

87,612

Collection accounts

2,959

3,124

Accrued expense and deferred income

8,498

8,265

Lease liabilities

2,848

3,058

Other creditors and miscellaneous liabilities

36,537

41,614

Total accrued expense and other liabilities

136,955

143,673

", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_04b4e0bf-1cea-4a43-b08d-931597f8f433": { "value": "
4.jAccrued income/expense and other assets/liabilities

In millions of euros, at

31 December 2024

31 December 2023

Guarantee deposits and bank guarantees paid

125,090

119,187

Collection accounts

460

773

Accrued income and prepaid expenses

5,686

5,400

Other debtors and miscellaneous assets

42,911

45,398

Total accrued income and other assets

174,147

170,758

Guarantee deposits received

86,113

87,612

Collection accounts

2,959

3,124

Accrued expense and deferred income

8,498

8,265

Lease liabilities

2,848

3,058

Other creditors and miscellaneous liabilities

36,537

41,614

Total accrued expense and other liabilities

136,955

143,673

", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_335a1fbe-2d1d-4f60-b3a9-0d34d9313978": { "value": "
4.jAccrued income/expense and other assets/liabilities

In millions of euros, at

31 December 2024

31 December 2023

Guarantee deposits and bank guarantees paid

125,090

119,187

Collection accounts

460

773

Accrued income and prepaid expenses

5,686

5,400

Other debtors and miscellaneous assets

42,911

45,398

Total accrued income and other assets

174,147

170,758

Guarantee deposits received

86,113

87,612

Collection accounts

2,959

3,124

Accrued expense and deferred income

8,498

8,265

Lease liabilities

2,848

3,058

Other creditors and miscellaneous liabilities

36,537

41,614

Total accrued expense and other liabilities

136,955

143,673

", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_1261682e-0587-4dc7-a6a7-e5767e9554db": { "value": "
5.aNet income from insurance activities

The various income and expenses of insurance contracts are broken down in the \u201cNet income from insurance activities\u201d as follows:

\u00a0

In millions of euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Insurance revenue

9,711

8,945

Insurance service expenses(1)

(7,502)

(6,786)

Investment return

11,554

10,254

Net finance income or expenses from insurance contracts

(11,367)

(10,093)

Net income from insurance activities

2,396

2,320

  • Insurance service expenses include attributable expenses which amounted to -EUR\u00a04,125\u00a0million for the year ended 2024, compared with -EUR\u00a03,723\u00a0million for the year ended 2023 (see note\u00a05.b).

\u00a0

Insurance service result

\u201cInsurance service result\u201d includes:

In millions of euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Contracts not measured under the premium allocation approach

5,551

5,435

Changes in the liability for remaining coverage

2,349

2,221

Change in the risk adjustment

133

122

Contractual service margin

1,908

1,825

Recovery of insurance acquisition cash flows

1,161

1,267

Contracts measured under the premium allocation approach

4,160

3,510

Insurance revenue

9,711

8,945

Incurred claims and expenses

(4,077)

(3,928)

Amortisation of insurance acquisition cash flows

(2,876)

(2,612)

Changes that relate to past service

(42)

249

Loss component recognised in profit or loss

(54)

(62)

Net expenses from reinsurance contracts held

(453)

(433)

Insurance service expenses

(7,502)

(6,786)

INSURANCE SERVICE RESULT

2,209

2,159

\u00a0

Financial result

\u201cFinancial Result\u201d includes \u201cInvestment return\u201d and \u201cNet finance income or expenses from insurance contracts.\u201d

\u201cInvestment return\u201d includes net income from financial instruments and from investment properties.

\u201cChanges in fair value of underlying items of direct participation contracts\u201d reflects the changes in value of underlying investments, for the amount which was not recognised directly in equity, and excluding the portion of these changes adjusting the contract service margin.

\u201cOther insurance financial expenses\u201d measured under the general model and under the simplified model represent the change in technical liabilities arising from financial risks (discount rates variations, forex rates, time value and financial variations expected in the contracts) for the amount which was not recognised directly in equity.

\u00a0

In millions of euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Net interest income

2,579

2,376

Net gain on financial instruments at fair value through equity

(329)

(432)

Net gain on debt instruments

(413)

(445)

Dividend income on equity instruments

84

13

Net gain on financial instruments at fair value through profit and loss

9,000

9,040

Cost of risk

3

24

Investment property income

374

(672)

Share of earnings of equity-method investments

1

(6)

Other expenses

(74)

(76)

Investment return

11,554

10,254

Changes in fair value of underlying items of direct participation contracts

(11,197)

(9,940)

Other insurance financial expenses

(170)

(153)

Net finance income or expenses from insurance contracts

(11,367)

(10,093)

FINANCIAL RESULT

187

161

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5.eRisks arising from insurance and investment contracts in the scope of IFRS 17

The BNP\u00a0Paribas Group conducts its insurance activities mainly through BNP\u00a0Paribas Cardif and its subsidiaries.

Risk management framework

Risk management is an integral part of the BNP\u00a0Paribas Group\u2019s business model. The Group has developed and implemented a risk management framework designed to identify, assess, control and monitor risks related to its various activities.

Risk management involves identifying, measuring, monitoring, managing and reporting risks arising from the external environment as well as those inherent to insurance activities. Its objective is to guarantee the solvency, business continuity and development of the BNP\u00a0Paribas Group\u2019s insurance activities under satisfactory risk and profitability conditions.

The general risk management framework for insurance activities is presented in section 5.10 Risks related to insurance activity of the Universal registration document. This framework has been developed to meet the needs of Solvency II prudential regulation. The BNP\u00a0Paribas Group\u2019s exposure to insurance contracts is disclosed in note 5.d Assets and liabilities related to insurance contracts.

Pursuant to IFRS 17, the nature and extent of risks arising from BNP\u00a0Paribas Group insurance and investment contracts are determined by their contractual characteristics. Underwriting and financial risks are the main risks to which the BNP\u00a0Paribas Group is exposed as parts of its insurance activities.

5.e.1Underwriting risk

Under IFRS 17, underwriting risks include:

Through its life insurance and savings activities, the BNP\u00a0Paribas Group is mainly exposed to:

The risks related to protection relate mainly to the marketing of creditor protection insurance, but also to activities such as personal protection insurance, extended warranty, theft or damage to property, civil liability, life annuity policies in France, and health, with geographical coverage in many countries.

Creditor protection insurance mainly covers risks of death, disability, dreaded diseases, incapacity for work, loss of employment and financial losses on revolving loans, consumer loans and real estate loans. This activity is based on a multitude of contracts involving low risk and premium amounts, the profitability of which depends on the size of the portfolio of contracts, the effective mutualisation of risks and the control of operating expenses. The insurer is also exposed to lapse risk in the event of early redemption or transfer of the contract to another insurer where permitted by regulation.

Other activities (personal protection insurance, extended warranty, theft, accidental damage to property, life annuity policies in France, civil liability, health) relate to personal risk (death, accidental death, hospitalisation, critical illness, healthcare expenses) or to property and/or liabilities (accidental damage, breakdown or theft of consumer goods or automobiles, civil liability, etc.). These contracts are characterised by individual insured sums which are generally low, whether they are indemnities or lump sums.

Lastly, mainly through the Cardif IARD entity in France, insurance for motor vehicles (material damage, civil liability, assistance, etc.) and property risks are also underwritten. Such products are also growing internationally, particularly in Latin American countries.

Framework for managing underwriting risk

The underwriting risk monitoring and management framework is based on documented governance and processes. Subscription operations for direct and intermediated activities, and for accepted reinsurance are based on similar principles. Within the BNP\u00a0Paribas Cardif group, risk underwriting complies with specific delegation rules involving several levels, both local and central. The level of delegation depends on the level of assessment of the maximum acceptable loss, the estimated Solvency II capital requirement and the estimated profitability of the contracts concerned. The experience gained from managing geographically diversified portfolios enables the databases used for risk pricing to be updated regularly, taking into account numerous parameters (type of loan for creditor insurance, guarantee, insured population, etc.). Each contract is priced based on the measurement and monitoring of profitability and the return on equity set by the Executive Management of BNP\u00a0Paribas Cardif.

Contractual clauses allow underwriting risk to be managed in accordance with regulatory and commercial frameworks through technical and legal measures, such as tariff revision clauses provided for in the contract in the event of changes in taxation or risk of adverse development in loss experience, and the limitation of the duration of some guarantees.

Partners are interested in the quality of the risks of the contracts they bring so as to encourage the compliance with good underwriting practices defined by the Group.

Ceded reinsurance is a complementary element of the underwriting risk management framework. It aims to protect BNP\u00a0Paribas from the main risks to which the Group is exposed.

In savings, underwriting risk is managed through monitoring and supervision of the offering, adapted to the market context. The Group thus limits the risk exposure, which is characterised by an insufficient performance of the investments compared with the contractual remuneration obligation. Thus 97% of Cardif Assurance Vie\u2019s outstanding savings and of the retirement contracts in their accumulation phase do not provide for a guaranteed minimum rate or a guaranteed minimum rate of more than one year beyond the capital guarantee. For the French portfolio, the guaranteed average rate is less than 0.1%. In Italy, Cardif Vita offers an average guaranteed minimum rate of less than 0.15% on the main general Capital Vita fund. In Italy, only three segregated funds, in run-off, whose total outstandings represent less than 2% of the subsidiary\u2019s outstandings, have an average guaranteed minimum rate of 2.20%.

Besides, the average redemption rates for BNP\u00a0Paribas Cardif group general funds stood in France at 6.2% (compared with 7.9% in 2023), in Italy at 14.0% (compared with 21.1% in 2023) and in Luxembourg at 10.6% (compared with 23.8% in 2023).

Allocation of insurance contract liabilities by geographical area (excluding reinsurance)

The table below shows the liabilities related to insurance contracts excluding reinsurance by country of issuance. These liabilities include the present value of future cash flows, the contractual service margin, and the adjustment for non-financial risk.

\u00a0

In millions of euros, at

31 December 2024

31 December 2023

France(1)

180,289

158,470

Italy(1)

28,109

23,236

Luxembourg(1)

31,138

28,158

Other Europe(1)

1,547

1,492

Asia(1)

5,714

6,055

Latin America(2)

703

526

TOTAL

247,500

217,937

  • Savings and Protection.
  • Protection only.

\u00a0

Underwriting risk sensitivity analysis

The table below shows the impact gross of taxes on income and shareholders\u2019 equity of reasonably possible changes in the main underwriting risk variables at reporting date (i.e. changes in surrenders and mortality for life savings activities and changes in claims for protection activities). Shocks are applied to current-year death claims and surrenders. Sensitivity to non-financial risks is presented excluding the effect of ceded reinsurance contracts and assuming that all other variables remain unchanged.

\u00a0

In millions of euros, at

31 December 2024

31 December 2023

Potential impact on income

Potential impact on equity

Potential impact on income

Potential impact on equity

Savings

\u00a0

\u00a0

\u00a0

\u00a0

Mortality rates (1% increase/decrease)

-

-

-

-

Lapse rates (5% increase/decrease)

-/+\u00a02

-

-/+\u00a02

-

Protection

\u00a0

\u00a0

\u00a0

\u00a0

Ultimate loss rate (5% increase/decrease)

-/+\u00a095

-

-/+\u00a094

-

\u00a0

5.e.2Market risk

Qualitative information on the valuation of the carrying amount and fair value of financial instruments is provided in the financial instruments section of note 1.f Financial assets and liabilities. Quantitative information on the carrying value of financial instruments is disclosed in note 5.c Investments, other financial assets and liabilities related to insurance activities.

IFRS 17 defines market risk as the risk that changes in market prices (e.g. interest rates, currency exchange rates, share prices) affect the fulfilment cash flows of insurance and reinsurance contracts and the fair value or future cash flows of financial instruments. Market risk includes:

Market Risk Management Framework

For its insurance activities, the Group has equipped itself with the necessary management tools to calibrate the strategic asset allocation and to measure asset-liability matching risks. Asset-liability studies enable to project expected flows on both the assets and the liabilities of the various general funds. In particular, they allow to adapt the duration of assets according to the profile of the various liabilities.

The investment policy dictates the framework for asset management. It defines the principles for aligning the structure of asset portfolios with the commitments made to policyholders, while optimising the expected return on investment relative to the risk limit set. Thus, in particular in the case of BNP\u202fParibas\u202fCardif, the implementation of the investment policy, entrusted to the Asset Management Department, is governed for each portfolio by a management agreement that specifies the investment limits according to asset classes. Market risk can also be managed through the use of financial hedging instruments.

Market risk exposure is also monitored through targeted studies such as the review of securities in an unrealised loss position.

In addition, foreign currency exchange risk exposure arises from the funding of the foreign branches, equity investments in foreign currency or investment strategy in foreign currency-denominated assets in general funds. Foreign exchange risk may be hedged by forward financial instruments, such as cross-currency swaps, or by foreign currency borrowings.

For unit-linked commitments, market risk is mainly transferred to policyholders.

Interest rate risk sensitivity analysis

The sensitivity on insurance contracts arises from the following effects:

The table below shows the impact gross of taxes on income and shareholders\u2019 equity of reasonably possible changes in interest rates at reporting date. Sensitivities are presented on all financial assets, excluding assets representing unit-linked contracts.

Sensitivity was determined for the most significant countries, i.e. France, Italy and Luxembourg.

\u00a0

In millions of euros, at

31 December 2024

Potential impact on income

Potential impact on equity

related to investments(1)

related to insurance contracts

Net impact

related to investments

related to insurance contracts

Net impact

+50\u00a0bps variation of interest rate risk

(190)

178

(12)

(4,019)

3,738

(281)

-50\u00a0bps variation of interest rate risk

249

(237)

12

4,015

(3,738)

277

  • Excepted financial assets representing unit-linked contracts.

\u00a0

In millions of euros, at

31 December 2023

Potential impact on income

Potential impact on equity

related to investments(1)

related to insurance contracts

Net impact

related to investments

related to insurance contracts

Net impact

+50\u00a0bps variation of interest rate risk

(225)

206

(19)

(3,662)

3,330

(332)

-50\u00a0bps variation of interest rate risk

239

(220)

19

3,662

(3,330)

332

  • Excepted financial assets representing unit-linked contracts.
Price risk sensitivity analysis

The table below shows the impact gross of taxes on income and equity of reasonably possible changes in market and real estate prices at the reporting date. Sensitivities are presented excluding unit-linked contracts.

Sensitivity was determined for the most significant countries, i.e. France, Italy and Luxembourg.

\u00a0

In millions of euros, at

31 December 2024

Potential impact on income

Potential impact on equity

related to investments(1)

related to insurance contracts

Net impact

related to investments

related to insurance contracts

Net impact

+10% variation of equity market

1,310

(1,246)

64

175

(3)

172

-10% variation of equity market

(1,310)

1,246

(64)

(175)

3

(172)

+10% variation of real estate market

1,183

(1,153)

30

\u00a0

\u00a0

\u00a0

-10% variation of real estate market

(1,183)

1,153

(30)

\u00a0

\u00a0

\u00a0

  • Excepted financial assets representing unit-linked contracts.

\u00a0

In millions of euros, at

31 December 2023

Potential impact on income

Potential impact on equity

related to investments(1)

related to insurance contracts

Net impact

related to investments

related to insurance contracts

Net impact

+10% variation of equity market

1,834

(1,760)

74

61

\u00a0

61

-10% variation of equity market

(1,834)

1,760

(74)

(61)

\u00a0

(61)

+10% variation of real estate market

1,062

(1,031)

31

37

\u00a0

37

-10% variation of real estate market

(1,062)

1,031

(31)

(37)

\u00a0

(37)

  • Excepted financial assets representing unit-linked contracts.

\u00a0

For savings contracts valued using the variable fees approach, the change in the value of the underlying financial assets is largely offset by the change in the value of the liabilities, provided that the contractual service margin remains positive.\u00a0

Potential effects on income and equity are therefore mainly derived from non-participating contracts and assets representing the shareholders\u2019 equity of insurance entities.

\u00a0

5.e.3Credit risk

IFRS 17 defines credit risk as the risk that a party to a financial instrument, an insurance contract issued which is an asset or a reinsurance contract held, fails to meet one of its obligations and thereby causes the other party to suffer a financial loss.

The credit risk related to contracts in the scope of IFRS 17 relates mainly to reinsurance contracts held (risk of default by a reinsurer that would no longer allow him to assume a share of the amount due to him) and to receivables on the partners to whom the collection of the premiums have been delegated.

Counterparty risk management on reinsurers is achieved through rigorous selection of reinsurers, negotiation of collateral provided and regular monitoring of major exposures. The guarantees required may be real sureties, such as cash deposits and security pledges, or financial guarantees given and letters of guarantee.

The counterparty risk of BNP\u00a0Paribas Cardif\u2019s partners comes under the Partners and Reinsurers credit governance. As with a reinsurer, an exposure to a partner may be subject to real or personal security. Depending on the quality of the counterparty, the following techniques may be used: guarantee of the parent company, first-demand bank guarantee, segregated account of the rest of the assets in the event of bankruptcy, etc.

\u00a0

5.e.4Liquidity risk

IFRS 17 defines liquidity risk as the difficulty of honouring commitments related to insurance contracts and financial liabilities that are to be settled through the provision of cash or other financial assets.

Tactical asset management is carried out to release the cash needed to settle insurance benefits, in keeping with the fund's current management framework, while minimising impacts on the rate of return on assets.

Liquidity risk is managed centrally based on studies carried out at intervals appropriate to the risk exposure.

Stress tests are carried out as part of asset-liability management studies. They test the ability to honour its commitments in adverse financial market situations, taking into account the impact of these situations on the behaviour of policyholders. These medium and long-term asset-liability matching analyses are based on a projection of the medium and/or long-term profit and loss account and balance sheet under various economic scenarios. The analysis of the results obtained makes it possible to take, where appropriate, measures to adjust the constraints on asset allocation (strategic allocation, diversification, derivatives, etc.).

The table below details the forward schedule of the present value of the future cash flows of all insurance contracts excluding reinsurance.

In millions of euros, at

31 December 2024

31 December 2023

1\u00a0year

7,770

7,094

1 to 2\u00a0years

8,037

6,274

2 to 3\u00a0years

6,685

6,179

3 to 4\u00a0years

6,923

6,074

4 to 5\u00a0years

7,735

5,598

5 to 10\u00a0years

33,032

19,511

More than 10\u00a0years

157,419

148,819

TOTAL

227,601

199,549

\u00a0

For participating contracts, amounts payable on demand correspond to surrender values of saving contracts.

In millions of euros, at

31 December 2024

31 December 2023

Amount payable on demand

Carrying amount

Amount payable on demand

Carrying amount

Participating contracts

227,706

241,278

197,551

212,297

Non-participating contracts

57

6,222

70

5,640

TOTAL

227,763

247,500

197,621

217,937

5.3Risk management [Audited]

Governance

The specialised committees of the Board of directors (see part\u00a02.1.2, Corporate governance of BNP\u00a0Paribas of chapter\u00a02 Corporate governance and internal control), which examine the risks taken and the risk policies on a Group scale, are:

In line with the Group\u2019s Risk Appetite Statement, Executive Management provides broad guidelines for risk management through Group-level governance bodies of which the main ones are shown in the diagram below:

\u27a4Figure 6: Overview of Group level governing bodies covering risk-related topics
\"BNP2024_URD_EN_I034_HD.jpg\"

Main Group-level governance bodies have the following roles:

Risk management organisation

Position of the control functions

Risk management is central to the banking business and is one of the cornerstones of operations for the BNP\u00a0Paribas Group. BNP\u00a0Paribas has an internal control system covering all types of risks to which the Group may be exposed, organised around three lines of defence (see section\u00a02.4 Internal Control in chapter\u00a02 Corporate governance and internal control):

General responsibilities of the Risk and Compliance Functions

Responsibility for managing risks primarily lies with the divisions and business lines that are at the origin of the underlying transactions. RISK continuously performs a second-line control over credit and counterparty risks, market risk, interest rate and foreign exchange rate risks on the banking book, liquidity risks, insurance risks, and operational risk, including technological and cybersecurity risks, over data protection risks, modelling risks and environmental and social risk factors, as well as the associated governance risks. As part of this role, it must ascertain the soundness and sustainability of the business commercial developments and their overall alignment with the risk appetite target set by the Group. RISK\u2019s remit includes formulating recommendations on risk policies, analysing the risk portfolio on a forward-looking basis, approving customers loans and trading limits, guaranteeing the quality and effectiveness of monitoring procedures, controlling the maturity of the processes and underlying operational risks and defining or validating risk measurement methods. RISK is also responsible for ensuring that all the risk implications of new businesses or products have been adequately assessed.

Compliance deals identically with risks related to financial security (money laundering, terrorist financing, corruption and influence peddling), market integrity, protection of clients, professional ethics, tax regulations applicable to customers and laws governing banking activities.

Its mission is to provide, through its opinions and decisions, as well as through its supervision and second level-controls, a reasonable assurance as to the effectiveness and consistency of the compliance system over operations and the protection of its reputation.

Organisation of the Risk and\u00a0Compliance Functions

Approach

The RISK organisation fully complies with the principles of independence, vertical integration, and decentralisation issued by the Group\u2019s Management for the Group\u2019s main control functions (Compliance, RISK, LEGAL, and a third line of defence, General Inspection). Hence within RISK:

This organisation enables the governance of risk management activities to be strengthened, especially regarding model risk management, through RISK Independent Review and Control (RISK IRC) team, reporting directly to the Chief Risk Officer (CRO) which groups together the teams in charge of the independent review of the risk methodologies and models. This team is also in charge of the independent review of operational risk of RISK Function, with the organisation described in section\u00a05.9 Operational risk.

In accordance with international standards and French regulations, Compliance manages the system for monitoring compliance and reputation risks for all of the Group\u2019s businesses in France and abroad. The system for monitoring non-compliance and reputation risks is described in section\u00a05.9.

Independent and hierarchically integrated on a global basis, Compliance brings together all employees reporting to the function. Its organisation is based on its guiding principles (independence, integration, decentralisation and subsidiarity of the function, dialogue with the business lines) through local teams (operating divisions, CPBS, IPS and CIB), areas of expertise, and departments in charge of transverse missions.

Role of the Chief Risk Officer

In order to fulfil its missions and in compliance with regulations as well as with the banking industry best practices, RISK is an independent, hierarchically integrated and decentralised function.\u00a0

The Group CRO is appointed by the \u201cDirigeant Effectif\u201d in charge of the consistency and efficiency of the permanent control of BNP Paribas, who notifies the Board of directors accordingly. This \u201cDirigeant Effectif\u201d\u00a0can also remove the Group CRO, after the prior approval of the Board, to which the latter has direct access.

The Group CRO receives his/her authority from this \u201cDirigeant Effectif\u201d and reports to him/her directly. He/she is a member of the Group Executive Committee.

Where necessary, the Group CRO also has direct and independent access to the Board of directors of BNP Paribas (notably to the relevant specialised committees). In particular, the CCIRC holds hearings of the Group CRO on a periodic basis, without the presence of the \u201cDirigeants Effectifs\u201d.

This positioning serves the following purposes:

Role of the Chief Compliance Officer

The Chief Compliance Officer reports to the Chief Executive Officer and is a member of the BNP\u00a0Paribas Executive Committee. She has direct and independent access to the Board of directors and in particular to its specialised committee, the Internal Control, Risk Management and Compliance Committee (CCIRC), and can thus inform it of any event likely to have a significant impact on the Group. Lastly, the CCIRC periodically interviews her, without the executive officers being present.

The Chief Compliance Officer has no operational activity outside of the non-compliance and reputation risk management framework and no commercial activity, which guarantees her independence of action. She exercises hierarchical supervision over all the Compliance teams within the various business units, geographical areas and functions.

Risk culture

One of the Group\u2019s core founding principles

A strong and comprehensive risk and compliance culture is deeply rooted in BNP Paribas Group\u2019s core values and operational principles.

Executive Management has chosen to include the risk culture in three of its key corporate culture documents:

Spreading the risk culture

A\u202fculture of robust risk management and control has always been one of BNP Paribas\u2019 top priorities and is an integral part of the Bank\u2019s principles.

In addition to the various training programmes in support of this ambition, numerous awareness and acculturation initiatives are conducted at global and local level within different entities. These include some\u00a0programmes aimed at sharing risk management advancements with a broad audience of employees presented directly by Group experts, for example:\u00a0cyber risks,\u00a0operational risks,\u00a0credit and counterparty risks, ESG-related risks, legal risks.

Also,\u00a0Risk Culture, a Group-wide initiative, aims to \u00a0reinforce the dissemination of the best practices in risk management by giving it a transversal dimension that addresses all the Group\u2019s employees. Sponsored by four functions: Compliance, LEGAL, Human Resources (HR), and RISK, Risk Culture is designed for the benefit of all staff and intervenes on all types of risks to which the Group may be exposed (credit, market, liquidity, operational, non-compliance, regulatory, environmental and social risks, etc.).

Taking an adaptive and participatory approach, this initiative supports the business lines and functions in their risk awareness promotion efforts, for example in transformation projects or when onboarding new employees.\u00a0By leveraging the information already shared by the entities, Risk Culture aims to make essential concepts accessible to as many employees as possible and pays close attention to ensure that conduct and behaviour requirements are well integrated into this exercise of knowledge transmission. It provides teams with contents that they can use for their information and acculturation endeavours to enhance employees\u2019 skills in all aspects of the risk culture.

In conjunction with operating entities, Risk Culture actions mainly consist of:

In all its initiatives, Risk Culture promotes the six fundamental risk management practices that are key to developing a robust risk culture. They serve as a reminder to staff about the importance of clearly understanding and anticipating risks with a long-term perspective, being disciplined with risks taken and reporting swiftly and transparently on risk management.

Lastly, the risk culture is also spread throughout the Group by linking compensation to performance and risk (see chapter\u00a07, section\u00a07.3 A\u00a0competitive compensation policy), under a system that was strengthened in this area since 2015 for those employees whose decisions entail a significant risk component.

Risk Appetite

Definition and objectives

The Group does not have a specific risk appetite target, but some risks are inherent to its business and therefore to the achievement of its strategic objectives. It has prepared a Risk Appetite Statement and Risk Appetite Framework, which should be seen as the Group\u2019s formal statement of its tolerance to the risks to which it is exposed as it implements its strategy.

The Risk Appetite Statement is approved on a yearly basis, or more frequently if necessary, by the Board of directors on the proposal of Executive Management. Consistent with the Group\u2019s strategy and in light of the environment in which it operates, this document sets out the qualitative risk principles it intends to follow in its business activities, as well as a quantitative mechanism for supervising the Group\u2019s risk profile indicators through quantitative metrics and thresholds. This system covers both the quantifiable and non-quantifiable risks to which it is exposed.

The Group\u2019s risk appetite is determined by Executive Management, during various committees it chairs (CCDG, FMRC, Group ALCo, Capital Committee), which are tasked with managing the Group\u2019s different types of risk exposure. The Group\u2019s strategic processes, such as budget, capital and liquidity management, are in line with the Risk Appetite Statement. Certain Risk Appetite Statement indicators are included in the budget exercise and their expected values in the budget are cross-checked against the thresholds in the Risk Appetite Statement.

The Group\u2019s Risk Appetite Statement reflects the core values of its risk culture. It states that the Group\u2019s risk culture and its commitments as a responsible bank are at the heart of its strategy. The statement reaffirms the Group\u2019s mission: to finance the economy, advise its clients and help to finance their projects, guided by strong ethical principles. The Group\u2019s strategy underpinning its risk appetite is founded on the core principles that have guided its development: a balance between business activities to deliver profitability and stability, a customer-focused business model and an integrated banking model to optimise services to the latter. This strategy also factors developments in the banking industry, including the trend towards a digital model, and a macroeconomic situation marked by still high interest rates, in a context of particularly critical geopolitical risk, while certain sectors of the economy show higher levels of risk.

Risk principles

The risk principles aim to define the types of risk the Group is prepared to accept in support of its business strategy.

They include the following in particular:

Supervision of risk profile indicators

The Risk Appetite Statement sets out the indicators that measure the Group\u2019s risk profile for its risk exposure categories.

Risk level thresholds are assigned to each metric. When these thresholds are reached, they trigger an established process to inform Executive Management and the Board of directors, and if need be, to implement action plans.

These indicators are monitored quarterly in the risk dashboards presented to the CCIRC.

For example, the following ratios (described in the Key figures of section\u00a05.1 Annual Risk survey) are included in the Risk Appetite statement indicators:

Stress testing

To ensure dynamic risk supervision and management, the Group has implemented a comprehensive stress testing framework.

Stress testing framework

The stress testing framework forms an integral part of the risk management and financial monitoring system and is used with a threefold objective of forward-looking risk management, planning of regulatory resources and liquidity requirements, and optimisation of the deployment of these resources within the Group, mainly through the Group\u2019s and its main entities\u2019 ICAAP and ILAAP processes.

Different types of stress tests

There are two types of stress tests:

Governance and implementation

This stress testing framework is based on a well-defined governance, with responsibilities shared between the Group and operating entities in order to encourage operational integration and relevance and, in particular, to develop internal stress test practices required for proper risk management and Group resource planning.

The Finance, RISK and ALM Treasury Functions have created a shared team, Stress Testing and Financial Simulations (\u201cSTFS\u201d), responsible for developing stress testing, ICAAP, internal capital and financial simulations capabilities planning across the Group\u2019s entities and activities.

The STFS team is responsible in particular for:

Stress test methodologies are tailored to the main categories of risk and subject to independent review.

Stress tests may be run at Group, business line or portfolio level, dedicated to one or more risk types and on a more or less large number of variables depending on the pursued objective. Where appropriate, the results of quantitative models may be adjusted on the basis of expert judgement.

Since its creation, the Group\u2019s stress testing framework has evolved continuously in order to integrate the most recent developments in stress tests, whether in terms of methodologies or improved operational integration in the Group\u2019s management processes. The stress test framework by type of risks is detailed in sections\u00a05.4\u00a0Credit risk, 5.6\u00a0Counterparty credit risk and 5.7\u00a0Market risk. In this context, the Group is engaged in the development of a climate stress testing infrastructure, covering scenarios (see below), data and models and methodologies, as well as encompassing both transition and physical risks, which are the two main risk types into which climate risk materialises.

Internal stress test scenario definition

In stress testing exercises, it is common practice to distinguish the baseline scenario from one or several alternative scenarios. A macroeconomic scenario is typically a set of macroeconomic and financial variables (GDP and its components, inflation, employment and unemployment, interest and exchange rates, stock prices, commodity prices, etc.) projected over a given future period.

Macroeconomic stress tests
Baseline scenario

The baseline scenario is considered as the most likely scenario over the projection horizon. The baseline scenario is designed by Group Economic Research in collaboration with various functions and business lines possessing a specific expertise, in particular:

The global scenario is made up of regional and national scenarios (Eurozone, France, Italy, Belgium, Spain, Germany, United Kingdom, Poland, T\u00fcrkiye, United States, Japan, China, India, Russia, etc.) consistent with each other.

Alternative scenarios

Depending on the exercise, one or more alternative scenarios may be used for stress tests.

STFS produces three types of alternative scenarios on a regular basis, in collaboration with the same functions and business lines as those requested in the central scenario: an adverse scenario, a severe scenario and a favourable scenario.

Construction of scenarios

The baseline, adverse, severe and favourable scenarios are revised quarterly to monitor the Bank\u2019s risk appetite metrics and credit provision calculations within the framework of IFRS\u00a09.

They are validated during committee involving the Group Executive Management for scenarios used in the Group\u2019s budget process (second and third quarters of the year). For the other two quarterly exercises, scenarios are validated jointly by the Group Chief Risk Officer and the Group Chief Financial Officer.

The scenarios are then used to calculate expected losses (or profit and loss impact in the case of market risks) over the year for all Group portfolios:

The above calculations and related methodologies for stress tests on credit and market risks are coordinated centrally at Group level by STFS team. They also involve various teams of experts at Group and territory\u2019s levels in their implementation and design.

Lastly, in an adverse budget scenario, risks appertaining to the Group and its business activities and not forming part of the adverse macroeconomic scenario are added. They are identified and quantified either by the Group\u2019s businesses or centrally for those likely to impact the Group as a whole.

Climate stress tests

Beyond macroeconomic stress tests, the field of climate stress tests is developing rapidly. In this context, the Group is engaged in the analysis, adaptation and creation of transition and physical risk scenarios.

With regard to transition risk, the analysis and adaptation works are based at this stage on the work of the NGFS (Network for Greening the Financial System), pioneer in this field. For the Group\u2019s internal requirements in terms of climate stress tests, NGFS scenarios can be adjusted and adapted, so that they are more in touch with most recent developments (e.g. at the macroeconomic level) or that they are more specifically adapted to the Group\u2019s portfolios. In addition, in collaboration with other companies and institutions, the Group is taking part in the initiative to define transition scenarios with more precise sectoral aspects that are relevant to assess transition risk.

The physical risk scenarios used by the Group at this stage focus on geographies with significant Retail Banking activities in Europe.

\u00a0

Organisation of the Group interest risk management [Audited]

The Board of directors assigns responsibility to the Chief Executive Officer for management of interest rate risk in the banking book. The Board of directors is informed quarterly on the principles governing interest rate policy and the Group\u2019s position through the Internal Control, Risk Management and Compliance Committee (CCIRC).

The Chief Executive Officer delegates management responsibility to the Group ALM Treasury Committee (Asset and Liability Management Committee). The permanent members of the Group ALM Treasury Committee are the Group Senior Executive Advisor (Chairman), the Delegate Deputy Chief Operating Officers, the Group Chief Risk Officer, the Group Chief Financial Officer, the Group ALM Treasury Head. The Head of General Inspection and the Head of Compliance are also invited. This committee is responsible for tracking interest rate risk monitoring indicators, proposing the Group\u2019s interest rate risk profile and assigning limits.

ALM Treasury is responsible for the analysis of the management proposals and operational implementation of decisions related to managing the interest rate risk of the banking book as part of its delegated management.

The RISK Function participates in the Group ALM Treasury Committee and the local ALM Treasury Committees (ALCo) and oversees implementation by ALM Treasury of the relevant decisions made by these committees. It also provides second-line control by reviewing the models and risk indicators, monitoring the level of risk indicators and ensuring compliance with the limits assigned.

The banking book consists of the Group\u2019s total bank balance sheet, excluding trading book transactions. This includes intermediation transactions (deposits, loans, etc.), non-commercial balance sheet items (equity, fixed assets, etc.) and banking book risk management activities, including derivatives used for the management of interest rate risk on the banking book (notably when they are ineligible for hedge accounting under IFRS).

Banking book interest rate risk in each BNP\u00a0Paribas entity is systematically transferred to ALM Treasury, through internal analytic contracts or lending/borrowing transactions. For the Group as a whole, ALM Treasury is responsible for managing the interest rate risk transferred in this way.

Decisions concerning the management of interest rate risk are made and monitored during monthly or quarterly committee meetings by entity or group of entities, attended by representatives of local ALM Treasury, Group ALM Treasury, FINANCE & STRATEGY and RISK Functions and senior management of the entities and/or businesses.

Measurement of interest rate risk [Audited]

Rate positions are measured taking into account the specific features of the risks managed. Hence, the Group has defined the concepts of standard rate risks and structural rate risks. The standard rate risk corresponds to the general case, namely when it is possible to define uniquely the most appropriate hedging strategy for a given transaction. The structural rate risk is the interest rate risk for equity and non-interest-bearing current accounts: the investment of these balance sheet items generates regular revenues but are sensitive to interest rate levels. However, it is not possible to define a single hedging strategy to fully neutralise this sensitivity. In this case, the Group included all the possible so-called \u201cneutral\u201d management strategies in terms of interest rate risk.

Interest rate risks are analysed in terms of interest rate gaps that measure for each future period the potential rate characteristic mismatches between assets and liabilities (fixed rate and indexation type). In the interest rate gaps, the optional effects, in particular linked to behavioural options, are embedded and translated into their delta equivalent. Value indicators are also used.

The maturity split is determined on the basis of the contractual terms of the transactions and observations of customer behaviour. For Retail\u00a0Banking products, behavioural models are based on historical or forward data and econometric studies. These possible management strategies notably relate to early redemption and savings accounts. Moreover, the maturities of non-interest-bearing current accounts and of equity are calculated according to a more conventional approach defining a range of investments taking into account the objective of stabilising results and stability of deposits. For current accounts, average maturities are less than five\u00a0years and the proportion invested beyond 10\u00a0years is negligible.

Incorporating dynamic changes in balance sheet items, the interest rate risk is measured through indicators of the sensitivity of revenues to interest rate changes on a going concern basis. This enables the partial or zero correlation between customer interest rates and market interest rates to be taken into account on the one hand, and the volume sensitivities to interest rates on the other hand, which create a risk to future revenues.

The choice of indicators and risk modelling are reviewed by RISK. The results and the adjustments following these reviews are presented and monitored to the committees on a regular basis.

The interest rate risk measurement indicators are consistently presented to the ALCos and serve as the basis for operating risk management decisions.

Risk limits [Audited]

Interest rate risk indicators span the entire banking book as at 31\u00a0December 2024.

The interest rate gaps are subject to interest rate risk limits across all time horizons. These limits are calibrated based on the nature of the risks (standard or structural) at Group and entity level. They are reviewed annually.

The Group\u2019s revenue sensitivity indicator is subject to limits and a warning threshold relative to the overall sensitivity level, also broken down by division and the main entities. Moreover, the Group regularly monitors the impact of stress scenarios on its revenues.

Sensitivity of revenues to global interest rate risk [Audited]

Net interest income sensitivities are calculated on the total banking book, over one-, two- and three-year rolling timeframes notably, for a parallel, instantaneous and definitive increase and decrease in market rates on all currencies over all the terms of \u00b150 basis points (\u00b10.5%). These sensitivities are measured as deviations from the NII projection for the central rate scenario corresponding to future interest rates expected by the markets at estimation date (e.g. forward rates seen at the end of December\u00a02024 for sensitivities at the end-2024). Other scenarios are also used to measure NII sensitivities, including instantaneous, parallel and definitive shocks of \u00b1200 basis points.

The sensitivities include the direct impacts of market rates and business trends. Indirect effects on commercial activity linked to changes in outstandings and customer rates, are also taken into account. Thus, increases in sight non\u2011interest\u2011bearing current account balances, observed during the period of low or negative interest rates, are considered as situational to the low interest rates environment, and are assumed to decrease gradually when short\u2011term rates return to sufficiently positive levels.Having maintained interest rates at significant positive levels, led to sensitivities levels that existed before the low interest rate environment, as illustrated below by end-2023 sensitivities (end-December interest rates being punctually at lower levels compared to previous and subsequent weeks).

\u27a4TABLE 90: SENSITIVITY OF REVENUES TO GLOBAL INTEREST RATE RISK BASED ON A 50 BASIS POINTS INCREASE OR DECREASE IN THE INTEREST RATES\u00a0(EU IRRBB1A) [Audited]

In millions of euros

31 December 2024

For +50\u00a0bps shock

For -50\u00a0bps shock

Year 1

147

(134)

Year 2

313

(266)

Year 3

574

(516)

\u00a0

In millions of euros

31 December 2023

For +50\u00a0bps shock

For -50\u00a0bps shock

Year 1

336

(363)

Year 2

401

(378)

Year 3

603

(555)

5.10Insurance risks [Audited]

BNP\u00a0Paribas Cardif Group Risk Management system

Risk management is a process that allows identification, measurement, monitoring, management and reporting of both the risks arising from the external environment as well as intrinsic risks inherent to the BNP\u00a0Paribas Cardif insurance group. The objective is to guarantee the solvency, business continuity, and development of the BNP\u00a0Paribas Cardif group, under satisfactory conditions of risk and profitability.

Within the framework of the provisions of article\u00a0L.354-2 of the French Insurance Code, the BNP\u00a0Paribas Cardif group conducts a forward-looking assessment of its solvency and risks every year under the Solvency\u00a0II framework, in particular:

Depending on the observed solvency ratio levels and the forecasts made under ORSA (Own Risk and Solvency Assessment), remedial actions may be undertaken to adjust own capital.

The risk typology adopted by the BNP\u00a0Paribas Cardif group is changing in pace with methodological work and regulatory requirements. It is presented according to the main categories as follows:

The BNP\u00a0Paribas Cardif group is exposed mainly to credit, underwriting and market risks. The BNP\u00a0Paribas Cardif group closely monitors its exposures, taking into account these various risks and the adequacy of its capital with regard to regulatory solvency requirements. It\u00a0endeavours to contain potential losses in adverse scenarios at acceptable levels.

The risk strategy is implemented and monitored through an organisation tailored to the broad risk classes and supported by ad hoc governance structures. The governance and risk management systems are presented in sections\u00a0B.\u00a0System of Governance and C.\u00a0Risk profile of the BNP\u00a0Paribas Cardif group\u2019s Solvency and Financial Condition Report (SFCR), available on the institutional website at https://www.bnpparibascardif.com/en/financial-informations.

The solvency requirements for the BNP\u00a0Paribas Cardif group under Solvency\u00a0II are shown in the section Capital adequacy and capital planning of section\u00a05.2 Capital management and capital adequacy.

Financial and underwriting risks related to insurance contracts within the scope of IFRS 17 are disclosed in note 5. Notes relating to insurance activities to the consolidated financial statements. The note presents the assessment of these risks in accordance with the principles of IFRS 17 as well as the risk management framework implemented by the BNP Paribas Group.

Market risk

Market risk arises mainly in the Savings business, where technical reserves represent most of the BNP\u00a0Paribas Cardif group insurance subsidiaries' liabilities.

General framework for monitoring market risk\u00a0

BNP Paribas Cardif has the necessary management tools to calibrate its strategic asset allocation and to measure its risks of asset-liability adjustment. The asset-liability studies enable the expected flows on both the assets and the liabilities of the various general funds to be forecast. They allow the duration of assets to be adjusted according to the profile of the different liabilities.\u00a0

The investment policy dictates the scope applicable to asset management. It defines the principles along which the structure of asset portfolios can be matched with the undertakings made to policyholders, while optimising the expected return on investment in relation to the set risk limit.\u00a0

The implementation of the investment policy, assigned to the Asset Management Department, is regulated for each portfolio by a management agreement that specifies the investment limits geared to different classes of asset. Market risk can also be managed with financial hedging instruments.\u00a0

Exposure to market risk is also monitored through specific targeted studies, such as the review of securities in an unrealised loss position.\u00a0

In addition, the exposure to foreign exchange risk results from allocations to branches, foreign currency equity investments or the investment strategy in foreign currency assets in general funds and non-participative funds.

Interest rate risk management

Interest rate risk management for the general insurance funds, the assets for the protection activities and the own funds, mainly leads to investment in bonds, of which government bonds, notably those issued by countries in the Eurozone. The asset diversification policy aims to invest in listed or non-listed equities as well as real estate assets.

Euro funds in underwritten life insurance policies are measured based on either a contractual fixed rate or a variable rate, with or without a minimum guaranteed return. All of these policies give rise to an interest rate and asset value risk, corresponding to the risk that the return on admissible assets is less than the contractual return payable to policyholders or return payable defined in consideration of the market expectations and the positioning of the market players. In France, the average rate guaranteed by Cardif Assurance Vie in 2024 was below 0.1%.

Credit spread risk

General funds are mainly invested in bond assets that generate spread risk. Limits by issuer and rating type (investment grade, non-investment grade) are monitored regularly. Issuer credit quality is also reviewed frequently;

Management of the risk of change in the value of assets\u00a0

In addition to the quality of the assets, portfolio diversification and hedging policy, the exposure to the risk of a decline in the value of assets (interest rate, spread, equities, real estate) for contracts with a profit-sharing clause is mitigated by the accounting variable fees model (VFA), with changes in the value of financial assets adjusting the cash flows from execution for the share accruing to policyholders and the margin on contractual services for the share accruing to the insurer.

Foreign exchange risk management

Currency risk hedging may be provided by forward financial instruments, such as currency swaps or by currency borrowings.

\u00a0

LIquidity risk

Exposure to liquidity risk is appraised, over a one-year horizon, mainly through the liquidity policy of the Asset Management Department, and in the medium term through studies carried out by the Actuarial Department on forecasted expected cash flows on the assets and liabilities of BNP Paribas Cardif general funds.

Tactical asset management provides the necessary liquidity to address redemptions and lapses, within the regular asset management framework, while minimising the impact on the yield of the assets.

The liquidity risk is centrally managed through reviews realised with a frequency appropriate to the risk exposure.

Stress tests are regularly carried out as part of asset and liability management studies. These stress tests make it possible to check the ability of BNP Paribas Cardif to honour its undertakings in negative financial market situations, by taking account of the impact of these situations on the behaviour of policyholders.\u00a0Asset-liability matching analyses over the medium to long term are also carried out regularly by Asset-Liability Management in order to supplement the measurement of the financial risks incurred. They are based on medium- and/or long-term profit and loss account and balance sheet projections prepared using a range of economic scenarios. The results of these reviews are analysed in order to determine any adjustments to required assets (through strategic allocation, diversification, use of derivatives,\u00a0etc.).

CREDIT RISK

The rules for the dispersion of assets are laid down in the management agreements of the general funds. They specify the dispersion ratios per issuer on fixed-income instruments and by rating category. The credit doctrine formalised through the CRC \u2013 CGL (Credit Risk Consumption \u2013 Global Concentration Limit) also specifies the dispersion rules at the consolidated level for the general funds of entities based within the Eurozone, which are the most important.\u00a0

The counterparty risk on reinsurers is managed through a stringent selection of counterparties, the negotiation of the guarantees provided and regular monitoring of the main exposures. The Risk Transfer and the Credit Risk Departments are responsible for this monitoring. The guarantees required may be actual guarantees, such as deposits in the form of a financial guarantee and pledged securities, or as sureties and letters of guarantee.

Partner counterparty risk comes under the credit governance for Partners and Reinsurers. The governance determines the delegated powers granted to local entities and provides for an agreement with the Credit Risk Department, if this latter is outside the framework of the local delegation. An exposure on a partner may be the subject of collateral or a personal guarantee. Depending on the quality of the counterparty, the following techniques may be used: parent company endorsements, bank guarantees payable at first demand, an account segregated from all other assets in the event of bankruptcy, etc.

Group BNP\u00a0Paribas Cardif investments

As of 31 December 2024, in addition to unit-linked investments, the BNP\u00a0Paribas Cardif group manages EUR\u00a0168.6 billion at net book value and, at market value, through its subsidiaries in France (mainly Cardif Assurance Vie, representing EUR\u00a0133.3\u00a0billion), Italy (mainly Cardif Vita, representing EUR\u00a022.6\u00a0billion) and Luxembourg (Cardif Lux Vie, EUR\u00a08.6\u00a0billion). The breakdown of BNP\u00a0Paribas Cardif group investments (excluding investments in unit-linked contracts) is presented in the table Investments and other assets related to insurance activites in note 5.\u202fNotes related to insurance activities to the consolidated financial statements.

\u27a4Table n\u00b0\u00a0105: BOND EXPOSURE BY ISSUER AND RATING (EXCLUDING INVESTMENTS IN UNIT-LINKED CONTRACTS AND EUROCROISSANCE CONTRACTS)

Exposure by rating

31 December 2024

31 December 2023

Govies

Corporate

Total

Govies

Corporate

Total

AAA

7.8%

4.3%

12.1%

7.9%

4.1%

12.0%

AA

24.5%

8.3%

32.8%

21.0%

13.6%

34.6%

A

4.3%

29.6%

33.9%

2.9%

23.7%

26.6%

BBB

10.3%

7.7%

18.1%

10.1%

13.7%

23.8%

<\u00a0BBB(1)

0.0%

3.1%

3.1%

0.4%

2.6%

3.0%

TOTAL

46.9%

53.1%

100.0%

42.2%

57.8%

100.0%

  • Including unrated bonds.
\u27a4TABLE 106: EXPOSURE TO GOVERNMENT BOND AND SIMILAR BY ISSUING COUNTRY (EXCLUDING\u00a0INVESTMENTS\u00a0IN\u00a0UNIT-LINKED CONTRACTS AND EUROCROISSANCE CONTRACTS)

Exposure by country

In millions of euros

Rating

31 December 2024

31 December 2023

Net book value

Net book value

France

AA-

21,234

15,523

Italy

BBB

11,881

10,253

Spain

A-

2,592

1,904

Belgium

AA-

7,932

7,494

Germany

AAA

1,567

1,922

Austria

AA+

358

313

Netherlands

AAA

320

674

Ireland

A+

110

96

Portugal

BBB+

77

57

Others

\u00a0

7,808

7,308

TOTAL

\u00a0

53,877

45,544

\u00a0

Because of the upward trend in long-term rates in Europe in the first half of 2024, investments in general funds were made on long-maturities and good credit quality bond securities, notably in government or supranational bonds.

Insurance underwriting risk

Underwriting risk arises mainly from the surrender, the longevity and the mortality risk in the savings business line, and in creditor insurance contracts for the protection business. Underwriting risk management is detailed in note 5. Notes related to insurance activities to the consolidated financial statements.

\u00a0

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_cba25a39-8b97-4043-9780-5f2835d1bc9c": { "value": "
5.e.2Market risk

Qualitative information on the valuation of the carrying amount and fair value of financial instruments is provided in the financial instruments section of note 1.f Financial assets and liabilities. Quantitative information on the carrying value of financial instruments is disclosed in note 5.c Investments, other financial assets and liabilities related to insurance activities.

IFRS 17 defines market risk as the risk that changes in market prices (e.g. interest rates, currency exchange rates, share prices) affect the fulfilment cash flows of insurance and reinsurance contracts and the fair value or future cash flows of financial instruments. Market risk includes:

Market Risk Management Framework

For its insurance activities, the Group has equipped itself with the necessary management tools to calibrate the strategic asset allocation and to measure asset-liability matching risks. Asset-liability studies enable to project expected flows on both the assets and the liabilities of the various general funds. In particular, they allow to adapt the duration of assets according to the profile of the various liabilities.

The investment policy dictates the framework for asset management. It defines the principles for aligning the structure of asset portfolios with the commitments made to policyholders, while optimising the expected return on investment relative to the risk limit set. Thus, in particular in the case of BNP\u202fParibas\u202fCardif, the implementation of the investment policy, entrusted to the Asset Management Department, is governed for each portfolio by a management agreement that specifies the investment limits according to asset classes. Market risk can also be managed through the use of financial hedging instruments.

Market risk exposure is also monitored through targeted studies such as the review of securities in an unrealised loss position.

In addition, foreign currency exchange risk exposure arises from the funding of the foreign branches, equity investments in foreign currency or investment strategy in foreign currency-denominated assets in general funds. Foreign exchange risk may be hedged by forward financial instruments, such as cross-currency swaps, or by foreign currency borrowings.

For unit-linked commitments, market risk is mainly transferred to policyholders.

Interest rate risk sensitivity analysis

The sensitivity on insurance contracts arises from the following effects:

The table below shows the impact gross of taxes on income and shareholders\u2019 equity of reasonably possible changes in interest rates at reporting date. Sensitivities are presented on all financial assets, excluding assets representing unit-linked contracts.

Sensitivity was determined for the most significant countries, i.e. France, Italy and Luxembourg.

\u00a0

In millions of euros, at

31 December 2024

Potential impact on income

Potential impact on equity

related to investments(1)

related to insurance contracts

Net impact

related to investments

related to insurance contracts

Net impact

+50\u00a0bps variation of interest rate risk

(190)

178

(12)

(4,019)

3,738

(281)

-50\u00a0bps variation of interest rate risk

249

(237)

12

4,015

(3,738)

277

  • Excepted financial assets representing unit-linked contracts.

\u00a0

In millions of euros, at

31 December 2023

Potential impact on income

Potential impact on equity

related to investments(1)

related to insurance contracts

Net impact

related to investments

related to insurance contracts

Net impact

+50\u00a0bps variation of interest rate risk

(225)

206

(19)

(3,662)

3,330

(332)

-50\u00a0bps variation of interest rate risk

239

(220)

19

3,662

(3,330)

332

  • Excepted financial assets representing unit-linked contracts.
Price risk sensitivity analysis

The table below shows the impact gross of taxes on income and equity of reasonably possible changes in market and real estate prices at the reporting date. Sensitivities are presented excluding unit-linked contracts.

Sensitivity was determined for the most significant countries, i.e. France, Italy and Luxembourg.

\u00a0

In millions of euros, at

31 December 2024

Potential impact on income

Potential impact on equity

related to investments(1)

related to insurance contracts

Net impact

related to investments

related to insurance contracts

Net impact

+10% variation of equity market

1,310

(1,246)

64

175

(3)

172

-10% variation of equity market

(1,310)

1,246

(64)

(175)

3

(172)

+10% variation of real estate market

1,183

(1,153)

30

\u00a0

\u00a0

\u00a0

-10% variation of real estate market

(1,183)

1,153

(30)

\u00a0

\u00a0

\u00a0

  • Excepted financial assets representing unit-linked contracts.

\u00a0

In millions of euros, at

31 December 2023

Potential impact on income

Potential impact on equity

related to investments(1)

related to insurance contracts

Net impact

related to investments

related to insurance contracts

Net impact

+10% variation of equity market

1,834

(1,760)

74

61

\u00a0

61

-10% variation of equity market

(1,834)

1,760

(74)

(61)

\u00a0

(61)

+10% variation of real estate market

1,062

(1,031)

31

37

\u00a0

37

-10% variation of real estate market

(1,062)

1,031

(31)

(37)

\u00a0

(37)

  • Excepted financial assets representing unit-linked contracts.

\u00a0

For savings contracts valued using the variable fees approach, the change in the value of the underlying financial assets is largely offset by the change in the value of the liabilities, provided that the contractual service margin remains positive.\u00a0

Potential effects on income and equity are therefore mainly derived from non-participating contracts and assets representing the shareholders\u2019 equity of insurance entities.

VaR (Value at Risk) [Audited]

The VaR is a statistical measure indicating the worst loss expected for a given portfolio over a given time horizon and within a given confidence interval under normal market movements. It is not a maximum loss and it can potentially be exceeded in some cases, for example in the event of abnormal market conditions.

The BNP\u00a0Paribas VaR calculation uses an internal model which has been approved by the banking supervisor. The BNP\u00a0Paribas VaR methodology aims to accurately compute a one-day Value at Risk at the 99% confidence level.

The VaR calculation is based on a Monte-Carlo approach, which not only performs normal or log-normal simulations but also accounts for the non-normality often observed in financial markets as well as correlation between risk factors. An equally weighted one-year rolling window of historical market data (updated fortnightly) is used to calibrate the Monte-Carlo simulation.

The principal groups of simulated factors include: interest rates, credit spreads, exchange rates, equity prices, commodities prices, and associated volatilities. Changes in risk factors are proportional (share prices, volatility, CDS spreads) or absolute (rates excluding OIS, spreads, repo rates, correlations).

The valuation method used varies depending not upon the product but upon the type of risk we are capturing. To generalise, the methods used are either sensitivity based or full revaluation based on grid interpolation to incorporate both linear and, especially for derivatives, non-linear effects. In both cases, BNP\u00a0Paribas calculates the general and specific risk as a whole, taking into account the diversification effect by correlating market parameters.

The algorithms, methodologies and sets of indicators are reviewed and improved regularly to take into account the capital market evolution.

The scope of the BNP\u00a0Paribas internal model covers the majority of capital market activities (Global Markets, ALM Treasury). As an indication, market risk based on the standardised approach (excluding securitisation positions in the trading book) represented less than 5% of the total market risk capital requirement at 31\u00a0December 2023, including foreign exchange risk.

VaR is a statistical measure that does not take into account losses outside a given confidence interval and does not apply to losses related to intraday market movements. Other risk measures, such as Stressed VaR (SVaR), IRC and CRM, complement the BNP\u00a0Paribas Group\u2019s market risk monitoring and management system.

Evolution of the VaR (1-day, 99%) [Audited]

The VaR set out below are calculated from an internal model, which uses parameters that comply with regulations in place. They correspond to measurements taken into account within the framework of monitoring market limits. They are based on a one-day time horizon and a 99% confidence interval.

In 2024, total average VaR for BNP\u00a0Paribas was EUR\u00a032\u00a0million (with a minimum of EUR\u00a024\u00a0million and a maximum of EUR\u00a045\u00a0million), after taking into account the -EUR\u00a038\u00a0million netting effect between the different types of risks. These amounts break down as follows:

\u00a0

\u27a4TABLE 84: VALUE AT RISK (1-DAY, 99%) [Audited]

In millions of euros

Year to 2024

Year to 2023

Minimum(1)

Average

Maximum(1)

Last measure

Average

Last measure

Interest rate risk

15

26

46

25

28

31

Credit risk

7

11

17

10

11

9

Foreign exchange risk

4

9

18

9

10

7

Equity price risk

10

16

28

25

14

11

Commodity price risk

5

8

15

10

7

5

Netting effect(1)

\u00a0

(38)

\u00a0

(45)

(39)

(30)

TOTAL VALUE AT RISK

24

32

45

33

31

33

  • Note that the minimum and maximum figures shown above for the various risk types are computed on a standalone basis (i.e. independently from each other as well as the total VaR). While the minimum or maximum for each risk type may not necessarily be observed on the same date, minimum/maximum netting effects are not considered relevant.
Foreign exchange risk and hedging of net income generated in foreign currencies [Audited]

So-called \u201coperating\u201d foreign exchange risk exposure relates to net earnings generated by activities conducted in currencies other than the functional currency of the entity concerned. The Group\u2019s policy is to hedge the variability of its net income due to currency movements. To this end, earnings generated in a currency other than the functional currency of a given entity of the Group are hedged locally.

Foreign exchange risk and hedging of net investments in foreign operations [Audited]

The so-called \u201cstructural\u201d foreign exchange position of an entity relates to investments in currencies other than the functional currency. This position mainly results from the capital endowment of the branches and equity investments in foreign currencies financed by buying the investment currency. This structural foreign exchange position, adjusted for any intangibles, constitutes patrimonial exposure.

The Group\u2019s policy is to hedge portfolio exposure to liquid currencies, while at the same time maintaining the solvency ratio\u2019s limited sensitivity to exchange rate fluctuations. For this, borrowings in the same currency as the investment are used as an alternative to financing by purchasing the currency in question. Borrowings are recognised as hedges of investments.

Organisation of the Group interest risk management [Audited]

The Board of directors assigns responsibility to the Chief Executive Officer for management of interest rate risk in the banking book. The Board of directors is informed quarterly on the principles governing interest rate policy and the Group\u2019s position through the Internal Control, Risk Management and Compliance Committee (CCIRC).

The Chief Executive Officer delegates management responsibility to the Group ALM Treasury Committee (Asset and Liability Management Committee). The permanent members of the Group ALM Treasury Committee are the Group Senior Executive Advisor (Chairman), the Delegate Deputy Chief Operating Officers, the Group Chief Risk Officer, the Group Chief Financial Officer, the Group ALM Treasury Head. The Head of General Inspection and the Head of Compliance are also invited. This committee is responsible for tracking interest rate risk monitoring indicators, proposing the Group\u2019s interest rate risk profile and assigning limits.

ALM Treasury is responsible for the analysis of the management proposals and operational implementation of decisions related to managing the interest rate risk of the banking book as part of its delegated management.

The RISK Function participates in the Group ALM Treasury Committee and the local ALM Treasury Committees (ALCo) and oversees implementation by ALM Treasury of the relevant decisions made by these committees. It also provides second-line control by reviewing the models and risk indicators, monitoring the level of risk indicators and ensuring compliance with the limits assigned.

The banking book consists of the Group\u2019s total bank balance sheet, excluding trading book transactions. This includes intermediation transactions (deposits, loans, etc.), non-commercial balance sheet items (equity, fixed assets, etc.) and banking book risk management activities, including derivatives used for the management of interest rate risk on the banking book (notably when they are ineligible for hedge accounting under IFRS).

Banking book interest rate risk in each BNP\u00a0Paribas entity is systematically transferred to ALM Treasury, through internal analytic contracts or lending/borrowing transactions. For the Group as a whole, ALM Treasury is responsible for managing the interest rate risk transferred in this way.

Decisions concerning the management of interest rate risk are made and monitored during monthly or quarterly committee meetings by entity or group of entities, attended by representatives of local ALM Treasury, Group ALM Treasury, FINANCE & STRATEGY and RISK Functions and senior management of the entities and/or businesses.

Measurement of interest rate risk [Audited]

Rate positions are measured taking into account the specific features of the risks managed. Hence, the Group has defined the concepts of standard rate risks and structural rate risks. The standard rate risk corresponds to the general case, namely when it is possible to define uniquely the most appropriate hedging strategy for a given transaction. The structural rate risk is the interest rate risk for equity and non-interest-bearing current accounts: the investment of these balance sheet items generates regular revenues but are sensitive to interest rate levels. However, it is not possible to define a single hedging strategy to fully neutralise this sensitivity. In this case, the Group included all the possible so-called \u201cneutral\u201d management strategies in terms of interest rate risk.

Interest rate risks are analysed in terms of interest rate gaps that measure for each future period the potential rate characteristic mismatches between assets and liabilities (fixed rate and indexation type). In the interest rate gaps, the optional effects, in particular linked to behavioural options, are embedded and translated into their delta equivalent. Value indicators are also used.

The maturity split is determined on the basis of the contractual terms of the transactions and observations of customer behaviour. For Retail\u00a0Banking products, behavioural models are based on historical or forward data and econometric studies. These possible management strategies notably relate to early redemption and savings accounts. Moreover, the maturities of non-interest-bearing current accounts and of equity are calculated according to a more conventional approach defining a range of investments taking into account the objective of stabilising results and stability of deposits. For current accounts, average maturities are less than five\u00a0years and the proportion invested beyond 10\u00a0years is negligible.

Incorporating dynamic changes in balance sheet items, the interest rate risk is measured through indicators of the sensitivity of revenues to interest rate changes on a going concern basis. This enables the partial or zero correlation between customer interest rates and market interest rates to be taken into account on the one hand, and the volume sensitivities to interest rates on the other hand, which create a risk to future revenues.

The choice of indicators and risk modelling are reviewed by RISK. The results and the adjustments following these reviews are presented and monitored to the committees on a regular basis.

The interest rate risk measurement indicators are consistently presented to the ALCos and serve as the basis for operating risk management decisions.

Risk limits [Audited]

Interest rate risk indicators span the entire banking book as at 31\u00a0December 2024.

The interest rate gaps are subject to interest rate risk limits across all time horizons. These limits are calibrated based on the nature of the risks (standard or structural) at Group and entity level. They are reviewed annually.

The Group\u2019s revenue sensitivity indicator is subject to limits and a warning threshold relative to the overall sensitivity level, also broken down by division and the main entities. Moreover, the Group regularly monitors the impact of stress scenarios on its revenues.

Sensitivity of revenues to global interest rate risk [Audited]

Net interest income sensitivities are calculated on the total banking book, over one-, two- and three-year rolling timeframes notably, for a parallel, instantaneous and definitive increase and decrease in market rates on all currencies over all the terms of \u00b150 basis points (\u00b10.5%). These sensitivities are measured as deviations from the NII projection for the central rate scenario corresponding to future interest rates expected by the markets at estimation date (e.g. forward rates seen at the end of December\u00a02024 for sensitivities at the end-2024). Other scenarios are also used to measure NII sensitivities, including instantaneous, parallel and definitive shocks of \u00b1200 basis points.

The sensitivities include the direct impacts of market rates and business trends. Indirect effects on commercial activity linked to changes in outstandings and customer rates, are also taken into account. Thus, increases in sight non\u2011interest\u2011bearing current account balances, observed during the period of low or negative interest rates, are considered as situational to the low interest rates environment, and are assumed to decrease gradually when short\u2011term rates return to sufficiently positive levels.Having maintained interest rates at significant positive levels, led to sensitivities levels that existed before the low interest rate environment, as illustrated below by end-2023 sensitivities (end-December interest rates being punctually at lower levels compared to previous and subsequent weeks).

\u27a4TABLE 90: SENSITIVITY OF REVENUES TO GLOBAL INTEREST RATE RISK BASED ON A 50 BASIS POINTS INCREASE OR DECREASE IN THE INTEREST RATES\u00a0(EU IRRBB1A) [Audited]

In millions of euros

31 December 2024

For +50\u00a0bps shock

For -50\u00a0bps shock

Year 1

147

(134)

Year 2

313

(266)

Year 3

574

(516)

\u00a0

In millions of euros

31 December 2023

For +50\u00a0bps shock

For -50\u00a0bps shock

Year 1

336

(363)

Year 2

401

(378)

Year 3

603

(555)

Structural foreign exchange risk [Audited]

Currency hedges are contracted by the ALM Treasury in relation to the Group\u2019s investments in foreign currencies and its future foreign currency revenues. Each hedging relationship is formally documented at inception. The documentation describes the hedging strategy, identifies the hedged item and the hedging instrument, and the nature of the hedged risk and describes the methodology used to test the expected (prospective) and actual (retrospective) effectiveness of the hedge.

A hedging relationship is applied and documented for investments in subsidiaries and branches financed by foreign currency loans so as to record movements in exchange rates symmetrically and avoid impacts on the profit and loss account. In this context, these instruments are designated as net investment hedges. The amount of these loans stood at EUR\u00a014\u00a0billion at 31\u00a0December 2024, compared with EUR\u00a016\u00a0billion at 31\u00a0December 2023. The changes in value related to exchange differences recognised directly in equity with respect to these hedges amounted to -EUR\u00a0964\u00a0million in 2024, compared with -EUR\u00a0339\u00a0million at 31\u00a0December 2023.

During the 2024 financial year, no net investment hedging relationships were disqualified.

The amount recorded in the profit and loss account for 2024 with respect to the ineffective portion of hedges of net investments is immaterial.

\u27a4TABLE 92: HEDGED CASH FLOWS [Audited]

Period to realisation

In millions of euros

31 December 2024

31 December 2023

Less than 1\u00a0year

1 to 5\u00a0years

More than 5\u00a0years

Total

Less than 1\u00a0year

1 to 5\u00a0years

More than 5\u00a0years

Total

Hedged cash flows

2,617

6,720

1,779

11,115

2,993

6,716

887

10,596

\u00a0

In 2024, no cash flow hedges were declassified on the grounds that achieving these future earnings would no longer be highly probable.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_8a4bac6c-6bdb-4d70-a580-37753ac01f80": { "value": "
5.e.4Liquidity risk

IFRS 17 defines liquidity risk as the difficulty of honouring commitments related to insurance contracts and financial liabilities that are to be settled through the provision of cash or other financial assets.

Tactical asset management is carried out to release the cash needed to settle insurance benefits, in keeping with the fund's current management framework, while minimising impacts on the rate of return on assets.

Liquidity risk is managed centrally based on studies carried out at intervals appropriate to the risk exposure.

Stress tests are carried out as part of asset-liability management studies. They test the ability to honour its commitments in adverse financial market situations, taking into account the impact of these situations on the behaviour of policyholders. These medium and long-term asset-liability matching analyses are based on a projection of the medium and/or long-term profit and loss account and balance sheet under various economic scenarios. The analysis of the results obtained makes it possible to take, where appropriate, measures to adjust the constraints on asset allocation (strategic allocation, diversification, derivatives, etc.).

The table below details the forward schedule of the present value of the future cash flows of all insurance contracts excluding reinsurance.

In millions of euros, at

31 December 2024

31 December 2023

1\u00a0year

7,770

7,094

1 to 2\u00a0years

8,037

6,274

2 to 3\u00a0years

6,685

6,179

3 to 4\u00a0years

6,923

6,074

4 to 5\u00a0years

7,735

5,598

5 to 10\u00a0years

33,032

19,511

More than 10\u00a0years

157,419

148,819

TOTAL

227,601

199,549

\u00a0

For participating contracts, amounts payable on demand correspond to surrender values of saving contracts.

In millions of euros, at

31 December 2024

31 December 2023

Amount payable on demand

Carrying amount

Amount payable on demand

Carrying amount

Participating contracts

227,706

241,278

197,551

212,297

Non-participating contracts

57

6,222

70

5,640

TOTAL

227,763

247,500

197,621

217,937

Liquidity risk management policy\u00a0[Audited]

Objectives

The objectives of the Group\u2019s liquidity management policy are to secure a balanced financing structure for the development of BNP\u00a0Paribas business activities, and to ensure it is sufficiently robust to cope with crisis situations.

The liquidity risk management framework relies on:

The Group\u2019s liquidity policy defines the management principles that apply across all Group entities and businesses and across all time horizons.

Governance

As for all risks, the Group Chief Executive Officer is granted authority by the Board of directors to manage the Group\u2019s liquidity risk. The Chief Executive Officer delegates this responsibility to the Group ALM Treasury Committee.

The Internal Control, Risk Management and Compliance Committee (CCIRC) reports quarterly to the Board of directors on liquidity policy principles and the Group\u2019s liquidity position.

The Group ALM Treasury Committee is responsible for:

In particular, the Group ALM Treasury Committee is informed about funding programmes and programmes to build up liquidity reserves, simulations in crisis conditions (stress tests), and about all events that may arise in crisis situations.

The Group ALM Treasury Committee is tasked with defining the management approach in periods of crisis (emergency plan). This framework is based on:

The Group ALM Treasury Committee meets every month under normal conditions and more often in stressed conditions or to deal with specific issues.

The permanent members of the Group ALM Treasury Committee are the Group Senior Executive Advisor (Chairman), the Delegate Deputy Chief Operating Officers, the Chief Risk Officer, the Group Chief Financial Officer and the Group ALM Treasury Head. Other members represent the RISK Function, Finance & Strategy Function and ALM Treasury. The Head of General Inspection and the Head of Compliance are also invited.

Across the Group, ALM Treasury is responsible for the operational implementation of the Group ALM Treasury Committee\u2019s liquidity management decisions. The ALM Treasury Committees in entities or groups of entities are responsible for local implementation of the strategy decided by the Group ALM Treasury Committee to manage the Bank\u2019s liquidity risk.

ALM Treasury is responsible for managing liquidity for the entire Group across all maturities. In particular, it is responsible for funding and short-term issuance (certificates of deposit, commercial paper, etc.), for senior and subordinated debt issuance (MTNs, bonds, medium/long\u2011term deposits, covered bonds, etc.), preferred share issuance, and loan securitisation programmes for the Group. ALM Treasury is tasked with providing internal funding to the Group\u2019s divisions, operating entities and business lines, and investing their surplus cash. It is also responsible for building up and managing liquidity reserves, which comprise assets that can be easily sold in the event of a liquidity squeeze.

RISK participates in the Group and local ALM Treasury Committees and oversees implementation by ALM Treasury of the relevant decisions made by these committees. It provides second-line control by reviewing the models and risk indicators (including liquidity stress tests), monitoring risk indicators and ensuring compliance with the limits assigned.

Finance is responsible for producing the regulatory liquidity indicators, as well as the internal monitoring indicators. Finance oversees the consistency of the internal monitoring indicators with the objectives defined by the Group ALM Treasury Committee. Finance takes also part in the Group and local ALM Committees.

Business lines\u2019 internal monitoring indicators\u00a0[Audited]

The management indicators relate to funding needs of Group\u2019s business lines under normal and stressed conditions. These indicators are part of the Group\u2019s budget management framework, with targets and regular (monthly) monitoring of the deviations from the objectives set.

Funding needs of the Group\u2019s businesses

The funding needs associated with the activity of the Group\u2019s businesses are managed in particular by measuring the difference between commercial funding needs (customer loans and overdrafts, trading assets, etc.) and commercial funding resources (customer deposits, sale of the Group\u2019s debt securities to customers, trading liabilities, etc.). This indicator makes it possible to measure the business lines\u2019 liquidity consumption under a normal business scenario.

It is supplemented by indicators to measure the funding needs of the business lines in one month and one year depending on the assumptions defined by European regulations in force (Liquidity Coverage Ratio) and (Net Stable Funding Ratio).

In addition to this commercial funding need indicators, the Group closely monitors the liquidity reserves and the refinancing provided by ALM Treasury, as well as the Group\u2019s structural resources (i.e. net own funds).

The overall management of the business funding needs, the Group\u2019s structural resources, funding and liquidity reserves made by the ALM Treasury allows the Group to achieve a structurally robust liquidity situation able to resist severe liquidity stresses.

Business lines\u2019 consumption of liquidity is thus integrated in the Group\u2019s budget process, wherein each business line estimates its future liquidity needs, in keeping with its profitability targets and capital consumption objectives. During the iterative budget process, liquidity consumption objectives are allotted to the business lines, taking into account the funding provided by ALM Treasury and structural resources, in line with the Group\u2019s overall target. This process is regularly renewed, monitored and adjusted as appropriate throughout the year by the Group ALM Treasury Committee.

Internal liquidity pricing

All of the Group\u2019s assets and liabilities are subject to internal liquidity pricing, the principles of which are decided by the Group ALM Treasury Committee and aim to take account of trends in the cost of market liquidity and the balance between assets and liabilities within the Group\u2019s development strategy.

Change in the liquidity position

At end-2024, the businesses had a net liquidity surplus, asthe last year (deposits higher than loans). Group\u2019s net equity is added to this surplus leading to an overall liquidity surplus.

In this context, the funding provided by ALM Treasury is used to finance the liquidity reserve, while also correcting the structural differences between assets and liabilities (by maturity term) and covering TLAC (Total Loss-Absorbing Capacity) requirements, as well as future Minimum Requirement for own funds and Eligible Liabilities (MREL).

The Group maintains a large surplus in liquidity.

Medium- to long-term liquidity position [Audited]

The medium-to long-term liquidity positions are measured regularly at Group level by entity and by currency to evaluate the medium-to long-term resources and uses. To this end, each balance sheet item is given a maturity in an economic approach using models and conventions offered by ALM Treasury and reviewed by the RISK Function, or a regulatory approach by applying standardised weightings of the Net Stable Funding Ratio (NSFR). For example, despite their immediate availability, the current accounts of retail customers and those linked with corporates\u2019 cash management activities always remain highly stable, even through the most severe financial crises, thus constituting stable medium- to long-term funding sources in both an economic and a regulatory approach.

Stress tests and liquidity reserve [Audited]

Liquidity stress tests are performed regularly on various maturities (one day to twelve months) based on market factors and/or factors specific to the Group and using different scenarios: idiosyncratic (i.e. specific to BNP\u00a0Paribas), systemic crisis (affecting financial institutions), and combined crisis scenarios.

For each crisis scenario considered, borrowings and liabilities are expected to only partially renew, while loan amortisations are expected to be replaced by new loans to protect the commercial franchise, off-balance sheet financing commitments are expected to be used, and market assets are expected to lose their market liquidity. Commitment renewal and utilisation are differentiated in intensity and in time, based on client type (individuals, small and medium enterprises, corporates, financial institutions, etc.) and/or the type of underlying for secured borrowings and loans (repos/reverse repos). Stress scenarios also cover calls for additional collateral (e.g. increased margin calls for collateralised derivatives, impact of \u201crating trigger\u201d clauses).

The liquidity reserve consists of Group assets held by ALM Treasury and the capital market businesses. The liquidity reserve comprises:

The global liquidity reserve (counterbalancing capacity) is calculated net of the payment systems\u2019 intraday needs and in keeping with prudential rules, in particular US rules, under which certain liquid assets are only recognised as available after a certain time period. Transferability restrictions are also taken into consideration in the calculation of the Group\u2019s liquidity reserve. These restrictions may stem from local regulations which limit transfers between entities of a group, non-convertible currencies or jurisdictions with foreign exchange control.
\u27a4TABLE 100: CONTRACTUAL MATURITIES OF THE PRUDENTIAL BALANCE SHEET\u00a0(EU CR1-A)\u00a0[Audited]

In millions of euros

31 December 2024

Not determined

Overnight or demand

Up to 1\u00a0month (excl. Overnight)

1 to 3\u00a0months

3\u00a0months\u00a0
to 1\u00a0year\u00a0

1 to 5\u00a0years

More than 5\u00a0years

TOTAL

ASSETS

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Cash and amounts due from central banks

182,504

182,504

Financial instruments at fair value through profit and loss

591,250

42,333

97,130

30,911

28,187

23,440

4,768

818,022

Securities

267,920

267,920

Loans and repurchase agreements

42,333

97,130

30,911

28,187

23,440

4,768

226,771

Derivative financial instruments

323,331

323,331

Derivatives used for hedging purposes

20,930

20,930

Financial assets at fair value through equity

1,637

140

1,800

1,304

3,728

28,932

38,943

76,484

Debt securities

27

140

1,800

1,304

3,728

28,932

38,943

74,874

Equity securities

1,610

1,610

Financial assets at amortised cost

146

42,076

80,712

88,862

156,057

408,647

313,213

1,089,713

Loans and advances to credit institutions

7,455

11,806

5,173

4,772

1,539

648

31,393

Loans and advances to customers

34,472

65,560

78,389

130,328

344,865

257,875

911,489

Debt securities

146

148

3,347

5,301

20,957

62,242

54,690

146,830

Remeasurement adjustment on interest rate risk hedged portfolios

(758)

(758)

Financial assets

613,205

267,054

179,643

121,078

187,972

461,019

356,924

2,186,895

Other assets

178,054

8,916

9,421

5,503

11,061

27,537

5,435

245,928

TOTAL ASSETS

791,259

275,970

189,064

126,581

199,032

488,556

362,359

2,432,823

of which Loans and advances

75,718

174,496

114,473

163,287

369,845

263,292

1,161,111

of which Debt securities

137,902

289

5,147

6,605

24,684

91,174

93,632

359,434

LIABILITIES

Deposit from central banks

3,366

Financial instruments at fair value through profit and loss

382,202

36,489

194,996

50,812

45,095

59,779

22,299

382,202

Securities

79,958

79,958

Deposits and repurchase agreements

36,489

189,196

43,873

21,992

11,236

2,091

Issued debt securities

5,800

6,939

23,102

48,543

20,207

Derivative financial instruments

302,243

302,243

Derivatives used for hedging purposes

36,823

36,823

Financial liabilities at amortised cost

712,068

192,246

169,571

110,293

86,230

60,281

Deposits from credit institutions

10,265

11,656

27,436

10,360

3,035

314

Deposits from customers

701,803

170,597

97,292

54,130

10,103

2,741

Debt securities

9,986

43,318

44,207

66,612

36,095

Subordinated debt

6

1,525

1,595

6,480

21,131

Remeasurement adjustment on interest rate risk hedged portfolios

(10,696)

(10,696)

Financial liabilities

408,329

751,923

387,242

220,383

155,388

146,009

82,580

408,329

Other liabilities

235,115

4,644

15,332

3,710

2,523

1,290

18,355

235,115

TOTAL LIABILITIES AND EQUITY

643,444

756,567

402,574

224,093

157,911

147,298

100,934

643,444

In millions of euros

31 December 2023

Not determined

Overnight or demand

Up to 1\u00a0month (excl. Overnight)

1 to 3\u00a0months

3\u00a0months\u00a0
to 1\u00a0year\u00a0

1 to 5\u00a0years

More than 5\u00a0years

TOTAL

ASSETS

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Cash and amounts due from central banks

288,270

288,270

Financial instruments at fair value through profit and loss

504,881

65,049

86,442

30,200

24,195

16,466

4,686

731,919

Securities

212,127

212,127

Loans and repurchase agreements

65,049

86,442

30,200

24,195

16,466

4,686

227,038

Derivative financial instruments

292,754

292,754

Derivatives used for hedging purposes

21,814

21,814

Financial assets at fair value through equity

2,301

81

1,571

1,418

3,440

16,706

29,725

55,242

Debt securities

26

81

1,571

1,418

3,440

16,706

29,725

52,967

Equity securities

2,275

2,275

Financial assets at amortised cost

150

40,769

69,096

81,123

149,178

398,239

298,489

1,037,042

Loans and advances to credit institutions

7,058

8,971

4,672

2,496

496

560

24,255

Loans and advances to customers(1)

33,157

58,033

71,940

126,098

349,672

252,907

891,806

Debt securities

150

553

2,092

4,511

20,584

48,071

45,021

120,982

Remeasurement adjustment on interest rate risk hedged portfolios

(2,661)

(2,661)

Financial assets

526,485

394,168

157,108

112,741

176,814

431,410

332,900

2,131,627

Other assets

174,813

9,772

8,581

1,568

1,521

766

5,575

202,596

TOTAL ASSETS

701,298

403,941

165,690

114,309

178,335

432,176

338,475

2,334,224

of which Loans and advances(1)

-

98,125

153,446

106,812

152,789

366,634

258,154

1,135,960

of which Debt securities

133,195

635

3,662

5,929

24,024

64,777

74,746

306,969

LIABILITIES

Deposit from central banks

3,374

3,374

Financial instruments at fair value through profit and loss

384,357

35,669

161,410

52,685

36,213

49,455

21,783

741,573

Securities

104,910

104,910

Deposits and repurchase agreements

35,451

157,221

47,554

20,074

11,907

1,667

273,873

Issued debt securities

218

4,190

5,131

16,140

37,549

20,116

83,343

Derivative financial instruments

279,446

279,446

Derivatives used for hedging purposes

37,911

37,911

Financial liabilities at amortised cost

701,969

169,081

170,762

115,776

75,661

53,852

1,287,102

Deposits from credit institutions

14,293

4,219

53,913

10,944

2,154

67

85,590

Deposits from customers

687,569

153,167

83,997

57,565

7,978

3,598

993,875

Debt securities

107

11,647

32,852

46,140

57,453

36,473

184,672

Subordinated debt

48

1,127

8,076

13,715

22,965

Remeasurement adjustment on interest rate risk hedged portfolios

(14,175)

(14,175)

Financial liabilities

408,093

741,012

330,491

223,447

151,989

125,116

75,635

2,055,785

Other non-financial liabilities

229,199

3,965

22,483

2,466

1,903

585

17,838

278,439

TOTAL LIABILITIES AND EQUITY

637,292

744,977

352,974

225,914

153,893

125,701

93,473

2,334,224

  • Including the reallocation by maturity buckets of the main Prime Brokerage oustandings, with no impact on total oustandings of Loans and advances to customers\u00a0and Deposits from customers.

For liquidity risk management, the above contractual schedule is supplemented by economic analyses taking into account customer behaviour or market liquidity of certain assets (e.g. securities), under normal conditions and stress situations.

To this end, the Group uses a set of tools to anticipate and manage its economic liquidity, in particular as previously stated:

The following table presents the details of Table\u00a0100: Contractual maturities of the prudential balance sheet for equity instruments and debt securities issued by the Group in the medium and long term, excluding early redemption options.

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Note 6Financing and guarantee commitments

6.aFinancing commitments given or received

In millions of euros, at

31 December 2024

31 December 2023

Financing commitments given

\u00a0

\u00a0

to credit institutions

5,345

3,650

to customers

385,321

365,821

Credit facilities

345,840

328,678

Other financing commitments given to customers

39,481

37,143

Total financing commitments given

390,666

369,471

of which stage\u00a01

375,012

353,147

of which stage\u00a02

14,175

14,857

of which stage\u00a03

1,384

889

of which insurance activities

95

578

Financing commitments received

\u00a0

\u00a0

from credit institutions

77,655

69,596

from customers

2,731

3,185

Total financing commitments received

80,386

72,781

\u00a0

6.bGuarantee commitments given by signature

In millions of euros, at

31 December 2024

31 December 2023

Guarantee commitments given

\u00a0

\u00a0

to credit institutions

82,872

63,132

to customers

125,447

127,203

Financial guarantees

70,266

74,710

Other guarantees

55,181

52,493

Total guarantee commitments given

208,319

190,335

of which stage\u00a01

197,003

177,315

of which stage\u00a02

9,562

11,701

of which stage\u00a03

1,054

769

of which insurance activities

700

550

\u00a0

The Group\u2019s annual contribution to the European Union\u2019s Single Resolution Fund may be partly in the form of an irrevocable payment commitment (IPC) guaranteed by a cash deposit of the same amount. In the event of the fund being involved in a resolution action, the Single Resolution Board (SRB) shall call part or all of the irrevocable payment commitments.

The IPC is qualified as a contingent liability. A provision is recognised if the probability of a commitment call by the fund exceeds 50%. Based on the risk assessment carried out by the Group, this probability is estimated to be below this threshold. Consequently, no provision was recognised by the Group at 31\u00a0December\u00a02024.

The ruling of the European Court of Justice on the BNP\u00a0Paribas Public Sector case is expected in the first half of 2025. The Group continues to monitor legal developments and their potential impacts.

IPC amounted to EUR\u202f1,263\u202fmillion at 31\u202fDecember\u202f2024 (compared with EUR\u00a01,261\u00a0million at 31\u00a0December 2023).

Cash provided as collateral is remunerated and recognised as a financial asset at amortised cost within the line \"Other debtors and miscellaneous assets\u201d (see note 4.j Accrued income/expense and other assets/liabilities)

6.cSecurities commitments

In connection with the settlement date accounting for securities, commitments representing securities to be delivered or securities to be received are the following:

In millions of euros, at

31 December 2024

31 December 2023

Securities to be delivered

20,929

23,159

Securities to be received

20,915

21,384

\u00a0

6.dOther guarantee commitments
\u27a4Financial instruments given as collateral

In millions of euros, at

31 December 2024

31 December 2023

Financial instruments (negotiable securities and private receivables) lodged with central banks and\u00a0eligible for use at any time as collateral for refinancing transactions after haircut

77,314

87,881

Used as collateral with central banks

1,436

20,560

Available for refinancing transactions

75,878

67,321

Securities sold under repurchase agreements

514,733

519,731

Other financial and similar assets pledged as collateral for transactions with credit institutions, financial\u00a0customers or subscribers of covered bonds issued by the Group(1)

363,995

323,491

  • Notably including \u201cSoci\u00e9t\u00e9 de Financement de l\u2019\u00c9conomie Fran\u00e7aise\u201d and \u201cCaisse de Refinancement de l\u2019Habitat\u201d financing.

\u00a0

The fair value of financial instruments given as collateral or transferred under repurchase agreements by the Group that the beneficiary is authorised to sell or reuse as collateral amounted to EUR\u00a0747,190\u00a0million at 31\u00a0December 2024 (EUR\u00a0726,703\u00a0million at 31\u00a0December 2023).

\u27a4Financial instruments received as collateral

In millions of euros, at

31 December 2024

31 December 2023

Financial instruments received as collateral (excluding repurchase agreements)

401,812

350,947

of which instruments that the Group is authorised to sell and reuse as collateral

217,745

187,021

Securities received under repurchase agreements

438,010

467,822

\u00a0

The fair value of financial instruments received as collateral or under repurchase agreements that the Group effectively sold or reused as collateral amounted to EUR\u00a0370,728\u00a0million at 31\u00a0December 2024 (compared with EUR\u00a0377,078\u00a0million at 31\u00a0December 2023).

8.cLegal proceedings and arbitration

BNP\u00a0Paribas (the \u201cBank\u201d) is party as a defendant in various claims, disputes and legal proceedings (including investigations by judicial or supervisory authorities) in a number of jurisdictions arising in the ordinary course of its business, including inter alia in connection with its activities as market counterparty, lender, employer, investor and taxpayer.

The related risks have been assessed by the Bank and are subject, where appropriate, to provisions disclosed in notes\u00a04.n Provisions for contingencies and charges and 4.e Financial assets at amortised cost; a provision is recognised when it is probable that an outflow of resources embodying economic benefits will be required to settle an obligation arising from a past event and a reliable estimate can be made of the amount of the obligation.

The main contingent liabilities related to pending legal, governmental, or arbitral proceedings as of 31 December 2024 are described below. The Bank currently considers that none of these proceedings is likely to have a material adverse effect on its financial position or profitability; however, the outcome of legal or governmental proceedings is by definition unpredictable.

The Bank and certain of its subsidiaries are defendants in several actions pending before the United States Bankruptcy Court for the Southern District of New York brought by the Trustee appointed for the liquidation of Bernard L. Madoff Investment Securities\u00a0LLC (\u201cBLMIS\u201d). These actions, known generally as \u201cclawback claims\u201d, are similar to those brought by the BLMIS Trustee under the US Bankruptcy Code and New York state law against numerous institutions, and seek recovery of amounts allegedly received by BNP\u00a0Paribas entities from BLMIS or indirectly through BLMIS-related \u201cfeeder funds\u201d in which BNP\u00a0Paribas entities held interests. As a result of certain decisions of the Bankruptcy Court and the United States District Court between 2016 and 2018, the majority of the BLMIS Trustee\u2019s actions were either dismissed or substantially narrowed. However, those decisions were either reversed or effectively overruled by subsequent decisions of the United States Court of Appeals for the Second Circuit issued on 25\u00a0February 2019 and 30\u00a0August 2021. As a result, the BLMIS Trustee refiled certain of these actions and, as of end May\u00a02023, had asserted claims amounting in the aggregate to approximately USD\u202f1.2\u00a0billion. As of the end of December 2024, following the dismissal of certain of the BLMIS Trustee\u2019s actions or claims, the aggregate amount of the claims stood at approximately USD\u202f1.1\u202fbillion. BNP\u00a0Paribas has substantial and credible defences to these actions and is defending against them vigorously.

Litigation was brought in Belgium by minority shareholders of the previous Fortis Group against the Soci\u00e9t\u00e9 F\u00e9d\u00e9rale de Participations et d\u2019Investissement, Ageas and BNP\u00a0Paribas seeking (amongst other things) damages from BNP\u00a0Paribas as restitution for part of the BNP\u00a0Paribas Fortis shares that were contributed to BNP\u00a0Paribas in 2009, on the ground that the transfer of these shares was null and void. On 29\u00a0April 2016, the Brussels Commercial court decided to stay the proceedings until the resolution of the pending Fortis criminal proceeding in Belgium. The criminal proceeding, in which the Public Prosecutor had requested a dismissal, is definitively closed, as the Council Chamber of the Brussels Court of first instance issued on 4\u00a0September 2020 a ruling (which since became final) that the charges were time-barred. Certain minority shareholders are continuing the civil proceedings against BNP\u00a0Paribas and the Soci\u00e9t\u00e9 F\u00e9d\u00e9rale de Participations et d\u2019Investissement before the Brussels Commercial court; BNP\u00a0Paribas continues to defend itself vigorously against the allegations of these shareholders. Hearings on the matter took place in September and October 2024 before the Brussels Commercial court; a judgment is expected to be rendered in the coming months.

On 26\u00a0February 2020, the Paris Criminal Court found BNP\u00a0Paribas Personal Finance guilty of misleading commercial practice and concealment of this practice. BNP\u00a0Paribas Personal Finance was ordered to pay a fine of EUR\u00a0187,500 and damages and legal fees to the civil plaintiffs. On 28\u00a0November 2023, the Paris Court of Appeals upheld the Paris Criminal Court\u2019s decision relating to misleading commercial practice and the concealment of those practices. As for the damages owed to the civil plaintiffs, though the Paris Court of Appeals adjusted the calculation methodology, the majority of the damages had already been paid by provisional enforcement of the Paris Criminal Court\u2019s judgment. An agreement was also entered into with the Consommation Logement Cadre de Vie association to settle the case with customers wishing to do so.

The Bank and one of its US subsidiaries are defendants in a civil class action and related individual actions seeking money damages pending before the United States District Court for the Southern District of New York brought by former Sudanese citizens, now US citizens and legal residents, claiming they were injured by the government of Sudan between 1997 and 2011. Plaintiffs base their claims on the historical facts set forth in the Bank\u2019s 30\u202fJune\u202f2014 settlement agreements with US authorities concerning the processing of financial transactions for entities in certain countries subject to US economic sanctions. In early 2024, both the Board of Governors of the Federal Reserve in the United States and the Secr\u00e9tariat G\u00e9n\u00e9ral of the Autorit\u00e9 de Contr\u00f4le Prudentiel et de R\u00e9solution in France announced the end of BNP\u00a0Paribas\u2019s probationary period and the termination of the Cease-and-Desist Order entered into in 2014, marking the completion of BNP\u00a0Paribas Group\u2019s US sanctions remediation as set forth under this Cease-and-Desist Order. Plaintiffs allege that the transactions processed by the Bank, predominately through its Swiss-based subsidiary, with Sudanese entities subject to US sanctions make the Bank and its US subsidiary liable for injuries perpetrated to plaintiffs by the government of Sudan. On 9\u202fMay\u202f2024, the District Court granted plaintiffs\u2019 motion to proceed as a class of all refugees or asylees admitted by the United States who formerly lived in Sudan or South Sudan between November 1997 and December 2011, and ruled that the case would proceed to trial scheduled for 8\u202fSeptember\u202f2025. BNP\u00a0Paribas has substantial and credible defences to these actions and is defending against them vigorously.

BNP\u00a0Paribas Bank Polska holds mortgage loan portfolios in Swiss franc or indexed to the Swiss franc. The Swiss franc loan agreements, a majority of which were concluded in 2006-2008, were entered into in accordance with industry practices at the time of entry. Like many other financial institutions in Poland, BNP\u00a0Paribas Bank Polska is a defendant in civil proceedings with retail customers who took out these Swiss franc mortgage loans. BNP\u00a0Paribas Bank Polska is not a party to any class action proceeding in relation to such mortgage loan agreements.\u00a0

As at 31 December 2024, BNP\u00a0Paribas Bank Polska was a defendant in 6,596 individual pending court proceedings, in which plaintiffs are demanding either a declaration of invalidity or a declaration of non-enforceability of the mortgage loan agreement and the reimbursement of the payments made thereunder to date. The significant number of claims against banks in relation to these mortgage loans is believed to have been impacted by changes in exchange rates since 2009, and developments in EU and Polish court rulings since 2019. In particular, Polish courts to date have, in the vast majority of cases, ruled that such mortgage loan agreements were invalid or non-enforceable.

Since December 2021, BNP\u00a0Paribas Bank Polska has been conducting individual negotiations with clients with whom it remains in dispute or with whom there is a reasonable risk of entering into a dispute.

\u00a0

Like many other financial institutions in the banking, investment, mutual funds and brokerage sectors, the Bank has received or may receive requests for information from, or be subject to investigations by supervisory, governmental or self-regulatory agencies. The Bank responds to such requests, and cooperates with the relevant authorities and regulators and seeks to address and remedy any issues that may arise.

In 2023, BNP\u00a0Paribas premises (along with those of other financial institutions) were searched by the French financial prosecutor\u2019s office; BNP\u00a0Paribas was informed that the office had opened a preliminary investigation relating to French securities transactions.

\u00a0

There are no other legal, governmental or arbitral proceedings (including any such proceedings which are pending or threatened) that could have, or during the last twelve months have had, significant effects on the Bank\u2019s financial condition or profitability.

", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_d3909d72-3915-4d49-9b67-5a20421fa02f": { "value": "

Note 6Financing and guarantee commitments

6.aFinancing commitments given or received

In millions of euros, at

31 December 2024

31 December 2023

Financing commitments given

\u00a0

\u00a0

to credit institutions

5,345

3,650

to customers

385,321

365,821

Credit facilities

345,840

328,678

Other financing commitments given to customers

39,481

37,143

Total financing commitments given

390,666

369,471

of which stage\u00a01

375,012

353,147

of which stage\u00a02

14,175

14,857

of which stage\u00a03

1,384

889

of which insurance activities

95

578

Financing commitments received

\u00a0

\u00a0

from credit institutions

77,655

69,596

from customers

2,731

3,185

Total financing commitments received

80,386

72,781

\u00a0

6.bGuarantee commitments given by signature

In millions of euros, at

31 December 2024

31 December 2023

Guarantee commitments given

\u00a0

\u00a0

to credit institutions

82,872

63,132

to customers

125,447

127,203

Financial guarantees

70,266

74,710

Other guarantees

55,181

52,493

Total guarantee commitments given

208,319

190,335

of which stage\u00a01

197,003

177,315

of which stage\u00a02

9,562

11,701

of which stage\u00a03

1,054

769

of which insurance activities

700

550

\u00a0

The Group\u2019s annual contribution to the European Union\u2019s Single Resolution Fund may be partly in the form of an irrevocable payment commitment (IPC) guaranteed by a cash deposit of the same amount. In the event of the fund being involved in a resolution action, the Single Resolution Board (SRB) shall call part or all of the irrevocable payment commitments.

The IPC is qualified as a contingent liability. A provision is recognised if the probability of a commitment call by the fund exceeds 50%. Based on the risk assessment carried out by the Group, this probability is estimated to be below this threshold. Consequently, no provision was recognised by the Group at 31\u00a0December\u00a02024.

The ruling of the European Court of Justice on the BNP\u00a0Paribas Public Sector case is expected in the first half of 2025. The Group continues to monitor legal developments and their potential impacts.

IPC amounted to EUR\u202f1,263\u202fmillion at 31\u202fDecember\u202f2024 (compared with EUR\u00a01,261\u00a0million at 31\u00a0December 2023).

Cash provided as collateral is remunerated and recognised as a financial asset at amortised cost within the line \"Other debtors and miscellaneous assets\u201d (see note 4.j Accrued income/expense and other assets/liabilities)

6.cSecurities commitments

In connection with the settlement date accounting for securities, commitments representing securities to be delivered or securities to be received are the following:

In millions of euros, at

31 December 2024

31 December 2023

Securities to be delivered

20,929

23,159

Securities to be received

20,915

21,384

\u00a0

6.dOther guarantee commitments
\u27a4Financial instruments given as collateral

In millions of euros, at

31 December 2024

31 December 2023

Financial instruments (negotiable securities and private receivables) lodged with central banks and\u00a0eligible for use at any time as collateral for refinancing transactions after haircut

77,314

87,881

Used as collateral with central banks

1,436

20,560

Available for refinancing transactions

75,878

67,321

Securities sold under repurchase agreements

514,733

519,731

Other financial and similar assets pledged as collateral for transactions with credit institutions, financial\u00a0customers or subscribers of covered bonds issued by the Group(1)

363,995

323,491

  • Notably including \u201cSoci\u00e9t\u00e9 de Financement de l\u2019\u00c9conomie Fran\u00e7aise\u201d and \u201cCaisse de Refinancement de l\u2019Habitat\u201d financing.

\u00a0

The fair value of financial instruments given as collateral or transferred under repurchase agreements by the Group that the beneficiary is authorised to sell or reuse as collateral amounted to EUR\u00a0747,190\u00a0million at 31\u00a0December 2024 (EUR\u00a0726,703\u00a0million at 31\u00a0December 2023).

\u27a4Financial instruments received as collateral

In millions of euros, at

31 December 2024

31 December 2023

Financial instruments received as collateral (excluding repurchase agreements)

401,812

350,947

of which instruments that the Group is authorised to sell and reuse as collateral

217,745

187,021

Securities received under repurchase agreements

438,010

467,822

\u00a0

The fair value of financial instruments received as collateral or under repurchase agreements that the Group effectively sold or reused as collateral amounted to EUR\u00a0370,728\u00a0million at 31\u00a0December 2024 (compared with EUR\u00a0377,078\u00a0million at 31\u00a0December 2023).

", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_7f62fee2-2274-4440-a7a8-39424f738d3e": { "value": "
Main defined-contribution pension plans for\u00a0Group entities

The BNP\u00a0Paribas Group has implemented over the past few years a wide campaign of converting defined-benefit plans into defined-contribution plans.

Thus, in France, the BNP\u00a0Paribas Group pays contributions to mandatory state and complementary pension schemes. BNP\u00a0Paribas\u00a0SA and certain subsidiaries have set up a complementary defined-contribution pension plan under a company-wide agreement. Under this plan, employees will receive an annuity or a lump sum on retirement in addition to the pension paid by mandatory schemes.

Since defined-benefit plans have been closed to new employees in most countries outside France, they are offered the benefit of joining defined-contribution pension plans.

In Italy, the plan introduced by BNL is funded by employer contributions (4.35% of salaries) and employee contributions (2% of salaries). Employees can also make additional voluntary contributions.

In the United Kingdom, the employer contributes 12% of salaries for the majority of employees; employees can make additional voluntary contributions.

In the US, the bank matches the voluntary contributions made by employees, within certain limits.

The amount paid into defined-contribution retirement plans for the year ended 31\u00a0December 2024\u00a0was EUR\u00a0828\u00a0million, compared with EUR\u00a0791\u00a0million for the year ended 31\u00a0December 2023.

The breakdown by major contributors is determined as follows:

\u00a0

Contribution amount

In millions of euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

France

383

386

Italy

110

106

UK

74

62

T\u00fcrkiye

50

39

Luxembourg

31

30

Hong Kong

30

29

USA

29

27

Others

121

112

TOTAL

828

791

", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_5674b26f-e458-47a9-bd43-5e81aaff16ba": { "value": "
Main defined-benefit pension plans for Group entities and indemnities payable on retirement
Defined-benefit plans

In Belgium, BNP\u00a0Paribas Fortis funds a defined-benefit plan, based on final salary and number of years of service, for its management and employees who joined the bank before its pension plans were harmonised on 1\u00a0January 2002. Actuarial liabilities under this scheme are pre-funded at 95% at\u00a031\u00a0December 2024 (compared with 91% at\u00a031\u00a0December 2023) through insurance companies.

BNP\u00a0Paribas Fortis senior managers joining before 1\u00a0January 2015 are covered by a top-up pension plan, paying a lump sum based on the number of years of service and final salary. This plan is pre-funded at 100% at\u00a031\u00a0December 2024 (94% at\u00a031\u00a0December 2023) through insurance companies.

In Belgium, employees benefit from a defined-contribution scheme with a legal obligation for the employer to guarantee a minimum return on financial assets invested. Thus, a provision was recognised for these schemes, as this guarantee is not entirely covered by the insurance company.

In France, BNP\u00a0Paribas pays a top-up banking industry pension arising from rights acquired to 31\u00a0December 1993 by retired employees and active employees in service at that date. At\u00a031\u00a0December 2024, the Group\u2019s residual obligations for these employees were recognised on the balance sheet in full.

The defined-benefit plans previously granted to some Group senior managers have all been closed to new employees and converted into top-up type schemes. The amounts allocated to residual beneficiaries, subject to their presence within the Group at retirement, were fixed when these schemes were closed. At\u00a031\u00a0December 2024, these pension plans were funded at 442% through insurance companies (264% at\u00a031\u00a0December 2023).

In the United Kingdom, defined-benefit pension plans (pension funds) still exist but are closed to new employees. Under these plans, the defined pension is generally based on final salary and number of years of service. Pension schemes are managed by independent management bodies (Trustees). At 31\u00a0December 2024, obligations for all UK entities were 124% covered by financial assets, compared with 118% at 31\u00a0December 2023.

In Switzerland, liabilities relate to top-up pension plans based on the principle of defined-contribution schemes with guaranteed returns, paying an annuity under pre-defined terms. These schemes are managed by a foundation. At 31\u00a0December 2024, obligations were 105% covered by financial assets, compared with 111% at 31\u00a0December 2023.

In the United States, main defined-benefit pension plans are based on annual vesting rights to a lump sum comprising a pension expressed as a percentage of annual frozen salary and paying interest at a pre-defined rate. These plans are closed to new entrants and do not offer new vesting rights. At\u00a031\u00a0December 2024, the obligation was 85% covered by financial assets (87% at\u00a031\u00a0December 2023).

In Germany, liabilities are mainly related to defined-benefit pension plans, closed to new employees. Under these plans, the defined pension is generally based on the number of years of service and final salary. They offer the payment of an annuity under pre-defined terms. At 31\u00a0December 2024, the obligation was 72% covered by financial assets, (66% at\u00a031\u00a0December 2023).

In T\u00fcrkiye, the main pension plan replaces the national pension scheme and should eventually be transferred to the Turkish State. This plan offers guarantees exceeding the minimal legal requirements. At the end of 2024, obligations under this plan are fully funded by financial assets held with an external foundation; these financial assets exceeding the related obligations, this surplus is not recognised as an asset by the Group.

Other post-employment benefits

Group employees also receive various other contractual post-employment benefits, such as indemnities payable on retirement, determined according to minimal legal requirements (Labour Code, collective agreements) or according to specific company-level agreements.

In France, the obligations for these benefits are funded through a contract held with a third-party insurer. At 31\u00a0December 2024, this obligation was 129% covered by financial assets, compared with 127% at 31\u00a0December 2023.

In other countries, the obligations of the Group related to other post-employment benefits are mainly concentrated in Italy, where vested rights up to 31\u00a0December 2006 were frozen.

Obligations under defined-benefit pension plans and indemnities payable on retirement
\u27a4Assets and liabilities recognised on the balance sheet

In millions of euros,

at 31 December 2024

Defined-
benefit obligation arising from wholly or partially funded plans

Defined-
benefit obligation arising from unfunded plans

Present value of defined-benefit obligation

Fair value of plan assets

Fair value of reimburse-
ment rights(1)

Effect of asset ceiling

Net obligation

of which asset recognised in the balance sheet for defined-
benefit plans

of which net assets of defined-
benefit plans

of which fair value of reimburse-
ment rights

of which obligation recognised in the balance sheet for defined-
benefit plans

Belgium

2,691

15

2,706

(183)

(2,456)

\u00a0

67

(2,457)

(1)

(2,456)

2,524

UK

1,082

\u00a0

1,082

(1,337)

\u00a0

\u00a0

(255)

(255)

(255)

\u00a0

\u00a0

Switzerland

1,212

\u00a0

1,212

(1,276)

\u00a0

\u00a0

(64)

(68)

(68)

\u00a0

4

France

811

47

858

(1,114)

\u00a0

\u00a0

(256)

(355)

(355)

\u00a0

99

USA

145

1

146

(124)

\u00a0

\u00a0

22

\u00a0

\u00a0

\u00a0

22

T\u00fcrkiye

346

32

378

(347)

\u00a0

1

32

\u00a0

\u00a0

\u00a0

32

Italy

\u00a0

139

139

\u00a0

\u00a0

\u00a0

139

\u00a0

\u00a0

\u00a0

139

Germany

130

47

177

(127)

\u00a0

\u00a0

50

(6)

(6)

\u00a0

56

Others

314

49

363

(254)

(1)

2

110

(11)

(10)

(1)

121

TOTAL

6,731

330

7,061

(4,762)

(2,457)

3

(155)

(3,152)

(695)

(2,457)

2,997

\u00a0

In millions of euros,

at 31 December 2023

Defined-
benefit obligation arising from wholly or partially funded plans

Defined-
benefit obligation arising from unfunded plans

Present value of defined-
benefit obligation

Fair value of plan assets

Fair value of reimburse-
ment rights(1)

Effect of asset ceiling

Net obligation

of which asset recognised in the balance sheet for defined-
benefit plans

of which net assets of defined-
benefit plans

of which fair value of reimburse-
ment rights

of which obligation recognised in the balance sheet for defined-
benefit plans

Belgium

2,830

\u00a0

2,830

(152)

(2,502)

\u00a0

176

(2,502)

\u00a0

(2,502)

2,678

UK

1,158

\u00a0

1,158

(1,365)

\u00a0

\u00a0

(207)

(209)

(209)

\u00a0

2

Switzerland

1,123

\u00a0

1,123

(1,251)

\u00a0

130

2

\u00a0

\u00a0

\u00a0

2

France

856

52

908

(1,134)

\u00a0

\u00a0

(226)

(331)

(331)

\u00a0

105

USA

146

1

147

(127)

\u00a0

\u00a0

20

(4)

(4)

\u00a0

24

T\u00fcrkiye

235

43

278

(258)

\u00a0

22

42

\u00a0

\u00a0

\u00a0

42

Italy

\u00a0

164

164

\u00a0

\u00a0

\u00a0

164

\u00a0

\u00a0

\u00a0

164

Germany

129

49

178

(118)

\u00a0

\u00a0

60

\u00a0

\u00a0

\u00a0

60

Others

334

47

381

(269)

(1)

1

112

(9)

(8)

(1)

121

TOTAL

6,811

356

7,167

(4,674)

(2,503)

153

143

(3,055)

(552)

(2,503)

3,198

  • The reimbursement rights are principally found on the balance sheet of the Group\u2019s insurance subsidiaries and associated companies - notably\u00a0AG Insurance with respect to BNP\u00a0Paribas Fortis\u2019 defined-benefit plans - to hedge their commitments to other Group entities that were transferred to them to cover the post-employment benefits of certain employee categories.
\u27a4Change in the present value of the defined-benefit obligation including discontinued activities

In millions of euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Present value of defined-benefit obligation at start of period

7,167

7,174

Current service cost

193

181

Interest cost

226

236

Past service cost

(18)

(25)

Settlements

(7)

(15)

Actuarial (gains)/losses on change in demographic assumptions

(1)

(11)

Actuarial (gains)/losses on change in financial assumptions

(142)

203

Actuarial (gains)/losses on experience gaps

194

330

Actual employee contributions

25

24

Benefits paid directly by the employer

(103)

(87)

Benefits paid from assets/reimbursement rights

(483)

(453)

Exchange rate (gains)/losses on obligation

10

(41)

(Gains)/losses on obligation related to changes in the consolidation scope

\u00a0

(349)

Present value of defined-benefit obligation at end of period

7,061

7,167

\u27a4Change in the fair value of plan assets and reimbursement rights including discontinued activities

In millions of euros

Plan assets

Reimbursement rights

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Fair value of assets at start of period

4,674

4,964

2,503

2,397

Expected return on assets

148

169

77

84

Settlements

(8)

(14)

\u00a0

\u00a0

Actuarial gains/(losses) on assets

88

10

21

99

Actual employee contributions

14

14

11

10

Employer contributions

54

60

98

131

Benefits paid from assets

(226)

(234)

(257)

(219)

Exchange rate gains/(losses) on assets

22

(36)

\u00a0

\u00a0

Gains/(losses) on assets related to changes in the consolidation scope

(4)

(259)

4

1

Fair value of assets at end of period

4,762

4,674

2,457

2,503

\u27a4Components of the cost of defined-benefit plans

In millions of euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Service costs

176

155

Current service cost

193

181

Past service cost

(18)

(25)

Settlements

1

(1)

Net financial expense

7

1

Interest cost

226

236

Interest income on plan asset

6

18

Interest income on reimbursement rights

(148)

(169)

Expected return on asset ceiling

(77)

(84)

Total recognised in \u201cSalary and employee benefit expense\u201d

183

156

\u27a4Other items recognised directly in equity

In millions of euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Actuarial (losses)/gains on plan assets or reimbursement rights

109

109

Actuarial (losses)/gains of demographic assumptions on the present value of obligations

1

11

Actuarial (losses)/gains of financial assumptions on the present value of obligations

142

(203)

Experience (losses)/gains on obligations

(194)

(330)

Variation of the effect of assets limitation

165

216

Total of other items recognised directly in equity

223

(197)

\u27a4Main actuarial assumptions used to calculate obligations

In the Eurozone, United Kingdom and United States, the Group discounts its obligations using the yields of high quality corporate bonds, with a term consistent with the duration of the obligations.

The ranges of rates used are as follows:

In %

31 December 2024

31 December 2023

Discount rate

Compensation increase\u00a0rate(1)

Discount rate

Compensation increase\u00a0rate(1)

Belgium

2.60% / 3.60%

3.10% / 3.80%

3.00% / 3.60%

3.30% / 4.10%

UK

4.80% / 5.50%

2.00% / 3.60%

4.40% / 5.30%

2.00% / 3.40%

France

2.80% / 3.40%

2.00% / 4.10%

3.00% / 3.60%

2.10% / 3.60%

Switzerland

0.90% / 1.00%

1.75% / 1.80%

1.40% / 1.60%

1.80% / 2.00%

USA

4.90% / 5.20%

NA

4.70% / 5.30%

2.50%

Italy

2.90% / 3.20%

2.60% / 3.50%

3.00% / 3.60%

3.00% / 3.10%

Germany

3.00% / 3.60%

2.00% / 2.70%

3.20% / 3.70%

2.00% / 2.90%

T\u00fcrkiye

30.50%

26.25%

23.10%

18.80%

  • Including price increases (inflation).

Average discount rates weighted by obligation amounts are as follows:

\u00a0

The impact of a 100bps change in discount rates on the present value of post-employment benefit obligations is as follows:

\u00a0

Change in the present value of obligations

In millions of euros, at

31 December 2024

31 December 2023

Discount rate

-100\u00a0bps

Discount rate

+100\u00a0bps

Discount rate

-100\u00a0bps

Discount rate

+100\u00a0bps

Belgium

243

(181)

231

(168)

UK

156

(126)

170

(137)

France

94

(80)

88

(75)

Switzerland

175

(139)

148

(119)

USA

16

(13)

15

(13)

Italy

9

(8)

10

(9)

Germany

28

(22)

27

(21)

T\u00fcrkiye

15

(12)

11

(9)

\u00a0

Inflation assumptions used for the valuations of the Group obligations are determined locally depending on the monetary area, except for the Eurozone for which the assumption is determined centrally.

Average discount rates weighted by obligation amounts are as follows:

\u00a0

The impact of a +100-bps increase in inflation rates on the present value of post-employment benefit obligations is as follows:

\u00a0

Change in the present value of obligations

In millions of euros, at

31 December 2024

31 December 2023

Inflation rate

+100\u00a0bps

Inflation rate

+100\u00a0bps

Belgium

121

133

UK

94

100

France

106

88

Switzerland

10

8

Italy

6

7

Germany

18

16

T\u00fcrkiye

15

11

\u00a0

Variation effects of discount and inflation rates presented above are not cumulative.

\u27a4Actual rate of return on plan assets and reimbursement rights over the period

In %

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Range of value

(reflecting the existence of several
\u00a0plans in the same country)

Weighted average
\u00a0rates

Range of value

(reflecting the existence of several
\u00a0plans in the same country)

Weighted average
\u00a0rates

Belgium

-9.80% / 18.60%

3.40%

-0.20% / 13.20%

6.45%

UK

-6.40% / 8.90%

-3.40%

-10.50% / 5.40%

0.50%

France

2.80%

2.80%

2.60%

2.60%

Switzerland

2.10% / 9.30%

6.55%

1.70% / 2.50%

2.50%

USA

2.45%

2.45%

1.65% / 5.45%

5.25%

Germany

1.85% / 15.90%

11.15%

-2.85% / 11.50%

9.30%

T\u00fcrkiye

35.95%

35.95%

44.90%

44.90%

\u00a0

\u27a4Breakdown of plan assets

In %

31 December 2024

31 December 2023

Shares

Governmental bonds

Non-
Governmental bonds

Real-
estate

Deposit account

Others

Shares

Governmental bonds

Non-
Governmental bonds

Real-
estate

Deposit account

Others

Belgium

8%

46%

20%

1%

0%

25%

8%

46%

19%

1%

2%

24%

UK

7%

58%

27%

0%

1%

7%

12%

62%

16%

0%

2%

8%

France(1)

12%

64%

13%

9%

2%

0%

8%

59%

18%

13%

2%

0%

Switzerland

30%

0%

26%

20%

3%

21%

29%

0%

26%

25%

4%

16%

USA

20%

26%

49%

0%

5%

0%

17%

24%

45%

0%

13%

1%

Germany

18%

54%

0%

0%

1%

27%

22%

52%

0%

0%

0%

26%

T\u00fcrkiye

0%

73%

0%

18%

8%

1%

0%

68%

0%

6%

21%

5%

Others

11%

24%

13%

2%

2%

48%

9%

22%

12%

1%

2%

54%

GROUP

12%

43%

20%

6%

2%

17%

12%

43%

19%

7%

3%

16%

  • In France, the breakdown of plan assets reflects the breakdown of the general fund of the insurance company through which the Group\u2019s obligations are funded.

\u00a0

The Group introduced an asset management governance for assets backing defined-benefit pension plan commitments, the main objectives of which are the management and control of the risks in terms of investment.

It sets out investment principles, in particular, by defining an investment strategy for plan assets, based on financial objectives and risk management, to specify the way in which plan assets have to be managed, via financial management servicing contracts.

The investment strategy is based on an assets and liabilities management analysis that should be realised at least every three years for plans with assets in excess of EUR\u00a0100\u00a0million.

Post-employment healthcare benefits

The Group offers some healthcare benefit plans for retired employees, mainly in Belgium.

The present value of post-employment healthcare benefit obligations stood at EUR\u00a075\u00a0million at\u00a031\u00a0December 2024, compared with EUR\u00a078\u00a0million at\u00a031\u00a0December 2023.

", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_060b0bfb-162c-43c9-9934-98c9c1ab3414": { "value": "
Undated super subordinated notes eligible as\u00a0Tier\u00a01 regulatory capital

BNP\u00a0Paribas\u00a0SA has issued undated super subordinated notes which pay a fixed, fixed adjustable or floating-rate coupon and are redeemable at the end of a fixed period and thereafter at each coupon date or every five years.

On 11 January 2023, BNP\u00a0Paribas SA issued undated super subordinated notes for an amount of EUR 1,250 million which pay a 7.375% fixed-rate coupon. These notes could be redeemed at the end of a period of 7 years. If the notes are not redeemed in 2030, a mid-swap rate EUR 5-year coupon will be paid half-yearly. This issue is eligible to Additional Tier 1 capital.

On 28 February 2023, BNP\u00a0Paribas SA issued undated super subordinated notes for an amount of SGD 600 million which pay a 5.9% fixed-rate coupon. These notes could be redeemed at the end of a period of 5 years. If the notes are not redeemed in 2028, a SGD SORA 5-year rate coupon will be paid half-yearly. This issue is eligible to Additional Tier 1 capital.

On 25 March 2024, BNP\u00a0Paribas SA redeemed the March 2019 issue, for an amount of USD\u00a01,500\u00a0million, at the first call date. These notes paid a 6.625% fixed-rate coupon.

On 10 January 2025, BNP\u00a0Paribas SA redeemed the July 2019 issue, for an amount of AUD 300 million. These notes are not eligible to Additional Tier 1 capital at 31 December 2024.

\u00a0

The following table summarises the characteristics of these various issues:

Date of issue

Currency

Amount

(in millions of currency units)

Coupon
\u00a0payment date

Rate and term
\u00a0before 1st\u00a0call date

Rate after 1st\u00a0call date

August\u00a02015

USD

1,500

semi-annual

7.375%

10\u00a0years

USD 5-year swap +5.150%

November\u00a02017

USD

750

semi-annual

5.125%

10\u00a0years

USD 5-year swap +2.838%

August\u00a02018

USD

750

semi-annual

7.000%

10\u00a0years

USD 5-year swap +3.980%

July\u00a02019

AUD

300

semi-annual

4.500%

5.5\u00a0years

AUD 5-year swap +3.372%

February\u00a02020

USD

1,750

semi-annual

4.500%

10\u00a0years

US 5-year CMT +2.944%

February\u00a02021

USD

1,250

semi-annual

4.625%

10\u00a0years

US 5-year CMT +3.340%

January\u00a02022

USD

1,250

semi-annual

4.625%

5\u00a0years

US 5-year CMT +3.196%

August\u00a02022

USD

2,000

semi-annual

7.750%

7\u00a0years

US 5-year CMT +4.899%

September\u00a02022

EUR

1,000

semi-annual

6.875%

7.25\u00a0years

EUR\u00a05-year Mid-swap +4.645%

November\u00a02022

USD

1,000

semi-annual

9.250%

5\u00a0years

US 5-year CMT +4.969%

January\u00a02023

EUR

1,250

semi-annual

7.375%

7\u00a0years

EUR\u00a05-year Mid-swap +4.631%

February\u00a02023

SGD

600

semi-annual

5.900%

5\u00a0years

SGD SORA\u00a05-year +2.674%

Total euro-equivalent historical value at 31\u00a0December 2024

12\u00a0129 (1)

\u00a0

\u00a0

\u00a0

\u00a0

  • Net of shares held in treasury by Group entities.

\u00a0

BNP\u00a0Paribas has the option of not paying interest due on these undated super subordinated notes. Unpaid interest is not carried forward.

For notes issued before 2015, the absence of coupon payment is conditional on the absence of dividend payment on BNP\u00a0Paribas\u00a0SA ordinary shares or on undated super subordinated note equivalents during the previous year. Interest due is payable once dividend payment on BNP\u00a0Paribas\u00a0SA ordinary shares resumes.

The contracts relating to these undated super subordinated notes contain a loss absorption clause. Under the terms of this clause, in the event of insufficient regulatory capital, the nominal value of the notes may be reduced in order to serve as a new basis for the calculation of the related coupons until the capital deficiency is made up and the nominal value of the notes is increased to its original amount.

The proceeds from these issues are recorded in equity under \u201cCapital and retained earnings\u201d. In accordance with IAS\u00a021, issues denominated in foreign currencies are recognised at their historical value based on their translation into euros at the issue date. Interest on the instruments is deducted from shareholders' equity.

At 31\u00a0December 2024, the BNP\u00a0Paribas Group held EUR\u00a029\u00a0million of its own undated super subordinated notes which were deducted from shareholders\u2019 equity.

", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_fdcec292-4a4e-4f38-a763-8d6265b86afd": { "value": "
Earnings per share

Basic earnings per share are calculated by dividing the net income for the period attributable to holders of ordinary shares by the weighted average number of ordinary shares outstanding during the period. The net income attributable to ordinary shareholders is determined by deducting the net income attributable to holders of preferred shares.

Diluted earnings per share correspond to the net income for the period attributable to holders of ordinary shares, divided by the weighted average number of shares outstanding as adjusted for the maximum effect of the conversion of dilutive equity instruments into ordinary shares. In-the-money stock subscription options are taken into account in the diluted earnings per share calculation, as are performance shares granted under the Global Share-based Incentive Plan. Conversion of these instruments would have no effect on the net income figure used in this calculation. All stock option and performance share plans are expired.

\u00a0

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Net profit used to calculate basic and diluted earnings per ordinary share (In millions of euros)(1)

10,843

10,298

Weighted average number of ordinary shares outstanding during the year

1,133,302,357

1,200,367,337

Effect of potentially dilutive ordinary shares

-

-

Weighted average number of ordinary shares used to calculate diluted earnings per share

1,133,302,357

1,200,367,337

Basic earnings per share (in euros)

9.57

8.58

of which continuing activities (in euros)

9.57

6.12

of which discontinued activities (in euros)

-

2.46

Diluted earnings per share (in euros)

9.57

8.58

of which continuing activities (in euros)

9.57

6.12

of which discontinued activities (in euros)

-

2.46

  • The net profit used to calculate basic and diluted earnings per share is the net profit attributable to equity shareholders, adjusted for the remuneration on the undated super subordinated notes issued by BNP\u00a0Paribas\u00a0SA treated as preferred share equivalents and on the convertible contingent bonds deducted from shareholders' equity, as well as the related foreign exchange gain or loss impact recognised directly in shareholders\u2019 equity in case of repurchase.

\u00a0

The Board of directors will propose to the Annual General Meeting on 13 May 2025, a dividend per share of EUR\u00a04.79\u00a0out of the 2024 net income (compared with EUR\u00a04.60\u00a0out of the 2023 net income).

The proposed distribution amounts to EUR\u00a05,411\u00a0million, compared with EUR\u00a05,198\u00a0million paid in 2024.

This distribution is raised to 60% of the 2024 net income with a share buyback programme of EUR\u00a01,084\u00a0million, after receiving the autorisation from the European Central Bank.

", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_18f93345-bf2d-451e-93f8-24210d6dfe5a": { "value": "

\u00a0

The Board of directors will propose to the Annual General Meeting on 13 May 2025, a dividend per share of EUR\u00a04.79\u00a0out of the 2024 net income (compared with EUR\u00a04.60\u00a0out of the 2023 net income).

The proposed distribution amounts to EUR\u00a05,411\u00a0million, compared with EUR\u00a05,198\u00a0million paid in 2024.

This distribution is raised to 60% of the 2024 net income with a share buyback programme of EUR\u00a01,084\u00a0million, after receiving the autorisation from the European Central Bank.

", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fc_151295": { "value": "4.79", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fc_151296": { "value": "4.6", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fc_151297": { "value": "5411000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "text_block_3df2cc00-23bc-4f2f-bae9-c1134a7be9ec": { "value": "
8.bMinority interests

In millions of euros

Capital and
\u00a0retained
\u00a0earnings

Changes in assets
\u00a0and liabilities
\u00a0recognised
\u00a0directly in equity
\u00a0that will not be\u00a0
reclassified to
\u00a0profit or loss

Changes in assets
\u00a0and liabilities
\u00a0recognised
\u00a0directly in equity
\u00a0that may be
\u00a0reclassified to
\u00a0profit or loss

Minority interests

Balance at 31 December 2022

4,714

21

38

4,773

Appropriation of net income for 2022

(179)

\u00a0

\u00a0

(179)

Increases in capital and issues

316

\u00a0

\u00a0

316

Share-based payment plans

1

\u00a0

\u00a0

1

Remuneration on undated super subordinated notes

(3)

\u00a0

\u00a0

(3)

Impact of internal transactions on minority shareholders

21

\u00a0

\u00a0

21

Movements in consolidation scope impacting minority shareholders

(90)

\u00a0

\u00a0

(90)

Acquisitions of additional interests or partial sales of interests

(12)

\u00a0

\u00a0

(12)

Change in commitments to repurchase minority shareholders\u2019 interests

(225)

\u00a0

\u00a0

(225)

Other movements

\u00a0

\u00a0

\u00a0

-

Changes in assets and liabilities recognised directly in equity

\u00a0

(5)

97

92

Net income for 2023

431

\u00a0

\u00a0

431

Balance at 31 December 2023

4,974

16

135

5,125

Appropriation of net income for 2023

(364)

\u00a0

\u00a0

(364)

Increases in capital and issues

5

\u00a0

\u00a0

5

Share-based payment plans

\u00a0

\u00a0

\u00a0

-

Remuneration on undated super subordinated notes

(8)

\u00a0

\u00a0

(8)

Impact of internal transactions on minority shareholders

\u00a0

\u00a0

\u00a0

-

Movements in consolidation scope impacting minority shareholders

258

\u00a0

\u00a0

258

Acquisitions of additional interests or partial sales of interests

192

\u00a0

\u00a0

192

Change in commitments to repurchase minority shareholders\u2019 interests

93

\u00a0

\u00a0

93

Other movements

2

\u00a0

\u00a0

2

Changes in assets and liabilities recognised directly in equity

\u00a0

7

195

202

Net income for 2024

499

\u00a0

\u00a0

499

Balance at 31 December 2024

5,651

23

330

6,004

\u27a4Main minority interests

The assessment of the material nature of minority interests is based on the contribution of the relevant subsidiaries to the Group balance sheet (before elimination of intra-group balances and transactions) and to the Group profit and loss account.

In millions of euros

31 December 2024

Year to 31 Dec. 2024

Total assets
\u00a0before
\u00a0elimination of intra-group transactions

Revenues

Net income

Net income and\u00a0changes in\u00a0assets and liabilities recognised directly\u00a0in equity

Minority shareholders\u2019 interest (%)

Net income attributable to\u00a0minority
\u00a0interests

Net income and\u00a0changes in\u00a0assets and liabilities recognised directly\u00a0in equity - attributable to\u00a0minority
\u00a0interests

Dividends paid to\u00a0minority shareholders

Contribution of the entities belonging to the BGL BNP\u00a0Paribas Group

100,365

2,019

670

697

34%

243

247

185

Other minority interests

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

256

454

187

TOTAL

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

499

701

372

\u00a0

In millions of euros

31 December 2023

Year to 31 Dec. 2023

Total assets
\u00a0before
\u00a0elimination\u00a0of intra-group transactions

Revenues

Net income

Net income and\u00a0changes in\u00a0assets and liabilities recognised directly\u00a0in equity

Minority shareholders\u2019 interest (%)

Net income attributable to\u00a0minority
\u00a0interests

Net income and\u00a0changes in\u00a0assets and liabilities recognised directly\u00a0in equity - attributable to\u00a0minority
\u00a0interests

Dividends paid to\u00a0minority shareholders

Contribution of the entities belonging to the BGL BNP\u00a0Paribas Group

97,504

1,922

674

766

34%

230

260

137

Other minority interests

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

201

263

45

TOTAL

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

431

523

182

\u00a0

There are no particular contractual restrictions on the assets of BGL BNP\u00a0Paribas related to the presence of the minority shareholder.

\u27a4Internal restructuring that led to a change in minority shareholders\u2019 interest in\u00a0the\u00a0equity of\u00a0subsidiaries

In millions of euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Attributable to shareholders

Minority interests

Attributable to shareholders

Minority interests

TEB Finansman

\u00a0

\u00a0

\u00a0

\u00a0

Internal sale from BNPP Personal Finance to TEB Holding, raising the Group interest rate to 72.5%.

\u00a0

\u00a0

(22)

22

Others

-

-

1

(1)

Total

-

-

(21)

21

\u27a4Acquisitions of additional interests and partial sales of interests leading to changes in minority interests in the equity of subsidiaries

In millions of euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Attributable to shareholders

Minority interests

Attributable to shareholders

Minority interests

BNP\u00a0Paribas Bank Polska

\u00a0

\u00a0

\u00a0

\u00a0

Partial disposal of 6% of the total share, decreasing the Group\u2019s share to 81.26%

7

196

\u00a0

\u00a0

Artigiancassa SpA

\u00a0

\u00a0

\u00a0

\u00a0

Additional acquisition of 26.14% of the total share, increasing the Group's share to 100%

\u00a0

\u00a0

5

(9)

Dynamic Credit Group

\u00a0

\u00a0

\u00a0

\u00a0

Additional acquisition of 25% of the total share, increasing the Group's share to 73.65%

\u00a0

\u00a0

(3)

(4)

Other

(3)

(4)

(1)

1

Total

4

192

1

(12)

\u00a0

Commitments to repurchase minority shareholders\u2019 interests

In connection with the acquisition of certain entities, the Group granted minority shareholders put options on their holdings.

The total value of these commitments, which are recorded as a reduction in shareholders\u2019 equity, amounted to EUR\u00a0369\u00a0million at 31\u00a0December 2024, compared with EUR\u00a0510\u00a0million at 31\u00a0December 2023.

", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_d2f56675-4934-4ac8-aa31-e111fc6d08b5": { "value": "
8.cLegal proceedings and arbitration

BNP\u00a0Paribas (the \u201cBank\u201d) is party as a defendant in various claims, disputes and legal proceedings (including investigations by judicial or supervisory authorities) in a number of jurisdictions arising in the ordinary course of its business, including inter alia in connection with its activities as market counterparty, lender, employer, investor and taxpayer.

The related risks have been assessed by the Bank and are subject, where appropriate, to provisions disclosed in notes\u00a04.n Provisions for contingencies and charges and 4.e Financial assets at amortised cost; a provision is recognised when it is probable that an outflow of resources embodying economic benefits will be required to settle an obligation arising from a past event and a reliable estimate can be made of the amount of the obligation.

The main contingent liabilities related to pending legal, governmental, or arbitral proceedings as of 31 December 2024 are described below. The Bank currently considers that none of these proceedings is likely to have a material adverse effect on its financial position or profitability; however, the outcome of legal or governmental proceedings is by definition unpredictable.

The Bank and certain of its subsidiaries are defendants in several actions pending before the United States Bankruptcy Court for the Southern District of New York brought by the Trustee appointed for the liquidation of Bernard L. Madoff Investment Securities\u00a0LLC (\u201cBLMIS\u201d). These actions, known generally as \u201cclawback claims\u201d, are similar to those brought by the BLMIS Trustee under the US Bankruptcy Code and New York state law against numerous institutions, and seek recovery of amounts allegedly received by BNP\u00a0Paribas entities from BLMIS or indirectly through BLMIS-related \u201cfeeder funds\u201d in which BNP\u00a0Paribas entities held interests. As a result of certain decisions of the Bankruptcy Court and the United States District Court between 2016 and 2018, the majority of the BLMIS Trustee\u2019s actions were either dismissed or substantially narrowed. However, those decisions were either reversed or effectively overruled by subsequent decisions of the United States Court of Appeals for the Second Circuit issued on 25\u00a0February 2019 and 30\u00a0August 2021. As a result, the BLMIS Trustee refiled certain of these actions and, as of end May\u00a02023, had asserted claims amounting in the aggregate to approximately USD\u202f1.2\u00a0billion. As of the end of December 2024, following the dismissal of certain of the BLMIS Trustee\u2019s actions or claims, the aggregate amount of the claims stood at approximately USD\u202f1.1\u202fbillion. BNP\u00a0Paribas has substantial and credible defences to these actions and is defending against them vigorously.

Litigation was brought in Belgium by minority shareholders of the previous Fortis Group against the Soci\u00e9t\u00e9 F\u00e9d\u00e9rale de Participations et d\u2019Investissement, Ageas and BNP\u00a0Paribas seeking (amongst other things) damages from BNP\u00a0Paribas as restitution for part of the BNP\u00a0Paribas Fortis shares that were contributed to BNP\u00a0Paribas in 2009, on the ground that the transfer of these shares was null and void. On 29\u00a0April 2016, the Brussels Commercial court decided to stay the proceedings until the resolution of the pending Fortis criminal proceeding in Belgium. The criminal proceeding, in which the Public Prosecutor had requested a dismissal, is definitively closed, as the Council Chamber of the Brussels Court of first instance issued on 4\u00a0September 2020 a ruling (which since became final) that the charges were time-barred. Certain minority shareholders are continuing the civil proceedings against BNP\u00a0Paribas and the Soci\u00e9t\u00e9 F\u00e9d\u00e9rale de Participations et d\u2019Investissement before the Brussels Commercial court; BNP\u00a0Paribas continues to defend itself vigorously against the allegations of these shareholders. Hearings on the matter took place in September and October 2024 before the Brussels Commercial court; a judgment is expected to be rendered in the coming months.

On 26\u00a0February 2020, the Paris Criminal Court found BNP\u00a0Paribas Personal Finance guilty of misleading commercial practice and concealment of this practice. BNP\u00a0Paribas Personal Finance was ordered to pay a fine of EUR\u00a0187,500 and damages and legal fees to the civil plaintiffs. On 28\u00a0November 2023, the Paris Court of Appeals upheld the Paris Criminal Court\u2019s decision relating to misleading commercial practice and the concealment of those practices. As for the damages owed to the civil plaintiffs, though the Paris Court of Appeals adjusted the calculation methodology, the majority of the damages had already been paid by provisional enforcement of the Paris Criminal Court\u2019s judgment. An agreement was also entered into with the Consommation Logement Cadre de Vie association to settle the case with customers wishing to do so.

The Bank and one of its US subsidiaries are defendants in a civil class action and related individual actions seeking money damages pending before the United States District Court for the Southern District of New York brought by former Sudanese citizens, now US citizens and legal residents, claiming they were injured by the government of Sudan between 1997 and 2011. Plaintiffs base their claims on the historical facts set forth in the Bank\u2019s 30\u202fJune\u202f2014 settlement agreements with US authorities concerning the processing of financial transactions for entities in certain countries subject to US economic sanctions. In early 2024, both the Board of Governors of the Federal Reserve in the United States and the Secr\u00e9tariat G\u00e9n\u00e9ral of the Autorit\u00e9 de Contr\u00f4le Prudentiel et de R\u00e9solution in France announced the end of BNP\u00a0Paribas\u2019s probationary period and the termination of the Cease-and-Desist Order entered into in 2014, marking the completion of BNP\u00a0Paribas Group\u2019s US sanctions remediation as set forth under this Cease-and-Desist Order. Plaintiffs allege that the transactions processed by the Bank, predominately through its Swiss-based subsidiary, with Sudanese entities subject to US sanctions make the Bank and its US subsidiary liable for injuries perpetrated to plaintiffs by the government of Sudan. On 9\u202fMay\u202f2024, the District Court granted plaintiffs\u2019 motion to proceed as a class of all refugees or asylees admitted by the United States who formerly lived in Sudan or South Sudan between November 1997 and December 2011, and ruled that the case would proceed to trial scheduled for 8\u202fSeptember\u202f2025. BNP\u00a0Paribas has substantial and credible defences to these actions and is defending against them vigorously.

BNP\u00a0Paribas Bank Polska holds mortgage loan portfolios in Swiss franc or indexed to the Swiss franc. The Swiss franc loan agreements, a majority of which were concluded in 2006-2008, were entered into in accordance with industry practices at the time of entry. Like many other financial institutions in Poland, BNP\u00a0Paribas Bank Polska is a defendant in civil proceedings with retail customers who took out these Swiss franc mortgage loans. BNP\u00a0Paribas Bank Polska is not a party to any class action proceeding in relation to such mortgage loan agreements.\u00a0

As at 31 December 2024, BNP\u00a0Paribas Bank Polska was a defendant in 6,596 individual pending court proceedings, in which plaintiffs are demanding either a declaration of invalidity or a declaration of non-enforceability of the mortgage loan agreement and the reimbursement of the payments made thereunder to date. The significant number of claims against banks in relation to these mortgage loans is believed to have been impacted by changes in exchange rates since 2009, and developments in EU and Polish court rulings since 2019. In particular, Polish courts to date have, in the vast majority of cases, ruled that such mortgage loan agreements were invalid or non-enforceable.

Since December 2021, BNP\u00a0Paribas Bank Polska has been conducting individual negotiations with clients with whom it remains in dispute or with whom there is a reasonable risk of entering into a dispute.

\u00a0

Like many other financial institutions in the banking, investment, mutual funds and brokerage sectors, the Bank has received or may receive requests for information from, or be subject to investigations by supervisory, governmental or self-regulatory agencies. The Bank responds to such requests, and cooperates with the relevant authorities and regulators and seeks to address and remedy any issues that may arise.

In 2023, BNP\u00a0Paribas premises (along with those of other financial institutions) were searched by the French financial prosecutor\u2019s office; BNP\u00a0Paribas was informed that the office had opened a preliminary investigation relating to French securities transactions.

\u00a0

There are no other legal, governmental or arbitral proceedings (including any such proceedings which are pending or threatened) that could have, or during the last twelve months have had, significant effects on the Bank\u2019s financial condition or profitability.

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8.cLegal proceedings and arbitration

BNP\u00a0Paribas (the \u201cBank\u201d) is party as a defendant in various claims, disputes and legal proceedings (including investigations by judicial or supervisory authorities) in a number of jurisdictions arising in the ordinary course of its business, including inter alia in connection with its activities as market counterparty, lender, employer, investor and taxpayer.

The related risks have been assessed by the Bank and are subject, where appropriate, to provisions disclosed in notes\u00a04.n Provisions for contingencies and charges and 4.e Financial assets at amortised cost; a provision is recognised when it is probable that an outflow of resources embodying economic benefits will be required to settle an obligation arising from a past event and a reliable estimate can be made of the amount of the obligation.

The main contingent liabilities related to pending legal, governmental, or arbitral proceedings as of 31 December 2024 are described below. The Bank currently considers that none of these proceedings is likely to have a material adverse effect on its financial position or profitability; however, the outcome of legal or governmental proceedings is by definition unpredictable.

The Bank and certain of its subsidiaries are defendants in several actions pending before the United States Bankruptcy Court for the Southern District of New York brought by the Trustee appointed for the liquidation of Bernard L. Madoff Investment Securities\u00a0LLC (\u201cBLMIS\u201d). These actions, known generally as \u201cclawback claims\u201d, are similar to those brought by the BLMIS Trustee under the US Bankruptcy Code and New York state law against numerous institutions, and seek recovery of amounts allegedly received by BNP\u00a0Paribas entities from BLMIS or indirectly through BLMIS-related \u201cfeeder funds\u201d in which BNP\u00a0Paribas entities held interests. As a result of certain decisions of the Bankruptcy Court and the United States District Court between 2016 and 2018, the majority of the BLMIS Trustee\u2019s actions were either dismissed or substantially narrowed. However, those decisions were either reversed or effectively overruled by subsequent decisions of the United States Court of Appeals for the Second Circuit issued on 25\u00a0February 2019 and 30\u00a0August 2021. As a result, the BLMIS Trustee refiled certain of these actions and, as of end May\u00a02023, had asserted claims amounting in the aggregate to approximately USD\u202f1.2\u00a0billion. As of the end of December 2024, following the dismissal of certain of the BLMIS Trustee\u2019s actions or claims, the aggregate amount of the claims stood at approximately USD\u202f1.1\u202fbillion. BNP\u00a0Paribas has substantial and credible defences to these actions and is defending against them vigorously.

Litigation was brought in Belgium by minority shareholders of the previous Fortis Group against the Soci\u00e9t\u00e9 F\u00e9d\u00e9rale de Participations et d\u2019Investissement, Ageas and BNP\u00a0Paribas seeking (amongst other things) damages from BNP\u00a0Paribas as restitution for part of the BNP\u00a0Paribas Fortis shares that were contributed to BNP\u00a0Paribas in 2009, on the ground that the transfer of these shares was null and void. On 29\u00a0April 2016, the Brussels Commercial court decided to stay the proceedings until the resolution of the pending Fortis criminal proceeding in Belgium. The criminal proceeding, in which the Public Prosecutor had requested a dismissal, is definitively closed, as the Council Chamber of the Brussels Court of first instance issued on 4\u00a0September 2020 a ruling (which since became final) that the charges were time-barred. Certain minority shareholders are continuing the civil proceedings against BNP\u00a0Paribas and the Soci\u00e9t\u00e9 F\u00e9d\u00e9rale de Participations et d\u2019Investissement before the Brussels Commercial court; BNP\u00a0Paribas continues to defend itself vigorously against the allegations of these shareholders. Hearings on the matter took place in September and October 2024 before the Brussels Commercial court; a judgment is expected to be rendered in the coming months.

On 26\u00a0February 2020, the Paris Criminal Court found BNP\u00a0Paribas Personal Finance guilty of misleading commercial practice and concealment of this practice. BNP\u00a0Paribas Personal Finance was ordered to pay a fine of EUR\u00a0187,500 and damages and legal fees to the civil plaintiffs. On 28\u00a0November 2023, the Paris Court of Appeals upheld the Paris Criminal Court\u2019s decision relating to misleading commercial practice and the concealment of those practices. As for the damages owed to the civil plaintiffs, though the Paris Court of Appeals adjusted the calculation methodology, the majority of the damages had already been paid by provisional enforcement of the Paris Criminal Court\u2019s judgment. An agreement was also entered into with the Consommation Logement Cadre de Vie association to settle the case with customers wishing to do so.

The Bank and one of its US subsidiaries are defendants in a civil class action and related individual actions seeking money damages pending before the United States District Court for the Southern District of New York brought by former Sudanese citizens, now US citizens and legal residents, claiming they were injured by the government of Sudan between 1997 and 2011. Plaintiffs base their claims on the historical facts set forth in the Bank\u2019s 30\u202fJune\u202f2014 settlement agreements with US authorities concerning the processing of financial transactions for entities in certain countries subject to US economic sanctions. In early 2024, both the Board of Governors of the Federal Reserve in the United States and the Secr\u00e9tariat G\u00e9n\u00e9ral of the Autorit\u00e9 de Contr\u00f4le Prudentiel et de R\u00e9solution in France announced the end of BNP\u00a0Paribas\u2019s probationary period and the termination of the Cease-and-Desist Order entered into in 2014, marking the completion of BNP\u00a0Paribas Group\u2019s US sanctions remediation as set forth under this Cease-and-Desist Order. Plaintiffs allege that the transactions processed by the Bank, predominately through its Swiss-based subsidiary, with Sudanese entities subject to US sanctions make the Bank and its US subsidiary liable for injuries perpetrated to plaintiffs by the government of Sudan. On 9\u202fMay\u202f2024, the District Court granted plaintiffs\u2019 motion to proceed as a class of all refugees or asylees admitted by the United States who formerly lived in Sudan or South Sudan between November 1997 and December 2011, and ruled that the case would proceed to trial scheduled for 8\u202fSeptember\u202f2025. BNP\u00a0Paribas has substantial and credible defences to these actions and is defending against them vigorously.

BNP\u00a0Paribas Bank Polska holds mortgage loan portfolios in Swiss franc or indexed to the Swiss franc. The Swiss franc loan agreements, a majority of which were concluded in 2006-2008, were entered into in accordance with industry practices at the time of entry. Like many other financial institutions in Poland, BNP\u00a0Paribas Bank Polska is a defendant in civil proceedings with retail customers who took out these Swiss franc mortgage loans. BNP\u00a0Paribas Bank Polska is not a party to any class action proceeding in relation to such mortgage loan agreements.\u00a0

As at 31 December 2024, BNP\u00a0Paribas Bank Polska was a defendant in 6,596 individual pending court proceedings, in which plaintiffs are demanding either a declaration of invalidity or a declaration of non-enforceability of the mortgage loan agreement and the reimbursement of the payments made thereunder to date. The significant number of claims against banks in relation to these mortgage loans is believed to have been impacted by changes in exchange rates since 2009, and developments in EU and Polish court rulings since 2019. In particular, Polish courts to date have, in the vast majority of cases, ruled that such mortgage loan agreements were invalid or non-enforceable.

Since December 2021, BNP\u00a0Paribas Bank Polska has been conducting individual negotiations with clients with whom it remains in dispute or with whom there is a reasonable risk of entering into a dispute.

\u00a0

Like many other financial institutions in the banking, investment, mutual funds and brokerage sectors, the Bank has received or may receive requests for information from, or be subject to investigations by supervisory, governmental or self-regulatory agencies. The Bank responds to such requests, and cooperates with the relevant authorities and regulators and seeks to address and remedy any issues that may arise.

In 2023, BNP\u00a0Paribas premises (along with those of other financial institutions) were searched by the French financial prosecutor\u2019s office; BNP\u00a0Paribas was informed that the office had opened a preliminary investigation relating to French securities transactions.

\u00a0

There are no other legal, governmental or arbitral proceedings (including any such proceedings which are pending or threatened) that could have, or during the last twelve months have had, significant effects on the Bank\u2019s financial condition or profitability.

", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_59743d46-3e5f-40cc-ad3b-d30afda329f0": { "value": "
Consolidated structured entities

The main categories of consolidated structured entities are:

ABCP (Asset-Backed Commercial Paper) conduits: the ABCP securitisation conduits Starbird and Matchpoint fund securitisation transactions managed by the BNP\u00a0Paribas Group on behalf of its customers. Details on how these are financed and the Group\u2019s risk exposure are presented in chapter\u00a05 of the Universal registration document under Securitisation as sponsor on behalf of clients/Short-term refinancing.

Proprietary securitisation: proprietary securitisation positions originated and held by the BNP\u00a0Paribas Group are detailed in chapter\u00a05 of the Universal registration document under Proprietary securitisation activities (originator).

Funds managed by the Group: the BNP\u00a0Paribas Group structures different types of funds for which it may act as fund manager, investor, custodian or guarantor. These funds are consolidated when the Group is both the manager and a significant investor and is therefore exposed to variable returns.

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Unconsolidated structured entities

The BNP\u00a0Paribas Group has entered into relations with unconsolidated structured entities in the course of its business activities to meet the needs of its customers.

Information relative to interests in sponsored structured entities

The main categories of unconsolidated sponsored structured entities are as follows:

Securitisation: the BNP\u00a0Paribas Group structures securitisation vehicles for the purposes of offering customers financing solutions for their assets, either directly or through consolidated ABCP conduits. Each vehicle finances the purchase of customers\u2019 assets (receivables, bonds, etc.) primarily by issuing bonds backed by these assets and whose redemption is linked to their performance.

Funds: the Group structures and manages funds to offer investment opportunities to its customers. Dedicated or public funds are offered to institutional and individual customers and are distributed and commercially monitored by the BNP\u00a0Paribas Group. The entities of the BNP\u00a0Paribas Group responsible for managing these funds may receive management fees and performance commission. The BNP\u00a0Paribas Group may hold units in these funds, as well as units in funds dedicated to the insurance activity not managed by the BNP\u00a0Paribas Group.

Asset financing: the BNP\u00a0Paribas Group establishes and finances structured entities that acquire assets (aircraft, ships, etc.) intended for lease, and the lease payments received by the structured entity are used to repay the financing, which is guaranteed by the asset held by the structured entity.

Other: on behalf of its customers, the Group may also structure entities which invest in assets or are involved in debt restructuring.

An interest in an unconsolidated structured entity is a contractual or non-contractual link that exposes the BNP\u00a0Paribas Group to variable returns from the performance of the entity.

The Group\u2019s assets and liabilities related to the interests held in sponsored structured entities are as follows:

In millions of euros,

at 31 December 2024

Securitisation

Funds

Asset Financing

Others

Total

INTERESTS ON THE GROUP BALANCE SHEET

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

ASSETS

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Financial instruments at fair value through profit or loss

2

1,198

1

125

1,326

Derivatives used for hedging purposes

5

1,367

6

58

1,436

Financial instruments at fair value through equity

69

\u00a0

\u00a0

\u00a0

69

Financial assets at amortised cost

27,785

184

2,166

7

30,142

Other assets

\u00a0

105

\u00a0

3

108

Investments and other assets related to insurance activities

\u00a0

37,026

\u00a0

\u00a0

37,026

TOTAL ASSETS

27,861

39,880

2,173

193

70,107

LIABILITIES

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Financial instruments at fair value through profit or loss

\u00a0

2,952

64

108

3,124

Derivatives used for hedging purposes

\u00a0

\u00a0

\u00a0

4

4

Financial liabilities at amortised cost

90

13,313

240

210

13,853

Other liabilities

2

326

7

\u00a0

335

TOTAL LIABILITIES

92

16,591

311

322

17,316

MAXIMUM EXPOSURE TO LOSS

39,265

41,022

2,173

816

83,276

SIZE OF STRUCTURED ENTITIES(1)

91,098

367,479

7,677

4,580

470,834

\u00a0

In millions of euros,

at 31 December 2023

Securitisation

Funds

Asset Financing

Others

Total

INTERESTS ON THE GROUP BALANCE SHEET

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

ASSETS

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Financial instruments at fair value through profit or loss

1

1,374

1

480

1,856

Derivatives used for hedging purposes

7

1,005

9

16

1,037

Financial instruments at fair value through equity

105

\u00a0

\u00a0

\u00a0

105

Financial assets at amortised cost

23,623

262

1,992

37

25,914

Other assets

\u00a0

84

\u00a0

1

85

Investments and other assets related to insurance activities

\u00a0

41,406

\u00a0

\u00a0

41,406

TOTAL ASSETS

23,736

44,131

2,002

534

70,403

LIABILITIES

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Financial instruments at fair value through profit or loss

\u00a0

528

41

438

1,007

Derivatives used for hedging purposes

\u00a0

\u00a0

\u00a0

\u00a0

-

Financial liabilities at amortised cost

116

13,223

242

299

13,880

Other liabilities

2

251

57

\u00a0

310

TOTAL LIABILITIES

118

14,002

340

737

15,197

MAXIMUM EXPOSURE TO LOSS

34,922

44,657

3,097

1,517

84,193

SIZE OF STRUCTURED ENTITIES(1)

199,055

344,598

6,611

4,362

554 626

  • The size of sponsored structured entities equals the total assets of the structured entity for securitisation vehicles, the net asset value for funds (excluding management mandates) and the structured entity\u2019s total assets or the amount of the BNP\u00a0Paribas Group\u2019s commitment for asset financing and other structures.

The BNP\u00a0Paribas Group\u2019s maximum exposure to losses on sponsored structured entities is the carrying amount of the assets, excluding, for financial assets at fair value through equity, changes in value taken directly to equity, as well as the nominal amount of the financing commitments and guarantee commitments given and the notional amount of credit default swaps (CDS) sold.

Information relative to interests in\u00a0non-sponsored structured entities

The main interests held by the BNP\u00a0Paribas Group when it acts solely as an investor in non-sponsored structured entities are detailed below:

Besides, in the framework of its asset financing activity, the BNP\u00a0Paribas Group provides financing to structured entities that are established by and for its clients and whose purpose is to acquire assets (aircraft, ships, etc.) intended for lease to those same clients. These financings amount to EUR\u00a03\u00a0billion at 31\u00a0December 2024 (EUR\u00a06\u00a0billion at 31\u00a0December 2023).

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8.hCompensation and benefits awarded to the Group\u2019s corporate officers

The Group\u2019s corporate officers, their spouse and their dependent children are considered related parties.

The remuneration and benefits policy relating to the Group\u2019s corporate officers, as well as the detailed information on an individual basis, are presented in chapter\u00a02 Corporate governance of the Universal registration document.

\u27a4Remuneration and benefits awarded to the Group\u2019s corporate officers and to directors representing the employees

In euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Gross remuneration

\u00a0

\u00a0

Gross remuneration paid during the year including benefits in kind

11,064,899

9,319,675

Remuneration linked to the term of directorship (paid to the trade unions)

519,062

428,648

Welfare benefits: premiums paid by BNP\u00a0Paribas during the year

28,179

26,788

Post-employment benefits

1,207,702

1,141,635

Share-based payments: conditional long-term incentive plan (LTIP) - fair value at grant date(1)

1,185,001

1,404,857

  • Valuation according to the method described in note\u00a08.e.

\u00a0

At 31\u00a0December 2024, no corporate officer is eligible for a contingent collective defined-benefit top-up pension plan.

Remuneration linked to the term of\u00a0directorship paid to members of the Board of\u00a0directors

Remuneration linked to the term of directorship paid to all members of the Board of directors in 2024 amounts to EUR\u00a01,850,000. This amount was 1,540,000 in 2023. The amount paid in 2024 to members other than corporate officers was EUR\u00a01,696,445 compared with EUR 1,410,484 in 2023

Loans, advances and guarantees granted to\u00a0the\u00a0Group\u2019s corporate officers

At 31 December 2024, the total outstanding loans granted directly or indirectly to the Group\u2019s corporate officers and their spouse and dependent children amounted to EUR 4,628,369 (EUR 5,770,986 at 31 December 2023). These loans representing normal transactions were carried out on an arm\u2019s length basis.

8.iOther related parties

Other related parties of the BNP\u00a0Paribas Group comprise consolidated companies (including entities consolidated under the equity method) and entities managing post-employment benefit plans offered to Group employees (except for multi-employer and multi-industry schemes).

Transactions between the BNP\u00a0Paribas Group and related parties are carried out on an arm\u2019s length basis.

Relations between consolidated companies

A list of companies consolidated by the BNP\u00a0Paribas Group is provided in note\u00a08.k Scope of consolidation. Transactions and outstanding balances between fully-consolidated entities are eliminated. The tables below show transactions with entities accounted for under the equity method.

\u27a4Outstanding balances of related-party transactions

In millions of euros, at

31 December 2024

31 December 2023

Joint ventures

Associates

Joint ventures

Associates

ASSETS

\u00a0

\u00a0

\u00a0

\u00a0

On demand accounts

\u00a0

2

\u00a0

5

Loans

3,343

705

3,510

88

Securities

167

111

356

\u00a0

Other assets

74

49

1

52

Investments and other assets related to insurance activities

1

\u00a0

\u00a0

3

TOTAL ASSETS

3,585

867

3,867

148

LIABILITIES

\u00a0

\u00a0

\u00a0

\u00a0

On demand accounts

29

750

337

1,118

Other borrowings

7

470

46

588

Other liabilities

46

32

4

18

Liabilities related to insurance contracts

\u00a0

\u00a0

\u00a0

195

TOTAL LIABILITIES

82

1,252

387

1,919

FINANCING COMMITMENTS AND GUARANTEE COMMITMENTS

\u00a0

\u00a0

\u00a0

\u00a0

Financing commitments given

\u00a0

248

19

538

Guarantee commitments given

\u00a0

152

7

111

TOTAL FINANCING COMMITMENTS AND GUARANTEE COMMITMENTS

-

400

26

649

\u00a0

The Group also carries out trading transactions with related parties involving derivatives (swaps, options and forwards, etc.) and financial instruments purchased or underwritten and issued by them (equities, bonds, etc.).

\u27a4Related-party profit and loss items

In millions of euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Joint ventures

Associates

Joint ventures

Associates

Interest income

170

13

155

9

Interest expense

(7)

(38)

(13)

(75)

Commission income

5

286

1

284

Commission expense

(1)

(107)

(1)

(78)

Services provided

\u00a0

\u00a0

\u00a0

2

Services received

1

\u00a0

\u00a0

\u00a0

Lease income

\u00a0

\u00a0

\u00a0

\u00a0

Net income from insurance activities

\u00a0

6

\u00a0

8

Total

168

160

142

150

\u00a0

Group entities involved in certain post-employment benefit plans offered to\u00a0Group employees

In Belgium, BNP\u00a0Paribas Fortis funds a number of pension schemes managed by\u00a0AG Insurance in which the BNP\u00a0Paribas Group has a 25% equity interest.

In other countries, post-employment benefit plans are generally managed by independent fund managers or independent insurance companies, and occasionally by Group companies, in particular BNP\u00a0Paribas Asset Management.

At 31\u00a0December 2024, the value of plan assets managed by Group companies or by companies over which the Group exercises significant influence was EUR\u00a03,858\u00a0million (EUR\u00a03,864\u00a0million at 31\u00a0December 2023). Amounts received by Group companies in the year to 31\u00a0December 2024 totalled EUR\u00a06\u00a0million and were mainly composed of management and custody fees (EUR\u00a05\u00a0million at 31\u00a0December 2023).

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8.hCompensation and benefits awarded to the Group\u2019s corporate officers

The Group\u2019s corporate officers, their spouse and their dependent children are considered related parties.

The remuneration and benefits policy relating to the Group\u2019s corporate officers, as well as the detailed information on an individual basis, are presented in chapter\u00a02 Corporate governance of the Universal registration document.

\u27a4Remuneration and benefits awarded to the Group\u2019s corporate officers and to directors representing the employees

In euros

Year to 31 Dec. 2024

Year to 31 Dec. 2023

Gross remuneration

\u00a0

\u00a0

Gross remuneration paid during the year including benefits in kind

11,064,899

9,319,675

Remuneration linked to the term of directorship (paid to the trade unions)

519,062

428,648

Welfare benefits: premiums paid by BNP\u00a0Paribas during the year

28,179

26,788

Post-employment benefits

1,207,702

1,141,635

Share-based payments: conditional long-term incentive plan (LTIP) - fair value at grant date(1)

1,185,001

1,404,857

  • Valuation according to the method described in note\u00a08.e.

\u00a0

At 31\u00a0December 2024, no corporate officer is eligible for a contingent collective defined-benefit top-up pension plan.

Remuneration linked to the term of\u00a0directorship paid to members of the Board of\u00a0directors

Remuneration linked to the term of directorship paid to all members of the Board of directors in 2024 amounts to EUR\u00a01,850,000. This amount was 1,540,000 in 2023. The amount paid in 2024 to members other than corporate officers was EUR\u00a01,696,445 compared with EUR 1,410,484 in 2023

Loans, advances and guarantees granted to\u00a0the\u00a0Group\u2019s corporate officers

At 31 December 2024, the total outstanding loans granted directly or indirectly to the Group\u2019s corporate officers and their spouse and dependent children amounted to EUR 4,628,369 (EUR 5,770,986 at 31 December 2023). These loans representing normal transactions were carried out on an arm\u2019s length basis.

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8.lFees paid to the Statutory Auditors

Year to 31 Dec. 2024

Excluding tax, in thousands of euros

Deloitte

EY

TOTAL

Total

%

Total

%

Total

%

Certification of statutory audit

34,381

82%

34,531

82%

68,912

82%

Issuer

10,771

\u00a0

20,927

\u00a0

31,698

\u00a0

Consolidated subsidiaries

23,610

\u00a0

13,604

\u00a0

37,214

\u00a0

Certification of sustainability reporting

547

1%

640

2%

1,187

1%

Issuer

436

\u00a0

448

\u00a0

884

\u00a0

Consolidated subsidiaries

111

\u00a0

192

\u00a0

303

\u00a0

Services other than those required for the certification of statutory audit and sustainability reporting

7,024

17%

6,599

16%

13,623

17%

Issuer

2,970

\u00a0

4,362

\u00a0

7,332

\u00a0

Consolidated subsidiaries

4,054

\u00a0

2,237

\u00a0

6,291

\u00a0

TOTAL

41,952

100%

41,770

100%

83,722

100%

of which fees paid to External Auditors in France for the certification of statutory audit

16,353

\u00a0

18,784

\u00a0

35,137

\u00a0

of which fees paid to Statutory Auditors in France for the certification of sustainability reporting

436

\u00a0

576

\u00a0

1,012

\u00a0

of which fees paid to External Auditors and their network in France for services other than those required for the certification of statutory audit and sustainability reporting

The amount of the External Auditors\u2019 fees for services other than those required for the certification of statutory audit and sustainability reporting was, as of 31 December 2024, EUR\u202f1,337\u202fthousand for Deloitte & Associ\u00e9s and EUR\u00a092\u00a0thousand for Ernst & Young et Autres\u00a0

1,802

\u00a0

2,123

\u00a0

3,925

\u00a0

\u00a0

Year to 31 Dec. 2023

Excluding tax, in thousands of euros

Deloitte

PricewaterhouseCoopers

Mazars

TOTAL

Total

%

Total

%

Total

%

Total

%

Certification of statutory audit

20,696

75%

17,142

62%

10,994

87%

48,832

72%

Issuer

5,505

\u00a0

5,627

\u00a0

3,083

\u00a0

14,215

\u00a0

Consolidated subsidiaries

15,191

\u00a0

11,515

\u00a0

7,911

\u00a0

34,617

\u00a0

Services other than those required for the certification of statutory audit\u00a0

6,731

25%

10,703

38%

1,629

13%

19,063

28%

Issuer

3,385

\u00a0

6,815

\u00a0

736

\u00a0

10,936

\u00a0

Consolidated subsidiaries

3,346

\u00a0

3,888

\u00a0

893

\u00a0

8,127

\u00a0

TOTAL

27,427

100%

27,845

100%

12,623

100%

67,895

100%

of which fees paid to Statutory Auditors in France for the statutory audit and contractual audit

7,551

\u00a0

6,080

\u00a0

4,406

\u00a0

18,037

\u00a0

of which fees paid to External Auditors and their network in France for services other than those required for the certification of statutory audit and sustainability reporting

2,014

\u00a0

4,179

\u00a0

1,130

\u00a0

7,323

\u00a0

Audit fees paid to external auditors who are not part of the network of the external auditors certifying the individual and consolidated financial statements of BNP Paribas SA, as mentioned in the above table, amount to EUR 8,176 thousand for the year 2024 (EUR 3,990 thousand in 2023). Variation is mainly explained by the work performed by the PWC and Mazars firms (EUR 4,511 thousand), mostly on the review of the 2024 first quarter financial information and on the audit of several entities.

This year, services other than the ones required for the statutory audit mainly refer to issuance of attestation of accounting and financial information, review of the quality of the internal control as per the international standards (such as ISAE 3402) within the framework of services provided to customers, especially in the Securities and the Asset Management Business Lines, expertise on the Bank\u2019s transformation projects, technical consultations on specific issues and assessment of the compliance of the entity\u2019s framework with Law/Regulation.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:R0MUWSFPU8MPRO8K5P83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "text_block_f7bbfb78-d149-42ae-9bce-3fa98da7d3af": { "value": "

Capital management [Audited]

To ensure the Group\u2019s sustainability, the Bank must maintain an adequate level of capital with respect to the risks to which it is exposed in the course of its activities and strategy. Capital is a rare and strategic resource, which requires stringent, clearly defined, rigorous management according to an approach, which takes account of the needs and demands of stakeholders, including shareholders, supervisors, creditors and depositors.

Objectives

BNP\u00a0Paribas\u2019 capital management:

Capital management at central level

BNP\u00a0Paribas\u2019 capital management aims to ensure and verify that the Group has adequate capital to comply with the regulatory capital ratios, as well as specific requirements, for instance to operate as a Global Systemically Important Bank. To ensure its capital adequacy, the Group abides by the following principles:

\u00a0

Governance

The governance of the development, approval and update of the capital planning process is handled by two committees:

The Capital Committee is also the Group\u2019s competent Executive Management authority for all issues related to the internal credit and operational risk model and the methodologies used in the ICAAP.

Monitoring indicators

Capital management at the consolidated level rests on the following indicators:

This management rests on two major processes which are closely linked:

\u00a0

Capital management at local level

The Group has to allocate available capital among its different entities. To ensure a free and efficient flow of capital throughout the Group, the capital allocation process within the Group is centralised at head office level. It is mainly based on two principles: compliance with local regulatory requirements and analysis of the local business needs of the entity and growth prospects. In line with these two principles, the aim is to minimise capital dispersion.

Local Chief Financial Officers are responsible for the daily management and reporting of their subsidiaries\u2019 capital requirements. When a capital need arises, it is analysed on a case-by-case basis by dedicated teams at Group level, taking into consideration the subsidiary\u2019s present position, its future strategy as well as the Group\u2019s one in the relevant country, the entity\u2019s growth prospects and the macroeconomic environment. Furthermore, each year, the Group manages the subsidiaries\u2019 earnings repatriation process. The Group general policy stipulates that the entire distributable profit of every entity, including retained earnings, must be paid out. This policy ensures that the capital remains centralised at the BNP\u00a0Paribas\u00a0SA level and also contributes to reducing the foreign exchange risk. Exceptions are considered on a case-by-case basis.

Local Chief Executive Officers are responsible for ensuring the subsidiary\u2019s ongoing financial viability and competitiveness in terms of capital, where relevant. However, any capital action requested by a subsidiary is assessed by and subject to authorisation from head office.

In addition, every year the Group examines the branches\u2019 capital allocations in order to maintain an adequate level of capital in light of the different regulations.

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