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BNP Paribas Group: Results As at 31 March 2021

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BNP Paribas Group: Results As at 31 March 2021 RESULTS AS AT 31 MARCH 2021 PRESS RELEASE Paris, 30 April 2021 SOLID RESULTS AND POSITIVE JAWS EFFECT ONGOING MOBILISATION AT THE SERVICE OF THE ECONOMY AMIDST A GRADUAL RECOVERY €112bn (+21% vs. 1Q20) in financing raised for clients on syndicated loan, bond and equity markets1 Loans outstanding: +0.2% vs. 4Q20 REVENUE GROWTH Revenues: +8.6% vs. 1Q20 POSITIVE JAWS EFFECT DESPITE THE INCREASE IN THE SINGLE RESOLUTION FUND 2 CONTRIBUTION Operating Expenses: +5.4% vs. 1Q20 (+2.3% vs. 1Q20, excluding taxes subject to IFRIC 21 2) COST OF RISK AT A LOW LEVEL 42 bps3 SOLID NET INCOME 1Q21 net income 4: €1,768m (+37.9% vs. 1Q20) ROBUST BALANCE SHEET CET1 RATIO: 12.8% 1. Source: Dealogic as at 31 March 2021, bookrunner, apportioned amount; 2. 1Q recognition of almost all taxes and contributions for the year under IFRIC 21 "Taxes", including the estimated contribution to the Single Resolution Fund; 3. Cost of risk / customer loans outstanding at the start of the period; 4. Group share The Board of Directors of BNP Paribas met on 29 April 2021. The meeting was chaired by Jean Lemierre, and the Board examined the Group’s results for the first quarter 2021. Commenting on these results, Chief Executive Officer Jean-Laurent Bonnafé, stated at the end of the meeting: “BNP Paribas continues to mobilise all its resources and expertise to support individual, corporate and institutional clients and to contribute to the success of a solid and sustainable recovery. While strengthening its environmental and social commitments and continuing its digital and industrial transformation, the Group relies on its diversified and integrated business model, robust financial structure, and the powerful execution capacity of its platforms to deliver solid results. I would like to thank all BNP Paribas teams around the world who, after long months of a health crisis, are constantly working with their clients to help them adapt, put in place the right solutions and accompany the recovery of their activities.” * * * SOLID RESULTS AND POSITIVE JAWS EFFECT The BNP Paribas Group continues to mobilise all its resources and expertise to support its individual, corporate and institutional clients and to respond to the economy’s needs during the various phases of the health crisis. Economic activity gradually resumed in the first quarter as the public health situation improved, albeit with differentiated momentum from one region, one sector and one business line, to another. Against this backdrop, BNP Paribas’s business activity is solid, thanks to its positioning on the most resilient sectors and client segments, its strengthened leadership positions and its effective diversification. The Group raised more than 112 billion euros in financing for its clients on the syndicated loan, bond and equity markets 1, an increase of 21% compared to the first quarter 2020. Loans outstanding rose by 0.2% compared to the fourth quarter 2020. BNP Paribas' results are solid. At 11,829 million euros, revenues were up by 8.6% compared to the first quarter 2020 (+12.0% at constant scope and exchange rates). They reached a level by +6.1% higher than in the first quarter 2019. In the operating divisions, revenues were up by 7.0%, including: +1.1% at Domestic Markets 2, driven by higher financial fees in the networks and strong growth at Arval and Personal Investors (in particular Consorsbank in Germany); -0.6% 3 at International Financial Services, where strong growth 1 Source: Dealogic as at 31 March 2021, bookrunner, apportioned amount 2 Including 100% of Private Banks in the domestic networks (excluding PEL/CEL effects) 3 +4.4% at constant scope and exchange rates 2 RESULTS AS AT 31 MARCH 2021 of Insurance and Asset Management businesses and the very good performance of BancWest offset the effect of a less favourable context in the other businesses; and +24.3% 1 at CIB, with all business lines (Corporate Banking, Global Markets and Securities Services) performing very well. The Group’s operating expenses, at 8,597 million euros, were up by 5.4% compared to the first quarter 2020 accompanying growth in business activity and a significant rise in taxes and contributions (+279 million euros compared to the first quarter of 2020). Indeed, operating expenses this quarter included for 1,451 million euros, the whole amount of taxes and contributions (mainly the contribution to the Single Resolution Fund) pursuant to the application of IFRIC 21 "Taxes" (1,172 million euros in the first quarter 2020). When taxes subject to IFRIC 21 are excluded, operating expenses were up by just 2.3%, due to increased business activity. Operating expenses included exceptional items totalling 77 million euros (compared to 79 million euros in the first quarter 2020), including restructuring 2 and adaptation 3 costs (58 million euros) and IT reinforcement costs (19 million euros). The operating expenses of the operating divisions were up by 2.8% compared to the first quarter 2020 4. They were up by just 0.9% at Domestic Markets but down by 0.9% when excluding taxes subject to IFRIC 21, with a decrease in the networks 5 of 1.8%. The jaws effect was positive by 0.2 points and by 2.0 points when excluding taxes subject to IFRIC 21. Operating expenses were down significantly by 6.5% 6 at International Financial Services with a very positive jaws effect (+5.8 points). They rose by 15.6% 7 at CIB in connection with the growth of activity, and the jaws effect was very positive (+8.7 points). The Group’s gross operating income thus came to 3,232 million euros, up sharply by 18.3% compared to the first quarter 2020 and by 19.9% compared to the first quarter 2019. The cost of risk, at 896 million euros, was down by 530 million euros compared to the first quarter 2020. At 42 basis points of customer loans outstanding, the cost of risk was low. Impairments of non- performing loans (stage 3) were at a low level, close to the 2019 level. The Group’s operating income, at 2,336 million euros, was thus up sharply by 79.0%. Non-operating items totalled 487 million euros, roughly stable from 490 million euros in the first quarter 2020. They included the +302 million euro capital gain on the sale of two buildings (+381 million euros in the first quarter 2020) and the +96 million euro capital gain on the sale of a BNP Paribas Asset Management stake. They were down very steeply from 757 million euros in the first quarter 2019. Pre-tax income, at 2,823 million euros (1,795 million euros in the first quarter 2020), rose sharply by 57.3%. It was up by 5.2% compared to the first quarter 2019. 1 +29.6% at constant scope and exchange rates 2 Restructuring costs related particularly to the discontinuation or restructuring of certain businesses (particularly at CIB) 3 Adaptation measures in particular at Wealth Management and CIB 4 +0.9% excluding the taxes subject to IFRIC 21 5 FRB, BNL bc and BRB 6 -6.7% excluding taxes subject to IFRIC 21 7 +13.6% excluding taxes subject to IFRIC 21 3 RESULTS AS AT 31 MARCH 2021 The average corporate tax rate was 35.9%, due in particular to the first quarter recognition of full- year taxes and contributions subject to IFRIC 21 “Taxes”, a large portion of which are not deductible. It stood at 24.2% in the first quarter 2020 and 23.3% in the first quarter 2019. The Group’s net income attributable to equity holders thus came to 1,768 million euros, up sharply by 37.9% compared to the first quarter 2020 but down 7.8% compared to the first quarter 2019. Excluding the effect of exceptional items 1 and the impact of taxes and contributions subject to IFRIC 21, it would be 2,824 million euros, up by 34.9% compared to the first quarter 2020 and by 10.1% compared to the first quarter 2019. The return on tangible equity not revaluated was 10.6%. As at 31 March 2021, the common equity Tier 1 ratio stood at 12.8% 2, a stable level compared to 31 December 2020. The Group’s immediately available liquidity reserve amounted to 454 billion euros, equivalent to over one year of room to manoeuvre in terms of wholesale funding. The leverage ratio 3 stood at 4.3% when including the effect of the temporary exemption from deposits with Eurosystem central banks (3.9% without this effect). Tangible net book value 4 per share increased to 74.5 euros, equivalent to a compound annual growth rate of 7.3% since 31 December 2008 and illustrating continuous value creation throughout economic cycles. The Group continues to strengthen its internal control framework. The Group continues to pursue an ambitious policy of commitment in society. Its Corporate Social Responsibility (CSR) strategy is aligned with the 17 United Nations’ Sustainable Development Goals (SDGs). Every year since 2016, the Group has measured its contribution to the SDGs and set ambitious targets for expanding financing to companies furthering the energy transition and to sectors regarded as contributing directly to the SDGs. The amount of this financing was 188 billion euros as at the end of 2020 5. The Group has set a goal of increasing it to 210 billion euros by the end of 2022. In order to achieve these objectives, the Group has put in place action plans focusing on the themes of financial inclusion, climate change and biodiversity. * * * 1 Effects of after-tax one-off items: +236 million euros in the first quarter 2021, +206 million euros in the first quarter 2020, and +330 million euros in the first quarter 2019 2 CRD4, including IFRS9 transitional arrangements 3 Calculated in accordance with Regulation (EU) No.
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