BNP Paribas : 3Q23 - Press release results

RESULTS

AS AT 30 SEPTEMBER 2023

PRESS RELEASE

Paris, 26 October 2023

A SOLID INTRINSIC PERFORMANCE DRIVEN BY THE DIVERSIFIED MODEL AND

REFLECTED IN DISTRIBUTABLE RESULTS1 REVENUES1: +4.3% vs. 3Q22 OPERATING EXPENSES1: +3.4% vs. 3Q22 COST OF RISK: 33 bps

PRE-TAX INCOME1: +7.2% vs. 3Q22

3Q23 NET INCOME1: €2,705m

INCREASE IN REVENUES2 DRIVEN BY THE STRENGTH OF THE DIVERSIFIED MODEL

Corporate & Institutional Banking (+5.1%)

Commercial, Personal Banking & Services (+6.7%)

Investment & Protection Services (-1.8%, +5.6% excluding Real Estate and Principal

Investments)

POSITIVE JAWS EFFECT

LOW COST OF RISK

STRONG INCREASE IN PRE-TAX INCOME

SOLID FINANCIAL STRUCTURE (CET1: 13.4%3)

STRONG GROWTH IN DISTRIBUTABLE NET INCOME1

(+9.5% vs. 9M22 reported)

9M23 distributable income: €8,810m

(9M23 reported net income: €9,906m,

including the high impact of exceptional and extraordinary items)

STRONG GROWTH IN DISTRIBUTABLE EPS4

(+14.9% vs. 9M22 reported)

9M23 distributable EPS: €7.11

CONFIRMATION OF THE GROWTH TRAJECTORY

IN DISTRIBUTABLE1 NET INCOME IN 2023

1. Result serving as a basis for calculating the 2023 ordinary distribution and reflecting the Group's intrinsic performance following the impact of the Bank of the West sale and after the contribution to ramping up the Single Resolution Fund, as detailed on slides 8 and 44 of the 3Q23 results presentation - Changes calculated on this basis; 2. At constant scope and exchange rates and including 100% of Private Banking for CPBS (excluding PEL/CEL effect in France); 3. CRD5, including IFRS 9 transitional arrangements; 4. Distributable earnings per share at end of period calculated on the basis of 9M23 distributable net income and the end-of-period number of shares outstanding (€6.85 based on the average number of shares) as detailed on slide 68 of the 3Q23 results presentation

The figures included in this announcement are unaudited.

On 2 May 2023, BNP Paribas reported restated quarter series for 2022 to reflect, for each quarter: (i) the application of IFRS 5 relating to disposal of groups of assets and liabilities held for sale, following the sale of Bank of the West on 1 February 2023; (ii) the application of IFRS 17 (Insurance Contracts) and the application of IFRS 9 for insurance entities effective 1 January 2023; (iii) the application of IAS 29 (Financial Reporting in Hyperinflationary Economies) to Türkiye, effective 1 January 2022; and (iv) internal transfers of activities and results at Global Markets and Commercial & Personal Banking in Belgium. The quarter series for 2022 have been restated for these effects as if they had occurred on 1 January 2022. This presentation includes these quarter series for 2022 as restated.

This announcement includes forward-looking statements based on current beliefs and expectations about future events. Forward-looking statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives, and expectations with respect to future events, operations, products and services, and statements regarding future performance and synergies. Forward- looking statements are not guarantees of future performance and are subject to inherent risks, uncertainties and assumptions about BNP Paribas and its subsidiaries and investments, developments of BNP Paribas and its subsidiaries, banking industry trends, future capital expenditures and acquisitions, changes in economic conditions globally, particularly in the context of the Covid-19 pandemic, or in BNP Paribas' principal local markets, the competitive market and regulatory factors. Those events are uncertain; their outcome may differ from current expectations which may in turn significantly affect expected results. Actual results may differ materially from those projected or implied in these forward-looking statements. Any forward-looking statement contained in this presentation speaks as at the date of this presentation.

BNP Paribas undertakes no obligation to publicly revise or update any forward-looking statements in light of new information or future events. It should be recalled in this regard that the Supervisory Review and Evaluation Process is carried out each year by the European Central Bank, which can modify each year its capital adequacy ratio requirements for BNP Paribas.

The information contained in this announcement as it relates to parties other than BNP Paribas or derived from external sources has not been independently verified and no representation or warranty expressed or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. Neither BNP Paribas nor its representatives shall have any liability whatsoever in negligence or otherwise for any loss however arising from any use of this presentation or its contents or otherwise arising in connection with this presentation or any other information or material discussed.

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

2	RESULTS AS AT 30 SEPTEMBER 2023

The Board of Directors of BNP Paribas met on 25 October 2023. The meeting was chaired by Jean Lemierre, and the Board examined the Group's results for the third quarter 2023.

Jean-Laurent Bonnafé, Chief Executive Officer, stated at the end of the meeting:

"The Groupe continues to mobilise all its resources and capabilities to serve individuals, corporates, institutionals and, more generally, the European economy.

The Group's good performance in the third quarter demonstrates the solidity of our model and our long-term commitment to support our clients in all phases of the economic cycle. This performance reflects our long-term approach, the efficiency of our platforms, our diversification by business line, geographical region and customer profile, and our proactive and prudent risk management.

To meet the challenges of transforming our economies and our societies, the Group and all its business lines continue to implement its climate, biodiversity and social inclusion commitments.

I would like to thank the teams in all Group's business lines and our clients for their trust."

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SOLID RESULTS

BNP Paribas' diversified and integrated model and its ability to accompany clients and the economy in a comprehensive way by mobilising its teams, resources and capabilities, continued to drive growth in activity and results in the third quarter 2023.

Driven by the strength of the diversified model, the Group's performance is solid, as reflected in its distributable income1. On this basis1, revenues rose by 4.3% and operating expenses by 3.4% compared to the third quarter 2022. Operating expenses were well contained, and the Group achieved a positive jaws effect. Thanks to a long-term approach and prudent and proactive risk management, cost of risk remained low (at 33 basis points of customer loans outstanding) and below 40 basis points, which is the guidance of the GTS 2025 plan.

Distributable net income1 came to 8,810 million euros in the first nine months of 2023, up sharply by 9.5% compared to the result of the first nine months of 20221. The Group's organic growth offset the effects of the sale of Bank of the West. Distributable net income thus reflects the Group's intrinsic performance after the impact of the sale of Bank of the West and after the contribution to the ramping up of the Single Resolution Fund.

The Group has stepped up its policy of engaging with society. It deploys a comprehensive approach and, alongside its clients, is committed to transitioning towards a sustainable and low-carbon economy with clear ambitions and objectives contributing to the advent of a carbon-neutral economy by 2050. In particular, the Group released its Climate Report in May 2023 detailing measures it has taken to align its loan portfolios with the International Energy Agency's "Net Zero by 2050" scenario for the sectors with the highest emissions2, in accordance with its goal of achieving carbon neutrality

1. Result serving as a basis for calculating the ordinary distribution in 2023 and reflecting the Group's intrinsic performance after the impact of the Bank of the West sale and after its contribution to the Single Resolution Fund (SRF) as described in slide 8 and 44 of the 3Q23 results presentation. Changes have been calculated on this basis. 9M23 distributable net income adjusted in accordance with the announcements made in February 2023, i.e., reported net income excluding exceptional items (in 9M23, capital gain on the Bank of the West sale (+€2,947m) and the negative impact of the adjustment in hedges related to changes in TLTRO terms and conditions decided by the ECB in 4Q22 (-€891m)) and complementary adjustments (+€916m in net income, Group share, of which +€802m in anticipation of the end of the ramping up of the SRF).
2. See Group Climate Report, released in May 2023

3	RESULTS AS AT 30 SEPTEMBER 2023

in its portfolio. BNP Paribas' mobilisation has been acknowledged. For example, it was the global leader in green bond issuance and the global leader in sustainable financing in the first half of 20231.

In the third quarter 2023, revenues came to 11,581 million euros (11,141 million euros in the third quarter 2022). These included the negative extraordinary impact of -€58 million euros, due to changes in TLTRO terms and conditions decided by the European Central Bank in the fourth quarter 2022 (excluded from distributable net income in the third quarter 2023).

Excluding this extraordinary impact and a complementary adjustment of -14 million euros in relation to the Bank of the West sale, revenues adjusted to derive the distributable net income came to 11,625 million euros, up by 4.3%.

In the operating divisions, revenues rose by 3.7% (+4.8% at constant scope and exchange rates). They were up by 3.0% (+5.1% at constant scope and exchange rates) at Corporate & Institutional Banking (CIB), driven by the diversification of its model. Revenue growth was very strong at Global Banking (+24.7% at constant scope and exchange rates) and the increase in revenues at Securities Services was solid (+12.4% at constant scope and exchange rates). Global Markets revenues decreased by 8.4% at constant scope and exchange rates with a more normalised client activity. Revenues2 were up by 6.1% (+6.7% at constant scope and exchange rates) at Commercial, Personal Banking & Services (CPBS), with the strong increase in Commercial & Personal Banking (+7.4%3) and the rise in revenues at Specialised Businesses (+4.1%3). At Investment & Protection Services (IPS) revenues decreased by 2.6% (-1.8% at constant scope and exchange rates). They were up by 4.5% when excluding the contribution of Real Estate and Principal Investments, driven by strong growth in revenues at Wealth Management (+9.1%) and Insurance (+4.3%).

The Group's operating expenses came to 7,093 million euros (6,860 million euros in the third quarter 2022), up by 3.4%. The Group thus achieved a positive jaws effect. Operating expenses include the exceptional impact of restructuring and adaptation costs (40 million euros) and IT reinforcement costs (87 million euros) totalling 127 million euros (125 million euros in the third quarter 2022).

In the operating divisions, operating expenses rose by 3.2% (+4.7% at constant scope and exchange rates). The jaws effect was positive (+0.5 point). Operating expenses at CIB were well contained, rising by 1.7% (+5.0% at constant scope and exchange rates). The jaws effect was positive (+1.2 point). Operating expenses3 were up by 4.8% at CPBS (+5.2% at constant scope and exchange rates). The jaws effect was positive (+1.3 point). Operating expenses were up by 4.3%3 in Commercial & Personal Banking, with a positive jaws effect, and up by 6.0%3 in Specialised Businesses in support of business development and the transformation. And at IPS, operating expenses were almost unchanged (+0.1% at historical scope and exchange rates, +1.0% at constant scope and exchange rates). The jaws effect was positive excluding the contribution of Real Estate and Principal Investments.

The Group's gross operating income thus came to 4,488 million euros, up from 4,281 million euros in the third quarter 2022.

The Group's gross operating income adjusted to derive the distributable net income came to 4,532 million euros in the third quarter 2023, up sharply, by 5.9%.

At 734 million euros (897 million euros in the third quarter 2022), the Group's cost of risk remained low at 33 basis points of customer loans outstanding. This reflected low provisions on non-performing loans (stage 3) (390 million euros excluding cost of risk on non-performing loans at Personal Finance) and moderate releases of provisions on performing loans (stages 1 and 2). It registered in the first quarter 2022 the exceptional impact of the "act on assistance to borrowers" in Poland (204 million euros)

1. Source: Dealogic - All ESG Fixed Income, Global & EMEA Sustainable Financing (ESG Bonds and Loans), bookrunner by volume, 1H23
2. Including 100% of Private Banking (excluding PEL/CEL effects in France)

4	RESULTS AS AT 30 SEPTEMBER 2023

The Group's operating income came to 3,754 million euros, up from 3,384 million euros in the third quarter 2022.

The Group's operating income adjusted to derive the distributable net income came to 3,798 million euros in the third quarter 2023, up sharply, by 12.2%.

The Group's non-operating items stood at 60 million euros (215 million euros in the third quarter 2022).

The Group's pre-tax income amounted to 3,814 million euros, up from 3,599 million euros in the third quarter 2022.

The Group's pre-tax income adjusted to derive distributable net income amounted to 3,858 million euros in the third quarter 2023, up sharply, by 7.2%.

The Group closed the sale of Bank of the West on 1 February 2023. The conditions of this transaction announced on 20 December 2021 fall within the scope of application of IFRS 5 relating to groups of assets and liabilities held for sale. In accordance with IFRS 5, the result of discontinued activities came to 136 million euros in the third quarter 2022.

Net income, Group share accordingly amounted to 2,661 million euros in the third quarter 2023, compared to 2,773 million euros in the third quarter 2022 (2,637 million euros excluding the result of discontinued activities).

In accordance with announcements made in February 2023, net income, Group share in the third quarter 2023 has been adjusted to calculate distributable net income. It accordingly reflects the Group's solid intrinsic performance following the sale of Bank of the West and following the end of the contribution to ramping up the Single Resolution Fund. Distributable net income, Group share thus came to 2 705 million euros in the third quarter 2023 after a revenue adjustment of 44 million euros due to the 58 million euros adjustment of the negative extraordinary impact related to changes in TLTRO terms and conditions decided by the European Central Bank in the fourth quarter 2022 and of an additional adjustment of -14 million euros in relation to the Bank of the West sale. There were no other adjustments in the third quarter 2023.

As at 30 September 2023, the common equity Tier 1 ratio stood at 13.4%1. The Liquidity Coverage Ratio (end-of-period) came to 138% as at 30 September 2023. The Group's immediately available liquidity reserve amounted to 439 billion euros, equivalent to more than one year of room to manoeuvre compared to market resources. The leverage ratio2 came to 4.5%.

Net tangible book value3 per share stood at 86.3 euros, up 33.2% since 31 December 2018, illustrating continuous value creation throughout economic cycles.

For the first nine months 2023, revenues amounted to 34,976 million euros, up 1.2% despite the extraordinary negative impact of -891 million euros due to changes in TLTRO terms and conditions decided by the European Central Bank in the fourth quarter 2022 and the exceptional impact of -125 million euros in provisions for litigation. Excluding the impacts of exceptional and extraordinary items, revenues rose by 4.2%.

In the operating divisions, revenues increased by 3.0% (+3.6% at constant scope and exchange rates). At CIB, they rose by 1.6% (+2.8% at constant scope and exchange rates), driven by the very steep rise in Global Banking revenues (+18.8% at constant scope and exchange rates) and the strong increase at Securities Services (+7.1% at constant scope and exchange rates). Global Markets revenues were down by 6.7% at constant scope and exchange rates, due to a normalisation

1. CRD5, including IFRS9 transitional arrangement
2. Calculated in accordance with Regulation (EU) n°2019/876
3. Revaluated

5	RESULTS AS AT 30 SEPTEMBER 2023

of client activity. At CPBS, revenues1 were up by 5.1% (+5.4% at constant scope and exchange rates), driven by growth in Commercial & Personal Banking (+5.2%1) and increased revenues at Specialised Businesses (+4.8%1). And at IPS, revenues were down by 0.6% (-0.3% at constant scope and exchange rates), due to current downturn impact at Real Estate and Principal Investments (+5.5% excluding the contribution from Real Estate and Principal Investments) but driven by the sustained growth at Wealth Management (+8.8%) and Insurance (+6.6%).

At 23,173 million euros, the Group's operating expenses were up by 3.5% (+4.3% at constant scope and exchange rates). In the first nine months of the year, they included the exceptional impact of overall adaptation costs at Personal Finance (236 million euros), restructuring and adaptation costs (128 million euros) and IT reinforcement costs (275 million euros) for a total of 639 million euros (302 million euros in the first nine months 2022). Excluding the impact of exceptional items, operating expenses rose by 2.0%. On that basis, the Group achieved a positive jaws effect.

In the operating divisions, operating expenses were up by 2.6% (+3.3% at constant scope and exchange rates). The jaws effect was positive. At CIB operating expenses were up by 1.5% (+3.1% at constant scope and exchange rates) with good containment of operating expenses. The jaws effect was positive. Operating expenses1 were up by 3.3% at CPBS (+3.6% at constant scope and exchange rates). The jaws effect was positive (+1.8 point). Operating expenses1 were up by 2.0% in Commercial & Personal Banking and by 6.2% in Specialised Businesses. And at IPS, operating expenses increased by 2.5% (+2.7% at constant scope and exchange rates) and by 3.1% excluding the contribution of Real Estate and Principal Investments.

The Group's gross operating income thus amounted to 11,803 million euros, compared to 12,152 million euros in the first nine months of 2022. When excluding the impact of exceptional and extraordinary items, it achieved a strong increase of 8.1%.

The Group's cost of risk came to 2 065 million euros (2,306 million euros in the first nine months of 2022). For the first nine months 2023, it included the exceptional impact of provisions in Poland (130 million euros), and in the first months of 2022, the exceptional impact of the "act on assistance to borrowers" (204 million euros). Il came to the still low level of 31 basis points of customer loans outstanding. It reflected the release of provisions on performing loans of 238 million euros in the first nine months of 2023.

The Group's operating income came to 9 738 million euros, compared to 9,846 million euros in the first nine months of 2022. When excluding the impact of exceptional and extraordinary items, il rose sharply, by 11.3%.

The Group's non-operating items amounted to 511 million euros (578 million euros in the first nine months of 2022). In the first nine months of 2022, they had included the positive impact of negative goodwill related to bpost bank amounting to +244 million euros and a capital gain of +204 million euros, offset by the -159 million euros impairment of Ukrsibbank shares and the negative -274 million euros impact of the reclassification to profit-and-loss of exchange differences.

The Group's pre-tax income came to 10,249 million euros. In the first nine months of 2022 it amounted to 10,425 million euros. When excluding the impact of exceptional and extraordinary items, it rose sharply, by 10.2%.

The average corporate income tax rate stood at 30.1% (30.4% in the first nine months of 2022), due particularly to the first-quarter recognition of taxes and contributions for the year, in accordance with IFRIC 21 "Taxes", a large portion of which are not deductible.

The Group closed the sale of Bank of the West on 1 February 2023. The conditions of this transaction announced on 20 December 2021 fall within the scope of application of IFRS 5 relating to groups of assets and liabilities held for sale. In accordance with IFRS 5, the result of discontinued activities amounted to 2,947 million euros in the first nine months of 2023 reflecting the capital gain on the

1 Including 100% of Private Banking (excluding PEL/CEL effects in France)

6	RESULTS AS AT 30 SEPTEMBER 2023

sale of Bank of the West, treated as an extraordinary item. This result had come to 502 million euros in the first nine months 2022.

Net income, Group share thus came to 9,906 million euros in the first nine months of 2023 (6,959 million euros excluding the results of discontinued activities). In the first nine months of 2022 it came to 7,706 million euros (7,205 million euros excluding the results of discontinued activities).

In accordance with announcements made in February 2023, net income, Group share in the first half 2023 has been adjusted to derive the distributable net income. It thus reflects the Group's solid intrinsic performance following the sale of Bank of the West and following the end of the contribution to the ramping up of the Single Resolution Fund. Distributable net income thus came to 8,810 million euros in the first nine months of 2023.

Annualised return on non-revaluated tangible equity was 12.7%. This reflects the BNP Paribas Group's solid performance, which is due to the strength of its diversified and integrated model.

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7	RESULTS AS AT 30 SEPTEMBER 2023

CORPORATE AND INSTITUTIONAL BANKING (CIB)

On the strength of a diversified and integrated model at the service of clients and the economy, CIB delivered a strong increase in results, a positive jaws effect and a decrease in its cost of risk.

CIB continued to win market share and confirmed its leadership. CIB, for example, is number 1 in EMEA1 on the capital markets based on revenues and number 1 worldwide and in EMEA1 in sustainable financing2.

Financing businesses achieved a very high level of client activity, in particular in the Americas and EMEA1. Equity market activity was sustained in particular in equity derivatives and in volumes in prime brokerage activities, and demand rose very sharply on credit markets. On the rates and foreign-exchange, currency, and commodity markets, the environment was more normalised. Securities Services continued to achieve strong business drive, and average outstandings rose with the market rebound.

In the third quarter 2023, CIB's revenues, at 3,896 million euros, were up by 3.0% (+5.1% at constant scope and exchange rates), driven by a very strong increase at Global Banking (+24.7%3) and Securities Services (+12.4%3) and good resiliency at Global Markets (-8.4%3).

Global Banking achieved very good momentum in activity, and its revenues were up sharply. It reinforced its market share and consolidated its European leadership on bond and syndicated loan markets and was also tied for the lead in EMEA1 in transaction banking based on revenues in the first half 20234.

At 179 billion euros, outstanding loans5 decreased by 1.8%. At 208 billion euros, deposits6 increased by 2.5%.

Global Banking revenues rose sharply, by 24.7% at constant scope and exchange rates (+19.9% at historical scope and exchange rates), to 1,404 million euros. They were up in the Americas and EMEA1 driven by the very strong increase in Transaction Banking revenues, particularly in EMEA1 (+58.7%3) and the very strong increase in revenues on the Capital Markets platform, particularly in the Americas and EMEA1.

The activity in equity derivatives markets was sustained, and the momentum in volumes in prime brokerage is good. Activity slowed on the rates, foreign-exchange and commodities markets compared to a very high third quarter 2022 base. Credit market activity was up very sharply on the whole, especially in EMEA.

At 1,800 million euros, Global Markets revenues were down by 8.4% at constant scope and exchange rates (-9.1% at historical scope and exchange rates). FICC6 revenues amounted to 1,021 million euros (1,156 million euros in the third quarter 2022), down by 14.3% excluding the impact of a business being transferred from Equity & Prime Services to FICC. The very good performance in credit activities was offset by a more normalised level of activity in EMEA1 compared to a high base in the third quarter 2022. Revenues of Equity & Prime Services, at 779 million euros (824 million in the third quarter 2022), were down slightly (-0.2%) when excluding

1. Europe, Middle East, Africa
2. Source: Dealogic - All ESG Fixed income, Global & EMEA Sustainable Financing (ESG Bonds and Loans), bookrunner in volume, 9M23
3. At constant scope and exchange rates
4. Source: Coalition Greenwich Competitor Analytics; tied for no.1, based on revenues of the banks in the Top 12 Coalition Index in Transaction Banking (Cash Management and Trade Finance, excluding Correspondent Banking) in 1H23 in EMEA
5. Average outstandings, change at constant scope and exchange rates
6. Fixed Income, Currency and Commodities

8	RESULTS AS AT 30 SEPTEMBER 2023

the impact of a business being transferred from Equity & Prime Services to FICC driven by the equity derivatives business.

VaR (1 day, 99%), which measures the level of market risk, held at a low level of 33 million euros, up slightly compared to second quarter 2023.

On the back of its diversified model, Securities Services revenues rose sharply, and business momentum was good. The business line is winning new mandates, including a trilateral collateral management mandate with UniSuper in Australia and continued its sustained development in private capital. Average outstandings were up sharply, by 8.3% compared to the third quarter 2022, driven by market rebound, and transaction volumes were down by 2.9%, due to a lower volatility in the markets.

At 691 million euros, Securities Services' revenues were up very sharply, by 12.4% at constant scope and exchange rates (+9.4% at historical scope and exchange rates). They were driven by the impact of higher average outstandings and the ongoing favourable impact of the interest-rate-environment.

CIB's operating expenses, at 2,368 million euros, were up by +5.0% at constant scope and exchange rates (+1.7% at historical scope and exchange rates). The jaws effect was positive on the whole and very positive at Global Banking and Securities Services.

At 1,528 million euros, CIB's gross operating income was up by +5.2% at constant scope and exchange rates (+4.9% at historical scope and exchange rates).

CIB released 47 million euros of provisions, including 46 million euros at Global Banking, with releases of provisions on performing loans (stages 1 and 2) and non-performing loans (stage 3). CIB's cost of risk came to -11 basis points of customer loans outstanding.

CIB thus achieved pre-tax income of 1,555 million euros, up sharply, by 12.8% at constant scope and exchange rates (+13.6% at historical scope and exchange rates).

In the first nine months of 2023, CIB revenues, at 12,766 million euros, were up by 1.6% (+2.8% at constant scope and exchange rates) driven by very strong growth at Global Banking (+16.8%) and the rise at Securities Services (+5.2%). Global Markets revenues were down by 7.3% from a high base in the first nine months of 2022.

Global Banking revenues, at 4,283 million euros, rose very sharply, by 16.8% (+18.8% at constant scope and exchange rates), including a very robust increase in Transaction Banking, in particular in EMEA1, and in the Capital Markets platform. Global Banking continued to win market share, in particular in EMEA1.

At 6,476 million euros, Global Markets revenues were down by 7.3% (-6.7% at constant scope and exchange rates) from a very high base in the first nine months of 2022. At 4,053 million euros, FICC revenues were down by 5.4%, due to more normalised activity in the second and third quarters 2023, in lacklustre environment, particularly in rates and foreign-exchange products and in commodities. At 2,423 million euros, Equity & Prime Services revenues decreased by 10.3% on lacklustre equity markets, particularly in the second and third quarters 2023.

At 2,007 million euros, Securities Services revenues rose by 5.2% (+7.1% at constant scope and exchange rates), driven by the favourable impact of higher interest rates and the increase in average outstandings, partially offset by the impact of lower transaction volumes.

CIB's operating expenses, at 8,083 million euros, were up by 1.5% (+3.1% at constant scope and exchange rates), in support of business development. The jaws effect was positive on the whole, and Global Banking and Securities Services each achieved very positive jaws effects.

1 Europe, Middle East, Africa

9	RESULTS AS AT 30 SEPTEMBER 2023

CIB's gross operating income accordingly increased by 1.9% (+2.3% at constant scope and exchange rates), to 4,684 million euros.

CIB released 125 million euros in provisions, driven by releases of provisions on performing loans (stages 1 and 2) and a low cost of risk on non-performing loans (stage 3). Global Banking released 132 million euros in provisions, and its cost or risk stood at -10 basis points of customer loans outstanding.

CIB thus achieved pre-tax income of 4,789 million euros, up sharply, by 7.7% (+8.0% at constant scope and exchange rates).

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10	RESULTS AS AT 30 SEPTEMBER 2023