122 2019 Universal registration document and annual financial report - BNP PARIBAS

3 2019 review of oPerations

3

Core Business results

PERSONAL FINANCE

In millions of euros 2019 2018 2019/2018

Revenues 5,796 5,533 +4.8%

Operating Expenses and Dep. (2,857) (2,764) +3.3%

Gross Operating Income 2,939 2,768 +6.2%

Cost of Risk (1,354) (1,186) +14.2%

Operating Income 1,585 1,583 +0.1%

Share of Earnings of Equity-Method Entities 41 62 -34.3%

Other Non Operating Items (23) 2 n.s.

Pre-Tax Income 1,602 1,646 -2.7%

Cost/Income 49.3% 50.0% -0.7pt

Allocated Equity ( bn) 7.9 7.3 +8.8%

For the whole of 2019, Personal Finance continued to grow: outstanding loans grew by 9.2%, driven by a business drive in Europe and in connection with partnerships. This increase in volumes was accompanied by a good control of margins at production. In 2019, the business executed four securitisation transactions(1) in Europe for a total amount of EUR 3.8 billion. It signed a pan-European agreement (Netherlands, Belgium, Luxembourg, Poland) with Ford Europe for a 5-year period and a partnership with Arval in the United Kingdom for a car inventory financing solution for car dealers. Its partnership with Opel in new countries (Poland, Netherlands and Spain) got off to a good start in 2019.

Personal Finance s revenues, at EUR 5,796 million, were up 4.8% compared to 2018 in connection with the rise in volumes and growth sustained in particular by the very good drive in Italy, Spain and Germany.

Operating expenses, at EUR 2,857 million, were up 3.3% compared to 2018 due to the support of increased business and thanks to cost saving measures. The jaws effect was positive at 1.4 point and the cost income ratio improved by 0.7 point compared to 2018.

Gross operating income thus came in at EUR 2,939 million, up 6.2% compared to 2018.

The cost of risk came in at EUR 1,354 million, up EUR 169 million compared to 2018 in connection with the rise of outstandings. At 145 basis points of outstanding customer loans, it was still low.

Personal Finance s pre-tax income thus came in at EUR 1,602 million, down 2.7% compared to 2018. It was down 0.6% excluding a non-recurring item in an associated company.

EUROPE-MEDITERRANEAN

In millions of euros 2019 2018 2019/2018 Revenues 2,699 2,358 +14.5% Operating Expenses and Dep. (1,799) (1,605) +12.1% Gross Operating Income 900 753 +19.6% Cost of Risk (399) (308) +29.6% Operating Income 502 445 +12.6% Other Non Operating Items 231 241 -4.1% Pre-Tax Income 733 686 +6.7% Income Attributable to Wealth and Asset Management (4) (3) +60.7% Pre-Tax Income of Other Domestic Markets 728 684 +6.5% Cost/Income 66.6% 68.1% -1.5pt Allocated Equity ( bn) 5.3 4.8 +11.5%

Including 100% of Turkish Private Banking for the Revenue to Pre-tax income line items.

For the whole of 2019, Europe-Mediterranean reported a good overall performance with business drives sustained by the universal banking model and the strengthening of franchises. Europe-Mediterranean s outstanding loans were up 1.4%(2) compared to 2018, with particularly good growth in

Poland and Morocco. For their part, deposits were up 1.2%(2). The business successfully completed the operational integration of Raiffeisen Bank Polska and generated the cost synergies expected.

(1) Non-deconsolidating.

(2) At constant scope and exchange rates.