2018 Registration document and annual fi nancial report - BNP PARIBAS 125

32018 REVIEW OF OPERATIONS

3

Core business results

GLOBAL MARKETS

In millions of euros 2018 2017 2018/2017

Revenues 4,727 5,584 -15.4%

Incl. FICC 2,719 3,450 -21.2%

Incl. Equity & Prime Services 2,008 2,135 -6.0%

Operating Expenses and Dep. (3,937) (4,255) -7.5%

Gross Operating Income 790 1,330 -40.6%

Cost of Risk (19) (15) +28.3%

Operating Income 771 1,315 -41.4%

Share of Earnings of Equity-Method Entities 3 (3) n.s.

Other Non Operating Items (2) 9 n.s.

Pre-Tax Income 772 1,321 -41.6%

Cost/Income 83.3% 76.2% +7.1 pt

Allocated Equity ( bn) 7.8 7.8 -0.6%

SECURITIES SERVICES

In millions of euros 2018 2017 2018/2017

Revenues 2,152 1,955 +10.1%

Operating Expenses and Dep. (1,719) (1,588) +8.2%

Gross Operating Income 432 366 +18.0%

Cost of Risk 7 3 n.s.

Operating Income 439 369 +18.9%

Non Operating Items 0 1 -83.4%

Pre-Tax Income 439 371 +18.5%

Cost/Income 79.9% 81.3% -1.4 pt

Allocated Equity ( bn) 0.9 0.9 -3.1%

CORPORATE BANKING

In millions of euros 2018 2017 2018/2017

Revenues 3,951 4,165 -5.1%

Operating Expenses and Dep. (2,507) (2,430) +3.2%

Gross Operating Income 1,444 1,735 -16.8%

Cost of Risk (31) (70) -55.4%

Operating Income 1,413 1,665 -15.2%

Non Operating Items 57 37 +52.1%

Pre-Tax Income 1,470 1,703 -13.7%

Cost/Income 63.5% 58.3% +5.2 pt

Allocated Equity ( bn) 12.2 12.4 -1.8%