2018 Registration document and annual fi nancial report - BNP PARIBAS130

3 2018 REVIEW OF OPERATIONS

3

Balance sheet

DEBT SECURITIES This category includes negotiable certifi cates of deposit and bond issues, but does not include debt securities classifi ed as fi nancial liabilities at fair value through profi t or loss (see note 5.a of the consolidated fi nancial statements). Debt securities are increasing from EUR 148.2 billion at 1 January 2018 to EUR 151.5 billion at 31 December 2018.

ACCRUED EXPENSE AND OTHER LIABILITIES Accrued expense and other liabilities consist of guarantee deposits received, collection accounts, accrued expense and deferred income, as well as other creditors and miscellaneous liabilities. Accrued expense

and other liabilities amounted to EUR 89.6 billion at 31 December 2018, compared with EUR 80.5 billion at 1 January 2018, an increase of 11%. This increase is mainly due to guarantee deposits received (up EUR 9.4 billion, or +24%) as well as to collection accounts (up EUR 2.1 billion), while other creditors and miscellaneous liabilities decreased by EUR 3.3 billion (-11%).

TECHNICAL RESERVES AND OTHER INSURANCE LIABILITIES Technical reserves of insurance companies increased by 1% compared to 1 January 2018 and amounted to EUR 209.8 billion at 31 December 2018 (EUR 207.0 billion at 1 January 2018), mainly due to the increase in liabilities related to insurance contracts.

MINORITY INTERESTS

Minority interests were down by EUR 0.9 billion, i.e. EUR 4.3 billion at 31 December 2018 compared with EUR 5.1 billion at 1 January 2018. This is mainly due to changes in the scope of consolidation affecting minority interests (-EUR 1.3 billion).

CONSOLIDATED EQUITY ATTRIBUTABLE TO SHAREHOLDERS

Shareholders equity (before dividend payout) amounts to EUR 101.5 billion as at 31 December 2018, compared with EUR 99.4 billion as at 1 January 2018. This EUR 2.1 billion increase is mainly attributable to the profi t of the period which amounted to EUR 7.5 billion, partially

offset by the EUR 3.8 billion dividend paid in respect of the year ended 31 December 2017 and by the EUR 1.3 billion decrease in changes in assets and liabilities recognised directly in equity.

FINANCING AND GUARANTEE COMMITMENTS

FINANCING COMMITMENTS Financing commitments given mainly consist mostly of documentary credit, other credit confi rmations and other commitments. They rose by EUR 18.5 billion compared to 1 January 2018, to EUR 304.6 billion at 31 December 2018.

Financing commitments given to customers rose by 6% to EUR 301.4 billion at 31 December 2018 and those given to credit institutions increased by EUR 1 billion to EUR 3.2 billion at 31 December 2018.

Financing commitments received consist mainly of fi nancing commitments received from credit institutions in the context of refi nancing from central banks. Financing commitments received rose by 14%, to EUR 83.7 billion at 31 December 2018, compared with EUR 73.6 billion at 1 January 2018.

GUARANTEE COMMITMENTS Guarantee commitments given rose by EUR 3% to EUR 146.6 billion at 31 December 2018 (compared with EUR 142.6 billion at 1 January 2018); this increase comes from the guarantee commitments given to customers (a 3% increase to EUR 113.1 billion at 31 December 2018), while guarantee commitments to credit institutions remain stable at EUR 33 billion at 31 December 2018.