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BNP Paribas Group: Results as at 30 September 2012

The Board of Directors of BNP Paribas met on 6 November 2012. The meeting was chaired by Baudouin Prot and the Board examined the Group's results for the third quarter 2012.



BNP Paribas delivered solid performances this quarter, rebounding compared to the third quarter 2011 which was impacted by the sovereign debt crisis. The Group's adaptation plan in response to new regulations is now completed, ahead of the disclosed schedule: CIB reduced its risk-weighted assets by 45 billion euros and the Group's common equity Tier 1 ratio was increased by 100 basis points as announced. The fully loaded (1) Basel 3 common equity Tier 1 ratio was 9.5% as at 30 September 2012 and the 9% target was therefore surpassed.

Revenues were 9,693 million euros, down 3.4% compared to the third quarter 2011. It included this quarter two one-off significant revenue items for a total of -347 million euros: an own credit adjustment (-774 million euros) and an exceptional amortisation of the fair value adjustment of part of Fortis' banking book due to early redemptions (+427 million euros). Revenues of the operating divisions rose 8.4% with a 1.3% rise in Retail Banking (2) , 3.7% in Investment Solutions and 33.2% in CIB which had been impacted by the crisis in the third quarter 2011.

Operating expenses, which totalled 6,564 million euros, were up 7.5%, primarily due to an exceptionally low basis for comparison in the third quarter 2011 in CIB. They rose only 0.2% in Retail Banking (2) and 3.0% in Investment Solutions.

Gross operating income thus fell 20.3% during the period, to 3,129 million euros. It rose, though, 11.4% in the operating divisions.

The Group's cost of risk, at 944 million euros, or 55 basis points of outstanding customer loans, was still at a low level this quarter. It fell 68.6% compared to the third quarter 2011, which included the 2,141 million euro impact of the Greek assistance programme. Excluding this impact, it rose 8.6%.

Thus, operating income came to 2,185 million euros. For the operating divisions, it totalled 2,806 million euros, up 11.6% compared to the third quarter 2011.

BNP Paribas posted this quarter, in a challenging environment, 1,324 million euros in net income, up sharply compared to what it was in the third quarter 2011 (541 million euros) which was impacted by the sovereign debt crisis. Net income attributable to the equity holders, excluding exceptional items, was 1.6 billion euros, showing the Group's good profit-generation capacity in a challenging economic environment.

(1) Common equity tier 1 ratio taking into account all the CRD4 rules with no transitory provision and as expected by BNP Paribas
(2) Including 100% of Private Banking in domestic networks, excluding PEL/CEL effects

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