BNP Paribas Shows Stability Through The Cycle

Equity Analyst

Johann Scholtz

BNP Paribas has reported remarkably consistent earnings over the past decade—in an environment where many of its peers suffered from great earnings volatility. Reported earnings have not grown by much, on average, over this period and return on tangible equity was in the mid- to upper-single-digit range. However, interest rates have been at or below zero for most of the past decade. The return to normal monetary policy in the eurozone will support a structurual increase in profitability for BNP Paribas to a low double-digit return on tangible equity. BNP Paribas’ midcycle profitability and earnings growth prospects are broadly in line with the average of the rest of the European banks that we cover, but its stable track record indicates it is a less risky prospect than many of its peers.

Retail banking in BNP Paribas' French home market is a challenging industry. Despite the high level of concentration in the French retail banking sector, profitability has lagged cost of capital. Typically, there is a high correlation between industry concentration and profitability for banks. However, the French banking sector is dominated by mutually owned, regional banks. Because the owners and the clients of these banks are largely the same, the profit motive for the mutually owned banks is not as pronounced as it is for BNP Paribas and other listed banks. 

BNP Paribas has been successful in investment banking and has actually looked to grow in this area when many of its European peers have pulled back from market-related activities. Typically we view investment banking as a riskier area where many banks have ran into trouble in the past. It is however, often the smaller players that take outsize risks. BNP Paribas is arguably the only European bank that has the muscle to compete with the large U.S. bulge-bracket investment banks. We believe BNP Paribas should continue to benefit from market share gains in investment banking.

The bancassurance model is well established in France, and combined with BNP’s asset management operations, it allows BNP to capture substantial portions of the value chain on financial products.

Business Strategy & Outlook

We do not believe BNP Paribas has an economic moat. While we found traces of moats in BNP’s operations, these are not compelling or substantial enough to warrant a moat rating. 

We view cost advantages as the primary source of moats in retail and commercial banking, and we divide costs into three primary categories: credit, operating, and funding. In addition, we believe switching costs play a key role in a bank's ability to maintain low-cost funding. We could not find sufficient evidence of a superior ability to control operational and credit costs or to raise cheaper funding for us to award BNP a moat for having a cost advantage. We do believe BNP’s integrated business and wide range of products support switching costs, but we typically do not award a stand-alone moat for switching costs when we analyze banks. 

While we like BNP’s retail banking operations in the concentrated Belgian market, where we believe BNP Fortis holds a current account market share north of 30%, the rest of BNP’s retail banking operations are less attractive. The French retail banking market suffers from competition issues, given the presence of mutual owned banks with a limited profit motive. We believe that BNP’s strategy of carving a niche in banking the professional and mass wealth market in the metropolitan areas of France holds promise and leverages its own strengths; however, this is not a unique approach, as Socgen and Credit Agricole’s LCL Bank have the same plan. Its other operations have low market shares. In Italy, it has a subscale operation in Europe’s most challenging market; in Turkey it is only the tenth-largest bank; in Poland, it has 5% market share; and in none of its major African operations (Morocco, Algeria, Tunisia, Ivory Coast, and Senegal) does its market share exceed 10%. 

BNP has not historically shown a superior ability to underwrite credit. Since 2006, BNP has raised provisions against 0.6% of its loans on average per year. This is virtually the same as the credit loss ratios of its closest French peers Socgen and Credit Agricole, both at 0.8%, and in line with the average long-term ratio of the major European banks at 0.6%. If we look at loan-loss provisions as a percentage of net interest income (which provides a rough indication of risk-adjusted returns), BNP has historically provided for 21% of the net interest it received. This is similar to Credit Agricole’s performance and materially better than Socgen, which gave back 30% of the net interest it earned. It is slightly better than the 24% of net interest income that the average European bank raised impairments against over the long term.

We do not believe that BNP has a funding cost advantage. BNP’s historical net interest margin of 1.1%, while comfortably ahead of its main French rivals (Socgen and Credit Agricole both have long-term net interest margins of 0.9%), does lag the European average of 1.4%. We estimate that BNP has a current account market share in France of less than 10%, with the three mutually owned groups each controlling north of 20% of the market. Current accounts are a chea—often free—and stable source of funding. Interest rates on savings accounts are regulated in France, making it impossible to establish a funding cost advantage. 

Historically, BNP has not been meaningfully more efficient than its French peers, and its average long-term efficiency ratio of 65% is greater than that of the average large European bank at 63%. Once again, we believe that the mutual ownership of French banks is partially to blame for this high metric. France has one of the lowest client/branch ratios in Europe. We believe this confirms the difficulty in rationalizing branches of locally owned banks for the mutual groupings. Members of the regional bank have an obvious vested interest in keeping their own local branch open. For Socgen and BNP Paribas, it is also problematic to effectively compete for current account deposits where the dominant players are happy to run a very wide suboptimal branch network. 

The wide scope of products offered by BNP increases the cost of switching for BNP’s retail and commercial banking clients. BNP’s strong insurance and asset-management capabilities ensure that it can offer retail clients a full financial solution. Its strategy in France of focusing on higher earners dovetails nicely with BNP’s highly regarded wealth-management business.

Typically, we award moats to investment banks for intangible assets and the network effect. Intangible assets in investment banking come from reputation, extent of relationships, expertise, and the ability to attract and retain top talent. A key part of the underwriting and trading business is bringing together buyers and sellers of financial assets; hence, network effect is an important moat source for investment banks. The larger the base of buyers to which an investment bank has access—investment funds, banks, and insurance companies—the more attractive it is to sellers, as it makes it more likely that an asset sale will be completed for a fair price. Similarly, buyers appreciate investment banks connected to many sellers, as they'll have improved access to more exclusive offerings. 

Generally, we do not like universal banking franchises with significant investment banking exposure, as we often find them inferior to the stand-alone investment banks. There are aspects of BNP’s investment banking that we like, notably its high client coverage in France and, to a lesser extent, Europe. However, currently BNP’s investment banking business is neither fish nor fowl. It is not dominant enough either in Europe or globally to compete effectively against the global bulge brackets, nor is it a true niche player in France. 

An evaluation of the banking system in which a bank operates is critical for us to attain a high level of conviction in the moats we find for an individual bank. We define a banking system in broader terms than merely the regulatory environment in a particular jurisdiction. Competitive, political, and economic elements all contribute to a system’s robustness in withstanding banking crises. Overall, we assign ratings to banking systems into four buckets: very good, good, fair, and poor. We rate France's banking system as fair. 

We see the regulatory environment as fair. The European Central Bank has played a much more important role in banking oversight over the past decade than before. France’s banks largely survived the crisis without the need for any government intervention, though how much of that is attributable to Banque de France is open to debate. However, the European Central Bank has since started playing a much more active role in the oversight of European banks, which reduces regional differences and, in our opinion, strengthens the regulatory framework across the continent. 

We rate France's macroeconomic environment as fair, which balances France's history of stability and reasonable debt/GDP ratio with the lack of control over its currency and one of the most inflexible labor markets in Europe. President Emmanuel Macron’s structural reform initiatives of the ailing French public sector hold promise, but the French labor unions remain a substantial stumbling block to reform. The emergence of Macron’s En Marche party has solidified the political center after a period of strong gains in support for populist left- and right-wing parties.

We rate the competitive environment as poor. The French banking system seems much more concentrated than most other continental European systems, with the five large banking groups controlling virtually the whole market, but this disregards the impact of mutually owned banks where the profit motive is secondary. Three of the five major French banks are mutually owned. Credit Agricole and BPCE (via the Natixis listing) are partially open to investors in listed equity, but their core retail and commercial franchises are mutually owned by their clients. The smallest of France’s main banking groups, Credit Mutuel, remains fully mutually owned. We estimate that the combined market share in French retail and commercial banking of the three mutually owned banks (Credit Agricole, BPCE, and Credit Mutuel) could be as high as 80%.

Mutually owned banks do not have the same incentive to maximize profits that publicly listed banks have. With no distinction between clients and owners, their first objective is to provide high-quality service at the lowest cost possible to its clients. It is also fair to say that there is much less pressure on the management teams of mutually owned banks to increase profitability. Millions of disinterested holders of mutual interest certificates are much easier to please than profit-hungry institutional investors. Credit Agricole, for instance, is a conglomeration of 2,500 local banks organized into 39 regional banks with 7 million mutual owners. The various annual general meetings attract over 500,000 attendees that elect 31,000 nonexecutive directors to represent the interests of the members.

None

Economic Moat

BNP Paribas SA

Earnings data Q1 2024

BNP Paribas SA engages in the provision of banking and financial services. The company operates through the following business: Investment and Protection Services (IPS), Commercial, Personal Banking, and Services (CPBS), and Corporate and Institutional Banking (CIB). The company was founded in 1822 and is headquartered in Paris, France.

Paris, 21 December 2023 BNP Paribas announces its intention to declassify as own funds certain subordinated instruments  BNP Paribas (the “Issuer”) announces today that it will no longer include the following subordinated instruments (the “Instruments”) in its Tier 2 regulatory capital and as such will no longer consider them in the computation of its regulatory ratios as of 31 December 2023: Participating Notes (“ Titres Participatifs ”) : - EUR27 million   issued on 30 July 1984 (ISIN:   FR0000047664)* - EUR192 million issued on 30 July 1984 (ISIN: FR0000140063)* - EUR4.4 million issued on 28 January 1985 (ISIN: FR0000047839)* - EUR2 million issued on 20 May 1985 (ISIN: FR0000047797)* Undated Subordinated Floating Rate Notes: - EUR254 million issued on 7 October 1985 (ISIN: FR0000572646)* - USD274 million issued on 22 September 1986 (ISIN: FR0008131403)* As of 30 June 2023, the amount of the Instruments recognized in the Tier 2 regulatory capital of the Issuer was approximately EUR726 million. In view of the above, the Issuer announces its intention to call the USD274 million Undated Subordinated Floating Rate Notes issued on 22 September 1986 (ISIN: FR0008131403)* on the next call date, subject to the prior permission of the ECB.

BNP PARIBAS ANNOUNCES ITS INTENTION TO DECLASSIFY AS OWN FUNDS CERTAIN SUBORDINATED INSTRUMENTS

South Korea's financial watchdog recommends imposing a fine on HSBC and BNP Paribas (BNPQY) for naked short selling.

HSBC, BNP Paribas (BNPQY) May Face Fines for Naked Short Selling

Regulated informationNazareth (Belgium)/Rotterdam (The Netherlands), 11 December 2023 – 6PM CET Disclosure of notification received from BNP Paribas Asset Management SA Fagron received a notification pursuant to the Belgian law of 2 May 2007 regarding the disclosure of major shareholdings in listed companies from BNP Paribas Asset Management SA. Notification of BNP Paribas Asset Management SA On 8 December 2023, Fagron received a notification that the shareholding of BNP Paribas Asset Management SA crossed the disclosure threshold of 3% on 6 December 2023 as the result of the disposal of voting securities or voting rights.

Disclosure of notification received from BNP Paribas Asset Management SA

MIAMI--(BUSINESS WIRE)--BNP Paribas Securities Corp., a unit of Europe's leading bank BNP Paribas, today announces the official opening of its new Miami location with a ribbon cutting ceremony complete with speeches from national, state and local elected officials, Miami area trade groups, French trade and government representatives, senior BNP Paribas officials and staff, and others. BNP Paribas also hosted a tour of its fully completed offices and in celebration of Art Basel Miami Beach art f.

ADDING MULTIMEDIA BNP Paribas Opens Miami Office

BNP Paribas Opens Miami Office

France's largest bank BNP Paribas said on Tuesday it had won a deal with Goldman Sachs , the largest trading member on the Vienna stock exchange by market share, to provide custody and settlement services for assets in Austria.

BNP Paribas wins Austria settlement services deal with Goldman Sachs

SAN FRANCISCO--(BUSINESS WIRE)--Taulia, a leading provider of working capital management solutions, today announced it has added the Bank of China London Branch, and BNP Paribas to its global multi-funder network. The addition of the two major global banks is the most recent in an already large and growing network of funders available to Taulia's global customers, enabling businesses to access an increasingly broad and diverse funding pool, with greater choice, liquidity, and availability of ca.

Taulia Adds Bank of China and BNP Paribas to Its Funder Network

MIAMI--(BUSINESS WIRE)--BNP Paribas: Who: Come join senior BNP Paribas staff, national, state and local politicians, Miami area trade groups, and French trade and government representatives:       BNP Paribas Executives   Olivier Osty, Head of Global Markets José Placido, Chief Executive Officer of BNP Paribas USA and CIB Americas Matt O'Connor, Head of the BNP Paribas Miami office Annabella Espina, Chief Operating Officer of the BNP Paribas Miami office Partners Laura DiBella, President of Bus.

BNP Paribas Europe's Leading Bank To Officially Open New Miami Office

Paris, 1 December 2023 NOTIFICATION BY THE ECB OF THE 2023 SUPERVISORY REVIEW AND EVALUATION PROCESS (SREP) BNP Paribas has received the notification by the European Central Bank of the outcome of the 2023 Supervisory Review and Evaluation Process (SREP), which states capital requirements and leverage ratio on a consolidated basis in force for the Group. The Common Equity Tier 1 (CET1) requirement that the Group has to respect as at 1st January 2024 on a consolidated basis is 10.02% (excluding the Pillar 2 guidance).

BNP PARIBAS SA: Notification by the ECB of the 2023 Supervisory Review and Evaluation Process (SREP)

BNP Paribas plans to make at least a dozen hires in its equities business in Asia next year and will end a research outsourcing pact with Morningstar , two sources with knowledge of the matter said, in a revamp to boost market share.

Exclusive: BNP to hire a dozen staff in Asia equities revamp, end research deal-sources

Paris, 27 November 2023 NOTIFICATION BY THE ACPR OF THE DESIGNATION  OF BNP PARIBAS ON THE LIST OF G-SIB s BNP Paribas has received the notification by the “Autorité de Contrôle Prudentiel et de Résolution” (ACPR), dated 27 November 2023, that the Group has been designated on the 2023 list of Global Systemically Important Banks (G-SIBs) in the bucket 2 corresponding to its score based on end-2022 data. Consequently, the requirement of the G-SIB buffer applicable for the group remains at 1.5% of the total risk-weighted assets beginning 1st January 2024, unchanged compared to the level currently applicable.

BNP PARIBAS SA: Notification by the ACPR of the designation of BNP PARIBAS on the list of G-SIBs

BNP Paribas Cardif has bought a majority stake in the insurance arm of Italy's BCC ICCREA under an agreement that will enable it to sell life insurance through the cooperative group's banks for 15 years, the two companies said on Monday.

BNP Paribas Cardif buys 51% of ICCREA's insurance arm

BNP Paribas , the euro zone's biggest bank, said on Thursday that it no longer provided financing to projects dedicated to the extraction of metallurgical coal.

BNP Paribas shuts out mining clients tied to metallurgical coal

2025 targets maintained, and BNP Paribas is on track on its targets. 85% of its €5 billion buyback program completed with CET1 ratio declining by 20 basis points. Higher operating cost and a lower cost of risk. There was a slowdown in top-line momentum, but the bank is still attractive in yield and tangible book value growth.

BNP Paribas: We See Light And Shadow

Paris, 13 November 2023 BNP Paribas share buyback programme Declaration of transactions in own shares from November 6, 2023 to November 10, 2023 In accordance with Article 5 of Regulation (EU) No 596/2014 on Market Abuse and Article 3 (3) of Delegated Regulation (EU) 2016/1052 supplementing Regulation (EU) No 596/2014 through regulatory technical standards concerning the conditions applicable to buyback programs and stabilization measures, BNP Paribas informs the market of the following transactions in own shares: Name of issuer Identification code of issuer (Legal Entity Identifier) Day of transaction Identification code of financial instrument Aggregated daily volume (in number of shares) Daily weighted average price of the purchased shares * Market (MIC Code) BNP PARIBAS R0MUWSFPU8MPRO8K5P83 06/11/2023 FR0000131104 50 000 56,7777 AQEU BNP PARIBAS R0MUWSFPU8MPRO8K5P83 06/11/2023 FR0000131104 150 000 56,7751 CEUX BNP PARIBAS R0MUWSFPU8MPRO8K5P83 06/11/2023 FR0000131104 35 000 56,7767 TQEX BNP PARIBAS R0MUWSFPU8MPRO8K5P83 06/11/2023 FR0000131104 702 684 56,7641 XPAR BNP PARIBAS R0MUWSFPU8MPRO8K5P83 07/11/2023 FR0000131104 65 442 56,2959 AQEU BNP PARIBAS R0MUWSFPU8MPRO8K5P83 07/11/2023 FR0000131104 235 770 56,3149 CEUX BNP PARIBAS R0MUWSFPU8MPRO8K5P83 07/11/2023 FR0000131104 48 525 56,3098 TQEX BNP PARIBAS R0MUWSFPU8MPRO8K5P83 07/11/2023 FR0000131104 687 263 56,2984 XPAR BNP PARIBAS R0MUWSFPU8MPRO8K5P83 08/11/2023 FR0000131104 59 809 55,9302 AQEU BNP PARIBAS R0MUWSFPU8MPRO8K5P83 08/11/2023 FR0000131104 238 333 55,9929 CEUX BNP PARIBAS R0MUWSFPU8MPRO8K5P83 08/11/2023 FR0000131104 40 000 55,9212 TQEX BNP PARIBAS R0MUWSFPU8MPRO8K5P83 08/11/2023 FR0000131104 620 654 55,9516 XPAR * Four-digit rounding after the decimal TOTAL 2 933 480 56,3388   As of 8 November 2023 included, 86,854,237 shares were purchased under the first and the second tranches of the 2023 share buyback programme, equal to 7% of the share capital. 77,720,757 treasury shares were already cancelled, including 4,333,000 shares on 6 November 2023, reducing BNP Paribas' share capital which now stands at EUR 2,313,221,778 divided into 1,156,610,889 ordinary shares.

BNP PARIBAS Group: Share buyback - declaration of transactions in own shares from 6 November to 10 November 2023

Paris, 6 November 2023 BNP Paribas share buyback programme Declaration of transactions in own shares from October 30, 2023 to November 3, 2023 In accordance with Article 5 of Regulation (EU) No 596/2014 on Market Abuse and Article 3 (3) of Delegated Regulation (EU) 2016/1052 supplementing Regulation (EU) No 596/2014 through regulatory technical standards concerning the conditions applicable to buyback programs and stabilization measures, BNP Paribas informs the market of the following transactions in own shares: Name of issuer Identification code of issuer (Legal Entity Identifier) Day of transaction Identification code of financial instrument Aggregated daily volume (in number of shares) Daily weighted average price of the purchased shares * Market (MIC Code) BNP PARIBAS R0MUWSFPU8MPRO8K5P83 30/10/2023 FR0000131104 40,000 53.9375 AQEU BNP PARIBAS R0MUWSFPU8MPRO8K5P83 30/10/2023 FR0000131104 150,000 53.9318 CEUX BNP PARIBAS R0MUWSFPU8MPRO8K5P83 30/10/2023 FR0000131104 35,000 53.9396 TQEX BNP PARIBAS R0MUWSFPU8MPRO8K5P83 30/10/2023 FR0000131104 674,000 53.9234 XPAR BNP PARIBAS R0MUWSFPU8MPRO8K5P83 31/10/2023 FR0000131104 44,912 54.4555 AQEU BNP PARIBAS R0MUWSFPU8MPRO8K5P83 31/10/2023 FR0000131104 150,000 54.4555 CEUX BNP PARIBAS R0MUWSFPU8MPRO8K5P83 31/10/2023 FR0000131104 35,000 54.4563 TQEX BNP PARIBAS R0MUWSFPU8MPRO8K5P83 31/10/2023 FR0000131104 660,088 54.4513 XPAR BNP PARIBAS R0MUWSFPU8MPRO8K5P83 01/11/2023 FR0000131104 40,059 54.5246 AQEU BNP PARIBAS R0MUWSFPU8MPRO8K5P83 01/11/2023 FR0000131104 150,000 54.4823 CEUX BNP PARIBAS R0MUWSFPU8MPRO8K5P83 01/11/2023 FR0000131104 34,941 54.4209 TQEX BNP PARIBAS R0MUWSFPU8MPRO8K5P83 01/11/2023 FR0000131104 664,000 54.4884 XPAR BNP PARIBAS R0MUWSFPU8MPRO8K5P83 02/11/2023 FR0000131104 50,000 55.5328 AQEU BNP PARIBAS R0MUWSFPU8MPRO8K5P83 02/11/2023 FR0000131104 150,000 55.5336 CEUX BNP PARIBAS R0MUWSFPU8MPRO8K5P83 02/11/2023 FR0000131104 40,000 55.5248 TQEX BNP PARIBAS R0MUWSFPU8MPRO8K5P83 02/11/2023 FR0000131104 650,000 55.5338 XPAR BNP PARIBAS R0MUWSFPU8MPRO8K5P83 03/11/2023 FR0000131104 40,000 56.3253 AQEU BNP PARIBAS R0MUWSFPU8MPRO8K5P83 03/11/2023 FR0000131104 150,000 56.3313 CEUX BNP PARIBAS R0MUWSFPU8MPRO8K5P83 03/11/2023 FR0000131104 35,000 56.3076 TQEX BNP PARIBAS R0MUWSFPU8MPRO8K5P83 03/11/2023 FR0000131104 636,000 56.3503 XPAR * Four-digit rounding after the decimal TOTAL 4,429,000 54.9373   As of 3 November 2023, since the launch of the second tranche of the share buyback programme, BNP Paribas purchased 40,038,000 shares, equal to 3.5% of the share capital, for a total consideration of 2,334,731,211 euros. The description of the share buyback programme is available on BNP Paribas's website: https://invest.bnpparibas/en/search/reports/documents/regulated-information Attachment Share buyback - declaration of transactions in own shares from 30 October to 3 November 2023

BNP PARIBAS Group: Share buyback - declaration of transactions in own shares from 30 October to 3 November 2023

Paris, 30 October 2023 BNP Paribas share buyback programme Declaration of transactions in own shares from October 23, 2023 to October 27, 2023 In accordance with Article 5 of Regulation (EU) No 596/2014 on Market Abuse and Article 3 (3) of Delegated Regulation (EU) 2016/1052 supplementing Regulation (EU) No 596/2014 through regulatory technical standards concerning the conditions applicable to buyback programs and stabilization measures, BNP Paribas informs the market of the following transactions in own shares: Name of issuer Identification code of issuer  (Legal Entity Identifier) Day of transaction Identification code of financial instrument Aggregated daily volume (in number of shares) Daily weighted average price of the purchased shares * Market (MIC Code) BNP PARIBAS R0MUWSFPU8MPRO8K5P83 23/10/2023 FR0000131104 40 000 55,7277 AQEU BNP PARIBAS R0MUWSFPU8MPRO8K5P83 23/10/2023 FR0000131104 150 000 55,7285 CEUX BNP PARIBAS R0MUWSFPU8MPRO8K5P83 23/10/2023 FR0000131104 30 000 55,7135 TQEX BNP PARIBAS R0MUWSFPU8MPRO8K5P83 23/10/2023 FR0000131104 648 000 55,7586 XPAR BNP PARIBAS R0MUWSFPU8MPRO8K5P83 24/10/2023 FR0000131104 48 962 55,9485 AQEU BNP PARIBAS R0MUWSFPU8MPRO8K5P83 24/10/2023 FR0000131104 226 561 55,9451 CEUX BNP PARIBAS R0MUWSFPU8MPRO8K5P83 24/10/2023 FR0000131104 35 885 55,9436 TQEX BNP PARIBAS R0MUWSFPU8MPRO8K5P83 24/10/2023 FR0000131104 557 592 55,9470 XPAR BNP PARIBAS R0MUWSFPU8MPRO8K5P83 25/10/2023 FR0000131104 40 000 55,9306 AQEU BNP PARIBAS R0MUWSFPU8MPRO8K5P83 25/10/2023 FR0000131104 150 000 55,9283 CEUX BNP PARIBAS R0MUWSFPU8MPRO8K5P83 25/10/2023 FR0000131104 30 000 55,9264 TQEX BNP PARIBAS R0MUWSFPU8MPRO8K5P83 25/10/2023 FR0000131104 650 000 55,9482 XPAR BNP PARIBAS R0MUWSFPU8MPRO8K5P83 26/10/2023 FR0000131104 49 781 54,1202 AQEU BNP PARIBAS R0MUWSFPU8MPRO8K5P83 26/10/2023 FR0000131104 178 000 54,1195 CEUX BNP PARIBAS R0MUWSFPU8MPRO8K5P83 26/10/2023 FR0000131104 35 000 54,1561 TQEX BNP PARIBAS R0MUWSFPU8MPRO8K5P83 26/10/2023 FR0000131104 630 219 54,1321 XPAR BNP PARIBAS R0MUWSFPU8MPRO8K5P83 27/10/2023 FR0000131104 45 000 55,0428 AQEU BNP PARIBAS R0MUWSFPU8MPRO8K5P83 27/10/2023 FR0000131104 150 000 55,0284 CEUX BNP PARIBAS R0MUWSFPU8MPRO8K5P83 27/10/2023 FR0000131104 35 000 55,0360 TQEX BNP PARIBAS R0MUWSFPU8MPRO8K5P83 27/10/2023 FR0000131104 648 000 55,0195 XPAR * Four-digit rounding after the decimal TOTAL 4 378 000 55,3512   As of 18 October 2023 included, 73,387,757 shares were purchased under the first and a part of the second tranches of the 2023 share buyback programme. These treasury shares were cancelled, including 2,491,000 shares on 23 October 2023 and 3,744,000 shares on 27 October 2023, reducing BNP Paribas' share capital which now stands at EUR 2,321,887,778 divided into 1,160,943,889 ordinary shares.

BNP PARIBAS Group: Share buyback - declaration of transactions in own shares from 23 October to 27 October 2023

BNP Paribas SA (OTCQX:BNPQF) Q3 2023 Earnings Conference Call October 26, 2023 7:00 AM ET Company Participants Lars Machenil - Group CFO Conference Call Participants Stefan Stalmann - Autonomous Anke Reingen - RBC Capital Markets Jacques-Henri Gaulard - Kepler Cheuvreux Giulia Miotto - Morgan Stanley Matthew Clark - Mediobanca Tarik El Mejjad - Bank of America Delphine Lee - JPMorgan Chris Hallam - Goldman Sachs Group Pierre Chedeville - CIC Market Solutions Kiri Vijayarajah - HSBC Azzurra Guelfi - Citi Operator Good afternoon, ladies and gentlemen, and welcome to the presentation of BNP Paribas Third Quarter 2023 Results. For your information, this conference call is being recorded.

BNP Paribas SA (BNPQF) Q3 2023 Earnings Call Transcript

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BNP says tough economy could spur opportunities for bolt-on deals

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BNP Paribas posts in-line Q3 profits as trading declines

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Paris, 23 October 2023 BNP Paribas share buyback programme Declaration of transactions in own shares from October 16, 2023 to October 20, 2023 In accordance with Article 5 of Regulation (EU) No 596/2014 on Market Abuse and Article 3 (3) of Delegated Regulation (EU) 2016/1052 supplementing Regulation (EU) No 596/2014 through regulatory technical standards concerning the conditions applicable to buyback programs and stabilization measures, BNP Paribas informs the market of the following transactions in own shares: Name of issuer Identification code of issuer  (Legal Entity Identifier) Day of transaction Identification code of financial instrument Aggregated daily volume (in number of shares) Daily weighted average price of the purchased shares * Market (MIC Code) BNP PARIBAS R0MUWSFPU8MPRO8K5P83 16/10/2023 FR0000131104 39,821 57.9253 AQEU BNP PARIBAS R0MUWSFPU8MPRO8K5P83 16/10/2023 FR0000131104 199,945 57.9272 CEUX BNP PARIBAS R0MUWSFPU8MPRO8K5P83 16/10/2023 FR0000131104 30,000 57.9202 TQEX BNP PARIBAS R0MUWSFPU8MPRO8K5P83 16/10/2023 FR0000131104 568,234 57.9268 XPAR BNP PARIBAS R0MUWSFPU8MPRO8K5P83 17/10/2023 FR0000131104 39,714 57.6088 AQEU BNP PARIBAS R0MUWSFPU8MPRO8K5P83 17/10/2023 FR0000131104 150,000 57.6083 CEUX BNP PARIBAS R0MUWSFPU8MPRO8K5P83 17/10/2023 FR0000131104 30,000 57.6089 TQEX BNP PARIBAS R0MUWSFPU8MPRO8K5P83 17/10/2023 FR0000131104 620,286 57.6013 XPAR BNP PARIBAS R0MUWSFPU8MPRO8K5P83 18/10/2023 FR0000131104 40,000 57.5576 AQEU BNP PARIBAS R0MUWSFPU8MPRO8K5P83 18/10/2023 FR0000131104 150,000 57.5520 CEUX BNP PARIBAS R0MUWSFPU8MPRO8K5P83 18/10/2023 FR0000131104 30,000 57.5579 TQEX BNP PARIBAS R0MUWSFPU8MPRO8K5P83 18/10/2023 FR0000131104 625,000 57.5352 XPAR BNP PARIBAS R0MUWSFPU8MPRO8K5P83 19/10/2023 FR0000131104 40,000 56.5783 AQEU BNP PARIBAS R0MUWSFPU8MPRO8K5P83 19/10/2023 FR0000131104 199,949 56.5768 CEUX BNP PARIBAS R0MUWSFPU8MPRO8K5P83 19/10/2023 FR0000131104 30,000 56.5725 TQEX BNP PARIBAS R0MUWSFPU8MPRO8K5P83 19/10/2023 FR0000131104 586,051 56.5879 XPAR BNP PARIBAS R0MUWSFPU8MPRO8K5P83 20/10/2023 FR0000131104 40,000 55.8831 AQEU BNP PARIBAS R0MUWSFPU8MPRO8K5P83 20/10/2023 FR0000131104 150,000 55.8787 CEUX BNP PARIBAS R0MUWSFPU8MPRO8K5P83 20/10/2023 FR0000131104 30,000 55.8841 TQEX BNP PARIBAS R0MUWSFPU8MPRO8K5P83 20/10/2023 FR0000131104 650,000 55.8654 XPAR * Four-digit rounding after the decimal TOTAL 4,249,000 57.0941   As of 20 October 2023, since the launch of the second tranche of the share buyback programme, BNP Paribas purchased 31,231,000 shares, equal to 2.7% of the share capital, for a total consideration of 1,849,086,413 euros. The description of the share buyback programme is available on BNP Paribas's website: https://invest.bnpparibas/en/search/reports/documents/regulated-information Attachment Share buyback - declaration of transactions in own shares from 16 October to 20 October 2023

BNP PARIBAS Group: Share buyback - declaration of transactions in own shares from 16 October to 20 October 2023

Paris, 23 October 2023, 5:45 p.m. PRESS RELEASE Eramet: Reassignment of liquidity agreement to BNP Paribas Arbitrage Eramet announces that it has reassigned the management of the Exane SA liquidity agreement to BNP Paribas Arbitrage, also a member of BNP Paribas Group, effective today.

Eramet: Reassignment of liquidity agreement to BNP Paribas Arbitrage

French banking group BNP Paribas has created a FinTech aimed at European eCommerce players. Dubbed “Panto” and launching with the help of 321founded, the offering gives marketplaces “a dedicated payment management solution that guarantees smooth and secure transactions,” the companies said in a news release provided to PYMNTS on Wednesday (Oct. 18).

BNP Paribas and 321founded Launch Payment Management Tool Panto

Paris, 16 October 2023 BNP Paribas share buyback programme Declaration of transactions in own shares from October 9, 2023 to October 13, 2023 In accordance with Article 5 of Regulation (EU) No 596/2014 on Market Abuse and Article 3 (3) of Delegated Regulation (EU) 2016/1052 supplementing Regulation (EU) No 596/2014 through regulatory technical standards concerning the conditions applicable to buyback programs and stabilization measures, BNP Paribas informs the market of the following transactions in own shares: Name of issuer Identification code of issuer  (Legal Entity Identifier) Day of transaction Identification code of financial instrument Aggregated daily volume (in number of shares) Daily weighted average price of the purchased shares * Market (MIC Code) BNP PARIBAS R0MUWSFPU8MPRO8K5P83 09/10/2023 FR0000131104 24,080 59.0506 AQEU BNP PARIBAS R0MUWSFPU8MPRO8K5P83 09/10/2023 FR0000131104 70,034 58.9809 CEUX BNP PARIBAS R0MUWSFPU8MPRO8K5P83 09/10/2023 FR0000131104 14,550 58.9937 TQEX BNP PARIBAS R0MUWSFPU8MPRO8K5P83 09/10/2023 FR0000131104 117,336 58.9666 XPAR BNP PARIBAS R0MUWSFPU8MPRO8K5P83 10/10/2023 FR0000131104 40,000 59.9065 AQEU BNP PARIBAS R0MUWSFPU8MPRO8K5P83 10/10/2023 FR0000131104 150,000 59.9089 CEUX BNP PARIBAS R0MUWSFPU8MPRO8K5P83 10/10/2023 FR0000131104 25,000 59.9070 TQEX BNP PARIBAS R0MUWSFPU8MPRO8K5P83 10/10/2023 FR0000131104 592,000 59.9142 XPAR BNP PARIBAS R0MUWSFPU8MPRO8K5P83 11/10/2023 FR0000131104 22,326 60.1504 AQEU BNP PARIBAS R0MUWSFPU8MPRO8K5P83 11/10/2023 FR0000131104 23,941 60.0783 CEUX BNP PARIBAS R0MUWSFPU8MPRO8K5P83 11/10/2023 FR0000131104 9,595 60.1375 TQEX BNP PARIBAS R0MUWSFPU8MPRO8K5P83 11/10/2023 FR0000131104 92,138 60.0593 XPAR BNP PARIBAS R0MUWSFPU8MPRO8K5P83 12/10/2023 FR0000131104 25,006 59.9885 AQEU BNP PARIBAS R0MUWSFPU8MPRO8K5P83 12/10/2023 FR0000131104 170,387 59.7050 CEUX BNP PARIBAS R0MUWSFPU8MPRO8K5P83 12/10/2023 FR0000131104 32,995 59.7917 TQEX BNP PARIBAS R0MUWSFPU8MPRO8K5P83 12/10/2023 FR0000131104 246,612 59.8061 XPAR BNP PARIBAS R0MUWSFPU8MPRO8K5P83 13/10/2023 FR0000131104 35,000 57.9715 AQEU BNP PARIBAS R0MUWSFPU8MPRO8K5P83 13/10/2023 FR0000131104 150,000 57.9681 CEUX BNP PARIBAS R0MUWSFPU8MPRO8K5P83 13/10/2023 FR0000131104 25,000 57.9790 TQEX BNP PARIBAS R0MUWSFPU8MPRO8K5P83 13/10/2023 FR0000131104 536,000 57.9306 XPAR               * Four-digit rounding after the decimal   TOTAL 2,402,000 59.1968   As of 4 October 2023 included, 67,152,757 shares were purchased under the first and a part of the second tranches of the 2023 share buyback programme. These treasury shares were cancelled, including 6,238,000 shares on 11 October 2023, reducing BNP Paribas' share capital which now stands at EUR 2,334,357,778, divided into 1,167,178,889 ordinary shares.

News for BNP Paribas SA Stock (BNPQY)