par BNP PARIBAS (EPA:BNP)
PR 3Q26 GROUP RESULTS
THIRD QUARTER 2026 RESULTS
PRESS RELEASE
Paris, 28 October 2026
Very good quarter, underpinned by strong commercial and operating momentum
| 3Q26 (€M) | 3Q25 | |
|---|---|---|
| Strong revenue growth ⎯ Revenues +9.5% | 13,757 | 12,569 |
| ||
| Operating efficiency and cost control ⎯ Operating expenses Jaws effect +4.1 pts | 8,016 | 7,610 |
| CI ratio improvement accelerating: 58.3% (-2.3 pts) | ||
| Gross Operating Income: up by double-digit ⎯ GOI +15.8% | 5,741 | 4,959 |
| Cost of risk in line with our 2026 guidance < 40 bps ⎯ Cost of risk 39 bps | 964 | 905 |
| Operating income fueled by operational performance ⎯ Operating income +17.7% | 4,756 | 4,040 |
| Pre-tax income up strongly ⎯ Pre-tax income +18.1% | 5,061 | 4,284 |
| Net income at a high level ⎯ Net income +13.5% | 3,456 | 3,044 |
CET11 ratio 30.09.2026 : 12.9% incl. Athlon (~-15 bps)
CET1 ratio 31.12.2026 anticipated > 13%
| ROTE 9M26 13.2% vs 11.4% in 9M25 | EPS 9M26 €9.36 (+20.1% vs. 9M25) |
Launch of a €1.3bn share buy-back programme in November 2026, anticipating the distribution 2026 earnings, as authorised by the ECB
The Board of Directors of BNP Paribas met on 27 October 2026. The meeting was chaired by Jean Lemierre, and the Board examined the Group’s results for the third quarter 2026.
Jean-Laurent Bonnafé, Chief Executive Officer, stated at the end of the meeting:
“The Group achieved a very strong third quarter driven by the operating performance across all three divisions. These results reflect the strength of our global client franchises, our diversified business model and the commitment of our teams all over the world. These strong results reinforce our commitment disciplined transformation and the execution of our strategic initiatives while keeping our foremost priority firmly in focus: helping our clients successfully carry out their projects, whatever the environment. Our ambitions for this new development phase will be laid out in our 2030 Plan that will be presented on 2 February. I would like to thank all our teams for their continued commitment to serving our clients.”
GROUP RESULTS AS OF 30 SEPTEMBER 2026
Group 3rd quarter 2026 results
Revenues
In the third quarter 2026 (hereinafter 3Q26), Group net banking income (NBI) stood at €13,757m, up +9.5% over the third quarter 2025 (hereinafter 3Q25).
Corporate & Institutional Banking (CIB) revenues increased strongly by 16.6%. Global Banking posted a robust quarter (+8.4% vs. 3Q25), underscoring its position as the leading European investment bank in EMEA with substantial market shares. Capital Markets turned in a strong performance, notably in Asia and the Americas, especially in DCM, acquisition financing, securitisations and infrastructure financing. Global Markets again turned in an especially strong quarter (+21.9% vs. 3Q25), driven by standout Equity & Prime Services (EPS) revenues across all its business lines, particularly within Prime Services. FICC was stable, with the FX local markets business line offsetting the decrease in rates on developed and credit markets. Securities Services also had an excellent quarter (+17.6% vs. 3Q25), driven by strong business volumes and growing activity from clients onboarded in 2025 and 2026.
Commercial, Personal Banking & Services (CPBS)2 revenues were up (+3.6% vs. 3Q25), driven by sustained revenue growth on the back of the interest-rate environment and favourable fee income trends across all Commercial & Personal Banking businesses. In the Eurozone, revenues rose by 9.5%, underpinned by a strong business momentum. Revenues were up (+8.3% vs. 3Q25) for Europe-Mediterranean. Within Specialised Businesses, Personal Finance revenues rose (+4.6% vs. 3Q25) reflecting good business momentum and production margin management. Arval and Leasing Solutions revenues (-29.1% vs. 3Q25) were impacted by the on-going pressure on used-car prices at Arval. Arval completed the acquisition of Athlon. Its organic NBI was up (+24.6% vs. 3Q25; +12.0% csr), supported by fleet expansion and improved margins. Revenues at New Digital Businesses and Personal Investors were also up (+3.7% vs. 3Q25).
Investment & Protection Services (IPS) achieved a very strong quarter. The increase in its revenues (NBI: +5.3% vs. 3Q25) reflects sustained organic growth and successful progress of the AXA IM integration. Insurance continued to deliver solid organic growth. Wealth Management and Asset Management also turned in a very good quarter, driven by higher fees and solid deposit revenues.
Operating expenses
Operating expenses came to €8,016m in 3Q26 (+5.3% vs. 3Q25). Combined with revenue growth (+9.5% vs. 3Q25), the jaws effect was positive by +4.1 points. The cost-income ratio at Group level stood at 58.3%, improving by 2.3 points compared with 3Q25.
CIB operating expenses increased (+9.2% vs. 3Q25), reflecting strong revenue growth (+16.6% vs. 3Q25). The jaws effect was very positive across the division (+7.4 points) and reached double digits at Securities Services (11.5 points).
CPBS operating expenses2 rose by +4.0%, compared with revenues growth of +3.6%, resulting in a negative jaws effect (-0.3 point). The jaws effect was very positive (+5.8 points) at Commercial & Personal Banking in the Eurozone and at Personal Finance (+3.5 points). The jaws effect at Arval & Leasing Solutions was impacted by pressure on used-car prices.
IPS operating expenses rose (+2.8% vs. 3Q25) albeit at a slower pace, reflecting the initial synergies from the AXA IM integration. The jaws effect was positive overall (+2.5 points) including across Insurance (+3.2 points), Asset Management (+2.5 points) and Wealth Management (+3.6 points).
Cost of risk
Group cost of risk stood at €964m (+€59m vs. 3Q25). This increase came mainly from provisions on performing loans (stages 1 and 2), amounting to €27m (+€186m vs. 3Q25), with a drop in provisions on non-performing loans (stage 3). As of 30 September 2026, the stock of provisions stood at €18.8bn, including €3.9bn in stages 1 and 2. The coverage rate of non-performing loans (stage 3) stood at 67.3%, for a ratio of non-performing loans to gross outstandings of 1.6%, a low rate that has continued to steadily decline over time.
On this basis, cost of risk stood at 39 basis points of customer loans outstanding, in line with the guidance of less than 40 basis points for 2026.
The Group’s diversification is also reflected in its relatively limited exposure to France compared with the size of its balance sheet, with around €19bn of French sovereign bonds, of which €16bn are held at amortised cost.
Operating income, Pre-tax income and Net income, Group share
Group operating income amounted to €4,756m (€4,040m in 3Q25), a sharp increase of 17.7%. At the operating division level, there was an increase of 13.3% compared to 3Q25.
In addition, exceptional items this quarter had a negative impact of -€2m on Net income, Group share (-€9m in 3Q25). Pre-tax net income came to €5,061m (+18.1% vs. 3Q25) and the average corporate income tax rate stood at the high rate of 30.2% for the third quarter.
On this basis, Net income, Group share came to €3,456m in 3Q26 (€3,044m in 3Q25).
Sustainable development
BNP Paribas confirmed its leadership in financing the energy transition. According to the 2026 BloombergNEF3 rankings, the Group is in the top position among the largest European banks in both its low-carbon/fossil energy financing ratio and for its overall financing of low-carbon energy projects.
In 2025, for every dollar granted to finance fossil energies, BNP Paribas provided 3.18 dollars of financing to low-carbon energy projects, i.e. a 56% increase in the ratio over the last year.
This strong momentum is also reflected in the Group’s support in emblematic operations all over the world aimed at adapting to climate change and supporting the transition to a low-carbon economy, notably through decarbonisation of industry, sustainable infrastructures and agriculture.
Group nine-month 2026 results
Revenues in the first nine months of 2026 came to €41,904m, up 10.0% compared to the first nine months of 2025 (hereinafter 9M25).
CIB’s NBI (€15,725m) rose by 9.0% compared to 9M25, driven by increased revenues from Global Markets (+13.1% vs. 9M25) and Securities Services (+13.8% vs. 9M25). Global Banking NBI, impacted in 1Q26 by exchange rates, was stable.
CPBS2 NBI rose by 4.4% to €20,660m, driven mainly by Commercial & Personal Banking in the Eurozone (CPBF: +9.4% vs. 9M25; CPBB: +14.9% vs. 9M25; CPBL: +11.2% vs. 9M25). Europe-Mediterranean improved strongly (+8.5% vs. 9M25). Specialised Businesses declined (-3.5% vs. 9M25) impacted by lower Arval used-car prices at Arval & Leasing Solutions (-20.4% vs. 9M25).
IPS’s NBI rose significantly (+20.5% vs. 9M25) to €5,915m, driven by the AXA IM integration and the good performance of business lines across Insurance (+3.8% vs. 9M25), Wealth Management and Real Estate (+8.3% vs. 9M25) and Asset Management (>1.5x vs. 9M25).
Group operating expenses amounted to €24,712m, up by 7.0% compared to 9M25 and generated a positive jaws effect of +3.0 points. This reflects the exceptional impact of restructuring and adaptation costs (€408m) and IT reinforcement costs (€98m). At division level, operating expenses rose by +5.3% at CIB and +3.5% at CPBS2 (+3.8% at Commercial & Personal Banking and +2.7% at Specialised Businesses). Operating expenses were up 21.6% for IPS, impacted by the AXA IM integration. For the first nine months of 2026, the Group’s cost-income ratio came to 59% (-1.6 points vs. 9M25), in line with the trajectory target of less than 56% by 2028.
Group gross operating income thereby came to €17,192m for the first nine months of 2026, up sharply by 14.5% compared to 9M25 (€15,011m).
Group cost of risk stood at €2,835m (€2,555m in 9M25). Other net losses for legal risks on financial instruments came to €365m.
The Group’s non-operating items, at €935m in 9M26, primarily reflect the revaluation of the financial stake in Allfunds (€372m) and the capital gain on divestment in the Ageas / AGI transaction (€858m).
Group pre-tax income came to €15,732m, up sharply by 20.3% compared to 9M25 (€13,081m). Based on an average corporate income tax rate for 9M26 of 28.8%, Net income, Group share came to €11,018m (up from €9,253m in 9M25).
As of 30 September 2026, return on revalued tangible equity stood at 13.2%.
This reflects the strong performance of the BNP Paribas Group underpinned by its diversified and integrated model.
In anticipation of the distribution of 2026 earnings and following on from the interim dividend of 3.23 euros paid out on 28 September 2026, the Group will launch a share buy-back programme of 1.3 billion euros in November 2026, as authorised by the ECB.
Financial structure as of 30 September 2026
The Common Equity Tier 1 ratio stood at 12.9% as of 30 September 2026. It includes the impact of the Athlon acquisition for approximately 15 basis points. The CET1 ratio is far above SREP requirements (10.45%).
The 3rd quarter 2026 reflected the combined effects of (i) organic capital generation net of the change in risk-weighted assets in 3Q26 and the distribution of 3Q26 earnings based on a 60% distribution ratio (+15 basis points), (ii) limited OCI impacts (-10 basis points) and (ii) the acquisition of Athlon (~-15 basis points).
The CET1 ratio is expected to be above 13% by end-2026, supported by organic capital generation and the impact of the disposal of BMCI (~+15 basis points).
The leverage ratio4 stood at 4.4% as of 30 September 2026.
As of 30 September 2026, the Liquidity Coverage Ratio5 (end-of-period) stood at 139%, high-quality liquid assets (HQLA) at €399bn and the immediately available liquidity reserve6 at €495bn.
2028 trajectory
The Group confirms its objectives for 2026 and through to 2028 and continues to enhance its profitability through strategic plans already underway and detailed during dedicated Deep Dive presentations. An update on the progress of these plans can be found in the 3Q26 results presentation. This trajectory includes:
- ROTE expected at 12% in 2026 and above 13% in 2028;
- A cost-income ratio projected at about 60% in 2026, and then below 56% in 2028;
- Net income, Group share growth projected at more than 10% on average annually from 2025 to 2028.
CORPORATE AND INSTITUTIONAL BANKING (CIB)
CIB third quarter 2026 results
Another very strong quarter, confirming our leading global client franchise.
Net banking income (€5,201m) rose sharply by 16.6% vs. 3Q25, reflecting tan acceleration in Global Banking, a particularly strong quarter for Global Markets and an excellent quarter at Securities Services.
Operating expenses, at €2,841m, rose by 9.2% vs. 3Q25 in support of business development. The jaws effect was very positive at 7.4 points.
Gross operating income amounted to €2,360m, up 27.1% vs. 3Q25. Cost of risk stood at the low level of €111m.
CIB generated pre-tax income of €2,250m, up sharply by 35.2%.
CIB – Global Banking
Global Banking turned in a solid quarter and reinforced its market positions.
Revenues amounted to €1,615m, up by 8.4%, driven by sustained business momentum. This is underpinned by its strong positioning in league table rankings. Meanwhile, headwinds in the first half of 2026 from exchange rates and interest rates are transforming into tailwinds in the second half of 2026.
In Europe, the Advisory business turned in a strong performance while Transaction Banking continued to grow, driven by volume growth and improved margins. The Americas achieved double-digit revenue growth, notably in DCM, acquisition financing, securitisations and infrastructure financing. This positive momentum was particularly strong in APAC, especially in capital markets activities.
Loans outstanding rose sharply (+17.5% vs. 3Q25), while deposits also expanded robustly (+18.4% vs. 3Q25).
Global Banking confirmed its leadership7 in EMEA in 9M26, ranking first in several debt segments and second in EMEA securitisation, with a market share of 8.9%, and in Transaction Banking8.
Operating expenses rose by 3.4% to €713m, reflecting continued investments in the business. The jaws effect was very positive by 5.0 points.
Cost of risk declined to 19 basis points in 3Q26 down from 40 basis points in 3Q25, which was impacted by a specific file.
CIB – Global Markets
Global Markets posted a very good quarter, driven by the performance of Equity & Prime Services.
At €2,674m, Global Markets revenues rose sharply by 21.9% vs. 3Q25 and were at a level close to the historic high achieved in 1Q26.
Equity & Prime Services revenues amounted to €1,459m, a very strong increase of 50.0% vs. 3Q25, driven by strong client demand across the full range of equity products.
FICC revenues were stable at €1,215m. Business volumes remained at a high level, driven by the strong performance in APAC and in foreign exchange, offsetting the decline in the credit and rates businesses.
Operating expenses were up, reflecting ongoing investments. The jaws effect was very positive by 8.6 points. VaR (average 99%, 1 day interval), a measure of market risks, remained low at €32m (-€2m vs. 3Q25).
CIB – Securities Services
Securities Services achieved an excellent performance, driven by the highly succesful onboarding of new clients.
Securities Services revenues rose by 17.6% to €912m, driven by the onboarding of new clients and strong business momentum amid heightened market volatility.
New mandates were signed this quarter with (i) Bpifrance to provide a securities service to their “X Défense” S.L.P. fund, labelled ELTIF II and (ii) UniSuper to provide access to advanced investment data as part of the Data PRISM360 solution developed in partnership with NeoXam.
Operating expenses remained tightly controlled as business activity continued to grow. The cost-income ratio stood at 63.2%, down by 6.9 points compared to 3Q25. The jaws effect was very positive at 11.5 points.
CIB nine-month 2026 results
In the first nine months of 2026, CIB’s NBI amounted to €15,725m, up by 9.0% with operating expenses at €8,576m, up by 5.3% compared to 9M25.
Gross operating income came to €7,149m, up by 13.7% compared to 9M25 and cost of risk stood at €317m.
On this basis, pre-tax income amounting to €6,844m, was up 15.4% compared to 9M25.
COMMERCIAL, PERSONAL BANKING & SERVICES (CPBS)
CPBS 3rd quarter 2026 results
Pre-tax income9 rose sharply in the third quarter, driven by a steady increase in revenues.
Net banking income2, at €6,863m, was up 3.6% vs. 3Q25.
Commercial & Personal Banking2 revenues, at €4,695m were up sharply (+9.2% vs. 3Q25). In the Eurozone, pre-tax income grew at a double-digit rate9, driven by strong business momentum. Interest revenues continued to grow (+13.6% vs. 3Q25) and so did financial fees across all networks (+7.2% vs. 3Q25), supported by a strong asset gathering momentum. In Europe‑Mediterranean, business development remained solid, notably in Poland and Türkiye and margins in Türkiye improved.
Specialised Businesses revenues amounted to €2,168m (-6.7% vs. 3Q25). Personal Finance achieved sustained growth in its revenues, driven by strong business momentum, combined with robust production margin management, the success of partnerships supporting the mobility and Retail businesses, while maintaining strict cost discipline. Arval completed the acquisition of Athlon and achieved strong organic growth (+12% vs. 3Q25 csr), driven by the expansion of its fleet and improved margins. However, used-car revenues continued to be impacted by adverse market conditions. Leasing Solutions displayed resilience amid a challenging investment environment.
Meanwhile, New Digital Businesses and Personal Investors maintained high activity levels, while Nickel continued to expand its offering with the launch of Compte Pro for entrepreneurs. Personal Investors benefitted from strong business momentum.
Operating expenses rose by +4.0%.
Gross operating income2 amounted to €2,857m (+3.2% vs. 3Q25) and cost of risk2 to €836m (€703m in 3Q25).
As a result, CBPS generated pre-tax income2 of €2,041m (-6.5% vs. 3Q25).
CPBS – Commercial & Personal Banking in France (CPBF)
CPBF delivered another strong quarter of revenue growth.
Deposits rose by 0.3% vs. 3Q25, thanks to private banking and corporate clients. Loans outstanding decreased by 0.2% over the year and were up by 3.5% for investment loans excluding state-guaranteed loans. Mortgage loans were stable in a very competitive market environment. As for off-balance sheet savings, net inflows into life insurance amounted to €3.3bn as of 30 September 2026, far higher than the level posted a year earlier. Assets under management in Private Banking were up sharply by 7.2% vs. 3Q25.
CPBF moved into the top position in France in the Dealogic 3Q26 M&A advisory league tables. CPBF also won two Corbeille d’Or awards for savings and retained its number 1 position on the student loans market in France for the second consecutive year.
Revenues10 amounted to €1,844m, up by 8.2%, in line with the Deep Dive trajectory. Net interest revenue10 was up this quarter driven by the reinvestment of non-remunerated deposits, partly offset by pressure on lending margins. Fees10 increased driven by financial fees (+8.1% vs. 3Q25) and cash management.
At €1,189m, operating expenses10 rose (+4.1% vs. 3Q25), driven by investments supporting plan execution. The jaws effect was very positive (+4.1 points).
Gross operating income10 came to €655m (+16.6% vs. 3Q25).
Cost of risk10 stood at €140m (€85m in 3Q25, a particularly low level creating a base effect), or 24 basis points of customer loans outstanding, in line with the Deep Dive guidance.
As a result, after allocating one third of Private Banking’s net income to Wealth Management (IPS division), CPBF achieved a very strong increase in pre-tax income11 to €466m (+9.0% vs. 3Q25).
CPBS – BNL Banca Commerciale (BNL bc)
BNL bc is building its next strategic plan on solid fundamentals. This plan will be presented in a Deep Dive on 18 November 2026.
Deposits were stable with an increase in deposits on the Private Banking and Corporate Client segments, offsetting the decline in Retail deposits. Loans outstanding increased, both overall (+0.6% vs. 3Q25) and when excluding non-performing loans (+1.0% vs. 3Q25). The quarter was marked by an increase in corporate loans (+3.1% vs. 3Q25), offset partly by a decline in mortgage loans reflecting a selective approach. Off-balance sheet customer assets rose by 7.6%12 vs. 30.09.2025, driven by Private Banking clients and individual customers. Private Banking assets under management (AuM13) came to €50.9bn (+6.9%11 vs. 3Q25).
Net banking income10 decreased slightly to €683m (-0.4% vs. 3Q25) and was positive (+0.6% vs. 3Q25) when excluding the specialised financing base effect. Interest revenue was impacted by loan margin compression and the gradual extinction of specialised financing, offsetting favourable deposit margins. Banking fees rose driven by the credit and insurance businesses and CIB cross-selling.
At €418m, the rise in operating expenses10 has been contained (+1.6% vs. 3Q25), driven by ongoing investments in technology.
Gross operating income10 amounted to €265m (-3.5% vs. 3Q25).
At €51m, cost of risk10 was down by 11.2% and stood at 27 basis points of customer loans outstanding.
As a result, after allocating one third of Private Banking’s net income to Wealth Management (IPS division), BNL bc achieved pre-tax income11 of €205m, down by -34.0% vs. 3Q25 and -2.6% vs. 3Q25 when excluding the €100m impact of the revaluation of equity investments in 3Q25.
CPBS – Commercial & Personal Banking in Belgium (CPBB)
CPBB posted double-digit pre-tax income growth driven by strong operating leverage.
Deposits rose by +2.5% vs. 3Q25 across all segments, alongside ongoing growth in off-balance sheet savings. Loans outstanding rose (+1.0% vs. 3Q25), driven by the continued growth in mortgage loans. Off-balance sheet customer assets rose by +7.8% vs. 30.09.2025. Private Banking AuM were at €93.7bn as of 30.09.2026 (+9.1% vs. 3Q25).
Net banking income10 was at €1,141m, up by +15.7% vs. 3Q25, in line with the Deep Dive trajectory. Interest revenue increased, driven by the ongoing growth in margins and a strong deposit momentum despite credit margins remaining under pressure. Fees rose by +7.3% vs. 3Q25 excluding distribution fees, driven by recurring financial fees and CIB cross-selling.
At €615m, operating expenses10 rose by 4.6% vs. 3Q25 in connection with ongoing investments linked to the deployment of the strategic plan. The jaws effect was very positive at +11.1 points.
Gross operating income10 amounted to €526m.
Cost of risk10 remained low, at 11 basis points of customer loans outstanding.
As a result, after allocating one third of Private Banking’s net income to Wealth Management (IPS division), CPBB achieved a strong increase in pre-tax income11 of €460m (+30.5% vs. 3Q25).
CPBS – Commercial & Personal Banking in Luxembourg (CPBL)
CPBL benefited from strong business momentum this quarter.
Net banking income10 amounted to €189m (+8.8% vs. 3Q25). Interest revenue10 rose sharply as deposit margins held up well across all segments, driven by increased volumes. Fees rose sharply, driven by Private Banking financial and transaction fees and payment fees in the retail segment.
At €82m, operating expenses10 rose by 4.3%, in connection with inflation and specific projects. The jaws effect was very positive at 4.5 points.
Gross operating income10 was up very sharply, at €107m (+12.5% vs. 3Q25) and cost of risk10 amounted to 31 basis points of customer loans outstanding.
After allocating one third of Private Banking’s net income to Wealth Management (IPS division), CPBL thereby achieved pre-tax income11 of €94m (+0.4% vs. 3Q25).
CPBS – Europe-Mediterranean
A dynamic quarter with profitable growth.
Deposits were up (+3.8% vs. 3Q25), as were loans outstanding (+7.5% vs. 3Q25) in particular in Türkiye and Poland.
At €1,017m, Net banking income10 rose by 8.4% vs. 3Q25 and by 9.5% vs. 3Q25 when excluding the impact of the hyperinflation accounting standard in Türkiye.
This growth was driven by a strong interest revenue and fee momentum, supported by improving margins, volumes and payment-related fees. In Poland, interest revenue rebounded in 3Q26 driven by higher volumes and margins, while fees remained stable overall.
Operating expenses10, at €558m, rose by 3.7% vs. 3Q25 and by 4.5% vs. 3Q25 when excluding the impact of the hyperinflation accounting standard in Türkiye. The increase in operating expenses was mainly due to high inflation in Türkiye. The jaws effect was very positive at 4.8 points.
Gross operating income10 amounted to €460m, up by 14.8% vs. 3Q25.
Cost of risk10, at 88 basis points of customer loans outstanding, was indicative of a normalisation in Poland and an increase in Türkiye on the SME segment in the context of an economic slowdown.
After allocating one third of Private Banking’s net income to Wealth Management (IPS), Europe-Mediterranean achieved pre-tax income11 of €396m, up by 12.2% and by +13.2% when the impact of the hyperinflation accounting standard in Türkiye is excluded.
The business activities of BNP Paribas Bank Polska were in line with the commitments set out in its strategic plan.
Ukrsibbank is fully operational despite an environment that remains challenging.
The divestment of BMCI in Morocco, scheduled to be concluded in the fourth quarter of 2026, (with an annual revenues basis of €358m in 2025), is expected to have a positive impact on BNP Paribas’s CET1 ratio of about +15 basis points in 4Q26.
CPBS – Specialised Businesses – Personal Finance
Personal Finance benefited from strong business momentum, while continuing to improve operating efficiency.
The quarter featured solid business momentum, with production up by 8.0% and loans outstanding up by 5.7% csr. Mobility continued to develop, with production up by +12.7% vs. 3Q25 csr, driven by Stellantis as well as by the ramp-up of the Chery Group partnership in the UK.
Retail consumer credit also expanded further, with production up by +12.9% vs. 3Q25 csr, driven by the Apple partnership, notably in the UK, alongside continued momentum with major partners including Orange and Currys.
On this basis, net banking income, at €1,350m, was up by 4.6% vs. 3Q25, driven by robust business volumes despite a less favourable interest rate environment.
Operating expenses rose by 1.1% to €627m. The jaws effect was positive (+3.5 points), and the cost-income ratio improved, reflecting operating efficiency measures.
Gross operating income rose by 7.8% to €722m.
Cost of risk stood at €421m (€374m in 3Q25), equivalent to 149 basis points of customer loans outstanding. It rose due to a base effect in 3Q25, supported by stricter lending criteria and active management of the portfolio mix which improved the risk profile.
Personal Finance generated pre-tax income of €305m, up by 2.1%.
CPBS – Specialised Businesses – Arval and Leasing Solutions
The third quarter was marked a challenging environment.
Arval completed the acquisition of Athlon on 31 July 2026.
The vehicle mix improved with the integration of Athlon since 31% of Athlon’s fleet comprises battery-powered EVs compared to 21% at Arval. Business proceeded at a sustained pace, as seen in the expansion of Arval’s financed fleet up to 1.96 million vehicles (+23.8% vs. 3Q25 ; +5.8% csr vs. 3Q25) and in its outstandings (+20.9% vs. 3Q25 ; +6.9% csr vs. 3Q25). The private individual segment continued to expand (+15.1% vs. 3Q25) and now accounts for 12.7% of the total fleet, thanks to the success of new partnerships.
Outstandings decreased slightly at Leasing Solutions (-0.7% csr vs. 3Q25), due lower volumes. This quarter also saw the partnership with Komatsu in the UK and Ireland being extended to take in the construction machinery market.
Combined net banking income of Arval and Leasing Solutions, at €546m, decreased by 29.1%. Arval achieved strong growth in organic NBI of +24.6% vs. 3Q25; 12% csr, driven by fleet expansion and higher financial and services margins. However, given the persistent pressure on used-car prices, used-car revenues continue to be heavily penalised.
Combined operating expenses of Arval and Leasing Solutions rose to €451m, in connection with the acquisition of Athlon. Pre-tax income for Arval and Leasing Solutions amounted to €16m.
CPBS – Specialised Businesses – New Digital Businesses and Personal Investors
Strong business momentum drove a double-digit increase in pre-tax income in the third quarter.
Nickel continued to expand its presence in Europe with some 13,900 points of sale in France, Belgium, Germany, Spain and Portugal. Nickel also expanded its offering with the launch of Compte Pro, a fast and accessible account for entrepreneurs.
Personal Investors, a digital bank in Germany, achieved strong transaction momentum despite an historically high basis of comparison in 1H26, as well as a high level of deposit inflows (+9.0% vs. 3Q25) in a very competitive environment.
Business activity at Floa, a French buy-now, pay-later leader, was buoyant, in particular in cards and credit, despite an uncertain geopolitical environment. A plan to merge14 Floa and BNP Paribas Personal Finance was announced with the goal of becoming the leading buy-now, pay-later and consumer finance player in France.
On this basis, net banking income10, rose by 3.7% vs. 3Q25 to €276m, driven by a sustained level of activity, notably at Personal Investors.
Operating expenses10, at €171m (+1.5% vs. 3Q25), accompanied ongoing investments in business development. The jaws effect was positive (+2.2 points).
Gross operating income10 amounted to €105m and cost of risk10 to €26m (€30m in 3Q25).
Pre-tax income11 of New Digital Businesses and Personal Investors, after allocating one third of net income from Private Banking in Germany to Wealth Management (IPS division), came to €77m, up by more than 18.5%.
CPBS nine-month 2026 results
In the first nine months of 2026, NBI2 amounted to €20,660m, up by 4.4% compared to 9M25.
Operating expenses2 rose by 3.5% compared to 9M25, to €12,486m.
Gross operating income2 amounted to €8,174m up by 5.9% compared to 9M25.
Cost of risk2 amounted to €2,355m, up by 9.8% compared to 9M25 (€2,145m in 9M25).
Pre-tax income2 amounted to €5,863m, up by 3.3% compared to 9M25.
INVESTMENT & PROTECTION SERVICES (IPS)
IPS 3rd quarter 2026 results
A good quarter for IPS with strong net inflows driving revenue and profitability growth.
As of 30 September 2026, assets under management stood at €2,549bn15 (+4.3% vs. 31.12.2025; +6.6% vs. 30.09.2025). Over the first nine months, AuM growth was driven by the combined impacts of: (i) strong net inflows (+€49.4bn), (ii) a positive market effect (+€37.9bn), (iii) a positive forex impact (+€28.0bn) and (iv) other negative impacts for -€9.1bn. 66% of AuM were in Asset Management, 21% in Wealth Management and 13% in Insurance.
Insurance continued its steady organic growth, driven by the sustained contribution from Savings, with a higher share of unit-linked contracts. The Protection business benefited from a strong momentum, notably due to strategic international partnerships. Pre-tax income was up sharply and included a positive impact for €81m resulting from the disposal by Ageas of a stake in a partnership.
Asset Management benefited from strong business momentum, with significant net inflows of €31bn in 9M26, in line with the Deep Dive trajectory. Assets under management have expanded significantly since 2025 (+€65.8bn), driven by market performance, the exchange effect and net inflows offsetting the -€39bn impact of the divestment of a stake in South Korea. Pre-tax income was up sharply, driven by operating income amplified by the impact of this sale.
Wealth Management achieved solid net inflows, driven by a positive momentum across Commercial & Personal Banking in Europe and APAC. Pre-tax income was significantly higher, supported by a high level of transactional activity in Asia, strong recurring fees and solid deposit revenues.
Real Estate remained subdued amid a lacklustre market.
Overall, revenues amounted to €1,993m (+5.3% vs. 3Q25). They were driven by organic growth and the on-track integration of AXA IM.
Operating expenses rose by +2.8% to €1,183m and the jaws effect was positive at 2.5 points. The increase in operating expenses is slowing notably due to the first effects of the synergies generated by the integration of AXA IM.
Gross operating income stood at €811m (+9.1% vs. 3Q25).
Pre-tax income amounted to €1,009m sharply up by +26.4% vs. 3Q25.
IPS - Insurance
This quarter was driven by solid Savings and Protection inflows.
Savings featured solid business momentum, with high net inflows of €7.4bn, driven by noteworthy organic growth in Asia and the scope effect of the Ageas transaction.
This quarter was also marked by the signing of an agreement to acquire a stake of approximately 26% in IndiaFirst Life Insurance16, with the operation scheduled to be completed in 2027 and to have a projected CET1 impact below 1 basis point.
The +28.5% growth in the Protection business vs. 3Q25 reflects good business development, in particular abroad, driven by strategic partnerships and the integration of Ageas.
The international rollout of the Stellantis partnership continued in Spain following on from the rollout in Italy in 2Q26. The partnership with Ripley in Chile was renewed for a further 15 years offering new digital services.
Overall, revenues were up sharply by 5.0% to €646m, driven by the solid momentum of the Savings activity, notably in France, and the positive contribution of the partnership with BCC Iccrea in Italy.
Operating expenses rose slightly to €211m, confirming continued cost discipline. The jaws effect was positive at 3.2 points.
At €599m, pre-tax income was up sharply by 30.2% vs. 3Q25, supported by the Ageas contribution and ongoing organic growth. This quarter, pre-tax income includes the positive impact of the disposal by Ageas of a stake in a partnership.
IPS – Asset Management
A strong increase in profitability, driven by robust organic growth and disciplined execution of the AXA IM integration.
Business development was robust, with solid net inflows of €31.0bn since 31 December 2025. Inflows were driven by medium- and long-term strategies, particularly in alternative assets, ETFs, and fixed income.
Asset Management continued to develop its product offering and to expand its distribution capacities. BNPP Asset Management Alts successfully completed the fundraising for its European Junior Infrastructure Debt fund.
Revenues rose to €704m, driven by the strong business performance and the market performance effect.
Operating expenses amounted to €497m supported by the positive effect of the synergies generated. The jaws effect was positive (+2.5 points), underscoring disciplined cost control.
Pre-tax income was up very sharply, to €256m, benefiting from growth in operating income amplified by the impact of the stake disposal.
IPS – Wealth Management & Real Estate
Pre-tax income grew sharply in the third quarter.
Wealth Management achieved solid net inflows of +€11.5bn since 31.12.2025, driven by sustained momentum across Commercial & Personal Banking in Europe and APAC.
The Group announced its organic strategic expansion into wealth management in the Nordic countries, marking a new milestone in the development of the Group’s presence in the region, in particular among Ultra High Net Worth (UHNW) clients, entrepreneurs and Family Offices.
AuM rose by +3.6% compared to the end of 2025, supported by sustained inflows and a favourable market performance. Against this backdrop, revenues improved solidly, supported by a high level of transactional activity, strong recurring fees and solid deposit revenues.
Real Estate remained subdued this quarter amid a lacklustre market.
Revenues rose by 6.8% vs. 3Q25 to €643m, driven by sustained growth in Wealth Management and supported by transactional activity, higher fees and deposit income. Real Estate revenues declined due to lower business volumes.
Operating expenses rose to €475m, in connection with business development and IT investments. The jaws effect was positive (+2.3 points). Pre-tax income was up by 11.3% to €154m, reflecting operating leverage and disciplined execution.
IPS nine-month 2026 results
Nine-month 2026 revenues came to €5,915m, up sharply by 20.5% compared to 9M25.
Operating expenses came to €3,563m, up by 21.6% compared to 9M25.
Gross operating income came to €2,353m, up by 18.8% compared to 9M25.
Pre-tax income came to €2,613m, up by 13.2% compared to 9M25.
CORPORATE CENTRE
Restatements related to insurance activities in 3Q26
3Q26 revenues amounted to -€311m (-€274m in 3Q25) and operating expenses to €296m (€288m in 3Q25). On this basis, GOI came to -€15m (+€14m in 3Q25).
Restatements related to insurance activities in accordance with IFRS 17 include costs related to insurance activities, generating, at the level of Corporate Centre, negative revenues offset by positive costs. Revenues also reflect the restatement of volatility.
Corporate Centre results (excluding restatements related to Insurance) in 3Q26
In 3Q26, revenues amounted to €11m (-€132m in 3Q25) and GOI came to -€272m (-€425m in 3Q25).
Operating expenses amounted to €283m (€292m in 3Q25) and included the impact of restructuring and adaptation costs of €89m (€89m in 3Q25) as well as IT reinforcement costs of €25m (€65m in 3Q25).
Pre-tax income of Corporate Centre excluding restatements related to Insurance came to -€224m.
All in all, on the basis of the results for the first nine months of 2026, gross operating income of Corporate Centre is projected to be about -€1,000m for the full year 2026.
GLOSSARY
| AuA | Assets under Management |
|---|---|
| AuC | Assets under Custody |
| AIM | Alternative Investment Managers |
| AWM | Asset & Wealth Managers |
| CAGR (%) | Compound Average Growth Rate |
| CET1 ratio (%) | Transition to phased-in ratios and RWA starting from 2Q25, in order to align with the calculation of the regulatory requirement (MDA calculation), to reflect the Group’s 2030 horizon, and to reflect the standards used by the market. Phased-in CET1 calculated on the basis of the quarter’s risk-weighted assets; including transitional arrangements as defined in Art.465, 495 and 500 of CRR |
| Cost/income ratio (%) | Ratio between operating expenses and revenues |
| Cost of risk / customer loans outstanding (bps) | Ratio between the cost of risk (€m) and customer loans outstanding at the start of the period Cost of risk does not include “Cost of legal risk on financial instruments” |
| EPS (€) | Earnings per share in €, calculated on the basis of net income, Group share adjusted for the remuneration of undated super-subordinated notes (TSSDI) and the average number of shares outstanding |
| FICC | Fixed Income, Currencies and Commodities |
| FRTB | Fundamental Review of the Trading Book |
| HSR | Change at historical scope and exchange rate |
| CSR | Change at constant scope and exchange rate |
| Jaws effect (pts) | Increase in revenues minus the increase in operating expenses over the same period |
| LCR | End-of-period Liquidity Coverage Ratio calculated in accordance with Regulation (CRR) 575/2013, art. 451b |
| Leverage | Leverage calculated in accordance with Regulation (EU) 575/2013 - Art. 429 |
| MREL | Minimum Requirement for own funds and Eligible Liabilities |
| Net income (€m) | Net income, Group share |
| TNBV (€) | Tangible net book value per share, revalued at the end of the period, in € |
| PF | Personal Finance |
| RoE | Return on Equity |
| RoIC (%) | Return on Invested Capital; projection of net income generated by redeployed capital divided by the corresponding CET1 capital allocation |
| RoNE (%) | Return on Notional Equity; ratio between annualised pre-tax net income and average allocated equity during the same period |
| RoTE (%) | Return on Tangible Equity |
| RWA (M€) | Risk-Weighted-Assets |
| SIU | Savings & Investment Union |
| SREP | Supervisory Review and Evaluation Process |
| SRT | Significant Risk Transfer operations |
| TLAC | Total Loss Absorbing Capacity |
| USSN / TSSDI | Undated super-subordinated notes |
| VaR | Value-at-risk |
CONSOLIDATED PROFIT & LOSS STATEMENT – GROUP
| €m | 3Q26 | 3Q25* | Var. / 3Q25 | 9M26 | 9M25* | Var. / 9M25 |
|---|---|---|---|---|---|---|
| Revenues (NBI) | 13,757 | 12,569 | +9.5% | 41,904 | 38,110 | +10.0% |
| Operating Expenses and Dep. | -8,016 | -7,610 | +5.3% | -24,712 | -23,104 | +7.0% |
| Gross Operating Income | 5,741 | 4,959 | +15.8% | 17,192 | 15,011 | +14.5% |
| Cost of Risk | -964 | -905 | +6.5% | -2,835 | -2,555 | +11.0% |
| Costs of legal risks on financial instruments | -21 | -14 | +50.0% | -365 | -141 | n.s. |
| Operating Income | 4,756 | 4,040 | +17.7% | 13,992 | 12,327 | +13.5% |
| Share of Earnings of Equity-Method Entities | 346 | 221 | +56.6% | 805 | 643 | +25.6% |
| Other Non Operating Items | -41 | 23 | n.s. | 935 | 113 | n.s. |
| Pre-Tax Income | 5,061 | 4,284 | +18.1% | 15,732 | 13,081 | +20.3% |
| Corporate Income Tax | -1,424 | -1,138 | +25.2% | -4,295 | -3,541 | +21.3% |
| Net Income Attributable to Minority Interests | -181 | -164 | -10.4% | -419 | -464 | -9.7% |
| Net Income from discontinued activities | 0 | 0 | 0 | 0 | ||
| Net Income Attributable to Equity Holders | 3,456 | 3,044 | +13.5% | 11,018 | 9,253 | +19.1% |
| Cost/income | 58.3% | 60.5% | -2.3pt | 59.0% | 60.6% | -1.6pt |
Average corporate income tax rate: 30.2% (3Q26); 26.5% (3Q25); 28.8% (9M26); 27.1% (9M25)
*On 16 March 2026, we published on our website a restatement of the 2025 quarterly series under the 2026 reporting format
RESULTS BY BUSINESS LINES FOR THE 3RD QUARTER AND THE FIRST 9 MONTHS 2026
| Commercial, Personal Banking & Services (2/3 of Private Banking) | Investment & Protection Services | CIB | Operating Divisions | Corporate Center | Group | |
|---|---|---|---|---|---|---|
| Revenues | 6,863 | 1,993 | 5,201 | 14,057 | -300 | 13,757 |
| % Change3Q25 | +3.6% | +5.3% | +16.6% | +8.3% | -26.1% | +9.5% |
| % Change2Q26 | -1.2% | +2.7% | -1.5% | -0.8% | n.s. | -2.4% |
| Operating Expenses and Dep. | -4,005 | -1,183 | -2,841 | -8,030 | 14 | -8,016 |
| % Change3Q25 | +4.0% | +2.8% | +9.2% | +5.6% | n.s. | +5.3% |
| % Change2Q26 | +0.5% | +0.9% | +0.2% | +0.5% | n.s. | +0.4% |
| Gross Operating Income | 2,857 | 811 | 2,360 | 6,028 | -287 | 5,741 |
| % Change3Q25 | +3.2% | +9.1% | +27.1% | +12.3% | -30.2% | +15.8% |
| % Change2Q26 | -3.5% | +5.3% | -3.5% | -2.4% | n.s. | -6.0% |
| Cost of Risk | -836 | -10 | -111 | -957 | -7 | -964 |
| % Change3Q25 | +18.9% | n.s. | -43.0% | +6.9% | -27.4% | +6.5% |
| % Change2Q26 | +9.4% | n.s. | +17.0% | +11.1% | -92.3% | +1.6% |
| Costs of legal risks on financial instruments | -20 | 0 | 0 | -20 | -1 | -21 |
| % Change3Q25 | +38.8% | -55.2% | n.s. | +38.0% | n.s. | +50.0% |
| % Change2Q26 | -49.5% | -16.2% | n.s. | -49.4% | -98.8% | -78.8% |
| Operating Income | 2,001 | 801 | 2,249 | 5,050 | -294 | 4,756 |
| % Change3Q25 | -2.5% | +7.4% | +35.3% | +13.3% | -29.8% | +17.7% |
| % Change2Q26 | -7.2% | +4.3% | -4.3% | -4.3% | +35.4% | -6.0% |
| Share of Earnings of Equity-Method Entities | 127 | 178 | 2 | 307 | 39 | 346 |
| Other Non Operating Items | -86 | 30 | 0 | -56 | 15 | -41 |
| Pre-Tax Income | 2,041 | 1,009 | 2,250 | 5,300 | -239 | 5,061 |
| % Change3Q25 | -6.5% | +26.4% | +35.2% | +14.1% | -34.0% | +18.1% |
| % Change2Q26 | -8.2% | +20.8% | -4.4% | -2.1% | n.s. | -16.5% |
| Commercial, Personal Banking & Services (2/3 of Private Banking) | Investment & Protection Services | CIB | Operating Divisions | Corporate Center | Group | |
|---|---|---|---|---|---|---|
| Revenues | 20,660 | 5,915 | 15,725 | 42,300 | -396 | 41,904 |
| % Change9M25 | +4.4% | +20.5% | +9.0% | +8.1% | -61.0% | +10.0% |
| Operating Expenses and Dep. | -12,486 | -3,563 | -8,576 | -24,625 | -87 | -24,712 |
| % Change9M25 | +3.5% | +21.6% | +5.3% | +6.4% | n.s. | +7.0% |
| Gross Operating Income | 8,174 | 2,353 | 7,149 | 17,675 | -483 | 17,192 |
| % Change9M25 | +5.9% | +18.8% | +13.7% | +10.6% | -50.3% | +14.5% |
| Cost of Risk | -2,355 | -16 | -317 | -2,688 | -147 | -2,835 |
| % Change9M25 | +9.8% | n.s. | -14.7% | +6.7% | n.s. | +11.0% |
| Costs of legal risks on financial instruments | -86 | 0 | 0 | -86 | -279 | -365 |
| % Change9M25 | -33.4% | -31.7% | n.s. | -33.4% | n.s. | n.s. |
| Operating Income | 5,733 | 2,337 | 6,832 | 14,902 | -909 | 13,992 |
| % Change9M25 | +5.3% | +18.2% | +15.5% | +11.7% | -9.8% | +13.5% |
| Share of Earnings of Equity-Method Entities | 402 | 309 | 12 | 723 | 82 | 805 |
| Other Non Operating Items | -272 | -32 | 0 | -305 | 1,240 | 935 |
| Pre-Tax Income | 5,863 | 2,613 | 6,844 | 15,320 | 412 | 15,732 |
| % Change9M25 | +3.3% | +13.2% | +15.4% | +10.1% | n.s. | +20.3% |
BALANCE SHEET AS OF 30 SEPTEMBER 2026
| 30/09/2026 | 31/12/2025 | |
|---|---|---|
| ASSETS | ||
| Cash and balances at central banks | 195,116 | 211,330 |
| Financial instruments at fair value through profit or loss ⎯ Securities ⎯ Loans and repurchase agreements ⎯ Derivative financial Instruments | 395,878 301,454 347,422 | 321,293 254,310 274,625 |
| Derivatives used for hedging purposes | 30,176 | 20,017 |
| Financial assets at fair value through equity ⎯ Debt securities ⎯ Equity securities | 84,627 1,505 | 77,940 1,420 |
| Financial assets at amortised cost ⎯ Loans and advances to credit institutions ⎯ Loans and advances to customers ⎯ Debt securities | 42,724 949,742 160,008 | 26,259 897,358 151,687 |
| Remeasurement adjustment on interest-rate risk hedged portfolios | -5,114 | -2,335 |
| Investments and other assets related to insurance activities | 318,685 | 305,471 |
| Current and deferred tax assets | 5,977 | 5,746 |
| Accrued income and other assets | 215,326 | 167,788 |
| Equity-method investments | 11,031 | 6,950 |
| Property, plant and equipment and investment property | 63,647 | 53,601 |
| Intangible assets | 4,567 | 4,583 |
| Goodwill | 7,298 | 7,133 |
| Assets held for sale | 6,798 | 7,805 |
| TOTAL ASSETS | 3,136,867 | 2,792,981 |
| LIABILITIES | ||
| Deposits from central banks | 8,850 | 4,401 |
| Financial instruments at fair value through profit or loss ⎯ Securities ⎯ Deposits and repurchase agreements ⎯ Issued debt securities and subordinated debt ⎯ Derivative financial instruments | 129,255 372,319 149,322 333,233 | 98,487 357,947 129,279 252,726 |
| Derivatives used for hedging purposes | 34,722 | 28,493 |
| Financial liabilities at amortised cost ⎯ Deposits from credit institutions ⎯ Deposits from customers ⎯ Debt securities ⎯ Subordinated debt | 95,204 1,160,289 188,095 37,601 | 69,938 1,075,564 173,933 34,468 |
| Remeasurement adjustment on interest-rate risk hedged portfolios | -12,356 | -9,811 |
| Current and deferred tax liabilities | 4,035 | 3,336 |
| Accrued expenses and other liabilities | 187,753 | 143,059 |
| Liabilities related to insurance contracts | 268,525 | 261,223 |
| Financial liabilities related to insurance activities | 27,442 | 21,500 |
| Provisions for contingencies and charges | 9,437 | 10,193 |
| Liabilites associated with assets held for sale | 6,007 | 6,072 |
| TOTAL LIABILITIES | 2,999,733 | 2,660,808 |
| EQUITY | ||
| Share capital, additional paid-in capital and retained earnings | 124,372 | 117,787 |
| Net income for the period attributable to shareholders | 11,018 | 12,225 |
| Total capital, retained earnings and net Income for the period attributable to shareholders | 135,390 | 130,012 |
| Changes in assets and liabilities recognised directly in equity | -5,044 | -4,499 |
| Shareholders' equity | 130,346 | 125,513 |
| Minority interests | 6,788 | 6,660 |
| TOTAL EQUITY | 137,134 | 132,173 |
| TOTAL LIABILITIES AND EQUITY | 3,136,867 | 2,792,981 |
ALTERNATIVE PERFORMANCE INDICATORS
ARTICLE 223-1 OF THE AMF GENERAL REGULATIONS
| Alternative performance measures | Definition | Reason for use |
|---|---|---|
| Insurance P&L aggregates (Revenues, Operating expenses, Gross operating income, Operating income, Pre-tax income) | Insurance P&L aggregates (Revenues, Gross operating income, Operating income, Pre-tax income) excluding the volatility generated by the fair value accounting of certain assets through profit and loss (IFRS 9) transferred to Corporate Center ; Gains or losses realised in the event of divestments, as well as potential long-term depreciations are included in the Insurance income profit and loss account. A reconciliation with Group P&L aggregates is provided in the tables “Quarterly Series.” | Presentation of the Insurance result reflecting operational and intrinsic performance (technical and financial) |
| Corporate Center P&L aggregates | P&L aggregates of Corporate Center, including restatement of the volatility (IFRS 9) and attributable costs (internal distributors) related to Insurance activities”, following the application from 01.01.23 of IFRS 17 “insurance contracts” in conjunction with the application of IFRS 9 for insurance activities, including: • Restatement in Corporate Center revenues of the volatility to the financial result generated by the IFRS 9 fair value recognition of certain Insurance assets; • Operating expenses deemed “attributable to insurance activities”, net of internal margin, are recognized in deduction from revenues and no longer booked as operating expenses. These accounting entries relate exclusively to the Insurance business and Group entities (excluding the Insurance business) that distribute insurance contracts (known as internal distributors) and have no effect on gross operating income. The impact of entries related to internal distribution contracts is borne by the “Corporate Center.” A reconciliation with Group P&L aggregates is provided in the “Quarterly Series” tables. | Transfer to Corporate Center of the impact of operating expenses “attributable to insurance activities” on internal distribution contracts in order not to disrupt readability of the financial performance of the various business lines. |
| Operating division profit and loss account aggregates (Revenues, Net interest revenue, Operating expenses, Gross operating income, Operating income, Pre-tax income) | Sum of CPBS’ profit and loss account aggregates (with Commercial & Personal Banking’ profit and loss account aggregates, including 2/3 of private banking in France, Italy, Belgium, Luxembourg, Germany, Poland and in Türkiye), IPS and CIB. BNP Paribas Group profit and loss account aggregates = Operating division profit and loss account aggregates + Corporate Center profit and loss account aggregates. Reconciliation with Group profit and loss account aggregates is provided in the “Quaterly series” tables. Net interest revenue mentioned in Commercial & Personal Banking includes the net interest margin (as defined in Note 2.a of the financial statements), as well as, to a lesser extent, other revenues (as defined in Notes 2.c, 2.d and 2.e of the financial statements), excluding fees (Note 2.b of the financial statements). P&L aggregates of Commercial & Personal Banking or Specialized Businesses distributing insurance contracts exclude the impact of the application of IFRS 17 on the accounting presentation of operating expenses deemed “attributable to insurance activities” in deduction of revenues and no longer operating expenses, with the impact carried by Corporate Center. | Representative measure of the BNP Paribas Group’s operating performance |
| Profit and loss account aggregates of Commercial & Personal Banking activity with 100% of Private Banking | Profit and loss account aggregate of a Commercial & Personal Banking activity including the whole profit and loss account of Private Banking Reconciliation with Group profit and loss account aggregates is provided in the “Quarterly series” tables. | Representative measure of the performance of Commercial & Personal Banking activity including the total performance of Private Banking (before sharing the profit & loss account with the Wealth Management business, Private Banking being under a joint responsibility of Commercial & Personal Banking (2/3) and Wealth Management business (1/3)) |
| Profit and loss account aggregates, excluding PEL/CEL effects (Revenues, Gross operating income, Operating income, Pre-tax income) | Profit and loss account aggregates, excluding PEL/CEL effects. Reconciliation with Group profit and loss account aggregates is provided in the “Quarterly series” tables. | Representative measure of the aggregates of the period excluding changes in the provision that accounts for the risk generated by PEL and CEL accounts throughout their lifetime. |
| Cost-income ratio | Ratio of costs to income | Measure of operating efficiency in the banking sector |
| Cost of risk/customer loans outstanding at the beginning of the period (in basis points) | Ratio of cost of risk (in €m) to customer loans outstanding at the beginning of the period Cost of risk does not include “Cost of legal risk on financial instruments”. | Measure of the risk level by business in percentage of the volume of loans outstanding |
| Change in operating expenses excluding IFRIC 21 impact | Change in operating expenses excluding taxes and contributions subject to IFRIC 21 | Representative measure of the change in operating expenses excluding taxes and contributions subject to IFRIC 21 booked almost entirely in the 1st quarter of the year, given in order to avoid any confusion compared to other quarters |
| Return on equity (ROE) | Details of the ROE calculation are disclosed in the Appendix “Return on Equity and Permanent Shareholders’ Equity” of the results’ presentation. Assets and liabilities recognised directly in equity are included in the denominator Permanent Shareholders’ Equity | Measure of the BNP Paribas Group’s return on equity A change in the calculation methodology was carried out from Q4 2025 to align with sector peers |
| RONE | Ratio of annualised net income before tax over average allocated notional equity over the period. - For non-insurance businesses, notional equity is allocated on the basis of a multiple of 12% of risk-weighted assets. - For the Group’s consolidated insurance companies, notional equity is allocated based on prudential equity derived from a multiple of 160% of the SCR (Solvency Capital Requirement) | Measure of operational performance representative of the return on notional equity allocated to the business lines or operating divisions, taking into account their risk exposure |
| Return on tangible equity (ROTE) | Details of the ROTE calculation are disclosed in the Appendix “Return on Equity and Permanent Shareholders’ Equity” of the results’ presentation Assets and liabilities recognised directly in equity are included in the denominator Permanent Shareholders’ Equity | Measure of the BNP Paribas Group’s return on tangible equity A change in the calculation methodology was carried out from 4Q25 to align with sector peers |
| Coverage ratio of non-performing loans | Relationship between stage 3 provisions and impaired outstandings (stage 3), balance sheet and off-balance sheet, netted for collateral received, for customers and credit institutions, including liabilities at amortised cost and debt securities at fair value through equity (excluding Insurance) | Measure of provisioning of non-performing loans |
Methodology: Comparative analysis at constant scope and exchange rates
The method used to determine the effect of changes in scope of consolidation depends on the type of transaction (acquisition, sale, etc.). The underlying purpose of the calculation is to facilitate period-on-period comparisons.
In cases of acquired or created entity, the results of the new entity are eliminated from the constant scope results of current-year periods corresponding to the periods when the entity was not owned in the prior-year.
In cases of divested entities, the entity's results are excluded symmetrically for the prior year for quarters when the entity was not owned.
In cases of change of consolidation method, the policy is to use the lowest consolidation percentage over the two years (current and prior) for results of quarters adjusted on a like-for-like basis.
Comparative analysis at constant exchange rates is prepared by restating results for the prior-year quarter (reference quarter) at the current quarter exchange rate (analysed quarter). All of these calculations are performed by reference to the entity’s reporting currency.
Additional information
The figures included in this press release are unaudited.
As a reminder, on 16 March 2026, BNP Paribas published quarterly series for 2025, restated to reflect, among other things, the reorganization of Global Capital Markets within CIB, the evolution of the sharing agreement between Wealth Management and CPBS, the transfer of 50% of Kantox from New Digital Businesses to Global Markets and the evolution of the main components of IPS and central costs allocation following the integration of AXA IM into the Asset Management.
This press release includes forward-looking statements based on current beliefs and expectations about future events. Forward-looking statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives, and expectations with respect to future events, operations, products and services, and statements regarding future performance and synergies. Forward-looking statements are not guarantees of future performance and are subject to inherent risks, uncertainties and assumptions about BNP Paribas and its subsidiaries and investments, developments of BNP Paribas and its subsidiaries, banking industry trends, future capital expenditures and acquisitions, changes in economic conditions globally, or in BNP Paribas’ principal local markets, the competitive market and regulatory factors. Those events are uncertain; their outcome may differ from current expectations, which may in turn significantly affect expected results. Consequently, actual results may differ from those projected or implied in these forward-looking statements due to a variety of factors. These factors include among others: i) BNP Paribas’s ability to achieve its objectives, ii) the impacts from central bank interest rate policies, whether due to continued elevated interest rates or potential significant reductions in interest rates, iii) changes (including interpretation) in regulatory capital and liquidity rules, iv) continued elevated levels of, or any resurgence in, inflation and its impacts, v) the various geopolitical uncertainties and impacts related notably to the war in Ukraine, conflicts in the Middle East, vi) the various uncertainties and impacts related to political instability, including in France, or vi) the precautionary statements included in this presentation.
BNP Paribas undertakes no obligation to publicly revise or update any forward-looking statements in light of new information or future events. It should be recalled in this regard that the Supervisory Review and Evaluation Process is carried out each year by the European Central Bank, which can modify each year its capital adequacy ratio requirements for BNP Paribas.
The information contained in this press release as it relates to parties other than BNP Paribas or derived from external sources has not been independently verified and no representation or warranty expressed or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. Neither BNP Paribas nor its representatives shall have any liability whatsoever in negligence or otherwise for any loss however arising from any use of this presentation or its contents or otherwise arising in connection with this presentation or any other information or material discussed. The sum of values contained in the tables and analyses may differ slightly from the total reported due to rounding.
BNP Paribas’ financial disclosures of the third quarter 2026 consist of this press release, the attached presentation, and quarterly series.
For a detailed information, the quarterly series are available at the following address:
https://invest.bnpparibas/document/3q26-quarterly-series. All legally required disclosures, including the Universal Registration document, are available online at https://invest.bnpparibas.com in the “Results” section and are made public by BNP Paribas pursuant to the requirements under Article L.451-1-2 of the French Monetary and Financial Code and Articles 222-1 and seq. of the French Financial Markets Authority General Regulations.
Investor Relations
Bénédicte Thibord - benedicte.thibord@bnpparibas.com
Equity
Meriem Afilal Costard - meriem.afilalcostard@bnpparibas.com
Raphaëlle Bouvier-Flory - raphaelle.bouvierflory@bnpparibas.com
Lisa Bugat - lisa.bugat@bnpparibas.com
Tania Mansour - tania.mansour@bnpparibas.com
Olivier Parenty - olivier.parenty@bnpparibas.com
Guillaume Tiberghien - guillaume.tiberghien@uk.bnpparibas.com
Debt & Rating agencies
Tania Mansour - tania.mansour@bnpparibas.com
Olivier Parenty - olivier.parenty@bnpparibas.com
Retail & ESG
Lisa Bugat - lisa.bugat@bnpparibas.com
Antoine Labarsouque - antoine.labarsouque@bnpparibas.com
E-mail: investor.relations@bnpparibas.com
https://invest.bnpparibas/en/
Notes
- In accordance with regulation (EU) No. 575/2013, Article 26(2), permission to integrate 3Q26 results into CET1 subject to authorisation by the competent authorities
- Including 2/3 of Private Banking, including PEL/CEL effects in France
- Financing facilitated toward low-carbon energy supply relative to fossil fuels at the end of 2025. Bloomberg NEF methodology builds on bank transactions for the energy sector (equities, bonds, loans, sustainable debt, project financing and financing related to fiscal provisions), covering some 93,400 companies. Scope: 50 biggest global banks in terms of energy financing
- Calculated in accordance with Regulation (EU) 575/2013, Art. 429
- Calculated in accordance with Regulation (CRR) 575/2013, 451b
- Liquid market assets or eligible assets in central banks (counterbalancing capacity), taking prudential standard into account, notably US standards, minus intraday payment system needs
- Official Dealogic Reports, 9M26.
- Global Capital Markets, Global ECM, Global Loans, EMEA ECM, EMEA IB, EMEA DCM, EMEA Loans rankings and market shares based on fees
- All other rankings and market shares are based on volume (EURO Denominated DCM, European Corporate IG Bonds, European HY DCM (excl. Banks & Domestic), European Securitisation) - Source: Coalition Greenwich Competitor Analytics, 1H26. EMEA Transaction Banking revenues in EUR. Data as of October 13th, 2026. Analysis based on BNP Paribas’ product scope and on Coalition Index banks: BofA, BARC, Citi, DB, GS, HSBC, JPM, MS, SG, UBS, and WFC. All information is strictly confidential and not to be reproduced without the explicit consent of Crisil Coalition Greenwich.
- Excluding a gain of €100m for BNL in 3Q25
- Including 100% of Private Banking (excluding PEL/CEL effects in France)
- Including 2/3 of Private Banking (excluding PEL/CEL effects in France)
- Excluding the impact of an exceptional NNC special situation booked in 4Q25 (+10.4% vs 3Q25 including this transaction)
- Excluding the €2bn of an exceptional Net New Cash special situation booked in 4Q25 (including this transaction, AUM @ €52.9bn / +11.0% vs. 3Q25)
- Subject to finalising the social process and regulatory procedures
- Including the negative impact of €39bn following the divestment of a holding in South Korea
- Subject to approval from the competent authorities