from BNP PARIBAS (EPA:BNP)
2025 FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL STATEMENTS
Year ended 31 December 2025
Unaudited figures
CONSOLIDATED FINANCIAL STATEMENTS
Prepared in accordance with IFRS as adopted by the European Union
The Board of directors of BNP Paribas approved the Group consolidated financial statements on 4 February 2026.
The consolidated financial statements of the BNP Paribas Group are presented for the years ended 31 December 2025 and 2024. In accordance with Annex I of European Delegated Regulation (EU) n° 2019/980 as amended by Delegated Regulation (EU) n° 2020/1273, the consolidated financial statements for the year ended 31 December 2023 are provided in the Universal registration document filed with the Autorité des Marchés Financiers on 20 March 2025 under number D.25-0122.
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 2025
In millions of euros
| Notes | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 | |
|---|---|---|---|
| Interest income | 2.a | 71,532 | 83,020 |
| Interest expense | 2.a | (50,329) | (63,496) |
| Commission income | 2.b | 17,727 | 16,196 |
| Commission expense | 2.b | (6,022) | (5,495) |
| Net gain on financial instruments at fair value through profit or loss | 2.c | 11,283 | 11,569 |
| Net gain on financial instruments at fair value through equity | 2.d | 261 | 209 |
| Net gain on derecognised financial assets at amortised cost | 31 | 55 | |
| Net income from insurance activities | 5.a | 2,383 | 2,396 |
| of which Insurance revenue | 10,270 | 9,711 | |
| Insurance service expenses | (8,101) | (7,502) | |
| Investment return | 11,896 | 11,554 | |
| Net finance income or expenses from insurance contracts | (11,682) | (11,367) | |
| Income from other activities | 2.e | 22,362 | 21,922 |
| Expense on other activities | 2.e | (18,005) | (17,545) |
| REVENUES | 51,223 | 48,831 | |
| Operating expenses | 2.f | (29,003) | (27,803) |
| Depreciation, amortisation and impairment of property, plant and equipment and intangible assets | 4.l | (2,371) | (2,390) |
| GROSS OPERATING INCOME | 19,849 | 18,638 | |
| Cost of risk | 2.g | (3,350) | (2,999) |
| Other net losses for risk on financial instruments | 2.h | (203) | (202) |
| OPERATING INCOME | 16,296 | 15,437 | |
| Share of earnings of equity-method entities | 4.k | 777 | 701 |
| Net gain on non-current assets | 2.i | (56) | (191) |
| Goodwill | 4.m | 48 | 241 |
| PRE-TAX INCOME | 17,065 | 16,188 | |
| Corporate income tax | 2.j | (4,207) | (4,001) |
| NET INCOME | 12,858 | 12,187 | |
| Net income attributable to minority interests | 633 | 499 | |
| NET INCOME ATTRIBUTABLE TO EQUITY HOLDERS | 12,225 | 11,688 | |
| Basic earnings per share | 8.a | 10.29 | 9.57 |
| Diluted earnings per share | 8.a | 10.29 | 9.57 |
STATEMENT OF NET INCOME AND CHANGES IN ASSETS AND LIABILITIES RECOGNISED DIRECTLY IN EQUITY FOR THE YEAR ENDED 2025
In millions of euros
| Year to 31 Dec. 2025 | Year to 31 Dec. 2024 | |
|---|---|---|
| Net income for the period | 12,858 | 12,187 |
| Changes in assets and liabilities recognised directly in equity | (1,939) | 945 |
| Items that are or may be reclassified to profit or loss | (2,131) | 1,129 |
| - Changes in exchange differences | (2,212) | 1,177 |
| - Changes in fair value of financial assets at fair value through equity Changes in fair value recognised in equity Changes in fair value reported in net income | 920 (59) | (632) (66) |
| - Changes in fair value of investments of insurance activities Changes in fair value recognised in equity Changes in fair value reported in net income | (2,800) 235 | (543) 447 |
| - Changes in fair value of contracts of insurance activities | 2,472 | 259 |
| - Changes in fair value of hedging instruments Changes in fair value recognised in equity Changes in fair value reported in net income | 328 (5) | (111) (5) |
| - Income tax | (157) | 150 |
| - Changes in equity-method investments, after tax | (853) | 453 |
| Items that will not be reclassified to profit or loss | 192 | (184) |
| - Changes in fair value of equity instruments designated as at fair value through equity | 443 | (17) |
| - Debt remeasurement effect arising from BNP Paribas Group issuer risk | (274) | (587) |
| - Remeasurement gains (losses) related to post-employment benefit plans | (45) | 228 |
| - Income tax | 26 | 112 |
| - Changes in equity-method investments, after tax | 42 | 80 |
| Total | 10,919 | 13,132 |
| - Attributable to equity shareholders | 10,273 | 12,431 |
| - Attributable to minority interests | 646 | 701 |
BALANCE SHEET AT 31 DECEMBER 2025
In millions of euros, at
| Notes | 31 December 2025 | 31 December 2024 | |
|---|---|---|---|
| ASSETS | |||
| Cash and balances at central banks | 211,330 | 182,496 | |
| Financial instruments at fair value through profit or loss Securities Loans and repurchase agreements Derivative financial instruments | 4.a 4.a 4.a | 321,293 254,310 274,625 | 267,357 225,699 322,631 |
| Derivatives used for hedging purposes | 4.b | 20,017 | 20,851 |
| Financial assets at fair value through equity Debt securities Equity securities | 4.c 4.c | 77,940 1,420 | 71,430 1,610 |
| Financial assets at amortised cost Loans and advances to credit institutions Loans and advances to customers Debt securities | 4.e 4.e 4.e | 26,259 897,358 151,687 | 31,147 900,141 146,975 |
| Remeasurement adjustment on interest-rate risk hedged portfolios | (2,335) | (758) | |
| Investments and other assets related to insurance activities | 5.c | 305,471 | 286,849 |
| Current and deferred tax assets | 4.i | 5,746 | 6,215 |
| Accrued income and other assets | 4.j | 167,788 | 174,147 |
| Equity-method investments | 4.k | 6,950 | 7,862 |
| Property, plant and equipment and investment property | 4.l | 53,601 | 50,314 |
| Intangible assets | 4.l | 4,583 | 4,392 |
| Goodwill | 4.m | 7,133 | 5,550 |
| Assets held for sale | 8.e | 7,805 | - |
| TOTAL ASSETS | 2,792,981 | 2,704,908 | |
| LIABILITIES | |||
| Deposits from central banks | 4,401 | 3,366 | |
| Financial instruments at fair value through profit or loss Securities Deposits and repurchase agreements Issued debt securities and subordinated debt Derivative financial instruments | 4.a 4.a 4.a 4.a | 98,487 357,947 129,279 252,726 | 79,958 304,817 104,934 301,953 |
| Derivatives used for hedging purposes | 4.b | 28,493 | 36,864 |
| Financial liabilities at amortised cost Deposits from credit institutions Deposits from customers Debt securities Subordinated debt | 4.g 4.g 4.h 4.h | 69,938 1,075,564 173,933 34,468 | 66,872 1,034,857 198,119 31,799 |
| Remeasurement adjustment on interest-rate risk hedged portfolios | (9,811) | (10,696) | |
| Current and deferred tax liabilities | 4.i | 3,336 | 3,657 |
| Accrued expenses and other liabilities | 4.j | 143,059 | 136,955 |
| Liabilities related to insurance contracts | 5.d | 261,223 | 247,699 |
| Financial liabilities related to insurance activities | 5.c | 21,500 | 19,807 |
| Provisions for contingencies and charges | 4.n | 10,193 | 9,806 |
| Liabilities associated with assets held for sale | 8.e | 6,072 | - |
| TOTAL LIABILITIES | 2,660,808 | 2,570,767 | |
| EQUITY | |||
| Share capital, additional paid-in capital and retained earnings | 117,787 | 118,957 | |
| Net income for the period attributable to shareholders | 12,225 | 11,688 | |
| Total capital, retained earnings and net income for the period attributable to shareholders | 130,012 | 130,645 | |
| Changes in assets and liabilities recognised directly in equity | (4,499) | (2,508) | |
| Shareholders' equity | 125,513 | 128,137 | |
| Minority interests | 8.b | 6,660 | 6,004 |
| TOTAL EQUITY | 132,173 | 134,141 | |
| TOTAL LIABILITIES AND EQUITY | 2,792,981 | 2,704,908 | |
CASH FLOW STATEMENT FOR THE YEAR ENDED 2025
In millions of euros
| Notes | Year to 31 Dec. 2025 | Year to 31 Dec. 2024 | |
|---|---|---|---|
| Pre-tax income | 17,065 | 16,188 | |
| Non-monetary items included in pre-tax net income and other adjustments | 11,148 | 11,094 | |
| Net depreciation/amortisation expense on property, plant and equipment and intangible assets | 8,055 | 7,272 | |
| Impairment of goodwill and other non-current assets | (11) | 21 | |
| Net addition to provisions | 4,226 | 3,023 | |
| Variation of assets/liabilities related to insurance contracts | 5,305 | 3,181 | |
| Share of earnings of equity-method entities | 4.k | (777) | (701) |
| Net income (expense) from investing activities | (320) | (277) | |
| Net income (expense) from financing activities | (545) | (604) | |
| Other movements | (4,785) | (821) | |
| Net increase (decrease) related to assets and liabilities generated by operating activities | 18,358 | (124,658) | |
| Net increase (decrease) related to transactions with customers and credit institutions | 60,793 | (8,672) | |
| Net decrease related to transactions involving other financial assets and liabilities | (29,381) | (102,669) | |
| Net decrease related to transactions involving non-financial assets and liabilities | (9,233) | (10,184) | |
| Taxes paid | (3,821) | (3,133) | |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS GENERATED BY OPERATING ACTIVITIES | 46,571 | (97,376) | |
| Net decrease (increase) related to acquisitions and disposals of consolidated entities | (3,183) | 1,956 | |
| Net decrease related to property, plant and equipment and intangible assets | (2,875) | (2,136) | |
| NET DECREASE IN CASH AND CASH EQUIVALENTS RELATED TO INVESTING ACTIVITIES | (6,058) | (180) | |
| Decrease in cash and cash equivalents related to transactions with shareholders | (13,342) | (8,756) | |
| Increase in cash and cash equivalents generated by other financing activities | 6,523 | 2,338 | |
| NET DECREASE IN CASH AND CASH EQUIVALENTS RELATED TO FINANCING ACTIVITIES | (6,819) | (6,418) | |
| EFFECT OF MOVEMENT IN EXCHANGE RATES ON CASH AND CASH EQUIVALENTS | (7,073) | (393) | |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 26,621 | (104,367) | |
| Balance of cash and cash equivalent accounts at the start of the period Cash and amounts due from central banks Due to central banks On demand deposits with credit institutions On demand loans from credit institutions Deduction of receivables and accrued interest on cash and cash equivalents | 4.g | 178,212 182,511 (3,366) 9,482 (10,608) 193 | 282,579 288,279 (3,374) 8,352 (10,770) 92 |
| Balance of cash and cash equivalent accounts at the end of the period Cash and amounts due from central banks Due to central banks On demand deposits with credit institutions On demand loans from credit institutions Deduction of receivables and accrued interest on cash and cash equivalents Cash and cash equivalent accounts classified as "Assets held for sale" | 4.g | 204,833 211,343 (4,401) 10,458 (12,369) (236) 38 | 178,212 182,511 (3,366) 9,482 (10,608) 193 - |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 26,621 | (104,367) |
STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY
| In millions of euros | Capital and retained earnings | Changes in assets and liabilities recognised directly in equity that will not be reclassified to profit or loss | ||||||
|---|---|---|---|---|---|---|---|---|
| Share capital and additional paid-in-capital | Undated super subordinated notes | Non‑distributed reserves | Total | Financial assets designated as at fair value through equity | Own-credit valuation adjustment of debt securities designated as at fair value through profit or loss | Remeasurement gains (losses) related to post‑employment benefit plans | Total | |
| Balance at 31 December 2023 | 21,202 | 13,472 | 92,110 | 126,784 | 855 | 146 | 431 | 1,432 |
| Appropriation of net income for 2023 | (5,198) | (5,198) | ||||||
| Increases in capital and issues | ||||||||
| Reductions or redemptions of capital | (1,051) | (1,326) | (62) | (2,439) | ||||
| Movements in own equity instruments | (18) | (17) | 423 | 388 | ||||
| Share-based payment plans | (5) | (5) | ||||||
| Remuneration on undated super subordinated notes | (743) | (743) | ||||||
| Movements in consolidation scope impacting minority shareholders (note 8.b) | ||||||||
| Acquisitions of additional interests or partial sales of interests (note 8.b) | 4 | 4 | ||||||
| Change in commitments to repurchase minority shareholders' interests | (4) | (4) | ||||||
| Other movements | (39) | (39) | ||||||
| Realised gains or losses reclassified to retained earnings | 209 | 209 | (210) | 1 | (209) | (191) | ||
| Changes in assets and liabilities recognised directly in equity | 79 | (435) | 165 | |||||
| Net income for 2024 | 11,688 | 11,688 | ||||||
| Balance at 31 December 2024 | 20,133 | 12,129 | 98,383 | 130,645 | 724 | (288) | 596 | 1,032 |
| Appropriation of net income for 2024 | (5,413) | (5,413) | ||||||
| Increases in capital and issues | ||||||||
| Reductions or redemptions of capital | (1,124) | (1,534) | 63 | (2,595) | ||||
| Movements in own equity instruments | (1,181) | 19 | 177 | (985) | ||||
| Share-based payment plans | (7) | (7) | ||||||
| Remuneration on undated super subordinated notes | (822) | (822) | ||||||
| Impact of internal transactions on minority shareholders (note 8.b) | (35) | (35) | ||||||
| Movements in consolidation scope impacting minority shareholders (note 8.b) | ||||||||
| Acquisitions of additional interests or partial sales of interests (note 8.b) | 2 | 2 | ||||||
| Change in commitments to repurchase minority shareholders' interests | 4 | 4 | ||||||
| Other movements | (155) | (155) | ||||||
| Realised gains or losses reclassified to retained earnings | 39 | 39 | (59) | 20 | (39) | |||
| Changes in assets and liabilities recognised directly in equity | 438 | (210) | (41) | |||||
| Net income for 2025 | 12,225 | 12,225 | ||||||
| Interim dividend payments | (2,891) | (2,891) | ||||||
| Balance at 31 December 2025 | 17,828 | 10,614 | 101,570 | 130,012 | 1,103 | (478) | 555 | 1,180 |
BETWEEN 1 JANUARY 2024 AND 31 DECEMBER 2025
| In millions of euros | Changes in assets and liabilities recognised directly in equity that may be reclassified to profit or loss | Total shareholders' equity | Minority interests (note 8.b) | Total equity | ||||
|---|---|---|---|---|---|---|---|---|
| Exchange differences | Financial assets at fair value through equity | Financial investments and contracts of insurance activities | Derivatives used for hedging purposes | Total | ||||
| Balance at 31 December 2023 | (3,429) | (358) | (972) | 285 | (4,474) | 123,742 | 5,125 | 128,867 |
| Appropriation of net income for 2023 | (5,198) | (364) | (5,562) | |||||
| Increases in capital and issues | 5 | 5 | ||||||
| Reductions or redemptions of capital | (2,439) | (2,439) | ||||||
| Movements in own equity instruments | 388 | 388 | ||||||
| Share-based payment plans | (5) | (5) | ||||||
| Remuneration on undated super subordinated notes | (743) | (8) | (751) | |||||
| Movements in consolidation scope impacting minority shareholders | 258 | 258 | ||||||
| Acquisitions of additional interests or partial sales of interests | 4 | 192 | 196 | |||||
| Change in commitments to repurchase minority shareholders' interests | 93 | 89 | ||||||
| Other movements | (39) | 2 | (37) | |||||
| Realised gains or losses reclassified to retained earnings | ||||||||
| Changes in assets and liabilities recognised directly in equity | 1,218 | (494) | 365 | (155) | 934 | 743 | 202 | 945 |
| Net income for 2024 | 11,688 | 499 | 12,187 | |||||
| Balance at 31 December 2024 | (2,211) | (852) | (607) | 130 | (3,540) | 128,137 | 6,004 | 134,141 |
| Appropriation of net income for 2024 | (5,413) | (253) | (5,666) | |||||
| Increases in capital and issues | 75 | 75 | ||||||
| Reductions or redemptions of capital | (2,595) | (2,595) | ||||||
| Movements in own equity instruments | (985) | (985) | ||||||
| Share-based payment plans | (7) | (7) | ||||||
| Remuneration on undated super subordinated notes | (822) | (7) | (829) | |||||
| Impact of internal transactions on minority shareholders (note 8.b) | (35) | 35 | ||||||
| Movements in consolidation scope impacting minority shareholders (note 8.b) | 3 | 3 | ||||||
| Acquisitions of additional interests or partial sales of interests (note 8.b) | 2 | 247 | 249 | |||||
| Change in commitments to repurchase minority shareholders' interests | 4 | (88) | (84) | |||||
| Other movements | (155) | (2) | (157) | |||||
| Realised gains or losses reclassified to retained earnings | ||||||||
| Changes in assets and liabilities recognised directly in equity | (2,696) | 611 | (322) | 268 | (2,139) | (1,952) | 13 | (1,939) |
| Net income for 2025 | 12,225 | 633 | 12,858 | |||||
| Interim dividend payments | (2,891) | (2,891) | ||||||
| Balance at 31 December 2025 | (4,907) | (241) | (929) | 398 | (5,679) | 125,513 | 6,660 | 132,173 |
NOTES TO THE FINANCIAL STATEMENTS
Prepared in accordance with IFRS as adopted by the European Union
1. MATERIAL ACCOUNTING POLICIES APPLIED BY THE GROUP
1.a ACCOUNTING STANDARDS
1.a.1 Applicable accounting standards
The consolidated financial statements of the BNP Paribas Group have been prepared in accordance with international accounting standards (International Financial Reporting Standards – IFRS), as adopted for use in the European Union1. Accordingly, certain provisions of IAS 39 on hedge accounting have been excluded.
Information on the nature and extent of risks relating to financial instruments as required by IFRS 7 “Financial Instruments: Disclosures” along with information on regulatory capital required by IAS 1 “Presentation of Financial Statements” are presented in chapter 5 of the Universal registration document. This information, which is an integral part of the notes to the consolidated financial statements of the BNP Paribas Group at 31 December 2025, is covered by the opinion of the Statutory Auditors on the consolidated financial statements, and is identified by the word “Audited" within this chapter. Section 4 of chapter 5, paragraph Exposures, provisions and cost of risk provides, in particular, IFRS 7 information on credit risk exposures and related impairment broken down according to whether the underlying loans are performing or non-performing, by geographic area and by industry.
- Further to the Pillar II recommendations of the Organisation for Economic Cooperation and Development (OECD) in relation to the international tax reform, the European Union adopted in December 2022 the 2022/2523 directive instituting a minimum corporate income tax for international groups, effective 1 January 2024. This directive was transposed by the 2024 Finance Act in France in December 2023.
To clarify the directive’s potential impacts, on 23 May 2023 the IASB issued a series of amendments to IAS 12 “Income Taxes”, which were adopted by the European Union on 8 November 2023. In accordance with the provisions of these amendments, the Group applies the mandatory and temporary exception not to recognise deferred taxes associated with this additional taxation.
Furthermore, income before tax and corporate income tax by country are presented in chapter 8 of the 2025 Universal registration document (part 8.6, section II. Profit and Loss account items and headcount by country).
The introduction of other standards, amendments and interpretations that are mandatory as from 1 January 2025 had no effect on the Group’s financial statements at 31 December 2025.
1.a.2 NEW MAJOR ACCOUNTING STANDARDS, PUBLISHED BUT NOT YET APPLICABLE
The Group did not early apply new standards, amendments and interpretations endorsed by the European Union when the application in 2025 was optional.
1 The full set of standards adopted for use in the European Union can be found on the website of the European Commission at: https://ec.europa.eu/info/business-economy-euro/company-reporting-and-auditing/company-reporting_en
The impact assessment of the new standards and amendments not yet applicable by the Group is presented below:
Amendments to IFRS 9 "Financial Instruments” and IFRS 7 "Financial Instruments: Disclosures” relating to the classification and measurement of financial instruments.
On 30 May 2024, the IASB published amendments to IFRS 9 and IFRS 7. These amendments approved by the European Commission on 27 May 2025, which will be applicable for annual periods beginning on 1 January 2026. These amendments:
- clarify the date of recognition and derecognition of certain financial assets and liabilities, with a new exception for certain financial liabilities settled through an electronic payment system;
- clarify and add indications for assessing whether a financial asset meets the cash flow criterion, e.g. its cash flows are solely payments of principal and interest on the principal outstanding (SPPI);
- require disclosures in the notes to financial statements for certain instruments with contractual terms that can change the time or amount of cash flows upon the occurrence or non-occurrence of a contingent event (e.g. financial instruments with characteristics linked to the achievement of environmental, social and governance objectives); and
- update the information requirements for equity instruments designated at fair value through equity.
Based on the analysis conducted, the Group does not expect these amendments to have a significant impact on the Group's consolidated financial statements.
Publication of IFRS 18 “Presentation and disclosure in financial statements” in replacement of IAS 1 “Presentation of Financial Statements”.
IFRS 18 will be mandatory from 1 January 2027, with retrospective application.
IFRS 18 includes many of the requirements of IAS 1 without changes and supplements them with new requirements relating to:
- the presentation of specific categories (operating, investment and financing) and sub-totals in the statement of profit or loss account;
- information to be disclosed in the notes to the financial statements on management-defined performance measures (MPM);
- aggregation and disaggregation of information in the statement of profit or loss account.
The Bank continued to assess the detailed implications of applying IFRS 18 to the Group's consolidated financial statements, and does not expect significant changes to the presentation of its profit and loss account other than those resulting from the reclassification to operating income of items previously classified under “Net gain on non-current assets” and “Goodwill”.
1.b CONSOLIDATION
1.b.1 SCOPE OF CONSOLIDATION
The consolidated financial statements of BNP Paribas include entities that are controlled by the Group, jointly controlled, and under significant influence, with the exception of those entities whose consolidation is regarded as immaterial to the Group. Companies that hold shares in consolidated companies are also consolidated.
Subsidiaries are consolidated from the date on which the Group obtains effective control. Entities under temporary control are included in the consolidated financial statements until the date of disposal.