This restatement has no impact on the Group’s published and distributable 2023 results and only changes the analytical breakdown of business lines, divisions and “Corporate Centre” segment.
In order to present a homogeneous reference with the presentation of the financial statements and the results, applied from 1 January 2024, the quarterly series for 2023 include the effects described below:
- Taking into account the end of the ramp-up of the Single Resolution Fund (SRF)
as from 1 January 2024 (reminder: 1 002 million euros in 2023), and the assumption of a similar contribution to local banking taxes at an estimated amount around 200 million euros per year from 2024. - Regarding the 2023 net income, the contribution to the SRF (EUR 1 002 million) was entirely allocated to the divisions and business lines. The restatement entails reallocating approximately EUR 800 million not intended to continue from 2024 to the “Corporate Centre” segment, and allocating only the 200 million euros mentioned above to the divisions and business lines,
- Concerning the distributable income specific to the 2023 year (reflecting the intrinsic performance of the BNP Paribas Group after impact of the sale of Bank of the West, the ramp-up of the SRF and excluding extraordinary items): by consistency, only the amount of 200 million euros mentioned above is retained at Group level and allocated to the divisions and business lines.
- Since 4Q23, "Other net charges for risk on financial instruments” is an accounting line item separate from “cost of risk”. It records expenses relating to risks which call into question the validity or enforceability of financial instruments granted. The restatement entails reclassifications for a value of 130 million euros between the two lines of the profit and loss account at the level of the Europe-Mediterranean business line and “Corporate Centre”.
- The business indicators are restated to take into account both internal transfers of non-significant activities, notably within Commercial & Personal Banking in Belgium (transfer of clients from the individual segment, in particular SMEs, to the corporate segment in connection with the new commercial organization) as well as new activity indicators within the New Digital Businesses (integration of Nickel deposits).
The following non-audited appendices detail the 2023 quarterly results in accordance with this restatement.
- Appendix 1: 2023 restated Group published net income and 2023 restated Group Distributable net income - (unchanged from the publication of 1 February 2024)
- Appendix 2: Effects of the restatement on the operating divisions
- Appendix 3: Effect of the restatement on Corporate Centre
- Appendix 4: Effects of the transfer of clients within Commercial & Personal Banking in Belgium and integration of Nickel deposits
- Appendix 5: Restated quarterly series for all divisions and business lines
Details of the restatement are available at:Investors & Shareholders | BNP Paribas Bank
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