2012 Registration document and annual financial report - BNP Paribas

2012 REVIEW OF OPERATIONSCore business results3WEALTH AND ASSET MANAGEMENTIn millions of euros 2012 2011 2012/2011Revenues 2,836 2,957 -4.1%Operating Expenses and Dep. (2,129) (2,220) -4.1%Gross Operating Income 707 737 -4.1%Cost of Risk 52 6 n.s.Operating Income 759 743 +2.2%Associated Companies 32 33 -3.0%Other Non Operating Items 16 61 -73.8%Pre-Tax Income 807 837 -3.6%Cost/Income 75.1% 75.1% +0.0 ptAllocated Equity (€bn) 1.8 1.7 +6.4%3INSURANCEIn millions of euros 2012 2011 2012/2011Revenues 1,970 1,626 +21.2%Operating Expenses and Dep. (1,001) (912) +9.8%Gross Operating Income 969 714 +35.7%Cost of Risk (6) (71) -91.5%Operating Income 963 643 +49.8%Associated Companies 100 (166) n.s.Other Non Operating Items 0 (3) n.s.Pre-Tax Income 1,063 474 n.s.Cost/Income 50.8% 56.1% -5.3 ptAllocated Equity (€bn) 5.7 5.3 +9.0%SECURITIES SERVICESIn millions of euros 2012 2011 2012/2011Revenues 1,398 1,339 +4.4%Operating Expenses and Dep. (1,189) (1,126) +5.6%Gross Operating Income 209 213 -1.9%Cost of Risk 8 1 n.s.Operating Income 217 214 +1.4%Non Operating Items 11 -1 n.s.Pre-Tax Income 228 213 +7.0%Cost/Income 85.1% 84.1% +1.0 ptAllocated Equity (€bn) 0.5 0.5 +0.2%2012 Registration document and annual financial report - BNP PARIBAS 85