1、 BNP Paribas First Quarter 2025 Results 24 April 2025 Jean-Laurent Bonnaf(Group CEO)Lars Machenil(Group CFO)BNP Paribas:First Quarter 2025 results Edited transcript 24 April 2025 2 RESULTS 1ST QUARTER 2025 Jean-Laurent Bonnaf Chief Executive Officer Good afternoon,ladies and gentlemen.We are pleased

2、 to present a summary of our strong first quarter results and to have the opportunity to reiterate our 20242026 trajectory.But before I start,let me provide a brief commentary on the current environment.Of course,we acknowledge elevated uncertainties in the markets and the economic environment,but t

3、he best way to face them is to be ready,first,to support our clients.And in that respect,our focus is on high-quality customers,and our readiness to help them to redirect or adjust their investment plans is our top priority.Ready to monitor our risk:credit and market risks are monitored very closely

4、,and we still have S1 and S2 provision to help absorb some of the deterioration should it materialise.And of note,investment-grade clients represent 78%of our credit exposure.Ready also to grasp investment opportunities:the first quarter marked an acceleration in funding commitments by European gove

5、rnments.What is new is the wake-up call for Europe.The German EUR 11.5 trillion investment plan and the EUR 800 billion EU readiness program are just first steps.Finally,we need to capitalise on the likely changes to come in the European capital markets,including SIU.We advocate with European author

6、ities to ensure a level playing field,particularly with regards to the FRTB.And we are already ready,thanks to our originate-and-distribute platform and SRT capabilities to accelerate the financing of Europe investment needs in a capital-light way.So now let me turn to our results.Moving to slide fo