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Good afternoon, ladies and gentlemen, and welcome to the presentation of BNP Paribas third quarter 2021 results. For your information, this conference call is being recorded. Supporting slides are available on BNP Paribas IR website, invest.bnpparibas.com. During today's presentation, you will be able to ask questions by pressing 01 on your telephone keypad. If you would like to ask a question, please make sure to be in a quiet area to maximize audio quality. I will now hand over to Mr. Lars Masniel, Group Chief Financial Officer. Sir, please go ahead.

Thank you. Good afternoon, fine ladies, gentlemen. Trust you are doing well. And hello from Paris. And welcome to BNP Paribas third quarter 2021 results presentation. In the usual way, I'll take you through the first two chapters of the results presentation in a kind of synthetic way. and this before handing it over to you for a Q&A. So if you look at this third quarter, BNP Paribas demonstrated yet again the strength of its distinctive model. BNP Paribas performed well above 2019 levels and business activity continued to evolve very positively. The group's performance in the first nine months of this year confirmed not only the rebound, which has now already occurred in the majority of the businesses, but also our potential for growth beyond a mere rebound to this level of 2019. And this evolution is structural on the back of the bank's distinctive, diversified and integrated approach and demonstrate that BNP Paribas is very well positioned to capture an increasing part of the growth ahead. On the strength of this confirmed performance and growth, as well as its solid balance sheet expressed via, well, PIC2, but let's take the ratios ROTE at 10.4% and the CET1 ratio at 13.13%. So if you look at those ratios, you can understand that BNP Paribas has enhanced its distribution policy for 2021 and announced this morning the launch of a share buyback program for 900 million euros. Moving to the presentation now, let's go to slide three. And you see that BNP Paribas delivered a very solid performance in this third quarter 2021, with a sharp rise in net income and a positive JAWS effect. Looking at the financial summary line by line, you can see that revenues were up 4.7% year on year, with a similar evolution when compared to the third quarter 2019. Clearly, revenues benefited from the group's diversified business model, with on one hand particularly good contributions from domestic markets and wealth management, and on the other hand a high level of revenues at CIB, which experienced growth across all of the three business lines within CIB. And these domains perform very well as they build on each other in a unique BNP Paribas way. For example, when we take domestic markets where wealth and domestic markets interact very strongly. And also if you look at CIB where, for example, global banking and global markets interact very well in a kind of joint venture that is called capital markets. So that's the revenues. Costs accompanied this evolution with 3.8% when compared to the third quarter in 2020, while they decreased by 0.1% when compared to 2019. Of course, the Bank is supporting the growth of our businesses, which has been stronger than anticipated at the start of the year. In addition, as there is now a strong reduction in economic uncertainty and a better visibility on the growth potential in front of us, We're also investing to support future growth in a very disciplined and consistent matter. Furthermore, as you know, cost embedded this quarter, some scope effects related to business development initiatives. I think in particularly in equities with on one hand Exxon, who's now fully consolidated and Prime Brokerage, who is being transferred from Deutsche Bank. So in addition to our strict discipline, our improved efficiency continues to sustain structurally the containment of operating expenses. There's a group operated with positive jaws close to one point in the third quarter, 4.7 points when looking at the third quarter of 2019 as the basis of comparison. If we further go down the P&L and we come to the cost of risk, it stood at a low level of 32 basis points over loans outstanding, and this with a moderate release of Stage 1 and Stage 2 provisions and a limited number of new defaults. Hence, a very steep increase in operating income, up 31% versus the third quarter and just shy of up 25% on 2019. Finally, if we take it to the bottom line, net income came in at a high 2.5 billion euros, sharply up from the third quarter last year and the year before last. Now, this is at the P&L, and as I mentioned earlier, if we look at the balance sheet and its regulatory metrics, let's look at the CET1 ratio. It clocked in at 13% in the third quarter 2021. It would have stayed at 12.9% when taking into account the impact of the share buyback program announced today. If we now switch to slide four, which provides a summary of the evolution of several levers of the P&L, but this time on a nine-month basis, and also comparing to 2019. And as you can see, the group delivered a strong performance on a quarterly basis as well as on nine months. Also, you see that it outperformed 2019 results on all fronts with a 5.2% increase in revenues, an overwhelmingly positive JAWS effect, an 18.7% increase in gross operating income, and a net income at 7.2 billion euros in the first nine months. As such, the group has clearly demonstrated the potential and preparedness to capture growth going forward. Finally, it has demonstrated that it is able to capture growth while keeping its costs under control as evidenced by its positive JAWS effects based on a comparison with the first nine months 2020 and even more so 2019. So with this, let's move to the update of the group's distribution policy. So if I can ask you to swipe to slide five. So first of all, it is important to note that the group has confirmed its strength, growth potential, and financial solidity. Again, if you look at the metrics, unrealized ROTE at 10.4%, CET1 ratio at 13%, with no specific uncertainties in front of us. So given these ratios, given the absence of these uncertainties, the bank is more than ready to accompany growth, and this at an above average rate. As such, we step up our distribution policy in 2021, fronting the recurring increase to be announced with a 2025 plan on February 8th of next year. As a consequence, our distribution policy for 2021 has been enhanced. And in this respect, I trust you saw the announcement this morning with regard to the launch by the group of a share buyback program to the amount of 900 million euros. This program has already been approved by the ECB and will be carried out between November 1st, so next Monday, and February 2022 at the latest. In addition, the group continues to set aside 50% of its 2021 net income with a view of paying it in cash as usual. As said, the new distribution policy for the years to come, it has 2022 to 2025, will be announced together with the 2021 full year results in early February 2022. Actually, for those who wouldn't know, it's February 8th. So with this, If we turn to slide 7, you can see that the total exceptional items of the third quarter entailed an overall moderately negative amount at the bottom line. And this, with the capital gains arising from the sale of shares in all funds this quarter, more than offset by goodwill impairment and a very limited impact of restructuring and adaptation costs. So basically, the bottom line results of 2.5 billion is really stemming from the improvement and the evolution in operating results and is not driven by exceptional elements. So if with this, I can ask you to swipe to slide eight and you can see the solid performance of the group in the third quarter. And as you can see from this slide, the financial performance has improved over year on year on all fronts. from the revenue line all the way down to net income. In line with what we saw in the second quarter, this has also been the case when comparing to the third quarter 2019. Hence, this goes to confirm that the group has entered a new phase of growth that goes beyond the mere rebound to pre-crisis levels. Furthermore, to date, as we mentioned, the group has delivered an annualized return on tangible equity of 10.4%. If we now move to the elements of the P&L, and let's start with the revenues on slide 9, that increase by 4.7% at group level. If we look at the three domains, domestic markets first, they were up 6.3%, 6.3%, on the back of very good performances across retail networks, driven by a focus on the development of fee-generating business and a continued solid growth in specialized businesses. So again, this is quite distinct to BNP Paribas because we do have all of these services to offer on our client-centric model, and that is what delivers this solid revenue line. If we look at international financial services, they proved resilient at minus 1% on a like-for-like basis, with a strong increase on wealth and asset management, more than offset by a lower contribution of insurance and a less favorable context of the international retail networks. the latter being compensated by the very strong focus on cost of risk. Lastly, if we go to CIB, they saw higher revenues across all three of its businesses, resulting in a very good level of quarterly revenues up 6.4% year-on-year against the level which was already elevated a year ago and sharply up 25% when compared to the third quarter of 2019. If you can now Swipe to slide 10, you can see that while supporting the business development in a disciplined manner, costs increased by 3.8% at group level, yet at a much slower pace than revenues, and with half of it stemming from business development, and particularly related to equities, as I mentioned before, having the cost of Exxon and the prime brokerage being added. If we zoom in on the divisions, costs in domestic markets were up 2% year on year, mainly in connection with the growth in its specialized businesses, while costs remained well-contained with a modest increase in its retail networks. Overall, domestic markets operated this quarter with very positive tools. International financial services costs were up 3.5% year-on-year in connection with the growth in asset-gathering businesses and targeted initiatives in other parts. Finally, CIB operated locally, with positive JOLs with a cost evolution of 5.9% or 1.5% on a like-for-like basis in connection with the growth in activity and development initiatives that I mentioned before. If we now go to the third element in the P&L, and that's the cost of risk, slide 11 and beyond. You can see that the cost of risk stood at a low level of 32 basis points of loans outstanding, at the level some 539 million euros lower than in the same quarter a year ago. This is mainly due to a limited number of new defaults and moderate releases of provisions of performing loans, stages one and two, and particularly taken in 2020. Finally, at 37 basis points of loans outstanding year to date, the group's cost of risk comfortably stands below the 45 to 55 basis point range indicated earlier this year. If we now go to the financial structure, which is slide 14, which we modestly call solid, you can see that common equity tier one was up 10 basis points compared to the second quarter, clocking in at 13%. Actually, it is 20 basis points stemming from the third quarter results after taking into account a 50% payout ratio partially offset by 10 basis points impact resulting from the rise in risk-weighted assets this quarter, and this rise is stemming from the growth that we accompany. So all very logical. The share buyback that we have launched, but of course that we are launching Monday, so post end of September, will have a limited impact on the group's CET1 ratio. As a matter of fact, after taking into account the maximum amount of share buyback announced earlier today, the pro forma CET1 ratio end of September would stand at 12.9%. Our leverage ratios stood at 3.9%. And just to remind you, we have not opted for the temporary exclusion related to deposits with Euro Central Banks authorized by the ECB decision of June 2021. Finally, the group's immediately available liquidity reserves totaled a whopping 478 billion euros at the end of the third quarter. So the evolution of these ratios goes to confirm the very solid financial structure of the group. If we now turn to slide 15, you can see that the net book value per share stood at 85.8 euros. At 76.8, when we look at the tangible book value per share, up 6.4% compared to a year ago. And as you can see, since 2008, it has grown at a compounded annual growth rate, a CAGR of 7.1%, which goes to show our continued value creation through the cycle. I cannot repeat it enough. BNP Paribas, as you've seen once again, being very solid. providing a wide set of integrated services through good and bad times is extremely well positioned to continue this trend. If with this we turn to our ambitious policy of commitment to a sustainable economy. I have a couple of slides starting on 17. You are well aware of the group's long-lasting commitments towards the fight against global warming. As such, BNP Paribas was one of the first signatories of the Net Zero Banking Alliance earlier this year, and recently joined the Net Zero Asset Owner Alliance, so not only the banks, but also the assets they own. Through these initiatives, the group is committed to aligning its financing and investment portfolios with the trajectory required for achieving carbon neutrality by 2050. You will find on this slide a summary of the very concrete targets that the group has set itself in, particularly in the space of nonconventional oil and gas, thermal coal, and upstream oil and gas. You will also find the group's goals with respect to the financing of renewable energies and new technologies supporting the energy transition, as well as with respect to investing in alternative energies and energy efficiencies. If we take the next one, slide 18, that describes the recently announced group's new initiative aimed at accompanying its clients in accelerating their transition towards a sustainable and low-carbon economy. The group has indeed decided to mobilize global resources by creating a dedicated, powerful, and agile organization within the bank to support its clients around the world. This new team that we named Low Carbon Transition Group will bring together over 250 professionals from advisory, capital markets and industry backgrounds and will engage in close and long-term dialogue with clients with a view to helping them accelerate their transition. The group is particularly well equipped to undertake this new initiative in the light of its strong global ranking and market recognition, as illustrated on this slide. If we now take the third slide in this series, slide 19, because when we talk about CSR or ESG, we also want to talk about DS, the social impact. I will let you run through the list, but I would like to stress in particular that the group has financed microfinance institutions, providing support to over 2 million beneficiaries, 81%, of which were women. Also, it supported social enterprises to the tune of 2.2 billion euros, out of which 1.6 billion euros of loans, and actively participates in the G7 working group on impact investing. So with this, I would now kindly ask you to advance to the results by division. And I'll synthesize rapidly all three. And so let's start with domestic markets, which you have on slide 21 to 25. As you can see, our domestic markets saw a continuing positive business drive this quarter, with a year-over-year evolution in loans of 3%, deposits of 6.4%, and even more markedly in all balance sheet savings at 14.4%. Besides, domestic markets saw an acceleration of digital uses, with over 151 million monthly connection to digital apps on average, up 27%. In the fast-growing space of payment services, it announced the acquisition of Flora, a French leading player in split payment solutions, with a view of rolling out its solutions across Europe in the next few years. When we look at P&L, revenues are up 6.3% compared to the third quarter, They were driven by a strong performance of its retail networks, which saw a hike of over 5% in revenues on the back of a continued sharp rise in fees. We are particularly focused on providing services that lead to an increase in fees, in particular financial fees in all the networks, right? So in France, in Belgium, in Italy. And also the strong performance of the specialized subsidiaries, especially Belgium and France, despite the ongoing impact of low interest rate environment. They were also driven by the sharp increase across the specialized businesses of domestic markets. I think of Arval, which is particularly up 17%, but also Nickel, which is, let's not forget, profitable in France, and Leasing Solutions. If you look at costs, they were up 2%. They are nearly stable in the networks. while the specialized businesses saw an increase of 7.7% in connection with their business growth. Listen, if Arval goes up because they have more cars that they provide to their customers, basically the cost related to that also go up. So that's the cost that go and accompany the revenues. And as already mentioned, domestic markets operated with very positive jaws, more than four points. As a result, gross operating income up 14.6%. Finally, cost of risk clocked in at a low level of 30 basis points of loans outstanding. Hence, pre-tax income came in at just shy of 1.2 billion euros this quarter, marking a steep 27% rise. This provides further evidence, if need be, that the growth in domestic markets goes beyond the mere rebound to pre-crisis activity level. So to wrap up, domestic markets saw an increase, level of activity this quarter, very positive jaws, and a steep rise in pre-tax income. If you now go to International Financial Services, the second of three, pages 26 to 32, and you see that the division saw an overall continued strong business drive, in particular with rising loan production and personal finance, as well as across its international retail networks, with the easing of public health measures. In the asset gathering businesses, net asset inflows were well-oriented this quarter, and so were the assets under management up close to 10% year on year. If we focus on the P&L, IFS revenues were down 1% year on year on a like-for-like basis. On one hand, asset gathering businesses saw an overall growth in revenues. On the other hand, the contribution for insurance was driven lower by a decrease in financial results, while international retail networks and personal finance operated in a less favorable context. But let's not forget for those two that context was more than compensated by the low cost of risk stemming from the efficient management of delinquencies. If you look at cost, up 3.5%, driven by the rebound in activity as well as targeted initiatives. So pre-tax income was up 12.6%, or 13.3% on a like-for-like basis, and this on the back of the sharp decrease in cost of risk that I alluded to. To wrap up, IFS saw a very impressive performance in wealth and asset management businesses, and with other businesses not yet firing on all cylinders. However, IFS saw an improved level of activity, especially with respect to new loan origination this quarter, so greasing the cylinders. Furthermore, it saw an improved net income level on the back of the drop in cost of risk. If we now take the third domain, corporate and institutional banking, slides 33 to 36, which saw another strong quarter across all three of its businesses. Let's take them one at a time. If we start with the financing space, It saw a better level of activity across equity, bond, and syndicated loan businesses compared to a year ago. In particular, CIB's ECM franchise saw a 20% rise in volumes this quarter, as well as market share gains. In terms of league table rankings by volume, CIB was the highest ranked European bank in this space in the third quarter. If we then go to the second department, global markets. saw a strong activity in equity derivatives and prime services, while the environment was less supportive in forex, credit, and in particular rates. The business continued to roll out the strategic expansion of its platforms with the integration of Exxon, with effect from July of this year, and the ongoing transfer of clients in prime brokerage in connection with the agreement with Deutsche Bank that is expected to be finalized by year-end. Let me add that we are particularly proud of the number one ranking of Exxon BNP Paribas in developed Europe research, and this for the fifth year in a row. Lastly, if we turn to the third entity, security services, which continue to see an increase in assets under custody and funds under administration and a good level of transactions. Looking at the P&L, CIB's revenues were up 6.4% year on year, and just shy of 25% when compared to 2019 and this on the back of strengthened platforms and very effective diversification and client centricity. They were driven by a strong 15% in corporate banking when compared to a year ago and 23% compared to 2019. They were also driven by the very good overall performance of global markets that saw its third quarter revenues increase by 1.2% from an already high level a year ago, and 33% from the year before last. In a lackluster environment this quarter, particularly on rates, FIC revenues decreased by 28% when compared with the high base of the third quarter a year ago, while equity and prime services revenues rose very solidly by an overwhelming 79%. Lastly, security services achieved again a very good quarter with the rise in revenues of 5.8%. CIB costs were up 5.9% year on year or 1.5% on a like-for-like basis in connection with the positive momentum in business activity and investments for future growth. As such, CIB operated with positive jaws. With a further decrease in the cost of risk in the third quarter, CIB generated 1.33 billion euros of pre-tax income, up 39% versus last year, and almost 60% compared to 2019. So, to wrap up, a strong performance in revenues compared to 2020 and 2019, and a sharp rise in income for CIB this quarter. This basically sums up the divisions and if we switch to the slide at the end, slide 38, where you can see the confirmation of the group's growth potential with revenue and net income beyond the levels seen in 2019. Accordingly, the trends for 2021 are very well oriented with the confirmation of a strong revenue growth and a high level of revenues for 2021. The firm objective to deliver positive jaws effect as a cost discipline and operating efficiency sustain our ability to support business growth and investments in a disciplined and targeted manner. The cost of risk at the low level below the 45 to 55 basis points range. And if I can ask you to go to slide 39, that concludes our presentation today. And as key takeaway, I would like you to keep in mind the high level of results supported by the strength of the group's diversified and integrated model, quite a distinct model, with a third quarter net income at a high level of 2.5 billion, up over 30%. The group's solid results beyond the level seen in 2019, so beyond that, and the enhancement of our distribution policy for 2021 with the launch of a shared biobank program starting on Monday. We are pleased to confirm that we will, as always, provide a high-level presentation of the group strategic plan together with the annual results on February 8, which will be followed by an investor day for which we have now set a date that is March 14. So with this, fine ladies, gentlemen, I thank you for your kind attention. and I will be pleased to take your questions now, if there are any.

Ladies and gentlemen, if you wish to ask a question, please press 01 on your telephone keypad. Please lift your handset, ensure that the mute function on your telephone is switched off, and that you are in a quiet area to maximize audio quality. We will take questions in order received, and we will take as many as time permits. If you found that your question has been answered, please press 02 on your telephone keypad. Once again, it's 01 on your telephone keypad to ask a question. So first question is from Madame Lorraine Quares from UBS. Madame, please go ahead.