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Good afternoon, ladies and gentlemen, and welcome to the presentation of the BNP Paribas second quarter 2024 results with Jean-Laurent Bonafé, Group Chief Executive Officer, and Lars Maschenil, Group Chief Financial Officer. For your information, this conference call is being recorded and is dedicated to Southside analysts only. Supporting slides are available on BNP Paribas IR website, invest.bnpparibas.com. During today's presentation, you will be able to ask your questions by pressing star and one 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 would like now to hand the call over to Jean-Laurent Bonafé, Group Chief Executive Officer. Please go ahead, sir.

Thank you. Good afternoon, ladies and gentlemen. Welcome to the presentation of our second quarter 2024 results. As usual, at the end of the presentation, Lars and I will be pleased to take your questions. So in the second quarter 24, the group delivered very solid results as a further illustration of the strengths of its diversified and integrated model. BNP Payback continues to demonstrate its ability to generate value and confirms its 24 trajectory. with unexpected revenue growth exceeding 2% compared to 23 and a net income higher than the distributable income for 23 of 11.2 billion euros. So moving on to the core of the presentation with slide three, our net income group share clocked in at 3.4 billion euros in the second quarter of 24. a very strong quarter for BNP Paribas, driven by good performance across our professional divisions, which Lars will discuss in more detail later. Our revenues are up 3.9% compared to the second quarter 23 on a distributed basis. All in all, a very strong quarter for CIB, which was up 12.1% year-on-year, with global markets leading the way and posting a 17.6% increase. Meanwhile, CPBS generated stable revenues with good positive momentum in the commercial and personal banking activities, which we expect to continue as the current headwinds taper off during the second half. Finally, IPERS was strong, with insurance up 5.2% and asset management up 9.8%. On costs, we remain disciplined. This quarter, our personal costs were up 3.5%, when excluding the phasing effect of the DGS contribution in Italy to the tune of 51 million euros. Cost growth was efficiently targeted as supporting our growth, and we were able to sustain positive joys of plus 0.4 points in the second quarter. If you look at the semester, joys are positive by 0.5 points. Our objective for the year is to further step up the joys. In addition, the second half of 24 should see the continued implementation of the previously announced additional operational efficiency measures of 400 million euros. We expect to achieve efficiency savings of 650 million euros, adding up to the 1 billion euros over the full year. Our gross operating income is up 3.4% year-on-year at 5 billion euros. And now moving on to the cost of risk, it remains under control at 33 bps, well within our guidelines. A good performance considering we had to contend with the negative impact of a specific credit situation in France during the quarter. Once again, we were able to show the strength of our credit portfolio through the cycle. As a result, our net income reached a solid level of 3.4 billion euros, up 1.6% year-on-year on a distributable basis. We are also pleased to report a solid increase of our earnings per share compared to last year. On a distributable basis, EPS was up 8.1%. Our financial structure is solid with the CT1 at 13%, reflecting a 10 BIP impact due to model updates foreseen in 2025, which we brought forward this quarter. Finally, we confirmed this quarter our ability to continue the redeployment of capital from Bank of the West in line with the objectives we announced. As a reminder, at the end of June, 55 BIPs have been redeployed with an expected return on equity greater than 16%. Moving on to slide four, with the very solid result in the second quarter, we're able to confirm our 24 trajectory assisted by an overall environment that we expect to become more favorable in the second half, in particular for BNP Paribas. First and foremost, Our trajectory in 24 will be supported by the growth in our revenues, which we anticipate being above 2% versus last year. During the first half, revenues are up 1.7% at 24.8 billion euros, with the second quarter representing a tipping point. We shall also maintain our discipline on costs with positive jaws. Over the first half, we have delivered jaws at 0.5%. Our risk management culture remains strong, delivering a cost of risk below our 40 BIPs guidance. And as a reference, over the semester, our cost of risk stands at 31 BIPs, well within the guidance. Hence, as previously announced, our net income for 2024 will exceed the €11.2 billion we reported in 2023. Our net income for the first semester of €6.5 billion holds well for that. With this in mind, our main priorities for the second half of 2024 are centered around our commitment to serving our clients, to deploying our platforms, particularly in asset management, wealth management and insurance, and to continue gaining market share at CAB while retaining a balanced allocation of capital. In the second half of 2024, we will also continue the implementation of operating efficiency measures, as well as our disciplined management of cost of risk. The intent is to continue leveraging on the key strengths of the group, which are particularly relevant in the current environment. Our diversified and integrated model means on the one hand that we are not overly exposed to one single business or geography. On the other hand, we have the capacity to grow over the cycle at a faster pace than the economy, while sticking to high standards in terms of client relationships and risk management. Finally, Our business model is well adapted to the expected gradual decrease in interest rates, and we do confirm our strong ability to step up fee business. Moving on to slide five and our commitment to creating shared value over the long term and through the various economic cycles. This is illustrated in several ways. First, being prepared by revenue growth over the 10 years from 13 to 23 has been clearly above the underlying average growth for the ozone economies with a CAGR of plus 3%. This can be compared to our growth in revenues of 3.9% this quarter. As a result, the growth in our net earnings per share has been solid over 10 years, up an average compounded growth rate of 5.2%. Again, we can compare that with our second quarter with EPS growth by 8.1%, representing quite a solid performance. Regarding our dividend per share, we have the same continued growth with a CAGR of more than 10% over the period 12-23, reaching €4.6 per share in 23. Over 24-26, we will return to our shareholders an estimated amount of €20 billion. Last, on the top right-hand side, a chart you are very familiar with, representing the continued growth of our tangible book value at €88.5 as of June 30-24. Again, a strong category of plus 4.8% over the period of 12-23, showing that despite the significant distribution, we continued to grow the bank. With that, I would like now to hand over to Lars, who will take you through the group and divisional results.

Thank you, Jean. Good afternoon, fine ladies and gentlemen. I suggest moving to slide 7 with more details on the P&L and a clear demonstration of our solid operating performance this quarter. As already mentioned by Jean Laurent, performance in terms of gross operating income is quite strong, up 3.4%. This can also be seen in the bottom line being up 1.6%, clocking in at the record for the second quarter of 3.4 billion euros. So this reflects the bank's intrinsic performance over the second quarter, a pivotal point for BNP Paribas. Before looking at the solid performance by the divisions, I want to quickly comment on some lines below the gross operating income. First, I want to highlight a set of negative ad hoc events, which on one hand, you have 98 million of other net losses for risk on operational instruments, which covers mainly, or amongst others, the credit holidays in Poland. On the other hand, there is also a drop by 100 million in non-operating items, that is mainly related to a base effect on personal finance and europe mediterranean then if you take a look at the same time there is a positive effect a positive effect in the income tax and this from an updated tax rate in the us impacting 2023 so last year but leading to a reversal of tax reserves. And this for around 200 million euros in the bottom line or around, let's say, five points of tax in the second quarter. So those two effects basically offset. And this leads me to two key takeaways. The first one is those ad hoc events compensate. So the 3.4 billion bottom line is the intrinsic run rate. The other thing is that the tax reserve ride back leads to a lower tax rate in the second quarter, but leads to a lower tax rate of the year. I remind you that we have guided that the bank over a full year has a tax rate between 27 and 28%. With this event in the second quarter, not only will we be towards the lower end, we will be below that lower end over the full year. So with this, if I can ask you to peruse slide eight, we give you a global view of the exceptional items. As you can see, there is nothing particular. There is what we typically have, the IT reinforcement costs and the adaptation costs. So with this, if you can turn to slide nine to review in synthesis the performance by operating divisions, which illustrates the strength of our diversified model. So overall, Group revenues were up just shy of 4% in the second quarter compared to a year ago. If you look, you see strong revenue growth at CIB, up 12%, driven by good performance in all three business lines. If we take global markets, they were up 17.6%, with really strong performance in equities, which was up 57%, and FIC displayed good resilience from a high base last year. I will go back to the strong performance of equity and prime services. If we then turn to the second activity within CIB, global banking, up 5.4%, leveraging on capital markets activities, which were solid and which were up 12.5%, as well as transaction banking with an increase of 7.6%. And then the third one, security services, was up 10%, thanks to the sustained growth in fee volumes and improved net interest margin. So that's the first division. If we take the second one, CPBS has a stable quarter. So holding revenues thanks to the good performance of the commercial and personal banking up 1.7%. And this performance was driven by the growth in fees up 7%, as well as an increase in net interest income, which were up 3.8% year on year. If we set aside the negative impacts from headwinds, which clocked in 140 million euros this quarter. So this is in line with the guidance we gave earlier, which was that that impact would be around 150 million. So it came in at 140. As Jean-Laurent said, we expect most of these headwinds to taper off during the second half of 2024. Then the second activity within CPBS is the specialized businesses. They were down by 3.6% year-on-year. And this, if we look at personal finance, and despite higher volumes, was slightly down year-on-year by 0.9% if we look on a like-for-like basis. But here we have to make the difference between the rundown of non-core activities. I'll come back to that later. So then there is Arval and Leasing Solutions, which were reducing by 5%, still impacted by the normalization of used car prices. And last, in that section, a very good performance by the new digital businesses and personal investors, which posted a 9% increase. So if with this we turn to the third division, IPS, a strong performing with up 6% year on year when we exclude the real estate and the principal investments, which in the term of the current activity have an impact compared to a year ago. So wealth management and insurance, if we look into that, delivered strong revenue and growth, respectively up to 6% and 5% a year. And then there was a very solid performance of asset management by 9.8%. So if with this, I can you to thumb to slide number 10. We wanted to show a diversified and well-integrated model at work. Because when we talk about diversified, people think that that is something that helps when you are in dire economic situations that you have different engines drumming to different economic beats. But it is much more than that. It is also a key component of our revenues and therefore of growth. So if you look at it, 32% representing roughly 15 billion euros in 2023 and which were up 4% year on year. So it is strong in all our client segments with a fair representation in corporate and financial institutions. Also, in our products are well presented with a fair share of CPBS and IPS products. As a result of our cross-selling activities, a well-balanced contribution from each division to the group revenues, with CPBS at 52% being well complemented with CIB36 and IPS at 12%. So with this, after the revenues, let's look at the costs on slide 11. Overall, they were up 4.2% year on year. If we exclude the impact of DGS in Italy, I remind you, it is accounted for 51 million euros in the second quarter, where last year it was booked in the second half of the year. And so if you exclude this, the draws are positive this quarter at 0.4 points. Our cost income stands at 58.5%. And this, thanks to a strong discipline on costs, those operating expenses were contained, and are basically supporting growth. At CIB, the increase in cost is related to the growth in revenues with a low base effect. Jaws are overall positive, 2.7 points, with very strong positive jaws for global markets at 6.3 points. Costs are also well contained for security services in a context of high volume growth, and there the jaws are 4.8 points. If you now look at CPBS, the main source of growth in operating costs come from Europe Mediterranean and the DGS, the taxation that I talked about in Italy. And so commercial and personal banking in the Eurozone deliver to contain growth in operating expenses of 1.1%, excluding the impact of the DGS in Italy. Draws are positive 1.5% if we exclude headwinds. So within the specialized businesses, costs are down 1% with positive jaws at personal finance, leasing solutions, and new digital businesses. If we turn to IPS, we see overall positive jaws effect, 2.9 points, with all businesses delivering positive jaws above 2 points, except for real estate. So if we stay a moment on cost, we turn to slide 12. as a reminder our initial plan 2025 we committed to positive jaws effect each year of at least two points on average between 22 and 25. half of this was on the back of the single resolution fund falling off which it has we also announced cumulative recurring cost savings of 2.3 billion over the period of the gts 25 plan Earlier this year, we have stepped up our operational efficiency program with further cost savings of 400 million euros, resulting in total savings of approximately 1 billion for the year and 2.7 billion on a cumulative basis by the end of next year. So these additional savings will be split 56% CPBS, 33% CIB and 11% at IPS. To date, Out of the 1 billion planned for this year, we have achieved 350 million euros net cost savings, and we will pursue during the second half another 650 million euros. Those additional savings will be achieved through our industrial priorities. These include things like nearshoring, offshoring, combined with a global sourcing plan and optimization of real estate assets. And then automation, robotization, digitalization are another source of additional efficiency within our retail activities, enabling us to continue adjusting our model to better serve our clients while maintaining the right level of cost. So bringing it down. For example, it means increased digital services and self-care options. Finally, As mentioned before, we would like to emphasize the Jaws effect of the commercial and personal banking entities in the Eurozone. It is intrinsically positive when excluding the impact of the headwinds and DGS, and they basically clock in intrinsically at 1.5 points. And this 1.5 will be further improved going forward by additional savings measures, the pickup in growth, and the evolution in rates. So having said this, if we now move to slide 13, where we have a few illustrations of our strong risk management culture, as mentioned before by Jean Laurent. We have a limited exposure to currently sensitive industries and less than 4% of our gross exposure comes from commercial real estate, just 2% from construction and leverage exposure represents just 0.7%. In addition to those low numbers, A very significant portion of our exposure to CRE and construction is in Europe, where we have a local presence and therefore superior relationship, expertise and intelligence. Moreover, our prudent risk management is also illustrated by our main ratios, including our provisioning rate and the rate of non-performing loans. Focusing on the performance in the second quarter, our cost of risk is roughly in line with the first quarter if we exclude the impact of a specific situation in France. Overall, our stock of stage one and two out of the three is still comfortably above our stock of stage three provisions. Finally, the cost of risk over gross operating income, you know, a metric that is very important to us, remains low at 14.8% this quarter. Regarding the evolution of cost of risk by individual businesses, you can see that overall it remains a variant on the team of low level. The only exception that you could hint at is personal finance, which as you might expect, it experienced a small deterioration this quarter, despite structural improvement in the portfolio. So it is. I propose we go directly to slide 15 on the financial structure. So what do we see? As of the end of June, our common equity T1 ratio clocked in at 13%, a solid level well above our 12% objective, as well as well above the regulatory requirements. And so if we compare it to the end of March 2024, the ratio shows a negative prudential impact of 10 basis points representing model updates that were initially planned in 2025 and they were in the plan that we announced and which have been brought forward. So on a forward-looking basis, we confirm our common equity T1 target ratio of 12% by the end of 2025. And so this takes into consideration the impact of reconsolidating our Arval activities on July 1st, as well as the remaining elements of the finalization of Basel on January 1st, 25. Of course, excluding the application of the FRTB, which is postponed in Europe to align on what is happening in the USA. So our trajectory, including continued capital deployment from the sale of Bank of the West, will be supported by organic capital generation and further balance sheet securitization. If we regard the other ratios, like the leverage ratio, it clocked in at 4.4%, well above the requirement, and the same is true for the liquidity position, which is strong, with an LCR ratio of 132%. So that's the fundamentally strong position of our balance sheet. Then if we touch two more things, one of them is the continued technology and deployment of artificial intelligence. So if you can cast your eyes on slide 16. Beyond the financial performance, the second quarter marked the continuation of our ambitious but be a disciplined development within AI. So I remind you that when we launched the GTS plan, we included technology at the heart of our ambition. Technology is the T of GTS. On one hand, we included automation, robotization, digitalization, and also, on the other hand, an acceleration of the rollout of the cloud platforms. Remember, we had an objective of 60% by 2025, and also AI use cases. Since then, AI has been at the vanguard of our transformation journey. More precisely, with the plan, the number of AI use cases in production was boosted from 427 back in 21 to 780 today. And we have a pipeline of around 300 more being actively investigated, bridging the gap to 1,000 use cases that we have foreseen for 25. Indeed, what you see in the last 12 months have been able to significantly accelerate. And in addition to this kind of machine learning aspects of AI, we're also gearing up on generative AI and are experimenting with around 150 cases. And this will give us the ability to better assess the potential of this technology and feed our next strategy with tested initiatives when it comes to this generative AI. So these AI cases, are not only a source of efficiency, so it's not only delivering process automation, virtual assistance, and so on, but it's also additional revenues from pricing optimization, sales automation, and a crucial improvement of our risk management, for example, in fraud detection in payment systems. So that's one additional point I wanted to stress. Another one is, of course, ESG, so all our aspects when it comes to this. And so let's spend a few moments on the commitments that we are deploying. So if you look at the second quarter, it confirmed BNP Paribas leadership in sustainability as demonstrated by recent rankings and several innovative solutions that we deployed to address the needs of our clients and some of which are set out on this page. Among these, we have the world's first gender bond, a financial agreement in Spain with SolarPAC to build Peru's largest photovoltaic solar power area, Cardiff committing to take part in launching the Fonds Objectif Biodiversité, and a loan granted to Umicore in Belgium, a global specialist in recycling and clean mobility materials that will support the growing production of electric vehicles. Moreover, we added 10 quantified CSR objectives to the remuneration calculations of around 8,000 key staff members. Last, BNP Paribas just received the Euromoney Award for World's Best Bank for Financial Inclusion. So that's basically the synthesis of the group. So let me touch on several divisional results. And let's do so by starting with CIB on slide 19. What you have seen this quarter is our CIB model once again at work delivering a strong performance based on the full alignment of the three business lines leveraging the BNP Paribas Group. With strong primary markets, global banking, so the first part within CIB, posted a strong quarter at 1.5 billion euros up 5.4%. Activity was up in EMEA and the Americas. There was a strong 12.5% increase in the capital markets platform, particularly in EMEA, combined with good growth in every region for transaction banking. So another part of what global banking consists of. And transaction banking was up 7.6%. Activity was very strong in EMEA and the Americas on the bond markets, with volumes up 13% compared to a year ago. Loans at 183 billion euros were up by almost 2%. Deposits, 230 billion euros continue to grow. So that's the first part, global banking within TIB. If we now move to global markets, the successful development of the prime brokerage business and the integration of Exxon drove a very strong performance in what is the combined equity and prime services. And this was up 57.5% year on year, representing 51% of global market revenues. in the quarter. Sure, growth is somewhat flattered by the low base in 23, but in 24, we benefited from a market that was supportive in areas where BNP Paribas has clearly leading positions. I'm referring here or thinking of structured products, corporate derivatives, and equity finances. There, we are likely to have crystallized market share gains. Hence, in prime services, Revenues are substantially up year on year as global markets has been able to monetize client flows in the context of very supportive equity financing markets. Moreover, prime brokerage revenues were supported by client balances reaching all time highs. We also saw a strong growth in equity derivatives with good client demand driven by recovery and structured derivatives in APAC and the Americas and strong corporate equity activity. Finally, cash equities benefited from sustained growth in client activity and a supportive market environment. So that's EPS. And if we look at FIG, an increase in credit markets, but with a higher base last year, and particularly on commodities. So if we move to the third part within CIB, security services. Here also, a second quarter performance that confirmed the relevance of the business model with new mandates and increased transaction volumes. With outstandings up 8%, also thanks to the positive market environment, revenues went up 10% year on year. I would consider that a solid performance. And overall, thanks to a low cost of risk and operating draws that I mentioned that are well under control, CIB pre-tax income reached a significant level of 2 billion euros, so up 16%. So if with this, I can ask you to move to slide 20, where we focus on the equity and prime services and basically also allow me to confirm the deep dive that we will be doing on September 17. Looking forward to see you there. So the second quarter has been particularly strong quarter for EPS. it has basically shown that we have a strong underlying business growth and remain confident on the medium term outlook of the business as it is built on several strong growth engines. Indeed, overall our franchise includes three strong businesses covering the full range of the equity services. So we have also solidified our operating model and integrated leading technology platforms to ensure our infrastructure is scalable and can handle future growth. More globally, our integrated business model across BNP Paribas Group further benefits our equity franchise offering distribution opportunities and enabling us to offer the full equity value chain to our clients. So the full value chain, our banker, she can reach out to several of the adjacent services. So if with this, we conclude the view on CIB and we go into CPBS. And let's do this on slide 21. And we saw a good business momentum driven by the quality of the client franchises and the specialized businesses leveraging, in particular, successful partnerships. The performance of the division is still impacted this quarter by the headwinds we have discussed. We discussed it earlier and we discussed it earlier this year, which had a combined negative effect of 140 million euros in the second quarter. Overall, these headwinds, such as inflation hedges, are expected to fade away during the second half of 2024 or even disappear entirely in the third quarter. So other headwinds include the gradual normalization of used car prices for Arval, as well as the hyperinflation situation in Turkey, both of which also weighed on the second quarter performance. But again, as I mentioned, offset by the situation in the tax line. Beneath these headwinds, we are seeing CPBS businesses that improved remarkably. So if we look at the positive momentum within Commercial and personal banking, the first part within CPBS, it led to growth in net interest revenues up 3.8% year on year when we put aside those headwinds. In addition, our capacity to generate value with fees was confirmed once again with fees up 7.4% this quarter, supported by a good performance France, Italy, Euromed. The second part within CPBS is specialized businesses. Let me point out a few drivers. So we have, on one hand, Arval and Leasing Solutions combined net banking at around 1 billion, fell by 5%, and overall the normalization of used car prices was partly offset by the higher financial margin and margin on services at Arval. I told you the different dynamic between the normalization of used cars kicking in immediately and the financial aspects tapering up over time. On a business perspective, its finance fleet rose sharply, up 6%, as did its outstanding, up 22%. The offering for individuals, plus 16%, is being developed through partnerships with automakers. Internationally, momentum is also good with large international clients. Leasing solution revenues are increasing due to and from the volume impact and improvement margins. Then if we take another part within the specialized services personal finance, which is involving according to plan. And what you see in terms of revenues is a combination of a growth in the core country. So the core countries are up 1.7% and a decrease in the non-core by 34%. So they shouldn't surprise you, right? Remember the non-core are the countries that we have put in runoff mode and therefore that is weighing on the top line. However, if you look at the core activities, where we can cross-sell like there is no tomorrow, the revenues are up. And so volumes are holding well thanks to the partnerships, in particular in mobility. Another piece of good news is the implementation of the partnership with Orange in Spain and France. The last part in there is the new digital businesses that confirmed that they maintain a strong, positive trajectory. So overall, CPBS revenues clocked in at 6.8 billion euros in the quarter, stable year on year, and driven by good performance of commercial and personal banking, up 1.7%, and the resilience of the specialized businesses that I mentioned in the face of considerable market and economic challenges. Deposits were stable year on year, in particular despite the impact of the competition stemming from the Belgian government bonds, and they increased versus the first quarter in 2024 with an increase in France, Belgium, and Luxembourg. Now, I would like you to go a bit more detailed about the drivers of commercial and personal banking, particularly in the Eurozone. So if we touch upon France, the quality of the client transfers was proven again, enabling us to report stable revenues, including headwinds. Our exposure to regulated savings remained low compared to the market. The structure of our deposits has stabilized. Regarding loan production, June saw a pickup in new mortgage loans, which is continuing in July, and we have not seen any deceleration in the production on investment loans for corporates. Our capacity to generate fees you've seen is also confirmed. There are basically 6%. driven by, I would say, our buoyant cash management and payment activities, as well as a strong private banking business. In terms of net new cash, June has been globally positive for our private banking clients. On that front, we have seen a shift from deposits to life insurance and mutual fund products. On that, interest revenues and funds should benefit in the coming months from the headwinds going away after the summer. In terms of interest rate evolution, the short-term rate declining combined with the normalization of the inverted yield curve should be positive for deposit pricing and margins on new loans. Regarding the current political situation in France, we see no change in the behavior either from our individual or corporate clients. On the retail side, we saw no significant moves on deposits with stable outstandings between June and July. There was no major change in the structure of corporate deposits neither. And lastly, regarding the evolution of cost of risk in France, there is no increase, excluding the specific credit situation we faced this quarter. If we look at Italy, the positive impact of interest rates on depended margins continues for BNL due to growing volume on corporate deposits. Net interest revenues grew 3.7 year-on-year and a substantial growth in fees at BNL was supported by cash management and life insurance. If we now turn north, we go to Belgium. Performance is still impacted by the state bond, the Belgian state bond, but we expect that to taper off in the fourth quarter, so with it finding its way back into the market after the summer. Still, we saw a positive momentum on credits with an increase in the production of mortgages. On deposits, they were semi-stable when excluding the state bonds with a good performance on corporate deposits. Swollen all, excluding headwinds, net interest income was up 5.2%, a resilient performance considering the very competitive environment on loan margins. Fees were down 1.8%, mainly due to an intense activity last year on saving products for retail, creating a high base effect in 2023. This, nevertheless, was partially offset by a good performance on financial fees in private banking. Going forward, we expect future growth in lending and cash management fees for corporates. When it comes to retail, growth is expected in recurring fees on off-balance sheet assets, payments, and lending. Last, we are implementing a dedicated campaign aimed at our mass affluent and private banking clients that is designed to help us recover lost deposits from state bonds maturing that I mentioned before that will be maturing after the summer. The campaign includes new products offerings such as saving bonds, plain vanilla bonds, and structured notes. If with this we end off the network with Europe Mediterranean, we see good business momentum in Poland, supporting the growth in net revenues and increased fees in Turkey. If with this, I can ask you to slide to slide 22, and this is all about our key positioning in the Eurozone in our commercial and personal banking businesses. These are core to our integrated model, contributing to significant cross-sell with CIB and IPS, as I mentioned at the start. There are also value-creating engines, as illustrated by the healthy growth in fees year-on-year. All this is supported by our leadership in Europe, first in private banking and second in the corporate segment. We saw again this quarter a strong increase in the net new cash from our Eurozone domestic network. Our strong business with European corporates is also confirmed. As a reminder, more than 60% of gross operating income in the Eurozone from commercial and personal banking activities is done with corporate clients, you know, our key base. If with this, we go to the third division, IPS, and let's do this on slide 23. During the second quarter, IPS revenues grew by 3%, or if I exclude real estate and principal investments, 6.5%, and this on the back of a very positive business momentum in insurance, asset management, and wealth management. As of June 30th, our total assets management reached $1,312 billion, or $1.3 trillion in And so this is driven by a strong year-to-date organic asset growth of 6.8% and also a positive market effect. Starting, if we look at the components within IPS and we start with insurance, revenues were up 5.2% year-on-year and growth-ridden premiums were up 10.8%. In savings, activity was sustained thanks to a sharp increase of 11.6%. growth asset inflow and a good business momentum in France. We also saw good performance in protection, so the other part of the activities, thanks to the continued development of the offering and the contribution from new and existing partnerships. BNP Paribas Cardiff has been very active in expanding these partnerships and I will comment on it on the next slide. It has also enriched its product range with offers in individual protection or affinity, for example, in partnership with Orange. If we now turn to another part of IPS, wealth management and asset management, we saw real dynamism in both businesses, with revenues up 6.1% and 9.8% respectively. Supported by the relationship with high network clients, be they international or from our commercial and personal banking networks, wealth management saw strong net asset inflows of nearly 13 billion euros. This combined with a solid market performance to push overall assets under management up 7.6% in the first half of the year. Client transactions rebounded in all geographies, driving fees upward and interest revenues are holding up well. We were recognized as Western Europe's best bank for wealth management by Euromoney testimony on our strong position in the eurozone also a very strong quarter for asset management where it's worth noting that the sustained net inflows of 10.9 billion euros were driven by money market funds on the downside real estate is still contending with a very lackluster market environment overall the growth in revenues was achieved with very good control of operating expenses as you know as with efficiency measures and savings offsetting target investments resulting in 2.9 Joules effect on the division. If I zoom in on page 24 on the deep dive that we will do in insurance. So I mentioned there is a deep dive in September on EPS or equity and prime services. There is also one on insurance that is scheduled for the end of the year. And I remind you that we have a unique distribution model in insurance well-balanced between, on one hand, our internal distribution channels, namely our networks and businesses, and the external distribution networks via a broad group of partners. Insurance is also benefiting from the group's integrated business model, thanks to transversal initiatives on savings supporting the development of cross-sell opportunities with other divisions. In 2024, Insurance has provided us with a series of attractive opportunities in terms of development and a solid backbone to our capital redeployment strategy. So this has been a strategic avenue for development with several acquisitions, partnerships, such as Stakes in Aegeas, partnership with BCC Banca Ikea, and the acquisition of BCC Vita. Moreover, partnerships with Neuflies OBC and the acquisition of Neuflies V. These deals are very complementary with our existing presence and the expertise of insurance. Not only that, as you know, they are capital light and enable the bank to leverage on our great expertise in insurance, bank insurance, and our strong capacity to develop partnerships. So that is what we do, what we will continue to do. And so the result of all this is a well-positioned insurance model supporting by true strong pillars protection on one hand, and savings on the other hand. So this basically sums up the divisions, and then I'll hand it back to Jean-Laurent for the conclusion.