from CREDIT COOPERATIF
Financial Statements - 30 June 2024
FINANCIAL STATEMENTS OF
BNP PARIBAS HOME LOAN SFH
TO 30 JUNE 2024
(In euros)
Income statement at 30 June 2024 3
Balance sheet at 30 June 2024 4
Summary of accounting policies applied by BNP Paribas SFH 5
Notes to the income statement at 30 June 2024 8
Interest margin 8
Commissions 8
General operating expenses & Miscellaneous operating revenue 9
Income tax 9
Notes to the balance sheet at 30 June 2024 10
Receivables and debts to credit institutions 10
Other assets and liabilities 10
Accruals and deferred income 11
Debts represented by a security 11
Subordinated debts 11
Additional Information 12
Post-closing events 12
Change in share capital in euros 12
Change in equity 12
Notional value of financial instruments 13
Schedules of uses and resources 13
Statutory auditor's fees 13
Result of the last 5 years 13
INCOME STATEMENT FOR THE YEAR ENDED 30/06/2024
In euros | Notes |
Interest and similar income | 2.a |
Interest and similar expenses | 2.a |
Income from variable income securities Commissions (income) | 2.b |
Commissions (expenses) | 2.b |
Gains or losses on trading portfolio transactions | 2.b |
Gains or losses on investment portfolio and similar transactions Other banking income - F.R.U. Other banking operating expenses | 2.c |
NET BANKING INCOME | |
Staff costs Other administrative expenses | 2.c |
Of which Single Resolution Fund (1) Miscellaneous banking expenses Depreciation, amortisation and impairment of tangible and intangible fixed assets | 2.c |
GROSS OPERATING PROFIT | |
Cost of risk | |
OPERATING PROFIT | |
Gains or losses on fixed assets Net allocation to regulated provisions | |
CURRENT RESULT BEFORE TAX | |
Exceptional items Income tax | 2.d |
NET INCOME |
30/06/2024 | 31/12/2023 | 30/06/2023 |
199 541 623 326 444 532 138 598 735
(189 682 585) (315 753 635) (133 044 684)
-
1 129 568 1 703 457 793 769
(7 200) (104 437) (138 360)
(0) 0 0
- - -
- 483 162 483 162
- - -
10 981 405 12 773 080 6 692 622
- - -
(979 327) (1 535 368) (735 062) - (483 162) (483 162)
-
10 002 078 10 754 549 5 474 397
-
(2 532 467) (2 787 269) (1 398 545)
7 469 611 7 967 280 4 075 852
BALANCE SHEET AT 30/06/2024
30/06/2024 | 31/12/2023 |
In euros | Notes |
ASSETS Cash, central banks and post office accounts Treasury bills and similar securities Receivables involving credit institutions | 3.a |
Customer transactions Bonds and other fixed-income securities Equities and other variable income securities Equity interests and other long-term investments Shares in affiliated undertakings Leasing and rental with purchase option Intangible fixed assets Property, plant and equipment Own shares Other assets | 3.b |
Accruals and deferred income | 3.c |
TOTAL ASSETS | |
LIABILITIES DEBTS Central banks and post office accounts | 3.a |
Debts to credit institutions | 3.a |
Customer transactions Debts represented by a security | 3.d |
Other liabilities | 3.b |
Accruals and deferred income | 3.c |
Provisions for liabilities and charges Subordinated debts | 3.e |
TOTAL DEBTS | |
SHAREHOLDERS' EQUITY Subscribed capital Share premium Reserves Retained earnings Net profit for the year Results pending assignment | 4.c |
TOTAL SHAREHOLDERS' EQUITY | |
TOTAL LIABILITIES | |
OFF-BALANCE SHEET | Notes |
30/06/2024 | 31/12/2023 |
820 820
- -
35 176 643 113 34 903 084 859
- -
- -
- -
- -
- -
- -
2 306 836 2 306 836
76 118 119 82 536 051
35 255 068 888 34 987 928 566
- -
661 735 479 190 230 684
- -
34 162 422 193 34 362 854 432 8 989 733 2 334 550
87 535 901 97 873 892
- -
40 094 018 40 118 056
34 960 777 324 34 693 411 613
285 000 000 285 000 000
1 716 098 1 317 734 105 855 231 939
7 469 611 7 967 280
- -
COMMITMENTS GIVEN
Financing commitments Guarantee commitments Commitments on securities COMMITMENTS RECEIVED Financing commitments Guarantee commitments Commitments on securities * Banque de France Bank account | - 2 306 836 - - 41 677 637 313 - | - 2 306 836 - - 41 715 127 300 |
CASH FLOW STATEMENT AT 30/06/2024
In euros | 30/06/2024 |
Pre-tax | 002 078 | 754 549 |
+/- Net appropriations to depreciation of tangible and intangible assets | - | - |
- Depreciation of goodwill and other fixed assets | - | - |
= Net appropriations to provisions | - | - |
+/- Portion of profits relating to affiliate companies | - | - |
+/- Net loss/net gain from investment activities | - | - |
+/- Income/charges from financing activities | (26 256 968) | 347 535 |
+/- Other transactions | 086 727 | (65 150 698) |
= Total non-monetary items included in net pre-tax profit and other adjustments | (4 170 240) | 196 837 |
+/- Cash flow relating to transactions with credit institutions | (287 000 000) | 000 000 |
+/-Cash flow relating to transactions with customers | - | - |
+/-Cash flow from other transactions relating to financial assets or liabilities | - | - |
+/-Cash flow from other transactions relating to non-financial assets or liabilities | (521 095) | (157 096) |
– Taxes paid | (3 744 999) | (1 206 790) |
31/12/2023
= Net decrease /(increase) of assets and liabilities from operating activities ########## 73 636 114
Total net cash flow from operating activities (A) ########## 87 587 501
+/- Cash flow relating to financial assets and participating interests | - - |
+/-Cash flow relating to investment property | - - |
+/-Cash flow relating to tangible and intangible assets | - - |
Total net cash flow from investment activities (B) - -
+/- Cash flow derived from or intended for shareholders - (1 710 000)
+/- Other net cash flow from financing activities 287 000 000
Total net cash flow relating to financing activities (C) ##########
Effect of exchange rate variations on cash and cash equivalents (D) - -
Net cash flow from operating activities (A) | (285 434 256) | 87 587 501 |
Net cash flow relating to investment activities (B) | - | - |
Net cash flow relating to financing activities (C) | 287 000 000 | (76 710 000) |
Effect of exchange rate variations on cash and cash equivalents (D) | - | - |
Cash and cash equivalents at opening | 25 340 987 | 14 463 487 |
Cash, central banks, post office checking accounts (assets and liabilities) | - | - |
Demand deposit accounts (assets and liabilities) and loans/borrowings with credit institutions | 25 340 987 | 14 463 487 |
Cash and cash equivalents at year-end | 26 906 731 | 25 340 987 |
Cash, central banks, post office checking accounts (assets and liabilities) | - | - |
Demand deposit accounts (assets and liabilities) and loans/borrowings with credit institutions | 26 906 731 | 25 340 987 |
Net increase/(decrease) in cash and cash equivalents (A+B+C+D) 1 565 744 10 877 501
1 . SU M M A R Y O F A C CO UN T IN G PO LI C IE S A P P LI ED B Y B N P P A R IB A S HO M E L O AN SF H
The financial statements of BNP Paribas Home Loan SFH have been prepared in accordance with the general accounting principles applicable in France to credit institutions as set out in ANC regulation n° 2014-07 of 26 November 2014.
The income statement at 30 June 2024 and the related notes to the financial statements provide comparative information at 30 June 2023 and 31 December 2023.
The valuation method used for items recorded in the accounts is the historical cost method.
The main employed methods are the following:
Receivables involving credit institutions and customers
The receivables involving credit institutions include all receivables, including subordinated receivables, held in connection with banking transactions with credit institutions, with the exception of those evidenced by certificates. They also include securities received under repurchase agreements, regardless of the transaction medium, and receivables relating to securities delivered under repurchase agreements. They are broken down into demand receivables and term receivables.
Receivables involving credit institutions and customers are recorded in the balance sheet at their nominal value plus accrued interest.
Debts represented by a security
Debt securities are carried at amortised cost.
The issue or redemption premiums of the general accountants applicable in France to credit institutions as set out in ANC regulation n° 2014-07 of 26 November 2014.
The income statement at 30 June 2024 and the related notes to the financial statements provide comparative information at 30 June 2023 and 31 December 2023.
The valuation method used for items recorded in the accounts is the historical cost method. Bonds are amortised on an actuarial basis over the life of the bond, with costs relating to their issue spread on a straight-line basis over the same period.
Recording of income and expenses
Interest and similar commissions are recorded for their accrued amount, recorded pro rata temporis.
Commissions not treated as interest and corresponding to the provision of services are recorded on the date of performance of the service or on a pro rata basis over the duration of the service provided when it is continuous.
Foreign currency income and expenses are recorded at their equivalent value on the transaction date.
Foreign currency transactions
Receivables and payables denominated in foreign currencies are valued at the year-end spot exchange rate.
The conversion of these foreign currency transactions on the balance sheet dates gives rise to a difference recognised in the income statement.
Foreign currency income and expenses relating to loans or borrowings are recorded in income and expense accounts in each of the currencies concerned, with the conversions taking place on the monthly closing dates.
Information on related party transactions
Given the company's business and its ownership structure (99.99%-owned subsidiary of BNP Paribas SA), the requirements of ANC n° 2014-07 on the presentation of related party disclosures are not applicable.
Tax consolidation
BNP Paribas Home Loan SFH has been part of the French tax group headed by BNP Paribas since 01/01/2005.
In terms of corporation tax, in accordance with the terms of the tax consolidation agreement, tax is determined by the subsidiary, as in the absence of tax consolidation.
The amount thus calculated, after deduction of any tax assets and tax credits, is due to the parent company, BNP PARIBAS SA.
Consolidation
BNP Paribas Home Loan SFH is fully consolidated in the financial statements of BNP Paribas S.A.
General information
In connection with the issuance of housing finance bonds, BNP Paribas has pledged as collateral to BNP Paribas Home Loan SFH a pool of property loans amounting to €41,677,637,313 at 30 June 2024.
A total of €37,526,136,364 has been used for existing issues.
The Company's registered office is in France and, in accordance with the provisions of article L.513-29 of the French Monetary and Financial Code, it has no branches or subsidiaries abroad, including in non-cooperative countries.
Post-balance sheet events
None
2 . N O T E S T O TH E I N CO M E STA T E M EN T A T 3 0/ 06 /202 4
2.a INTEREST MARGIN
BNP Paribas Home Loan SFH presents under "Interest and similar income" and "Interest and similar expenses" the remuneration determined for financial instruments measured at amortised cost.
In euros |
31/12/2023 | |
Income | Expenses |
311 835 137 | (27 502 967) |
311 835 137 | (27 502 967) |
14 609 395 | (288 250 667) |
14 609 395 | (286 016 179) (2 234 488) |
326 444 532 | (315 753 635) |
30/06/2024 | |
Income | Expenses |
191 490 167 | (14 298 584) |
191 490 167 | (14 298 584) |
8 051 456 | (175 384 001) |
8 051 456 | (174 307 113) (1 076 888) |
199 541 623 | (189 682 585) |
30/06/2023 | |
Income | Expenses |
131 343 246 | (12 965 163) |
131 343 246 | (12 965 163) |
7 255 489 | (120 079 521) |
7 255 489 | (119 081 029) |
- | (998 492) |
138 598 735 | (133 044 684) |
Credit institutions
Current accounts, loans and borrowings
Debts represented by a security
Bonds
Subordinated term debt
Interest income and expense
Interest income and expense on hedging derivatives are presented together with income from the items whose risks they help to hedge.
2.b COMMISSIONS
In euros |
30/06/2023 |
Income Expenses |
31/12/2023 | |
Income | Expenses |
1 703 457 | (104 437) |
1 703 457 | (104 437) |
1 703 457 | (104 437) |
30/06/2024 | |
Income | Expenses |
1 129 568 | (7 200) |
1 129 568 | (7 200) |
1 129 568 | (7 200) |
Banking and financial transactions793 769 (138 360)
Securities transactions793 769 (138 360)
793 769 (138 360)
In euros | 30/06/2024 | 31/12/2023 | 30/06/2023 |
Income Expenses | Income Expenses | Income Expenses |
Gains or losses on trading portfolio transactions - - - (0) - -
2.c GENERAL OPERATING EXPENSES & MISCELLANEOUS OPERATING REVENUE
In euros | 30/06/2024 | 31/12/2023 | 30/06/2023 | |||||
Other administrative expenses | (979 327) | (1 535 368) | (735 062) | |||||
Remuneration of intermediaries | (806 625) | (1 294 176) | (613 273) | |||||
Taxes | (172 702) | (241 192) | (121 789) | |||||
(1) Reclassification of the contribution to the SRF to miscellaneous banking expenses.
In euros | 30/06/2024 | 31/12/2023 | 30/06/2023 | |||||
Miscellaneous operating income Other miscellaneous operating income (1) (1) European Regulation n° 806/2014 on the Single Resolution Fund. | - - | 483 162 483 162 | 483 162 483 162 | |||||
2.d INCOME TAX
In euros | 30/06/2024 | 31/12/2023 | 30/06/2023 |
Current tax for the year (2 532 467) (2 787 269) (1 398 545)
3 . N O T E S T O TH E BA L AN C E SH E ET A T 30 /06 /2 024
3.a RECEIVABLES AND DEBTS TO CREDIT INSTITUTIONS
Loans and receivables | 35 176 643 933 | 34 903 085 679 |
Cash, central banks and post office accounts | 820 | 820 |
Ordinary accounts in debit | 26 905 911 | 25 340 987 |
Term accounts and loans | 35 149 737 202 | 34 877 744 692 |
Loans and receivables involving credit institutions | 35 176 643 933 | 34 903 085 679 |
Of which related receivables | 156 737 201 | 171 744 691 |
In euros | 30/06/2024 | 31/12/2023 | ||||
In euros | 30/06/2024 | 31/12/2023 | ||||
Ordinary accounts in credit | - | - | ||||
Debt and borrowings | 661 735 479 | 190 230 684 | ||||
1 735 479 230 683,75
3.b OTHER ASSETS AND LIABILITIES
In euros | 30/06/2024 | 31/12/2023 |
Sundry debtors 2 306 836 2 306 836
of which (S)ingle (R)esolution (F)und 2 306 836 2 306 836
Sundry creditors 8 989 733 2 334 550
At 30/06/2024, BNP Paribas Home Loan SFH had no supplier debt.
3.c ACCRUALS
Accrued income | 625 000 | 0 |
Other accruals and deferred income | 75 493 118 | 82 536 051 |
Prepaid expenses | 75 493 118 | 82 536 051 |
Accruals and deferred income | 76 118 119 | 82 536 051 |
Accrued expenses | 731 800 | 768 739 |
Other accruals and prepayments | 86 804 101 | 97 105 153 |
deferred income | 86 804 101 | 97 105 153 |
Other prepayments and accrued income | - | - |
Prepayments and accrued income - liabilities | 87 535 901 | 97 873 892 |
In euros | 30/06/2024 | 31/12/2023 |
Accruals and deferred income include redemption premiums still to be amortised on zero-coupon bonds, which are zero in June 2024.
3.d DEBTS REPRESENTED BY A SECURITY
Bonds related debts Debts represented by a security | 34 008 000 000 154 422 193 34 162 422 193 | 34 191 000 000 171 854 432 34 362 854 432 |
|
|
3.e SUBORDINATED DEBTS
|
|
Redeemable subordinated debt 40 000 000 40 000 000
Related debts 94 018 118 056
4 . A D DI T IO NA L IN F OR M A TI ON
4.a POST-CLOSING EVENTS
There were no post-closing events.
4.b CHANGE IN SHARE CAPITAL IN EUROS
Number of shares | Nominal value | ||||
at beginning of year | created during the year | repaid during the year | at year-end | ||
Ordinary shares Amortised shares Non-voting preference shares Preference shares Company shares Investment certificates | 28 500 000 | 28 500 000 | 10 euros | ||
4.c CHANGE IN EQUITY
in euros | 31/12/2023 | Increases in positions | Decreases in positions | 30/06/2024 | |
Capital | 285 000 000 | - | - | 285 000 000 | |
Share premium Legal reserve | 1 317 734 | 398 364 | 1 716 098 | ||
Retained earnings | 231 939 | (126 084) | 105 855 | ||
Net profit for the year | 7 967 280 | 7 469 611 | (7 967 280) | 7 469 611 | |
Shareholders' equity | 294 516 953 | 7 867 975 | (8 093 364) | 294 291 564 | |
4.d NOTIONAL OF FINANCIAL INSTRUMENTS
In euros | 30/06/2024 | 31/12/2023 |
Foreign exchange derivatives - -
Interest rate derivatives - -
Forward financial instruments on over-the-counter marke - -
The net value of swaps at 30/06/2024 is zero.
4.e SCHEDULES OF USES AND RESOURCES
Remaining term | |||||
In euros | Up to 3 months | 3 months to 1 year | 1 to 5 years | More than 5 years | Total |
USES
demand receivables | 26 905 911 | - | - | - | 26 905 911 |
term receivables | 1 485 000 000 | 1 250 000 000 | 22 571 000 000 | 9 687 000 001 | 34 993 000 001 |
RESOURCES Debts to credit institutions | 659 999 180 | - | - | - | 659 999 180 |
debts represented by a security | 500 000 000 | 1 250 000 000 | 22 571 000 000 | 9 687 000 000 | 34 008 000 000 |
Customer transactions | - | - | - | - | - |
subordinated debts | 25 000 000 | - | - | 15 000 000 | 40 000 000 |
4.f STATUTORY AUDITOR'S FEES
The total amount of the Statutory Auditor's fees, relating to its statutory audit assignment, for the 2024 financial year is 64,000 euros excluding tax, in accordance with the approved and signed engagement letter. The value is 76,800 including all taxes.
Results for the last 5 years
Nature of indications | 31/12/2020 | 31/12/2021 | 31/12/2022 | 31/12/2023 | 30/06/2024 |
Financial position at year-end | |||||
Share capital | 285 000 000 | 285 000 000 | 285 000 000 | 285 000 000 | 285 000 000 |
Number of existing ordinary shares | 28 500 000 | 28 500 000 | 28 500 000 | 28 500 000 | 28 500 000 |
Number of bonds convertible into shares | None | None | None | None | None |
Overall result of actual operations | |||||
Net Banking Income | 3 417 820 | 3 622 344 | 5 396 536 | 12 773 080 | 10 981 405 |
Profit before tax, depreciation, amortisation and provisions | 1 039 782 | 1 000 160 | 2 699 069 | 10 754 549 | 10 002 078 |
Income tax | (316 909) | (267 802) | (682 345) | (2 787 269) | (2 532 467) |
Profit after tax, depreciation, amortisation and provisions | 722 873 | 732 358 | 2 016 724 | 7 967 280 | 7 469 611 |
Distributed profits | 570 000 | 855 000 | 1 710 000 | 7 695 000 | |
Result of operations reduced to one share | |||||
Profit after tax but before depreciation, amortisation and provisions | 0,03 | 0,03 | 0,07 | 0,28 | 0,26 |
Profit after tax, depreciation, amortisation and provisions | 0,03 | 0,03 | 0,07 | 0,28 | 0,26 |
Dividend per share | 0,02 | 0,03 | 0,07 | 0,00 | 0,00 |
Staff | |||||
Number of employees | None | None | None | None | None |
Total payroll | None | None | None | None | None |
Amounts paid in respect of employee benefits (social security, social works) | None | None | None | None | None |
BNP PARIBAS HOME LOAN SFH
Limited company
1, Boulevard Haussmann 75009 Paris
___________________________________
Statutory auditors' report on the half-year financial information
Period from January 1er 2024 to June 30 2024
This is a free translation into English of the Statutory Auditors’ report issued in French and is provided solely for the convenience of English speaking readers. This report includes information specifically required by European regulations or French law, such as information about the appointment of Statutory Auditors. This report should be read in conjunction with, and construed in accordance with, French law and professional auditing standards applicable in France.
ERNST & YOUNG et Autres
Statutory Auditors
Member of the Versailles and Centre regional company
Tour First
TSA 14444
92037 Paris-La Défense cedex
Deloitte & Associés
Statutory Auditors
Member of the Versailles and Centre regional company
6, place de la Pyramide
92908 Paris-La Défense Cedex
BNP PARIBAS HOME LOAN SFH
Limited company
1, Boulevard Haussmann 75009 Paris
_______________________________
Statutory auditors' report on the half-year financial information
Period from January 1er 2024 to June 30 2024
_______________________________
To the shareholders of BNP PARIBAS HOME LOAN SFH,
In compliance with the assignment entrusted to us by your Annual General Meetings and in accordance with the requirements of article L. 451-1-2 III of the French Monetary and Financial Code (Code monétaire et financier), we hereby report to you on :
• ethe review of the accompanying interim financial statements of BNP PARIBAS HOME LOAN SFH, for the period from January 1, 2024 to June 30, 2024;
• verification of the information given in the interim management report.
These interim financial statements are the responsibility of the Board of Directors. Our responsibility is to express a conclusion on these financial statements based on our limited review.
Financial statements
We conducted our review in accordance with professional standards applicable in France.
A limited review of interim financial information consists principally of making inquiries of persons responsible for financial and accounting matters and applying analytical and other review procedures. A limited review is substantially less in scope than an audit conducted in accordance with professional standards applicable in France. Consequently, the assurance that the financial statements, taken as a whole, are free from material misstatement obtained in the context of a limited review is a moderate assurance, lower than that obtained in the context of an audit.
Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial statements are not prepared, in all material respects, in accordance with French accounting principles, and give a true and fair view of the assets and liabilities and of the financial position of the Company as at June 30, 2009 and of the results of its operations for the six months then ended.
Specific verification
We have also verified the information given in the interim management report commenting on the interim financial statements subject to our review.
We have no matters to report as to its fair presentation and consistency with the interim financial statements.
Paris-La Défense, September 27, 2024
Statutory Auditors
French original signed by
ERNST & YOUNG et Autres Deloitte & Associés
SS2/ /DSS1/
Hassan BAAJ Jean-Vincent COUSTEL
2erl BNP PARIBAS HOME LOAN SFH l Statutory auditors' report on the half-year financial information l Period from January 1, 2024 to June 30, 2024