Investor Presentaiton
4Q21 - IFS - Wealth and Asset Management
4Q21
4Q20
4Q21 /
3Q21
4Q21 /
2021
2020
2021 /
Єm
Revenues
Operating Expenses and Dep.
4Q20
3Q21
2020
949
826
+14.8%
859
+10.5%
3,422
2,982
+14.7%
-741
-669
+10.8%
-651
+13.9%
-2,628
-2,510
+4.7%
Gross Operating Income
208
157
+32.1%
208
-0.1%
794
472
+68.2%
Cost of Risk
1
1
-15.9%
-3
n.s.
-12
-17
-31.3%
Operating Income
209
159
+31.6%
205
+2.0%
782
455
+72.0%
Share of Earnings of Equity-Method Entities
28
11
n.s.
19
+43.4%
72
64
+12.0%
Other Non Operating Items
0
63
n.s.
0
n.s.
98
65
+51.5%
Pre-Tax Income
237
233
+1.6%
224
+5.5%
951
583
+63.2%
Cost/Income
78.1%
81.0%
-2.9 pt
75.8%
+2.3 pt
76.8%
84.2%
-7.4 pt
Allocated Equity (bn)
2.1
2.0
+3.8%
·
Revenues: +14.8% vs. 4Q20
Strong increase in Asset Management, driven by very strong net asset inflows and the
performance effect
Increased revenues in Wealth Management, driven by higher assets under management and a
strong commercial performance
Ongoing rebound at Real Estate from a low 2020 base; strong increase mainly in Advisory,
particularly in France and Germany
Operating expenses: +10.8% vs. 4Q20, very positive jaws effect in Asset Management and Real
Estate and overall (+4.1 pts)
Pre-tax income: +1.6% vs. 4Q20, with the positive impact of a non-recurring item in 4Q20 in Asset
Management
BNP PARIBAS
The bank for a changing world
2021 Full Year Results | 84
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