par CREDIT COOPERATIF
Financial Statements - 30 June 2025
FINANCIAL STATEMENTS OF
BNP PARIBAS HOME LOAN SFH
TO 30 JUNE 2025
(In euros)
Income statement at 30 June 2025 3
Balance sheet at 30 June 2025 4
1 - Summary of the accounting policies applied by BNP Paribas SFH 6
2 - Notes to the income statement at 30 June 2025 8
2.a Interest margin 8
2.b Commissions 8
2.c General operating expenses & Sundry operating revenue 9
3.d Income tax 9
3 - Notes to the balance sheet at 30 June 2025 10
3.a Receivables and payables with to credit institutions 10
3.b Other assets and liabilities 10
3.c Adjustments accounts 11
3.d Debts securities 11
3.e Subordinated debts 11
4 - Additional Information 12
4.a Post-balance sheet events 12
4.b Change in share capital in euros 12
4.c Change in shareholder’s equity 12
4.d Notional amounts of financial instruments 12
4.e Ageing of applications and sources of funds 13
4.d Headcount 13
Result of the last 5 years 14
Statutory auditors' review report on the half-year financial information 15
INCOME STATEMENT AS AT 30/06/2025
In euros | Notes |
Interest and similar revenue | 2.a |
Interest and similar expenses | 2.a |
Revenue from variable income securities Commissions (revenue) | 2.b |
Commissions (expenses) | 2.b |
Gains or losses on trading transactions | 2.b |
Gains or losses on investment portfolio transactions and similar Other revenue from banking operations - SRF Other expenses on banking operations | 2.c |
NET BANKING INCOME | |
Personnel expenses Other administrative expenses | 2.c |
Including (S)ingle (R)esolution (F)und (1) Misc. expenses on banking operations Amortisation and depreciation of tangible and intangible assets | 2.c |
GROSS OPERATING PROFIT | |
Cost of risk | |
OPERATING PROFIT | |
Gains or losses on capitalised assets Net regulated provisions | |
PRE-TAX PROFIT | |
Extraordinary result Income tax | 2.d |
NET RESULT |
30/06/2025 | 31/12/2024 | 30/06/2024 |
309 362 414 421 245 601 199 541 623
(304 318 553) (404 303 958) (189 682 585)
625 000 1 250 000 1 129 568
(9 480) (7 199) (7 200)
0 0 (0)
- - -
- - -
- - -
5 659 381 18 184 443 10 981 405
- - -
(729 472) (1 723 139) (979 327)
- - -
4 929 908 16 461 304 10 002 078
(1 210 401) (4 250 309) (2 532 467)
3 719 507 12 210 995 7 469 611
BALANCE SHEET AS AT 30/06/2025
In euros | Notes |
ASSETS Cash, central banks, PO accounts Treasury bills and similar securities Receivables from 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 Interests in group companies Lease financing and leases with purchase option Intangible assets Tangible assets Treasury shares Other assets | 3.b |
Adjustment accounts | 3.c |
TOTAL ASSETS | |
LIABILITIES DEBT Central banks, PO accounts | 3.a |
Payables to credit institutions | 3.a |
Customer transactions Debt securities | 3.d |
Other liabilities | 3.b |
Adjustment accounts | 3.c |
Provisions for liabilities and charges Subordinated debt | 3.e |
TOTAL DEBTS | |
SHAREHOLDERS' EQUITY Share capital subscribed Share premiums Reserves Retained earnings Income for the period Unallocated income | 4.c |
TOTAL SHAREHOLDERS' EQUITY | |
TOTAL LIABILITIES | |
OFF-BALANCE SHEET | Notes |
30/06/2025 | 31/12/2024 |
30/06/2025 | 31/12/2024 |
820 820
- -
35 366 664 374 34 375 155 769
- -
- -
- -
- -
- -
- -
3 221 589 2 307 603
67 966 372 71 535 361
35 437 853 155 34 448 999 553
- -
510 028 468 320 372 773
- -
34 518 740 113 33 707 233 710
192 175 1 074 829
77 753 277 81 192 652
- -
40 071 667 40 092 640
35 146 785 700 34 149 966 604
285 000 000 285 000 000
2 326 648 1 716 098
21 300 105 855
3 719 507 12 210 995
- -
291 067 455 299 032 948
35 437 853 155 34 448 999 553
COMMITMENTS GIVEN
Finance commitments - -
Guarantee commitments 2 306 836 2 306 836
Commitments on securities - -
COMMITMENTS RECEIVED
Finance commitments - -
Guarantee commitments 41 890 314 446 41 770 185 097
Commitments on securities - * Banque de France bank account
CASH FLOW STATEMENT AT 30/06/205
1. SUMMARY OF THE ACCOUNTING PRINCIPLES APPLIED BY BNP PARIBAS HOME LOAN SFH
The financial statements of BNP Paribas Home Loan SFH are prepared in accordance with the accounting principles applicable in France to credit institutions, as set out in ANC regulation no. 2014-07 of 26 November 2014.
The income statement as at 30 June 2025 and the notes to the financial statements provide comparative information as at 30 June 2024 and 31 December 2024.
The method adopted for valuing items recognised in the accounts is historical cost.
The main accounting methods used are as follows:
Loans and advances to credit institutions and customers
Loans and advances to credit institutions cover all loans and advances, including subordinated loans, conducted in the context of banking transactions with credit institutions, with the exception of those represented by certificates. They also include assets purchased under resale agreements, whatever the type of assets concerned, and receivables corresponding to securities sold under collateralised repurchase agreements. These are broken down into sight deposits and term loans.
Loans and advances to credit institutions and customers are stated in the balance sheet at face value plus accrued interest not yet due.
Debt securities
Debt securities are recognised at amortised cost.
Issue and redemption premiums are recognised in accordance with the accounting principles applicable in France to credit institutions, as set out in ANC regulation no. 2014-07 of 26 November 2014.
The income statement as at 30 June 2025 and the notes to the financial statements provide comparative information as at 30 June 2024 and 31 December 2024.
The method adopted for valuing items recognised in the accounts is historical cost.
Bonds are amortised on an actuarial basis over the term of the borrowing, where related issuance costs are amortised on a straight-line basis over the same period.
Recognition of revenue and expenses
Interest and similar commissions are recognised as they arise, on a pro rata basis.
Commissions not similar in nature to interest and corresponding to the provision of services are recognised as of the date on which the services are provided or on a pro rata basis for the duration of the service, where the service is delivered on an ongoing basis.
Revenue and expenses in foreign currency are recognised at their equivalent value as at transaction date.
Foreign currency transactions
Receivables and liabilities denominated in foreign currency are valued at the spot exchange rate as at balance sheet date.
The conversion of such transactions denominated in foreign currency as at balance sheet date gives rise to a difference recognised through profit or loss.
Revenue and expenses denominated in foreign currency relating to loans or borrowings are recognised in the revenue and expense accounts opened in each foreign currency, with the conversion conducted at monthly closing of the accounts.
Information concerning transactions between affiliated parties
In light of the company’s business and of its capital link (subsidiary 99.99% owned by BNP Paribas SA), the obligations of ANC regulation no. 2014-07 concerning presentation of information about affiliated parties do not apply.
Tax consolidation rules
BNP Paribas Home Loan SFH is consolidated within the tax group France, headed by BNP Paribas since 01/01/2005.
With regard to corporation tax and under the terms of the tax consolidation agreement, tax is calculated by the subsidiary as if there were no tax consolidation.
After deducting any tax credits, the amount calculated accordingly is due to the parent company,
BNP PARIBAS SA.
Consolidation
The accounts of BNP Paribas Home Loan SFH are included on a full consolidation basis within the consolidated accounts of BNP Paribas SA.
General information
Within the context of the issuance of housing bonds, BNP Paribas has collateralised a pool of real estate loans for BNP Paribas Home Loan SFH totalling €41,890,314,446 as at 30 June 2025.
This pool has been exploited in the amount of €37,980,681,818.18 in connection with existing issuances.
The company has its registered office in France and, in accordance with Article L. 513-29 of the Monetary and Financial Code, does not have any branch or subsidiary established abroad, including in non-cooperative countries.
2. NOTES TO THE INCOME STATEMENT AS AT 30/06/2025
2.a INTEREST MARGIN
Under the items "Interest and similar revenue" and "Interest and similar expenses", BNP Paribas Home Loan SFH presents the calculated revenue on financial instruments carried at amortised cost.
In euros |
30/06/2025 | |
Revenue | Expenses |
299 480 726 | (18 947 575) |
299 480 726 | (18 947 575) |
9 881 688 | (285 370 978) |
9 881 688 | (283 446 337) (1 924 641) |
309 362 414 | (304 318 553) |
31/12/2024 | |
Revenue | Expenses |
409 849 811 | (28 727 739) |
409 849 811 | (28 727 739) |
11 395 789 | (375 576 219) |
11 395 789 | (372 784 823) (2 791 395) |
421 245 601 | (404 303 958) |
30/06/2024 | |
Revenue | 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) |
Credit institutions
Sight deposits, loans and borrowings
Debt securities
Bonds
Subordinated term debt
Interest revenue and expenses
2.b COMMISSIONS
In euros |
30/06/2025 | |
Revenue | Expenses |
625 000 | (9 480) |
625 000 | (9 480) |
625 000 | (9 480) |
30/06/2024 |
Revenue Expenses |
31/12/2024 | |
Revenue Expenses | |
1 250 000 1 250 000 | (7 199) (7 199) |
1 250 000 | (7 199) |
31/12/2024 | |
Revenue Expenses | |
30/06/2024 |
Revenue Expenses |
In euros | 30/06/2025 |
Revenue Expenses |
Banking and financial transactions1 129 568 (7 200)
Securities trading1 129 568 (7 200)
Commission revenue and expenses1 129 568 (7 200)
Gains or losses on trading transactions - - - (0) - -
2.c GENERAL OPERATING EXPENSES & SUNDRY OPERATING REVENUE
In euros | 30/06/2025 | 31/12/2024 | 30/06/2024 |
Other administrative expenses (729 472) (1 723 139) (979 327) Remuneration of intermediaries (558 255) (1 380 324) (806 625)
Taxes (171 217) (342 815) (172 702)
(1) Reallocation of the contribution to the SRF to Sundry banking operating
In euros | 30/06/2025 | 31/12/2024 | 30/06/2024 |
Sundry operating revenue - - -
Other sundry operating revenue ( 1 ) - - -
(1) Regulation (EU) No. 806/2014 on the Single Resolution Fund.
2.d INCOME TAX
In euros | 30/06/2025 | 31/12/2024 | 30/06/2024 |
Current tax for the period (1 210 401) (4 250 309) (2 532 467)
3. NOTES TO THE BALANCE SHEET AS AT 3 0/06/2025
Loans and receivables | 35 366 665 194 | 34 375 156 589 |
Cash, central banks, PO accounts | 820 | 820 |
Ordinary accounts with debit balance | 12 574 714 | 21 715 650 |
Term accounts and loans | 35 354 089 659 | 34 353 440 118 |
Loans and receivables with credit institutions | 35 366 665 194 | 34 375 156 589 |
Including associated receivables | 261 089 658 | 200 440 117 |
Ordinary credit accounts Debt and borrowings Payables to credit institutions Including associated liabilities | - 510 028 468 510 028 468 28 468 | - 320 372 773 320 372 773 372 773 |
3.a RECEIVABLES AND PAYABLES WITH CREDIT INSTITUTIONS
In euros | 30/06/2025 | 31/12/2024 | ||
In euros | 30/06/2025 | 31/12/2024 |
3.b OTHER ASSETS AND LIABILITIES
In euros | 30/06/2025 | 31/12/2024 |
Sundry debtors 3 221 589 2 307 603
Including (S)ingle (R)esolution (F)und 2 306 836 2 306 836
Sundry creditors 192 175 1 074 829
As at 31/12/2024, no accounts payable were recognised in the accounts of BNP Paribas Home Loan SFH.
Accrued revenue | 625 000 | 1 279 050 |
Other adjustment accounts receivable | 67 341 372 | 70 256 310 |
Prepaid expenses | 67 341 372 | 70 256 310 |
Adjustment accounts – assets | 67 966 372 | 71 535 361 |
Accrued expenses | 537 887 | 821 276 |
Other adjustment accounts payable | 77 215 391 | 80 371 376 |
Deferred revenue | 77 215 391 | 80 371 376 |
Other adjustment accounts | - | - |
Adjustment accounts – liabilities | 77 753 277 | 81 192 652 |
3.c ADJUSTMENT ACCOUNTS
In euros | 30/06/2025 | 31/12/2024 |
The adjustment accounts on the assets side include the zero-coupon bond redemption premiums
still remaining to be amortized which are zero in June 2025.
3.d DEBT SECURITIES
|
|
Bonds 34 258 000 000 33 508 000 000
Associated liabilities 260 740 113 199 233 710
Debt securities 34 518 740 113 33 707 233 710
Repayable subordinated debt Associated debt Subordinated debt | 40 000 000 71 667 40 071 667 | 40 000 000 92 640 40 092 640 |
3.e SUBORDINATED DEBT
|
|
4. ADDITIONAL INFORMATION
4.a POST-BALANCE SHEET EVENTS
As at 24 September 2025, BNP Paribas Home Loan SFH has conducted two so-called "selfsubscription" issuances, each of €1,500,000,000 (Series 109 and 110).
The company has redeemed the following issuances by maturity:
• Series 73 (maturity 18/07/2025) in the amount of €150,000,000.
• Series 74 (maturity 12/09/2025) in the amount of €100,000,000.
4.b CHANGES IN SHARE CAPITAL IN EUROS
Number of securities | Nominal value | ||||
Opening balance | Created during the period | Redeemed during the period | Closing balance | ||
Ordinary shares Redeemed shares Preferred shares without voting rights Preference shares Members´shares Investment certificates | 28 500 000 | 28 500 000 | 10 euros | ||
4.c CHANGES IN SHAREHOLDERS' EQUITY
in euros | 31/12/2024 | Item increases | Item decreases | 30/06/2025 | |
Capital | 285 000 000 | - | - | 285 000 000 | |
Issue premiums Legal reserve | 1 317 734 | 1 008 914 | 2 326 648 | ||
Retained earnings | 231 939 | (210 638) | 21 300 | ||
Income for the period | 7 967 280 | 3 719 507 | (7 967 280) | 3 719 507 | |
Shareholder’s equity | 294 516 953 | 4 728 421 | (8 177 918) | 291 067 455 | |
4.d NOTIONAL AMOUNTS OF FINANCIAL INSTRUMENTS
In euros | 30/06/2025 | 31/12/2024 |
Exchange rate derivatives - -
Interest rate derivatives - -
The net valuation of the swaps as at 30/06/2025 is zero.
4.e AGEING OF APPLICATIONS AND SOURCES OF FUNDS
Remaining duration | |||
In euros | Up to 3 months | From 3 months From 1 year to Over 5 years to 1 year 5 years | Total |
APPLICATIONS
sight receivables | 12 574 714 | - - | 12 574 714 |
term receivables | 1 085 000 000 | 17 035 000 000 14 287 000 001 | 35 093 000 001 |
SOURCES Payables to credit institutions | 509 999 180 | - - | 509 999 180 |
Debt securities | 250 000 000 | 17 035 000 000 14 287 000 000 | 34 258 000 000 |
Customer transactions | - | - - | - |
Subordinated debt | 25 000 000 | - 15 000 000 | 40 000 000 |
4.f HEADCOUNT
The company does not have any personnel or own resources, but exploits those made available by its parent company, BNP Paribas.
Table of results for the last 5 financial years
Nature of information | 31/12/2021 | 31/12/2022 | 31/12/2023 | 31/12/2024 | 30/06/2025 |
Financial position at year-end | |||||
Share capital | 285 000 000 | 285 000 000 | 285 000 000 | 285 000 000 | 285 000 000 |
Number of ordinary shares in circulation | 28 500 000 | 28 500 000 | 28 500 000 | 28 500 000 | 28 500 000 |
Number of convertible bonds | None | None | None | None | None |
Actual operating result | |||||
Net Banking Income | 3 622 344 | 5 396 536 | 12 773 080 | 18 184 443 | 5 659 381 |
Earnings before tax, depreciation and provisions | 1 000 160 | 2 699 069 | 10 754 549 | 16 461 304 | 4 929 908 |
Income tax | (267 802) | (682 345) | (2 787 269) | (4 250 309) | (1 210 401) |
Earnings after tax, depreciation and provisions | 732 358 | 2 016 724 | 7 967 280 | 12 210 995 | 3 719 507 |
Distributed earnings | 855 000 | 1 710 000 | 7 695 000 | 11 685 000 | |
Earnings per share | |||||
Earnings after tax, but before depreciation and provisions | 0,03 | 0,07 | 0,28 | 0,43 | 0,13 |
Earnings after tax, depreciation and provisions | 0,03 | 0,07 | 0,28 | 0,43 | 0,13 |
Dividend paid per share | 0,03 | 0,07 | 0,27 | 0,41 | 0,00 |
Personnel | |||||
Number of employees | None | None | None | None | None |
Total payroll | None | None | None | None | None |
Employee benefits paid (social security, social initiatives) | None | None | None | None | None |
BNP PARIBAS HOME LOAN SFH
1, Boulevard Haussmann 75009 Paris
___________________________________
Statutory auditors' review report on the half-year financial information
(For the six-month period ended 30 June 2025)
This is a free translation into English of the Statutory Auditors’ review report on the half-year financial information issued in French and is provided solely for the convenience of English-speaking users. 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
1, Boulevard Haussmann 75009 Paris
_______________________________
Statutory auditors' review report on the half-year financial information
(For the six-month period ended 30 June 2025)
_______________________________
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:
• the limited review of BNP PARIBAS HOME LOAN SFH’s half-year financial statements, for the six-month period ended 30 June 2025 ;
• the verification of the information presented 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.
Conclusion on the 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 limited 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 financial position at the end of the half-year 2025, as well as the results for the period then ended.
Specific verification
We have also verified the information presented in the interim management report on the half-year financial statements subject to our review.
We have no matters to report as to its fair presentation and consistency with the half-year financial statements.
Paris-La Défense, September 29th, 2025
Statutory Auditors
French original signed by
ERNST & YOUNG et Autres Deloitte & Associés
/DSS2/ /DSS1/
Hassan BAAJ Jean-Vincent COUSTEL
BNP PARIBAS HOME LOAN SFH l Statutory auditors' report on the half-year financial information l Period from January 1, 2025 to June 30, 2025