2017 First Quarter Results

Q1-2017: Net income up sharply for both Crédit Agricole Group and Crédit Agricole S.A., strong commercial momentum in all business lines

Crédit Agricole Group*

Stated net income Group share

+95.6% Q1/Q1

Stated revenues

+15.2% Q1/Q1

Fully-loaded CET1 ratio

above the P2R[1]

  • Good commercial momentum throughout the Group: retail banks, businesses and Large customers
  • Underlying[2] net income Group share: €1,654m, +33.3% Q1/Q1
  • Underlying2 revenues: €8,334m, +6.7% Q1/Q1
  • Cost of risk down: 26bps annualised[3]
  • 70% of 2017 funding programme completed at end-April

* Crédit Agricole S.A. and 100% of Regional Banks.

Crédit Agricole S.A.

Stated net income Group share

x3.7 Q1/Q1

Stated revenues

+23.7% Q1/Q1

Fully-loaded CET1 ratio

340 bps above the P2R1

  • Acceleration in growth: continued strong commercial momentum in all business lines
  • Underlying2 revenues +14% Q1/Q1, +10.0% Q1/Q1 excl. Corporate centre (business lines only)
  • Strong growth in Asset gathering, Large customers and Corporate centre driven by recurring benefits of Eureka
  • Underlying2 NIGS €895m, x2.3 Q1/Q1, underlying2 earnings per share: €0.27, x2.8 Q1/Q1
  • Sharp increase in underlying2 net income Group share of the business lines: +44% Q1/Q1, increased contribution from all business lines
  • Tight cost control: 8.3pp improvement in underlying2 cost/income ratio Q1/Q1 to 62.7% excl. SRF
  • Firm grip on risk in all business lines: cost of credit risk 37 bps3
  • Non-specific provision for legal risk: €40m (non-deductible)
  • Note: target CET1 ratio of 11% at end-2019, 250 bps above the P2R1 (8.50% at 01/01/19)

[1] Pro forma P2R for 2019 as notified by the ECB

[2] See p. 11 for further details on specific items

[3] Calculated on an average annualised basis over four rolling quarters


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