15-05-2018

First-quarter 2018 Results

Crédit Agricole S.A.

Financial Results

Q1-18 results in line with MTP targets, good business momentum and excellent cost control

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Crédit Agricole Group*

Stated net income Group share

Q1: €1,429m
-10.7% Q1/Q1

Stated revenues

Q1: €8,258m
+0.1% Q1/Q1

Fully-loaded CET1 ratio

14.6%
510bp above the P2R [1]

Robust activity in numerous business lines
Realisation of the Strategic Ambition 2020 plan: excellent cost control, acquisitions integrated earlier than initially scheduled, continued innovation and development
Underlying NIGS [2] : €1,352m, -18.3% Q1/Q1, -10.1% at constant scope and exchange rates [3]
Sharp rise in SRF: +29.5% Q1/Q1 to €359m, NIGS [2] at constant scope and exchange rates [3] excl. SRF: ‑4.2%
Cost of credit risk down -12.0% Q1/Q1, 17bp [4] compared with 26bp [4] in Q1-17

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

Crédit Agricole S.A.

Stated net income Group share

Q1: €856m
+1.2% Q1/Q1

Stated revenues

Q1: €4,909m
+4.4% Q1/Q1

Fully-loaded CET1 ratio

11.4%
(MTP target of 11%)

Underlying NIGS [2]: €788m, -12.1% Q1/Q1, +4.6% at constant scope and exchange rates [3], EPS [2]: €0.23
Impact of strategic repositioning: sale of non-strategic entities (loss of contribution from BSF and Eurazeo of €143m in Q1-17), lower risk in CIB (-11% reduction in RWA Q1/Q1)
Acquisitions: acceleration of synergies, timeline for cost savings on Pioneer revised (60% from 2018), three Italian banks almost at breakeven from Q1-18 (C/I ratio 95.5%)
Sharp rise in SRF: +25.1% Q1/Q1 to €291m, NIGS [2] at constant scope and exchange rates [3] excl. SRF: +8.7%
Underlying revenues [2]: +2.5% Q1/Q1, -0.7% at constant scope and exchange rates [3], more difficult environment on capital markets
Excellent control of underlying costs [2]: +3.7% Q1/Q1, -0.7% at constant scope and exchange rates [3], underlying [2] cost income ratio excluding SRF 63.3%, low despite the seasonal effect of IFRIC21 and continued investment in development
IFRS9 impact: negative impact on fully-loaded CET1 ratio (-24bp), but increase in coverage ratio: to 73%
Fully-loaded CET1 ratio 11.4%, still above the MTP target (11%)

[1] Pro forma P2R for 2019 as confirmed by the ECB in December 2017

[2] Throughout this press release, the term “underlying” refers to intermediary balances adjusted for specific items which are detailed from page 16 onwards

[3] The scope effect is calculated by adjusting the net income Group share of the first quarter of 2017 by deleting the contributions of BSF (€68m for Crédit Agricole Group, €67m for Crédit Agricole SA) and Eurazeo (€77m) and adding that of Pioneer, after deduction of the amortisation of distribution contracts (€36m), and of the first quarter of 2018 by deleting the contribution of the three Italian banks (‑€4m); the currency effect mainly reflects the US dollar's depreciation against the euro of -14% on average in Q1-18 in relation to Q1-17 and to a lesser extent the fall in the Egyptian and Ukrainian currencies.

[4] Average over last four rolling quarters, annualised

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