15-05-2019

Results for the first quarter 2019

Financial Results

Press releases

First Quarter 2019 Results

Good performance in all business divisions

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Crédit Agricole S.A.

Underlying^[1]net income^[2]: €796m, +1.0% Q1/Q1, +8.2% for the business divisions (excl. Corporate centre-CC)
Stated net income^[2]: €763m, -10.9% Q1/Q1, stated revenues: €4,855m, -1.1% Q1/Q1
Underlying^[1] EPS: €0.23 (-0.9% Q1/Q1),
Underlying^[1] revenues: +0.1% Q1/Q1 and +1.0% for the business lines: sustained level of CIB activities (+3.3%) and Retail banking in France (+1.3%)
Confirmed control of underlying costs^[1]: stable excluding the SRF^[3], demonstrating the good operating efficiency of the businesses;
stable underlying cost/income ratio (63.3%), excluding the SRF^[3] but including the negative impact of other IFRIC21 charges affecting only Q1
Sharp increase in the SRF^[3]: +13.9% Q1/Q1 to €332m, underlying^[1] net income excl. SRF: +3.5% Q1/Q1
Marked decrease in the cost of risk: -28.4% Q1/Q1, still low: 21bp^[4] in Q1-19, -7bp Q1/Q1
CET1 ratio: 11.5%, still above the target of 11%

Crédit Agricole Group*

Stated net income^[2]: €1,350m, -5.5% Q1/Q1, stated revenues: €8,196m, -0.7% Q1/Q1
Underlying^[1] net income^[2]: €1,435m, +6.1% Q1/Q1, +9.9% for the business lines (excl. CC)
Tight control of underlying costs^[2] excl. SRF^[3]: -1.1% Q1/Q1, positive jaws effect of 2 pts
Increase in the SRF^[3]: +17.4% Q1/Q1 to €422m, underlying^[1] net income^[2] excl. SRF^[3]: +8.1% Q1/Q1
Regional Banks (IFRS): higher underlying^[1] revenues driven by the strength of fees and the positive revaluation of the securities portfolio,
stable underlying costs excl. SRF^[3] and a sharp drop in the cost of risk * Crédit Agricole S.A. and Regional Banks at 100%.

^[1] In this press release, “underlying” refers to intermediary balances adjusted for the specific items described on p. 13 onwards
^[2]Net income Group share
^[3] Contribution to the Single Resolution Fund (SRF)
^[4] Average loan loss reserves over the last four rolling quarters. Since this quarter, loans outstanding included in credit risk indicators are only loans to customers, before impairment

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