Results for the first quarter 2022

CAG and Crédit Agricole S.A. stated and underlying results Q1-2022

CRÉDIT AGRICOLE GROUP

CRÉDIT AGRICOLE S.A.

Stated

Underlying

Stated

Underlying

Revenues

€9,680m

+7.0% Q1/Q1

€9,601m

+5.7% Q1/Q1

€5,938m

+8.1% Q1/Q1

€5,929m

+7.6% Q1/Q1

Costs excl. SRF

-€5,911m

+7.4% Q1/Q1

-€5,892m

+7.1% Q1/Q1

-€3,518m

+10.0% Q1/Q1

-€3,499m

+9.6% T1/T1

SRF

-€794m

+70.1% Q1/Q1

 -€794m

+21.9% Q1/Q1

-€636m

+67.3% Q1/Q1

-€636m

+24.7% Q1/Q1

GOI

€2,975m

-3.3% Q1/Q1

€2,914m

-0.5% Q1/Q1

€1,784m

-6.9% Q1/Q1

€1,793m

-0.6% Q1/Q1

Cost of risk

-€888m

+65.5% Q1/Q1

-€693m

+29.2% Q1/Q1

-€741m

+93.0% Q1/Q1

-€546m

42.2% Q1/Q1

Net income Group share

€1,331m

-24.1% Q1/Q1

€1,484m

-7.2% Q1/Q1

€552m

-47.2% Q1/Q1

€756m

-18.9% Q1/Q1

C/I ratio (excl. SRF)

61.1%

+0.2 pp Q1/Q1

61.4%

+0.8 pp Q1/Q1

59.2%

+1.0 pp Q1/Q1

59.0%

+1.1 pp Q1/Q1

Crédit Agricole S.A. underlying results Q1-2022

Gross operating income excluding SRF: +4.9% Q1/Q1, or +€114m to €2,429m

Cost/ income ratio (excl. SRF): 59.0% (+1.1 pp Q1/Q1), below the MTP target of 60%

Net income Group share €756m, -€176m Q1/Q1, impacted by

• a new increase in the SRF (+24.7% Q1/Q1 to €636m, contribution -€126m)
• a conservative provisioning of Russian exposures (-€389m)
• provision for Ukraine equity risk accounted for in specific items (-€195m)

Underlying ROTE Q1-2022: 11.6%

Dynamic commercial activity in Q1 in all business lines, macroeconomic impact of conflict yet to come

• 516,000 new customers (France, Italy, Poland) in Q1-22, six million since the launch of the MTP
• RB and LCL loan production +13.8% Q1/Q1
• Insurance equipment +0.3 pp RB year-on-year, +0.6 pp LCL, +1.5 pp CA Italia
• Life insurance and asset management inflows +€6.8bn, assets under management +12.4% yoy

Solid balance sheet and capital position

CRÉDIT AGRICOLE GROUP

CRÉDIT AGRICOLE S.A.

Phased-in CET1

17.0%

-0.5 pp Mar/Dec

11.0%

-0.9 pp Mar/Dec

+8.1 pp above SREP requirements

+3.1 pp above SREP requirements

Asset quality

€18.9bn in loan loss reserves at end-March 22

NPL ratio stable at 2.4%, coverage ratio up to 77.5%

Confirmation of the 50% payout policy and of the intention to pay an additional 20 cents on the 2019 dividend in 2023

Group adopts a clear stance on Ukraine and Russia

• Ukraine: material and financial support to employees and their families, continuity of essential banking services for customers, two-thirds of branches open, banking mobile application number 1 in stores.
• Russia: all new financing to Russian companies stopped since the beginning of the war, as well as all commercial activity in the country.

Non-performing risks: low provisioning in Russia (€43m) and Ukraine^[1] (€20m)

Conservative provisioning of performing loans:

• Ukraine: full provisioning of equity risk of €195m (restated in specific items)
• Russia:  prudent provisioning of performing exposures (€346m)^[2]

Sharp drop in residual Russian exposures

• Exposure down -€0.6bn since 31/12/21, -€1.1bn since the start of hostilities.
• As of 31/03/22, exposure represents:
  • On-shore: €0.7bn
  • Off-shore on-balance sheet: €3.1bn
  • Off-shore off-balance sheet: €0.6bn
• Almost all maturities have been paid since the beginning of the conflict.

Philippe Brassac, Chief Executive Officer of Crédit Agricole S.A.

“Regarding the Russia-Ukraine conflict, the Group chooses cautious provisioning, while the risk on non-performing loans is low.

The first quarter results are solid, with a dynamic activity in all business lines.”

Dominique Lefebvre, Chairman of SAS Rue La Boétie and Chairman of the Crédit Agricole S.A. Board of Directors

“The Group is, yet again, proving the strength and consistency of its model to adjust to various crises. On June 22nd, we will present our medium-term ambitions to address societal transitions.”