Results for the fourth quarter and full year 2017

Crédit Agricole Group*
Stated net income Group share Q4: €922m +37.4% Q4/Q4  2017: €6.536bn +35.5% 2017/2016	Stated revenues Q4: €8.045bn +1.8% Q4/Q4 2017: €32.108bn +5.5% 2017/2016	Fully-loaded CET1 ratio 14.9% 540bp above the P2R[1]
Continued organic growth in all business lines Targeted acquisitions finalised in Q4: three Italian banks, private banking business in Asia Progress on the Strategic Ambition 2020 plan: early synergies, innovations and operational effectiveness efforts Underlying NIGS[2] Q4: €1.692bn, -7.5% Q4/Q4 (2017 underlying2: €7.123bn, +8.9% 2017/2016) Cost of credit risk down to 17 bp[3] compared with 28 bp3 in Q4-16 * Crédit Agricole S.A. and Regional Banks at 100%
Crédit Agricole S.A.
Stated net income Group share Q4: €387m +32.9% Q4/Q4  2017: €3.649bn +3.1% 2017/2016	Stated revenues Q4: €4.651bn +1.6% Q4/Q4 2017: €18.634bn +10.6% 2017/2016	Fully-loaded CET1 ratio 11.7% (MTP target of 11%)
Q4 results negatively impacted by the tax surcharge: -€336m “exceptional” corporate tax expense, ­€134m from the revaluation of deferred tax assets and liabilities, ‑€384m on NIGS[4] Decision to neutralise the tax surcharge in the dividend proposed to the Annual Shareholders’ Meeting: €0.63 per share 2017 stated NIGS higher than 2016, which included Eureka gain for €1.27bn; improvement in business lines’ profitability despite the tax surcharge Q4 underlying NIGS2: €878m, -8.4% Q4/Q4 (20172: €3.925bn, +23.0% 2017/2016), EPS2: €1.22 Underlying revenues2 +5.4% Q4/Q4 (20172: +7.2%), integration of Pioneer and organic growth Underlying costs2 still well under control: +7.5% Q4/Q4, +2.8% on a like-for-like basis[5], cost/income ratio improvement of more than 2 pp2 , continued investment in business development Simplification of the Group structure: Acquisition of the remaining 15% in CACEIS, cancellation of the loyalty dividend Underlying ROTE2 : 11.1%

 

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

[2] In this press release, “underlying” refers to figures adjusted for the specific items described on p. 18 onwards

[3] Average over last four rolling quarters, annualised

[4] Impact after non-controlling interests and the 3% dividend tax refund

[5] Aggregate of the contributions to underlying net income of Amundi and Pioneer Investments and taking into account the amortisation of distribution contracts in 2017 and 2016