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%