Results for the second quarter and first half 2023

QUARTERLY AND HALF-YEAR RESULTS AT AN ALL TIME BEST: CASA REPORTED NET INCOME OF €2,040m IN Q2-23 AND €3,266m IN H1-23.

Underlying figures:

• Revenues at record level, €6,329m Q2-23, +15.6% Q2/Q2 pro-forma IFRS17
  • Revenues driven by dynamic business, notably in Insurance across all business lines, with continued strong net inflows in unit-linked products, Asset Management, Consumer Finance driven by the auto channel (first consolidation of CA Auto Bank), Investment banking with excellent performance in structured finance and financing solutions (repo, primary credit and securitisation).
  • French retail banking impacted by the increase in refinancing costs and the slowdown in loan production
  • CA Italia, IRB excluding Italy, CACEIS and CA Indosuez revenues supported by net interest margin
• Costs excl. SRF +4.5% Q2/Q2 pro-forma IFRS17 (first consolidation of CA Auto Bank)
• Cost/income ratio excl. SRF 52.3% H1-23

SOLID CAPITAL AND LIQUIDITY POSITIONS

• Crédit Agricole S.A. phased-in CET1 11.6% (340 bps>SREP)
• CAG phased-in CET1 17.6% (840 bps>SREP)

Within the scenario of strict adverse EBA stress tests, and based upon hypotheses radically contradictory to the French retail market, GCA strength does not waver as shown by CET1 2025 ratio, amongst strongest European banks.

• LCR 157.3% and €334bn in liquidity reserves at Crédit Agricole Group level after June-23 TLTRO-3 repayment
• Stock of provisions for performing loans €20.6bn, coverage ratio 83.6% for GCA

CONTINUED DEVELOPMENT PROJECTS

• Strengthening on Mobility market (start-up of Leasys and CA Auto Bank)
• Integration of European activities of RBC IS by CACEIS completed 03/07/2023
• Signing of an agreement for the acquisition of a majority stake in the capital of Banque Degroof Petercam^[1]

ESG: CRÉDIT AGRICOLE SA RANKED AT TOP OF “DIVERSIFIED BANKS (EUROPE)” CATEGORY

Crédit Agricole S.A.’s non-financial ratings raised (72/100, +5 pts) by the Moody’s Analytics agency

At the meeting of the Board of Directors of Crédit Agricole S.A. on 3 August 2023, SAS Rue La Boétie informed the company of its intention to purchase Crédit Agricole S.A. shares on the market for a maximum amount of one billion euros in line with the operation announced in November 2022. Details of the transaction are provided in a press release issued today by SAS Rue La Boétie.

Dominique Lefebvre, Chairman of SAS Rue La Boétie and Chairman of the Crédit Agricole S.A. Board of Directors “These excellent results demonstrate the universal banking model’s ability to adjust to a less favorable context and its usefulness towards both society and clients.  I would like to thank our chairmen, mutual shareholders and employees for their unwavering and daily commitment towards our clients.”

Philippe Brassac, Chief Executive Officer of Crédit Agricole S.A.“Being available everywhere, to everyone, at any given time, to cover all possible needs, is what makes the model universal and safe for both clients and banks.”

Footnotes

1. ^{^} [1] It would have an impact of around -30 bps on Crédit Agricole S.A.'s CET1