Results for the second quarter and first half of 2019

Crédit Agricole S.A.

Underlying^[1] revenues

Q2: €5,179m
+0.6% Q2/Q2
H1: €10,081m
+0.4% H1/H1

Underlying net income^[2]

Q2: €1,242m
-12.4% Q2/Q2
H1: €2,038m
-7.6% H1/H1

 CET1 ratio

11.6%
+0.1 pp in Q2, well above the MTP target

• Q2 stated net income¹ €1,222m, -14.9% Q2/Q2 (H1: €1,985m, -13.4% H1/H1), down compared to Q2-18, marked by net reversals in cost of risk in CIB, and at the highest level since Crédit Agricole S.A.’s IPO.
• Good performance in the business lines, stable underlying net income¹ of business lines H1/H1.
• Underlying EPS: Q2 €0.40, -14.1% Q2/Q2, H1 €0.63, -9.8% H1/H1; ROTE^[3] 11.0% H1 annualised
• Increased revenues in the business lines despite a challenging market environment
• Costs under control while financing development projects: underlying¹ cost/income ratioexcluding SRF^[4]at 58.6%, positive jaws effect for the business lines.
• Cost of risk still low: 25bp^[5], one-off provisions in CIB.
• CET1 ratio up to 11.6% in Q2, making a first unwinding of the Switch possible in 2020.
• First achievements of the 2022 Medium-Term Plan: development of non-Group partnerships (Abanca, Banco BPM, FCA), acceleration in green finance, CAA becomes the #1 life insurer in France.

Crédit Agricole Group*

Underlying⁷ revenues

Q2: €8,534 m
+1.6% Q2/Q2
H1: €16,857 m
+1.2 H1/H1

Underlying net income²

Q2: €1,846 m
-10.2% Q2/Q2
H1: €3,281 m
-3.7% H1/H1

CET1 ratio

15.4%
+0.1 pp in Q2
5.9 pp above the SREP^[6]

• Stated net income² for Q2: €1,813m, -12.7% Q2/Q2 (H1: €3,163m, -9.8% H1/H1)
• Operating expenses excluding SRF⁴ under control over H1 (+1% H1/H1), SRF expenses up (+9.4% H1/H1)
• Cost of credit risk low at 19bp⁵, one-off provisions in CIB and in the Regional Banks
• Increase in Regional Bank underlying revenues of +2.8% H1/H1

* Crédit Agricole S.A. and Regional Banks at 100%.