Results for the third quarter and first nine months 2023

STRONG RESULTS AND HIGH PROFITABILITY   

• Strong revenue growth (+13.4% Q3/Q3 underlying), driven by all business lines:
  • Revenues that benefited from a continuous flow of partnerships and development projects, mainly including, this quarter, the consolidation of the European operations of RBC IS
  • Progressive adaptation of retail banking to the new interest rate environment and stabilisation of the net interest margin, both in France – still marked, however, by the slowdown in lending – and abroad; deposits return to growth
  • Sustained activity in asset management, with strong inflows for all asset classes and for joint ventures, and in Insurance, with positive net inflows for unit-linked products and dynamic activity in property & casualty and death & disability insurance
  • High level Q3 revenues for CIB (corporate and investment banking), with a positive performance in both capital markets and investment banking (FICC) and structured finance and cash management
  • Consumer finance that benefited from the commercial momentum in automotive financing, which partially offset the decrease in production in the other French business sectors
• Costs were contained in the inflationary environment, at +8.3% Q3/Q3 (underlying excluding SRF), mainly due to scope effects (consolidation of CA Auto Bank and RBC IS)
• A cost/income ratio of 53.4% 9M-23 (underlying excluding SRF), less than the MTP target
• RoTE (return on tangible equity) of 13.5% 9M-23 (underlying), reflecting high profitability

CONTINUOUS CAPITAL GENERATION

• CA S.A. phased-in CET1 11.8%, in line with growth and distribution aims
• GCA phased-in CET1 17.5% (820 bps>SREP)

VERY SOLID ASSET QUALITY AND LIQUIDITY PROFILE

• LCR 150.8% and €419bn in liquidity reserves at Crédit Agricole Group level
• Stock of provisions for performing loans €20.9bn, coverage ratio 82.7% for GCA

ENERGY TRANSITION

• Structuring of the new Crédit Agricole Transitions & Énergies (CATE) business line and creation of the energy offering in the territories
• Ongoing work on the Net Zero commitments under the climate strategy and announcement of a Climate Workshop, scheduled for 14 December 2023

Dominique Lefebvre, Chairman of SAS Rue La Boétie and Chairman of the Crédit Agricole S.A. Board of Directors “This quarter’s results are very good. The Group therewith furthers its commitment to both enable French housing and owning systems and to support long term societal changes. I would like to thank  all our representatives and coworkers who act every day to attend to cutsomers’ needs ”

Philippe Brassac, Chief Executive Officer of Crédit Agricole S.A. “Very good results again which imprint organically within the Group’s model”  

This press release comments on the results of Crédit Agricole S.A. and those of Crédit Agricole Group, which comprises the Crédit Agricole S.A. entities and the Crédit Agricole Regional Banks, which own 59.7% of Crédit Agricole S.A. Please see the appendices to this press release for details of specific items, which are restated in the various indicators to calculate underlying income. All 2022 figures are presented on a pro forma basis under IFRS 17.