03-08-2018

Results for the second quarter and first half of 2018

Financial Results

Crédit Agricole S.A.

Q2-18: highest net profit^[1] since IPO

Results for the second quarter and first half of 2018

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Crédit Agricole S.A.

Stated net income Group share

Q2: €1,436m
+6.4% Q2/Q2
H1: €2,292m
+4.4% H1/H1

Stated revenues

Q2: €5,171m
+9.8% Q2/Q2
H1: €10,081m
+7.1% H1/H1

Fully-loaded CET1 ratio

11.4%
stable in Q2, well above

the MTP target

Underlying1 net income^[2] Q2 €1,418m, +19.6% Q2/Q2 (H1: €2,205m, +5.9% H1/H1), the highest level since IPO
At constant scope and exchange rates^[3]: increase of +23.8% Q2/Q2 and +16.1% H1/H1
Earnings per share1: Q2 €0.46, +21.3% Q2/Q2, H1 0.70€, +7.2% H1/H1; ROTE1 13.1% on annualised H1
Contribution to growth by all CASA divisions and the Corporate Centre, with a particularly high level of profitability in CIB
Excellent control of underlying costs excluding SRF^[4]: scissors effect of 4pp Q2/Q2, 5pp at constant scope and exchange rates, improvement in C/I ratio1 of >2pp Q2/Q2 and nearly 3pp at constant scope and exchange rates
Still a very low cost of credit risk, with further decline: 26bp^[5] (-9bp Q2/Q2)
Fully-loaded CET1 ratio stable in Q2 despite the increase in RWA linked to the activity and several jumbo deals in CIB; Reminder: target CET1 of 11% in the medium-term plan

Crédit Agricole Group*

Stated net income Group share

Q2: €2,076m
-1.4% Q2/Q2
H1: €3,505m
-5.4% H1/H1

Stated revenues

Q2: €8,428m
+6.3% Q2/Q2
H1: €16,686m
+3.1% H1/H1

Fully-loaded CET1 ratio

14.8%

+20 pb in Q2

+530bp above the P2R^[6]

Very strong, good quality activity in all business lines: Retail banking, specialised businesses and the Large customers division
Underlying1 net income2 Q2: €2,056m, +2.0% Q2/Q2 (H1: €3,408m, -7.2% H1/H1 but +3.0% like-for-like3 and excl. SRF)
Acquisitions and partnerships: good progress made in integration, new operations with the acquisition of
Banca Leonardo and announced partnerships in consumer finance with Bankia and bancassurance with Creval
Decrease in cost of credit risk to 18bp5 (Regional Banks: -€176m in Q2-18, vs. net reversals in Q2-17)

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

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 56.6% of Crédit Agricole S.A. Please see from p. 15 onwards for details of specific items which, after restatement for the various related intermediary balances, are used to calculate underlying results. A reconciliation between the stated income statement and the underlying income statement can be found from p. 21 onwards for Crédit Agricole Group and from p. 17 onwards for Crédit Agricole S.A.

^{^}[1] Underlying, excluding specific items. see p. 15 and following pages for more details on specific items and p. 27 for the ROTE calculation
^{^}[2] Underlying net income Group share
^{^}[3] Constant scope and exchange rates: combining the contributions to underlying income of Amundi and Pioneer and taking account of the amortisation of distribution agreements in Q2-17 and H1-17, excluding the contributions of the three Italian banks in Q2-18 and H1-18 and those of BSF and Eurazeo in Q2-17 and H1-17 and excluding forex effect
^{^}[4] Contribution to the Single Resolution Fund (SRF)
^{^}[5] Average over last four rolling quarters, annualised
^{^}[6] According to pro forma P2R for 2019 of 9.5% as notified by the ECB (excl. countercyclical buffer)

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CASA - Results Q2-18.pdf

03-08-2018

Results for the second quarter and first half of 2018

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CASA - Results Q2-18.pdf

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