Montrouge, 7 May 2014

First quarter 2014

Good results and confirmation of solid capital structure- Positive business performance- Improvement in operating efficiency- Reduction in cost of risk
- Strengthened capital structure, ahead of target
Crédit Agricole Group* in the first quarter of 2014
Revenues: 7,753 million euros, up 1.1%1 Q1/Q1
Gross operating income: 3,062 million euros, up 3.5%1 Q1/Q1
Net income Group share: 1,420 million euros, up 14.8%1 Q1/Q1
Fully loaded CET 1 ratio: 11.7%* Crédit Agricole S.A. and 100% of the Regional Banks

Crédit Agricole S.A. in the first quarter of 2014
Revenues: 4,012 million euros, up 0.7%1 Q1/Q1
Operating expenses: -2,714 million euros, down 1.2%1 Q1/Q1
Gross operating income: 1,298 million euros, up 5.1%1 Q1/Q1
Cost of risk: -590 million euros, down 20.2%1 Q1/Q1
Net income Group share: 868 million euros, up 29.6% 1 Q1/Q1
Fully loaded CET 1 ratio: 9.0%

1 Based on comparable methods and restated for specific items in 2013 and 2014

Crédit Agricole Group
Crédit Agricole Group delivered net income Group share of 1,420 million euros in the first quarter of 2014, anincrease of 14.8%1 compared with the same period of 2013, excluding the impact of specific items.
This solid performance reflects positive business momentum despite the economic environment, as well as
continued cost savings and a reduction in the cost of risk in most business lines.
Restated for specific items, revenues rose by 1.1% and operating costs decreased by 0.4% compared with the firstquarter of 2013; the cost of risk was down 21.0% and represented 45 basis points of loans outstanding comparedwith 55 basis points in the first quarter of 2013.
The Regional Banks sustained a solid performance. Total customer assets were up 2.8% versus end-March 2013,and lending increased by 0.9% over the same period. Net income Group share (at 100% under IFRS) amounted to
917 million euros in the first quarter of 2014, a rise of 2.0% compared with the first quarter of 2013.
In terms of solvency, the Basel 3 fully loaded Common Equity Tier 1 ratio stood at 11.7% at end-March 2014
compared with 11.3% pro forma revised2 in January 2014.
Jean-Marie Sander, Chairman of Crédit Agricole S.A., commented: "These are good results in a lacklustre economy.
They reflect a continued strong performance from the Regional Banks and the improvement of that of Crédit
Agricole S.A., and confirm the financial solidity of our Group."
Jean-Paul Chifflet, Chief Executive Officer of Crédit Agricole S.A., added: "Results for the first quarter reflect ourGroup's fundamentals, which we reaffirmed when we unveiled our medium term plan on 20 March 2014. Our aim in
the coming months is to implement the strategic lines of our plan."Crédit Agricole S.A.
Crédit Agricole S.A.'s Board of Directors, chaired by Jean-Marie Sander, met on 6 May 2014 to examine the financial
statements for the first quarter of 2014.
Crédit Agricole S.A.'s net income Group share came to 868 million euros, an increase of 29.6% compared with thefirst quarter of 2013, based on comparable methods and excluding the impacts of specific items, mainly own debt
revaluation and gains on securities.
This performance reflects healthy business momentum, with revenues up 0.7%3 in a sluggish economic environment,
an improvement in operating efficiency with a 1.2% reduction in costs, and a 20.2% decrease in the cost of risk.
Retail banking activity was buoyant, with year-on-year increases of 3.3% in on-balance sheet customer assets and
0.8% in lending across all of the Group's retail banking networks (Regional Banks, LCL and international banks) in
the first quarter of 2014. Business activity was also positive in Savings Management (Amundi and Private Banking)and Insurance, with net new inflows of more than 7 billion euros over the quarter.
Consumer finance revenues were down, in line with trends in total outstandings managed (which decreased by 5.3%
year-on-year), but renewed business momentum led to an increase in new lending during the first quarter comparedwith the same period of the previous year. Corporate and investment banking revenues were up, including in the
fixed income business, which benefited from good performances in treasury and interest rate activities.
1
2
3

Restated for reclassification as equity affiliates of entities proportionally consolidated in 2013 and for the reclassification under IFRS5 of Crelan
Cancellation of the safety prudence equivalent to €8bn of RWAs
Restated for specific items

2

Operating costs were down 1.2% year-on-year in the first quarter, the fifth consecutive quarter of cost savings. This
trend is largely due to the MUST programme, which aims to reduce costs by 650 million euros over 4 years by
optimising costs in real estate, IT and purchasing.
The cost of risk was down to 60 basis points of outstandings on an annualised basis, i.e. an improvement of 8 basis
points compared with the first quarter of 2013. The cost of risk decreased in all business lines: LCL (30 basis points
versus 37 in the first quarter of 2013), international retail banking (141 basis points versus 152), financing activities(under 20 basis points versus 28), and consumer finance (265 basis points versus 334), mainly due to the continued
improvement in the quality of the management of Agos Ducato (additional impact of 112 basis points on consumer
finance versus 123 additional basis points one year earlier).
At end-March 2014, Crédit Agricole S.A.'s capital structure was strengthened, with a fully loaded Common Equity
Tier 1 ratio of 9.0%, up 50 basis points compared with the revised pro forma ratio at 1 January 2014. The pro forma
ratio of January, which was estimated at 8.3% based on management data, was indeed revised up to 8.5% after thecancelation of a safety prudence linked to the first application of CRD4, equivalent to 8 billion euros of risk weighted
assets.
The improvement in the first quarter of the CET1 ratio was driven mainly by retained earnings and actions taken to
reduce the CRD4 impact, and in particular extending the validation of models to cover a broader scope of portfolios.
The pro-cyclical character of the calculation method, the volatility of some components of the ratio’s numerator, suchas valuation effects, must be integrated in the estimations for the upcoming quarters.
Crédit Agricole Group's liquidity position has improved further. At end-March 2014, the Group's cash balance sheet
amounted to 1,028 billion euros and the surplus of long term funding sources over long-term applications of funds
was 73 billion euros versus 48 billion euros at end-March 2013. Liquidity reserves amply covered short-term debt
(164%). Moreover, at 24 April 2014, Crédit Agricole S.A. had already completed 70% of its annual senior debt
issuance programme. Moreover, in January and April 2014, Crédit Agricole S.A. also made Additional Tier 1 issues,
one for 1.75 billion US dollars and the other for 1 billion euros and 0.5 billion pounds sterling.

Social and environmental responsibility
Crédit Agricole CIB, a subsidiary of Crédit Agricole S.A. and a recognised leader in responsible financing, set up ateam dedicated to its customers' social and environmental projects as early as 2010. In 2013, it became the world
leader1 in green bond issues, involved in more than 5 billion euros of transactions. In addition to public issuers (Ilede-France, Provence Alpes Côte d'Azur and Nord Pas-de-Calais regions, World Bank and European Investment
Bank), Crédit Agricole CIB has also supported private issuers, including Air Liquide in 2012 for 500 million euros,
EDF in 2013 for 1.4 billion euros and Unibail Rodamco in 2014 for 750 million euros. It has also just participated in
the new 600 million euro green bond issue by the Ile-de-France region.
Furthermore, Crédit Agricole CIB took part, alongside Bank of America Merrill Lynch, Citi and JPMorgan Chase, in
drafting the Green Bond Principles, a set of voluntary guidelines and code of best practice for this type of issue.
These principles have now been endorsed by 25 banks.

1

At 31 December 2013, Crédit Agricole CIB ranked:- world no. 1 in euro denominated green bonds, all years combined;- world no. 3 in green bonds, all currencies and all years combined (source: Climate Bond Initiative).

3

Financial calendar
7 May 2014

Publication of 2014 first quarter results

21 May 2014

Annual shareholders' meeting (Paris)

30 May 2014

Ex-dividend date24 June 2014

Dividend payment date

5 August 2014

Publication of 2014 second quarter results

6 November 2014

Publication of 2014 third quarter results

Disclaimer
This presentation may include prospective information on the Group, supplied as information on trends. This data does not
represent forecasts within the meaning of European Regulation 809/2004 of 29 April 2004 (chapter 1, article 2, §10). This
information was developed from scenarios based on a number of economic assumptions for a given competitive and regulatoryenvironment. Therefore, these assumptions are by nature subject to random factors that could cause actual results to differ fromprojections. Likewise, the financial statements are based on estimates, particularly in calculating market values and asset
depreciations. Readers must take all of these risk factors and uncertainties into consideration before making their own
judgement.
Applicable standards and comparability
The figures presented for the three-month period ending 31 March 2014 have been prepared in accordance with IFRS as
adopted in the European Union and applicable at that date.

4

CRÉDIT AGRICOLE S.A. CONSOLIDATED RESULTS

Q1-14

Q1-13*

ChangeQ1/Q1*

ChangeQ1**/Q1* and **Revenues

4,012

3,657

+9.7%

+0.7%

Operating expenses(2,714)(2,748)(1.2%)(1.2%)

Gross operating income

1,298

909

+42.6%+5.1%

Cost of risk

(590)

(739)

(20.2%)(20.2%)

Operating income

708

170

x4.1

+46.5%

Equity affiliates

476

370

+28.4%+20.8%Net income on other assets

5

13(58.2%)(58.2%)

Change in value of goodwill

-

-

nm

nm

Income before tax

1,189

553

x2.1

+33.1%

Tax

(222)

(13)

nm

+64.7%Net income on discontinued or held-for-sale
operations

(1)

16

nm

nm

Net income

966

556

+73.8%+24.9%

Non-controlling interests

9887+13.7%(9.2%)Net income Group share

868

469

+84.9%+29.6%(in millions of euros)* Restated for equity-accounted entities consolidated under proportionate method in 2013 and the reclassification under IFRS5 of
Crelan** Restated for specific items in the quarter (see slide 35)

In the first quarter of 2014, revenues came to 4,012 million euros and to 3,965 million euros restated for own debt
revaluation, DVA running, loan hedges and revaluation of Bank of Italy shares. In the first quarter of 2013, revenues
were 3,657 million euros and 3,938 million euros restated for own debt revaluation, DVA, loan hedges, the gain on
disposal of Bankinter shares and the change of accounting method for the first part of Switch (portion accounted forunder the equity method until the fourth quarter of 2013 reclassified in revenues). The increase of restated revenues
thus represents a year-on-year increase of 0.7% in the first quarter of 2014. This increase is driven by organic growthof 69 million euros (+1.7%), offset for 42 million euros by the cost of the extension of the Switch guarantee consented
by the Regional Banks. This increase in revenues stems namely from additional hedges in the Corporate centre
which limit seasonal volatility in revenues.
Operating expenses were 2,714 million euros, down 1.2% compared with the first quarter of 2013. This was the fifth
consecutive quarter of cost savings. Cost savings under the MUST programme amounted to 36 million euros in thefirst quarter of 2014, bringing the total to 387 million euros since the programme began in 2012. The overall target is
650 million euros by 2016. Apart from the MUST cost savings, average headcount fell by 2% year-on-year in the firstquarter of 2014 (excluding the scope impacts of Newedge, CA Bulgaria, CACF's Nordic entities, Smith Breeden,etc.).

5

The cost of risk remained moderate on the whole at 590 million euros, down 20.2% on the first quarter of 2013. The
decrease reflects the continued improvement at Agos Ducato, the Group's Italian consumer finance subsidiary, which
recorded a 30.0% year-on-year decrease in the first quarter to 163 million euros. The cost of risk therefore amounted
to 60 basis points of outstandings on an annualised basis, a record low and an 8 basis points improvement over the
first quarter of 2013.
Impaired loans outstanding 1 were 15.5 billion euros, representing 3.8% of gross customer and interbank loans
outstanding compared with 3.7% at end-March 2013 (excluding Newedge, CA Bulgaria and CACF Nordic entities,
reclassified under IFRS 5 in 2013, and Crelan, reclassified in the first quarter of 2014). The ratio of impaired loans
covered by specific reserves was 53.4%. Including collective reserves, the impaired loan coverage ratio was 71.1%,
relatively stable versus 31 December 2013.
Income from equity affiliates amounted to 476 million euros in the first quarter of 2014, including a contribution of
378 million euros from the Regional Banks, about 40 million euros from CACIB's interest in Bank Al Saudi Al Fransi
and 35 million euros from Eurazeo.
In all, Crédit Agricole S.A.'s net income Group share came to 868 million euros for the first quarter of 2014.
Restated for own debt revaluation, DVA running, loan hedges and revaluation of Bank of Italy shares, net income
Group share was 853 million euros versus 659 million euros in the first quarter of 2013, restated for the same items
and for the gain on disposal of Bankinter shares. This represents a year-on-year increase of 29.6%.
SOLVENCY
At end-March 2014, Crédit Agricole S.A.'s capital structure had further strengthened, with a fully loaded Common
Equity Tier 1 ratio of 9.0%, up 50 basis points compared with the revised pro forma ratio 2 of beginning January 2014.
The pro forma ratio of January, which was estimated at 8.3% based on management data, was indeed revised up to
8.5% after the cancelation of a safety prudence linked to the first application of CRD4, equivalent to 8 billion euros ofrisk weighted assets.
CET 1 capital increased by 0.2 billion euros compared with January 2014 pro forma. Retained earnings and thechange in unrealised gains contributed, respectively, 0.6 billion euros and 0.5 billion euros to the increase. Prudent
valuation impacts were estimated at -0.7 billion euros and were included in the ratio calculation. Lastly the increase in
the expected loss had a negative impact of 0.4 billion euros.
Risk-weighted assets were down 16 billion euros compared with January 2014 pro forma revised. The reduction in
the CRD4 impact contributed 14 billion euros to the decrease. Among the actions taken to reduce this impact werethe validation of the EPE (Expected Positive Exposure3) model taken into account in Q1-14 and its extension to abroader range of portfolios (impact of -5 billion euros), and the hedging of counterparty risk on derivatives enabling
the reduction of the CVA impact on Basel 3 RWAs, which had an additional impact of -5 billion euros.
In all, the improvement in the ratio over the first quarter was due to retained earnings (+19 basis points), unrealised
gains (+16 basis points), anticipation of the prudent valuation impact (-23 basis points) and reduction of the CRD4
impact (+40 basis points), with the balance of -2 basis points stemming from organic change.
CET1 phased-in ratio reached 9.6% at end-March 2014 (8.8% beginning of January 2014 pro forma revised). The
global phased-in ratio was 16.2% at end-March 2014 compared with 15.6% pro forma revised in January 2014.

1

Excluding Crédit Agricole internal transactions, accrued interest and finance leases.

2 Cancelation of the prudence margin equivalent to 8 billion euros of risk-weighted assets
3Internal model calculating counterparty risk on market operations, subject to ACPR final approval. Adjustment not taken into account in the Medium Term Plan,
partly offsetting the natural amortisation of discontinuing activities expected for 2014-2016

6

LIQUIDITY
Crédit Agricole Group's cash balance sheet totalled 1,028 billion euros at end-March 2014 compared with 1,039
billion euros at end-December 2013 and 1,048 billion euros at end-March 2013.
Aggregate short term wholesale funds, including short-term market funds for 151 billion euros and repos, amounted
to 173 billion euros at end-March 2014; they increased by 5 billion euros from end-December 2013. Balance sheet
liquid assets stood at 246 billion euros at 31 March 2014, compared with 239 billion at 31 December 2013.
The surplus of long term funding sources over long term applications of funds at 31 March 2014 stood at 73 billion
euros, up by 2 billion euros since 31 December 2013. The surplus was 48 billion at 31 March 2013.
Liquidity reserves after haircut rose by 9 billion euros in the first quarter of 2014, reaching 248 billion euros. They
covered 164% of gross short term debt versus 165% in the first quarter of 2013.
In the first quarter of 2014, the main Crédit Agricole Group issuers raised 9.6 billion euros of senior debt in themarket and the branch networks. Crédit Agricole S.A. itself raised 4.5 billion euros in the first quarter 2014. From 1
January to 24 April 2014, Crédit Agricole S.A. raised 7 billion euros, representing 70% of its 2014 medium- to longterm market issuance programme. In January and April 2014, Crédit Agricole S.A. also completed two Additional Tier
1 issues, one for 1.75 billion US dollars and the other for 1 billion euros and 0.5 billion pounds sterling.

7

RESULTS BY BUSINESS LINE
1. FRENCH RETAIL BANKING
1.1. CRÉDIT AGRICOLE REGIONAL BANKS(in millions of euros)
Net income accounted for under the equity
method (at ~ 25%)
Change in share of reserves
Share of income from equity affiliates

Q1-14

Q1-13

Change
Q1/Q1

229

214

+6.9%

149

129

+15.6%

378

343+10.1%In the first quarter of 2014, the Regional Banks continued to implement their strategy of achieving balanced growth inall their areas of business.
Customer assets continued to grow, with a year-on-year increase of 2.8% to 591.2 billion euros. Growth was fuelledby on-balance sheet deposits, which rose by 3.3% year-on-year to 345.2 billion euros at end-March 2014. The
increase in on-balance sheet deposits was driven mainly by demand deposits (up 5.4%) and passbook accounts (up5.1%, including 6.8% in Livret A deposits). Meanwhile, off-balance sheet customer assets maintained a healthy
momentum, with a 2.1% year-on-year increase to 246.0 billion euros at end-March 2014. This performance wasdriven by life insurance, with year-on-year growth of 4.0% in outstandings.
Loans outstanding rose by 0.9% year-on-year, to 397.5 billion euros at end-March 2014. This compares favourably to
the 0.4% growth recorded across 2013 as a whole. Growth was fuelled by home loans (up 2.6%) and agriculture (up4.0%).
The loan-to-deposit ratio1 stood at 117% at end-March 2014, comparable to the end-December 2013 level of 116%.
The Regional Banks' revenues (restated for intragroup transactions) came to 3,551 million euros in the first quarter of2014, up 0.7% on the first quarter of 2013. The growth was due to a sustained intermediation margin coupled with aerosion in commissions and fee income (down 0.3% on the first quarter of 2013), in an unfavourable regulatoryenvironment.
The increase in operating expenses was contained to 0.6% compared with the first quarter of 2013. The cost/income
ratio remained stable at 52.9%, unchanged from the first quarter of 2013.
The cost of risk was 308 million euros in the first quarter of 2014, down 23.8% year-on-year, an improvement of 9basis points of loans outstanding. The impaired loan ratio was stable at 2.5% year-on-year, while the coverage ratio(including collective reserves) remained very high at 106.2% at end-March 2014 compared with 106.7% a year
earlier.
Operating income therefore came to 1,366 million euros in the first quarter of 2014, up 8.6% on the first quarter of
2013.
All in all, the Regional Banks' contribution to Crédit Agricole S.A.'s net income Group share was 378 million euros in
the first quarter of 2014 representing a year-on-year increase of 10.1%. As a reminder, the first quarter of each fiscal
year includes the change in share of reserves in the Regional Banks.
1 Methodology revised as from March 2014; Dec. 2013 pro forma: including EIB and CDC funding and CAsa bonds included in unit-linked contracts classified incustomer-related funds; and customer loans net of specific reserves81.2. - LCL(in millions of euros)

Q1-14

Q1-13

ChangeQ1/Q1

Revenues

956

975(1.9%)

Operating expenses

(619)

(613)

+1.0%

Gross operating income

337

362

(6.9%)

Cost of risk

(70)

(89)

(21.4%)

Operating income

267

273

(2.2%)Net income on other assets

-

5

nm

Income before tax

267

278

(4.1%)

Tax

(97)

(97)

-

Net income

170

181

(6.2%)

Non-controlling interests

89(6.7%)Net income Group share

162

172

(6.2%)

The first quarter of 2014 saw an extension of the trends observed in 2013, with a combination of higher deposits andcontrolled growth in lending.
Driven by strong business momentum, customer assets increased by 3.5% year-on-year to 164.6 billion euros at
end-March 2014. On-balance sheet deposits rose by 4.6%, due mainly to growth in demand deposits (up 8.1%) andLivret A and LDD passbook accounts (up, respectively, 11.2% and 8.3%). Off-balance sheet customer assets
increased by 2.3% year-on-year, due mainly to securities (up 7.3%), which were boosted by the buoyant equity
markets, and strong new life insurance inflows (up 4.3%).
Loans outstanding rose 0.5% year-on-year to 89.4 billion euros at end-March 2014. Growth was driven by homeloans, which increased 2.5% year-on-year to 56.6 billion euros. Loans to small business and corporate customers
contracted by 2.8% year-on-year to 26.3 billion euros while consumer credit contracted by 2.6% to 6.5 billion euros at
31 March 2014.
The loan-to-deposit ratio remained stable at 110% compared with end-December 2013 (109%).
Revenues decreased by 1.9% year-on-year in the first quarter of 2014. The 1.6% decrease in the net interest margin
from a high baseline in the first quarter of 2013 was mainly due to the impact of loans repurchases and early
repayments made during 2013. Commissions and fee income declined by 2.5% in the first quarter, mainly due toaccount management fees, which were down 7.4% as a result of the new consumer protection Act provisions.
Operating expenses grew by 1.0% year-on-year, reflecting the initial expenditure related to the business plan. Other
expenses remained stable.
The cost of risk improved sharply in all markets and decreased by 21.4% year-on-year in the first quarter of 2014.
The impaired loan ratio therefore declined by 0.1 point compared with both the previous quarter and the first quarterof 2013, to stand at 2.4% at end-March 2014. The impaired loan coverage ratio (including collective reserves) was
75.0% at end-March 2014, up compared with the first quarter of 2013 and the fourth quarter of 2013.
In all, net income Group share was 162 million euros, down 6.2% on the first quarter of 2014.

9

2. INTERNATIONAL RETAIL BANKING
Net income Group share for the business line was 18 million euros in the first quarter of 2014 compared with 28
million euros in the first quarter of 2013.
(in millions of euros)

Q1-14

Q1-13*

ChangeQ1/Q1

Revenues

692

593+16.8%

Operating expenses

(368)

(384)

(4.1%)

Gross operating income

324

209

+55.1%

Cost of risk

(258)

(196)

+31.6%

Operating income

66

13

x5.1

Equity affiliates

(12)

1

nm

Net income on other assets

-

9

nm

Income before tax

54

23

x2.2

Tax

(23)

(1)

nm

Net income on discontinued or held-for-sale operations

-

9

nm

Net income

31

31(1.3%)

Non-controlling interests

13

3

x5.2

Net income Group share

18

28(37.9%)* Restated for the reclassification of Crelan under IFRS5.

In Italy, Cariparma was faced with a persistently tough economic environment, as the whole Italian banking sector.
Nevertheless, loans outstandings were 33.2 billion euros at 31 March 2014, 1.0% higher than at 31 March 2013,
including a 3.8% rise in home loans. Total on-balance sheet deposits increased by 0.5% year-on-year to 36.0 billion
euros. As a result, Cariparma generated an excess of deposits over loans of 2.8 billion euros, which was channelled
to fund the Group's other entities in Italy (Calit, Agos Ducato, FGA Capital). Cariparma's off-balance sheet deposits
stood at 52.1 billion euros at end-March 2014 compared with 50.8 billion euros at end-March 2013. As in theprevious quarter, life insurance and mutual funds remained robust, with a 1.3 billion euros production in the firstquarter i.e. a 45% increase compared to the first quarter of 2013.
In the first quarter of 2014, Cariparma’s contribution to Credit Agricole S.A.’s consolidated results included items
recorded in its local consolidated financial statements for the year ended 31 December 2013. As such, it recorded 80
million euros of positive items in revenues, including 92 million euros from the revaluation of Bank of Italy shares. It
also registered a charge of 109 million euros in the cost of risk (provision of 90 million euros recognised in the
Corporate centre in the fourth quarter of 2013 and reversed in the first quarter of 2014).
Restated for these items, revenues rose by 1.6% year-on-year in the first quarter of 2014, owing mainly to theprogress in lending activities, to a lower average cost of deposits and by an increase in fee and commissions
underpinned by off-balance sheet inflows.
Operating expenses declined by 5.9% year-on-year in the first quarter of 2014, due to the 3% reduction in headcountcompared with the first quarter of 2013 and to continuous cost optimisation efforts. The cost/income ratio came to10

58.5%1 in the first quarter of 2014, an improvement of 4.6 percentage points by comparison with the first quarter of20132.
The cost of risk amounted to 216 million euros in the first quarter. Excluding the provisions already recognised by
Cariparma in its local consolidated statements in 2013, it was 107 million euros, up 2.4% compared with the firstquarter of 20132. The impaired loans ratio to total outstandings was 11.6%, with a coverage ratio of 44.7% (includingcollective reserves).
In all, excluding the items already recognised by Cariparma in its local consolidated statements in 2013 and theassociated tax consequences, Cariparma's net income Group share was 23 million euros in the first quarter of 2014,
compared with 28 million euros in the first quarter of 2013 3.
The Group's other international entities had a surplus of deposits over loans at 31 March 2014, with 10.7 billion
euros of on-balance sheet deposits and 10.0 billion euros of gross loans. The total contribution to net income Group
share from the Group’s other international entities was 10 million euros in the first quarter of 2014. It included anegative contribution of 14 million euros related to BES, booked in equity-affiliates, pending the publication of its
definitive accounts for the first quarter of 2014.

1 Excluding items recognised by Cariparma in its local consolidated financial statements at 31/12/13, after closing of Crédit Agricole S.A. financial statements, i.e.

+€80m in revenues, o/w +€92m for revaluation of Bank of Italy shares and -€109m in cost of risk (mainly related to AQR preparation) and tax consequences
relating to these restatements.
2 After restatement in Q4-12 of additional provisions required by Bank of Italy recorded in the Corporate Centre in Q4-12 and in Cariparma’s contribution in Q113 (€39m).
3 The first quarter of 2013 also recorded additional provisions required by Bank of Italy for -€39m. The +€28m contribution in Net income Group share in the firstquarter of 2013 excluded those provisions.

113. SAVINGS MANAGEMENT AND INSURANCE
This business line encompasses asset management, insurance, private banking and asset servicing.
Assets under management rose by 23.8 billion euros quarter-on-quarter in the first quarter of 2014, with positive net
new inflows of 7.3 billion euros for all segments, including 6.3 billion for Amundi and 2.0 billion for life insurance, andoutflows of 1.0 billion for Private Banking. In addition to solid business performances, the business line benefited
from a positive market and currency effect of 16.5 billion euros. Total assets under management were 1,168.1 billion
euros at 31 March 2014, up 2.1% over the quarter. Net income Group share for the business line was 377 million
euros in the first quarter of 2014, down 6.3% on the first quarter of 2013, owing to a weaker performance by CACEIS
and Private Banking.
(in millions of euros)

Q1-14

Q1-13

ChangeQ1/Q1

Revenues

1,256

1,275

(1.5%)

Operating expenses

(622)

(609)

+2.2%

Gross operating income

634

666

(4.9%)

Cost of risk

(5)

(1)

x8.2

Operating income

629

665

(5.5%)

Equity affiliates

46(26.7%)Net income on other assets

-

-

nm

Income before tax

633

671

(5.7%)

Tax

(220)

(228)

(3.6%)Net income

413

443

(6.8%)

Non-controlling interests3640(11.6%)Net income Group share

377

403

(6.3%)In Asset management, Amundi's assets under management were nearly 800 billion euros. Net new inflows
amounted to 6.3 billion euros during the first quarter. They were driven by Institutionals (+4.9 billion euros) andCorporates (+1.2 billion euros1). They also benefited from a solid performance by third-party distributors, especially inJapan (+1.3 billion euros). The first quarter also saw a slowdown in net outflows in the French branch networks (-0.3
billion euros excluding seasonal outflows from money-market products) owing to solid momentum from high net
worth customers. By asset class, inflows came mainly from long assets (+3.9 billion euros), especially Amundi's
expertise in fixed-income (high-yield, aggregate2) and of the index-linked portfolio. The positive market and currency
effect amounted to 13.1 billion euros, thereby increasing assets under management to 796.5 billion euros at endMarch 2014. AUM rose by 2.5% quarter-on-quarter and by 5.0% year-on-year in the first quarter of 2014. Besides,
Amundi continues to follow its strategy to strengthen its international presence with targeted acquisitions: acquisitionof a business in Malaysia and setting up of a strategic partnership with French company Tikehau, in the area ofprivate debt management.
Amundi sustained solid earnings in the first quarter of 2014, with net income of 103 million euros and net income
Group share of 75 million euros. Revenues were stable year-on-year in the first quarter of 2014, due to a
combination of a 6% increase in fixed management fees which offset a fall in other commissions and fee income
owing to calendar effects. Expenses were kept under control, edging up 0.1% the first quarter of 2014 by comparison
with the first quarter of 2013, excluding new subsidiaries3, with productivity efforts financing international expansion.
In all, the cost/income ratio remained highly competitive at 56.4%.
1

Including Employee savings management
Diversified bonds (all currencies, sovereigns and corporates),
3 Including new subsidiaries in the USA (Smith Breeden), Poland, Amsterdam in the first quarter 2014212

In asset servicing, CACEIS continued its marketing efforts, resulting in a further rise in assets under custody despite
the exit of Caisse des Dépôts et Consignations in the second quarter of 2013. They amounted to 2,283 billion euros,
up 1.3% on the fourth quarter of 2013. Owing to solid business development, funds under administration moved up to
1,347 billion euros, an increase of 2.9% quarter-on-quarter and of 5.5% year-on-year.
Results for the business line were down on the first quarter of 2013 owing to the contraction in the interest margin(increase in the share of HQLA securities with low yields and contraction in spreads). Net income Group share for the
first quarter was 19 million euros, a decrease of 45.0% compared with the first quarter of 2013.
In Private Banking, assets under management rose by 0.6% quarter-on-quarter to 133.0 billion euros at 31 March
2014, due mainly to a positive market effect that more than offset net asset outflows of 1.0 billion euros in the firstquarter of 2014.
Revenues were adversely affected by the reduction in brokerage commissions (reduced portfolio rotation and lower
yield on cash invested for the medium to long term) and the 1.5% year-on-year decline in assets under management.
In all, net income, Group share was 23 million euros in the first quarter of 2014, down 34.4% by comparison with thefirst quarter of 2013.
In Insurance, premium income was 8.3 billion euros in the first quarter of 2014. Net new inflows into savings /retirement and death & disability insurance amounted to 2.3 billion euros, including 1.5 billion euros in France.
Momentum in the savings / retirement segment remained robust. Premium income was 6.3 billion euros in the firstquarter of 2014 compared with 6.2 billion euros in the first quarter of 2013. In France, premium income was close to
the high level registered in the first quarter of 2013. Internationally, it moved up 33.1% year-on-year in the firstquarter of 2014, owing mainly to an excellent performance in Italy. Funds under management in savings / retirement
were 238.6 billion euros at end-March 2014, up 4.6% year-on-year. Funds in euros amounted to 194.4 billion euros,
up 4.4% year-on-year, while unit-linked funds rose by 5.2% to 44.2 billion euros over the same period.
In the death & disability / health / creditor segment, premium income rose by 4.7% year-on-year in the first quarter of2014 to 1,050 million euros. In death & disability / health insurance, premium income grew by 5.3% year-on-year. In
creditor insurance, premium income moved up sharply internationally, with increases of 30.2% in Poland and 15.3%
in Italy.
In property & casualty insurance, sustained growth continued. Premium income rose by 7.8% year-on-year to 911
million euros in the first quarter of 2014. The combined ratio, defined as the ratio of (claims + operating expenses) topremium income, net of reinsurance, remained under control. It was 96.3% for the Pacifica scope despite weatherrelated events during the quarter.
In the first quarter of 2014, net income Group share for the Insurance business line came to 260 million euros andrevenues were up 3.4% year-on-year. Concurrently, operating expenses moved up 3.3% over the same period. The
cost/income ratio remained stable at 26.3% in the first quarter of 2014.

13

4. SPECIALISED FINANCIAL SERVICES(in millions of euros)

Q1-14

Q1-13*

ChangeQ1/Q1*

Revenues

686

727(5.7%)

Operating expenses

(335)

(348)

(3.7%)

Gross operating income

351

379

(7.6%)

Cost of risk

(282)

(408)

(30.8%)

Operating income

69

(29)

nm

Equity affiliates

31

28+11.4%

Change in value of goodwill

-

-

-

Income before tax

100

(1)

nm

Tax

(26)

(4)

x5.1

Net income on discontinued or held-for-sale
operations

6

5+18.8%Net income

80

-

nm

Non-controlling interests

3

(20)

nm

Net income Group share

77

20

x3.9

Restated for reclassification as equity affiliates of entities proportionally consolidated in 2013

Specialised financial services confirmed its return to profit in the first quarter of 2014, with net income Group share of
77 million euros compared with 20 million in the first quarter of 2013. In a climate of regulatory restrictions andrefocusing business operations, and despite the pick-up in production in consumer finance, lease finance andfactoring, outstandings fell by 5.3% year-on-year for CACF and by 3.0% in lease finance. In line with this decline,
revenues for the business line moved down 5.7% by comparison with the first quarter of 2013 to 686 million euros.
Expenses contracted by 3.7% year-on-year under the impact of recurring cost optimisation measures applied acrossall subsidiary business lines. They fell by 4.8% at CACF and were stable at CAL&F year-on-year. Lastly, the cost ofrisk fell significantly at both CACF and CAL&F.
Restated for the transition of the CACF group's Nordic entities to IFRS 5 and for the application of IFRS 11 to thesegment's joint ventures dedicated to automotive financing, consumer finance outstandings amounted to 69.1
billion euros at end- March 2014, a decline of 5.3% year-on-year and of 1.1% quarter-on-quarter, thereby reflecting a
slowdown in the downtrend that began two years ago. The geographical breakdown is the same as in the previous
quarter, with 38% of outstandings in France, 33% in Italy and 29% in other countries. Following the reclassification of
auto financing partnership lease finance outstandings from the managed loan book to the consolidated loan book so
as to better reflect the business, outstandings are broken down as follows: consolidated loan book: 54.2 billion euros(down 6.9% year-on-year in the first quarter of 2014); Crédit Agricole Group loan book: 12.2 billion euros (down
4.3%); and managed loan book: 2.7 billion euros (up 34.8%). Agos Ducato's outstandings were deliberately managed
down, by 2 billion over one year (down 11.0% over the period).
The cost of risk was -264.5 million euros in the first quarter of 2014, a drop of 29.7% year-on-year, due mainly toAgos Ducato, but also to the other CACF group entities. The cost of risk amounted to 153 basis points (annualised)excluding Agos Ducato in the first quarter of 2014, compared with 211 basis points in the first quarter of 2013. Agos
Ducato’s cost of risk was 163 million euros in the first quarter of 2014, showing a decline of 30.0%, and representing
an additional 112 basis points on consumer finance outstandings as compared to an additional 123 basis points inthe first quarter of 2013. Agos Ducato's impaired loan ratio was 11.9% at end-March 2014, compared with 14.8% at
end- March 2013, and its coverage ratio was 99.2% including collective reserves. Owing to the improvement in risk at
14

Agos Ducato, coupled with a 2.4% increase in revenues despite the fall in outstandings, this subsidiary broke even in
the first quarter of 2014.
CACF's net income Group share was €53 million, 6.2 times higher than in the first quarter of 2013.
Two events during the first quarter are worth noting. First, CACF completed the disposal of its Nordic entities.
Second, the European Passport was launched with success. CACF is the first French operator to have launched thissavings deposit business in Germany.
In lease finance and factoring, the trend in outstandings varied by business and geographical region. In France, thedowntrend in lease finance continued, resulting in a 4.6% fall in CAL&F's outstandings between March 2013 andMarch 2014 to 11.9 billion euros. Conversely, internationally, lease finance outstandings rose by 2.3% over the same
period (to 4.0 billion euros) and factored receivables increased by 6.6% to 14.6 billion euros at end-March, including
a 5.3% rise in France (9.3 billion euros).
The cost of risk fell by 44% year-on-year, mainly in lease finance in France and in factoring in Spain.
CAL&F's net income Group share was 24 million euros in the first quarter of 2014, 1.2 times higher than in the firstquarter of 2013.

15

5. CORPORATE AND INVESTMENT BANKING
The Information presented below for 2013 takes into account the application of IFRS 11 to the UBAF entity.
In the first quarter of 2014, Corporate and Investment banking delivered net income Group share of 285 million
euros. Restated for loan hedges (10 million euros) and the impact of DVA running (-9 million euros), net income
Group share was 284 million euros in the first quarter.
Financing activities contributed 199 million euros to restated net income (compared with 144 million euros in the firstquarter of 2013) and Capital markets and investment banking contributed 84 million euros (compared with 81 million
euros in the first quarter of 2013).
Discontinuing operations produced a negligible impact over the period, with net income Group share reflecting a
profit of 1 million euros in the first quarter of 2014, compared with a loss of 2 million euros in the first quarter of 2013.

Total Corporate and investment banking (including discontinuing operations)(in millions of euros)

Q1-14

Q1-14*

Q1-13**

Q1-13*

ChangeQ1*/Q1*

Revenues

985

984

965

953

+3.2%

o/w Financing activities

525

510

496

471

+8.1%

o/w Capital markets

429

443

415

428

+3.5%

o/w Discontinuing operations

31

31

54

54

nm

Operating expenses

(558)

(558)

(579)

(579)

(3.6%)

Gross operating income

427

426

386

374

+13.6%

Cost of risk

(56)

(56)

(110)

(110)

(49.5%)

Operating income

371

370

276

264

+39.9%

Equity affiliates

40

40

34

34

nm

Net income on other assets

-

-

1

1

nm

Income before tax

411

410

311

299

+37.5%

Tax

(114)

(114)

(73)

(74)

+54.5%Net income on discontinued or held-for-sale
operations

(7)

(7)

2

2

nm

Net income

290

289

240

227

+27.7%

Non-controlling interests

5

5

4

4

+54.0%Net income Group share

285

284

236

223

+27.2%* Restated for loan hedges, impact of Day 1 CVA/DVA (Q1-13) and DVA running**2013 UBAF presented in accordance with new application of IFRS 11

16

Revenues from financing activities amounted to 525 million euros in the first quarter of 2014. Excluding the impactof loan hedges, they were 510 million euros, up 8.1% on the first quarter of 2013, which included exceptional
impairment of securities booked in revenues.
Crédit Agricole CIB maintained its competitive positions in syndication business in France (No. 11). It moved up to theNo. 1 position in Western Europe (from No. 3 previously1) and in the EMEA region (from No. 21). Crédit Agricole CIB
remains third1 in corporate loan syndication in the EMEA region. Crédit Agricole CIB remained the world leader inaircraft finance2.
Revenues in Capital markets and investment banking were 429 million euros in the first quarter of 2014.
Excluding the impact of DVA, they came to 443 million euros, a rise of 3.5% by comparison with the first quarter of2013, including revenues for brokerage totalling 25 millions euros.
Fixed income revenues were 400 million euros in the first quarter, higher than in the previous quarters, reflecting agood performance by the treasury and securitisation businesses. Crédit Agricole CIB remained No. 1 in bookrunningfor European ABCP3 securitisations and No. 2 worldwide in supranational bond issues1.
Revenues from Investment banking was 43 million euros, down slightly on the first quarter of 2013 when M&A
business was stronger (down 7.6%).
VaR remained very low, at 7 million euros at 31 March 2014, compared with 11 million euros on average over the fullyear 2013.
Operating expenses in Corporate and Investment banking showed a year-on-year decline of 3.6% in the firstquarter of 2014. Excluding brokerage business4, expenses were stable year-on-year in the first quarter. Restated forthe impact of loan hedges, Day 1 CVA/DVA for 2013 and DVA running, the cost/income ratio excluding brokeragebusiness fell sharply, to 56.7% from 60.3% in the first quarter of 2013.
In the first quarter of 2014, a net charge of 56 million euros was booked for cost of risk, less than in the first quarter of
2013.
The share of income from equity affiliates was 40 million euros in the first quarter of 2014, mainly including thecontribution of Al Bank Saudi Al Fransi (BSF).
Finally, net income Group share for the first quarter of 2014 in Corporate and Investment banking amounted to 285
million euros.

1 Source: Thomson Financial
2 Source: Air Finance Database3

Source: CP Ware

4

Expenses of CLSA New York and Tokyo reclassified under IFRS5 in Q3-13: €19m in Q1-13

17

6. CORPORATE CENTRE(in millions of euros)

Q1-14

Q1-13

ChangeQ1/Q1

Revenues

(563)

(878)

(35.9%)

o/w cost of funds

(620)

(531)

+16.8%

o/w financial management

5

(86)

nm

o/w issuer spreads

(47)

(361)

(87.2%)

o/w other

99

100(1.4%)

Operating expenses

(212)

(215)

(1.7%)

Gross operating income(775)(1,093)(29.1%)

Cost of risk

81

65

+25.2%

Operating income(694)(1,028)(32.6%)

Equity affiliates

35

(42)

nm

Net income on other assets

5

(2)

nm

Income before tax(654)(1,072)(39.1%)

Tax

258

390

(33.9%)Net income

(396)

(682)

(42.1%)

Non-controlling interests

3351(34.6%)Net income Group share

(429)

(733)

(41.5%)In the first quarter of 2014, revenues amounted to -563 million euros compared with -878 million euros in the firstquarter of 2013. They include -47 million euros for issuer spreads compared with -361 million euros in the firstquarter of 2013. The cost of funds component of revenues in the first quarter includes the cost of stages 1 and 2 ofthe switch guarantees, which are now fully recognised in revenues for -186 million euros compared with -106 million
euros in the first quarter of 2013 (including interest on the shareholders' advance and the deeply subordinated debts“T3CJ”).
By the amendment signed on 19 December 2013, Crédit Agricole S.A. and the Regional Banks extended theguarantee base granted on 23 December 2011 to Crédit Agricole S.A.’s equity investment in Crédit Agricole
Assurances. The new guarantees were effective from 2 January 2014 and transfer the regulatory requirements
related to the shares held by Crédit Agricole S.A. in Crédit Agricole Assurances, which is equity-accounted forregulatory purposes. The substance of the contract is now treated as an insurance contract, due to the existence ofan overall insurance risk, according to IFRS 4. Interest paid on the guarantee deposits and on the guarantees is now
fully recognised in revenues. Previously, interest on the Switch guarantees themselves was recognised in income
from equity affiliates (-24 million euros in the first quarter of 2013, after tax).
Revenues from financial management include transactions in minority equity investments. In the first quarter of 2014,
they consisted mainly of the change in fair value of Eurazeo bonds redeemable for shares, for -41 million euros. In
the first quarter of 2013, they included the gain on the disposal of a block of Bankinter shares for 30 million euros. In
January 2014, Crédit Agricole S.A. sold the remaining shares of this investment (around 0.3%) and it no longer holds
any Bankinter shares. Furthermore, additional hedges for inflation risk were set up, thereby reducing the volatility offinancial management results which traditionally affected the first quarter.
Operating expenses were kept tightly under control. They showed a year-on-year decline of 1.7% in the first quarterof 2014 compared with the first quarter of 2013.
18

In the first quarter of 2014, the cost of risk reflects the reversal of the AQR (Asset Quality Review) provision
recognised for Cariparma in the fourth quarter of 2013 for 90 million euros. In the first quarter of 2013, the cost of risk
included the reversal of the 35 million euro provision registered by this business line in the fourth quarter of 2012 aspart of the Bank of Italy's audit of Cariparma.
In the first quarter of 2014, income from equity affiliates consisted entirely of the 35 million euro positive contribution
from Eurazeo.
In all, net income Group share was -429 million euros in the first quarter of 2014 compared with -733 million euros in
the first quarter of 2013. Restated for issuer spreads, net income Group share for the business line amounted to -399
million euros in the first quarter of 2014 compared with -501 million euros in the first quarter of the previous year.

19

CRÉDIT AGRICOLE GROUP CONSOLIDATED RESULTSGroup customer loans outstanding amounted to 696 billion euros at 31 March 2014, with 530 billion euros for the
Regional Banks, LCL and the International retail banking entities, up 0.8% compared to end-March 2013. In terms offunding, customer assets on the balance sheet amounted to 623 billion euros. The Regional Banks, LCL and theInternational retail banking entities increased their on-balance sheet deposits by 3.3% year-on-year to 478 billion
euros.
(in millions of euros)

Q1-14

Q1-13*

ChangeQ1/Q1*

Revenues

7,753

7,341

+5.6%

Operating expenses(4,691)(4,709)(0.4%)

Gross operating income

3,062

2,632

+16.3%

Cost of risk

(907)

(1,149)(21.0%)

Operating income

2,155

1,483

+45.2%

Equity affiliates

9751+88.7%Net income on other assets

-

13

nm

Change in value of goodwill

(1)

-

nm

Income before tax

2,251

1,547

+45.3%

Tax

(746)

(464)

+60.4%

7

21(65.4%)Net income

1,512

1,104

+37.0%

Non-controlling interests

9279+17.5%Net income Group share

1,420

1,025

+38.5%Net income on discontinued or held-for-sale operations*Restated for equity-accounted entities consolidated under proportionate method in 2013 and the reclassification under IFRS5 of Crelan

In the first quarter of 2014, Crédit Agricole Group registered revenues of 7,753 million euros, a rise of 5.6%
compared with the first quarter of 2013. Revenues were impacted by specific items unrelated to business activity(issuer spreads, DVA running, loan hedges and revaluation of Bank of Italy shares at Cariparma) totalling 47 million
euros, compared with a charge of -281 million euros in the first quarter of 2013, including -361 million euros for issuer
spreads. Restated for specific items, revenues were up 1.1% year-on-year in the first quarter of 2014.
Operating expenses were down 0.4% on the first quarter of 2013. This change reflects the build-up of the cost-cutting
programmes, mainly the savings generated by the MUST programme, and the impact of the departure planslaunched in 2011 and 2012 at CACIB, CACF and Cariparma.
The cost of risk was kept under control and was 21.0% lower than in the first quarter of 2013. It amounted to 45 basis
points of outstandings in the first quarter of 2014 compared with 55 basis points in the first quarter of 2013. This fall
mainly reflects improvement in the cost of risk in consumer finance, primarily at Agos Ducato.
In all, net income Group share was 1,420 million euros compared with 1,025 million euros in the first quarter of 2013,
i.e. an apparent increase of 38.5% over the period and of 14.8%1, restated for specific items in the first quarters of2013 and 2014.
1

Restated for reclassification as equity affiliates of entities proportionally consolidated in 2013 and for the reclassification under IFRS5 of Crelan20*****

Crédit Agricole S.A.'s financial information for the first quarter of 2014 consists of this press release and the attached presentation. All
regulated information, including the registration document, is available on the website
www.credit-agricole.com/Finance-and-Shareholders under "Financial information" and is published by Crédit Agricole S.A. pursuant to theprovisions of article L. 451-1-2 of the Code Monétaire et Financier and articles 222-1 et seq. of the AMF General Regulation.

INVESTOR RELATIONS + 33 1 43 23 04 31
Denis Kleiber
Nathalie Auzenat
Sébastien Chavane
Aleth Degrand+ 33 1 43 23 26 78+ 33 1 57 72 37 81+ 33 1 57 72 23 46+ 33 1 43 23 23 81

Laurence Gascon
Fabienne Heureux
Marie-Agnès Huguenin
Aurélie Marboeuf+ 33 1 57 72 38 63+ 33 1 43 23 06 38+ 33 1 43 23 15 99+ 33 1 57 72 38 05

Disclaimer
The figures presented for the twelve-month period ending 31 March 2014 have been prepared in accordance with IFRS as adopted in the European Union andapplicable at that date. This financial information does not constitute a set of financial statements for an interim period as defined by IAS 34 "Interim Financial
Reporting" and it has not been audited.
This presentation may include prospective information on the Group, supplied as information on trends. This data does not represent forecasts within themeaning of European Regulation 809/2004 of 29 April 2004 (chapter 1, article 2, §10). This information was developed from scenarios based on a number of
economic assumptions for a given competitive and regulatory environment. Therefore, these assumptions are by nature subject to random factors that could
cause actual results to differ from projections.
Likewise, the financial statements are based on estimates, particularly in calculating market values and asset depreciations. Readers must take all of these risk
factors and uncertainties into consideration before making their own judgement.

21