Montrouge, 14 February 2019

Fourth quarter and full year 2018 results

Very good results, solid and balanced
Crédit Agricole S.A.
Stated net income1

Stated net revenues

Q4: €1,008m

Q4: €4,853m

11.5%

x2.6 Q4/Q4+4.3% Q4/Q4

stable in Q4, well above
the MTP target (11%)

2018: €4,400m

2018: €19,736m+20.6% 2018/2017+5.9% 2018/2017

Fully-loaded CET1 ratioLess favourable environment in Q4, primarily for activities related to financial markets
High underlying net income2 with further strong growth: Q4 €1,067m, +21.6% Q4/Q4; 2018: €4,405m, +12.2% 2018/2017
 2018 ROTE2 12.7%; earnings per share2: Q4 €0.33, +24.2% Q4/Q4; 2018 €1.39, +13.8% 2018/2017;
 Dividend proposed at the Shareholders’ Meeting increased by +9.5% 2018/2017 to €0.69
 High level of activity and income for all the Group's business divisions in 2018, despite the unfavourable market
impact in Q4 on asset management and market activities
 Good cost control: positive jaws effect2 excluding SRF3 > 1pp 2018/2017, in most business lines;
C/I ratio2 improved by 0.7pp 2018/2017 to 62.1%
 Cost of credit risk still very low and declining: 23bp4 (-6bp Q4/Q4); provision for non-specific legal risk of €75m in Q45
 2019 MTP objectives already reached for NI, ROTE and CET1; new 2022 MTP to be presented on 6 June 2019

Crédit Agricole Group*
Stated net income1

Stated net revenues

Fully-loaded CET1 ratio

Q4: €1,571m

Q4: €8,110m

15.0%+70.3% Q4/Q4+0.8% Q4/Q4

up 10bp in Q4
550bp above the P2R6

2018: €6,844m

2018: €32,839m+4.7% 2018/2017+2.3% 2018/2017

Sharp increase in stated net income linked to a favourable base effect, in particular the tax surcharge in Q4-17
2018 underlying2 net income1: €6,849m, -3.8% 2018/2017 after a sharp increase in the SRF3, a negative scope effectand a slight increase in the cost of risk ; Q4 : €1,626m, -3.9% Q4/Q4
4
 Cost of risk still at a very low level, at 18 bp
 Regional Banks (IFRS): negative impact of portfolio valuations in Q4 and a sharp rise in the cost of risk due to collective
provision write-backs in 2017, but increase in business revenues and stabilisation of interest revenues* 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 56.3% of Crédit Agricole S.A. Please see from p. 16 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. 18 onwards for Crédit Agricole S.A.

1
2
3
4
5
6

Net income Group share
Underlying, excluding specific items. see p. 16 and following pages for more details on specific items and p. 26 for the ROTE calculation
Contribution to the Single Resolution Fund (SRF)
Average over last four rolling quarters, annualised
Medium Term Plan; the MTP 2020 was published in March 2016 and set financial targets until 2019.
According to pro forma P2R for 2019 of 9.5% as notified by the ECB (excl. countercyclical buffers)
1/28

Crédit Agricole S.A.
Excellent results reflecting strong growth in 2018 and in Q4-

MTP targets achieved a year ahead of schedule: Underlying 2018 NI of €4.4bn (+12.2% 2018/17),
underlying ROTE7 of 12.7% (objectives: €4.2bn and >10%, respectively);
Presentation of new 2022 Medium-Term Plan on 6 June 2019;
Strong 2018/2017 growth: +12.2% (EPS +13.9%), with a positive contribution from all the divisions;
Q4: Underlying net income of over €1bn (€1,067m, +21.6% Q4/Q4) despite an unfavourable
environment for activities related to financial markets (Asset management, CIB/Capital Markets) ;Confirmed cost control-

2018/17: further improvement in operational efficiency: jaws effect >+1pp, further 0.7pp
improvement in the underlying C/I ratio, excluding the SRF;
Q4: tight control at +0.8% despite the scope effect of the three Italian banks, underlying C/I ratio 65.9%

Further improvement in credit quality--

Sharp decline in the cost of credit risk -23.4% 2018/17 and -26.6% Q4/Q4; cost of risk relative tooutstandings: 23bp (-6bp 2018/17), decrease in the NPL ratio (2.8%, -0.4pp Dec./Dec.), rise in the
coverage ratio (74.3%, +7pp Dec./Dec.);
Q4: non-specific provision for legal risk -€75m (Corporate Centre)

Financial solidity: CET1 ratio 11.5%, dividend of €0.69 per share paid in cash-

Fully-loaded CET1 ratio 11.5%, above the MTP target of 11%, stable in Q4;
Capital generation through retained earnings: +14bp, but impact of the decline in OCI reserves: -13bp;
Risk-weighted assets stable at end-September, offsetting regulatory effects.

Crédit Agricole S.A.'s Board of Directors, chaired by Dominique Lefebvre, met on 13 February 2019 to examine
the financial statements for the fourth quarter and full year 2018.
In fourth quarter 2018, stated net income reached 1,008 million euros, up sharply (x2.6) compared tofourth quarter 2017 (387 million euros), which notably saw the effects of the Finance Act in France, namely acorporate tax surcharge (-256 million euros, net of the refund of the dividend tax) and a revaluation ofdeferred taxes to take account of the expected decrease in corporate income tax rate in France and in the
United States (-128 million euros).
There are few specific items for the quarter, which had a limited negative effect of -59 million euros on
net income. These primarily involve a fine imposed by the Italian competition authority (AGCM) on FCA Bank8,
with an impact on the Group this quarter of -67 million euros, which factors in the previous provisions booked tosettle a dispute; the other specific items are far smaller amounts and partially offset each other (see the detail on
p. 16). In the fourth quarter of 2017, specific items were much more substantial, particularly due to the effectsof the measures planned under the 2018 Finance Act in France referred to above: these had an impact on
net income of -490 million euros, of which -403 million euros related to tax adjustments. Also of note during thequarter was the recognition of negative goodwill linked to the consolidation of the three Italian banks, in theamount of +312 million euros (+408 million euros before non-controlling interests) which was offset by the
impairment of all goodwill on the Polish entities in the amount of -222 million euros. Other specific items recorded
for the quarter include the integration costs of Pioneer and the three Italian banks (total impact of -54 million euros
on net income), the penalty associated with the Cheque Image Exchange (-58 million euros) and specificrecurring accounting items9 comprising the rest for -65 million euros.

78
9

See calculation of ROTE p. 26; annualised rate calculated without restating IFRIC21 charges, taking into account AT1 coupons deducted directlyfrom Group net equity; RONE of the divisions and business lines calculated using the same method
See press release published on 9 January 2019
DVA (Debit Valuation Adjustment), loan portfolio hedges, home purchases savings plan, see details p.16
Fourth quarter and full year 2018 results

2/28

Excluding these specific items, underlying net income for fourth quarter 2018 came to 1,067 million euros, anincrease of +21.6% compared with fourth quarter 2017.
Underlying earnings per share came to 0.33 euros, an increase of +24.2% compared with fourth quarter 2017.
Tangible net book value per share (not adjusted, excluding OCI reserves, before deduction of the dividend)came to 12.0 euros per share, up +6.8% compared to end-December 2017 and an increase of +7.2% on
1 January 2018 (including the IFRS9 impact of -0.04 euros per share), of which +3.1% in fourth quarter 2018.

Crédit Agricole S.A. – stated and underlying results, Q4-2018 and Q4-2017
€m

Q4-18
stated

Q4-17
statedVar. Q4/Q4
stated

Q4-18
underlying

Q4-17
underlying

Var. Q4/Q4
underlying

Revenues

4,853

4,651

+4.3%

4,814

4,810

+0.1%

Operating expenses excl. SRF(3,213)(3,268)(1.7%)(3,175)(3,150)

+0.8%

-

-

n.m.

-

-

n.m.

Gross operating income

1,641

1,384

+18.6%

1,640

1,659

(1.2%)

Cost of risk

(246)

(335)

(26.6%)

(246)

(335)

(26.6%)

Cost of legal risk

(75)

-

n.m.

(75)

-

n.m.

Equity-accounted entities

750(85.3%)

74

69

+7.2%

Net income on other assets

56

13

x 4.2

56

16

x 3.4

Change in value of goodwill-

186(100.0%)-0(100.0%)

Income before tax

1,383

1,299

+6.5%

1,450

1,410

+2.8%

Tax
Net income from discont'd orheld-for-sale ope.
Net income

(222)

(703)

(68.4%)

(221)

(387)

(42.9%)

(0)

(23)

n.m.

(0)

(23)

n.m.

1,161

573

x2

1,229

1,000

+22.9%

Non-controlling interests

(154)

(186)

(17.4%)

(162)

(123)

+31.9%Net income Group Share

1,008

387

x 2.6

1,067

878

+21.6%

Earnings per share (€)

0.31

0.09

x 3.3

0.33

0.26

+24.2%

Cost/Income ratio excl.SRF (%)

66.2%

70.2%

-4.1 pp

65.9%

65.5%

+0.4 pp

SRF

The strong growth of underlying net income was achieved despite a much less favourable environment
than in fourth quarter 2017 and in the first three quarters of 2018, especially for the activities related tocapital markets, and in particular for Asset and Wealth management and for Capital markets &investment banking. These are the only business lines that saw their contribution decline compared tofourth quarter 2017. The other business lines more than offset this under-performance, thanks to excellent
underlying revenues, very positive jaws effects in most of the business lines less sensitive to the market
environment and the decline of the cost of credit risk in all financing business lines. The Largecustomers division benefited from net provision write-backs as it did in the previous two quarters. It should be
noted that the Group decided to recognise a non-specific legal provision of 75 million euros in fourth quarter 2018
booked in the corporate centre. The strong pick-up in growth between income before tax and net income groupshare, in both stated and underlying figures, is attributable to a sharp decrease in tax expense in stated figures
owing mostly to the non-recurring tax surcharge which had affected the fourth quarter of 2017 and was classified
as a specific item, and in underlying figure thanks to a higher share of the revenue generated in countries otherthan France with a lower tax rate and to the different effects of tax consolidation recognised in the fourth quarterbut relating to the whole of the 2018 fiscal year.
Due to their negligible impact on net income, the scope and foreign exchange effects are not provided in detailthis quarter. However, it should be noted that the acquisition of the three Italian banks, which were consolidated
only in late December 2017, produced a scope effect on revenue, expenses and provisions which could not,however, be calculated after the merger of the legal entities in the third quarter of 2018.
An analysis of the fourth quarter 2018 income statement is provided below.

Fourth quarter and full year 2018 results

3/28

Standing at 4,814 million euros, underlying revenues were stable (+0.1%) thanks to the good resistance ofbusiness lines vulnerable to the unfavourable market environment and the growth of other business lines, inparticular Insurance (+6.0%), Retail banking in Italy (+17.5%, primarily related to the effect of the integration of
the three banks), other international retail banking (+7.2%), Leasing & factoring (+7.8%) and Consumer finance(+1.7%). Asset Management and Capital Markets and Investment Banking were the two business lines mostaffected by the market environment. Amundi saw a decline in revenue of -18.2%/-134 million euros compared to
the fourth quarter of 2017, due mainly to the sharp drop in performance fees (-75.1%/-61 million euros) andfinancial income (change of -50 million euros), with asset management fees also declining, albeit more modestly,by -2.9%. Capital Markets and Investment Banking, operating mostly on the bond markets, in advisory and in
equity origination, saw a decline of -29,3% in its revenues on the back of contracting credit volumes (bond issues
in euros10 falling -12%), more satisfactory on foreign exchange and swaps, and a squeeze on customer margins.
Also of particular note is the very negative impact of FVA (Fair Value Adjustment). In contrast, the Largecustomers division’s Financing activities saw virtually no change in their revenues (-0.7%) despite thehigh comparison base in fourth quarter 2017, with the last quarter of 2018 closing out an excellent year for these
activities (revenue up +7.6% compared to 2017) as well as for Commercial Banking and Structured Finance. LCL
saw a slight drop in its revenues compared to fourth quarter 2017 of -0.6%/-5 million euros, virtually unchanged
excluding renegotiation and early repayment fees, but including impairments of some equity interests, excludingwhich revenues would have been up.
Notable activity developments among the business lines in the fourth quarter include:-

a further upward trend in the lending activity of Retail banking in the Group’s domestic markets,with continuing growth in loans to businesses for LCL compared to 31 December 2017 (+11%) andhome loans: +6.6% for LCL and +10% for CA Italia; note that this last figure is like-for-like since theoutstandings of the three Italian banks acquired in late 2017 had already been consolidated at
31 December 2017; since their integration, these banks have been recording sharp sequential increases
in their loan origination; the number of new home loans granted was up +29% in the fourth quartercompared to the third quarter and doubled compared to the first quarter;-

the net inflows of the Asset Gathering & Insurance division were uneven for the quarter: although the
Retirement & Savings segment of the Insurance business line recorded strong net inflows, up comparedto the previous quarters, at +2.1 billion euros, including +1.3 billion euros/62% in unit-linked policies (69%over the full year 2018), Wealth Management was more modest at +0.6 billion euros and, significantly,
Asset Management recorded net outflows of -6.5 billion euros, due primarily to institutional customers,
while Retail reported positive net inflows of +0.5 billion euros ; this net outflow was due to a particularly
adverse environment in all markets this quarter, reflected in a market effect in assets under managementof -43.7 billion euros in the last three months of the year, completely erasing the effects of the excellent
net inflows reported by Amundi throughout 2018, namely +42.0 billion euros, including+36.3 billion euros in medium-long term assets; the Insurance business also continued its very strong
growth (+7.9%) in Property & casualty policies, with total policies outstanding having increased +5.4%
year-on-year, for net growth of 700,000 policies;-

the excellent growth reported by Specialised Financial Services: Consumer finance surpassed+10 billion euros in origination of managed outstandings in every quarter of 2018, including+11.2 billion euros in the fourth quarter. As a result, managed outstandings rose +7.2% compared to
end-December 2017, to 88.5 billion euros, driven by automotive partnerships (+11.2%) andGroup networks. Consolidated gross financial leasing outstandings were up +3.1% for the same period,
to 14.6 billion euros, driven in particular by a +10% increase internationally; factored turnover grew by+4.1% year-on-year in fourth quarter 2018;-a high level of activity in CIB/Financing activities, with a sharp increase in Commercial banking driven
by activity on all product lines and a sustained level of activity in Structured Finance in line with previous
quarters; it should be noted again this quarter that this good performance did not translate into anincrease in risk-weighted assets, which have decreased compared to end-September, excluding one

10 All international investment grade issues in € - worldwide - bookrunner (Source: Refinitiv 31/12/2018)

Fourth quarter and full year 2018 results

4/28

regulatory change11, thanks to good syndication activity and risk transfer: applying its Distribute to
Originate model; Financing recorded an average primary syndication rate of 39% in the last 12 months,
stable versus 2017 and up +13 percentage points compared to 2013, the year in which it ramped up thispolicy.
Of note since the last quarterly publication is the extension of the partnership between Agos and Banco BPM,
giving Agos access to the distribution of consumer credit within the Banca Popolare di Milano network, whichmerged with Banco Popolare to create Banco BPM, the third largest bank in the country. A distribution agreementwith the entire Banco BPM network for a period of 15 years is expected to be signed when this agreement isfinalised before 30 September 2019.
Details of the other highlights are provided in the section of this press release on Crédit Agricole Group.
Stable revenues in a less favourable environment in the fourth quarter are combined with tight control of costs,
which registered an underlying increase of only +0.8% compared to fourth quarter 2017. Note that this increaseof +25 million euros between the two periods is more than accounted for by the Corporate Centre, whose costsrose by +68 million euros between the two periods given the investments in payment and information systems,
additional costs that were mostly charged back as Corporate Centre revenue to other business lines. Underlying
operating expenses of the Group’s business lines were down -1.5% despite the scope effect of thethree Italian banks and the provisions for “Macron grants” (15 million euros in all for the Crédit Agricole S.A.
group). All the business lines played a role in the decrease except for Retail Banking due to CA Italia, which bore
the brunt of the scope effect of the three banks.
The fall in underlying gross operating income was therefore limited to -1.2% compared to fourth quarter 2017.
The underlying cost/income ratio stood at 65.9%.
The cost of risk declined sharply, down -26.6% compared to fourth quarter 2017 to a very low level(246 million euros versus 335 million euros in fourth quarter 2017). This decline came almost entirely frombusinesses exposed to credit risk (only LCL and Leasing & Factoring were up slightly, by +8 million euros and+2 million euros, respectively). Retail banking in Italy continued on a downward trend (-14.0%) and
CIB/Financing is again in a situation of net provision write-back in Buckets 1 and 2 (IFRS9) while provisions for
specific risks are at a very low level. This reflects a further improvement in credit risk indicators (NPL ratio,
coverage ratio) in all the vulnerable businesses. Crédit Agricole S.A. group’s cost of risk relative tooutstandings12 fell -6 basis points compared to fourth quarter 2017, to 23 basis points. It remains stable quarteron-quarter for LCL (17 basis points) and Consumer finance (118 basis points), but continued its decline for
Retail banking in Italy (CA Italia, 67 basis points). Crédit Agricole S.A. group’s NPL ratio is down -0.4 point at
2.8% compared to end December 2017 and the coverage ratio is up +7.0 points at 74.3%.
It was decided this quarter to recognise a non-specific provision for legal risk in the Corporate Centre in theamount of 75 million euros.
The underlying contribution of equity-accounted entities rose by +7.2% to 74 million euros and reflects the
sharp increase in profitability of automotive partnerships in Consumer finance and the Asset management
joint ventures in Asia.
Net income from asset disposals reached 56 million euros this quarter compared to just 16 million euros infourth quarter 2017, mainly at LCL: +47 million euros from the disposal of two operating buildings.
Underlying pre-tax income13 before discontinued operations and non-controlling interests increased by+2.8% to 1,450 million euros. By contrast, income tax charge fell sharply by -42.9%, notably as a result of theadjustment of annual tax rates in the last quarter of the year and a stronger than expected increase in revenues
in countries with lower taxes than those in France. Underlying net income before non-controlling interests
therefore rose +22.9%. Non-controlling interests increased by +31.9% or +39 million euros, mainly
attributable to Corporate Centre in connection with the effect in 2017 of a newly consolidated subsidiary (Fireca)with an accumulation of losses, offset in part by the buy-back of non-controlling interests in CACEIS last

11 See the comments on solvency on p. 19.
12 Average cost of credit risk over the last four rolling quarters, annualised
13

See p. 16 for more details on specific items related to Crédit Agricole S.A.
Fourth quarter and full year 2018 results

5/28

December. Underlying net income therefore increased by +21.6% compared to fourth quarter 2017 to
1,067 million euros.

Stated net income for full-year 2018 amounted to 4,400 million euros, compared to 3,649 million euros in 2017,an increase of +20.6%.
Specific items in full-year 2018 had a negative impact of just -5 million euros on stated net income. The
fourth quarter items already mentioned above more than cancelled out the impact of those in the first nine monthsof 2018, namely a positive impact of +54 million euros, including the adjustment of negative goodwill recognised
at the time of acquisition of the three Italian banks totalling +66 million euros, -14 million euros for the costs ofintegrating Pioneer (-30 million euros before tax and non-controlling interests) and recurring volatile accounting
items for +3 million euros (+2 million euros before tax). Specific items for full-year 2017 had an impact of €276 million euros on net income. In contrast to the aforementioned numerous negative specific items in the
fourth quarter of 2017, the specific items for the first nine months of 2017 had an impact on net income of+214 million euros. These comprised the share of the liability management operations for +26 million euros(+39 million euros before tax), the impact of the disposal of BSF for +114 million euros and of Eurazeo for+107 million euros, recurring volatile accounting items, namely issuer spread for -69 million euros(-121 million euros before tax), DVA for -39 million euros (-61 million euros before tax), loan portfolio hedges inthe Large customers division for -34 million euros (-53 million euros before tax) and provisions for home purchasesavings plans for +166 million euros (+256 million euros before tax). The detail for the two periods can be foundon p. 16 of this press release.
Since 1 January 2018 and the transition to IFRS9, the impact of issuer spread on the fair value of liabilities has
been recognised directly under equity, without any impact on prudential capital. This effect in Group share terms
amounts to +193 million euros for fourth quarter 2018 and +397 million euros for full-year 2018.
Excluding these specific items, underlying net income rose by +12.2% versus full-year 2017 to
4,405 million euros, beating the target set out in the Strategic Ambition 2020 Medium-Term Plan
(4.2 billion euros), which it has reached one year ahead of schedule.
Underlying earnings per share came to 1.39 euros, an increase of +13.8% compared with full-year 2017.
Crédit Agricole S.A.’s Board of Directors will make a proposal to the General Shareholder's Meeting of
21 May 2019 for the payment of an all-cash dividend per share of 0.69 euro, which is higher than the minimum
level of 0.60 euro per share set in the third quarter of 2016 and +9.5% higher that the dividend paid for 2017. The
dividend pay-out ratio stands at 50% of both stated earnings per share and underlying earnings per share.
Underlying ROTE14 (return on tangible equity) reached 12.7% in full-year 2018, a significant increase of+1.6 percentage point compared to 2017, thanks to improvements in most business lines.

14 See details on the calculation of the ROTE (return on tangible equity) and business lines' RONE (return on normalised equity) on p. 26. ROTE is

calculated by taking underlying net income for the first half of the year, including IFRIC21 costs and AT1 coupons, which are normally charged to
net equity, multiplied by two.
Fourth quarter and full year 2018 results

6/28

Crédit Agricole S.A. – stated and underlying results, 2018 and 2017€m

2018stated2017
statedVar.
2018/2017
stated2018
underlying

2017
underlying

Var.
2018/2017
underlying+4.9%

Revenues

19,736

18,634+5.9%

19,694

18,772

Operating expenses excl.SRF(12,287)(11,961)+2.7%(12,228)(11,785)

+3.8%

SRF

(301)

(242)

+24.5%

(301)

(242)

+24.5%

Gross operating income

7,147

6,431

+11.1%

7,165

6,745

+6.2%

Cost of risk

(1,002)(1,307)(23.4%)(1,002)(1,307)(23.4%)

Cost of legal risk

(80)

(115)

(30.8%)

(75)

(115)

(34.8%)

Equity-accounted entities

256

728

(64.9%)

323

523(38.3%)Net income on other assets

89

6

x 15.5

89

14

x 6.5

Change in value of goodwill

86

186

(54.1%)-

0(100.0%)

Income before tax

6,496

5,929

+9.6%

6,500

5,859

+10.9%Tax
Net income from discont'd or held-for-saleope.
Net income(1,466)(1,733)(15.4%)(1,471)(1,433)

+2.7%

(3)

20

n.m.

(3)

20

n.m.

5,027

4,216

+19.2%

5,026

4,447

+13.0%

Non-controlling interests

(627)

(568)

+10.5%

(620)

(521)

+18.9%Net income Group Share
Earnings per share (€)
Cost/Income ratio excl.SRF (%)

4,400
1.39
62.3%

3,649
1.12
64.2%

+20.6%+23.4%-1.9 pp

4,405
1.39
62.1%

3,925
1.22
62.8%

+12.2%+13.8%-0.7 pp

This performance reflects the healthy revenue growth throughout the year, good cost control and the falling costof risk.
Underlying revenues increased by +4.9% compared to 2017. The Large Customers division suffered in the
fourth quarter due to a more adverse market environment; the decline was primarily concentrated this quarterand in Capital markets and investment banking, where underlying revenues fell by -16.1%/-378 million euros infull year 2018 compared to 2017. At -0.4% or -13 million euros, LCL’s underlying revenues were virtuallyunchanged due to negative impacts in equity revaluations in the fourth quarter. All other Group businesses saw
increases in their revenues, which in some cases was very significant: Asset management +11.1%, WealthManagement +7.5%, Retail banking in Italy +13.4% (these three businesses benefited from a scope effect),Insurance +9.3%, Leasing and factoring +5.7%, CIB/Financing +7.6%.
Underlying operating expenses increased by +3.8%, excluding the contribution to the Single Resolution Fund(SRF), which increased by a significant +24.5% to 301 million euros in 2018 versus 242 million euros in 2017
(mostly in the first half of both periods). Thanks to the positive jaws effect of +1.1 percentage point, theunderlying cost/income ratio excluding the SRF improved by 0.7 percentage point to 62.1%.
The cost of credit risk, excluding non-specific legal provisions, fell -23.4%/-306 million euros compared to2017. This drop is primarily due to the Large customers division (impact of +267 million euros before tax between
the two periods), net write-backs for the business line in 2018 (+64 million euros) compared to net provisions(-203 million euros) in 2017, especially for Financing (impact of +285 million euros). The contribution changes ofthe other activities more or less cancelled each other out: slight increase for Specialised Financial Services(+6.1%/+27 million euros) and LCL (+7.5%/+15 million euros), but a decrease for International Retail Banking(-16.7%/-72 million euros), both in Italy and in the other regions.
It should be noted that the group decided to recognise a non-specific legal provision of 75 million euros in 2018
(in the fourth quarter) versus 115 million euros in 2017.
The -38.3%/-200 million euros decrease in underlying net income from equity-accounted entities can be
explained by the deconsolidation of BSF and to a lesser extent of Eurazeo, in the amountof -249 million euros. After restatement for this item, growth was recorded in the Asset management andConsumer finance joint ventures. It should be noted that the equity-accounted entities contributed just 7% tounderlying net income compared with 13% in 2017 (and almost one third in 2015). The increase in the share of
fully consolidated income was a significant step in simplifying Crédit Agricole S.A. and in improving its cash
control, enabling better coverage of dividends.

Fourth quarter and full year 2018 results

7/28

Underlying pre-tax income increased by +10.9%, to 6,500 million euros. Tax charge increased by +2.7% due
to stronger than expected growth in pre-tax income in countries with lower tax rates. Net income increased by+13.0%, while the stronger increase in non-controlling interests (+18.9%), notably attributable to the sharp
increase in Amundi's contribution after the integration of Pioneer, brought growth in underlying net income to+12.2%, at 4,405 million euros.
Stripping out the substantial increase in the SRF, net income rose +12.8%.
In fourth quarter 2018, Crédit Agricole S.A.’s solvency remained very solid, with a fully-loaded
Common Equity Tier 1 (CET1)15 ratio of 11.5% at 31 December 2018, stable compared to
30 September 2018 despite the adverse effect of the declining market on OCI reserves16(-13 basis points). This effect virtually offset the quarter’s capital generation (+14 basis points), after the
deduction of coupons on additional Tier 1 securities accrued during the quarter and the factoring in of thedividend of 0.69 euros per share to be proposed to the upcoming General Shareholders’ Meeting on 21 May.
At 307 billion euros, the stability of risk-weighted assets this quarter conceals unfavourable regulatorychanges of +4 billion euros/-15 basis points, linked to the initial effects of the targeted review of internal models(TRIM) by the single supervisor for 1 billion euros/-3 basis points and the early introduction of Basel 4 regarding
non-financial operational risks17 (compulsory standard method), for 3 billion euros/-12 basis points. Excludingthese two regulatory impacts, risk-weighted assets linked to business decreased. Turning to market risk, VaR 18
remained virtually stable this quarter at an average of 5.1 million euros versus an average of 4.9 million euros in
the third quarter of 2018.
The phased-in leverage ratio19 was 4.0% at end-December 2018 as defined in the Delegated Act adopted by
the European Commission. The intra-quarter leverage ratio amounted to 3.7% in the fourth quarter of 2018.
Crédit Agricole S.A.’s average LCR ratio over twelve months stood at 133.3%20 at end-December 2018, i.e.
higher than the Medium-Term Plan target of over 110%.
For 2018 as a whole, Crédit Agricole S.A. issued 14.1 billion euros in medium-term debt instruments, i.e.
2.1 billion euros more than the annual financing plan (118%). It raised the equivalent of 7.3 billion euros in seniorpreferred debt (uncollateralised) and collateralised senior debt and the equivalent of 6.8 billion euros in Tier 2
and senior non-preferred debt, the latter amounting to 5.2 billion euros.
***

Philippe Brassac, Chief Executive Officer, commented on the fourth-quarter and full-year 2018 results and activityof Crédit Agricole S.A. as follows: “In 2018, Crédit Agricole S.A.’s business lines surpassed the main objectivesof the Medium-Term Plan one year ahead of schedule. This is proof of the strength of its universal banking model,
which is the foundation of a strong, sustainable relationship. The Group is well equipped to handle the rising
uncertainty, which was witnessed in the fourth quarter with a much more unfavourable market backdrop. This
strength and the progress made together with the Regional Banks on the Group’s customer project are assets
for the next Medium-Term Plan, which will be unveiled on 6 June at Crédit Agricole S.A.’s Evergreen Campus.”

15

Including full year 2018 retained earnings.

16 Other comprehensive income, which recognises the unrealised capital gains and losses on securities (booked via equity)

Review of the non-financial operational risk models resulting in an increase in operational risk weighted assets. This increase constitutes a step in
the implementation of the finalisation of Basel 3 (Basel 4), which in the future will authorise only the standard method.
18 Value at risk, calculated over one day with a confidence interval of 99%
19 The leverage ratio amounts to 4.2% at this date subject to the issue by the ECB of an authorisation to exempt exposures linked to the centralisationof deposits with the Caisse des Dépôts et Consignations to take account of Judgement T-758/16 of the General Court of the European Union of
13 July 2018.
20 LCR Ratio (Liquidity Coverage Ratio) on a 12 months average ; numerator and denominator of the ratio respectively amounted to 174.1 billion euros
and 130.6 billion euros for Crédit Agricole S.A.
17

Fourth quarter and full year 2018 results

8/28

Crédit Agricole Group
Credit Agricole Group’s stated net income for 2018 totalled 6.8 billion euros, up +4.7% compared to 2017.
Adjusted for specific items, in particular the exceptional tax surcharge in France in 2017,
stated net income was still 6.8 billion euros, down -3.8%. The excellent level of customer acquisition
throughout the year, especially for Retail Banking in France and in Italy (1.8 million in new business
relationships) and continued cross-selling efforts have offset the negative effects of prolonged low
interest rates, weak economic growth in Europe and an unfavourable market environment in the
fourth quarter, to deliver underlying revenue growth. Growth investments and especially the increase in
the contribution to the Single Resolution Fund (SRF) and the cost of risk compared to a low comparisonbase in 2017 account for the slight decrease in pre-tax income and underlying net income (-3.8%). The
Regional Banks confirm the stabilisation of their revenues but their net income suffered from the effectsof the market environment on their portfolio revenue and a virtual tripling of their cost of risk comparedto the write-backs of collective provisions in 2017. The same trends were seen throughout the quarterfor the Group and Regional Banks, intensified by more difficult underlying revenue generation due to themarket environment. Financial solidity further appreciated in the fourth quarter with an improvement in
the fully-loaded CET1 ratio of +0.1 percentage point to 15.0%, 550 basis points above the regulator’srequirements21.
In line with the "Strategic Ambition 2020" Medium-Term Plan (MTP), the Group’s stable, diversified and profitablebusiness model drove organic growth in all its business lines, largely through synergies between the specialised
business lines and the retail networks, and ensured a high level of operating efficiency while generating leeway
to invest in development.
For the whole of 2018, the following highlights must be taken into account:21-

the integration of the three Italian banks acquired at the end of 2017 – CR Rimini, CR Cesena,
CR San Miniato – was completed with the merger of each of the legal entities with CA Italia and themigration of their IT systems; cost optimisation and cross-selling efforts have begun to have a positive
impact and the year-on-year increase in revenue of the new entity now surpasses that of the costs in the
fourth quarter, while the falling cost of risk is confirmed;-

The first full year of the integration of Pioneer following its acquisition by Amundi on 3 July 2017
generated 110 million euros in cost synergies, i.e. 63% of the revised target of 175 million euros by2020 and most of the integration costs, i.e. 192 million euros, were recognised in 2017 and 2018; thisintegration allowed Amundi to better withstand the unfavourable market environment in the
fourth quarter;-

CA Assurances (CAA) delivered on its new strategy to expand its distribution network to its
international partners outside the Crédit Agricole Group by signing two international bancassurance
partnership agreements: the first with Credito Valtellinese (“Creval”, 1 million customers) in Italy,
achieved by the acquisition by CAA of 100% in Creval’s insurance brokerage firm, an exclusive 15-year
distribution agreement for the savings and death & disability products of CA Vita, a wholly-owned
subsidiary of CAA, and the purchase of a 5% stake in the capital of Creval; second, the strengthening of
its property & casualty insurance partnership with the Portuguese bank Novo Banco in order to increase
its stake in the jointly-owned subsidiary GNB Seguros from 50% to 75% by acquiring the 25% stake heldby the Portuguese insurance company Seguradoras Unidas;-

CA Consumer Finance (CACF) announced a partnership with the Spanish banking group, Bankia(8.1 million customers), to form a joint venture in Spain which will expand CACF's European presence
and provide Bankia's customers with personal finance products designed by CACF; again, in theConsumer finance business line, Agos also renewed and extended its partnership with Banco BPM,
which going forward will give it access to the distribution of consumer credit within the

According to pro forma P2R for 2019 of 9.5% as notified by the ECB (excl. countercyclical buffer)
Fourth quarter and full year 2018 results

9/28

Banca Popolare di Milano network, merged with Banco Popolare to create Banco BPM, the thirdlargest bank in the country; a 15-year distribution agreement with the entire Banco BPM network is
expected to be signed with the closing of this agreement before 30 September 2019;-

In Wealth Management, the acquisition of a 94.1% stake in the private Italian bank, Banca Leonardo,
was finalised on 3 May; it brought in 5.1 billion euros in assets under management to this business line;-

S&P Global Ratings upgraded its senior long-term credit rating for the Group and its main
subsidiaries by one notch on 19 October from A to A+, with a stable outlook, having factored in the
improvement in the Group's risk profile and its resilience capacity, despite the less favourable
environment for its activities;-

the results of the EBA (European Banking Authority) stress tests published on 2 November show asolid Group financial position and solid business lines, with Crédit Agricole Group’s CET1 ratio at 10.2%
even in an adverse scenario, remaining well above the required SREP level of 9.5% without ever
hitting the distribution restriction level;-

Concerning the litigation matter with OFAC, the US authorities (United States Attorney's Office for theDistrict of Columbia and District Attorney of the County of New York) decided on 19 October 2018 tocease the pursuit of criminal sanctions which had been deferred for three years in line with thedeferred prosecution agreement signed between CACIB and said authorities in October 2015; theauthorities acknowledged that CACIB has fulfilled all the obligations required of it under suchagreements, which have now expired; the US authorities thus acknowledged the improvements incompliance implemented by CACIB, which remains fully committed to strengthening its procedures andinternal controls to ensure compliance with international economic sanctions;

In 2018, stated net income increased +4.7% to 6,844 million euros. The comparison base of stated net income
in 2017 was impacted by some very substantial specific items amounting to -587 million euros in net income, of
which -671 million linked to heavy non-recurring tax expenses in the fourth quarter of 2017, -83 million in
integration costs for Pioneer and the three Italian banks, -123 million in liability management costs of the Groupand the Regional Banks, -98 million in Cheque Image Exchange fines, -153 million in changes in issuer spread
and, offsetting this, +131 million in changes in goodwill (negative goodwill of the three Italian banks net of theimpairment of goodwill in Poland) and +205 million in capital gains on the disposal of BSF and Eurazeo. The
other items almost entirely offset each other. For 2018 as a whole, specific items were offset, resulting in a net
impact on net income of only -5 million euros (see the detail of specific items for all periods on p. 17).
Excluding these specific items, underlying net income for 2018 was down -3.8% compared to 2017, and -2.4%
excluding the very sharp rise in the SRF (+36.2% to 389 million euros). It should be noted that while acalculation on a like-for-like basis is no longer possible after the merger of the legal entities of thethree Italian banks, the scope effect on growth over the full year is negative: the sales and de-consolidations of
BSF and Eurazéo led to a loss in contribution to net income of +203 million euros, while the contribution of
Pioneer to be reintegrated (consolidated only in the second half of 2017) had a positive impact on year-on-year
growth of just +75 million euros, and the three Italian banks and Banca Leonardo, in their first year of
consolidation, are not yet making a significant positive contribution.
Underlying revenues increased by +1.5%, underlying operating expenses excluding the SRF rose +2.7%,
and the cost of credit risk (excluding non-specific legal provisions of 115 million euros in 2017 and75 million euros in 2018 allocated to the fourth quarter) rose +6.8%. Underlying income before tax was
therefore down slightly by -3.3% to 10,123 million euros while underlying net income fell -3.8% to
6,849 million euros.

Fourth quarter and full year 2018 results

10/28

Crédit Agricole Group – stated and underlying results, 2018 and 2017€m

2018stated2017
statedVar.
2018/2017
stated2018
underlying

2017
underlying

Var.
2018/2017
underlying+1.5%

Revenues

32,83932,108+2.3%

32,81332,315

Operating expenses excl.SRF(21,065)(20,626)+2.1%(21,006)(20,450)

+2.7%

SRF

(389)

(285)

+36.2%

(389)

(285)

+36.2%(1.4%)

Gross operating income

11,385

11,197+1.7%

11,418

11,580

Cost of risk

(1,640)(1,536)+6.8%(1,640)(1,536)+6.8%

Cost of legal risk

(80)

(115)

(30.8%)

(75)

(115)

(34.8%)

Equity-accounted entities

266

732

(63.7%)

333527(36.9%)Net income on other assets

87

5

x 17.2

87

16

x 5.6

Change in value of goodwill

86

186

(54.1%)-

0(100.0%)

Income before tax

10,105

10,470(3.5%)

10,123

10,472(3.3%)Tax
Net income from discont'd or held-for-saleope.
Net income(2,733)(3,479)(21.5%)(2,743)(2,912)(5.8%)

(3)

20

n.m.

(3)

20

n.m.

7,369

7,010

+5.1%

7,377

7,580

(2.7%)

Non-controlling interests
Net income Group Share
Earnings per share (€)

(525)
6,844
64.1%

(474)
6,536
64.2%

+10.6%+4.7%-0.1 pp

(527)
6,849
64.0%

(457)
7,123
63.3%

+15.5%(3.8%)+0.7 pp

In fourth quarter 2018, Crédit Agricole Group's stated net income came to 1,571 million euros versus
922 million euros in fourth quarter 2017, +70.3% year-on-year.
There were few specific items this quarter and the net effect on net income was limited: -55 million euros in
net income. They include the costs of integrating Pioneer Investments into Amundi and the three Italian banks
into CA Italia, which came to -21 million euros (-38 million euros before tax and non-controlling interests), a
further provision of -67 million euros to cover a fine imposed by the Italian competition authority (inequity-accounted entities) and the net balance of recurring volatile accounting items of +33 million euros. In
fourth quarter 2017, specific items had a negative impact of -770 million euros on net income, of
which -671 million euros related to very substantial non-recurring tax expense, -57 million euros in costs relating
to the integration of Pioneer and the three Italian banks, -98 million euros in Cheque Image Exchangefines, -62 million euros in variations of issuer spread and +131 million euros in changes in goodwill (the negative
goodwill of the three Italian banks, net of the impairment of goodwill in Poland). The other items were almost
completely offset (see the detail of specific items for all periods on p. 17).
Excluding these specific items, underlying net income22 was 1,626 million euros, down -3.9% versus
fourth quarter 2017.

22

Underlying, excluding specific items. See p. 16 and following pages for more details on specific items
Fourth quarter and full year 2018 results

11/28

Crédit Agricole Group – stated and underlying results, Q4-18 and Q4-17
€m

Q4-18
stated

Q4-17
statedVar. Q4/Q4
stated

Q4-18
underlying

Q4-17
underlying

Var. Q4/Q4
underlying

Revenues

8,110

8,045

+0.8%

8,064

8,235

(2.1%)

Operating expenses excl.SRF(5,478)(5,459)+0.3%(5,440)(5,342)

+1.8%

-

-

n.m.

-

-

n.m.

Gross operating income

2,632

2,586

+1.8%

2,624

2,893

(9.3%)

Cost of risk

(499)

(423)

+18.0%

(499)

(423)

+18.0%

Cost of legal risk

(75)

-

n.m.

(75)

-

n.m.

Equity-accounted entities

10

49(78.9%)

77

68+13.1%Net income on other assets

48

5

x 8.9

48

8

x 5.7

Change in value of goodwill-

186(100.0%)-0(100.0%)

SRF

Income before tax

2,116

2,404

(12.0%)

2,175

2,547

(14.6%)Tax
Net income from discont'd or held-for-saleope.
Net income(416)(1,294)(67.9%)

(412)

(704)

(41.4%)(0)(23)(99.9%)(0)(23)(99.9%)

1,700

1,087

+56.4%

1,763

1,821

(3.2%)

Non-controlling interests

(130)

(165)

(21.4%)

(137)

(129)

+6.4%

Net income Group Share

1,571

922

+70.3%

1,626

1,692

(3.9%)

Earnings per share (€)

67.5%

67.9%

-0.3 pp

67.5%

64.9%

+2.6 pp

In the fourth quarter, underlying revenues decreased by -2.1% compared to the fourth quarter of 2017, coming
out at 8,064 million euros. While the scope of Crédit Agricole S.A. is stable (see above), the decline posted for
the Group as a whole is attributable to the unfavourable effect of the market environment on the investment
portfolios of the Regional Banks. By contrast, their customer business revenues rose +2.2%, confirming theturning point identified in the third quarter of 2018.
Underlying operating expenses excluding the contribution to the SRF saw a modest increase of +1.8%
compared to fourth quarter 2017, owing mainly to the change in the scope of consolidation of Crédit Agricole S.A.
with the integration of the three Italian banks, and, with respect to the Regional Banks, to growth investments
and “Macron grants”23 (45 million euros, i.e. a total of 60 million euros for the whole Crédit Agricole Group). The
underlying cost/income ratio stood at 67.5%. Underlying gross operating income decreased by -9.3%
compared to fourth quarter 2017.
The cost of credit risk rose sharply by +18.0% to 499 million euros versus 423 million euros infourth quarter 2017. This rise is solely attributable to the Regional Banks, which had recorded write-backs ofcollective provisions in the third quarter of 2017 ahead of the transition to IFRS 9. However, at 14 basis points,
the cost of risk relative to outstandings is very low for the Regional Banks. Crédit Agricole Group’s cost of credit
risk relative to outstandings remained low, at 18 basis points24, stable compared to fourth quarter 2017 andthird quarter 2018. Crédit Agricole Group’s NPL ratio is down -0.3 point at 2.4% compared to end December 2017
and the coverage ratio is up +4.8 points at 84.8%.
It should be noted that the group decided to recognise a non-specific legal provision of 75 million euros in 2018
(in the fourth quarter) versus 115 million euros in 2017.
Net income from asset disposals reached 48 million euros this quarter compared to just 8 million euros infourth quarter 2017, mainly at LCL: +47 million euros from the disposal of two operating facilities.
Adding the contribution from equity-accounted entities, which increased by +13.1%/+9 million euros to
77 million euros, and despite the positive contribution from these three last items, underlying pre-tax income
fell by -14.6% compared to fourth quarter 2017, to 2,175 million euros.
The drop in underlying tax charge (-41.4%) and the absence of contribution from discontinued operations (which
was negative in fourth quarter 2017) moderated the downward trend of underlying net income, which
declined -3.9% to 1,626 million euros.

Extraordinary bonuses decided by the government that can be paid, subject to a fiscal cap, to employees of French companies and are exempt
from tax and social security contributions for both the employee and the employer.
24 Average cost of credit risk over the last four rolling quarters, annualised
23

Fourth quarter and full year 2018 results

12/28

The Regional Banks continue to pursue the universal customer-focused banking model. Customer savings,
standing at 692 billion euros, rose +2.7% year on year. This growth was driven by the solid growth in on-balance
sheet deposits: outstandings of 434 billion euros at the end of December 2018, +5.0% year-on-year. Growthcontinued to be driven by demand deposits (+8.6% year-on-year) and Livret A deposit accounts (+9.9%). Offbalance sheet deposits (258 billion euros) fell by just -1.0%, attributable to a difficult market environment in the
fourth quarter which impacted the amount of securities held on behalf of customers (-8.2%
versus December 2017). Life insurance assets under management rose +1.9%, driven by growth in multi-fundlife insurance policies (+3 billion euros, +1.8%) and unit-linked contracts (share of unit-linked contracts in assets
under management +6.1% compared to December 2017).
Loans outstanding rose by +6.7% versus 31 December 2017 to 487 billion euros. The growth of loans
outstanding was underpinned by all credit categories: home loans (+7.8% versus 31 December 2017), loans tobusinesses (+10.4%) and consumer credit (+8.5%).
These improvements are associated with winning new customers, i.e. more than 1.3 million net new customers
relationship since the beginning of the year, including BforBank. The launch of EKO in December 2017, anentry-level banking offer common across all Regional Banks, made it possible to attract new prospects (70% of
the relationship input) and nearly 80,000 customers have opened an account since its launch, i.e. 8% of new
accounts opened over the period, in line with the customer segment specifically targeted by the offer: 37% of the
new relationships were formed online.
This commercial performance made a significant contribution to growth in Crédit Agricole S.A.'s business lines,
which distribute a large number of products as the Group’s main distribution network and the leading
Retail Banking network in France.
For full-year 2018, the contribution to Crédit Agricole Group’s underlying net income from the Regional banks
came to 2,403 million euros, a decrease of -21.9% compared to 2017. This drop is due to the fall in underlying
revenues of -1.9%, primarily attributable to the lesser performance of investment portfolio income of theRegional banks and the low interest rate environment; their underlying revenues saw a more moderate declineof -0.9% compared to 2017. Operating expenses excl. SRF, climbed to +2.0% from +1.5%, mainly as the resultof the “Macron grants” (45 million euros). This increase is attributable to growth investments. The underlying
cost/income ratio excluding SRF came out at 66.3% for the period. Lastly, the cost of risk nearly tripled
year-on-year, i.e. +416 million euros, reflecting substantial write-backs of collective provisions in 2017 in
anticipation of the transition to IFRS9. The cost of risk relative to outstandings remains at a very low level,reflecting a stable non-performing loan ratio of 2% relative ot total gross customer loans and a coverage ratio of100%. Underlying income before tax declined by -19.2% to 3,688 million euros and underlying net income groupshare declined by -21.9%.
In fourth quarter 2018, the Regional Banks' contribution to underlying net income was 537 million euros,
down -29.7% compared to fourth quarter 2017. This fall is attributable to the adverse market conditions that
impacted underlying revenues, which fell -4.0% compared to fourth quarter 2017. However, customer businessrevenues rose +2.2%; the same base effect was seen on the cost of risk as the one for the whole year (substantial
write-backs of collective provisions in 2017 linked to the transition to IFRS 9).

The performance of the other Crédit Agricole Group business lines is described in detail in the section of thispress release on Crédit Agricole S.A.

Over the quarter, Crédit Agricole Group further improved its financial solidity, with a fully-loaded common
equity Tier 1 (CET1) ratio25 of 15.0%, up by +0.1 percentage point compared to end-September 2018. Thisratio provides a substantial buffer of 550 basis points above the SREP/P2R threshold applicable to
Crédit Agricole Group as of 1 January 2019, set at 9.5% by the ECB.

25

Including first-half 2018 retained earnings.
Fourth quarter and full year 2018 results

13/28

The TLAC ratio was 21.4% at 31 December 2018, excluding eligible senior preferred debt, up slightly fromend-September 2018 (21.2%) and up compared to end-December 2017 (20.6%). This ratio is 190 basis points
above the minimum requirement excluding the countercyclical buffer for 2019 of 19.5%, without taking into
account senior preferred debt that is eligible at 2.5% of risk-weighted assets based on the regulatory calculation.
The TLAC ratio target of 22% by 2019, excluding eligible senior preferred debt, has been confirmed, with a
CET1 ratio target of 15.5% to 16% and 6% to 6.5% for senior non-preferred debt, Tier 2 and additional Tier 1
instruments. The Group issued the equivalent of 6.8 billion euros in Tier 2 and senior non-preferred debt
in 2018.
The MREL ratio was circa 12.4% at 31 December 2018, of which 8.4% excluding
eligible senior preferred debt. Crédit Agricole Group was notified on 8 June 2018 of the immediately applicableminimum required level including eligible senior preferred debt. Crédit Agricole Group complied with thisminimum level at 31 December 2018.
The phased-in leverage ratio26 came to 5.4%, stable compared to end-September 2018.
Crédit Agricole Group’s liquidity position is solid. The Group’s banking cash balance sheet, at
1 238 billion euros at 31 December 2018, shows a surplus of stable funding resources over long-term
applications of funds of more than of 100 billion euros, which is the Medium-Term Plan target. The surplusof stable funds finances the HQLA (High Quality Liquid Assets) securities portfolio generated by the LCR(Liquidity Coverage Ratio) requirement for customers and customer-related activities. These securities(109 billion euros) cover short-term debt net from central banks deposits more than three times over. The
liquidity reserves, which include capital gains and discounts on securities portfolios, stood at 272 billion euros
at 31 December 2018.
Crédit Agricole Group issuers raised the equivalent of 34.1 billion euros of medium- and long-term debt in
2018, versus just over 36.1 billion euros for the whole of 2017. Moreover, Crédit Agricole Group placed
4.4 billion euros in bonds with its retail banking networks (the Regional banks, LCL and CA Italia).
Crédit Agricole S.A. raised a total of 14.1 billion euros in 2018, representing 41% of the total issuance of all theGroup's issuers, thus exceeding its issuance programme for 2018 by 2.1 billion euros.

***

Dominique Lefebvre, Chairman of SAS Rue La Boétie and Chairman of Crédit Agricole S.A.'s Board of Directors,commented on the Group's 2018 results and activity as follows:“In 2018, Crédit Agricole Group continued to serve its clients, providing solutions to all on a day-to-day basis, ina spirit of inclusion and customer focus. With a growing number of new customers across all regions of operation,
the group has shown that its range of products and services is in line with customer needs. In the face of a highly
uncertain environment, the group demonstrated unwavering financial strength and high-quality results, which are
the rewards of a strategy that has proven its relevance. This profitability and strength afford the group theopportunity to support all stakeholders. We are the leading provider of financing for the French economy, thenumber one provider of personal protection insurance in France and the largest asset manager in Europe. We
support the economy, entrepreneurship and innovation, working closely with people, their projects and theregions where they work. We aim to promote inclusive finance through tailored, affordable solutions and services,
and are committed to supporting the energy transition.”

26

The leverage ratio amounts to 5.6% subject to the issue by the ECB of an authorisation to exempt exposures linked to the centralisation of deposits
with the Caisse des Dépôts et Consignations to take account of Judgement T-758/16 of the General Court of the European Union of 13 July 2018.
Fourth quarter and full year 2018 results

14/28

Corporate socialand environmental
responsibility
Crédit Agricole S.A. confirms its position as the leading arranger of green bonds
According to the Dealogic ranking, Crédit Agricole CIB confirmed its position as the world’s leading bookrunnerfor green, social and sustainable bonds. In China, the bank has participated in 80% of issues of Chinese
green bonds worldwide since January 2017. With a market share of 6.9% in 2018, Crédit Agricole CIB, committed
for years to green financing, was once again recognised as the world leader. In 2019, CACIB will contribute tostrengthening the growing trend of these instruments in combating climate change.
In addition, Crédit Agricole complemented its global leadership in green bonds in late 2018, with an initial issueof 1 billion euros to finance its energy transition commitments. This Crédit Agricole S.A. issue, structured by
Crédit Agricole CIB, created a framework to allow the refinancing of projects supporting climate protection
provided by all the entities of the Group who signed throughout France and its territories and worldwide.
Energy transition
Five years after the creation of FEIH (Futures Energies Investissements Holding), held 50/50 by Engie andCrédit Agricole Assurances tripled its original portfolio and reached 1.5 GW in solar and wind capacity in France.
CAA is reinforcing its position in energy transition infrastructure, a sector in which it is the leading institutional
investor in France.
Equal opportunity and the social integration of youth
As part of its social commitment, Crédit Agricole opens its doors to the students of the Educational Priority
Network, (“REP+” or “REP”) to allow them to find a high-quality internship. Jointly led by the Regional Banks,
Crédit Agricole S.A. and the Fédération Nationale du Crédit Agricole, this effort is part of a strategy of social,financial and digital integration. Its aim is to welcome 750 students in their final year of middle school (aged 14)
into the Educational Priority Network institutions. This represents 5% of the national effort by private sector
companies urged by the Government. The first interns were welcomed to the Montrouge campus in January 2019by the Crédit Agricole S.A. teams.

Fourth quarter and full year 2018 results

15/28

Appendix 1 – Specific items, Crédit Agricole S.A. andCrédit Agricole Group
Crédit Agricole S.A. – Specific items, Q4-18 et Q4-17, 2018 et 2017€mIssuer spreads (CC)
DVA (LC)
Loan portfolio hedges (LC)Home Purchase Savings Plans(FRB)
Home Purchase Savings Plans (CC)
Liability management upfront
payment (CC)Check Image Exchange penalty(1)Q4-18
Gross Impact
impact
on
*
NIGS
15
11
17
12

Q4-17
Gross Impact
impact
on
*
NIGS
(95)
(62)
(5)
(4)
(4)
(2)

2018
Gross Impact
impact
on
*
NIGS
22
16
23
17

2017
ImpactGrossonimpact*
NIGS
(216)
(131)
(66)
(42)
(57)
(36)

1

1

2

1

(1)

(1)

65

40

6

4

3

2

(3)

(2)

156

103

-

-

-

-

-

-

39

26

-

-

(59)

(58)

-

-

(59)

(58)

Total impact on revenues

39

28

(158)

(123)

41

30

(138)

(100)

Pioneer integration costs (AG)
3 italian banks integration costs(IRB)
Total impact on operating
expenses
ECB fine (CC)Total impact Non-allocated legalrisk provisions
Eurazeo sale (CC)
Disposal of BSF (LC)FCA Bank fine (SFS)

(27)

(14)

(77)

(32)

(56)

(29)

(135)

(60)

(11)

(6)

(41)

(22)

(2)

(1)

(41)

(22)

(38)

(20)

(117)

(54)

(59)

(30)

(176)

(82)

-

-

(5)

(5)

-

-

-

-

(5)

(5)

-

-

(67)

(67)

(4)
(15)
-

(4)
(15)
-

(67)

(67)

103
102
-

103
99
-

Total impact on equity affiliates

(67)

(67)

(19)

(19)

(67)

(67)

205

203

-

-

186

91

86

66

186

91

-

-

186

91

86

66

186

91

Change of value of goodwill (CC)Total impact on change of value of
goodwillTax surcharge

-

(326)

-

(326)

3% dividend tax refund

-

69

-

69

Deferred tax revaluation

-

(128)

-

(128)

Total impact on tax

-

(384)

-

(384)

CA Italy acquisition costs (IRB)

-

-

(3)

(2)

-

-

(8)

(4)

-

-

(8)

(4)

Total impact on Net income onother assets
Total impact of specific items

-

-

(3)

(2)

(66)

(59)

(111)

(490)

(4)

(5)

70

(276)

Asset gathering

(27)

(14)

(77)

(147)

(56)

(29)

(135)

(176)

French Retail banking

1

1

(19)

(118)

(1)

(1)

44

(79)

International Retail banking

(11)

(6)

(44)

(23)

(2)

(1)

(49)

(26)

Specialised financial services

(67)

(67)

-

43

(67)

(67)

-

43

Large customers

32

23

(24)

(108)

45

33

(21)

(67)

Corporate centre

6

4

51

(136)

78

59

231

28

* Impacts avant impôts et avant intérêts minoritaires

Fourth quarter and full year 2018 results

16/28

Crédit Agricole Group – Specific items, Q4-18 et Q4-17, 2018 et 2017

€m

Q4-18
Q4-17
Gross Impact Gross Impact
impacton
impact
on
*
NIGS
*
NIGS

2018
ImpactGrossonimpact*
NIGS

2017
ImpactGrossonimpact*
NIGS

Issuer spreads (CC)

-

-

(104)

(62)

-

-

(249)

(153)

DVA (LC)

15

11

(5)

(4)

22

16

(66)

(43)

Loan portfolio hedges (LC)Home Purchase Savings Plans(LCL)
Home Purchase Savings Plans (CC)

17

13

(4)

(2)

23

17

(57)

(37)

1

1

2

2

(1)

(1)

65

43

6

4

3

2

(3)

(2)

156

103

Home Purchase Savings Plans (RB)

7

4

15

10

(15)

(10)

220

144

Adjustment on liability costs (RB)Liability management upfront
payment (CC)Check Image Exchange penalty

-

-

-

-

-

-

(218)

(148)

-

-

-

-

-

-

39

26

-

-

(98)

(98)

-

-

(98)

(98)

Total impact in Revenues

46

33

(190)

(152)

26

21

(207)

(164)

Pioneer integration costs (AG)
3 italian banks integration costs(IRB)
Total impact on operating
expenses
ECB fine (CC)Total impact Non-allocated legalrisk provisions
Eurazeo sale (CC)
Disposal of BSF (LC)

(27)

(14)

(77)

(33)

(56)

(29)

(135)

(58)

(11)

(7)

(41)

(24)

(2)

(0)

(41)

(24)

(38)

(21)

(117)

(57)

(59)

(29)

(176)

(83)

-

-

-

-

(5)

(5)

-

-

-

-

-

-

(5)

(5)

-

-

-

-

(4)
(15)

(4)
(15)

-

-

103
102

103
102

FCA Bank fine (SFS)

(67)

(67)

-

-

(67)

(67)

-

-

Total impact on equity affiliates

(67)

(67)

(19)

(19)

(67)

(67)

205

205

-

-

186

131

86

74

186

131

Change of value of goodwill (CC)Total impact on change of value of
goodwillTax surcharge

-

-

186

131

86

74

186

131

-

-

-

(343)

-

-

-

(343)

3% dividend tax refund

-

-

-

79

-

-

-

79

Deferred tax revaluation

-

-

-

(407)

-

-

-

(407)

Total impact on tax

-

-

-

(671)

-

-

-

(671)

CA Italy acquisition costs (IRB)
Total impact on Net income onother assets
Total impact of specific items

-

-

(3)

(2)

-

-

(11)

(6)

-

-

(3)

(2)

-

-

(11)

(6)

(59)

(55)

(143)

(770)

(19)

(5)

(2)

(587)

Asset gathering

(27)

(14)

(77)

(153)

(56)

(29)

(135)

(178)

-

French Retail banking

8

5

(42)

(427)

(16)

(10)

8

(400)

International Retail banking

(11)

(7)

(44)

(26)

(2)

(0)

(51)

(30)

Specialised financial services

(67)

(67)

-

43

(67)

(67)

-

43

Large customers

32

24

(24)

(111)

45

34

(21)

(68)

Corporate centre

6

4

43

(95)

78

67

198

48

* Impacts avant impôts et avant intérêts minoritaires

Fourth quarter and full year 2018 results

17/28

Appendix 2 – Crédit Agricole S.A.: Stated and underlying detailed income statement
Crédit Agricole S.A. – From stated to underlying results, Q4-18 and Q4-17
€m

Q4-18
statedSpecific
items

Q4-18
underlying

Q4-17
statedSpecific
items

Q4-17
Var. Q4/Q4 Var. Q4/Q4
underlying
statedunderlying

Revenues
Operating expenses excl.SRF
SRF
Gross operating income

4,853(3,213)
1,641

39
(38)
1

4,814
(3,175)
1,640

4,651
(3,268)
1,384

(158)
(117)
(275)

4,810
(3,150)
1,659

+4.3%
(1.7%)
n.m.
+18.6%

+0.1%
+0.8%
n.m.
(1.2%)

Cost of risk
Cost of legal risk
Equity-accounted entities
Net income on other assets
Change in value of goodwill
Income before tax

(246)
(75)
7
56
1,383

(67)
(66)

(246)
(75)
74
56
1,450

(335)
50
13
186
1,299

(19)
(3)
186
(111)

(335)
69
16
0
1,410

(26.6%)
n.m.
(85.3%)
x 4.2(100.0%)+6.5%(26.6%)
n.m.
+7.2%
x 3.4
(100.0%)+2.8%

Tax
Net income from discont'd or held-forsale ope.
Net income

(222)

(1)

(221)

(703)

(316)

(387)

(68.4%)(42.9%)

(0)

-

(0)

(23)

-

(23)

n.m.

n.m.

1,161

(67)

1,229

573

(427)

1,000

x2

+22.9%

Non-controlling interests
Net income Group Share

(154)
1,008

8
(59)

(162)
1,067

(186)
387

(64)
(490)

(123)
878

(17.4%)
x 2.6+31.9%+21.6%

Earnings per share (€)

0.31(0.02)

0.33

0.09(0.17)

Cost/Income ratio excl.SRF (%)

66.2%

65.9%

70.2%

Fourth quarter and full year 2018 results

0.26

x 3.3

+24.2%

65.5%-4.1 pp+0.4 pp18/28

Crédit Agricole S.A. – From stated to underlying results, 2018 and 2017€m

2018statedSpecific
items

2018
underlying

2017
statedSpecific
items

2017
underlying

Var.
2018/2017
statedVar.
2018/2017
underlying+4.9%

Revenues

19,73641

19,694

18,634(138)

18,772+5.9%

Operating expenses excl.SRF(12,287)(59)(12,228)(11,961)(176)(11,785)

+2.7%

+3.8%

SRF

(301)

-

(301)

(242)

-

(242)

+24.5%+24.5%

Gross operating income

7,147

(18)

7,165

6,431

(314)

6,745

+11.1%+6.2%

Cost of risk

(1,002)-(1,002)(1,307)-(1,307)(23.4%)(23.4%)

Cost of legal risk

(80)

(5)

(75)

(115)

-

(115)

(30.8%)(34.8%)

Equity-accounted entities

256

(67)

323

728

205

523

(64.9%)(38.3%)Net income on other assets

89

-

89

6

(8)

14

x 15.5x 6.5

Change in value of goodwill

86

86

-

186

186

0

(54.1%)(100.0%)

Income before tax

6,496

(4)

6,500

5,929

70

5,859

+9.6%

+10.9%Tax
Net income from discont'd or held-forsale ope.
Net income(1,466)

5(1,471)(1,733)(300)(1,433)(15.4%)

+2.7%

(3)

-

(3)

20

-

20

ns

ns

5,027

2

5,026

4,216

(230)

4,447

+19.2%+13.0%

Non-controlling interests

(627)

(7)

(620)

(568)

(46)

(521)

+10.5%+18.9%Net income Group Share
Earnings per share (€)
Cost/Income ratio excl.SRF (%)

4,400
1.39
62.3%

(5)
(0.00)

4,405
1.39
62.1%

3,649
1.12
64.2%

(276)
(0.10)

3,925
1.22
62.8%

+20.6%+23.4%-1.9 pp+12.2%+13.8%-0.7 pp

Fourth quarter and full year 2018 results

19/28

Appendix 3 – Crédit Agricole S.A.: Results by businessline
Crédit Agricole S.A. – Results by business lines, Q4-18 and Q4-17
T4-18 (stated)€m

AG

FRB (LCL)

IRB

SFS

LC

CC

Total

Revenues

1,470

842

704

690

1,210

(63)

4,853

Operating expenses excl. SRF

(724)

(597)

(467)

(356)

(813)

(256)

(3,213)

-

-

-

-

-

-

-

SRF
Gross operating income

746

245

237

335

397

(319)

1,641

Cost of risk

(22)

(63)

(84)

(99)

26

(5)

(246)

-

-

-

-

-

(75)

(75)

Cost of legal risk
Equity-accounted entities

10

-

-

(2)

(1)

1

7

Net income on other assets

(1)

47

14

(0)

(0)

(3)

56

Change in value of goodwill

-

-

-

-

-

-

-

Income before tax

733

230

167

233

422

(401)

1,383

Tax

(176)

(87)

(39)

(40)

(79)

199

(222)

Net income from discontinued or heldfor-sale operations

(0)

-

-

-

-

-

(0)

Net income

558

142

127

194

343

(202)

1,161

Non-controlling interests

(60)

(6)

(32)

(40)

(6)

(10)

(154)

Net income Group Share

498

136

96

154

337

(213)

1,008

€m

AG

FRB (LCL)

IRB

SFS

LC

CC

Total

Revenues

1,560

827

617

671

1,305

(329)

4,651

Operating expenses excl. SRF(3,268)

T4-17 (stated)

(830)

(613)

(449)

(372)

(816)

(188)

SRF

-

-

-

-

-

-

-

Gross operating income

730

215

168

299

489

(517)

1,384

Cost of risk

(24)

(55)

(104)

(102)

(37)

(13)

(335)

Cost of legal risk

-

-

-

-

-

-

-

Equity-accounted entities

9

-

-

58

(15)

(1)

50

Net income on other assets

4

6

(4)

(0)

10

(3)

13

Change in value of goodwill

-

-

0

-

-

186

186

Income before tax

719

165

60

255

447

(347)

1,299

Tax

(242)

(144)

(19)

(25)

(263)

(9)

(703)

Net income from discontinued or heldfor-sale operations

(8)

-

(0)

(15)

-

-

(23)

Net income

468

21

41

216

184

(356)

573

Non-controlling interests

(67)

(1)

(12)

(30)

(9)

(67)

(186)

Net income Group Share

401

20

28

186

174

(423)

387

Fourth quarter and full year 2018 results

20/28

Crédit Agricole S.A. – Results by business lines, 2018 and 2017€m

AG

FRB (LCL)

IRB

SFS

LC

CC

Total

Revenues

5,778

3,433

2,732

2,769

5,368

(344)

19,736

Operating expenses excl. SRF(2,833)(2,363)(1,716)(1,363)(3,169)(842)(12,287)

SRF

(3)

(28)

(22)

(17)

(170)

(62)

(301)

Gross operating income

2,941

1,043

994

1,389

2,030

(1,249)

7,147

Cost of risk

(17)

(220)

(358)

(467)

64

(5)

(1,002)

Cost of legal risk

-

-

-

-

-

(80)

(80)

Equity-accounted entities

47

-

-

187

0

21

256

Net income on other assets

(3)

50

14

1

14

13

89

Change in value of goodwill

-

-

-

-

-

86

86

Income before tax

2,969

873

650

1,110

2,108

(1,213)

6,496

Tax

(774)

(288)

(185)

(244)

(550)

576

(1,466)

Net income from discontinued or heldfor-sale operations

(1)

(1)

-

(0)

-

-

(3)

Net income

2,193

584

465

866

1,557

(638)

5,027

Non-controlling interests

(285)

(26)

(124)

(128)

(30)

(35)

(627)

Net income Group Share

1,908

558

341

738

1,528

(672)

4,400

2017 (stated)€m

AG

FRB (LCL)

IRB

SFS

LC

CC

Total

Revenues

5,263

3,492

2,482

2,721

5,332

(656)

18,634

Operating expenses excl. SRF(2,706)(2,427)(1,547)(1,393)(3,099)(789)(11,961)

SRF

(3)

(15)

(10)

(14)

(139)

(61)

(242)

Gross operating income

2,555

1,050

924

1,314

2,094

(1,505)

6,431

Cost of risk

(25)

(204)

(429)

(440)

(203)

(6)

(1,307)

Cost of legal risk

-

-

-

-

(115)

-

(115)

Net income on other assets

33

-

-

241

277

177

728

4

6

(12)

(1)

13

(4)

6

-

-

0

-

-

186

186

Income before tax

2,567

851

483

1,114

2,065

(1,152)

5,929

Tax

(647)

(338)

(152)

(230)

(710)

344

(1,733)

Net income from discontinued or heldfor-sale operations

21

-

0

(1)

-

-

20

Net income

1,942

513

331

883

1,355

(808)

4,216

Non-controlling interests

(222)

(25)

(97)

(118)

(48)

(58)

(568)

Net income Group Share

1,720

488

234

766

1,307

(865)

3,649

Change in value of goodwill

Fourth quarter and full year 2018 results

21/28

Appendix 4 – Crédit Agricole Group: Stated and underlying detailed income statement
Crédit Agricole Group - Stated and underlying results, Q4-18 and Q4-17
€m

Q4-18
statedSpecific
items

Q4-18
underlying

Q4-17
statedSpecific
items

Q4-17
underlying

Var.
Q4/Q4
statedunderlying

Revenues

8,110

46

8,064

8,045

(190)

8,235

+0.8%

(2.1%)

Operating expenses excl.SRF(5,478)(38)(5,440)(5,459)(117)(5,342)

+0.3%

+1.8%

-

-

-

-

-

-

n.m.

n.m.

Gross operating income

2,632

8

2,624

2,586

(307)

2,893

+1.8%

(9.3%)

Cost of risk

(499)

-

(499)

(423)

-

(423)

+18.0%+18.0%

Cost of legal risk

(75)

-

(75)

-

-

-

n.m.

n.m.

Equity-accounted entities

10

(67)

77

49

(19)

68

(78.9%)+13.1%Net income on other assets

48

-

48

5

(3)

8

x 8.9

x 5.7

Change in value of goodwill

-

-

-

186

186

0

(100.0%)(100.0%)

Income before tax

2,116

(59)

2,175

2,404

(143)

2,547

(12.0%)(14.6%)Tax
Net income from discont'd or held-forsale ope.
Net income

(416)

(3)

(412)

(1,294)

(591)

(704)

(67.9%)(41.4%)

SRF

Var.
Q4/Q4

(0)

-

(0)

(23)

-

(23)

(99.9%)(99.9%)

1,700

(63)

1,763

1,087

(734)

1,821

+56.4%(3.2%)

Non-controlling interests

(130)

8

(137)

(165)

(36)

(129)

(21.4%)+6.4%

Net income Group Share

1,571

(55)

1,626

922

(770)

1,692

+70.3%(3.9%)

Cost/Income ratio excl.SRF (%)

67.5%

67.5%

67.9%

64.9%

-0.3 pp+2.6 pp

Fourth quarter and full year 2018 results

22/28

Crédit Agricole Group - Stated and underlying results, 2018 and 2017€m

2018statedSpecific
items

2018
underlying

2017
statedSpecific
items

2017
underlying

Var.
2018/201
7
statedVar.
2018/2017
underlying+1.5%

Revenues

32,83926

32,81332,108(207)

32,315+2.3%

Operating expenses excl.SRF(21,065)(59)(21,006)(20,626)(176)(20,450)

+2.1%

+2.7%

SRF

(389)

-

(389)

(285)

-

(285)

+36.2%+36.2%

Gross operating income

11,385(32)

11,418

11,197(383)

11,580+1.7%(1.4%)

Cost of risk

(1,640)-(1,640)(1,536)-(1,536)

+6.8%

+6.8%

Cost of legal risk

(80)

(5)

(75)

(115)

-

(115)

(30.8%)(34.8%)

Equity-accounted entities

266

(67)

333

732

205

527

(63.7%)(36.9%)Net income on other assets

87

-

87

5

(11)

16

x 17.2

x 5.6

Change in value of goodwill

86

86

-

186

186

0

(54.1%)(100.0%)

Income before tax

10,105(19)

10,123

10,470(2)

10,472(3.5%)(3.3%)Tax
Net income from discont'd or held-forsale ope.
Net income(2,733)10(2,743)(3,479)(567)(2,912)(21.5%)(5.8%)

(3)

-

(3)

20

-

20

n.m.

n.m.

7,369

(8)

7,377

7,010

(569)

7,580

+5.1%

(2.7%)+15.5%

Non-controlling interests

(525)

3

(527)

(474)

(18)

(457)

+10.6%Net income Group Share

6,844

(5)

6,849

6,536

(587)

7,123

+4.7%

(3.8%)

Cost/Income ratio excl.SRF (%)

64.1%

64.0%

64.2%

63.3%

-0.1 pp+0.7 pp

Fourth quarter and full year 2018 results

23/28

Appendix 5 – Crédit Agricole Group: Results by businessline
Crédit Agricole Group – Results by business line, Q4-18 and Q4-17
Q4-18 (stated)
€m

RB

LCL

IRB

AG

SFS

LC

CC

Total

Revenues

3,235

841

730

1,469

690

1,210

(66)

8,110

Operating expenses excl. SRF(2,236)

(597)

(488)

(724)

(356)

(813)

(266)

(5,478)

-

-

-

-

-

-

-

-

Gross operating income

1,000

244

243

745

335

397

(331)

2,632

Cost of risk

(250)

(63)

(84)

(22)

(99)

26

(8)

(499)

-

-

-

-

-

-

(75)

(75)

SRF

Cost of legal risk
Equity-accounted entities

4

-

-

10

(2)

(1)

-

10

Net income on other assets

(9)

47

14

(1)

(0)

(0)

(3)

48

Change in value of goodwill

-

-

-

-

-

-

-

-

Income before tax

745

229

173

732

233

422

(418)

2,116

Tax
Net income from discont'd or heldfor-sale ope.
Net income

(204)

(87)

(41)

(175)

(40)

(79)

210

(416)

-

-

-

(0)

-

-

-

(0)

541

142

132

557

194

343

(208)

1,700

Non-controlling interests

0

0

(26)

(57)

(40)

1

(8)

(130)

Net income Group Share

541

142

106

500

154

344

(216)

1,571

€m

RB

LCL

IRB

AG

SFS

LC

CC

Total

Revenues

3,341

827

1,560

647

671

1,302

(303)

8,045

Operating expenses excl. SRF(2,153)

(613)

(830)

(470)

(372)

(816)

(206)

(5,459)

-

-

-

-

-

-

-

-

Gross operating income

1,188

215

730

177

299

486

(509)

2,586

Cost of risk

(423)

Q4-17 (stated)

SRF

(86)

(55)

(24)

(104)

(102)

(37)

(14)

Cost of legal risk

-

-

-

-

-

-

-

-

Equity-accounted entities

2

-

9

-

58

(15)

(4)

49

Net income on other assets

(8)

6

4

(4)

(0)

10

(2)

5

Change in value of goodwill

-

-

-

0

-

-

186

186

Income before tax

1,095

165

719

69

255

444

(343)

2,404

Tax
Net income from discont'd or heldfor-sale ope.
Net income

(635)

(145)

(242)

(21)

(25)

(262)

36

(1,294)

-

-

(8)

(0)

(15)

-

-

(23)

460

20

468

48

216

182

(307)

1,087

Non-controlling interests

0

(0)

(63)

(12)

(30)

(6)

(54)

(165)

Net income Group Share

460

20

405

36

186

176

(361)

922

Fourth quarter and full year 2018 results

24/28

Crédit Agricole Group – Results by business lines, 2018 and 20172018 (stated)
€m

RB

LCL

IRB

AG

SFS

LC

CC

Total

Revenues

13,040

3,433

2,835

5,770

2,769

5,370

(377)

32,839Operating expenses excl. SRF(8,657)(2,363)(1,790)(2,833)(1,363)(3,169)(890)(21,065)

SRF

(87)

(28)

(22)

(3)

(17)

(170)

(62)

(389)

Gross operating income

4,296

1,042

1,023

2,934

1,389

2,031

(1,329)11,385

Cost of risk

(634)

(220)

(359)

(17)

(467)

64

(8)

(1,640)

Cost of legal risk

-

-

-

-

-

-

(80)

(80)

Equity-accounted entities

12

-

-

47

187

0

19

266

Net income on other assets

(1)

50

14

(3)

1

14

13

87

Change in value of goodwill

-

-

-

-

-

-

86

86

Income before tax

3,673

872

678

2,961

1,110

2,109

(1,299)10,105Tax
Net income from discontinued orheld-for-sale operations
Net income(1,280)

(288)

(191)

(773)

(244)

(551)

594

(2,733)

-

(1)

-

(1)

(0)

-

-

(3)

2,393

583

487

2,186

866

1,559

(705)

7,369

Non-controlling interests

(0)

0

(101)

(271)

(128)

2

(27)

(525)

Net income Group Share

2,393

583

386

1,916

738

1,560

(732)

6,844

2017 (stated)
€m

RB

LCL

IRB

AG

SFS

LC

CC

Total

Revenues

13,277

3,491

5,255

2,594

2,721

5,328

(558)

32,108Operating expenses excl. SRF(8,487)(2,427)(2,706)(1,624)(1,393)(3,099)(890)(20,626)

SRF

(43)

(15)

(3)

(10)

(14)

(139)

(61)

(285)

Gross operating income

4,746

1,049

2,546

960

1,314

2,089

(1,509)

11,197

Cost of risk

(218)

(204)

(25)

(433)

(440)

(203)

(12)

(1,536)

Cost of legal risk

-

-

-

-

-

(115)

-

(115)

Equity-accounted entities

6

-

33

-

241

277

175

732

Net income on other assets

(5)

6

4

(7)

(1)

13

(4)

5

Change in value of goodwill

-

-

-

0

-

-

186

186

Income before tax

4,529

851

2,559

520

1,114

2,060

(1,164)

10,470Tax
Net income from discontinued orheld-for-sale operations
Net income(1,772)

(338)

(647)

(159)

(230)

(709)

375

(3,479)

-

-

21

0

(1)

-

-

20

2,758

513

1,933

361

883

1,352

(788)

7,010

Non-controlling interests

(0)

(0)

(209)

(80)

(118)

(21)

(47)

(474)

Net income Group Share

2,757

513

1,724

281

766

1,331

(835)

6,536

Fourth quarter and full year 2018 results

25/28

Appendix 6 – Method used to calculate earnings per
share, net assets per share and ROTE
Crédit Agricole S.A. – data per share, net book value per share and ROTE(€m)
Net income Group share - stated- Interests on AT1, including issuance costs, before tax
NIGS attributable to ordinary shares - stated
Average number shares in issue, excluding treasury shares(m)
Net earnings per share - stated
Underlying net income Group share (NIGS)
Underlying NIGS attributable to ordinary shares

Net earnings per share - underlying

Q4-18

Q4-17

[A]

1,008
(127)
881

387
(125)
262

Var.
Q4/Q4
x 2.6
+1.2%
x 3.4

[B]

2,863.0

2,844.0

+0.7%

+0.4%

[A]/[B][C]

0.31 €
1,067
940

0.09 €
878
752

x 3.3
+21.6%+25.0%+23.4%+12.2%+14.2%[C]/[B]

0.33 €

0.26 €+24.2% +13.8%(€m)
Shareholder's equity Group share- AT1 issuances- Unrealised gains and losses on OCI - Group share- Payout assumption on annual results*

Var.
2018/2017+20.6%-2.5%+23.9%

31/12/2018
58,811(5,011)(1,696)(1,975)01/01/2018
57,135(4,999)(2,709)(1,802)Net book value (NBV), not revaluated, attributable to ordin. sh.

[D]50,12947,625- Goodwill & intangibles** - Group share
Tangible NBV (TNBV), not revaluated attrib. to ordinary sh.

[E](17,843)
32,286(17,672)
29,954

Total shares in issue, excluding treasury shares (period end, m)[F]

2,862.1

2,844.0[D]/[F]17.5 €

16.7 €[H]

0.69 €

0.63 €

NBV per share , after deduction of dividend to pay (€)+ Dividend to pay (€)
NBV per share , before deduction of dividend to pay (€)

18.2 €

17.4 €TNBV per share, after deduction of dividend to pay (€)[G]=[E]/[F]11.3 €

10.5 €TNBV per sh., before deduct. of divid. to pay (€)[G]+[H]

12.0 €

11.2 €* dividend proposed to the Board meeting to be paid** including goodwill in the equity-accounted entities(€m)
Net income Group share attributable to ordinary shares
Tangible NBV (TNBV), not revaluated attrib. to ord. sh. - avg***
Stated ROTE (%)
Underlying Net income attrib. to ord. shares (annualised)

Underlying ROTE (%)

2018

2017

[H]

3,957

3,194

[J]

31,12031,182[H]/[J]

12.7%

10.2%

[I]

3,962

3,471

[I]/[J]

12.7%

11.1%

*** including assumption of dividend for the current exercise

Fourth quarter and full year 2018 results

26/28

Disclaimer
The financial information for the fourth quarter and full-year 2018 for Crédit Agricole S.A. and the
Crédit Agricole Group comprises this quarterly financial report, and the attached presentation and press
release, available at https://www.credit-agricole.com/finance/finance/publications-financieres.
This report 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 regulatory environment. Therefore, these assumptions are by nature subject to random factorsthat could cause actual results to differ from projections.
Likewise, the financial statements are based on estimates, particularly in calculating market value and asset
impairment.
Readers must take all these risk factors and uncertainties into consideration before making their own judgement.

Applicable standards and comparability
The figures presented for the six-month period ending 30 June 2018 have been prepared in accordance withIFRS as adopted in the European Union and applicable at that date, and with prudential regulations currently inforce. This financial information does not constitute a set of financial statements for an interim period as definedby IAS 34 “Interim Financial Reporting” and has not been audited.
Note: The scopes of consolidation of the Crédit Agricole S.A. and Crédit Agricole groups have not changed
materially since the registration with the AMF, the French market watchdog, of the 2017 Registration Document
including all regulatory information about Crédit Agricole Group.
The sum of values contained in the tables and analyses may differ slightly from the total reported due to rounding.
The income statements contained in this report show non-controlling interests with a minus sign such that theline item "net income" is the mathematical addition of the line item "net income" and the line item "non-controllinginterests".
On 1 January 2017, Calit was transferred from Specialised Financial Services (Crédit Agricole Leasing &Factoring) to Retail Banking in Italy. Historical data have not been restated on a proforma basis.
Since 3 July 2017, Pioneer has been included in the scope of consolidation of Crédit Agricole Group as a
subsidiary of Amundi. Historical data have not been restated on a proforma basis.
Since 26 September 2017, Banque Saudi Fransi has been excluded from the scope of consolidation of
Crédit Agricole Group further to the disposal of a majority of the holding (16.2% out of the 31.1% held prior todisposal). This subsidiary was consolidated using the equity method. Historical data have not been restated ona proforma basis.
Since 21 December 2017, Cassa di Risparmio (CR) di Cesena, CR di Rimini and CR di San Miniato have been
included in the scope of consolidation of Crédit Agricole Group as subsidiaries of Crédit Agricole Italy. Historical
data have not been restated on a proforma basis.
Since 26 December 2017, Crédit Agricole S.A.'s stake in CACEIS has increased from 85% to 100%, further tothe acquisition of the 15% stake in the company held by Natixis before that date.
Since 3 May 2018, Banca Leonardo has been included in the scope of consolidation of Crédit Agricole Group as
a subsidiary of Indosuez Wealth Management. Historical data have not been restated on a proforma basis.
The costs related to the integration of Pioneer Investments in the first and third quarters of 2017 have been
restated in specific items, unlike the treatment applied previously in both publications. Underlying net income has
been adjusted for both quarters.

Fourth quarter and full year 2018 results

27/28

Financial calendar
15 May 2019 21 May 2019
 6 June 2019
 2 August 2019
 8 November 2019
Publication of first-quarter 2019 results
Shareholders’ meeting in Metz
New MTP presentation in Montrouge
Publication of second quarter and first-half 2019 results
Publication of third-quarter 2019 results

Contacts
CRÉDIT AGRICOLE PRESS CONTACTS
Charlotte de Chavagnac
Olivier Tassain
Caroline de Cassagne+ 33 1 57 72 11 17+ 33 1 43 23 25 41+ 33 1 49 53 39 72

charlotte.dechavagnac@credit-agricole-sa.fr
olivier.tassain@credit-agricole-sa.fr
caroline.decassagne@ca-fnca.fr

CREDIT AGRICOLE S.A. INVESTOR RELATIONS CONTACTS
Institutional investors
Individual shareholders+ 33 1 43 23 04 31+ 33 800 000 777(toll-free number France only)

investor.relations@credit-agricole-sa.fr
credit-agricole-sa@relations-actionnaires.com

Cyril Meilland, CFA+ 33 1 43 23 53 82

cyril.meilland@credit-agricole-sa.fr

Equity investors:
Letteria Barbaro-Bour
Oriane Cante
Emilie Gasnier
Ibrahima Konaté
Vincent Liscia
Annabelle Wiriath+ 33 1 43 23 48 33+ 33 1 43 23 03 07+ 33 1 43 23 15 67+ 33 1 43 23 51 35+ 33 1 57 72 38 48+ 33 1 43 23 55 52

letteria.barbaro-bour@credit-agricole-sa.fr
oriane.cante@credit-agricole-sa.fr
emilie.gasnier@credit-agricole-sa.fr
ibrahima.konate@credit-agricole-sa.fr
vincent.liscia@credit-agricole-sa.fr
annabelle.wiriath@credit-agricole-sa.fr

Credit investors and ratings agencies
Caroline Crépin+ 33 1 43 23 83 65
Laurence Gascon+ 33 1 57 72 38 63
Marie-Laure Malo
+ 33 1 43 23 10 21

caroline.crepin@credit-agricole-sa.fr
laurence.gascon@credit-agricole-sa.fr
marielaure.malo@credit-agricole-sa.fr

See all our press releases at: www.credit-agricole.com - www.creditagricole.info
Crédit_Agricole

Crédit Agricole Group

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Fourth quarter and full year 2018 results

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