PRESS RELEASE – FIRST QUARTER 2024
Montrouge, 3 May 2024

THE GROUP CONTINUES TO GROWCASA AND CAG STATED AND UNDERLYING DATA Q1-2024

Revenues
Expenses
Gross
Operating
IncomeCost of risk
Net income
group share
C/I ratio

CRÉDIT AGRICOLE S.A.

CRÉDIT AGRICOLE GROUP

StatedStatedUnderlying

Underlying€6,806m€6,797m€9,525m€9,475m+11.2% Q1/Q1+10.5% Q1/Q1+6.7% Q1/Q1+5.8% Q1/Q1-€3,669m-€3,649m-€5,589m-€5,569m-4.5% Q1/Q1-5.0% Q1/Q1-5.4% Q1/Q1-5.8% Q1/Q1€3,137m€3,148m€3,936m€3,906m+37.6% Q1/Q1+36.1% Q1/Q1+30.4% Q1/Q1+28.1% Q1/Q1-€400m-€380m-€651m-€631m

+6.9% Q1/Q1+1.6% Q1/Q1-18.9% Q1/Q1+15.2% Q1/Q1€1,903m€1,933m€2,384m€2,383m+55.2% Q1/Q1+54.7% Q1/Q1+42.8% Q1/Q1+40.8% Q1/Q1

53.9%

53.7%

-0.5 pp Q1/Q1(excl. SRF)

-0.4 pp Q1/Q1(excl. SRF)

58.7%

58.8%

-0.5 pp Q1/Q1(excl. SRF)1-0.2 pp Q1/Q1(excl. SRF)OUTLOOK: 2024 RESULTS EXPECTED TO REACH 2025 AMBITIONS MTP TARGET A YEARAHEADHIGHEST-EVER FIRST QUARTER driven by the increase in GOI excluding SRF and the end of SRF
building-up period
CONTINUED DEVELOPMENT OF THE UNIVERSAL BANKING MODEL- Continued development of the customer-focused universal banking model, supported bydynamic customer capture, higher inflows, sustained insurance activity, high and balanced
asset management net inflows, despite the slowdown in new home loans in France and Italy- Strong momentum in Large Customers, resulting in record performance for the quarter in
CIB and a record level of assets under custody and administration for CACEISPROGRESS IN STRATEGIC OPERATIONS- Continuation of ongoing operations: integration of ISB; creation of CAWL, JV with Worldline;
finalisation of the acquisition of Alpha Associates; continued work on the acquisition of DegroofPetercam scheduled for mid-2024.
- Announcement of a MoU for a strategic partnership with Victory Capital
INCREASED SUPPORT FOR THE ENERGY TRANSITION- A transition plan based on three complementary, ordered areas:
1. Accelerating the development of renewable and low-carbon energy by focusing ourfinancing on renewable and low-carbon energy projects
2. Supporting, as a universal bank, everyone’s transition: equipping all corporates andhouseholds
3. Structuring our own exit trajectory from the financing of carbon-based energy- The Net Zero trajectories as at the end of 2023 are in line with the 2030 targets.
VERY SOLID CAPITAL AND LIQUIDITY POSITIONS- Crédit Agricole S.A. phased-in CET1 11.8%- CA Group phased-in CET1 17.5%

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PRESS RELEASE – FIRST QUARTER 2024
Montrouge, 3 May 2024

Dominique Lefebvre,
Chairman of SAS Rue La Boétie and Chairman of the Crédit Agricole S.A. Board of Directors«Solid results to support all our clients in long-term transitions. »Philippe Brassac,
Chief Executive Officer of Crédit Agricole S.A.

«For the 3rd time in a row, the financial ambitions of our medium-term plan should beachieved a year ahead of schedule, i.e., by the end of 2024. »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 60.2% of Crédit Agricole S.A. Please see the appendices to this press release for details of specificitems, which are restated in the various indicators to calculate underlying income.

2/37

PRESS RELEASE – First quarter 2024

Crédit Agricole Group
Group activity
The Group recorded strong commercial activity this quarter across all business lines thanks to the continued
development of the universal banking model. Gross customer capture has been dynamic. In the first quarter of2024, the Group recorded +512,000 new customers in retail banking, and the customer base grew by +67,000
customers. More specifically, over the quarter, the Group recorded +409,000 new customers for Retail Banking
in France and +103,000 new International Retail Banking customers (Italy and Poland), and the customer basealso grew (+57,000 and +10,000 customers respectively).
In retail banking, on-balance sheet deposits totalled €824 billion, up +3.9% year-on-year in France and Italy(+3.7% for Regional Banks and LCL and +5.8% in Italy). Outstanding loans totalled €872 billion, up +1.2% yearon-year in France and Italy (+0.3% for Regional Banks and LCL and +1.5% in Italy). Home loan production slowed
down in France1 and Italy in the first two months of the year, by -45% compared with the first quarter of 2023 forRegional Banks, -54% for LCL and -11.6% for CA Italy. The property and casualty insurance equipment rate roseto 43.4% for the Regional Banks (+0.5 percentage points compared to the first quarter of 2023), 27.8% for LCL(+0.4 percentage point) and 19.3% for CA Italy (+2.0 percentage points).
In asset management, inflows were high and balanced by major customer segment, type of management andgeographical area, in contrast to the European market. In savings/retirement, Crédit Agricole Assurances posted
record gross inflows (€8.6 billion, up +4.3% year-on-year), and the unit-linked rate remained high in production(39.1%). In property and casualty insurance, the portfolio grew by +3.4% year-on-year to 16 million policies.
Assets under management are at their highest level ever, and have risen compared to the end of March 2023 in
asset management (€2,116 billion, or +9.4%), life insurance (€335 billion, or +3.2%) and wealth management(IWM and LCL €197 billion, or +6.3%).
The SFS division also recorded a good level of activity, with an increase in consumer finance outstandings at
CA Consumer Finance (+8.4% compared to the end of March 2023), driven by automotive activities, which
account for 53%2 of total outstandings, and growth in production and leasing outstandings at CAL&F(€19.4 billion, or +9.1% compared to the end of March 2023).
Momentum is strong in Large Customers, with high revenues in capital markets and investment banking driven
by primary credit and by financing activities that are benefiting from growth in commercial banking. CACEIS
posted a record level of assets under custody (€5,015 billion, +19.4% compared to the end of March 2023) andassets under administration (€3,415 billion, +54.1% compared to the end of March 2023), and benefited from theintegration of ISB, positive market impacts and strong commercial momentum.
Each of the Group’s business lines posted strong levels of activity (see Infra).

Increased support for the energy transition
The Group has defined a transition plan based on three complementary and ordered areas.
First, the Group has made efforts to ramp up the roll-out of renewable and low-carbon energy, by focusing ourfinancing on renewable and low-carbon energy projects As such, the Crédit Agricole Group increased its

1 Home loan production in France: -36% in cumulative terms over January and February 2024 compared with the cumulative total over January andFebruary 2023, according to Banque de France

2 CA Auto Bank, automotive JVs and automotive activities of other entities

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PRESS RELEASE – First quarter 2024

exposure to low-carbon energy financing3 by +80% between 2020 and 2023, with €19.7 billion at 31 December
2023. In addition, CAA’s financing of renewable energy capacity increased by +14% in 2023, representing
13.5 gigawatts at 31 December 2023.
At the same time, as a universal bank, Crédit Agricole is supporting the transition of all its customers. As such,
Crédit Agricole CIB’s green loans portfolio4 increased by +43% between December 2022 and March 2024, andrepresented €17.7 billion at 31 March 2024. Electrified vehicles 5 accounted for a quarter of the total number ofvehicles financed by CA Consumer Finance in 2023, and solutions are being offered to customers (J’écorénove
mon logement, Agilauto, Carbioz carbon credit platform).
Finally, Crédit Agricole is structuring its own exit trajectory from the financing of carbon-based energy. The Net
Zero trajectories at the end of 2023 are in line with the 2030 targets for the five sectors whose trajectories 6 wereannounced in 2022. Emissions financed in the oil and gas sector are down by -63% against a target of -75% 7.
The intensity of emissions financed in the power sector 8 is down -17% (target -58%), while in the automotive
sector it is down -13% (target -50%), in the commercial real estate sector it is down -5% (target -40%), and in the
cement sector it is up +3% (target -20%). In this small portfolio (fewer than 10 customers), the exit of somerelatively less carbon-intensive customers has led to an inevitable increase in the intensity of the portfolio, which
does not reflect the reality of the sector or of our actions.
The Group is also committed to ceasing all financing of new fossil fuel extraction projects. The total amount of its
direct exposure 9 to the financing of fossil fuel extraction projects to which it is still committed stood at$1,060 million at the end of December 2023, down -23% since 2020.

Group results
In the first quarter of 2024, the Crédit Agricole Group’s stated net income Group share came to€2,384 million, up +42.8% compared to the first quarter of 2023 (+6.1% excluding SRF).
Specific items in the first quarter of 2023 had a negative net impact of +€1 million on the
Crédit Agricole Group’s net income Group share. These include the following recurring accounting items:
recurring accounting volatility items in revenues, such as the DVA (Debt Valuation Adjustment), the issuer spread
portion of the FVA, and secured lending for +€4 million in net income Group share on capital markets andinvestment banking, and the hedging of the loan book in the Large Customers segment for +€1 million in net
income Group share. In addition to these recurring items, there were a number of items specific to this quarter:a reversal of the Home Purchase Saving Plans provisions for +€30 million in the net income Group share of theRegional Banks and +€1 million in the net income Group share of the Corporate Centre; ISB integration costs of-€10 million in the net income Group share of the Large Customers division; an addition of provision for risk
Ukraine for -€20 million in the net income Group share of International Retail Banking; the acquisition costs ofDegroof Petercam for -€6 million in the net income Group share of private banking.

Excluding these specific items, the Crédit Agricole Group’s underlying net income Group share10 amounted
to €2,383 million, up +40.8% compared to the first quarter of 2023, and up +5.0% excluding SRF.

3 Low-carbon energy outstandings made up of renewable energy produced by the clients of all Crédit Agricole Group entities, including nuclear energy

outstandings for CACIB.

4 CACIB green asset portfolio, in line with the eligibility criteria of the Group Green Bond Framework published in November 2023.
5 Electric or hybrid
6 Reference year: 2020 (except Aviation, for which the reference year is 2019)
7 Initial oil and gas commitment of -30% by 2030 announced in 2022, revised to -75% in 2023
8 Scope: Crédit Agricole CIB and Unifergie (Crédit Agricole Transitions & Energies)
9 Gross of export credit hedges
10 See Appendixes for more details on specific items.

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PRESS RELEASE – First quarter 2024

Crédit Agricole Group – Stated and Underlying results Q1-2024 and Q1-2023
Q1-24
statedSpecific
items

Q1-24
underlying

Q1-23
statedSpecific
items

Q1-23
underlying∆ Q1/Q1
stated∆ Q1/Q1
underlying

Revenues

9,525

50

9,475

8,927

(32)

8,959

+6.7%

+5.8%

Operating expenses excl.SRF(5,589)(20)(5,569)(5,284)-(5,284)

+5.8%

+5.4%

-

-

-

(626)

-

(626)

(100.0%)(100.0%)€m

SRF
Gross operating income

3,936

30

3,906

3,018

(32)

3,049

+30.4%+28.1%

Cost of risk

(651)

(20)

(631)

(548)

-

(548)

+18.9%+15.2%

Cost of legal risk

-

-

-

-

-

-

n.m.

n.m.

Equity-accounted entities

68

-

68

108

-

108

(36.7%)(36.7%)Net income on other assets

(7)

(8)

2

4

-

4

n.m.

(63.2%)

Change in value of goodwill

-

-

-

-

-

-

n.m.

n.m.

Income before tax

3,347

2

3,345

2,581

(32)

2,613

+29.6%+28.0%

Tax

(755)

(6)

(749)

(711)

8

(719)

+6.2%

+4.2%

-

-

-

2

-

2

(100.0%)(100.0%)Net income

2,592

(4)

2,595

1,872

(24)

1,896

+38.4%+36.9%

Non controlling interests

(208)

5

(212)

(204)

-

(204)

+2.1%

+4.3%

Net income Group Share

2,384

1

2,383

1,669

(24)

1,692

+42.8%+40.8%

Cost/Income ratio excl.SRF (%)

58.7%

58.8%

59.2%

59.0%

-0.5 pp-0.2 pp

Net income from discont'd or held-for-sale ope.

In the first quarter of 2024, underlying revenues amounted to €9,475 million, up +5.8% compared to the firstquarter of 2023, driven by the good performance of all business lines. Revenue growth was positive in all thecore businesses, with dynamic activity and a positive market effect in Asset Gathering, a record level of corporate
and investment banking in the Large Customers division and the integration of ISB into CACEIS 11 generating
the initial synergies, the consolidation of CA Auto Bank 12 into Specialised Financial Services, momentum in fee
and commission income and international growth in the net interest margin in Retail Banking, and the positiveeffect of the valuation of Banco BPM securities in the Corporate Centre. Underlying operating expenses roseby +5.4% (excluding SRF) in the first quarter of 2024, to €5,569 million, due in particular to the scope effects of
the integration of RBC IS Europe 13 and CA Auto Bank 14, in addition to increases in employee expenses in an
inflationary environment and IT investments. Overall, the Group saw its underlying cost/income ratio improveby -0.2 percentage point (excluding SRF) to 58.8% in the first quarter of 2024. The contribution to the SRF in thefirst quarter of 2023 was -€626 million. Underlying gross operating income amounted to €3,906 million, an
increase of +28.1% compared to the first quarter of 2023, or +6.3% adjusted for the SRF expense.
The underlying cost of credit risk amounted to -€631 million, including a reversal of +58 million on performing
loans (levels 1 and 2), an addition of -€690 million for the cost of proven risk (level 3) and -€1 million for thereversal of other risks, i.e. an increase of +15.2% compared to the first quarter. The provisioning levels were
determined by taking into account several weighted economic scenarios, as in previous quarters, and by applying
adjustments on sensitive portfolios. The economic scenarios for the first quarter of 2024 are identical to thoseused for the previous quarter. The cost of risk/outstandings 15 over a rolling four-quarter period stood at

11 Scope effect of ISB in revenues of +€108 million in the first quarter of 2024
12 Scope effect of CA Auto Bank in revenues of +€183 million in the first quarter of 2024
13 Scope effect of ISB in expenses of +€103 million in the first quarter of 2024
14 Scope effect of CA Auto Bank in expenses of +€70 million in the first quarter of 2024
15 The cost of risk/outstandings (in basis points) on a four-quarter rolling basis is calculated on the cost of risk of the past four quarters divided by theaverage outstandings at the start of each of the four quarters

5/37

PRESS RELEASE – First quarter 2024

25 basis points, which is in line with the 25-basis point assumption of the Medium-Term Plan. It stands at
21 basis points on a quarterly annualised basis 16.
Underlying pre-tax income stood at €3,345 million, a year-on-year increase of +28.0%. It included thecontribution from equity-accounted entities for €68 million (down -36.7%, mainly due to the removal from thescope of equity-accounted entities of FCA Bank, which is now fully consolidated) and net income from otherassets, which came to €2 million this quarter. The underlying tax charge rose by +4.2% over the period, withthe tax rate this quarter at 22.9%, a decline of -5.8 percentage points. The fall in the tax rate is explained by thedisappearance of the SRF expense this quarter, which was not deductible. Underlying net income before noncontrolling interests was up +36.9% to €2,595 million. Non-controlling interests rose +4.3%. Lastly, underlying
net income Group share was €2,383 million, +40.8% higher than in the first quarter of 2023.

Regional banks
Gross customer capture stands at +306,000 new customers and the customer base grew by +29,000 new
customers since the beginning of the year. The percentage of customers using their current accounts astheir main account rose by 0.5 percentage point year-on-year to 76.3%. The share of customers using digital
tools increased to 76.8% 17 (+1.9 percentage points compared to end-March 2023) and the number of online
signatures 18 increased by +15% between the first quarter of 2023 and the first quarter of 2024.
Loan production fell this quarter by -32.4% compared to first quarter 2023. The decline is sharp in home loans(-44.6% compared to the first quarter of 2023), but comes against the backdrop of a slowdown in the market 19.
The lending rate for home loans 20 stood at 3.85% for the January/February period, 20 basis points higher thanin the fourth quarter of 2023. Loan outstandings reached €644 billion at the end of March 2024, up +1.1%
compared to the end of March 2023 driven in particular by the corporate market (+4.2% compared to the end of
March 2023).
Total customer assets rose by +3.7% year-on-year to €893.1 billion at end-March 2024. This growth was driven
by both on-balance sheet deposits, which reached €595.5 billion at the end of March 2024, up +3.3% comparedto the end of March 2023 (including +4.5% on passbook accounts and +80.4% on term deposits), and off-balance
sheet deposits, which reached €297.6 billion, up +4.6% year-on-year.
The equipment rate for property and casualty insurance was 43.4% at the end of March 2024 and is continuing
to rise (up +0.5 percentage point compared to 2023). In terms of payment instruments, the number of cards
rose by +1.5% year-on-year, as did the percentage of premium cards, which increased by +1.4 percentage points
year-on-year to account for 15.2% of all cards.
In the first quarter of 2024, the Regional Banks’ consolidated revenues including the SAS Rue La Boétie
dividend 21 stood at €3,295 million, down -1.0% compared to the first quarter of 2023, due to a -17.6% decline
in the net interest margin. Portfolio revenues were up, as was fee and commission income, which rose by +7.6%,
particularly on payment instruments. The Regional Banks’ consolidated revenues, including the SAS Rue La
Boétie dividend, rose by +2.2% compared to the fourth quarter of 2023.
Operating expenses fell by -2.8%; excluding the SRF 22, the moderate increase was due to higher employee
expenses and IT expenses. Gross operating income rose by +5.0%, but fell by -8.2% excluding the SRF. The
cost of risk increased by +46.3%, compared to the first quarter of 2023, to -€247 million. This increase in thedefault rate is mainly due to the impact of corporate specific files.

16 The cost of risk/outstandings (in basis points) on an annualised basis is calculated on the cost of risk of the quarter multiplied by four and divided by

the outstandings at the start of the quarter

17 Number of customers with an active profile on the Ma Banque app or who had visited CAEL during the month/number of adult customers having anactive demand deposit account18 Signatures initiated in BAM deposit mode (multi-channel bank access), Mobile customer portal or “Ma Banque” app
19 Home loan production in France: -36% over Jan/Feb 2024 compared with Jan/Feb 2023 according to Banque de France
20 Credit rate on monthly achievements. Only maturity loans, in euros and at a fixed rate, are taken into account
21 SAS Rue La Boétie dividend paid annually in Q2
22 The SRF was -€113 million in 2023

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PRESS RELEASE – First quarter 2024

The Regional Banks’ consolidated net income, including the SAS Rue La Boétie dividend 23, amounted to€439 million in the first quarter of 2023, stable compared to the first quarter of 2023.
The Regional Banks’ contribution to net income Group share was €442 million in the first quarter of 2024,
up +5.1% compared to the first quarter of 2023.

23 SAS Rue La Boétie dividend paid annually in Q2

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PRESS RELEASE – First quarter 2024

Crédit Agricole S.A.
Results
Crédit Agricole S.A.’s Board of Directors, chaired by Dominique Lefebvre, met on 2 May 2024 to examine thefinancial statements for the first quarter of 2024.

Crédit Agricole S.A. – Stated and Underlying results, Q1-2024 and Q1-2023
€m

Q1-24
statedSpecific
items

Q1-24
underlying

Q1-23
statedSpecific
items

Q1-23
underlying∆ Q1/Q1
stated∆ Q1/Q1
underlying

Revenues

6,806

9

6,797

6,121

(32)

6,153

+11.2%+10.5%

Operating expenses excl.SRF(3,669)(20)(3,649)(3,328)-(3,328)+10.2%

+9.6%

-

-

-

(513)

-

(513)

(100.0%)(100.0%)Gross operating income

3,137

(11)

3,148

2,280

(32)

2,312

+37.6%+36.1%

Cost of risk

(400)

(20)

(380)

(374)

-

(374)

+6.9%

+1.6%

Equity-accounted entities

43

-

43

86

-

86

(50.4%)(50.4%)Net income on other assets

(6)

(8)

2

4

-

4

n.m.

(58.5%)

Change in value of goodwill

-

-

-

-

-

-

n.m.

n.m.

Income before tax

2,773

(39)

2,812

1,996

(32)

2,028

+38.9%+38.7%

Tax

(610)

5

(615)

(521)

8

(530)

+17.1%+16.2%

-

-

-

2

-

2

n.m.

n.m.

Net income

2,163

(34)

2,197

1,476

(24)

1,500

+46.5%+46.5%

Non controlling interests

(259)

5

(264)

(250)

1

(251)

+3.7%

+5.3%

Net income Group Share

1,903

(30)

1,933

1,226

(23)

1,249

+55.2%+54.7%

Earnings per share (€)

0.50(0.01)

0.51

0.36(0.01)

0.37+40.2%+40.0%

Cost/Income ratio excl. SRF (%)

53.9%

53.7%

54.4%

54.1%

-0.5 pp-0.4 pp

SRF

Net income from discont'd or held-for-sale ope.

In the first quarter of 2024, Crédit Agricole S.A.’s stated net income Group share amounted to€1,903 million, an increase of +55.2% from the first quarter of 2023.
Specific items for this quarter had a cumulative impact of -€30 million on net income Group share, and included
the following recurring accounting items: recurring accounting volatility items in revenues, such as the DVA (Debt
Valuation Adjustment), the issuer spread portion of the FVA, and secured lending for +€4 million in net income
Group share in Large Customers, and the hedging of the loan book in Large Customers for +€1 million in net
income Group share. In addition to these recurring items, there were a number of items specific to this quarter:a reversal of the Home Purchase Saving Plans provisions for +€1 million in the net income Group share of LCL;ISB integration costs of -€10 million in the net income Group share of the Large Customers division; a further an
addition of provision for risk Ukraine for -€20 million in the net income Group share of International Retail Banking;the acquisition costs of Degroof Petercam for -€6 million in the net income Group share of private banking.
Excluding specific items, underlying net income Group share 24 stood at €1,933 million in the first quarter of2024, a +54.7% rise over the first quarter of 2023.
In the first quarter of 2024, underlying revenues reached €6,797 million, up sharply by +10.5% compared to thefirst quarter of 2023. This growth was driven by all the business lines: Asset Gathering benefited from dynamic
activity and a positive market effect; Large Customers saw a record level of revenues from corporate and
24 Underlying, excluding specific items.

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PRESS RELEASE – First quarter 2024

investment banking, in addition to the integration of ISB 25 into CACEIS and the generation of the first synergies;
Specialised Financial Services benefited from the consolidation of CA Auto Bank 26; Retail Banking in France
was driven by momentum in fee and commission income; and finally International Retail Banking was driven by
the growth in net interest margin. The Corporate Centre division recorded an increase in revenues, mainly due
to the valuation of Banco BPM securities.
Underlying operating expenses totalled €3,649 million in the first quarter of 2024, an increase of +9.6%
excluding SRF compared to the first quarter of 2023. The jaws effect excluding SRF was positive by+0,8 percentage point. The +€321 million year-on-year increase in expenses was mainly due to a +€173 million
scope effect 27, a +€92 million increase in employee expenses against a backdrop of inflation, and +€47 million
in IT investments. Excluding the scope effect, underlying expenses increased by +4.4% (excluding SRF).
The underlying cost/income ratio in the first quarter of 2024 thus stood at 53.7%, an improvement of 0.4 percentage point (excluding SRF) compared to the first quarter of 2023.
Underlying gross operating income in the first quarter of 2024 stood at €3,148 million, a sharp increase of+36.1% compared to the first quarter of 2023. The SRF expense recognised in the first quarter of 2023 amounted
to -€513 million. Thus, restated for SRF, underlying gross operating income increased by +11,4%.
As at 31 March 2024, risk indicators confirm the high quality of Crédit Agricole S.A.’s assets and risk
coverage level. The diversified loan book is mainly geared towards home loans (26% of gross outstandings)
and corporates (42% of Crédit Agricole S.A. gross outstandings). The Non Performing Loans ratio remained
stable and low at 2.6%. The coverage ratio 28 was high at 69.7%, down -1.1 percentage points over the quarter.
Loan loss reserves amounted to €9.6 billion for Crédit Agricole S.A., relatively unchanged from the end of
December 2023. Of those loan loss reserves, 35% were for performing loans (percentage in line with previous
quarters).
The underlying cost of risk shows a net addition of -€380 million, i.e. a slight increase of 1.6% compared to thefirst quarter of 2023, when it stood at -€374 million. In the first quarter of 2024, the net expense of -€380 million
consisted of the slight reversal for performing loans (Stages 1 and 2) for +€8 million (versus a provision of €75 million in the first quarter of 2023), the provisioning for proven risks (Stage 3) for -€384 million (versus €284 million in the first quarter of 2023), and -€5 million provision in other items. By business line, 58% of net
provision for the quarter came from Specialised Financial Services (compared to 42% in the first quarter of 2023),
31% from LCL (compared to 18% in the first quarter of 2023) and 16% from International Retail Banking(compared to 30% in the first quarter of 2023). The provisioning levels were determined by taking into accountseveral weighted economic scenarios, as in previous quarters, and by applying adjustments on sensitive
portfolios. The economic scenarios for the first quarter of 2024 are identical to those used for the previous quarter.
In first quarter 2024, the cost of risk/outstandings over a rolling four-quarter basis29 was 33 basis points, and was
29 basis points on an annualised quarterly basis 30.
The underlying contribution of the equity-accounted entities stood at €43 million in the first quarter of 2024,
down -50.4% from the first quarter of 2023, in line with the removal of equity-accounted entities from FCA Bank.
Net income from other assets came in at €2 million in the first quarter of 2024.
Underlying income 31 before tax, discontinued operations and non-controlling interests was up +38.7% to€2,812 million. The underlying effective tax rate stood at 22.2%, down -5.1 percentage points compared to thefirst quarter of 2023, reflecting the disappearance of the SRF in the first quarter of 2024, an expense that was
not tax deductible. The underlying tax charge stood at -€615 million, a +16.2% increase. Underlying net income
25 Scope effect of ISB in revenues: +€108 million in the first quarter of 2024
26 Scope effect of CA Auto Bank in revenues: +€183 million in the first quarter of 2024
27 Scope effect in expenses in the first quarter of 2024: +€103 million for ISB, +€70 million for CA Auto Bank
28 Provisioning rate calculated with outstandings in Stage 3 as denominator, and the sum of the provisions recorded in Stages 1, 2 and 3 as numerator.
29 The cost of risk/outstandings (in basis points) on a four quarter rolling basis is calculated on the cost of risk of the past four quarters divided by theaverage outstandings at the start of each of the four quarters

30 The cost of risk/outstandings (in basis points) on an annualised basis is calculated on the cost of risk of the quarter multiplied by four and divided by

the outstandings at the start of the quarter

31 See Appendixes for more details on specific items.

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PRESS RELEASE – First quarter 2024

before non-controlling interests was therefore up +46.5% to €2,197 million. Non-controlling interests
amounted to -€264 million in the first quarter of 2023, up +5.3%.
Underlying net income Group share stood at €1,933 million, up by +54.7% compared to the first quarter of2023. Adjusted for SRF, underlying net income Group share increased +13.5% year-on-year.
Underlying earnings per share in first quarter 2024 reached €0.51, increasing by +40.0% compared to firstquarter 2023.
Underlying RoTE 32, which is calculated on the basis of an annualised Underlying Net Income Group Share 33
and IFRIC charges linearised over the year, net of annualised Additional Tier 1 coupons (return on equity Group
share excluding intangibles) and net of foreign exchange impact on reimbursed AT1, and restated for certain
volatile items recognised in equity (including unrealised gains and/or losses), reached 16.3% in first quarter
2024, up by +1.9 percentage point compared to the first quarter 2023.

Following Q1 2024 results, Crédit Agricole S.A. discloses a 2024 earnings outlook one year ahead of the MediumTerm Ambitions 2025 Plan, with underlying net income Group share exceeding €6 billion in 2024.
This earnings outlook is based in particular on the continuation of the good business momentum (customer
capture, increase in equipment rates, off-balance sheet deposits) resulting in a rise in fees and commissions andin insurance revenues. The integration of recent acquisitions are sources of additional income andcomplementary synergies in the Asset Servicing (integration of RBC's European activities with CACEIS Investor
Services Bank (ISB)), Wealth Management (continued work on the acquisition of Degroof Petercam), and AssetManagement (the completion of the acquisition of Alpha Associates by Amundi on April 2, 2024). The shift to themobility business is a strategic turn for the Specialized financial services division. In Large Customers division,
Corporate & Investment Banking thus confirms its leading position in syndicated loans and its good position inbond issues. Finally, structural operating efficiency with a low cost/income ratio and a healthy balance sheet
should support this earnings outlook.
The trajectory also takes into account headwinds such as the continued pressure on margins for retail banking
in France and for consumer credit business, the cap on the net interest margin at CA Italia as well as 2024
integration costs on ongoing acquisitions (Degroof Petercam ~ 50 million euros, ISB: €80-100 million euros).

32 See Appendixes for details on the calculation of the RoTE (return on tangible equity)
33 The annualised underlying net income Group share corresponds to the annualisation of the underlying net income Group share (Q1x4; H1x2; 9Mx4/3)

by restating each period for IFRIC impacts to linearise them over the year

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PRESS RELEASE – First quarter 2024

Analysis of the activity and the results of
Crédit Agricole S.A.’s divisions and business lines
Activity of the Asset Gathering division
In the first quarter of 2024, assets under management in the Asset Gathering (AG) division stood at€2,648 billion 34, up +3.6% compared to the end of December 2023 thanks to a positive market effect, as well as
net inflows of +€19.2 billion, positive in the three business lines of Asset Management, Insurance and WealthManagement. Over one year, assets under management rose by +8.4%.
Insurance activity (Crédit Agricole Assurances) reached a record level in the first quarter of 2024, with total
premium income of €12.3 billion at the end of March, up +5.2% compared to March 2023 with growth in all threesegments: savings/retirement, property and casualty, and death & disability/creditor/group insurance.
In Savings and Retirement, gross inflows reached a record €8.6 billion, up +4.3% year-on-year. This was driven
by the recovery in business in Italy and Luxembourg, in addition to the deposit bonus campaigns launched during
the first quarter, which boosted gross euro inflows. The unit-linked rate accounted for 39.1% of gross inflows,
down -6.7 percentage points compared to the first quarter of 2023. This decline is linked to the recovery in grosseuro inflows and less favourable market conditions for unit-linked products, in particular the reduced
attractiveness of unit-linked fixed income products. Net inflows improved strongly to reach +€1.0 billion thisquarter, mainly due to lower outflows on the General Account. Net inflows amounted to +€1.5 billion on unitlinked products and -€0.5 billion in General Account. Life insurance assets under management (savings,
retirement and funeral insurance) reach a total of €334.9 billion (+€10.3 billion, or +3.2% year on year) and overthe quarter (+€4.5 billion, +1.4% compared to the end of December 2023). Life insurance assets undermanagement were driven by a positive market effect in addition to net inflows. Unit-linked contracts reach arecord level of 29.5% of assets under management, up +2.3 percentage points over one year and+0.6 percentage point compared to the end of December 2023.
In property and casualty insurance, the activity was dynamic, with premium income of €2.4 billion in the firstquarter of 2024, up +7.9% compared to the first quarter of 2023. This growth was driven by volume and priceeffects. Indeed, at the end of March 2024, the portfolio stood at 16.0 million 35 contracts, up +3.4% year-on-year.
At the same time, the average premium is up, benefiting from rate revisions in addition to changes in the productmix. Lastly, the combined ratio stood at 93.8% 36, a slight improvement of -0.9 percentage point year-on-year,
thanks to a favourable impact of discounting, as the weather-related claims remained stable.
In death & disability/creditor insurance/group insurance, premium income for the first quarter of 2024 stoodat €1.3 billion, up +6.0% compared to the first quarter of 2023. Creditor insurance revenue remained resilient (0.1%) despite the decline in new business (due to lower loan production). Individual death and disability insurance
and group insurance posted strong increases, with +15.2% and +21.8% respectively compared to the first quarterof 2023.
Asset management (Amundi) posted a very good level of inflows in the first quarter of 2024. Inflows were high,at +€16.6 billion, and balanced by customer segment 37, management type 38 and geography. Amundi sets itself
apart from the European asset management market with its inflows in active management.
Assets under management reached a high of €2,116 billion at end-March 2024, up +3.9% compared to 31
December 2023, and +9.4% year-on-year. This figure includes a positive market and forex effect of +€63.0 billion.

34 Excluding assets under custody for institutional clients
35 Scope: property and casualty in France and abroad
36 Combined ratio of P&C (Pacifica) including discounting and excluding undiscounting, net of reinsurance: (claims + operating expenses + fee andcommission income) to premium income; the ratio is calculated for the first quarter of 2024. The net combined ratio excluding the effect of
discounting for the first quarter of 2024 is 96.2% (-0.1 percentage point year-on-year).
37 +€6.5 billion in Retail, +€5.6 billion in Institutional, +€4.5 billion in JV
38 +€8.7 billion in Treasury excluding JV, +€3.4 billion in MLT assets excluding JV,

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PRESS RELEASE – First quarter 2024

Retail inflows (+€6.5 billion in the first quarter of 2024) were boosted by the excellent performance of third-party
distributors (+€7.0 billion), driven by passive and money market management, with continued inflows from the
French networks (+€1.5 billion) thanks to treasury products, offsetting outflows from international networks (inparticular in Italy).
The Institutional segment recorded inflows of +€5.6 billion in the first quarter of 2024. Inflows were driven bycash products (+€3.9 billion), and medium- and long-term assets (+€1.7 billion) despite seasonal outflows in
employee saving schemes and continued withdrawals from euro-denominated contracts.
Lastly, JVs recorded inflows of +€4.5 billion. Inflows were positive in all countries, driven by strong growth in India
and Korea. Inflows were at break-even point in China.
Lastly, two value-creating transactions took place during the quarter, with the completion of the acquisition of
Alpha Associates on 2 April and the signing of a strategic partnership memorandum of understanding39 with
Victory Capital in the United States on 15 April 2024. Alpha Associates will be integrated from the second quarter
onwards, with assets totalling €9 billion at end-March 2024. This transaction further strengthens Amundi’s
expertise and creates a European leader in private asset multi-management. In addition, the memorandum of
understanding signed with Victory Capital aims to merge Amundi’s activities in the United States with the US
asset manager, in exchange for Amundi acquiring a 26.1% stake in Victory Capital and reciprocal 15-year
international distribution agreements. The merger of Amundi US and Victory Capital would create a larger US
investment platform to serve the customers of both companies. As a result, Amundi would have a broader rangeof US and global investment expertise to offer its customers, while Victory Capital would expand its ability to
distribute its products outside the US.
In Wealth Management, total assets under management (CA Indosuez Wealth Management and LCL Private
Banking) amounted to €197 billion at end-March 2024 (of which €133.2 billion40 for Indosuez WealthManagement), up on end-December 2023 (+€6.7 billion, +3.5%), including a positive market effect of+€5.1 billion, (of which +€4.1 billion for Indosuez Wealth Management) and positive net inflows of +€1.6 billion(of which +€1.4 billion for Indosuez Wealth Management, with structured products continuing to be popular withcustomers).

Results of the Asset Gathering division
In the first quarter of 2024, AG generated revenues of €1,789 million, up +2.5% compared to the first quarter of2023. The increase is explained by good revenue performance in all three business lines: asset management,
insurance and wealth management. Expenses rose by +5.5% (excluding SRF) to -€754 million. Thus, thecost/income ratio stood at 42.1%, up +1.2 percentage points (excluding SRF) compared to the first quarter of2023. The cost of the contribution to the SRF amounted to -€6 million in the first quarter of 2023. Gross operating
income stood at €1,035 million, up +1.0% compared to the first quarter of 2023, and up +0.4% excluding SRF
over the same period. Taxes stood at €220 million, down -4.5%. The net income Group share of AG stood at€716 million, up +2.6% compared to the first quarter of 2023. The rise in income from insurance (+4.1%) andasset management (+5.7%) offset the decline in income from wealth management (-16.2%).
In the first quarter of 2024, the Asset Gathering division contributed by 35% to the underlying net income Group
share of the Crédit Agricole S.A. core businesses (excluding Corporate Centre division) and 26% to underlying
revenues excluding the Corporate Centre division.
As at 31 March 2024, capital allocated to the division amounted to €12.7 billion, including €10.8 billion for
Insurance, €1.3 billion for Asset management, and €0.6 billion for Wealth management. The division’s risk
weighted assets amounted to €55.8 billion, including €35.3 billion for Insurance, €14.2 billion for Assetmanagement and €6.3 billion for Wealth management.

39 Non binding
40 Excluding assets under custody for institutional clients

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PRESS RELEASE – First quarter 2024

The underlying RoNE (return on normalised equity) stood at 26.7% for the first quarter of 2024.

Insurance results
In the first quarter of 2024, insurance revenues amounted to €722 million, up +1.5% compared to the first quarterof 2023. This includes €505 million from savings/retirement 41, €131 million from personal protection 42 and€113 million from property and casualty insurance43. The increase in allocation of CSM (linked to the rise in
outstandings and strong business momentum) and the prior year release in personal protection were partially
offset by the fall in financial income 44. CSM stood at €23.9 billion, up slightly from 31 December 2023 (+0.2%),
benefiting from the contribution of new business in a favourable market environment.
Gross operating income stood at €631 million, stable (+0.2%) compared to the first quarter of 2023, with anincrease in non-attributable expenses due to the creation of the Insurers’ guarantee fund in Italy (set up in 2024).
The cost/income ratio was 12.7%, up +1.2 percentage points, below the target ceiling of 15% set by the MediumTerm Plan. The tax charge came to -€123 million, down -10.8% compared to the first quarter of 2023, thanks toa favourable tax effect. As a result, the net income Group share was €494 million, up +4.1% compared to thefirst quarter of 2023.
Insurance contributed by 24% to the underlying net income Group share of the Crédit Agricole S.A. corebusinesses (excluding the Corporate Centre division) at end-March 2024 and by 10% to their underlying
revenues.

Asset management results
In the first quarter of 2024, revenues amounted to €804 million. They rose by +3.9% compared to the first quarterof 2023, driven by management fee and commission income (+4.0%) despite an unfavourable product mix on
inflows. Technology revenues and net financial income were up by +36% and +43% compared to the first quarterof 2023, offsetting the decrease in performance fee and commission income (€18 million). Operating expenses
stood at -€449 million, up +4.3% excluding SRF, reflecting accelerated investment in the development of Amundi
Technology. As a result, the cost/income ratio was stable year-on-year at 55.8% (+0.2 percentage points
excluding SRF). SRF expenses stood at -€3 million in the first quarter of 2023. Gross operating income
increased by +4.5% compared to the first quarter of 2023, and by +3.5% excluding SRF. The contribution fromequity-accounted entities, comprising the contribution from the Amundi joint ventures, stood at €29 million, up+30.4% from the first quarter of 2023, driven in particular by the strong growth of contribution from SBI MF in
India. The tax charge worked out at -€88 million, up +6.5%. Overall, net income Group share totalled€197 million, up +5.7% compared to the first quarter of 2023.
Asset management contributed 10% to the underlying net income Group share of Crédit Agricole S.A.’s corebusinesses (excluding the Corporate Centre division) at end-March 2024 and by 12% to their underlying
revenues.
At 31 March 2024, capital allocated to Asset Management amounted to €1.3 billion, while risk weighted assets
totalled €14.2 billion.

Wealth management results 45
Revenues of Wealth Management stood at €264 million in the first quarter of 2024, up +1.1% compared to thefirst quarter of 2023. This was the best quarter in terms of revenue for Wealth Management, buoyed by strong
41 Amount of allocation of Contractual Service Margin (CSM) and Risk Adjustment (RA) including funeral guarantees
42 Amount of allocation of CSM and RA
43 Net of cost of reinsurance, excluding financial results
44 Base effect linked to the implementation of management decisions on investments in connection with the transition to IFRS 17 on 1 January 2023,

i.e. segregation of equity and derisking of the portfolio.

45 Indosuez Wealth Management scope

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PRESS RELEASE – First quarter 2024

performances from management and transaction fee and commission income. Expenses stood at €214 million,
up +5.6% (excluding SRF) compared to the first quarter of 2023, mainly due to increases in staff costs, part ofwhich are non-recurring. Moreover, excluding the foreign exchange impact, operating expenses rose by +3.9%.
As a result, the cost/income ratio stands at 81.2 % in the first quarter 2024, increasing by +3.4 percentage
points (excluding SRF) as compared to the first quarter 2023. SRF expenses stood at €3 million in the first quarterof 2023. Gross operating income stood at €50 million, down -10.2% compared to the first quarter of 2023, anddown -14,4% excluding SRF over the same period. Net income on other assets stood at -€8 million in the firstquarter of 2024, corresponding to the Degroof Petercam acquisition costs, restated as specific items. Net income
Group share amounted to €25 million, down -31.9% compared to the first quarter of 2023.
Wealth management contributed 1% of Crédit Agricole S.A.’s business lines underlying net income Group share.
(excluding the Corporate Centre division) at end-March 2024 and by 4% to their underlying revenues.
At 31 March 2024, capital allocated to Wealth management was €0.6 billion and risk weighted assets totalled€6.3 billion.
The Degroof Petercam acquisition is expected to close in mid-2024. This acquisition is expected to generate
additional net income Group share after synergies of around +€150 million to +€200 million in 2028. In 2024,
acquisition-related and integration costs are expected to total €-50 million gross, with €-8.0 million recognised in
the first quarter of 2024.

Activity of the Large Customers divisionCorporate and Investment banking (CIB) as a whole posted a record performance for the first quarter of 2024.
Asset servicing also recorded strong business during the period.
CIB first-quarter underlying revenues rose sharply to €1,751 million, an increase of +1.6% from the first quarterof 2023. This growth was driven by a good performance in financing activities, with revenues up +6.3% comparedto the first quarter of 2023 at €832 million. This was mainly due to the strong performance of commercial banking(+10.1% compared to the first quarter of 2023), driven by International Trade & Transaction Banking activities(particularly cash management) and by the development of Corporate Leveraged Finance activities. In addition,
the structured financing activities remained stable compared to the first quarter of 2023.
Capital markets and investment banking revenues totalled €919 million, down -2.3% compared to a high firstquarter 2023: good performance by FICC (-3.0%), whose market share is growing, driven by Primary Credit andSecuritisation activities. Investment banking business held steady, with underlying revenues up +1.4%, driven by
Structured Equities.
Financing activities thus confirmed its leading position in syndicated loans (#2 in France 46 and #2 in EMEA46).
Crédit Agricole CIB reaffirmed its strong position in bond issues (#4 All bonds in EUR Worldwide46) and was
ranked #5 in Green, Social & Sustainable bonds in EUR 47. Average regulatory VaR stood at €11.5 million in thefirst quarter of 2024, down from €13.2 million in the fourth quarter of 2023, reflecting changes in positions andfinancial markets. It remained at a level that reflected prudent risk management.
In addition, in 2024, the integration of RBC Investor Services, now CACEIS Investor Services Bank (ISB), into
asset servicing (CACEIS) is set to continue, in particular through the effective merger of the legal entities
scheduled for the second quarter of 2024 and the migration of the customer portfolio before the end of the year.
ISB integration costs of around €80 million to €100 million will be recognised during the year, of which €20 million
in the first quarter of 2024.
In the first quarter of 2024, solid customer business and a rally in the markets led to strong growth in assets overthe quarter and the year. Assets under custody were therefore up +6.3% at end-March 2024 compared to endDecember 2023 and up +19.4% compared to end-March 2023, to €5,015 billion, of which €270 billion represented

46 Refinitiv
47 Bloomberg

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PRESS RELEASE – First quarter 2024

ISB assets. Assets under administration were up +3.5% over the quarter and +54.1% year-on-year, reaching€3,415 billion at end-March 2024, including €983 billion contributed by ISB.

Results of the Large Customers division
In the first quarter of 2024, stated revenues of the Large Customers division reached a record level of€2,266 million, up +10.5% compared to the first quarter of 2023, buoyed by an excellent performance in thecorporate and investment banking activities and asset servicing business lines. The division’s specific items thisquarter had an impact of +€7 million on financing activities and comprised the DVA (the issuer spread portion of
the FVA, and secured lending) amounting to +€5 million, and loan book hedging totalling +€2 million. Operating
expenses were up compared to the first quarter of 2023 (+15.7% excluding SRF) due, on the one hand, tovariable compensation and IT investments to support development and, on the other hand, to the ISB scope
effect (-€103 million). In addition, ISB integration costs of -€20 million were recognised, restated as specific items.
As a result, the division’s gross operating income rose sharply, by +57.2% compared to the first quarter of2023, to €969 million (+4.2% excluding SRF, which represented €314 million in the first quarter of 2023). The
business line recorded an overall net reversal in the cost of risk of +€33 million in the first quarter of 2024,
compared to an addition of -€36 million in the first quarter of 2023. Stated pre-tax income totalled €1,006 million,a substantial rise during the period (+70.8%). The tax charge was -€235 million. Lastly, stated net income Group
share reached €722 million in the first quarter of 2024, compared with stated income of €376 million in firstquarter 2023. Underlying net income Group share came to €727 million in the first quarter of 2023, versus€399 million in the first quarter of 2023.
The business line contributed 36% to the underlying net income Group share of Crédit Agricole S.A.’s corebusinesses (excluding the Corporate Centre division) at end-March 2024 and 33% to underlying revenues
excluding the Corporate Centre.
At 31 March 2024, the capital allocated to the business line was €13.3 billion and its risk weighted assets were€139.6 billion.
Underlying RoNE (Return on Normalised Equity) stood at 22.2% at end-March 2024.

Corporate and Investment banking results
In the first quarter of 2024, corporate and investment banking stated revenues reached a record€1,758 million, up +4.0% from the first quarter of 2023, driven by favourable results in all its business lines. The
Corporate and Investment banking division’s specific items this quarter had an impact of +€7 million andcomprised the DVA (the issuer spread portion of the FVA, and secured lending) amounting to +€5 million, andloan book hedging totalling +€2 million. Operating expenses rose by +4.4% (excluding SRF) to -€923 million,
mainly due to variable compensation linked to the buoyant level of business and IT investments. Gross operating
income rose sharply by +55.4% compared to the first quarter of 2023, to a high level of €835 million (+3.5%
excluding SRF, which stood at €270 million in the first quarter of 2023). The cost/income ratio was 52.5%, up+0.2 percentage point (excluding SRF) over the period. The cost of risk recorded a net reversal of €37 million(compared with an addition of -€36 million in the first quarter of 2023), impacted by a reversal of €56 million linked
to synthetic securitisations. Lastly, pre-tax income in the first quarter of 2024 stood at €872 million, versus€502 million for the first quarter of 2023. The tax charge stood at -€205 million. Lastly, stated net income Group
share rose sharply by +96.0% to €651 million in the first quarter of 2024.

Risk weighted assets at end-March 2024 were up by +€1.6 billion compared to end-December 2023, at€126.5 billion. This change was mainly due to unfavourable foreign exchange impacts and ratings.

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PRESS RELEASE – First quarter 2024

Asset servicing results
In the first quarter of 2024, revenues from asset servicing rose by +41.1% compared to the first quarter of 2023
to €508 million, including a scope effect of €108 million linked to the consolidation of ISB. This rise was driven by
a good performance in fee and commission income, boosted by the increase in assets, and by the favourable
trend in the net interest margin. Operating expenses rose by +58.0% (excluding SRF) to -€375 million, including
the ISB scope effect of -€103 million and ISB integration costs of -€20 million restated as a specific item. Gross
operating income rose sharply to €134 million (+69.1%) in the first quarter of 2024 (+8.7% excluding SRF, whichstood at -€44 million in the first quarter of 2023). The cost/income ratio excluding ISB integration costs was
69.8%, up 4.8 points (excluding SRF) compared to the first quarter of 2023. The quarter also recorded €4 million
in income from equity-accounted entities. Net income thus totalled €105 million, up +60.5% compared to the firstquarter of 2023. After the €34 million share of non-controlling interests, the business line’s contribution to net
income Group share totalled €71 million in the first quarter of 2024, up +60.5% year-on-year.

Specialised financial services activity
Crédit Agricole Consumer Finance’s (CA Consumer Finance) commercial production totalled €12 billion in
the first quarter 2024, stable since the third quarter 2023, and down -9.7% compared to the first quarter 2023,
impacted by the decline at GAC Sofinco in China. The share of automotive financing 48 in quarterly new businessproduction remained high at 52%, and the average customer rate for production rose by +23 basis points
compared to the fourth quarter of 2023. As a result, CA Consumer Finance’s assets under management stoodat €114.4 billion at end-March 2024, up +8.4% compared to end-March 2023, driven by the increase inautomotive entities (+13.1%)49. Lastly, consolidated outstandings totalled €68.1 billion at end-March 2024, up+73% year-on-year, due to the full consolidation of CA Auto Bank since the second quarter of 2023.
Crédit Agricole Leasing & Factoring’s (CAL&F) commercial production in equipment leasing was up+6.2% compared to the first quarter of 2023, supported by dynamic distribution in Poland and with the Regional
Banks. Leasing outstandings rose by +9.1% year-on-year, both in France and internationally, to reach€19.4 billion at end-March 2024 (of which €15.4 billion in France and €4.0 billion internationally). Commercial
factoring production was stable (-1.5%) compared to the first quarter of 2023, buoyed by a number of major
deals in Germany. Factoring outstandings were up +2.2% compared to end-2022, thanks to the uptrend infactored revenues (+3.8% Q1/Q1), which totalled €30.4 billion. Lastly, CAL&F’s mobility segment continues todevelop apace with the roll-out of AgilautoPartage to all the Regional Banks.

48 CA Auto Bank, automotive JVs and auto activities of other entities
49 CA Auto Bank and automotive JVs

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PRESS RELEASE – First quarter 2024

Specialised financial services’ results
Revenues from Specialised Financial Services amounted to €846 million in the first quarter of 2024, up +26.0%
compared to the first quarter of 2023, boosted by the strategic focus on Mobility, intensified from the second
quarter of 2023, and in particular by the consolidation of CA Auto Bank 50. Expenses totalled -€454 million, up+22.5% (excluding SRF)51, mainly due to the scope effect50. The cost/income ratio stood at 53.6%, an
improvement of -1.5 percentage points (excluding SRF)51 compared to the same period in 2023. Gross
operating income stood at €392 million, up +45.4% compared to the first quarter of 2023 (+30% excluding the
SRF contribution) 51. The cost of risk stood at -€219 million, up +38.1% compared to the first quarter of 2024,
but generally stable since the second quarter of 2023, despite the increase in outstandings. Net income Group
share amounted to €142 million, up +12.1% compared to the same period in 2023.
The business line contributed by 7% to the underlying net income Group share of Crédit Agricole S.A.’s corebusinesses (excluding the Corporate Centre division) in the first quarter of 2024 and 12% to underlying
revenues excluding the Corporate Centre.
At 31 March 2024, the capital allocated to the business line was €6.7 billion and its risk weighted assets were€70.4 billion.
Underlying RoNE (Return on Normalised Equity) stood at 8.3% in first quarter 2024.

Consumer finance results
CA Consumer Finance’s revenues totalled €669 million in the first quarter of 2024, up +31.2% compared to thefirst quarter of 2023, boosted by the full consolidation of CA Auto Bank since the second quarter of 2023.
Revenues, excluding the scope effect50, were down against a backdrop of contracting margins on stock (despite
the gradual rise in customer rates and production margin rates), which were only partially offset by the increasein outstandings. Expenses stood at -€355 million, up +28.0% (excluding SRF52) compared to the same period in
2023. Expenses, excluding the CA Auto Bank scope effect, remained under control, up +2.6% (excludingSRF)50,52. Gross operating income thus totalled €315 million, up +44.9% (+35% excluding SRF) 54.54. The
cost/income ratio stood at 53%, an improvement of -1.3 percentage points excluding SRF compared to the firstquarter of 2023. The cost of risk increased by +36% to -€199 million compared to the first quarter of 2023,
impacted by the integration of CA Auto Bank and the increase in outstandings of the other international entities,
but has remained stable since the second quarter of 2023. Cost of risk/outstandings stood at 117 basis
points53, down -2 basis points compared to the first quarter of 2023 (-17 basis points compared to the second
quarter of 2023). The Non Performing Loans ratio and the coverage ratio stood at 4.1% and 78.7% at end-March
2024, down -0.1 and -2.1 percentage points respectively compared to end-March 2023. The contribution fromequity-accounted entities fell by -56.8% compared to the same period in 2023, due to the full consolidation of
CA Auto Bank. The tax charge stood at -€29 million, +32% compared to the first quarter of 2023. As a result,net income Group share totalled €99 million in the first quarter of 2024, up +2.4% compared to the same period
last year.

50 CA Auto Bank scope effect Q1-24: Revenues €183m, expenses -€70m, cost of risk -€35m
51 The SFS division’s contribution to the SRF was €31 million in the first quarter of 2023.
52 The SRF contribution of CACF came to -€16 million in the first quarter of 2023
53 Cost of risk for the last four quarters as a proportion of the average outstandings at the beginning of the period for the last four quarters

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PRESS RELEASE – First quarter 2024

Leasing & Factoring results
CAL&F’s revenues totalled €177 million, up +9.5% compared to the first quarter 2023. This increase was driven
by all business lines in France and internationally, thanks in particular to volume effects (higher factored revenues
and equipment leasing outstandings), as well as favourable exchange rate impacts in Poland, along with tighter
control over margins. Expenses rose by a controlled +6.1% excluding SRF54, mainly confined to France withincreases in salaries and IT costs. The cost/income ratio stood at 56.1%, an improvement of -1.8 percentage
points excluding SRF54 compared to the first quarter of 2023. Gross operating income totalled €78 million, up+47.4% (+14% excluding SRF contribution). The cost of risk stood at -€19 million, up +65.1% compared to thesame period in 2023, due in particular to the increase in level 3 provisions. Cost of risk/outstandings stood at
21 basis points, up +2 basis points compared to the same period in 2023. The tax charge came to -€13 million,
up +10.5% compared to the first quarter of 2023, in line with business growth. As a result, net income Group
share was €44 million, up +43.1% compared to the first quarter of 2023.

Crédit Agricole S.A. Retail Banking activity
In Crédit Agricole S.A.’s Retail banking business, loan production lost momentum during the quarter amid risinginterest rates, but customer capture continued at a steady pace, and the number of customers taking out
insurance policies is high.

Retail banking activity in France
In first quarter 2024, gross customer capture stood at 83,200 new customers and net customer capture camein at 13,600 customers. The equipment rate for car, multi-risk home, health, legal, all mobile phones or personal
accident insurance rose year-on-year by +0.4 percentage point to stand at 27.8% at end-March 2024.
Against a backdrop of persistently high customer rates, loan production in the first quarter of 2024 stood at€5.1 billion, down -29% compared to the same period one year earlier. Loan production increased in the corporate
market (+29%), but fell in other markets, particularly in the home loans market (-54%) against the backdrop of aslowdown in the property market (-36% in home loan production between January/February 2024 andJanuary/February 2023, according to Banque de France). The production rate for home loans came to 4.20%,
holding steady between the first quarter of 2024 and the fourth quarter of 2023 (+4 basis points).
Outstanding loans totalled €168.1 billion at end-March 2024, up +1.5% from end-March 2023, of which +2.0%
for home loans, +2.1% for loans to small businesses, -0.2% for corporate loans and +0.2% for consumer finance.
However, outstanding loans at end-March were slightly lower than at end-December 2023 (-0.4%). Total
customer assets, which stood at €250.8 billion at end-March 2024 were also up +4.1% compared to end-March
2023. The rise was driven by off-balance sheet savings (+2.1%), which benefited from a positive market effect,and by on-balance sheet deposits (+5.2%) due to increases in passbook and term deposits (55.6% between
March 2023 and March 2024; and +7.9% between December 2023 and March 2024).

Retail banking activity in Italy
In the first quarter of 2024, CA Italy posted a gross customer capture of 50,000, while the customer base grewby around 14,000 customers. Loan outstandings at CA Italy stood at €60.1 billion 55 at the end of March 2024,
up +1.5% compared to the end of March 2023. Loan production fell by -13.2% year-on-year, but was up +24.3%
for professionals loans. Home loan production fell by -11.6%, in a depressed housing market in Italy 56. The stock
rate is stable compared to the fourth quarter of 2023. Consumer finance production 57 was down -9.8% compared
54 The SRF contribution of CAL&F came to -€15 million in the first quarter of 2023
55 Net of POCI outstandings
56 Source: Bank of Italy: -16,5% of Feb./Feb. home loan production

57

Agos

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PRESS RELEASE – First quarter 2024with the first quarter of 2023. Customer assets at end-March 2024 totalled €116.3 billion, up +4.5% comparedwith end-March 2023; on-balance sheet deposits increase +5,8% compared to last year and stable at a high levelcompared to the fourth quarter 2023, driven by demand deposits from individuals.
CA Italy’s equipment rate in car, multi-risk home, health, legal, all mobile phones or personal accident insurance
increased to 19.3%, up +2 percentage points compared with the first quarter of 2023.

International Retail Banking activity excluding Italy
For International Retail Banking excluding Italy, loan outstandings were up +4.9% at current exchange rates
at end-March 2024 compared with end-March 2023 (+4.7% at constant exchange rates). Customer assets roseby +6.3% over the same period at current rate (+9.2% at constant rate).
In Poland in particular, loan outstandings increased by +14.4% versus March 2023 (+5.3% at constant exchange
rates) and customer assets by +9.5% (-2.0% at constant exchange rates), against a backdrop of fierce
competition for deposits (impacting Retail inflows in particular). Loan production in Poland also remained strong,rising by +29.5% compared with the first quarter of 2023 at current exchange rates (up +19% at constantexchange rates).
In Egypt, loan outstandings were impacted by the devaluation of the Egyptian pound, falling by -16.7% between
end-March 2023 and end-March 2024 (+27.0% at constant exchange rates). Customer assets fell by -18.1% overthe same period (+25.0% at constant exchange rates). The surplus of deposits over loans in Poland and Egypt
amounted to €1.5 billion at 31 March 2024, and reached €3.3 billion including Ukraine.

French retail banking results
In first quarter 2024, LCL’s revenues were up +1.8% compared to first quarter 2023, at €954 million. Net interest
margin was stable compared with the first quarter of 2023, with the gradual repricing of loans and the contribution
from macro-hedging offsetting the increase in customer resources and refinancing costs. Fee and commission
income also rose significantly (+3.8%), driven by all business lines, in particular life and property and casualty
insurance and payment instruments. Charges were under control and totalled -€602 million. Excluding SRF, theyrose slightly 58 (+0.5%), reflecting increased staff costs and IT expenses due to the acceleration in investment.
The cost/income ratio remained low at 63.2%, down -0.8 percentage point excluding SRF.
Gross operating income was up +22.4%, to €351 million (+4.2% excluding SRF).
The cost of risk was up by +80% to -€119 million (including +€7 million in cost of risk on performing loans, €127 million in proven risk, and +€1 million in other risks). This increase was mainly due to corporate specificfiles. Nevertheless, the cost of risk/outstandings remained under control, at 21 basis points. The coverage ratio
stood at 59.9% at end-March 2024, down +1.7 percentage points compared to end-December 2023. The Non
Performing Loans ratio reached 2.1% at end-March 2024, stable compared to end-December 2023(+0.1 percentage point).
As a result, net income Group share increased by +14.2% compared to the first quarter of 2023.
In the end, the business line contributed 8% to the underlying net income Group share of Crédit Agricole S.A.’s
core businesses. (excluding the Corporate Centre division) in the first quarter of 2024 and 14% to underlying
revenues excluding the Corporate Centre.
At 31 March 2024, the capital allocated to the business line stood at €5.1 billion and risk weighted assets stoodat €53.5 billion. LCL’s underlying return on normalised equity (RoNE) stood at 13.3% for the first quarter of 2024.

58 SRF amounting to €50 million

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PRESS RELEASE – First quarter 2024

International Retail Banking results 59
In the first quarter of 2024, International Retail Banking revenues totalled €1,057 million, up +9.1% (+9.7% atconstant exchange rates) compared with the first quarter of 2023, driven mainly by the rise in the net interest
margin against a backdrop of rising interest rates. Operating expenses were under control despite theinflationary environment, coming in at -€505 million, or -3.5% compared with the first quarter 2023, -4.0% atconstant exchange rates. Gross operating income totalled €552 million, up +23.9% (+26.1% at constantexchange rates) for the period. Cost of risk amounted to -€82 million, down -28.2% compared to first quarter
2023 (-28,1% at constant exchange rates).
All in all, the net income Group share in CA Italy, CA Egypt, CA Poland and CA Ukraine amounted to€256.7 million in the first quarter of 2024, up +44.2% (+47.2 at constant exchange rates).

In the first quarter of 2024, the International Retail Banking business line contributed 14% to the underlying net
income Group share of Crédit Agricole S.A.’s business lines. (excluding the Corporate Centre) and 15% to underlying
revenues excluding the Corporate Centre.
As at 31 March 2024, the capital allocated to International Retail Banking was €4.4 billion and risk weighted assets
for the division totalled €46.1 billion.

Results in Italy
In first quarter 2024, Crédit Agricole Italy’s revenues stood at €775 million, up +1.8% compared to first quarter
2023. As a result of the favourable interest rate environment, net interest margin increased by +2.5% between
the first quarter of 2024 and the first quarter of 2023 and was stable compared with the fourth quarter of 2023.
Compared with the first quarter of 2023, the increase was driven by a rise in loan production rates, which roseby 19 basis points, but also by the revaluation of the rate on loans on the asset side compared with the firstquarter of 2023 (the rate on loans remained stable between the fourth quarter of 2023 and the first quarter of2024). Operating expenses came to -€382 million, up +2.8% (excluding SRF), compared with the first quarter
2023 and mainly impacted by staff costs and the renegotiation of the national collective agreement. In the firstquarter of 2024, there was no SRF contribution at CA Italy (compared with -€40 million in the first quarter of2023). All in all, gross operating income increased by +15.0% compared to the first quarter of 2023.
The cost of risk amounted to -€61 million in first quarter 2024, remaining stable compared with the first quarter of2023, of which -€50 million related to proven risk and -€7 million in provisioning for performing loans. Cost of
risk/outstandings 60 stood at 55 basis points, which was stable compared with the fourth quarter 2023. The Non
Performing Loans ratio was stable compared to fourth quarter 2023 at 3.7% and the coverage ratio at 71.5%(+1.8 percentage points compared to fourth quarter 2023). The underlying net income Group share of CA Italy
thus stood at €180 million, up +12.6% compared to first quarter 2023.
CA Italy’s underlying RoNE (return on normalised equity) was 25.1% at 31 March 2024.

International Retail Banking results – excluding Italy
In the first quarter of 2024, revenues for International Retail Banking excluding Italy totalled €283 million,
up +35.8% (+39.0% at constant exchange rates) compared to the first quarter of 2023. The increase in revenues
was strong in Egypt (+47.4% at current exchange rates and +76.3% at constant exchange rates), where interest
rates were favourable and foreign exchange activities were exceptional (against the backdrop of the devaluationof the EGP). Revenues in Poland were up +37.4% in the first quarter of 2023 (+26.2% at constant exchange
rates), boosted by a higher net interest margin. Operating expenses for International Retail Banking
excluding Italy amounted to €123.6 million, up +10.4% compared to the first quarter of 2023 (+7.7% at constantexchange rates). Gross operating income amounted to €159 million, up +65.5% (+79.7% at constant exchange
rates) compared to the first quarter of 2023. Cost of risk was -€21 million, down -61.1% at constant exchange
59 At 31 March 2024 this scope includes the entities CA Italy, CA Polska, CA Egypt and CA Ukraine.
60 Over a rolling four quarter period.

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PRESS RELEASE – First quarter 2024

rate (as a reminder, in the first quarter of 2023, a prudent provision of €33 million was made in Ukraine).
Furthermore, at end-March 2024, the coverage ratio for loan outstandings remained high in Poland and Egypt,
at 121% and 172% respectively. In Ukraine, the local coverage ratio remains prudent (316%). All in all, thecontribution of International Retail Banking excluding Italy to net income Group share was €76.7 million, x4.2
compared with the first quarter of 2023. The underlying RoNE (return on normalised equity) of Other IRB(excluding CA Italy) stood at 47.0% at 31 March 2024 vs 17,4% at 31 March 2023.

The entire Retail Banking business line contributed to 22% of the underlying net income Group share ofCrédit Agricole S.A.’s core businesses. (excluding the Corporate Centre division) in the first quarter of 2024 and
29% of underlying revenues excluding the Corporate Centre.
At 31 March 2024, the capital allocated to this business line stood at €9.6 billion and risk weighted assets
stood at €97.8 billion.

Corporate Centre results
The net income Group share of the Corporate Centre was -€107 million in first quarter 2024, up +€198 million
compared with first quarter 2023. The negative contribution of the Corporate Centre division can be analysed by
distinguishing between the “structural” contribution (-€106.5 million) and other items (-€0.5 million).
The contribution of the “structural” component increased by +€274 million from first quarter 2023 and can be
broken down into three types of activity:-

The activities and functions of the Corporate Centre of the Crédit Agricole S.A. Parent Company. The
contribution amounted to -€295 million in the first quarter of 2024, up +€91 million, including the positiveeffect of ending the SRF contribution (+€71 million).

-

The businesses that are not part of the business lines, such as CACIF (Private equity), CA Immobilier,
CATE and BforBank (equity-accounted). Their contribution, at +€184 million in the first quarter of 2024,
was up +€180 million compared to the first quarter of 2023, as it factored in the positive impact of+€202 million from the revaluation of Banco BPM securities (set at €6.17 on 31/03/2024).

-

Group support functions. Their contribution amounted to +€4 million this quarter (+€3 million comparedwith first quarter 2023).

The contribution of “other items” was down -€76 million compared to the first quarter of 2023 due to the negative
impact resulting from the elimination of intra-group securities underwritten by Amundi.
The “internal margins” effect at the time of the consolidation of the insurance activity at the Crédit Agricole level
was accounted for through the Corporate Centre. Over the quarter, the impact of internal margins was €205 million in revenues and +€205 million in expenses.
As at 31 March 2024, risk weighted assets were €28.2 billion.

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PRESS RELEASE – First quarter 2024

Financial strength
Crédit Agricole GroupAs at 31 March 2024, the phased-in Common Equity Tier 1 (CET1) ratio of Crédit Agricole Group was 17.5%,
unchanged from end-December 2023. Therefore, the Crédit Agricole Group posted a substantial buffer of
7.8 percentage points between the level of its CET1 ratio and the 9.7% SREP requirement. The fully loaded
CET1 ratio is 17.4%.
During first quarter 2024:--

The CET1 ratio benefited this quarter from an impact of +29 basis points related to retained earnings.
Changes in risk weighted assets related to business line organic growth impacted the Group’s CET1
ratio by -28 basis points (see below)
The methodology and regulatory effects are similar to those affecting Crédit Agricole S.A. and have an
impact of -3bp on CET1 ratio, in particular the gradual end of IFRS 9 transitional provisions (phasingout), which will have a negative impact of -9 basis points in the first quarter of 2024. Phasing out is
expected to end in 2025, with an impact of an additional -8 basis points expected in 2025.
Unrealised gains and/or losses, M&A and others mainly include a -1 basis point impact from theacquisition of a minority stake in Worldline.

The phased-in Tier 1 ratio stood at 18.7% while the phased-in total ratio was 21.4% at end-March 2024.
The phased-in leverage ratio stood at 5.5%, remaining stable compared to end-December 2023, but well above
the regulatory requirement of 3.5%.
Risk weighted assets for the Crédit Agricole Group amounted to €618 billion, up by +€8 billion compared to 31
December 2023. The change can be broken down by business line as follows: Retail Banking -€0.5 billion, Asset
Gathering +€2.9 billion, Specialised Financial Services +€1.8 billion, Large Customers +€4.9 billion andCorporate Centre -€1.1 billion.

Maximum Distributable Amount (MDA and L-MDA) trigger thresholds
The transposition of Basel regulations into European law (CRD) introduced a restriction mechanism for
distribution that applies to dividends, AT1 instruments and variable compensation. The Maximum Distributable
Amount (MDA, the maximum sum a bank is allowed to allocate to distributions) principle aims to place limitations
on distributions in the event the latter were to result in non-compliance with combined capital buffer requirements.
The distance to the MDA trigger is the lowest of the respective distances to the SREP requirements in CET1
capital, Tier 1 capital and total capital.
At 31 March 2024, Crédit Agricole Group posted a buffer of 710 basis points above the MDA trigger, i.e.
€44 billion in CET1 capital.
At 31 March 2024, Crédit Agricole S.A. posted a buffer of 328 basis points above the MDA trigger, i.e.
€13 billion in CET1 capital.
Failure to comply with the leverage ratio buffer requirement would result in a restriction of distributions and thecalculation of a maximum distributable amount (L-MDA).
At 31 March 2024, Crédit Agricole Group posted a buffer of 197 basis points above the L-MDA trigger, i.e.
€42 billion in Tier 1 capital.

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PRESS RELEASE – First quarter 2024

TLAC
Crédit Agricole Group must comply with the following TLAC ratio requirements at all times:-

a TLAC ratio above 18% of risk weighted assets (RWA), plus – in accordance with EU directive CRD 5 – a
combined capital buffer requirement (including, for the Crédit Agricole Group, a 2.5% capital conservationbuffer, a 1% G-SIB buffer and the counter-cyclical buffer set at 0.75% for the CA Group at 31 March 2024).
Considering the combined capital buffer requirement, the Crédit Agricole Group must adhere to a TLAC ratio
of above 22.3%;-

a TLAC ratio of above 6.75% of the Leverage Ratio Exposure (LRE).

The Crédit Agricole Group’s 2025 target is to maintain a TLAC ratio greater than or equal to 26% of RWA
excluding eligible senior preferred debt.
At 31 March 2024, Crédit Agricole Group’s TLAC ratio stood at 27.3% of RWA and 8.0% of leverage ratio
exposure, excluding eligible senior preferred debt 61, which is well above the requirements. The TLAC ratio,
expressed as a percentage of risk weighted assets, increased by 40 basis points over the quarter, in line with theincrease in equity and eligible items over the period. Expressed as a percentage of leverage exposure (LRE),
the TLAC ratio was stable compared to December 2023.
The Group thus has a TLAC ratio excluding eligible senior preferred debt that is 500 bps higher, i.e. €31 billion,
than the current requirement of 22.3% of RWA.
At end-March 2024, €4.5 billion equivalent had been issued in the market (senior non-preferred and Tier 2 debt)
as well as €1.25 billion of AT1. The amount of Crédit Agricole Group senior non-preferred securities taken into
account in the calculation of the TLAC ratio was €30.9 billion.

MREL
The required minimum levels are set by decisions of resolution authorities and then communicated to each
institution, then revised periodically. Since 1 January 2024, the Crédit Agricole Group has to meet a minimum
total MREL requirement of:-

21.71% of RWA, plus – in accordance with EU directive CRD 5 – a combined capital buffer requirement(including, for the Crédit Agricole Group, a 2.5% capital conservation buffer, a 1% G-SIB buffer and thecounter-cyclical buffer set at 0.75% for the CA Group at 31 March 2024). Considering the combined capital
buffer requirement, the Crédit Agricole Group must adhere to a total MREL ratio of above 26.0%;-

6.13% of the LRE.

At 31 March 2024, Crédit Agricole Group had a MREL ratio of 33.0% of RWA and 9.7% of leverage
exposure, well above the total MREL requirement.
An additional subordination requirement to TLAC (“subordinated MREL”) is also determined by the resolution
authorities and expressed as a percentage of RWA and LRE, in which senior debt instruments are excluded,
similar to TLAC, which ratio is equivalent to the subordinated MREL for the Crédit Agricole Group. At 31 March
2024, this subordinated MREL requirement for the Crédit Agricole Group did not exceed the TLAC requirement:
it amounted to 17.14% of RWA (plus a combined capital buffer requirement) and 6.13% of leverage ratio
exposure.
The distance to the maximum distributable amount trigger related to MREL requirements (M-MDA) is the lowestof the respective distances to the MREL, subordinated MREL and TLAC requirements expressed in RWA.
At 31 March 2024, Crédit Agricole Group had a buffer of 500 basis points above the M-MDA trigger, taking
into account the TLAC requirement applicable at 31 March 2024, i.e. €31 billion of CET1 capital.

61 As part of its annual resolvability assessment, Crédit Agricole Group has chosen to waive the possibility offered by Article 72ter(3) of the Capital

Requirements Regulation (CRR) to use senior preferred debt for compliance with its TLAC requirements in 2024.

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PRESS RELEASE – First quarter 2024

From 30 June 2024 at the latest, the Crédit Agricole Group expects to have to comply with the following MREL
requirements:-

Total MREL: 22.01% of RWA (to which is added the overall capital buffer requirement) and 6.25% of leverage
exposure;
Subordinated MREL: 18.25% of RWA (to which is added the overall capital buffer requirement) and 6.25%
of leverage exposure.

Crédit Agricole S.A.
At 31 March 2024, Crédit Agricole S.A.’s solvency ratio was higher than the Medium-Term Plan target, with aphased-in Common Equity Tier 1 (CET1) ratio of 11.8%, stable compared to end-December 2023.
Crédit Agricole S.A. therefore had a comfortable buffer of 3.3 percentage points between the level of its CET1
ratio and the 8.6% SREP requirement. The fully loaded CET1 ratio was 11.8% as well.
During first quarter 2024:-

The CET1 ratio benefited this quarter from a positive impact of +23 basis points linked to retained earnings.
This impact corresponds to net income Group share net of AT1 coupons (impact of +45 basis points) and of
the distribution of 50% of earnings, i.e. a provision for dividends of 29 euro cents per share in first quarter
2024 (-22 basis points).

-

Changes in risk-weighted assets related to business line organic growth impacted the CET1 ratio by 21 basis points, mainly in the Insurance business line (-6 basis points), with the other business lines
contributing -15 basis points.

-

Methodology and regulatory effects had a positive impact of +3 basis points on the ratio this quarter. In
particular, the phasing out of IFRS 9 transitional provisions had an impact of -5 basis points in the first quarterof 2024. Phasing out is expected to end in 2025, with an impact of an additional -5 basis points expected in
2025.

-

Unrealised gains and/or losses, M&A and others mainly include a -1 basis point impact from theacquisition of a minority stake in Worldline.

The phased-in leverage ratio was 3.9% at end-March 2024, up +0.1 percentage point from end-December 2023
and above the 3% requirement.
The phased-in Tier 1 ratio stood at 13.6% and the phased-in total ratio at 17.8% this quarter.
Risk weighted assets for Crédit Agricole S.A. amounted to €393 billion at end-March 2024, up +€5.1 billion
compared to 31 December 2023. The change can be broken down by business line as follows:
Asset Gathering posted an increase of +€2.8 billion, including €1.7 billion in RWA for Insurance due to its
income in the first quarter of 2024.
Specialised Financial Services was up +€1.6 billion, driven by growth in consumer finance.
Large Customers recorded an increase in risk-weighted assets of +€4.7 billion over the quarter, concentrated
at CACEIS for a total of +€3.1 billion, a portion of which is reversible over the coming quarters.
Retail Banking and Corporate Centre divisions posted a drop in risk-weighted assets of -€3.3 billion and €0.7 billion respectively.

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PRESS RELEASE – First quarter 2024

Liquidity and Funding
Liquidity is measured at Crédit Agricole Group level.
In order to provide simple, relevant and auditable information on the Group’s liquidity position, the banking cash
balance sheet’s stable resources surplus is calculated quarterly.
The banking cash balance sheet is derived from Crédit Agricole Group’s IFRS financial statements. It is basedon the definition of a mapping table between the Group’s IFRS financial statements and the sections of the cash
balance sheet and whose definition is commonly accepted in the marketplace. It relates to the banking scope,with insurance activities being managed in accordance with their own specific regulatory constraints.
Further to the breakdown of the IFRS financial statements in the sections of the cash balance sheet, netting
calculations are carried out. They relate to certain assets and liabilities that have a symmetrical impact in termsof liquidity risk. Deferred taxes, fair value impacts, collective impairments, short-selling transactions and otherassets and liabilities were netted for a total of €54 billion at end-March 2024. Similarly, €143 billion in
repos/reverse repos were eliminated insofar as these outstandings reflect the activity of the securities desk
carrying out securities borrowing and lending operations that offset each other. Other nettings calculated in orderto build the cash balance sheet – for an amount totalling €170 billion at end-March 2024 – relate to derivatives,
margin calls, adjustment/settlement/liaison accounts and to non-liquid securities held by corporate andinvestment banking and are included in the “Customer-related trading assets” section.
Note that deposits centralised with Caisse des Dépôts et Consignations are not netted in order to build the cash
balance sheet; the amount of centralised deposits (€101 billion at end-March 2024) is booked to assets under“Customer-related trading assets” and to liabilities under “Customer-related funds”.
In a final stage, other restatements reassign outstandings that accounting standards allocate to one section,
when they are economically related to another. As such, Senior issuances placed through the banking networks
as well as financing by the European Investment Bank, the Caisse des Dépôts et Consignations and otherrefinancing transactions of the same type backed by customer loans, which accounting standards would classify
as “Medium long-term market funds”, are reclassified as “Customer-related funds”.
Note that for Central Bank refinancing transactions, outstandings related to the T-LTRO (Targeted Longer-Term
Refinancing Operations) are included in “Long-term market funds”. In fact, T-LTRO 3 transactions are similar to
long-term secured refinancing transactions, identical from a liquidity risk standpoint to a secured issuance.
Medium to long-term repurchase agreements are also included in “Long-term market funds”.
Finally, the CIB’s counterparties that are banks with which we have a commercial relationship are considered ascustomers in the construction of the cash balance sheet.
Standing at €1,718 billion at 31 March 2024, the Group’s banking cash balance sheet shows a surplus of stable
funding resources over stable application of funds of €186 billion, down -€4 billion compared with end
December 2023 after repayment of TLTROs in March (€21 billion).
Total TLTRO 3 outstandings for Crédit Agricole Group amounted to €5.8 billion62 at 31 March 2024, down-€21 billion62, which were repaid during the quarter. It should be noted, with regard to the position in stable
resources, that internal management excludes the temporary surplus of stable resources provided by theincrease in T-LTRO 3 outstandings in order to secure the Medium-Term Plan’s target of €110 billion to€130 billion, regardless of the repayment strategy.
Furthermore, given the excess liquidity, the Group remained in a short-term lending position at 31 March 2024
(central bank deposits exceeding the amount of short-term net debt).

62 Including CA Auto Bank

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PRESS RELEASE – First quarter 2024

Medium-to-long-term market resources were €262 billion at 31 March 2024, down -€1 billion compared to
end-December 2023. Issuances of senior preferred and senior non-preferred debt offset the repayment of TLTRO 3 in December 2023.
They included senior secured debt of €82 billion, senior preferred debt of €122 billion, senior non-preferred debtof €35 billion and Tier 2 securities amounting to €23 billion.
The Group’s liquidity reserves, at market value and after haircuts, amounted to €476 billion at 31 March
2024, up +€31 billion compared with 31 December 2023.
They covered short-term net debt more than two times over (excluding the replacements with Central Banks).
The increase in liquidity reserves was mainly due to:•••Collateral release following the TLTRO repayment for +€19 billion
Increase in the HQLA securities portfolio, mainly at CACEIS and Regional Banks for +€8 billion
The increase in Central Bank deposits for +€4 billion, mainly linked to cash management at
Crédit Agricole CIB and CA Consumer FinanceCrédit Agricole Group also continued its efforts to maintain immediately available reserves (after recourse to ECB
financing). Central bank eligible non-HQLA assets after haircuts amounted to €154 billion.
Credit institutions are subject to a threshold for the LCR ratio, set at 100% on 1 January 2018.
At 31 March 2024, the end of month LCR ratios were 141.7% for the Crédit Agricole Group (representing asurplus of €92.7 billion) and 146% for Crédit Agricole S.A. (representing a surplus of €88.9 billion). They werehigher than the Medium-Term Plan target (around 110%).
In addition, the NSFR of Crédit Agricole Group and Crédit Agricole S.A. exceeded 100%, in accordance withthe regulatory requirement applicable since 28 June 2021 and above the Medium-Term Plan target (>100%).

The Group continues to follow a prudent policy as regards medium-to-long-term refinancing, with a very
diversified access to markets in terms of investor base and products.
In the first quarter of 2024, the Group’s main issuers raised the equivalent of €27.2 billion63,64 in mediumto-long-term debt on the markets, 56% of which was issued by Crédit Agricole S.A. In particular, the following
amounts are noted for the Group:ooooCrédit Agricole CIB issued €6.7 billion in structured format;
Crédit Agricole Consumer Finance issued €0.9 billion equivalent in EMTN issues throughCrédit Agricole Auto Bank (CAAB);
CA Italy issued two senior secured debt issues for a total of €1.5 billion, of which €500 million ingreen format
Crédit Agricole next bank (Switzerland) issued two tranches in senior secured format for a total of
200 million Swiss francs, of which 100 million Swiss francs in green format

The Group’s medium-to-long-term financing can be broken down into the following categories:oooo€7.1 billion in secured financing;€11.8 billion in plain-vanilla unsecured financing;€6.7 billion in structured financing;€1.7 billion in long-term institutional deposits and CDs.

In addition, €6.7 billion was raised through off-market issuances, split as follows:

63 Gross amount before buy-backs and amortisations
64 Excl. AT1 issuances

26/37

PRESS RELEASE – First quarter 2024ooo€5.2 billion from banking networks (the Group’s retail banking or external networks);€0.2 billion from supranational organisations or financial institutions;€1.3 billion from national refinancing vehicles (including the credit institution CRH).

In the first quarter of 2024, Crédit Agricole S.A. raised the equivalent of €15.2 billion on the market63,64
representing 58% of its 2024 refinancing programme:
The bank raised the equivalent of €15.2 billion, of which €3 billion in senior non-preferred debt and €1.5 billion in
Tier 2 debt, as well as €5.9 billion in senior preferred debt and €4.8 billion in senior secured debt at end-March.
The financing comprised a variety of formats and currencies, including:
o
o
o
o
o
o

€2.8 billion 65;
4.85 billion US dollars (€4.45 billion equivalent);
0.6 billion pounds sterling (€0.7 billion equivalent);
157 billion Japanese yen (€0.97 billion equivalent);
0.4 billion Swiss francs (€0.43 billion equivalent);
1.75 billion Australian dollars (€1.1 billion equivalent).

At end-March, Crédit Agricole S.A. had issued 73% of its funding plan in currencies other than the euro 66,67.
In addition, on 2 January 2024, Crédit Agricole S.A. issued a PerpNC6 AT1 bond for €1.25 billion at an initial rateof 6.5% and announced the repayment of AT1 (144A: US225313AD75 & RegS: USF22797RT78) at the 1st Call
Date on 23/01/2024 for $1.75 billion.
Since end-March, €2.6 billion of additional funding has been raised, of which one senior secured issuance for€1.25 billion, one Tier 2 debt issue for €1 billion and one Panda Bond issuance in senior preferred format for€0.3 billion equivalent. Hence, at end-April, the amount issued was €17.7 billion, i.e. 68% 68 of the 2024 fundingplan.

65 Excl. senior secured debt
66 Excl. senior secured debt
67 Excl. AT1 issuances
68 Excl. AT1 issuances

27/37

PRESS RELEASE – First quarter 2024

Appendix 1 – Specific items, Crédit Agricole Group andCrédit Agricole S.A.
Crédit Agricole Group – Specific items, Q1-2024 and Q1-2023
Q1-24€m
DVA (LC)
Loan portfolio hedges (LC)Home Purchase Savings Plans (LCL)
Home Purchase Savings Plans (CC)
Home Purchase Savings Plans (RB)
Total impact on revenues
ISB integration costs (LC)Total impact on operating expenses
Provision for risk Ukraine (IRB)
Total impact on cost of credit risk
Degroof Petercam aquisition costs (AG)Total impact on Net income on other assets
Total impact of specific items
Asset gathering
French Retail banking
International Retail banking
Specialised financial services
Large customers
Corporate centre

Q1-23

Gross
impact*Impacton
NetincomeGross
impact*Impacton
Netincome

5
2
(0)
2
41
50
(20)
(20)
(20)
(20)
(8)
(8)

4
1
(0)
1
30
37
(10)
(10)
(20)
(20)
(6)
(6)

(8)
(24)
(32)
-

(6)
(18)
(24)
-

2
(8)
41
(20)
(12)
2

1
(6)
30
(20)
(5)
1

(32)
(32)
-

(24)
(24)
-

* Impact before tax and before non-controlling interests

28/37

PRESS RELEASE – First quarter 2024

Crédit Agricole S.A. – Specific items Q1-2024 and Q1-2023
Q1-24
€m

5
2
2
(0)
9
(20)
(20)
(20)
(20)
(8)
(8)

Impacton
Netincome
4
1
1
(0)
6
(10)
(10)
(20)
(20)
(6)
(6)

(39)
(8)
2
(20)
(12)
(0)

(30)
(6)
1
(20)
(5)
(0)

Gross
impact*DVA (LC)
Loan portfolio hedges (LC)Home Purchase Savings Plans (FRB)
Home Purchase Savings Plans (CC)Total impact on revenues
ISB integration costs (LC)Total impact on operating expenses
Provision for risk Ukraine (IRB)
Total impact on cost of credit risk
Degroof Petercam aquisition costs (AG)Total impact Net income on other assets
Total impact of specific items
Asset gathering
French Retail banking
International Retail banking
Specialised financial services
Large customers
Corporate centre

Q1-23

(8)
(24)
(32)
-

Impacton
Netincome
(6)
(17)
(23)
-

(32)
(32)
-

(23)
(23)
-

Gross
impact** Impact before tax and before non-controlling interests

29/37

PRESS RELEASE – First quarter 2024

Appendix 2 – Crédit Agricole Group: results by businesslines
Crédit Agricole Group – Contribution by business line, Q1-2024 and Q1-2023
Q1-24 (stated)
€m

RB

LCL

IRB

AG

SFS

LC

CC

Total

Revenues

3,314

954

1,081

1,793

846

2,266

(728)

9,525

Operating expenses excl. SRF(2,484)

(602)

(524)

(754)

(454)

(1,297)527(5,589)

SRF

-

-

-

-

-

-

-

-

Gross operating income

830

351

556

1,039

392

969

(201)

3,936

Cost of risk

(247)

(119)

(84)

(3)

(219)

33

(13)

(651)

Cost of legal risk

-

-

-

-

-

-

-

-

Equity-accounted entities

5

-

-

29

30

4

-

68

Net income on other assets

2

2

(0)

(8)

(0)

0

(2)

(7)

Income before tax

589

234

472

1,056

203

1,006

(216)

3,347

Tax

(147)

(53)

(143)

(220)

(42)

(235)

85

(755)

Net income from discont'd or held-for-sale ope.

-

-

-

-

-

-

-

-

Net income

442

181

330

837

161

772

(131)

2,592

Non controlling interests

(0)

(0)

(51)

(112)

(19)

(34)

7

(208)

Net income Group Share

442

181

279

725

142

738

(123)

2,384

LC

CC

Total

Q1-23 (stated)
€m

RB

LCL

AG

IRB

SFS

Revenues

3,333

936

1,745

989

672

2,051

(800)

8,927

Operating expenses excl. SRF(2,441)

(599)

(715)

(501)

(371)

(1,121)464(5,284)

SRF

(113)

(50)

(6)

(40)

(31)

(314)

(72)

(626)

Gross operating income

779

287

1,024

449

270

616

(408)

3,018

Cost of risk

(172)

(66)

(1)

(115)

(158)

(36)

0

(548)

Cost of legal risk

-

-

-

-

-

-

-

-

Equity-accounted entities

7

-

22

0

74

4

0

108

Net income on other assets

1

(0)

0

0

(1)

5

(1)

4

Income before tax

616

221

1,045

334

184

589

(408)

2,581

Tax

(196)

(63)

(231)

(98)

(34)

(183)

94

(711)

Net income from discont'd or held-for-sale ope.

-

-

-

2

0

-

-

2

Net income

420

159

815

238

150

405

(315)

1,872

Non controlling interests

0

(0)

(111)

(40)

(23)

(19)

(9)

(204)

Net income Group Share

420

158

703

198

127

386

(324)

1,669

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PRESS RELEASE – First quarter 2024

Appendix 3 – Crédit Agricole S.A.: Results by businessline
Crédit Agricole S.A. – Contribution by business line, Q1-2024 et Q1-2023
Q1-24 (stated)€mAG

Revenues

1,789

2,266

Operating expenses excl. SRF(754)(1,297)

SRF

LC

FRB
(LCL)

IRB

CC

846

954

1,057

(107)

6,806

(454)

(602)

(505)

(56)

(3,669)

SFS

Total

-

-

-

-

-

-

-

Gross operating income

1,035

969

392

351

552

(163)

3,137

Cost of risk

(3)

33

(219)

(119)

(82)

(11)

(400)

Equity-accounted entities

29

4

30

-

-

(20)

43

Net income on other assets

(8)

0

(0)

2

(0)

-

(6)

Income before tax

1,053

1,006

203

234

470

(194)

2,773

Tax

(220)

(235)

(42)

(53)

(142)

82

(610)

Net income from discontinued or held-for-sale operations

-

-

-

-

-

-

-

Net income

834

772

161

181

328

(112)

2,163

Non controlling interests

(117)

(50)

(19)

(8)

(71)

5

(259)

Net income Group Share

716

722

142

173

257

(107)

1,903

IRB

CC

Total

Q1-23 (stated)
FRB
(LCL)

€m

AG

Revenues

1,746

2,051

672

936

969

(253)

6,121

Operating expenses excl. SRF(715)(1,121)

(371)

(599)

(484)

(39)

(3,328)

SRF

(6)

(314)

(31)

(50)

(40)

(72)

(513)

Gross operating income

1,024

616

270

287

445

(363)

2,280

Cost of risk

(1)

(36)

(158)

(66)

(114)

1

(374)

Equity-accounted entities

22

4

74

-

0

(14)

86

Net income on other assets

0

5

(1)

(0)

0

-

4

Income before tax

1,046

589

184

221

332

(376)

1,996

Tax

(232)

(183)

(34)

(63)

(98)

88

(521)

-

-

0

-

2

-

2

Net income from discontinued or held-for-sale operations

LC

SFS

Net income

814

406

150

159

236

(287)

1,476

Non controlling interests

(115)

(29)

(23)

(7)

(58)

(17)

(250)

Net income Group Share

698

376

127

151

178

(305)

1,226

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PRESS RELEASE – First quarter 2024

Appendix 4 – Data per share
Crédit Agricole S.A. – Earnings p/share, net book value p/share and RoTE(€m)
Net income Group share - stated- Interests on AT1, including issuance costs, before tax- Foreign exchange impact on reimbursed AT1
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

[A]
[B]

Q1-24
1,903
(138)
(247)
1,518
3,018

Q1-23
1,226
(141)
1,085
3,024

[A]/[B]

0.50 €

0.36 €

[C]

1,933
1,548

1,249
1,108

[C]/[B]

0.51 €

0.37 €

31/03/2024
72,429(7,184)
1,021(3,181)31/03/2023
69,138(7,239)1,237(3,175)63,08659,962(17,280)(16,960)(€m)
Shareholder's equity Group share- AT1 issuances- Unrealised gains and losses on OCI - Group share- Payout assumption on annual results*
Net book value (NBV), not revaluated, attributable to ordin. sh.

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

[E]45,80743,002

Total shares in issue, excluding treasury shares (period end, m)
NBV per share , after deduction of dividend to pay (€)+ Dividend to pay (€)
NBV per share , before deduction of dividend to pay (€)
TNBV per share, after deduction of dividend to pay (€)
TNBV per sh., before deduct. of divid. to pay (€)* dividend proposed to the Board meeting to be paid** including goodwill in the equity-accounted entities(€m)
Net income Group share - statedImpairment of intangible assets
IFRIC

[F]
[D]/[F][H]

3,025.6
20.9 €
1.05 €
21.9 €
15.1 €
16.2 €

3,024.0
19.8 €
1.05 €
20.9 €
14.2 €
15.3 €

Q1-24
1,903
0
-110

Q1-23
1,226
0
-549

7,944

6,553

[O]

-799

-564

[P] = [N]+[O][J]= [P] / [J][Q][R] = ([Q][M])*4+[M][S] = [R]+[O]= [S] / [J]7,145
44,671
16.0%
1,933

5,989
42,306
14.2%
1,249

8,063

6,645

7,264
16.3%

6,081
14.4%

Stated NIGS annualised
Interests on AT1, including issuance costs, before tax, foreignexchange impact, annualisedStated result adjusted
Tangible NBV (TNBV), not revaluated attrib. to ord. sh. - avg *** (3)Stated ROTE adjusted (%)
Underlying Net income Group share
Underlying NIGS annualised
Underlying NIGS adjusted
Underlying ROTE adjusted(%) (1) (2)*** including assumption of dividend for the current exercise[G]=[E]/[F][G]+[H]

[K]
[L]
[M]
[N] = ([K]-[L][M])*4+[M]

0.0%(1) Underlying : see appendixes for more details on specific items(2) Underlying ROTE calculated on the basis of an annualised underlying net income Group share and linearised
IFRIC costs over the year
(3) Average of the NTBV not revalued attributable to ordinary shares calculated between 31/12/2023 and31/03/2024, (line [E]), restated with an assumption of dividend for current exercise

32/37

PRESS RELEASE – First quarter 2024

Alternative Performance Indicators

69

NBV Net Book Value (not revaluated)
The Net Book Value not revaluated corresponds to the shareholders’ equity Group share from which
the amount of the AT1 issues, the unrealised gains and/or losses on OCI Group share and the pay-out
assumption on annual results have been deducted.

NBV per share Net Book Value per share – NTBV Net Tangible Book Value pershare
One of the methods for calculating the value of a share. This represents the Net Book Value divided by
the number of shares in issue at end of period, excluding treasury shares.
Net Tangible Book Value per share represents the Net Book Value after deduction of intangible assets
and goodwill, divided by the number of shares in issue at end of period, excluding treasury shares.

EPS Earnings per ShareThis is the net income Group share, from which the AT1 coupon has been deducted, divided by theaverage number of shares in issue excluding treasury shares. It indicates the portion of profit attributableto each share (not the portion of earnings paid out to each shareholder, which is the dividend). It may
decrease, assuming the net income Group share remains unchanged, if the number of shares increases.

Cost/income ratio
The cost/income ratio is calculated by dividing operating expenses by revenues, indicating the
proportion of revenues needed to cover operating expenses.

Cost of risk/outstandings
Calculated by dividing the cost of credit risk (over four quarters on a rolling basis) by outstandings (overan average of the past four quarters, beginning of the period). It can also be calculated by dividing theannualised cost of credit risk for the quarter by outstandings at the beginning of the quarter. Similarly,
the cost of risk for the period can be annualised and divided by the average outstandings at the
beginning of the period.
Since the first quarter of 2019, the outstandings taken into account are the customer outstandings,
before allocations to provisions.
The calculation method for the indicator is specified each time the indicator is used.

Doubtful loan
A doubtful loan is a loan in default. The debtor is considered to be in default when at least one of thefollowing two conditions has been met:-a payment generally more than 90 days past due, unless specific circumstances point to the factthat the delay is due to reasons independent of the debtor’s financial situation.

-

the entity believes that the debtor is unlikely to settle its credit obligations unless it avails itself ofcertain measures such as enforcement of collateral security right.

Impaired loan
Loan which has been provisioned due to a risk of non-repayment.

MREL
The MREL (Minimum Requirement for Own Funds and Eligible Liabilities) ratio is defined in theEuropean “Bank Recovery and Resolution Directive” (BRRD). This Directive establishes a framework
for the resolution of banks throughout the European Union, with the aim to provide resolution authorities

69 APMs are financial indicators not presented in the financial statements or defined in accounting standards but used in the context offinancial communications, such as underlying net income Group share or RoTE. They are used to facilitate the understanding of thecompany’s actual performance. Each APM indicator is matched in its definition to accounting data.

33/37

PRESS RELEASE – First quarter 2024with shared instruments and powers to pre-emptively tackle banking crises, preserve financial stability
and reduce taxpayers’ exposure to losses. Directive (EU) 2019/879 of 20 May 2019 known as “BRRD2”
amended the BRRD and was transposed into French law by Order 2020-1636 of 21 December 2020.
The MREL ratio corresponds to an own funds and eligible liabilities buffer required to absorb losses inthe event of resolution. Under BRRD2, the MREL ratio is calculated as the amount of eligible capital andliabilities expressed as a percentage of risk weighted assets (RWA), as well as a leverage ratio exposure(LRE). Are eligible for the numerator of the total MREL ratio the Group’s regulatory capital, as well as
eligible liabilities issued by the corporate centre and the Crédit Agricole network affiliated entities, i.e.
subordinated notes, senior non-preferred debt instruments and certain senior preferred debt instrumentswith residual maturities of more than one year.

Impaired (or non-performing) loan coverage ratio
This ratio divides the outstanding provisions by the impaired gross customer loans.

Impaired (or non-performing) loan ratio
This ratio divides the impaired gross customer loans on an individual basis, before provisions, by the
total gross customer loans.

TLAC
The Financial Stability Board (FSB) has defined the calculation of a ratio aimed at estimating theadequacy of the bail-in and recapitalisation capacity of Global Systemically Important Banks (G-SIBs).
This Total Loss Absorbing Capacity (TLAC) ratio provides resolution authorities with the means toassess whether G-SIBs have sufficient bail-in and recapitalisation capacity before and during resolution.
It applies to Global Systemically Important Banks, and therefore to Crédit Agricole Group. Agricole. The
TLAC ratio requirement was transposed into European Union law via CRR2 and has been applicablesince 27 June 2019.
The Group’s regulatory capital as well as subordinated notes and eligible senior non-preferred debt withresidual maturities of more than one year issued by Crédit Agricole S.A. are eligible for the numeratorof the TLAC ratio.

Net income Group share
Net income/(loss) for the financial year (after corporate income tax). Equal to net income Group share,less the share attributable to non-controlling interests in fully consolidated subsidiaries.

Underlying Net income Group share
The underlying net income Group share represents the stated net income Group share from which
specific items have been deducted (i.e., non-recurring or exceptional items) to facilitate theunderstanding of the company’s actual earnings.

Net income Group share attributable to ordinary shares
The net income Group share attributable to ordinary shares represents the net income Group sharefrom which the AT1 coupon has been deducted, including issuance costs before tax.

RoTE Return on Tangible Equity
The RoTE (Return on Tangible Equity) measures the return on tangible capital by dividing the Net
income Group share annualised by the group’s NBV net of intangibles and goodwill. The annualised Net
income Group share corresponds to the annualisation of the Net income Group share (Q1x4; H1x2;
9Mx4/3) excluding impairments of intangible assets and restating each period of the IFRIC impacts inorder to linearise them over the year.

34/37

PRESS RELEASE – First quarter 2024

Disclaimer
The financial information on Crédit Agricole S.A. and Crédit Agricole Group for first quarter 2024
comprises this presentation and the attached appendices and press release which are available on thewebsite: https://www.credit-agricole.com/en/finance/finance/financial-publications.
This presentation may include prospective information on the Group, supplied as information on trends.
This data does not represent forecasts within the meaning of EU Delegated Act 2019/980 of 14 March
2019 (Chapter 1, article 1, d).
This information was developed from scenarios based on a number of economic assumptions for agiven competitive and regulatory environment. Therefore, these assumptions are by nature subject torandom factors that 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 three-month period ending 31 March 2024 have been prepared inaccordance with IFRS as adopted in the European Union and applicable at that date, and with theapplicable regulations in force. This financial information does not constitute a set of financial statements
for an interim period as defined by 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 notchanged materially since the Crédit Agricole S.A. 2023 Universal Registration Document and its A.01
update (including all regulatory information about the Crédit Agricole Group) filed with the AMF (theFrench Financial Markets Authority).
The sum of values contained in the tables and analyses may differ slightly from the total reported due
to rounding.

35/37

PRESS RELEASE – First quarter 2024

Other information
Crédit Agricole S.A.’s Combined General Meeting will take place on 22 May 2024 in Orléans.
As announced at the time of the publication of Crédit Agricole S.A.’s 2023 results, the Board of Directors
will propose to the General Meeting a cash dividend of €1.05 per share•

29 May: ex-dividend date•

30 May: Record date•

31 May: Dividend payment

36/37

PRESS RELEASE – First quarter 2024

Financial Agenda
22 May 2024
1 August 2024
6 November 2024

General Meeting in Orléans
Publication of 2024 second quarter and first half results
Publication of the 2024 third quarter and first nine months results

Contacts
CREDIT AGRICOLE PRESS CONTACTS
Alexandre Barat
Olivier Tassain
Mathilde Durand
Bénédicte Gouvert+ 33 1 57 72 12 19+ 33 1 43 23 25 41+ 33 1 57 72 19 43+ 33 1 49 53 43 64

alexandre.barat@credit-agricole-sa.fr
olivier.tassain@credit-agricole-sa.fr
mathilde.durand@credit-agricole-sa.fr
benedicte.gouvert@ca-fnca.fr

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

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

Cécile Mouton+ 33 1 57 72 86 79

cecile.mouton@credit-agricole-sa.fr

Equity investor relations:Jean-Yann Asseraf
Fethi Azzoug
Joséphine Brouard
Oriane Cante
Nicolas Ianna
Leila Mamou
Anna Pigoulevski+ 33 1 57 72 23 81+ 33 1 57 72 03 75+ 33 1 43 23 48 33+ 33 1 43 23 03 07+ 33 1 43 23 55 51+ 33 1 57 72 07 93+ 33 1 43 23 40 59

jean-yann.asseraf@credit-agricole-sa.fr
fethi.azzoug@credit-agricole-sa.fr
josephine.brouard@credit-agricole-sa.fr
oriane.cante@credit-agricole-sa.fr
nicolas.ianna@credit-agricole-sa.fr
leila.mamou@credit-agricole-sa.fr
anna.pigoulevski@credit-agricole-sa.fr

Credit investor and rating agency relations:
Rhita Alami Hassani+ 33 1 43 23 15 27
Gwenaëlle Lereste+ 33 1 57 72 57 84
Florence Quintin de Kercadio+ 33 1 43 23 25 32

rhita.alamihassani@credit-agricole-sa.fr
gwenaelle.lereste@credit-agricole-sa.fr
florence.quintindekercadio@credit-agricolesa.fr

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