Montrouge, 14 February 2020

Results for the fourth quarter and full year 2019

Historic level for annual results
Crédit Agricole S.A.
Underlying revenues1

Q4: €5,184m+7.7% Q4/Q4

2019: €20,339m+3.3% 2019/2018














Underlying net income2

Underlying ROTE

11.9%

Q4: €1,318m+23.5% Q4/Q4

CET1 ratio+4.0% 2019/2018+0.4 pp Dec./Sept., well above the
MTP target

2019: €4,582m

12.1%

Stated net income up sharply, in Q4: €1,661m (+64.9% Q4/Q4) and in 2019: €4,844m (+10.1% 2019/2018);
Favourable decision by the French Council of State on Emporiki (+€1,038m) and partial impairment of goodwill on LCL(-€611m) classified as specific items (for a total of +€343 m in net income Group share Q4-2019, compared to -€59m in
Q4-2018);
Underlying income1 up in the quarter (+23.5% Q4/Q4) and the year (+4.0% 2019/2018), historic level in 2019;
High profitability: Underlying ROTE3 2019: 11.9%;
Underlying EPS: Q4 2019: €0.42, +28.1% Q4/Q4, 2019: €1.39 +0.1% 2019/2018 (+2.9% excluding foreignexchange impact on the AT1 coupons in Q3 2019);
Dividend proposed at the General Meeting up +1.4% 2019/2018 at €0.70;
Positive contribution of all business lines to the annual growth in results; underlying revenues up (+7.7%
Q4/Q4 and +3.3% 2019/2018), in a more positive market context in 2019. Return of the cost of credit risk to a normal
level (32 basis points4)
Significantly positive jaws (+5.5 pp Q4/Q4) and improvement in the underlying cost/income ratio excluding
ratio SRF5 (from -3.4 pp to 62.6% in Q4 and from -1.1 pp to 61.0% in 2019);
CET1 ratio up by +0.4 pp in Q4 to 12.1%, enabling an initial 35% dismantling of the Switch mechanism in Q1-2020,
which is anti-dilutive for Crédit Agricole S.A.; Decline in risk-weighted assets in the business lines in Q4-2019.

Crédit Agricole Group*

Underlying revenues1

Underlying net income2

Q4: €8,602m

Q4: €1,986m

15.9%+6.7% Q4/Q4+22.1% Q4/Q4+0.4 pp Dec./Sept.
+6.2 pp above SREP6

2019: €33,790m

2019: €7,191m+3.0% 2019/2018+5.0% 2019/2018

CET1 ratio

Stated net income Group share2 for Q4: €2,186m, +39.2% Q4/Q4 (2019: €7,198m, +5.2% 2019/2018);
Regional Banks: increase of the underlying net income Group share1 (+26.6% Q4/Q4, +8.1% 2019/2018), cost ofrisk at 10 bp4.
First implementation of the Group project €9 billion in Group revenue synergies (+€0.3 billion), dynamic
customer acquisition in France and Italy ( 1 800 000 individuals and entrepreneurs), international development ofbusiness lines (Amundi, CACF, CAA, CACEIS) through signing or strengthening of partnerships.
* Crédit Agricole S.A. and 100% of Regional Banks.

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 55.9% of Crédit Agricole S.A. Please see p. 20 onwards of this press release for details of specific items, which are restated in thevarious indicators to calculate underlying income. A reconciliation between the stated income statement and the underlying income statement can be found from p. 26
onwards for Crédit Agricole Group and from p. 22 onwards for Crédit Agricole S.A.

1 In this press release, the term “underlying” refers to intermediary balances adjusted for the specific items described on p.30 onwards
2 Net income Group share
3 Underlying, excluding specific items, see p. 20 onwards for more details on specific items and p. 30 for the calculation of the ROTE
4 Average over last four rolling quarters, annualised
5 Contribution to Single Resolution Funds (SRF)
6 Based on the 9.7% SREP requirement (including countercyclical buffer)

Results for the fourth quarter and full year 2019

1/32

Crédit Agricole S.A.
Strong increase in underlying quarterly net income Group share--

Sharp increase in reported results: Q4-2019: €1,661m, +64.9% Q4/Q4; 2019: €4,844 m, +10.1% 2019/2018.
Favourable decision by the French Conseil d’Etat on Emporiki (+€1,038m) and partial impairment of goodwill on LCL(-€611m) classified as specific items (for a total of +€343m in net income Group share Q4-2019, compared to -€59m
in Q4-2018);
Underlying net income1 up in the quarter (1 318 m€, +23.5% Q4/Q4) and over the year (4 582 m€, +4.0%
2019/2018), an historic level for underlying net income Group share in 2019 (€4,582m).

Profitability at a high level: Underlying ROTE at 11.9%
Dividend up +1.4% 2019/2018, to €0.70-

Underlying EPS: Q4-2019: €0.42, +28.1% Q4/Q4; 2019: €1.39, +0.1% 2019/2018 (+2.9% excluding foreignexchange impact on AT1 coupons in Q3-2019);
Performance and regularity of the dividend: dividend proposed at the General Meeting up +1.4% 2019/2018 to€0.70 (distribution policy confirmed).

Strong commercial activity in all business lines-

Record net inflows in Asset management, positive market effect; premium income up +7.7% in property andcasualty and +8.7% in personal protection in 2019;
Strong customer acquisition in Retail banking in France and Italy (1 800 000 individuals and entrepreneurs in 2019),
dynamic growth in savings and loans (+6.7% Dec./Dec. in France and Italy in the retail networks);
High business production in consumer finance (+4.0% of outstandings under management Dec./Dec.), leasing
production at its highest level since 2014;
Dynamic commercial activity in capital markets, in a market environment that became more favourable in 2019;high level of activity in structured finance; increase in assets under custody and administration in asset servicing.

Positive contribution of the business lines to income growth in 2019-

Underlying revenues up (+7.7% Q4/Q4 and +3.3% 2019/2018);
Significantly positive jaws (+5.5 pp Q4/Q4), improvement in the underlying cost/income ratio excluding SRF7 (by-3.4 pp to 62.6% in Q4 and -1.1 pp to 61.0% in 2019) despite development investments in the Asset gatheringbusiness line;
Decline in risk-weighted assets in business lines Q4-2019 (-2.0% Dec./Sept.), thanks to securitisationtransactions in corporate and investment banking, without calling into question the level of activity;
Return of the cost of credit risk to a normal level (32 basis points).

Financial strength: CET1 ratio at 12.1% (+0.4 pp Dec/Sept), allowing for a partial
dismantling of 35% of the Switch mechanism in Q1-2020, accretive for CAsa
Group project and MTP 2022
Implementation of the Group project and MTP initiated, strengthening ofbusiness line partnerships-

Group revenue synergies at €9 billion, up €0.3 billion, mainly driven by insurance;
Customer project: growth of the net promoter score of Regional Banks and LCL, launch of innovative offerings,
intensification of digital customer relations, 500,000 customers met as part of the Trajectoires Patrimoine initiative;
Human-centric project: Crédit Agricole Group is ranked first in financial services in France for diversity by the
Financial Times;
Societal project: Crédit Agricole S.A. issued a €1 billion Green bond, and Crédit Agricole Home Loan SFH issued
a €1.25 billion Green covered bond;International development of business lines via partnerships (CACEIS Santander, CACEIS KAS Bank, CAA
Abanca, CACF BBPM, CACF Bank, CAC FCA Bank, Amundi Sabadell, Amundi Bank of China)

7 Contribution to Single Resolution Funds (SRF)

Results for the fourth quarter and full year 2019

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Crédit Agricole S.A.'s Board of Directors, chaired by Dominique Lefebvre, met on 13 February 2020 to examine
the financial statements for the fourth quarter and full year 2019.
In the fourth quarter of 2019, stated net income Group share reached €1,661 million, versus€1,008 million in the fourth quarter of 2018. The specific items recorded this quarter generated a positive net
impact of +€343 million on net income Group share. For the record, they had a limited negative impact of €59 million in the fourth quarter of 2018.
Excluding these specific items, underlying net income Group share for fourth quarter 2019 came to€1,318 million, a strong increase of +23.5% compared to fourth quarter 2018.
Underlying earnings per share stood at €0.42 in the fourth quarter of 2019, up +28.1% compared to fourth
quarter 2018.

Crédit Agricole S.A. - Stated and underlying results, Q4-19 and Q4-18
Q4-19
stated

In €m

Q4-18
statedVar Q4/Q4
statedQ4-19
underlying

Q4-18
underlying

Var Q4/Q4
underlying

Revenues

5,119

4,853

+5.5%

5,184

4,814

+7.7%

Operating expenses excl.SRF(3,260)(3,213)+1.5%(3,244)(3,175)

+2.2%

SRF

(0)

-

n.m.

(0)

-

n.m.

Gross operating income

1,859

1,641

+13.3%

1,940

1,640

+18.3%

Cost of risk

(340)

(246)

+38.0%

(340)

(246)

+38.0%

Cost of legal risk

-

(75)

(100.0%)-(75)(100.0%)Equity-accounted entities

767

x 10.3

76

74

+2.6%

Net income on other assets

1456(74.7%)

20

56(63.7%)

Change in value of goodwill

(589)

-

n.m.

-

-

n.m.

Income before tax

1,021

1,383

(26.2%)

1,697

1,450

+17.1%Tax
Net income from discont'd or held-for-saleope.
Net income

847

(222)

n.m.

(219)

(221)

(1.0%)

(46)

(0)

n.m.

(0)

(0)

n.m.

1,821

1,161

+56.8%

1,479

1,229

+20.4%

Non controlling interests

(160)

(154)

+4.0%

(161)

(162)

(0.6%)Net income Group Share

1,661

1,008

+64.9%

1,318

1,067

+23.5%

Earnings per share (€)

0.54

0.31

+75.5%

0.42

0.33+28.1%

Cost/Income ratio excl.SRF (%)

63.7%

66.2%

-2.5 pp

62.6%

65.9%

-3.4 pp

Activity
Commercial activity was buoyant in Crédit Agricole SA’s business lines, in the fourth quarter of 2019 as
well as over the full year 2019, in a persistently difficult interest rate environment, but against a backdrop of
gradually improving market conditions
The business lines of Crédit Agricole S.A. once again enjoyed excellent activity this quarter, be it in lending,customer savings or protection of assets and individuals. Customer equipment increased, reflecting the potential
for organic growth through revenue synergies of the Group’s Universal Customer-focused Banking model.
-

In Savings/Retirement, outstandings (savings, retirement and death & disability) reached €304 billion,
up +6.6% compared to December 2018, of which 22.8% are unit-linked, up +1.8 percentage points yearon-year. Premium income reached €6.0 billion for fourth quarter 2019 (down -12.0% compared to fourth
quarter 2018), as a result of a decrease in total net inflows of -€1.1 billion compared to fourth quarter2018 to €1.0 billion. Net inflows were entirely unit-linked, with unit-linked contracts accounting for 33.4%
of gross inflows in fourth quarter 2019, up +4.4 percentage points compared to fourth quarter 2018 and+4.2 percentage points compared to the previous quarter. For several years, Crédit Agricole Assurances
has been adapting its strategy to the low interest rate environment and has significant flexibility withregard to this situation. The average rate of return on euro contract assets reached 2.46% in 2019 andthe stock of Policyholder Participation Reserve (PPE) reached €10.8 billion at the end of December 2019,an increase of +€948 million compared to December 2018, thanks to the maintenance of the spread
between the return on assets and the return on liabilities. The PPE reached 5.2% of outstanding euroResults for the fourth quarter and full year 20193/32

denominated contracts, a level of coverage that is higher than the average for the French market. The
solvency of Crédit Agricole Assurances is at a comfortable level (263% and 188% excluding the newrules for the integration of the PPE). Crédit Agricole Assurances also continues to adopt measures toencourage unit-linked underwriting.
-

In Property and Casualty insurance, Crédit Agricole Assurances continued to outperform the Frenchmarket, with premium growth of +6.7% in the fourth quarter of 2019, driven by continued strong growth
in France (+6.9%) and Italy (+1.6%). Pacifica recorded a net increase of +115,000 contracts over thequarter, reaching nearly 14.1 million contracts at end-December 2019. The equipment rate for individual
customers8 grew in the LCL network (25.0% at end-December 2019, i.e. a +1.1 percentage point
increase since December 2018) and the Regional Banks network (40.7% at end-December 2019, i.e. a+1.5 percentage point increase since December 2018), as well as in CA Italia (15.4% at end-December
2019, i.e. a +1.7 percentage point increase since December 2018). The combined ratio is well managed
at 95.9%, slightly in increase of +0.4 percentage point year-on-year, due to the weather events in thesecond half of the year. In Death & disability/Creditor/Group, revenues reached nearly €1,024 million
in the fourth quarter of 2019, up +9.1% compared to the same period in 2018, driven by growth in all
three business segments.

-

Asset management (Amundi) recorded record net inflows this quarter, at +€76.8 billion, driven by
medium to long-term assets (€82.4 billion), thanks to the excellent performance of medium to long-term
retail asset inflows in Retail (+€69.9 billion) including +€66.7 billion for Joint Ventures, driven by India(+€61.4 billion) and +€3.2 billion for third-party distributors. Medium to long-term inflows for institutionaland corporate investors were up +€12.5 billion, driven by all segments. Assets under management
reached €1,653 billion at end-December 2019, up +16.0% compared to end-December 2018, despite
continuing uncertainty in the global environment.

-

Retail banking is still showing strong sales momentum, with high rates of credit growth, particularly inFrance for LCL (up +8.2% compared to end-December 2018), thanks to home loans (+9.2%), the small
businesses market (+11.4%) and corporates (+3.3%), but also in Italy for CA Italia (+2.6%), driven byloans to individuals (+4.9%) and corporates (+4.3%). Renegotiations of housing loans have increased
for the past two quarters at LCL (€1.0 billion in outstandings respectively in the third quarter and thefourth quarter 2019), but remain well below the high point of the fourth quarter 2016 (€5.2 billion). LCL’s
inflows increased year-on-year (+7.6%), driven by on-balance sheet deposits (+8.6%, including +7.8%
for passbooks and +11.7% for demand deposits) but also by off-balance sheet deposits (+6.0%) thanks
to life insurance (+5.5%). Inflows were up in Italy (+4.9%), thanks to strong growth in off-balance sheet
deposits (+8.8%) and a slight increase in on-balance sheet deposits (+1.6%). Net customer acquisition
is still buoyant at LCL (+52,000 individual and SME and small business customers since the beginningof the year, and +17,000 customers of LCL Essentiel since its launch in April), and at CA Italia (+33,000
individual customers9 since the beginning of the year). Equipment rates continued to increase steadily,with growth of +6.6% in comprehensive auto/home/health contracts and +4.6% in premium cards at LCL,
and a +25% increase in the number of property and casualty insurance policies at CA Italia year-on-year-

In the Specialised financial services business line, new business production in the fourth quarter of2019 was €11.5 billion and continued its upward trend (+3.3% compared to the fourth quarter of 2018)with a strong contribution from the Regional Banks and LCL (+12.9% and +7.6%, respectively). Assets
under management totalled €92 billion up +4.0% year-on-year. Consolidated outstandings were also up(+3.6%) to €34.8 billion. CAL&F’s activity is buoyant, both in factoring and in leasing. Commercial
factoring production has been rising sharply since the fourth quarter of 2018 (+119% to €4.9 billion) bothin France (+144% to €3 billion) and abroad (+87% to €1.8 billion). Commercial leasing reached its highest
level since 2014 (€1.8 billion, a +9.3% increase from fourth quarter 2018).

-

Activity in the Large customers business line was good overall, with revenues up in the fourth quarterof 2019 (+20.7% compared to the fourth quarter of 2018) and over the full year 2019 (+6.5%). Underlying

8 Equipment rate: percentage of individual banking customers holding at least one insurance product (Pacifica estimates). Scope: auto, home, health,life accidents and legal protection insurance.

9 Active customers

Results for the fourth quarter and full year 20194/32

revenues from Capital markets and investment banking increased sharply (+54.7% compared to thefourth quarter of 2018), driven by strong commercial activity across almost all product lines, with market
conditions that became more favourable after a low fourth quarter 2018. Despite the absence of majortransactions, structured finance recorded a good performance this quarter (+7.2%), while revenues incommercial banking were penalized (-2.3%) by the downturn in the syndicated EMEA loans market (10% year-on-year)10. Nevertheless, the business line has maintained its leading position (number 2) in
EMEA syndicated loans11. Lastly, Asset servicing (CACEIS) posted record levels of assets under custody(€3,879 billion at end-December 2019, up +47.3% year-on-year) and assets under administration (€2,047
billion, up +21.0% year-on-year) in this quarter, thanks in particular to the consolidation of Kas Bank(+€196 billion AuC and +€142 billion AuA), Santander Securities Services (“S3”) (+€654 billion AuC and+€12 billion AuA), and also to good commercial dynamism and a positive market effect (+€395 billion
AuC and +€201 billion AuA at a constant scope).

International development of business lines via partnerships.
In keeping with the strategy outlined at the presentation of the Group’s Medium-Term Plan on 6 June 2019,
Amundi and CACEIS continued their policy of non-Group partnerships in Europe and Asia this quarter.
-

Following the announcement on 17 April of the agreement between Crédit Agricole S.A. and Santander
of a merger of their institutional custody and asset servicing activities, on 23 December the two entities
announced the completion of the merger between CACEIS and Santander Securities Services (“S3”) to
create a leading player at the European level. The new entity retains the name CACEIS, and will be heldby Crédit Agricole S.A. and Santander for 69.5% and 30.5%, respectively. It will combine the activities of
CACEIS and Santander Securities Services (“S3”) in Spain and Latin America (Brazil, Mexico andColombia). This new entity, with €3,879 billion in assets under custody and €2,047 billion of assets underadministration at the end of December 2019, will benefit from the increase in its critical size and astrengthened competitive positioning, thanks to a broader geographic presence stemming from thegrowth of high-potential countries (Latin America and Asia).

-

On 20 December 2019, Amundi and BOC Wealth Management, a subsidiary of Bank of China,
announced that they had received the approval from the China Banking and Insurance Regulatory
Commission to create an asset management joint venture. The aim is to launch the activity in the second
half of 2020.

-

On 21 January 2020, Amundi also announced that it is entering into a 10-year strategic partnership with
Banco Sabadell for distributing asset management products in the Banco Sabadell network in Spain.
Amundi will also acquire 100% of Sabadell Asset Management, the asset management subsidiary of
Banco Sabadell, the fifth largest player on the Spanish market with a 6% market share and €22 billion in
assets under management, for a cash purchase price of €430 million. The transaction is expected to becompleted in the third quarter of 2020 and would make Amundi the fourth largest player on the Spanish
market.

Besides these operations, the following transactions were announced since the beginning of 2019:-

KAS Bank was consolidated in the CACEIS financial statements as at 30 September 2019 following
CACEIS’ friendly public takeover bid, launched on 26 July for all of the share capital of KAS Bank. Thisconfirmed CACEIS’ pan-European ambitions by strengthening its position in the Netherlands and its
capabilities to serve the customer base of insurance companies and pension funds; this acquisition will
create value thanks to its strong potential for synergies.

-

On 28 June 2019, CA Consumer Finance signed a final agreement with Banco BPM (Italy’s third-largestbank) to strengthen their global partnership, expanding their commercial relationship to the entire Banco
BPM branch network, including the acquisition of Profamily’s banking business, and extending it for 15
years. On 19 July 2019, CACF also signed an agreement with Fiat Chrysler Automobiles (FCA) toextend their 50/50 joint venture until 31 December 2024. The third quarter saw the first consolidation of

10 Thomson Reuters on the EMEA zone
11 Source: Refinitiv

Results for the fourth quarter and full year 2019

5/32

SoYou resulting from the partnership signed between CA Consumer Finance and Bankia on
7 March 2018. On 10 October 2019, the joint venture was approved by the Spanish Ministry of Economy
to operate as a financial credit institution.
-

On 8 July, Crédit Agricole Assurances and Abanca signed a partnership agreement to create a non-life
insurance company for the Spanish and Portuguese markets over a 30-year period. The agreement
provides for the creation of a 50/50-owned joint venture that will offer the market innovative products
based on technological solutions and a differentiated customer experience. The alliance will combine
Abanca’s knowledge of the customer base with the expertise developed by Crédit Agricole Assurancesin the European insurance market. The European Commission approved the creation of a joint venture
on 28 October 2019.

Moreover, during 2019, Crédit Agricole Corporate & Investment Bank completed the disposal of a 10.9% holdingin the capital of the Bank of Saudi Fransi (BSF) to a consortium led by Ripplewood and to the Olayan Saudi
Investment Company. This disposal was completed in two stages: the disposal of a first block of 4.9% on 29 April
2019 followed by the disposal of a second block of 6.0% on 21 November 2019 after the exercise of the right topurchase attached to the disposal of the first block . At 31 December 2019, Crédit Agricole CIB still holds 4.0%of the share capital of the BSF.

Results
The specific items recorded this quarter generated a positive net impact of €343 million on net income Group
share. They include the favourable decision of France's Council of State (Conseil d’Etat) on the tax treatment
dispute regarding the Emporiki securities in the amount of +€1,038 million, the costs of integration and acquisition
by CACEIS of Santander and Kas Bank (respectively -€15 million in operatingl expenses/-€11 million in net
income Group share, and -€6 million in net income on other assets/-€5 million in net income Group share), a
reclassification of held-for-sale operations of -€46 million under income from held-for-sale operations. The
acquisition of Kas Bank by CACEIS resulted in badwill of +€22 million and the goodwill of LCL was partially
impaired for -€611 million. To this is can be added the recurring accounting volatility items with a limited net
negative effect of -€44 million on net income Group share, namely DVA (Debt Valuation Adjustment, i.e. gains
and losses on financial instruments related to changes in the Group’s issuer spread), plus the Funding Valuation
Adjustment (FVA) portion associated with the change in the issuer spread, which is not hedged, totalling €4 million, the hedge on the Large customers loan book for -€11 million, and the change in the provision forhome purchase savings plans for -€29 million. In the fourth quarter 2018, specific items had a limited net loss
effect of -€59 million on net income Group share, and included in particular the fine of -€67 million imposedby the Italian competition authority (AGCM) on FCA Bank. The other elements were less significant: -€27 million(-€14 million in net income Group share) Pioneer integration costs at Amundi, the integration costs of the three
Italian banks of -€11 million (-€6 million in net income Group share), offset by a net profit of +€28 million in net
income Group share from the recurring volatile accounting items, namely the DVA (Debt Valuation Adjustment,
i.e. gains and losses on financial instruments linked to changes in the Group's issuer spread) for +€11 million,
the hedging of the Large customers loan book for +€12 million, and changes in provisions for home purchasesavings plans for +€5 million.
The business lines performed strongly in the fourth quarter of 2019. Underlying net income Group share ofbusiness lines12 increased by +12.8%. This strong increase is explained in particular by the Large customers andAsset gathering business lines. The former posted a very good performance this quarter (+30.1% at €408 million),driven by capital markets. Its contribution increased despite the reversal of the cost of risk in the business line
and the increase in operating expenses related to the integration of new partnerships in asset servicing. The
Asset gathering business line had a strong quarter (+13.8% at €583 million), illustrated by a solid contribution
from insurance and by high profitability in asset management. In Retail Banking, gross operating income rose
sharply (+6.7% to €525 million), and the cost of risk continued to fall at CA Italia. The Specialised financial

12 Excluding the Corporate Centre.

Results for the fourth quarter and full year 20196/32

services business line posted resilient gross operating income (+1.8% at €341 million) thanks to good cost
control.
In fourth quarter 2019, underlying revenues totalled €5,184 million (+7.7%). This rapid growth was driven by
dynamic commercial activity across all businesses, in particular within the Large customers business line(+20.7%) in market conditions that became more favourable over the course of the year. The increase in revenues
was also strong in the Asset gathering business line (+10.4%) with record inflows for Amundi, dynamic unit-linked
assets and a better performance than the French property and casualty insurance market. The Retail banking
business line continues to grow in terms of customer acquisition and business. Interest revenues held up well,
despite the low interest rate environment both in France and internationally. Volume effect helped therefore to
maintain the net interest margin, even in the low interest rates context. For all of the business lines (excluding
the Corporate Centre), underlying revenues were up +8.4% this quarter.
These positive revenue trends were accompanied by good cost control. Underlying operating expenses
showed a controlled increase of +2.2% compared to fourth quarter 2018. This enabled significantly positive
jaws of +5.5 percentage points. Expenses nevertheless continued to rise in the business lines (+3.3% between
the fourth quarter of 2018 and the fourth quarter of 2019), in particular for those that are growing their activities.
In particular, the Asset gathering business line showed an increase in expenses reflecting the development ininternational insurance activity and corporate P&C projects (this effect is cumulative with a base effect on
insurance compared to the fourth quarter 2018). In Asset management, the increase in expenses can be
explained by the increase in variable compensation (linked to solid performance), and by one-off costs linked to
strategic projects. Large customers posted a sharply improved cost/income ratio on corporate and investmentbanking (-9.1 percentage points over the period) and Asset servicing made investments to support recent
partnerships and customer acquisition (FTEs and IT costs). Retail Banking posted cost income ratio
improvements for LCL (-1.7 percentage points in fourth quarter 2019 and for the year) and CA Italia (-0.7
percentage points in fourth quarter 2019/-0.5 percentage points for the year) thanks to positive jaws. The
Specialised financial services business line recorded good cost control over the period. The
underlying cost/income ratio stood at 62.6% for fourth quarter 2019 for Crédit Agricole S.A., an improvementof +3.4 percentage points over the period.
Underlying gross operating income therefore strongly increased, by +18.3% compared to the fourth quarterof 2018.
Cost of risk increased by +38.0%/-€94 million, to -€340 million versus -€246 million in fourth quarter 2018,
mainly due to a return to a normal level of the cost of credit risk in Corporate and Investment Banking, which
reported net reversals of provisions for +€28 million in fourth quarter 2018, while it reported net provisions of €55 million (i.e., a -€83 million variation) in this quarter. For the same reason, we are seeing a return to normal
levels in the cost of risk on consolidated outstandings13 for fourth quarter 2019. It stood at 32 basis points,
up +9 basis points versus fourth quarter 2018 and up +3 basis points versus the previous quarter, but it remained
low. The other three business lines that contributed the most to the cost of risk show contrasting variations, albeit
of very limited magnitude. LCL thus posted a +2.7% increase in the cost of risk, to -€64 million, but its cost of risk
relative to outstandings remained low at 17 basis points (stable compared to the previous quarter). CA Italia wasdown -4.0%, with the cost of risk on outstandings continuing to improve, standing at 57 basis points (compared
to 67 points in the fourth quarter 2018 and 59 points in the third quarter 2019); lastly, Crédit Agricole Consumer
Finance recorded a +40.6% increase in the cost of risk to €115 million compared to the fourth quarter 2018, witha cost of risk on outstandings that also rose to 128 basis points. This remains, however, in the 120-130 basis
points range, and well below the Medium-Term Plan's assumption of 160 basis points.
The contribution of equity-accounted entities is up +2.6%, at €76 million, reflecting, in particular, the good
performance of the Joint-Ventures in asset management for the quarter, thanks to India.
Net income from other assets was €20 million, as a result of a one-off real estate transaction in Wealthmanagement. Underlying income14 before tax, discontinued operations and non-controlling interests thusincreased by +17.1% to €1,697 million. The underlying effective tax rate was 13.5%, a low level, down-2.6

13 Average loan loss reserves over the last four rolling quarters, annualised

14 See p. 20 for more details on specific items related to Crédit Agricole S.A.

Results for the fourth quarter and full year 20197/32

percentage points compared to fourth quarter 2018, as a result in particular of a favourable decision on a tax
dispute at Crédit Agricole Corporate and Investment Bank. The underlying tax charge was therefore down -1.0%
to €219 million. The effective tax rate is not representative on a quarterly basis, at end-2019 it amounted to 24.4%(vs 23.8% in 2018). The underlying net income before non-controlling interests was up by +20.3%.
Net income attributable to non-controlling interests was stable (-0.6%) at €161 million.
Underlying net income Group share increased by +23.5% versus fourth quarter 2018, to €1,318 million.

Over the whole of 2019, stated net income Group share amounted to €4,844 million, compared to €4,400 million
in 2018, an increase of +10.1%.
Specific items in 2019 had an impact of +€262 million on stated net income Group share. In addition to thefourth quarter items already mentioned above, items for the first nine months of 2019 had a limited net negative
impact of -€81 million on net income Group share; they included recurring volatile accounting items such as
the Debt Valuation Adjustment (DVA, i.e. gains and losses on financial instruments related to changes in theGroup’s issuer spread), plus the portion of the Funding Value Adjustment (FVA) associated with the change in
the issuer spread, which is not hedged, amounting to -€11 million, the hedge on the Large customers loan
book for -€20 million, and the change in the provision for home purchase savings schemes in the amount of €50 million. Specific items in 2018 had a limited negative impact of -€5 million on stated net income Group
share. Compared to the fourth quarter 2018 items already mentioned above, they had an impact of +€54 million
for the first nine months of 2018, i.e. the adjustment of negative goodwill recognised at the time of acquisition of
the three Italian savings banks of +€66 million, the Pioneer integration costs of -€14 million (-€30 million before
tax and non-controlling interests), the integration costs of the three Italian banks for +€5 million(+€9 million before tax and non-controlling interests), the ECB fine of -€5 million, as well as recurring specificitems, namely the DVA for +€5 million, hedges of the Large customers loan books for +€4 million and the changes
in provisions for home purchase savings plans for -€7 million.
Excluding these specific items, underlying net income Group share reached €4,582 million, up +4.0%
compared to 2018.
Underlying earnings per share amounted to €1.39 per share, up (+0.1%) compared to 2018 but up +2.9%
excluding foreign exchange impact on AT1 coupons in third quarter 2019.
Annualised ROTE15 (return on tangible equity Group share excluding intangibles) net of annual coupons on
Additional Tier 1 securities reached 11.9% in 2019, lower than the financial year 2018 (12.7%).

15 See details on the calculation of the business lines’ ROTE (return on tangible equity) and RONE (return on normalised equity) on p.30.

Results for the fourth quarter and full year 2019

8/32

Crédit Agricole S.A. - Stated and underlying results, 2019 and 2018
In €m

2019
stated2018
statedVar 19/18
stated2019
underlying

2018
underlying

Var 19/18
underlying

Revenues

20,153

19,736+2.1%

20,33919,694+3.3%

Operating expenses excl.SRF(12,421)(12,286)+1.1%(12,405)(12,227)+1.5%+12.5%

SRF

(340)

(302)

+12.5%

(340)

(302)

Gross operating income

7,392

7,147

+3.4%

7,594

7,165

+6.0%

Cost of risk

(1,256)(1,002)+25.5%(1,256)(1,002)+25.5%

Cost of legal risk

-

(80)

(100.0%)-(75)(100.0%)Equity-accounted entities

352

256

+37.6%

352

323

+9.0%

Net income on other assets

54

89(39.5%)

60

89(32.5%)

Change in value of goodwill

(589)

86

ns

-

-

ns

Income before tax

5,952

6,496

(8.4%)

6,749

6,500

+3.8%

Tax
Net income from discont'd or held-for-saleope.
Net income(456)(1,466)(68.9%)(1,559)(1,471)

+6.0%

(38)

(3)

ns

8

(3)

ns

5,458

5,027

+8.6%

5,198

5,026

+3.4%

Non controlling interests
Net income Group Share
Earnings per share (€)
Cost/Income ratio excl.SRF (%)

(614)
4,844
1.48
61.6%

(627)
4,400
1.39
62.3%

(2.1%)+10.1%+6.9%-0.6 pp

(616)
4,582
1.39
61.0%

(620)
4,405
1.39
62.1%

(0.7%)+4.0%+0.1%-1.1 pp

For the year 2019, business line results were up +4.0%, thanks to growth in activity of all business lines and tocontrolled growth in expenses (positive jaws of +1.8 percentage points), and despite the cost of risk returning toa normal level. With regard to the negative result of the Corporate Centre division (-€813 million, compared to €731 million in 2018), the “structural” contribution improved by +€72 million to -€881 million in 2019, mainly due
to an improvement in the contribution from the activities and functions of Crédit Agricole S.A.’s corporate centre:
At the same time, the other items contributed positively in the amount of +€68 million in full year 2019, a clear
decrease compared to full year 2018 (+€222 million).
Underlying revenues were up +3.3% compared to 2018, with a positive contribution to this growth of all businesslines except Specialised financial services. Consumer finance is evolving in an environment of strong competitive
pressure in France over the period, and the good performance of the automotive partnerships is equityaccounted. Leasing and factoring posted higher revenues, supported by very buoyant business. Revenues fromthe Large customers business line increased sharply (+6.5%), due to the sales momentum in all businessactivities, in market conditions that have become more favourable in 2019.
Underlying operating expenses increased slightly, by +1.5%, excluding SRF contributions. This control of
expenses led to positive jaws of +1.8 percentage points over the period. In the business lines alone, the increaseamounted to +2.0%, centring mainly on the Asset gathering and Large customers business lines, which saw theirexpenses increase in line with the development of their activities. The underlying cost/income ratio excluding
SRF was 61.0%, including IFRIC21 expenses in the first quarter, an improvement of 1.1 percentage points
compared to 2018.
Lastly, the cost of credit risk showed an increase of +25.5%/-€254 million compared to 2018, to -€1,256 million.
This increase is mainly due to the Large customers business line (which reported a risk charge of -€160 million
at end-December 2019, compared to a net reversal of +€64 million at end-December 2018), and Financing
activities in particular, stemming from a progressive return to a normal level in the cost of risk and to the one-off
charges reported in the period.

Results for the fourth quarter and full year 2019

9/32

Financial solidity
At end-December 2019, the solvency of Crédit Agricole S.A. remains at a high level, with a Common Equity
Tier 1 (CET1) ratio of 12.1%, up +0.4 percentage point compared to end-September 2019. This increase isspecifically explained by the significant positive impact of +32 basis points related to the favourable outcome of
the tax treatment dispute regarding the Emporiki equity investments generating a gain in income of+€1,038 million, this profit will be allocated in its entirety to financing the partial dismantling of 35% of the Switch
guarantee as early as the first quarter 2020 (expected impact of approximately -40 basis points on the CET1
ratio). Excluding this impact the ratio remained broadly stable for the quarter: generation of capital (+16 basis
points, including a dividend provision of €0.23 for the quarter, bringing the dividend to €0.70 for the 2019 financialyear) and a significant decline in risk-weighted assets (+18 basis points) offset the decline in OCI reserve (-10basis points) in the context of rising interest rates, as well as other impacts (merger of CACEIS and Santander
for -5 basis points, additional sale of BSF shares for +8 basis points, regulatory for -8 basis points).
Risk-weighted assets totalled €324 billion at end-December 2019 and fell sharply in the fourth quarter of2019 (-€6.6 billion/-2.0%), notably due to securitisation transactions in corporate and investment banking and a
decline in the equity-accounted value of insurance investments. (-€3.1 billion).
The phased-in leverage ratio was 4.2% at end-December 2019. The intra-quarter average measure of phasedin leverage ratio16 stood at 3.9% in the fourth quarter of 2019.
Crédit Agricole S.A.’s average LCR (Liquidity Coverage Ratio) over 12 months stood at 131.6%17 at endDecember 2019, which is higher than the target level of around 110% set out in the Medium-Term Plan.
At the end of December 2019, Crédit Agricole S.A. had realised 97% of its medium-to-long-term market
funding programme for the year. The bank raised the equivalent of €16.4 billion, of which€10.1 billion equivalent of senior preferred debt and senior secured debt, and €4.5 billion equivalent ofsenior non-preferred debt and €1.8 billion equivalent of Tier 2 debt. The 2020 programme is set at €12 billion,
including around €5 to €6 billion of TLAC eligible debt (Tier 2 debt or senior non-preferred debt). At end ofJanuary 2020, 22% of the funding plan was completed.
Note that in 2019 Crédit Agricole S.A. carried out:a senior non-preferred Green Bond issue for €1 billion (included in the amounts above).
a CAHL SFH senior secured Green Bond issue for an amount of €1.25 billion (included in the amounts
above).
a senior preferred Panda Bond issue in the amount of CNY 1 billion (included in the amounts above).

An AT1 instrument was also issued for €1.1 billion equivalent in February 2019 (not included in the funding plan).
***

16 Intra-quarter leverage refers to the average of the end of month exposures for the first two months of said quarter.

17 The ratio’s numerator and denominator stand at €189.3 billion and €143.8 billion, respectively, for Crédit Agricole S.A.

Results for the fourth quarter and full year 2019

10/32

Philippe Brassac, Chief Executive Officer, commented on the fourth quarter 2019 and full year 2019 results andactivity of Crédit Agricole S.A. as follows: « Underlying net income of Crédit Agricole S.A. is up +23.5% thisquarter, and +4.0% for the year. All business lines contributed to this annual growth, thanks to dynamic
commercial activity, which resulted in a net gain of 370,000 individual customers and entrepreneurs in France
and Italy this year; revenue synergies reached €9 billion within the Group, demonstrating our organic growthpotential. Lastly, the business lines of Credit Agricole S.A., in particular asset management, asset servicing andconsumer finance, have been actively participating in European consolidation by signing or strengthening
partnerships in France, Italy and Spain. The growth of our profitability is robust. It is driven as much by the
dynamism of revenues as by the improvement in operational efficiency, without impeding investment in thedevelopment of our business lines. And it is done by controlling risk-weighted assets and keeping the cost of risk
low. Our financial solidity continues to strengthen: the CET1 ratio of Crédit Agricole S.A. reached 12.1%, making
an initial dismantling of Switch possible in 2020 and securing our distribution policy of 50% in cash. The dividend
was up +1.4% in 2019 to €0.70 per share, demonstrating the performance and the regularity of our distribution
policy.”Results for the fourth quarter and full year 2019

11/32

Crédit Agricole GroupIn the fourth quarter, underlying net income Group share of Crédit Agricole Group was €1,986 million, up+22.1% compared to fourth quarter 2018. For full year 2019, underlying net income Group share of the
Crédit Agricole Group was €7,191 million, an increase of +5.0% compared to 2018.
The Group's performance this year is on based the implementation of the three pillars of the Group
Project. With regard to the Customer Project, the customer net promoter score at LCL and the Regional
Banks increased (by +8 points and +5 points), innovative offerings were launched (EKO, LCL Essentiel,
Je suis entrepreneur, Yapla), the digital relationship was enhanced, and 500,000 customers were met aspart of Trajectoires Patrimoine. Customer capture reached 1 800 000 individual and entrepreneur
customers in France and Italy over the year 2019, and net customer capture reached 370 000. With regard
to the Human-centric Project, the Crédit Agricole Group was ranked first in financial services in France
in terms of diversity by the Financial Times. Lastly, in respect to the Societal Project, a €1 billion Greenbond was issued by Crédit Agricole S.A. in October 2019, and a €1.25 billion Green covered bond wasissued by Crédit Agricole Home Loan SFH in November 2019.
The contribution of the Regional Banks to the underlying net income Group share was up +26.6% in
fourth quarter 2019. Underlying revenues of the Regional Banks increased as well (+5.7%). Underlying
operating expenses were up +1.8% compared to fourth quarter 2018, corresponding to continued IT
investments under the Group’s Project and Medium-Term Plan. The underlying cost/income ratio improved
compared to fourth quarter 2018 (-2.6 percentage points) to 66.7%.
The Group’s underlying revenues reached €33,790 million in 2019, up +3.0% year-on-year, reflecting thestrength of the Universal customer-focused banking model, stable and diversified, and which generates
organic growth in all the business lines, thanks in particular to revenue synergies between specialised
business lines and distribution networks. Underlying operating expenses excluding SRF are wellcontrolled (+1.7% increase in 2019), while incorporating IT investments in the Regional Banks andinvestments to develop Crédit Agricole S.A.’s business lines, especially in the Asset gathering businessline. Positive jaws of 1.3 percentage points were recorded this year. Underlying cost/income ratio
excluding SRF improved by -0.8 percentage point compared to 2018, reaching 63.2% this year andreflecting the Group’s high level of operational efficiency.
The cost of risk on outstandings of the Regional Banks was still low (10 basis points, after 14 basis points
at end-2018). Furthermore, the NPL ratio was down (1.87% vs 2% at end-2018) and the NPL coverage ratio
remained high (99.1%). The Group’s cost of credit risk increased by +7.1% in 2019, as a result of thereversal of the cost of risk in corporate and investment banking, but it remained very low, and thecoverage ratio was 82.6%.
The Group’s Common Equity Tier 1 ratio was 15.9% at end-December 2019, an increase of+0.4 percentage point compared to end-September 2019, more than 6.2 percentage points above therequired regulatory level18.

The Group's performance can in particular be explained in particular by the implementation of the three pillars of
its Group Project, which underpins its Raison d’Etre, “Working every day in the interests of customers andsociety”: the Customer Project, the Human-centric Project and the Societal Project.

18

Under the SREP requirement at 9.7% (including countercyclical buffer); €32 billion higher than the threshold for triggering distribution restrictions.
Results for the fourth quarter and full year 201912/32

Customer Project
The Group embarked upon the implementation of its Group Project and MTP launched in June 2019. Concrete
actions were initiated ton foster excellence in customer relations, which is at the heart of the Customer Project.
All Group business lines were organised around customer satisfaction, as evidenced by the net promoter score(NPS), which has grown significantly since the end of 2018: +8 at LCL and +5 for the Regional Banks in theindividual customers’ segment. Crédit Agricole Assurances also ranked No. 1 in automotive and home claims
management by “Que Choisir” magazine in its January 2020 issue. A zero-defect culture was been instilled within
the entities with the designation of 70 Customer Champions, voice of the customer, in all business lines, for the
resolution of pain-points and the creation of fluid customer journey. A plan to address pain-points was alreadylaunched and 25 priority actions have been identified. Lastly, the Group continues to support its customers byproposing innovative offerings adapted to their needs. This is illustrated by “Trajectoires Patrimoine”: this new
approach to providing advice offers a global and dynamic vision of customers’ assets, enabling them to choose
the best possible options for developing and protecting them from the very first euro. Since its launch at the
beginning of 2019, more than 500,000 customers were supported as part of this initiative.
The Group continues to adapt its offerings to new uses in order to become a leading digital bank. More than
127,000 customers have subscribed to “EKO”, Crédit Agricole's entry-level banking offering launched at the endof 2017. The “LCL Essentiel” banking offering, launched in April 2019 to meet the specific needs of young urban
workers, attracted more than 20,000 customers. New tailor-made offerings will continue to be rolled out, including
the Globe-Trotter offering for young people aged 18 to 30 who travel, which has been launched in February 2020.
The multi-channel relationship also intensified, the number of customers contacted within the Regional Banks
has increased (+1.9 percentage points since 2018), as has the number of customers using our mobile
applications: +6 percentage points for the LCL mobile application since the end of 2018, and +4 percentage
points for the “MaBanque” application. For the third year in a row the LCL mobile application was voted best
mobile application by the meilleurebanque.com comparison site, and Crédit Agricole's digital performance was
rewarded in 2019 with the Group's D-rating moving up to BBB under its digital transformation.
Innovation is finally placed at the heart of Crédit Agricole's strategy: 547 start-ups currently assisted by Villages
by CA; the network currently consists of 33 Villages By CA in France and Italy, with four new Villages created in
2019. La “Fabrique By CA” (the Group's fintech start-up studio) also launched two platforms in 2019, to offer awide range of banking and non-banking services: Je suis entrepreneur for establishing companies, ranging fromthe choice of location to securing business plans, including financing simulations, and Yapla, dedicated to the
management of associations.
In this context, the Group's customer capture is very dynamic both in France and in Italy, with 1 800 000 new
individual and entrepreneur 19 customers in 2019 and 370 000 net additional customers in 2019, of which 280,000
are individual customers.

Human-centric ProjectAs part of the Group's Human Project, the management is being transformed to increase accountability. As ofJanuary 2020, 53% of the managers of Crédit Agricole S.A. were trained in managerial transformation. Circularassessments (180°) were set up at CA Italia and Amundi. In order to adopt shorter decision-making chain, toincrease employee engagement and autonomy and to ensure greater customer proximity, the number ofmanagement layers at Crédit Agricole Payment Services was reduced. “Remote work” agreements were alsorolled out in 80% of the Group's entities by the end of 2019.
In order to strengthen social dialogue, an international framework agreement was signed on 31 July, with, as afirst concrete measure, paid maternity leave of 16 weeks for all female employees outside France. The Group's
gender diversity policy was also expanded this year, with 23.5% women on the Crédit Agricole S.A. Executive
Committee (up +17 points compared to 2018), and 28% of women in the decision-making bodies of Crédit
Agricole S.A. entities at the end of 2019 (up +5 points compared to 2018). Lastly, in terms of social diversity,
100% of Crédit Agricole S.A. Group entities welcomed 300 Year 10 school children on their work experienceplacements.

19 LCL/CA Italia: includes professionals – Regional Banks: includes professionals, farmers, small businesses and associations

Results for the fourth quarter and full year 2019

13/32

These actions are recognised by VIGEO, which raised the rating of Crédit Agricole in 2019, indicating that theGroup is one of the most attractive companies in Europe. With its A1 ranking, the Group is ranked among the top
2% of the 5,000 companies evaluated by VIGEO, and is fourth out of 31 banks in the banking industry. Lastly,
Crédit Agricole Group was ranked first among financial services in France in terms of diversity, in the Diversity
Leaders 2020 ranking in the Financial Times.

Societal Project
GovernanceAs part of the Group's climate strategy, a Scientific Committee is in the final stages of being set up. This
Committee, which brings together climate experts and scientists from outside Crédit Agricole Group, is
responsible for conducting the scientific work needed to guide and implement the Group's climate strategy. It
feeds into the decisions of the Corporate Project Committee.
As part of the transition rating implemented this year, Crédit Agricole will request its large corporate customers
to provide a detailed plan, by 2021, for the withdrawal of their industrial mining and thermal coal production assets
within the 2030/2040 timeframe, depending on the location of their assets. As a tool for dialogue and decisionmaking, this transition rating complements the financial rating and enriches the customer analysis file. The
consolidation of the transition ratings will enable us to identify more precisely the potential effects of climatechange on our financing portfolios and to develop climate stress tests for 2050, aligned with different types ofscenarios.
Sustainable finance
Unifergie – a subsidiary of Crédit Agricole Leasing & Factoring – The “Nord de France” Regional Bank, and Crédit
Agricole CIB, participated in the refinancing of the French asset portfolio of Boralex, a Canadian company thatdevelops, builds and operates renewable power generation facilities in North America and Europe. Approximately
50% of its capacity is in wind farms in France. Boralex carried out an operation involving the refinancing of 57
wind farms and 2 photovoltaic plants and the construction of 4 additional wind farms over the next two years, fora total capacity of more than 1,014 MW, corresponding to the annual consumption of 500,000 households. The
transaction, totalling more than €1.1 billion, is the largest refinancing of a portfolio of renewable energy assets inFrance.
Crédit Agricole Home Loan SFH, the housing finance company subsidiary wholly owned by Crédit Agricole S.A.,
issued a Green covered bond for €1.25 billion over 10 years. The funds will be allocated to the refinancing of theRegional Banks' and LCL's energy-efficient housing loans that reduce carbon emissions. This inaugural green
issue reinforces the Group's presence in capital markets dedicated to financing the energy transition, andhighlights the role of the Regional Banks and LCL in promoting low-energy residential real estate.
LCL has introduced its first full range of investments in the fight against global warming. This range consists ofequity or bond funds of companies that reduce their CO2 emissions, reinforced by a carbon offsetting mechanism.
Credit Agricole S.A. issued in October 2019 a Green Bond with a nominal size of €1 billion and a tenor of 6 years.
Furthermore, Crédit Agricole CIB structured in 2019 more than €42.9 billion green bonds.
Inclusive financeCrédit Agricole CIB played a leading role at the global level in the arrangement of the Social Bonds, byparticipating in the structuring of more than €3.7 billion in Social Bonds in 2019, representing a market share ofmore than 30%, and even more than 40% of the European issuers' market (source: Dealogic).
Amundi pursues the target defined in 2018 of doubling Amundi Finance et Solidarité's solidarity funds outstandingloans in the next three years. At the same time, the business line is paving the way for a similar offering on aEuropean scale. The objective is to be able to offer a vehicle in the future in the social enterprises of European
countries where the Crédit Agricole Group and Amundi are particularly present.

Results for the fourth quarter and full year 2019

14/32

Group results
In the fourth quarter of 2019, Crédit Agricole Group’s stated net income Group share was €2,186 million,
versus €1,571 million in fourth quarter 2018. The specific items recorded this quarter generated a positive net
impact of +€200 million on net income Group share.
Excluding these specific items, the underlying net income Group share20 was €1,986 million, up +22.1%
compared to fourth quarter 2018.

Credit Agricole Group - Stated and underlying results, Q4-19 and Q4-18
In €m

Q4-19
stated

Q4-18
statedVar Q4/Q4
statedQ4-19
underlying

Q4-18
underlying

Var Q4/Q4
underlying

Revenues

8,399

8,110

+3.6%

8,602

8,064

+6.7%

Operating expenses excl.SRF(5,582)(5,478)+1.9%(5,566)(5,440)

+2.3%

SRF

-

-

n.m.

-

-

n.m.

Gross operating income

2,818

2,632

+7.1%

3,035

2,624

+15.7%

Cost of risk

(494)

(499)

(1.0%)

(494)

(499)

(1.0%)

Cost of legal risk

-

(75)

(100.0%)-(75)(100.0%)Equity-accounted entities

83

10

x8

83

77

+7.5%

Net income on other assets

15

48(69.2%)

21

48(56.1%)

Change in value of goodwill

(642)

-

n.m.

-

-

n.m.

Income before tax

1,780

2,116

(15.9%)

2,646

2,175

+21.6%Tax
Net income from discont'd or held-for-saleope.
Net income

587

(416)

n.m.

(525)

(412)

+27.4%(46)(0)

x 1768.1

(0)

(0)

x 8.1

2,320

1,700

+36.5%

2,120

1,763

+20.3%

Non controlling interests

(134)

(130)

+3.7%

(134)

(137)

(2.1%)Net income Group Share

2,186

1,571

+39.2%

1,986

1,626

+22.1%

Cost/Income ratio excl.SRF (%)

66.5%

67.5%

-1.1 pp

64.7%

67.5%

-2.7 pp

In fourth quarter 2019, underlying revenues increased by +6.7% compared to fourth quarter 2018, to €8,602
million, and by +7.3% for the business lines excluding the Corporate Centre. This growth was driven by theunderlying revenues of the Large customers business line, up +20.7%/+€244 million, of the Regional Banks, up+5.7%/+€185 million over the period, and of the Asset gathering business line, up +10.4%/+€153 million.
Underlying revenues in the Specialised financial services business line fell by -2.6%/- €18 million, but it should
be remembered that the results of the automotive partnerships are equity-accounted. International retail banking
posted underlying revenues up +1.3%.
Underlying operating expenses were up +2.3% compared to the fourth quarter of 2018, in connection with IT
investments in the Regional Banks under the Medium-Term Plan, and investments in the development of the
Crédit Agricole S.A. business lines, especially Asset gathering and Large customers. The underlying
cost/income ratio excluding SRF stood at 64.7%, a clear improvement of 2.7 percentage points comparedto the fourth quarter of 2018. Operating efficiency continues to improve, with a significantly positive jaws effect of+4.4 percentage points.
Underlying gross operating income thus increased to €3,035 million compared to fourth quarter 2018 (+15.7%).
The cost of credit risk is stable (-1.0%) at -€494 million, versus -€499 million in fourth quarter 2018. This change
stems in particular from the Large customers business line, where the cost of credit risk is returning to a normal
level, with net charges of -€55 million, compared to net reversals of +€26 million that were recorded in the fourth
quarter of 2018. The cost of risk on outstandings 21 of Crédit Agricole Group stood at 20 basis points, up +2
basis points from fourth quarter 2018, but still at a low level, below the Medium-Term Plan assumption of 25 basis
points.

20 Underlying, excluding specific items. See p. 20 and onwards for more details on specific items.
21 Average loan loss reserves over the last four rolling quarters, annualised

Results for the fourth quarter and full year 201915/32

By incorporating the contribution from equity-accounted entities, which was up by +7.5% from €77 million to€83 million as a result of the strong performance of the asset management joint ventures (in India in particular),the underlying pre-tax income was €2,646 million, up +21.6% compared to fourth quarter 2018.
The underlying tax charge was up +27.4% from fourth quarter 2018, showing an increase of +0.9 percentage
points in the underlying tax rate, from 19.6% to 20.5%. Accordingly, underlying net income before noncontrolling interests was up +20.3% and underlying net income Group share was up +22.1% compared to thefourth quarter of 2018.
Specific items had a net positive impact of +€200 million on net income Group share this quarter. They
include the favourable decision of France's Conseil d’Etat on the tax treatment dispute regarding the Emporiki
securities in the amount of +€1,038 million, the costs of integration and acquisition by CACEIS of Santander and
Kas Bank (respectively -€15 million in operating expenses/-€11 million in net income Group share, and -€6 million
in net income on other assets/-€5 million in net income Group share), a reclassification of held-for-sale operationsof -€46 million under income from held-for-sale operations. The acquisition of Kas Bank by CACEIS generated abadwill of +€22 million and LCL’s goodwill was partially impaired in the amount of -€664 million. Lastly, recurring
volatile accounting items such as the DVA (Debt Valuation Adjustment, i.e. gains and losses on financial
instruments related to changes in the Group’s issuer spread), amounting to -€4 million in net income Group share,
hedges on the Large customers loan book for -€12 million, and the changes in provisions forhome purchase savings plans in the amount of -€119 million are also to be included.
In fourth quarter 2018, specific items had a negative impact of -€55 million on net income Group share,including -€14 million from Pioneer Investments integration costs (-€27 before tax and non-controlling interests),-€7 million from the integration costs of the three Italian banks (-€11 before tax and non-controlling interests), €67 million for the FCA Bank fine, and, lastly, +€33 million in net income Group share from recurring volatileaccounting items, namely the DVA in the amount of +€11 million and the hedges on the Large customers’ loan
book in the amount of +€13 million and the changes in the provision for home purchase savings plans in theamount of +€9 million.
For full year 2019, the underlying net income Group share was up (+5.0%/+€342 million) compared with
2018, to €7,191 million. The increase in the cost of credit risk (-€117 million) is attributable to the return of thecost of risk in corporate and investment banking to a normal level. The increase in the tax charge (-€202 million)
remained below the strong increase in gross operating income (+€575 million).
Underlying revenues were up +3.0% and underlying operating expenses excluding the Single Resolution
Fund (SRF) remained under tight control, at +1.7%. The Group thus posted positive jaws of +1.3 percentage
points over the year.

Results for the fourth quarter and full year 2019

16/32

Credit Agricole Group - Stated and underlying results, 2019 and 2018
In €m

2019
stated2018
statedVar 19/18
stated2019
underlying

2018
underlying

Var 19/18
underlying

Revenues

33,297

32,839+1.4%

33,79032,813+3.0%

Operating expenses excl.SRF(21,386)(21,064)+1.5%(21,371)(21,005)

+1.7%

SRF

(426)

(389)

+9.4%

(426)

(389)

+9.4%
+5.0%

Gross operating income

11,485

11,385+0.9%

11,993

11,418

Cost of risk

(1,757)(1,640)+7.1%(1,757)(1,640)+7.1%

Cost of legal risk

-

(80)

(100.0%)-(75)(100.0%)Equity-accounted entities

356

266

+33.9%

356

333

+7.0%

Net income on other assets

3687(59.0%)

4287(51.8%)

Change in value of goodwill

(642)

86

n.m.

-

-

n.m.

Income before tax

9,478

10,105(6.2%)

10,634

10,123+5.0%

Tax
Net income from discont'd or held-for-saleope.
Net income(1,737)(2,733)(36.5%)(2,945)(2,743)

+7.4%

(38)

(3)

n.m.

8

(3)

n.m.

7,704

7,369

+4.5%

7,697

7,377

+4.3%

Non controlling interests
Net income Group Share
Cost/Income ratio excl.SRF (%)

(506)
7,198
64.2%

(525)
6,844
64.1%

(3.5%)+5.2%+0.1 pp

(506)
7,191
63.2%

(527)
6,849
64.0%

(4.0%)+5.0%-0.8 pp

Regional BanksAt end-December 2019, customer acquisition in the Regional Banks was very buoyant, with +1 300 000 new
individual customers and entrepreneurs since the start of the year, and a net increase of +264 000 customers ofwhich 185,000 were individual customers. The momentum in the commercial development of the Regional Bankssignificantly contributed to growth in Crédit Agricole S.A.’s business lines, of which the Regional Banks, theleading retail banking network in France, are the prime partners in Retail Banking, demonstrating the strength of
the Group’s Universal customer-focused banking model. Customer’s equipment continues to increase: the stockof premium cards for individual customers rose +9% between December 2018 and December 2019, the stock ofproperty and personal insurance policies increased by +4.4%, and outstandings in consumer credits increased
by +7.3%.
Outstanding loans grew +6.7% compared to end-December 2018. This growth was driven by home loans(+7.6%) and business loans (+6%).
Customer assets rose +5.9% year-on-year, driven by on-balance sheet deposits (+6.3%), notably demand
deposits (+11.3%). Off-balance sheet deposits rose by 5.2% year-on-year, driven by life insurance assets(+5.3%).
The contribution of the Regional Banks to Crédit Agricole Group’s underlying net income Group share cameto €680 million, a sharp increase of +26.6% compared to the fourth quarter of 2018.
At €3,413 million, underlying revenues were up (+5.7%) compared to the fourth quarter of 2018. This increaseis explained by a positive market effect on the investment portfolio and by a good level of commissions, offsetting
the pressure on interest revenues.
Operating expenses were up +1.8% compared to fourth quarter 2018, mainly reflecting the continued IT
investments under the Group’s Medium-Term Plan. The underlying cost/income ratio thus was 66.7%, adecrease of -2.6 percentage points.
Cost of risk recorded a significant decrease in fourth quarter 2019, to -€155 million compared to fourth quarter2018 (-37.9%). It represents 10 basis points on outstandings22 (compared to 14 basis points in the fourth quarterof 2018), and remains at a low level. Furthermore, the NPL ratio was down to 1.87% (versus 2% at end-2018)
and the NPL coverage ratio remained high at 99.1%.

22 Relative to consolidated outstandings, calculated on an average annualised basis over four rolling quarters.

Results for the fourth quarter and full year 2019

17/32

Over 2019, the contribution of the Regional Banks to underlying net income Group share was €2,597 million,
an increase of +8.1%.

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

Financial solidity
Over the quarter, Crédit Agricole Group maintained a high level of financial solidity, with a Common Equity
Tier 1 (CET1) ratio of 15.9%, up +0.4 percentage point compared to end-September 2019. This ratio provides
a substantial buffer of 6.2 percentage points in relation to the SREP requirement applicable to Crédit Agricole
Group, set at 9.7% by the ECB (including the countercyclical buffer).
The MREL ratio is estimated at 33% of risk-weighted assets at 31 December 2019. It stood at 22.6%
without including eligible preferred senior debt, up 120 basis points over the year. The target under the
Crédit Agricole Group’s Medium-Term Plan is to achieve a subordinated MREL ratio (excluding eligible seniorpreferred debt) of 24-25% of risk-weighted assets by 2022. Expressed as a percentage of the institution’s
total liabilities and own funds, after certain prudential restatements (Total Liabilities Own Funds – TLOF),
the MREL ratio stood at 8.5% at 31 December 2019, excluding eligible senior preferred debt. This is in linewith the Medium-Term Plan target of maintaining this ratio above 8% of TLOF, a level which would enable
recourse to the Single Resolution Fund, subject to the decision of the Resolution Authority.
The TLAC ratio requirements have been applicable since 27 June 2019, when European Regulation CRR2
(Capital Requirement Regulation 2) came into force. At 31 December 2019, the Crédit Agricole Group’s TLAC
ratio stood at 22.6% of RWA and 7.6% of leverage risk exposure (LRE), excluding eligible senior preferred
debt. The TLAC ratio increased by 40 basis points compared to 30 September 2019 due to a stronger CET1 (taxgain in relation to Emporiki) and to the issuance of senior non-preferred Green debt in October. It increased by
120 basis points year-on-year. The TLAC ratios for Crédit Agricole Group at 31 December 2019 remain muchhigher than the CRR2/CRDV requirements 23, by 2.9 percentage points for risk-weighted assets and 1.6
percentage point for LRE, respectively.
The phased-in leverage ratio came to 5.7% at end-December 2019.
The liquidity position of Crédit Agricole Group is solid. The Group’s banking cash balance sheet, at €1,331 billion
at 31 December 2019, showed a surplus of stable funding sources over stable assets of €126 billion, up€8 billion compared to end-September 2019 and in line with the target under the Medium-Term Plan (over€100 billion). The surplus of stable resources finances the HQLA (High Quality Liquid Assets) securities portfolio
generated by the LCR (Liquidity Coverage Ratio) requirement for customer or customer-related activities. These
securities (€108 billion) covered more than five times the short-term debt net of Central Bank deposits.
The liquidity reserves, which include capital-gains and haircuts on the securities portfolio, stood at €298 billion
at 31 December 2019. The Group’s average LCR ratio over 12 months stood at 128.8%24 at end-December
2019, exceeding the Medium-Term Plan target of around 110%.
At end-December 2019, the Group’s main issuers raised the equivalent of €38.4 billion in medium-to-longterm debt on the markets, 43% of which was issued by Crédit Agricole S.A. In addition, €3.9 billion was placedin Crédit Agricole Group’s retail banking networks (Regional Banks, LCL and CA Italia) and other external
networks, or borrowed from supranational organisations at end-December 2019.
***23 With the entry into force of CRR2, the Crédit Agricole Group must meet the following TLAC requirements at all times: 16% of risk-weighted assets,

plus the combined buffer requirement according to CRDV (including a 2.5% capital conservation buffer, a 1% systemic buffer and a 0.20%
countercyclical buffer at 31 December 2019); and 6% of leverage risk exposure.
24 The ratio’s numerator and denominator stand at €223.2 billion and €173.3 billion, respectively, for the Crédit Agricole Group.
Results for the fourth quarter and full year 2019

18/32

Dominique Lefebvre, Chairman of SAS Rue La Boétie and Chairman of Crédit Agricole S.A.’s Board of
Directors, commented on the Group’s fourth quarter 2019 and full year 2019 results and business as follows:“In 2019, all the Group's business lines continued to expand, both in France and abroad. In line with our Raisond’Etre ‘Working every day in the interest of our customers and society’ formulated at the presentation of our
Medium-Term Plan in June, customer satisfaction has improved in all segments. We have strengthened ourrelationship with our customers, notably through the “Trajectoires patrimoine” initiative, which has enabled us tomeet 500,000 customers, and we have launched innovative offerings such as EKO, “LCL Essentiel”, and “Jesuis entrepreneur”. The Group's 142,000 employees are committed to serving customers. I am proud of Crédit
Agricole Group being ranked first in the French financial services sector in terms of diversity by the Financial
Times, and that we are stepping up our societal commitment, both in terms of inclusive finance, with the issueof €3.7 billion in social bonds by Crédit Agricole CIB, and the growth of nearly 26% in Amundi's social impact
outstandings, and in terms of green finance, with the definition of an ambitious climate strategy, and this year's
issues of Green bonds and Green covered bonds”.

Results for the fourth quarter and full year 2019

19/32

Appendix 1 – Specific items, Crédit Agricole S.A. andCrédit Agricole Group
Crédit Agricole S.A. - Specific items, Q4-19 and Q4-18, 2019 and 2018
Q4-19

Q4-18

2019

2018

Gross
impact*Impacton
NetincomeGross
impact*Impacton
NetincomeGross
impact*Impacton
NetincomeGross
impact*Impacton
NetincomeDVA (LC)
Loan portfolio hedges (LC)Home Purchase Savings Plans(FRB)
Home Purchase Savings Plans (CC)

(6)
(16)

(4)
(11)

15
17

11
12

(21)
(44)

(15)
(32)

22
23

16
17

(12)

(8)

1

1

(31)

(20)

(1)

(1)

(32)

(21)

6

4

(90)

(59)

(3)

(2)

Total impact on revenues

(66)

(44)

39

28

(186)

(126)

41

30

(15)

(11)

-

-

(15)

(11)

-

-

-

-

(27)

(14)

-

-

(56)

(29)

-

-

(11)

(6)

-

-

(2)

(1)

(15)

(11)

(38)

(20)

(15)

(11)

(59)

(30)

-

-

-

-

-

-

(5)

(5)

-

-

-

-

-

-

(5)

(5)

-

-

(67)

(67)

-

-

(67)

(67)

-

-

(67)

(67)

-

-

(67)

(67)

Impairment LCL goodwill (CC)

(611)

(611)

-

-

(611)

(611)

-

-

Badwill Kas Bank (LC)Change of value of goodwill (CC)(1)
Total impact on change of value of
goodwill

22
-

22
-

-

-

22
-

22
-

86

66

(589)

(589)

-

-

(589)

(589)

86

66

-

1,038

-

-

-

1,038

-

-

-

1,038

-

-

-

1,038

-

-

(6)

(5)

-

-

(6)

(5)

-

-

(6)

(5)

-

-

(6)

(5)

-

-

(46)

(46)

-

-

(46)

(46)

-

-

(46)

(46)

-

-

(46)

(46)

-

-

(723)

343

(66)

(59)

(843)

262

(4)

(5)

In €m

Santander/Kas Bank integration
costs (LC)
Pioneer integration costs (AG)
3 Italian banks integration costs(IRB)
Total impact on operating
expenses
ECB fine (CC)Total impact Non-allocated legalrisk provisions
FCA Bank fine (SFS)
Total impact on equity affiliates

Emporiki litigation (CC)Total impact on tax
Santander/Kas Bank acquisition
costs (LC)Total impact on Net income onother assets
Reclassification of held-for-sale
operations (IRB)
Total impact on Net income fromdiscounted or held-for-sale
operations
Total impact of specific items
Asset gathering

-

-

(27)

(14)

-

-

(56)

(29)

French Retail banking

(12)

(8)

1

1

(31)

(20)

(1)

(1)

International Retail banking

(46)

(46)

(11)

(6)

(46)

(46)

(2)

(1)

Specialised financial services--(67,0)(67)--(67,0)(67)

Large customers

(22)

(9)

32

23

(65)

(40)

45

33

Corporate centre

(643)

406

6

4

(701)

368

78

59

* Impact before tax and before minority
interests

Results for the fourth quarter and full year 2019

20/32

Crédit Agricole Group - Specific items, Q4-19 et Q4-18, 2019 et 2018
Q4-19

In €m

Q4-18

2019

ImpactImpact
Gross
Gross
on
on
impactimpact
Net
Net
*
*
incom
income
e

2018

Gross
impact*Impacton
NetincomeGross
impact*Impacton
NetincomeDVA (LC)

(6)

(4)

15

11

(21)

(16)

22

16

Loan portfolio hedges (LC)

(16)

(12)

17

13

(44)

(32)

23

17

Home Purchase Savings Plans (LCL)

(12)

(8)

1

1

(31)

(20)

(1)

(1)

Home Purchase Savings Plans (CC)

(32)

(21)

6

4

(90)

(59)

(3)

(2)

Home Purchase Savings Plans (RB)

(137)

(90)

7

4

(307)

(201)

(15)

(10)

Total impact on revenues

(202)

(135)

46

33

(493)

(329)

26

21

(15)

(11)

-

-

(15)

(11)

-

-

Santander/Kas Bank integration costs(LC)
Pioneer integration costs (AG)

-

-

(27)

(14)

-

-

(56)

(29)

3 Italian banks integration costs (IRB)

-

-

(11)

(7)

-

-

(2)

(0)

Total impact on operating expenses
ECB fine (CC)Total impact Non-allocated legal risk
provisions

(15)
-

(11)
-

(38)
-

(21)
-

(15)
-

(11)
-

(59)
(5)

(29)
(5)

-

-

-

-

(5)

(5)

-

-

(67)

(67)

-

-

(67)

(67)

-

-

(67)

(67)

-

-

(67)

(67)

(664)
22
-

(664)
22
-

-

-

(664)
22
-

(664)
22
-

86

74

(642)

(642)

-

-

(642)

(642)

86

74

(6)
(6)

(5)
(5)

-

-

(6)
(6)

(5)
(5)

-

-

-

1,038

-

-

-

1,038

-

-

-

1,038

-

-

-

1,038

-

-

(46)

(46)

-

-

(46)

(46)

-

-

(46)

(46)

-

-

(46)

(46)

-

-

(912)

200

(59)

(55)

(1,202)

6

(19)

(5)

-

-

(27)

(14)

-

-

(56)

(29)

French Retail banking

(149)

(98)

8

5

(338)

(222)

(16)

(10)

International Retail banking

(46)

(46)

(11)

(7)

(46)

(46)

(2)

(0)

Specialised financial services--(67,0)

(67)

-

-

(67)

(67)

Large customers

(22)

(10)

32

24

(65)

(42)

45

34

Corporate centre

(696)

353

6

4

(754)

315

78

67

FCA Bank fine (SFS)
Total impact on equity affiliates
Impairment LCL goodwill (CC)
Badwill Kas Bank (LC)Change of value of goodwill (CC)(1)
Total impact on change of value of
goodwill
Emporiki litigation (CC)Total impact on tax
Santander/Kas Bank acquisition costs(LC)
Total impact on Net income on otherassetsReclassification of held-for-sale
operations (IRB)
Total impact on Net income fromdiscounted or held-for-sale
operations
Total impact of specific items
Asset gathering* Impact before tax and before minority interests

Results for the fourth quarter and full year 2019

21/32

Appendix 2 – Crédit Agricole S.A.: Stated and underlying
detailed income statement
Crédit Agricole S.A. - From stated to underlying results, Q4-19 and Q4-18
In €m

Q4-19
statedSpecific
items

Q4-19
underlying

Q4-18
statedSpecific
items

Q4-18
underlying

Q4/Q4
statedQ4/Q4
underlying

Revenues
Operating expenses
excl.SRF
SRF

5,119

(66)

5,184

4,853

39

4,814

+5.5%

+7.7%

(3,260)(15)(3,244)(3,213)(38)(3,175)

+1.5%

+2.2%

(0)

-

(0)

-

-

-

n.m.

n.m.

Gross operating income

1,859

(81)

1,940

1,641

1

1,640

+13.3%+18.3%

Cost of risk

(340)

-

(340)

(246)

-

(246)

+38.0%+38.0%

Cost of legal risk

-

-

-

(75)

-

(75)

(100.0%)(100.0%)Equity-accounted entities

76

-

76

7

(67)

74

x 10.3+2.6%

Net income on other assets

14

(6)

20

56

-

56

(74.7%)(63.7%)

Change in value of goodwill

(589)

(589)

-

-

-

-

n.m.

n.m.

Income before tax

1,021

(677)

1,697

1,383

(66)

1,450

(26.2%)+17.1%Tax
Net income from discont'dor held-for-sale ope.
Net income

847

1,065

(219)

(222)

(1)

(221)

n.m.

(1.0%)

(46)

(46)

(0)

(0)

-

(0)

n.m.

n.m.

1,821

342

1,479

1,161

(67)

1,229

+56.8%+20.4%

Non controlling interests

(160)

1

(161)

(154)

8

(162)

+4.0%

(0.6%)Net income Group Share

1,661

343

1,318

1,008

(59)

1,067

+64.9%+23.5%

Earnings per share (€)
Cost/Income ratio excl.
SRF (%)

0.54

0.12

0.42

0.31

(0.02)

0.33+75.5%+28.1%

62.6%

66.2%

65.9%

-2.5 pp-3.4 pp

1,318

1,008

1,067

+64.9%+23.5%Net income Group Shareexcl. SRF

63.7%
1,661

343

(59)

Results for the fourth quarter and full year 2019

22/32

Crédit Agricole S.A. - From stated to underlying results,2019 and 2018
In €m

Q4-19
statedSpecific
items

Q4-19
underlying

Q4-18
statedSpecific
items

Q4-18
underlying

Q4/Q4
statedQ4/Q4
underlying

Revenues
Operating expenses
excl.SRF
SRF

20,153(186)

20,33919,73641

19,694

+2.1%

+3.3%

(12,421)(15)(12,405)(12,286)(59)(12,227)

+1.1%

+1.5%

(340)

-

(340)

(302)

-

(302)

+12.5%+12.5%

Gross operating income

7,392

(201)

7,594

7,147

(18)

7,165

+3.4%

+6.0%

Cost of risk

(1,256)-(1,256)(1,002)-(1,002)+25.5%+25.5%

Cost of legal risk

-

-

-

(80)

(5)

(75)

(100.0%)(100.0%)Equity-accounted entities
Net income on otherassetsChange in value of
goodwill
Income before tax

352

-

352

256

(67)

323

+37.6%

+9.0%

54

(6)

60

89

-

89

(39.5%)(32.5%)

(589)

(589)

-

86

86

-

n.m.

n.m.

5,952

(797)

6,749

6,496

(4)

6,500

(8.4%)

+3.8%

(456)

1,103

(1,559)(1,466)

5(1,471)(68.9%)

+6.0%

(38)

(46)

8

(3)

-

(3)

n.m.

n.m.

5,458

260

5,198

5,027

2

5,026

+8.6%

+3.4%

(614)

2

(616)

(627)

(7)

(620)

(2.1%)(0.7%)Net income Group Share

4,844

262

4,582

4,400

(5)

4,405

+10.1%+4.0%

Earnings per share (€)
Cost/Income ratio
excl.SRF (%)

1.48

0.09

1.39

1.39

(0.00)

1.39

+6.9%

+0.1%

61.0%

62.3%

62.1%

-0.6 pp-1.1 pp

4,897

4,687

4,692

+10.1%+4.4%

Tax
Net income from discont'dor held-for-sale ope.
Net income
Non controlling interests

Net income Group Shareexcl. SRF

61.6%
5,159

262

(5)

Results for the fourth quarter and full year 201923/32

Appendix 3 – Crédit Agricole S.A.: Results by businessline
Crédit Agricole S.A.: Contribution by business line Q4-19 & Q4-18
Q4-19 (stated)€mAG

Revenues

1,623

851

Operating expenses excl. SRF

(746)

(598)

FRB (LCL)

IRB

SFS

LC

CC

Total

713

672

1,401

(141)

5,119

(454)

(331)

(902)

(229)

(3,260)

SRF

-

0

(0)

(0)

0

(0)

(0)

Gross operating income

877

254

259

341

499

(370)

1,859

Cost of risk

(5)

(64)

(78)

(127)

(55)

(10)

(340)

Cost of legal risk

-

-

-

-

-

-

-

Equity-accounted entities

14

-

-

65

3

(5)

76

Net income on other assets

11

1

3

(0)

7

(8)

14

Change in value of goodwill

-

-

-

-

22

(611)

(589)

Income before tax

896

191

184

278

476

(1,004)

1,021

Tax

(224)

(53)

(49)

(40)

(67)

1,278

847

-

-

(46)

-

-

(0)

(46)

Net income

672

138

90

238

409

274

1,821

Non controlling interests

(90)

(6)

(31)

(25)

(10)

2

(160)

Net income Group Share

583

132

59

213

399

276

1,661

SFS

LC

CC

Total

Net income from discontinued or heldfor-sale operations

Q4-18 (stated)€mAG

Revenues

1,470

842

704

690

1,210

(63)

4,853

Operating expenses excl. SRF

(724)

(597)

(467)

(356)

(813)

(256)

(3,213)

-

-

-

-

-

-

-

SRF

FRB (LCL)

IRB

Gross operating income

746

245

237

335

397

(319)

1,641

Cost of risk

(22)

(63)

(84)

(99)

26

(5)

(246)

Cost of legal risk

-

-

-

-

-

(75)

(75)

Equity-accounted entities

10

-

-

(2)

(1)

1

7

Net income on other assets

(1)

47

14

(0)

(0)

(3)

56

Change in value of goodwill

-

-

-

-

-

-

-

Income before tax

733

230

167

233

422

(401)

1,383

Tax

(176)

(87)

(39)

(40)

(79)

199

(222)

Net income from discontinued or heldfor-sale operations

(0)

-

-

-

-

-

(0)

Net income

558

142

127

194

343

(202)

1,161

Non controlling interests

(60)

(6)

(32)

(40)

(6)

(10)

(154)

Net income Group Share

498

136

96

154

337

(213)

1,008

Results for the fourth quarter and full year 2019

24/32

Crédit Agricole S.A.: Contribution by business line 2019 & 20182019 (stated)€m

AG

FRB (LCL)

IRB

SFS

LC

CC

Total

Revenues

6,078

3,457

2,796

2,716

5,603

(497)

20,153Operating expenses excl. SRF(12,421)(2,896)(2,340)(1,731)(1,343)(3,321)

(789)

SRF

(7)

(32)

(22)

(18)

(177)

(83)

(340)

Gross operating income

3,174

1,086

1,042

1,354

2,105

(1,369)

7,392

Cost of risk

(19)

(217)

(335)

(497)

(160)

(28)

(1,256)

Cost of legal risk

-

-

-

-

-

-

-

Equity-accounted entities

46

-

-

295

4

6

352

Net income on other assets

32

2

2

0

6

12

54

Change in value of goodwill

-

-

-

-

22

(611)

(589)

Income before tax

3,233

870

710

1,152

1,978

(1,991)

5,952

Tax

(881)

(274)

(199)

(233)

(407)

1,539

(456)

8

-

(46)

-

-

(0)

(38)

2,360

596

465

919

1,570

(452)

5,458

Non controlling interests

(326)

(27)

(132)

(104)

(32)

7

(614)

Net income Group Share

2,034

570

333

815

1,538

(445)

4,844

SFS

LC

CC

Total

Net income from discontinued or heldfor-sale operations
Net income

2018 (stated)€m

AG

FRB (LCL)

IRB

Revenues

5,778

3,433

2,732

2,769

5,368

(344)

19,736

Operating expenses excl. SRF(2,833)(2,363)(1,716)(1,362)(3,169)(842)(12,286)

SRF

(3)

(28)

(22)

(18)

(170)

(62)

(302)

Gross operating income

2,941

1,043

994

1,389

2,030

(1,249)

7,147

Cost of risk

(17)

(220)

(358)

(467)

64

(5)

(1,002)

Cost of legal risk

-

-

-

-

-

(80)

(80)

Equity-accounted entities

47

-

-

187

0

21

256

Net income on other assets

(3)

50

14

1

14

13

89

Change in value of goodwill

-

-

-

-

-

86

86

Income before tax

2,969

873

650

1,110

2,108

(1,213)

6,496

Tax
Net income from discontinued or heldfor-sale operations

(774)

(288)

(185)

(244)

(550)

576

(1,466)

(1)

(1)

-

(0)

-

-

(3)

Net income

2,193

584

465

866

1,557

(638)

5,027

Non controlling interests

(285)

(26)

(124)

(128)

(30)

(35)

(627)

Net income Group Share

1,908

558

341

738

1,528

(672)

4,400

Results for the fourth quarter and full year 2019

25/32

Appendix 4 – Crédit Agricole Group: Stated andunderlying detailed income statement
Crédit Agricole Group - Stated and underlying results, Q4-19 and Q4-18
€m

Q4-19
statedSpecific
items

Q4-19
underlying

Q4-18
statedSpecific
items

Q4-18
underlying

Q4/Q4
statedQ4/Q4
underlying

Revenues
Operating expenses
excl.SRF
SRF

8,399

(202)

8,602

8,110

46

8,064

+3.6%

+6.7%

(5,582)(15)(5,566)(5,478)(38)(5,440)

+1.9%

+2.3%

-

-

-

-

-

-

n.m.

n.m.

Gross operating income

2,818

(218)

3,035

2,632

8

2,624

+7.1%

+15.7%

Cost of risk

(494)

-

(494)

(499)

-

(499)

(1.0%)(1.0%)

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

83

-

83

(75)
10

(67)

(75)
77

(100.0%)x8(100.0%)
+7.5%

15

(6)

21

48

-

48

(69.2%)(56.1%)

(642)

(642)

-

-

-

-

n.m.

n.m.

1,780

(866)

2,646

2,116

(59)

2,175

(15.9%)+21.6%

587

1,112

(525)

(416)

(3)

(412)

n.m.

+27.4%Tax
Net income from discont'dor held-for-sale ope.
Net income

(46)

(46)

(0)

(0)

-

(0)

x 1768.1

x 8.1

2,320

200

2,120

1,700

(63)

1,763

+36.5%+20.3%

Non controlling interests

(134)

-

(134)

(130)

8

(137)

+3.7%

(2.1%)Net income Group Share
Cost/Income ratio
excl.SRF (%)

2,186

200

1,986

1,571

(55)

1,626

+39.2%+22.1%

64.7%

67.5%

67.5%

-1.1 pp-2.7 pp

1,986

1,571

1,626

+39.2%+22.1%Net income Group Shareexcl. SRF

66.5%

2,186

200

(55)

Results for the fourth quarter and full year 2019

26/32

Crédit Agricole Group - Stated and underlying results, 2019 and 2018€m

2019
statedSpecific
items

2019
underlying

2018
statedSpecific
items

Revenues
Operating expenses
excl.SRF
SRF
Gross operating
incomeCost of risk

33,297(493)

33,79032,83926

32,813

+1.4%

+3.0%

(21,386)(15)(21,371)(21,064)(59)(21,005)

+1.5%

+1.7%

(426)

-

(426)

(389)

-

(389)

+9.4%

+9.4%

11,485(508)

11,993

11,385(32)

11,418

+0.9%

+5.0%

(1,757)-(1,757)(1,640)-(1,640)

+7.1%

+7.1%

-

-

-

(80)

(5)

(75)

(100.0%)(100.0%)

356

-

356

266

(67)

333

+33.9%

+7.0%

36

(6)

42

87

-

87

(59.0%)(51.8%)

(642)

(642)

-

86

86

-

n.m.

n.m.

Cost of legal risk
Equity-accounted
entities
Net income on otherassetsChange in value of
goodwill
Income before tax
Tax
Net income fromdiscont'd or held-forsale ope.
Net income
Non controllinginterests
Net income Group
Share
Cost/Income ratio
excl.SRF (%)
Net income Group
Share excl. SRF

20182019/2018
underlying stated

2019/2018
underlying

9,478(1,156)

10,634

10,105(19)

10,123(6.2%)+5.0%(1,737)1,208(2,945)(2,733)10(2,743)(36.5%)

+7.4%

(38)

(46)

8

(3)

-

(3)

x 12.5

n.m.

7,704

6

7,697

7,369

(8)

7,377

+4.5%

+4.3%

(506)

-

(506)

(525)

3

(527)

(3.5%)(4.0%)

7,198

6

7,191

6,844

(5)

6,849

+5.2%

+5.0%

63.2%

64.1%

64.0%

+0.1 pp-0.8 pp

7,597

7,221

7,226

+5.3%

+5.1%

64.2%

7,604

6

(5)

Results for the fourth quarter and full year 201927/32

Appendix 5 – Crédit Agricole Group: Results by businessline
Crédit Agricole Group: Contribution by business line - Q4-2019 & Q4-2018
Q4-19 (stated)
€m

RB

LCL

IRB

AG

SFS

LC

CC

Total

Revenues

3,276

851

740

1,621

672

1,401

(163)

8,399

Operating expenses excl. SRF(2,276)

(598)

(478)

(746)

(331)

(902)

(251)

(5,582)

SRF

-

-

-

-

-

-

-

-

Gross operating income

1,000

254

262

875

341

499

(414)

2,818

Cost of risk

(494)

(155)

(64)

(77)

(5)

(127)

(55)

(10)

Cost of legal risk

-

-

-

-

-

-

-

-

Equity-accounted entities

2

-

-

14

65

3

-

83

Net income on other assets

1

1

3

11

(0)

7

(8)

15

Change in value of goodwill

-

-

-

-

-

22

(664)

(642)

Income before tax

848

191

188

895

278

476

(1,096)

1,780

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

(257)

(53)

(49)

(225)

(40)

(67)

1,277

587

-

-

(46)

-

-

-

(0)

(46)

590

138

93

670

238

409

181

2,320

Non controlling interests

(0)

(0)

(25)

(85)

(25)

(1)

2

(134)

Net income Group Share

590

138

69

585

213

408

184

2,186

€m

RB

LCL

AG

IRB

SFS

LC

CC

Total

Q4-18 (stated)

Revenues

3,235

841

1,469

730

690

1,210

(66)

8,110

Operating expenses excl. SRF(2,236)

(597)

(724)

(488)

(356)

(813)

(266)

(5,478)

SRF

-

-

-

-

-

-

-

-

Gross operating income

1,000

244

745

243

335

397

(331)

2,632

Cost of risk

(250)

(63)

(22)

(84)

(99)

26

(8)

(499)

Cost of legal risk

-

-

-

-

-

-

(75)

(75)

Equity-accounted entities

4

-

10

-

(2)

(1)

-

10

Net income on other assets

(9)

47

(1)

14

(0)

(0)

(3)

48

Change in value of goodwill

-

-

-

-

-

-

-

-

Income before tax

745

229

732

173

233

422

(418)

2,116

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

(204)

(87)

(175)

(41)

(40)

(79)

210

(416)

-

-

(0)

-

-

-

-

(0)

541

142

557

132

194

343

(208)

1,700

Non controlling interests

0

0

(57)

(26)

(40)

1

(8)

(130)

Net income Group Share

541

142

500

106

154

344

(216)

1,571

Results for the fourth quarter and full year 2019

28/32

Crédit Agricole Group. : Contribution by business line - stated - 2019 & 20182019 (stated)
€m

RB

LCL

IRB

AG

SFS

LC

CC

Total

Revenues

13,117

3,457

2,898

6,061

2,716

5,601

(553)

33,297

Operating expenses excl. SRF(8,836)(2,340)(1,813)(2,897)(1,343)(3,321)(837)(21,386)

SRF

(86)

(32)

(22)

(7)

(18)

(177)

(83)

(426)

Gross operating income

4,196

1,085

1,063

3,157

1,354

2,103

(1,473)

11,485

Cost of risk

(498)

(217)

(337)

(19)

(497)

(159)

(29)

(1,757)

Cost of legal risk

-

-

-

-

-

-

-

-

Equity-accounted entities

11

-

-

46

295

4

-

356

Net income on other assets

(6)

2

2

32

0

6

(1)

36

Change in value of goodwill

-

-

-

-

-

22

(664)

(642)

Income before tax

3,703

870

728

3,215

1,152

1,976

(2,166)

9,478

Tax
Net income from discontinued orheld-for-sale operations
Net income(1,307)

(274)

(201)

(879)

(233)

(407)

1,564

(1,737)

-

-

(46)

8

-

-

(0)

(38)

2,396

596

481

2,345

919

1,569

(602)

7,704

Non controlling interests

(0)

(0)

(105)

(309)

(104)

(0)

14

(506)

Net income Group Share

2,396

596

375

2,035

815

1,569

(588)

7,198

2018 (stated)
€m

RB

LCL

AG

IRB

SFS

LC

CC

Total

Revenues

13,040

3,433

5,770

2,835

2,769

5,370

(377)

32,839Operating expenses excl. SRF(8,657)(2,363)(2,833)(1,790)(1,362)(3,169)(890)(21,064)

SRF

(87)

(28)

(3)

(22)

(18)

(170)

(62)

(389)

Gross operating income

4,296

1,042

2,934

1,023

1,389

2,031

(1,329)11,385

Cost of risk

(634)

(220)

(17)

(359)

(467)

64

(8)

(1,640)

Cost of legal risk

-

-

-

-

-

-

(80)

(80)

Equity-accounted entities

12

-

47

-

187

0

19

266

Net income on other assets

(1)

50

(3)

14

1

14

13

87

Change in value of goodwill

-

-

-

-

-

-

86

86

Income before tax

3,673

872

2,961

678

1,110

2,109

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

(288)

(773)

(191)

(244)

(551)

594

(2,733)

-

(1)

(1)

-

(0)

-

-

(3)

2,393

583

2,186

487

866

1,559

(705)

7,369

Non controlling interests

(0)

0

(271)

(101)

(128)

2

(27)

(525)

Net income Group Share

2,393

583

1,916

386

738

1,560

(732)

6,844

Results for the fourth quarter and full year 2019

29/32

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

Q4-19
1,661

Q4-18
1,008

2019
4,844

2018
4,400

Q4/Q4

19/18

+64.9%+10.1%

(105)

(127)

(587)

(443)

-17.3%+32.5%

[A]

1,556

881

4,257

3,957

+76.7%+7.6%[B]

2,883.5

2,863.0

2,873.4

2,853.7

+0.7%

+0.7%

[A]/[
B]

0.54 €

0.31 €

1.48 €

1.39 €+75.5%

+6.9%

1,318

1,067

4,582

4,405

+23.5%

+4.0%

[C]

1,213

940

3,995

3,962

+29.0%

+0.8%

[C]/[
B]

0.42 €

0.33 €

1.39 €

1.39 €+28.1%+0.1%(€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.

31/12/2019

31/12/2018

62,921(5,134)(2,993)(2,019)58,811(5,011)(1,696)(1,975)52,77450,129[D]- Goodwill & intangibles** - Group share(18,011)(17,843)

Tangible NBV (TNBV), not revaluated attrib. to ordinary sh.

[E]34,76432,286

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

2,884.3

2,862.1[D]/[F]18.3 €

17.5 €[H]

0.7 €0.69 €

19.0 €

18.2 €[G]=[E]/[F]12.1 €

11.3 €TNBV per sh., before deduct. of divid. to pay (€)[G]+[H]12.8 €

12.0 €(€m)
Net income Group share attributable to ordinary shares

2019

2018

[H]

4,257

3,957

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 (€)

Tangible NBV (TNBV), not revaluated attrib. to ord. sh. - avg***
Stated ROTE (%)
Underlying Net income attrib. to ord. shares (annualised)

Underlying ROTE (%)[J]

33,52531,120[H]/[J]

12.7%

12.7%

[I]

3,995

3,962

[I]/[J]

11.9%

12.7%

*** including assumption of dividend for the current exercise

Results for the fourth quarter and full year 2019

30/32

Disclaimer
Financial information on Crédit Agricole S.A. and Crédit Agricole Group for the fourth quarter and fullyear 2019 comprises this presentation and the attached press release and quarterly financial reportwhich are available on the website at https://www.credit-agricole.com/en/finance/finance/financialpublications.
This presentation may include prospective information on the Group, supplied as information on trends. This data
does not represent forecasts within the meaning of European Regulation 809/2004 of 29 April 2004 (chapter 1,
article 2, § 10).
This information was developed from scenarios based on a number of economic assumptions for a given
competitive and regulatory environment. Therefore, these assumptions are by nature subject to random factorsthat could cause actual results to differ from projections. Likewise, the financial statements are based on
estimates, particularly in calculating market value and asset impairment.
Readers must take all these risk factors and uncertainties into consideration before making their own judgement.

Applicable standards and comparability
The figures presented for the full year period ending 31 December 2019 have been prepared in accordance withIFRS as adopted in the European Union and applicable at that date, and with prudential regulations currently inforce. The Statutory Auditor’s audit work on the financial consolidated statements is under way.
Note: The scopes of consolidation of Crédit Agricole S.A. and Crédit Agricole Group have not changed materiallysince the Crédit Agricole S.A. 2018 Registration Document and its 2018 A.01 update (including all regulatory
information about Crédit Agricole Group) were filed with the AMF (French Financial Markets Authority).
The sum of values contained in the tables and analyses may differ slightly from the total reported due to rounding.
Since 3 May 2018, Banca Leonardo has been included in the scope of consolidation of Crédit Agricole Group as
a subsidiary of Indosuez Wealth Management. Historical data have not been restated on a proforma basis.
Since 30 September 2019, Kas Bank has been included in the scope of consolidation of Crédit Agricole Group
as a subsidiary of CACEIS. SoYou has also been included in the scope of consolidation as a joint-venture
between Crédit Agricole Consumer Finance and Bankia. Historical data have not been restated on a proforma
basis.
Since 23 December 2019, Caceis and Santander Securities Services (S3) have been bringing their activities
together. As of this date, Crédit Agricole S.A. and Santander hold 69.5% and 30.5% of the share capital in
CACEIS, respectively.

Results for the fourth quarter and full year 2019

31/32

Financial Agenda
6 May 2020
13 May 2020
6 August 2020
4 November 2020

Publication of first quarter 2020 results
Shareholders’ meeting in Paris
Publication of second quarter and first half 2020 results
Publication of third quarter and first nine months 2020 results

Contacts
CREDIT AGRICOLE PRESS CONTACTS
Charlotte de Chavagnac
Olivier Tassain
Bertrand Schaefer+ 33 1 57 72 11 17+ 33 1 43 23 25 41+ 33 1 49 53 43 76

charlotte.dechavagnac@credit-agricole-sa.fr
olivier.tassain@credit-agricole-sa.fr
bertrand.schaefer@ca-fnca.fr

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

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

Clotilde L’Angevin
Equity investors:
Toufik Belkhatir
Joséphine Brouard
Oriane Cante
Emilie Gasnier
Ibrahima Konaté
Vincent Liscia
Annabelle Wiriath+ 33 1 43 23 32 45

clotilde.langevin@credit-agricole-sa.fr+ 33 1 57 72 12 01+ 33 1 43 23 48 33+ 33 1 43 23 03 07+ 33 1 43 23 15 67+ 33 1 43 23 51 35+ 33 1 57 72 38 48+ 33 1 43 23 55 52

toufik.belkhatir@credit-agricole-sa.fr
Joséphine.brouard@credit-agricole-sa.fr
oriane.cante@credit-agricole-sa.fr
emilie.gasnier@credit-agricole-sa.fr
ibrahima.konate@credit-agricole-sa.fr
vincent.liscia@credit-agricole-sa.fr
annabelle.wiriath@credit-agricole-sa.fr

Credit investors and rating agencies:
Caroline Crépin+ 33 1 43 23 83 65
Marie-Laure Malo
+ 33 1 43 23 10 21
Rhita Alami Hassani+ 33 1 43 23 15 27

caroline.crepin@credit-agricole-sa.fr
marielaure.malo@credit-agricole-sa.fr
rhita.alamihassani@credit-agricole-sa.fr

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

Crédit Agricole Group

créditagricole_sa

Results for the fourth quarter and full year 201932/32