Montrouge, 8 November 2019

Results for the third quarter and the first nine months of 2019

Q3‑19: Results increasing strongly
Crédit Agricole S.A.
Underlying revenues1

Underlying net income2

Q3: €5,073 m

Q3: €1,226 m

11.7%+8.2% Q3/Q3+0.1 pp Sept/June, well above
the MTP target+4.9% Q3/Q3

9M: €3,264 m

9M: €15,154 m-2.2% 9M/9M+1.8% 9M/9M
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CET1 ratio

Stated result Q3: €1,199 m, +8.9% Q3/Q3 (9M: €3,183 m, -6.2% 9M/9M), up significantly Q3/Q3;
Underlying income1 increased (+8.2% Q3/Q3) as a result of buoyant commercial activity and improved
operational efficiency;
Underlying EPS: Q3 €0.34, -6.3% Q3/Q3, 9M €0.97 -8.6% 9M/9M; ROTE3 11.3% annualised over 9M;
Increase in underlying revenue (+4.9% Q3/Q3 and +1.8% 9M/9M), as a result of buoyant customers capture,savings, loan and equipment;
Significantly positive jaws effect (+340 bp Q3/Q3) and improvement in the underlying cost/income ratio
excluding SRF4 (by -2.0 pp to 59.6% in Q3 and -0.4 pp to 60.5% over 9M) despite development investments in the
Asset Gathering business line;
Cost of credit risk low: 29 basis points5, normalisation of the cost of risk in CIB, Q3/Q2 decrease for CACF and CA Italy;
CET1 ratio up +0.1 pp in Q3 to 11.7%, thanks in particular to the stability of organic risk-weighted assets in thebusiness lines;
Upgrade by Moody’s of Casa’s LT credit rating to Aa3;
Continuation of implementation of the 2022 Medium-Term Plan: growing digitalisation of customer relations, increase in customer
satisfaction, customer capture buoyant in France and Italy (+210,000 individual customers); issue of a €1 bn Green bond.

Crédit Agricole Group*

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Underlying revenues1

Underlying net income2

Q3: €8,331 m

Q3: €1,924 m

15.5%+2.9% Q3/Q3+6.0% Q3/Q3+0.1 pp Sept/June+5.8 pp above SREP6

9M: €25,188 m

9M: €5,205 m+1.8% 9M/9M-0.3% 9M/9M

CET1 ratio

Stated net income2 for Q3: €1,849 m, +4.5% Q3/Q3 (9M: €5,012 m, -5.0% 9M/9M);
Operating expenses excl. SRF4 under control over 9M (+1.5% 9M/9M), cost/income ratio down (62.7%, -0.1 pp
9M/9M)
Cost of credit risk low at 20 basis points5, one-off provisions in CIB;
Increase in the Regional Banks’ underlying revenues over 9 months (+1.9%), cost of risk stable at 12 bp.
* Crédit Agricole S.A. and 100% of Regional Banks.

This press release comments on the results for Crédit Agricole S.A. and for Crédit Agricole Group, which comprises the Crédit Agricole S.A. entities
and the Crédit Agricole Regional Banks, which own 56.6% of Crédit Agricole S.A. Please see p.17 onwards of this press release for details of
specific items, which are restated in the various indicators to calculate underlying results. A reconciliation between the stated income statement andthe underlying income statement can be found from p.23 onwards for Crédit Agricole Group and from p.19 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.17 and onwards
2 Net income Group share

3 Underlying, excluding specific items, see p. 17 onwards for more details on specific items and p. 27 for the calculation of the ROTE
4 Contribution to the Single Resolution Fund (SRF)

5 Average over last four rolling quarters, annualised

6 Based on the 9.7% SREP requirement (including countercyclical buffer)

Results for the third quarter and the first nine months of 2019

1/29

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

Underlying net income Group share: Q3-19 €1,226 m, +8.2% Q3/Q3, 9M-19 €3,264 m, -2.2% 9M/9M, increasein business line results (excluding Corporate Centre) (+6.8% Q3/Q3, +2.4% 9M/9M);-

Solid contributions from the Asset Gathering division, GOI still strong in French Retail Banking, andstrong growth (+24%) in the contribution of CA Italia, good cost control and strong contribution fromautomotive partnerships in Specialised Financial Services, and solid performance in capital markets,with an increase in the contribution from Large Customers despite the reversal of the cost of risk in thedivision;-

Over 9M-19, underlying net income Group share high (€3,264 m) despite the CC’s contribution being
penalised by a high H1-18 base, the +2.0 pp increase in the corporate income tax rate, and themeasured increase in the cost of risk, due to the normalisation in CIB;-

Annualised underlying ROTE7 11.3%, good profitability in all business lines.

Increase in underlying revenues Q3/Q3 (+4.9%) and 9M/9M (+1.8%), as aresult of dynamic commercial activity-

String inflows in Asset management, Insurance, Wealth management and Asset servicing. Record net
inflows for Amundi;-

Property and casualty insurance outperforming the French market (6.8% increase in premiums Q3/Q3),
increase in customer equipment rates (+1.5 pp for the Regional Banks Sept./Sept., +1.2 pp for LCL);-

Continued growth in loans and customer savings, increase in equipment rates, and continuing
momentum of customer capture in Retail Banking (+210,000 individual customers since the end of
2018 (+156,000 at the Regional Banks, +40,000 at LCL, +16,000 at CA Italia);-

Strong performance of the automotive partnerships, generating equity-accounted income;-

Commercial activity strong in capital markets, commercial banking positions maintained in a slowing
syndicated loan market in the eurozone.

Very positive jaws effect (+340 bp) and improvement in the cost/income
ratio-

Underlying costs: +1.5% Q3/Q3, due in particular to the development of international and corporate
insurance. Positive jaws effect in the Retail banking and Large customer business lines. Costs stable inSpecialised financialsServices.

-

Underlying cost/income ratio at 59.6% (-2.0 pp) in Q3, and 60.5% over 9M (-0.4 pp);-

Cost of risk low, at 29 bp, normalisation in CIB, down at CACF and at CA Italia:

Financial strength confirmed this quarter-

CET1 ratio at 11.7%, +0.1 pp Sept/June, risk-weighted assets stable in the business lines;

Continuing implementation of the 2022 Medium-Term Plan-

Increase in NPS8 in Retail banking, digital interaction with customers strengthened, customer
capture buoyant in France and Italy (+210,000 individual customers since the end of 2018).

-

Issuance of a non-preferred senior Green bond for €1 billion in October.

-Upgrade by Moody’s of Crédit Agricole S.A.’s long-term credit rating to Aa3.

7 See calculation of ROTE p. 27; annualised rate calculated without restating IFRIC21 charges, taking into account AT1 coupons deducted directlyfrom Group net equity; RONE of the divisions and business lines calculated using the same method
8 Net Promotor score, calculated by Institut BVA (H1-2019) and corresponding to the gap between promoters and detractors.
Results for the third quarter and the first nine months of 2019

2/29

Crédit Agricole S.A.’s Board of Directors, chaired by Dominique Lefebvre, met on 7 November 2019 to review
the financial statements for the third quarter and first nine months of 2019.

In the third quarter of 2019, stated net income Group share reached €1,199 million, versus €1,101 million in
the third quarter of 2018. The specific items recorded this quarter generated a limited negative net impact of-€28 million on net income Group share. For the record, they had a limited negative impact of -€32 million in
the third quarter of 2018.
Excluding these specific items, underlying net income Group share for the third quarter of 2019 totalled to€1,226 million, an increase of +8.2% compared with the third quarter of 2018.
Underlying earnings per share stood at €0.34 in the third quarter of 2019, down -6.3% compared with the third
quarter of 2018.

Crédit Agricole S.A. - Stated and underlying results, Q3-19 and Q3-18
Q3-19
stated

In €m

Q3-18
statedVar Q3/Q3
statedQ3-19
underlying

Q3-18
underlying

Var Q3/Q3
underlying

Revenues

5,031

4,802

+4.8%

5,073

4,834

+4.9%

Operating expenses excl.SRF(3,025)(2,998)+0.9%(3,025)(2,979)

+1.5%

SRF

(2)

-

n.m.

(2)

-

n.m.

Gross operating income

2,004

1,804

+11.1%

2,046

1,856

+10.3%

Cost of risk

+53.2%

(335)

(218)

+53.2%

(335)

(218)

Cost of legal risk

-

-

n.m.

-

-

n.m.

Equity-accounted entities

82

78

+5.1%

82

78

+5.1%

Net income on other assets

17

(0)

n.m.

17

(0)

n.m.

Change in value of goodwill

-

-

n.m.

-

-

n.m.

Income before tax

1,769

1,663

+6.3%

1,811

1,715

+5.6%

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

(423)

(434)

(2.5%)

(437)

(449)

(2.7%)

0

(1)

n.m.

0

(1)

n.m.

1,346

1,228

+9.6%

1,374

1,265

+8.6%

Non controlling interests

(147)

(128)

+15.6%

(148)

(132)

+12.1%Net income Group Share

1,199

1,101

+8.9%

1,226

1,133

+8.2%

Earnings per share (€)

0.33

0.35

(6.0%)

0.34

0.36(6.3%)

Cost/Income ratio excl.SRF (%)

60.1%

62.4%

-2.3 pp

59.6%

61.6%

-2.0 pp

Activity grew in the Crédit Agricole S.A. business lines, despite a persistency difficult interest rateenvironment.
The Crédit Agricole S.A. business lines and the Crédit Agricole Group retail networks, in particular the
Regional Banks, which distribute the products and services of Crédit Agricole S.A.’s business lines, again
enjoyed excellent activity levels this quarter, in lending, customer savings and protection of assets andindividuals. Customer equipment increased, reflecting the potential for organic growth through revenue synergiesof the Group’s Universal Customer-focused Banking model.
-

In Savings/Retirement, premium income amounted to €6.8 billion in the third quarter of 2019 (+13.9%
compared to the third quarter of 2018). As of 30 September 2019, net inflows into retirement savings
reached €2.4 billion, up +20% compared with the third quarter of 2019. Unit-linked contract inflows
increased by 7.5% compared with the third quarter of 2018, to €1.3 billion (54% of total net inflows, 29.2%
of gross inflows). The share of UL in outstandings reached 22.4%, a year-on-year increase of +0.7
percentage points. For several years, Crédit Agricole Assurances has adapted its strategy to the lowinterest rate environment. It has considerable flexibility to respond to this context: at end-September
2019, the Policyholder Participation Reserve (PPE) reached €10.8 billion (+€948 million compared with
December 2018), representing 5.2% of outstanding euro contracts and a level of coverage above theResults for the third quarter and the first nine months of 20193/29

average for the French market. Crédit Agricole Assurances is also adopting incentivising measures for
UL policies and a downward trend in policyholders’ profit-sharing.

-

In Property and Casualty insurance, Crédit Agricole Assurances continued to outperform the Frenchmarket, with premium growth of +6.8% in the third quarter of 2018, driven by continued strong growth inFrance (6.8%) and Italy (+12% Q3/Q3). Crédit Agricole Assurances recorded a net contribution of+148,000 contracts over the quarter, reaching nearly 14.0 million contracts at end-September 2019. In
the LCL networks, the equipment rate for individual customers9 increased (24.7% as at end-September
2019, an increase of +1.2 percentage point since September 2018). Equipment rate also increased in
the Regional Banks (37.4% at end-September 2019, an increase of +1.5 percentage point since
September 2018). The combined ratio was well managed at 95.5%, an improvement of 0.1 percentage
point year on year, despite the frost/hail and drought claims of 2019. In Death & disability/Creditor/Group,
revenues reached nearly €984 million in the third quarter of 2019, up +9.2% compared with the same
period in 2018, driven by growth in all three business segments.

-

Asset management (Amundi) recorded record net inflows of €42.7 billion this quarter, driven by both
medium- to long-term assets (+€25.3 billion, thanks to the recovery in Retail inflows, driven by the joint
ventures and by third-party distributors) and treasury products (+€17.4 billion, due to the return ofinstitutional and corporate customers). Assets under management reached €1,563 billion at endSeptember 2019, up +5.9% compared with end-September 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 +9.2% compared with end-September 2018), thanks to home loans (+9.1%) and thesmall businesses and corporate markets (+9.9%), but also in Italy for CA Italia (+3.1%), driven by loans
to individuals (+5.5%) and businesses (+6.1%). LCL’s inflows increased year on year (+6.6%), driven by
on-balance sheet deposits (+10%, including +12.4% for passbooks and +10.7% for demand deposits)
but also by off-balance sheet deposits (+2%). In Italy, inflows rose moderately (+1.9%), thanks to strong
performance in off-balance sheet deposits (+4.4%) against a backdrop of a declining market, and to thestability of on-balance sheet deposits. Net customer capture is still buoyant at LCL (+49,000 individual
and SME and small business customers since the beginning of the year, and +14,000 customers of LCL
Essentiel since its launch in April), and at CA Italia (+16,000 individual customers since the beginning of
the year). Equipment rates continued to increase steadily, with growth of +7.7% in comprehensive
auto/home/health contracts and +4.7% in premium cards at LCL, and a +22% increase in the number ofproperty and casualty insurance policies and +1.6 percentage point in the equipment rate at CA Italia
year on year.

-

In the Specialised Financial Services business line, CA Consumer Finance’s gross managed loans
increased by 5.4% compared with end-September 2018, to reach €90.6 billion, driven by the Retail Banksof Crédit Agricole Group (+6.8%) and the automotive partnerships (+6.7%). Production was stable thisquarter compared with the third quarter of 2018, at €10.6 billion. CAL&F’s activity is buoyant, both infactoring and in leasing. Business factoring production is at a good level, particularly outside of France(€1.0 billion) and commercial leasing production in France increased by +32% compared with the third
quarter of 2018.

-

Activity in the Large Customers business line is overall good, with revenues up in the third quarter of2019 (+6.3% compared with the third quarter of 2018) and over the first nine months of the year (+2.4%).
Underlying revenues from Capital markets and investment banking (FICC) increased sharply (+21.6%
compared with the third quarter of 2018), driven by strong commercial activity across almost all productlines and the upturn in advisory transactions. Structured finance recorded good performances this quarter(+5.9%), while revenues in commercial banking were penalized (-9.9%) by a sluggish environment with

9 Equipment rate: percentage of individual banking clients holding at least one insurance product (Pacifica estimates). Scope: auto, home, health, life

accidents and legal protection insurance.

Results for the third quarter and the first nine months of 20194/29

no major transactions (-25% year on year of syndicated EMEA loans10). Nevertheless, the business line
has maintained its leading position in EMEA syndicated loans11. Lastly, Asset servicing (CACEIS) posted
record levels of assets under custody (€3,144 billion, up +16.4% year on year) and assets underadministration (€2,023 billion, up +13.3% year on year) this quarter, thanks to sustained activity on
existing customers and to the on-boarding of new customers.

In keeping with the strategy outlined at the presentation of the Group’s Medium-Term Plan on 6 June 2019,
Amundi, CA Consumer Finance and CACEIS continued their policy of non-Group partnerships in Europe andAsia this quarter.
-

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

-

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 19 July 2019, CACF also signed an agreement with Fiat Chrysler Automobiles (FCA) to extend
their 50/50 joint venture until 31 December 2024.

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

On 17 April, Crédit Agricole S.A. and Santander announced the merger of their custody and asset
servicing operations; after this merger, Crédit Agricole S.A. and Santander would hold 69.5% and 30.5%
respectively of this new entity, which will keep the name “CACEIS” and combine the activities of CACEIS
and Santander Securities Services (“S3”) in Spain and Latin America (Brazil, Mexico and Colombia). This
new entity would benefit from greater scale and stronger competitive positioning thanks to an expanded
geographical presence, making it better placed to capture growth in high potential markets (Latin Americaand Asia). The operation should be completed before the end of 2019.

-

On 29 April, CACIB completed the disposal of a 4.9% stake in Banque Saudi Fransi (BSF) to a
consortium headed by Ripplewood, thereby reducing its stake in Banque Saudi Fransi to 10% and,subject to the exercise of a warrant on 6% of the equity, to 4% by the end of the year; the impact of thistransaction was booked in the second quarter directly in equity that may not be reclassified.

-

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 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.

10 Thomson Reuters on the EMEA zone
11 Source: Refinitiv

Results for the third quarter and the first nine months of 20195/29

Specific items in this quarter are few in number and show a limited net negative effect of -€28 million on
net income Group share. They include only recurring volatile accounting items, namely the DVA (Debt Valuation
Adjustment, i.e. gains and losses on financial instruments related to changes in the Group’s issuer spread) for -€2
million in net income Group share and the loan book hedge for -€1 million in the Large Customers business line,
as well as the provision for home purchase savings schemes for -€5 million and -€20 million respectively in net
income Group share in the French Retail banking division and the Corporate Centre. In the third quarter of 2018,
specific items had a limited negative net impact of -€32 million on net income Group share and included theintegration costs of Pioneer Investments at Amundi in the amount of -€6 million (-€12 million before tax and noncontrolling interests), and those of the three Italian banks for -€4 million (-€7 million before tax and non-controllinginterests), as well as a net balance of -€23 million in net income Group share from recurring volatile accounting
items, namely the DVA in the amount of -€6 million and hedging of the Large Customers loan book for -€10 million
and changes in provisions for home savings schemes for -€7 million.

The business lines performed strongly in the third quarter of 2019. Underlying net income Group share ofbusiness lines12 increased by +6.8%, with all business lines contributing to this increase. The contribution fromthe Asset Gathering division increased by +2.5% to €502 million, with net income Group share remaining solidfor insurance and Amundi. The Large Customers business line performed well, particularly in capital markets,with an increase of net income Group share by +12.8% to €478 million despite the reversal of CIB’s cost of risk.
Retail banking saw its contribution increase by +6.0% to €251 million. Gross operating income continued toperform well in Retail banking in France, and CA Italia posted a sharp increase of +24.0% in its contribution.
Strong performance of the automotive partnerships in Specialised financial services generated equity-accounted
income (contribution up by +17.8% between the third quarter of 2018 and the third quarter of 2019).

In the third quarter of 2019, underlying revenues reached €5,073 million, up +4.9% thanks to buoyant
commercial activity and despite a persistently difficult interest rate environment. This was mainly due to the strong
increase in revenues in the Asset Gathering division (+3.8%, benefiting from record inflows for Amundi and froman outperformance of the French market by the property and casualty insurance activity), but also due to theperformance of the Large Customers business line (+6.3% due to the momentum in capital markets banking, andto the maintenance of commercial banking positions in a syndicated loan market experiencing a slowdown in the
eurozone). The underlying revenues of all the business lines (excluding CC) increased by +3.1% this quarter.

These positive revenue trends were accompanied by good cost control. Underlying operating expenses
excluding SRF showed a controlled increase of +1.5% compared with the third quarter of 2018, making it
possible to achieve a very significantly positive jaws effect of +340 basis points. Nevertheless, businessdevelopment continued in all the business lines, with expenses rising by +2.9% between the third quarter of 2018
and the third quarter of 2019. The Asset Gathering division in particular saw an increase in expenses, reflecting
the development of international and corporate insurance. Retail Banking posted positive jaws effects with 90
basis points for LCL and 140 basis points for International Retail Banking, likewise the Large Customers division,
with 240 basis points. The Specialised financial services division recorded stable expenses over the period. The
underlying cost/income ratio stood at 59.6% for the third quarter of 2019, an improvement of 2 percentage
points over the period.

Underlying gross operating income was therefore up +10.3% compared with the third quarter of 2018.
Cost of risk increased by +53.2%/-€117 million, to -€335 million versus -€218 million in the third quarter of 2018,
mainly due to a reversal of the cost of credit risk in Corporate and Investment Banking, which reported net
reversals of provisions for +€52 million in the third quarter of 2018, while it reported net charges of -€48 million

12 Excluding the Corporate Centre.

Results for the third quarter and the first nine months of 20196/29

(i.e., -€100 million differences) this quarter. For the same reason, we are seeing a normalisation of the cost ofrisk on outstandings13 for the third quarter of 2019. It stood at 29 basis points, up +4 basis points versus
the third quarter of 2018 and up +4 basis points versus the previous quarter, but remained low. The other threebusiness lines that contributed the most to the cost of risk show contrasting variations, albeit of very limited
magnitude. LCL thus posted a +15.5% increase in the cost of risk, to -€58 million, but its cost of risk relative tooutstandings remained low at 17 basis points (+1 point versus the previous quarter). CA Italia declined sharply,by -12.0%, with the cost of risk relative to outstandings continuing to improve, rising to 59 basis points (from 73
basis points in the third quarter of 2018 and 62 basis points in the second quarter of 2019); lastly, CACF recorded
a decline of -3.8% to €121 million compared to the third quarter of 2018, with the cost of risk relative tooutstandings also falling to 120 basis points.
The contribution of equity-accounted entities increased sharply, by +5.1%, to €82 million, reflecting in particular
the strong performance of CA Consumer Finance’s partnerships (+17.8% compared to the third quarter of 2018).
Net income from other assets was €17 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 +5.6% to €1,811 million. The underlying effective tax rate was 25.3%, a fall by -2.2 percentage
points compared to the third quarter of 2018, in particular as a result of a favourable decision on a tax dispute at
Crédit Agricole CIB in the third quarter of 2019. The underlying tax charge was therefore down -2.7% to €437
million, and underlying net income before minority interests was therefore up by +8.7%.
Net income attributable to non-controlling interests increased by +12.1% to €148 million, mainly in line withthe change in the underlying result.
Underlying net income Group share increased by +8.2% versus the third quarter of 2018, to €1,226 million.

In the first nine months of 2019, stated net income Group share amounted to €3,183 million, compared with
€3,393 million in the first nine months of 2018, a decrease of -6.2%.
Specific items in the first nine months of 2019 had a negative impact of -€81 million on stated net income
Group share. In addition to the third quarter items already mentioned above, the first-half 2019 items had anegative impact of -€20 million and also corresponded to the recurring volatile accounting items, i.e. the DVA
for -€3 million, loan book hedges in the Large Customers division for -€6 million, and changes in the Home
Purchase Savings Plan for -€12 million. Specific items in the first nine months of 2018 had a positive impactof +€54 million on net income Group share. Compared to the third quarter 2018 items already mentioned above,
they had a positive impact of +€87 million on net income Group share in first-half 2018, i.e. the adjustment ofnegative goodwill recognised at the time of acquisition of the three Italian banks totalling +€66 million, -€8 million
for the costs of integrating Pioneer Investments (-€18 million before tax and non-controlling interests) as well asrecurring specific items, namely the DVA for +€11 million (+€15 million before tax) and loan book hedges in the
Large Customers division for +€14 million (+€20 million before tax).
Excluding these specific items, underlying net income Group share reached €3,264 million, down -2.2%
compared to the first nine months of 2018.
Underlying earnings per share came to €0.97, a decrease (-8.6%) compared to the first nine months of 2018.
Annualised ROTE15 net of coupons on Additional Tier 1 (return on equity Group share excluding intangible
assets) was 11.3% in the first nine months of 2019, a decrease compared with financial year 2018 (13.1%).

13 Average loan loss reserves over the last four rolling quarters, annualised
14 See p. 16 for more details on specific items related to Crédit Agricole S.A.

15 See details on the calculation of the business lines’ ROTE (return on tangible equity) and RONE (return on normalised equity) on p. 27.

Results for the third quarter and the first nine months of 2019

7/29

Crédit Agricole S.A. - Stated and underlying results, 9M-19 and 9M-18
In €m

9M-19
stated

9M-18
statedVar 9M/9M
stated9M-19
underlying

9M-18
underlying

Var 9M/9M
underlying+1.8%

Revenues

15,034

14,882+1.0%

15,155

14,880Operating expenses excl.SRF(9,161)(9,073)+1.0%(9,161)(9,053)

+1.2%

SRF

(340)

(302)

+12.5%

(340)

(302)

+12.5%

Gross operating income

5,534

5,507

+0.5%

5,654

5,525

+2.3%

Cost of risk

+21.4%

(917)

(755)

+21.4%

(917)

(755)

Cost of legal risk-

(5)(100.0%)

-

-

n.m.

Equity-accounted entities

275

248

+11.0%

275

248+11.0%Net income on other assets

39

32+21.8%

3932+21.8%

Change in value of goodwill-

86(100.0%)

-

-

n.m.

Income before tax

4,931

5,113

(3.5%)

5,052

5,050

+0.0%

Tax
Net income from discont'd or held-for-saleope.
Net income(1,302)(1,244)+4.7%(1,340)(1,250)

+7.2%

8

(3)

n.m.

8

(3)

n.m.

3,637

3,866

(5.9%)

3,720

3,797

(2.0%)

Non controlling interests

(454)

(473)

(4.1%)

(455)

(459)

(0.7%)Net income Group Share
Earnings per share (€)
Cost/Income ratio excl.SRF (%)

3,183
0.94
60.9%

3,393
1.08
61.0%

(6.2%)(12.8%)-0.0 pp

3,264
0.97
60.5%

3,338
1.06
60.8%

(2.2%)(8.6%)-0.4 pp

In the first nine months of 2019, business line results were up +2.5%, thanks to good growth in activity, controlled
growth in expenses (positive jaws effect of +40 basis points), and the maintenance of the cost of risk at a very
low level. The negative contribution of the Corporate Centre (-€683 million, compared with -€515 million in thefirst nine months of 2018) resulted from a deterioration in the items for this division other than “structural” netincome, compared with a high base in 2018.
Underlying revenues were up +1.8% compared to the first nine months of 2018, with a positive contribution tothis growth by all business lines except Specialised financial services. The environment for consumer finance is
one of strong competitive pressure in France, and the business line launched new partnerships (resulting incustomer capture costs) over the period. The very strong performance of automotive partnerships is accounted
for using the equity method. Leasing and factoring saw their activity stabilise, with strong momentum in leasing
activity in particular. Revenues in the Large Customers business line rose slightly (+2.4%).
Underlying operating expenses increased slightly, by +1.2%, excluding SRF contributions. This control of
expenses led to a positive jaws effect of +60 basis points over the period. In the business lines alone, theincrease in operating expenses excluding SRF was +1.6%, concentrated mainly in the Asset Gathering and Large
Customers divisions, where expenses are rising in connection with business development. The underlying
cost/income ratio excluding SRF was 60.5%, including IFRIC21 expenses in the first quarter, an improvementof 0.4 percentage points compared to the third quarter of 2018.
Lastly, the cost of credit risk showed an increase of +21.4%/-€162 million compared to the first nine months of
2018, to -€917 million. This increase is mainly due to the Large Customers business line (which reported a risk
charge of -€105 million at end-September 2019, compared to a net reversal of +€38 million at end-September2018) and financing activities in particular, stemming from the one-off provisions reported in the period.
At end-September 2019, Crédit Agricole S.A. retains a high level of solvency, with a Common Equity Tier 1(CET1) ratio16 of 11.7%, up 0.1 pp from end-June 2019. Organic risk-weighted assets in the business lines
were stable (+€0.8 billion) in the third quarter of 2019. Risk-weighted assets stood at €330 billion at endSeptember 2019, compared with €323 billion at end-June, an increase of 2.1% over a quarter. Despite the stabilityof risk-weighted assets in the business lines (+€0.8 billion), this increase can be explained mainly by the increasein risk-weighted assets related to unrealised gains and the inclusion of the insurance companies’ results for the

16 Including retained earnings for the first nine months of 2019

Results for the third quarter and the first nine months of 20198/29

period (+€3.3 billion in total), the impact of exchange rates (+€1.8 billion) and the acquisition of Kas Bank by
CACEIS (+€0.8 billion). For the record, equity investments in insurance companies are weighted on the basis ofrisk-weighted assets, up to 370% of the equity-accounted value.
On CET1 ratio, capital generation over the quarter (+17 basis points, including a dividend provision of €0.17 over
the third quarter of 2019 and €0.47 over the nine-month period) and the positive change in unrealised reserves(+8 basis points) were offset by the impact of the increase of the insurance results through the value of equityaccounted (-5 basis points). The other impacts consist of and the effect of the acquisition of Kas Bank by CACEIS(-3 basis points), a foreign exchange impact (-1 basis point) and the positive impact of the capital increase
reserved for employees (+5 basis points) on the CET1 of Crédit Agricole S.A. this quarter.
The phased-in leverage ratio was 4.3% at end-September 2019 as defined in the Delegated Act adopted by
the European Commission. The intra-quarter average measure of phased-in leverage ratio17 stood at 4.0% in thethird quarter of 2019.
Crédit Agricole S.A.’s average LCR (Liquidity Coverage Ratio) over 12 months stood at 131.7% 18 at endSeptember 2019, which is higher than the target level of around 110% set out in the Medium-Term Plan.
At the end of October 2019, Crédit Agricole S.A. had completed 88% of its medium-to-long-term market
funding programme for the year. The bank raised the equivalent of €15 billion, of which €8.7 billion equivalentof senior preferred debt and secured senior debt, and €4.5 billion equivalent of senior non-preferred debt and€1.8 billion equivalent of Tier 2 debt. The 2019 programme is set at €17 billion, including around€5 to €6 billion of TLAC eligible debt (Tier 2 debt or senior non-preferred debt). Note that Crédit Agricole S.A.
made a Green senior non-preferred debt issue for €1 billion in October 2019 (included in the amounts above).

***

Philippe Brassac, Chief Executive Officer, commented on the third quarter 2019 and first nine months 2019
results and activity of Crédit Agricole S.A. as follows: “The results of Crédit Agricole S.A. rose sharply this quarter,
to +8.9%, as a result of buoyant commercial activity in all business lines. As a consequence, the Group recorded
210,000 new customers in France and Italy this year; our customer’s equipment rates continue to rise, reflecting
the Group’s potential for organic growth, in particular through synergies between entities. Although we areinvesting in the development of our businesses, and in particular insurance, both internationally and forcorporates, our operational efficiency continues to improve, as evidenced by the very significant jaws effect thisquarter and the improvement in the cost/income ratio. Our cost of risk, lastly, remains very low. The rating
agencies have recognised the strength of our model, which is based on relational as well as operational
excellence. Moody’s raised CAsa’s medium-to-long-term rating to Aa3 this quarter, given our Additional Tier 1
instruments an “investment grade” status. Our financial solidity is confirmed this quarter: the CET1 ratio of Crédit
Agricole S.A. secures our dividend policy and makes a first unwinding of the Switch possible in 2020.”

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

18 The ratio’s numerator and denominator stand at €185.1 billion and €140.5 billion, respectively, for Crédit Agricole S.A.

Results for the third quarter and the first nine months of 2019

9/29

Crédit Agricole GroupIn the third quarter, underlying net income Group share of Crédit Agricole Group was €1,924 million, up+6.0% compared with the third quarter of 2018. In the first nine months of 2019 the underlying net income
Group share of Crédit Agricole Group reached €5,205 million, stable compared with the first nine monthsof 2018.
This performance was achieved thanks to very strong activity in all business lines and theimplementation of the customer project. Digital interaction with customers has strengthened, with anincrease of +2.5 percentage points in the use of the Regional Banks’ MaBanque mobile app and +3
percentage points in the use of the LCL mobile application since the beginning of the year. The weightof online transactions increased by +6 percentage points at CA Italia. Customer satisfaction improved in
2019, with a positive individual customer NPS19 in the Regional Banks, compared to the market averageof -1 in France. There was a sharp rise in the individual customer NPS in the Regional Banks (+5) andLCL (+8). Customer relations are intensifying for the Regional Banks, with an increase in the proportionof “active” DAVs20. There was strong momentum in acquisition once again, with +210,000 additional
individual customers, including 156,000 for Regional Banks, 40,000 for LCL and 15,000 for CA Italia since
the beginning of the year. Since its launch a year ago, 342,000 customers of the Regional Banks’ havebeen met in the context of “Trajectoires Patrimoine”. Finally, customer equipment continues to grow,with a +1.5 percentage point increase in property and casualty insurance for the Regional Banks, 1.2
percentage point for LCL, and 1.6 percentage point for CA Italia.
The Regional Banks’ revenues were stable in the third quarter of 2019 compared with the third quarter of
2018, thanks to a good level of growth in fee and commission income (+3.4%), particularly in banking
and insurance. Expenses were up +3.4% in the third quarter of 2019 compared with the third quarter of
2018, mainly due to IT investments, but underlying net income Group share was up sharply over theperiod (+2.7%), notably due to the significant decrease in the cost of risk in third quarter 2019, compared
to a third quarter 2018 which was impacted by collective provisions.
The Group’s underlying revenues reached 8,331 million euros in the third quarter of 2019, up +2.9% year
on year, reflecting the strength 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. Operating expenses excluding SRF are
well controlled (+2.7% increase in third quarter 2019), while incorporating IT investments in the Regional
Banks and investments to develop Casa’s business lines, especially in the Asset Gathering businessline. A positive year-on-year jaws effect of 20 basis points is recorded. The cost/income ratio improvedby 0.1 percentage points compared with the third quarter of 2018, reaching 62.7% this quarter, reflecting
the Group’s high level of operational efficiency.
The Regional Banks’ cost of credit risk relative to outstandings remained stable, at 12 basis points, with
the NPL ratio at 2.0% and NPL coverage ratio at 97.3%. The Group’s cost of credit risk increased by+18.9% compared with the third quarter of 2018 as a result of the reversal of the cost of risk in CIB, but
remained very low, and the NPL coverage ratio reached 83.5%.
The Group’s Common Equity Tier 1 ratio was 15.5% at end-September 2019, an increase of 0.1 percentage
points compared with end-June 2019, and 580 basis points above the required regulatory level21.
Finally, the Group is continuing to roll out its social project, with the issuance in October of a nonpreferred senior Green bond of €1 billion.

19 Customer recommendation index, calculated by an independent organisation, Institut BVA (H1-2019) and corresponding to the gap between

promoters and detractors.
20 Increase in active DAVs and transactional DAVs (+120 transactions/month) as a proportion of DAVs, scope of major individual customers
21 According to pro forma SREP requirement for 2019 of 9.7% as notified by the ECB (incl. countercyclical buffer)
Results for the third quarter and the first nine months of 201910/29

In the third quarter of 2019, Crédit Agricole Group’s stated net income Group share was €1,849 million,
versus €1,769 million in the third quarter of 2018. The specific items recorded this quarter generated a negative
net impact of -€76 million on net income Group share.
Excluding these specific items, underlying net income Group share22 was €1,924 million, up +6.0% comparedwith the third quarter of 2018.

Credit Agricole Group - Stated and underlying results, Q3-19 and Q3-18
In €m

Q3-19
stated

Q3-18
statedVar Q3/Q3
statedQ3-19
underlying

Q3-18
underlying

Var Q3/Q3
underlying

Revenues

8,216

8,043

+2.2%

8,331

8,097

+2.9%

Operating expenses excl.SRF(5,220)(5,102)+2.3%(5,220)(5,083)

+2.7%

-

-

n.m.

-

-

n.m.

Gross operating income

2,997

2,940

+1.9%

3,111

3,014

+3.2%

Cost of risk

+18.9%

SRF

(384)

(323)

+18.9%

(384)

(323)

Cost of legal risk

-

-

n.m.

-

-

n.m.

Equity-accounted entities

85

77+10.0%

85

77+10.0%Net income on other assets

182

x 10.818

2

x 10.8Change in value of goodwill

-

-

n.m.

-

-

n.m.

Income before tax

2,715

2,696

+0.7%

2,830

2,770

+2.2%

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

(748)

(816)

(8.4%)

(787)

(839)

(6.2%)

0

(1)

n.m.

0

(1)

n.m.

1,968

1,879

+4.7%

2,043

1,930

+5.9%

Non controlling interests

(119)

(110)

+7.9%

(119)

(115)

+3.8%

Net income Group Share

1,849

1,769

+4.5%

1,924

1,815

+6.0%

Cost/Income ratio excl.SRF (%)

63.5%

63.4%

+0.1 pp

62.7%

62.8%

-0.1 pp

In the third quarter of 2019, underlying revenues increased by +2.9% compared with the third quarter of 2018,
to €8,331 million, and by +1.8% for the business lines excluding the Corporate Centre. This growth was driven
by revenues from the Asset gathering business line, which increased by +3.1%, International Retail banking,which were up +4.4%, and Large customers, which rose +6.2%. Revenues in the Specialised financial services
business lines fell by -2.7%, but the handsome performance by automotive partnerships was accounted for using
the equity method. Revenues from French Retail banking were stable, up +0.2%.
Underlying operating expenses excluding SRF contribution were up +2.7% compared with the third quarterof 2018, in connection with IT investments in the Regional Banks under the Medium-Term Plan, and development
expenses in the Crédit Agricole S.A. business lines, especially Asset Gathering. The underlying cost/income
ratio excluding SRF stood at 62.7%, an improvement of 0.1 percentage points compared with the third
quarter of 2018.
Underlying gross operating income including the contribution to the SRF increased to €3,111 million comparedwith the third quarter of 2018 (+3.2%).
The cost of credit risk rose by +18.9% to -€384 million, versus -€323 million in the third quarter of 2018. This
increase stems in particular from the Large customers business line, where the cost of credit risk is normalising,with net provisions of -€45 million, compared with net reversals of +€57 million in the third quarter of 2018. Crédit
Agricole Group’s cost of risk relative to outstandings23 was 20 basis points, up +2 basis points from the third
quarter of 2018, but low and below the Medium-Term Plan assumption of 25 basis points.
By incorporating the contribution from equity-accounted entities, which was up by +10.0% from €77 million to€85 million as a result of the strong performance of automotive partnerships at CACF, underlying pre-tax
income was €2,830 million, up +2.2% compared with the third quarter of 2018.

22 Underlying, excluding specific items. See p.16 onwards for more details on specific items.
23 Average loan loss reserves over the last four rolling quarters, annualised

Results for the third quarter and the first nine months of 201911/29

The underlying tax charge was down -6.2% compared with the third quarter of 2018, showing a sharp fall of+2.5 percentage points in the underlying tax rate, from 31.1% to 28.7%. Accordingly, underlying net income
before non-controlling interests was up +5.9% and underlying net income Group share was up +6.0% comparedwith the third quarter of 2018.
Specific items had a net negative impact of -€76 million on net income Group share this quarter. These included
only the net balance of 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 -€2 million,
hedges on the Large Customers loan book for -€1 million, and the change in the provision forhome purchase savings schemes in the amount of -€72 million. In the third quarter of 2018, specific items
negatively impacted net income Group share by -€46 million, including -€6 million in integration costs for Pioneer
Investments (-€12 million before tax and minority interests), -€3 million from the integration costs for the three
Italian banks (-€7 million before tax and minority interests), and, finally, -€37 million from the net balance in net
income Group share of recurring volatile accounting items, i.e. the DVA for -€6 million and the loan book hedges
in the Large Customers division for -€10 million, and the changes in provisions for home savings plans for -€21
million.
In the first nine months of 2019, underlying net income Group share was stable (-0.3%) compared with thesame period in 2019, at €5,205 million, a slight fall of -€19 million. The increase in the cost of credit risk (-€122
million) due to the normalisation of the cost of risk in corporate and investment banking and the increase in the
tax charge (-€141 million) offsetting the good growth in gross operating income (+€163 million).
Underlying net revenues increased by +1.8% and operating expenses excluding Single Resolution Funds(SRF) remained under tight control, at +1.6%. The Group therefore recorded a positive jaws effect of +20 basis
points over the first nine months of the year.

Credit Agricole Group - Stated and underlying results, 9M-19 and 9M-18
In €m

9M-19
stated

9M-18
statedVar 9M/9M
stated9M-19
underlying

9M-18
underlying

Var 9M/9M
underlying

Revenues

24,89824,729+0.7%

25,18824,748+1.8%

Operating expenses excl.SRF(15,805)(15,586)+1.4%(15,805)(15,565)

+1.5%
+9.4%

SRF

(426)

(389)

+9.4%

(426)

(389)

Gross operating income

8,667

8,754

(1.0%)

8,957

8,794

+1.9%

Cost of risk

(1,263)(1,141)+10.7%(1,263)(1,141)+10.7%

Cost of legal risk-

(5)(100.0%)

-

-

n.m.

Equity-accounted entities

273

256

+6.8%

273

256

+6.8%

Net income on other assets

2139(46.6%)

2139(46.6%)

Change in value of goodwill-

86(100.0%)

-

-

n.m.

Income before tax

7,698

7,989

(3.6%)

7,989

7,948

+0.5%

Tax
Net income from discont'd or held-for-saleope.
Net income(2,323)(2,317)+0.3%(2,420)(2,331)

+3.8%

8

(3)

n.m.

8

(3)

n.m.

5,383

5,669

(5.0%)

5,577

5,614

(0.7%)

Non controlling interests

(372)

(395)

(5.9%)

(372)

(390)

(4.7%)Net income Group Share
Cost/Income ratio excl.SRF (%)

5,012
63.5%

5,273
63.0%

(5.0%)+0.5 pp

5,205
62.7%

5,224
62.9%

(0.3%)-0.1 pp

At end-September 2019, customer capture in the Regional Banks was still buoyant, with +156,000 additional
individual customers since the start of the year. Since the launch of “Trajectoires Patrimoine” a year ago, 342,000
customers have been met. In line with the Group Project, the Regional Banks are participating in the roll-out of
the Customer Project. The customer relation is increasingly digitalised. Since the beginning of the year, we haveseen a +2.5 pp increase in the number of users of the Regional Banks’ “MaBanque” application, as well as anincrease in the number of customer contacts (+1 pp) in the Regional Banks. Customer satisfaction is up in all

Results for the third quarter and the first nine months of 201912/29

customer segments. The individual customers’ Net Promoter Score (NPS24) in particular is up sharply in 2019(+5 versus 2018), and has become positive, while the average for the French market is -1. The momentum in thecommercial development of the Regional Banks significantly contributed to growth in Crédit Agricole S.A.’sbusiness lines, of which the Regional Banks, the leading 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 equipment continues to increase: the inventory of premium cards for individual customers rose +8.7%
between September 2018 and September 2019, and property and personal insurance policies increased by+4.4% over the same period.
Outstanding loans grew +6.7% compared with 30 September 2019. This growth was driven by home loans(+7.5%), consumer finance (+6.8%), and corporate loans (+6.9%).
Customer savings rose +4.6% year on year, driven by on-balance sheet deposits (+6.0%) and, in particular,
demand deposits (+10.1%) and passbook accounts (+11.2%). Off-balance sheet savings rose more modestly by+2.4% year on year, driven by life insurance assets (+4.4%).
The Regional Banks’ contribution to Crédit Agricole Group’s underlying net income Group share was€689 million, up +2.7% compared with the third quarter of 2018. At €3,244 million, underlying revenues remain
stable (+0.1%) compared with the third quarter of 2018. This relative stability is mainly due to a good level ofgrowth in fee and commission income, up +3.4% year on year (mainly due to banking services and insurance
products), offsetting the pressure on interest income (-2.7% in the third quarter of 2019 compared with the third
quarter of 2018).
Operating expenses (excluding SRF) were up +3.4% compared with the third quarter of 2018, corresponding
mainly to continuing IT investments under the Group’s Medium-Term Plan. As a result, the underlying
cost/income ratio excluding SRF was 66.2%.
Cost of risk recorded a significant decrease in the third quarter of 2019 to -€48 million, compared with the third
quarter of 2018 (-€111 million), when collective provisions had been recorded. It represents 12 basis points on
the basis of outstandings25. The NPL ratio stabilised at 2.0% and the NPL coverage ratio stands at 97.3%
Over the first nine months, the contribution of the Regional Banks to underlying net income Group sharewas €1,917 million, an increase of +2.7%.

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

Over the quarter, Crédit Agricole Group’s financial strength remained robust, with a Common Equity Tier 1(CET1) ratio26 of 15.5%, up by +0.1 percentage points compared with end-June 2019. This ratio provides a
substantial buffer of 580 basis points in relation to the SREP requirement applicable to Crédit Agricole Group,
set at 9.7% by the ECB.
The MREL ratio was estimated at 32% of risk-weighted assets (RWA) at 30 September 2019, and stood at
22.2% excluding eligible preferred senior debt. The target under the Crédit Agricole Group’s Medium-Term
Plan is to achieve a subordinated MREL ratio (excluding potentially eligible preferred senior debt) of 24-25% of
RWA 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 30
September 2019, excluding eligible preferred senior debt. This is in line with the Medium-Term Plan targetof 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.

24 Net Promotor score, calculated by Institut BVA (H1-2019) and corresponding to the gap between promoters and detractors.
25 Relative to consolidated outstandings, calculated on an average annualised basis over four rolling quarters.
26 Including first nine months of 2019 retained earnings

Results for the third quarter and the first nine months of 201913/29

The TLAC ratio requirements have been applicable since 27 June 2019, when European Regulation CRR2
(Capital Requirement Regulation 2) came into force. At 30 September 2019, the Crédit Agricole Group’s TLAC
ratio stood at 22.2% of RWA and 7.6% of leverage risk exposure (LRE), excluding eligible preferred seniordebt. It was down 50 basis points compared with 30 June 2019, mainly due to the increase in risk-weighted
assets, the withdrawal from Tier 1 instruments and the deduction of the Tier 2 issued by CAA. The level is still
well above the CRR2/CRDV requirements27, by 2.5 percentage points for RWA and 1.6 percentage points for
LRE respectively.
The phased-in leverage ratio came to 5.6% at end-September 2019.
The liquidity position of Crédit Agricole Group is solid. The Group’s banking cash balance sheet, at €1,289 billion
at 30 September 2019, showed a surplus of stable funding sources over stable assets of €118 billion, up
by €2.1 billion compared to end-June 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 (€110 billion) covered more than three times the short-term debt net of Central Bank deposits.
The liquidity reserves, which include capital gains and haircuts on securities portfolios, stood at €272 billion
at 30 September 2019. The Group’s average LCR ratio over 12 months stood at 129.4% 28 at end-September
2019, exceeding the Medium-Term Plan target of around 110%.
At end-September 2019, the Group’s main issuers raised the equivalent of €28.9 billion in medium/longterm debt on the markets, 45% of which was issued by Crédit Agricole S.A. In addition, €3.2 billion was placedin Crédit Agricole Group’s Retail banks (Regional Banks, LCL and CA Italia) and other external networks, as wellas with supranational organisations at end-September 2019.
***

Dominique Lefebvre, Chairman of SAS Rue La Boétie and Chairman of Crédit Agricole S.A.’s Board of Directors,commented on the Group’s third quarter 2019 and first nine months 2019 results and activity as follows: “Overthe first nine months of the year, the business lines of Crédit Agricole Group continued to expand, both in France
and internationally. In line with our purpose, formulated when we presented our Medium-Term Plan in June,
customer satisfaction is improving in all segments, and the Strategic Recommendation Index for the Regional
Banks is above the French market in 2019. As a result of these efforts, all activity indicators are green in ourbusinesses. We are also consolidating our position as world leader in this area, with a €1 billion Green bondissue in October. The three pillars of our unique relationship model, namely excellence in customer relations,empowered teams for customers, and commitment to society, create value in the uncertain economic
environment we are experiencing”.

27 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 0.19%
countercyclical buffer at 30 September 2019); and 6% of leverage risk exposure.
28 The ratio’s numerator and denominator stand at €219.4 billion and €169.6 billion, respectively, for CA Group
Results for the third quarter and the first nine months of 2019

14/29

Corporate social andenvironmental responsibilityof the Company
Green bonds
In October 2019, in line with the Group Project, Crédit Agricole S.A. issued a Green senior non-preferred bondfor €1 billion.

Sustainable financeAs part of its leadership in green bonds, CACIB has developed a platform for sovereign issuers around the world.
In this respect, CACIB was the Structuring Advisor for the historic $1 billion issuance in Hong Kong in May 2019.
This issuance is financing sustainable projects, such as the development of energy-saving technologies or theconstruction of energy-efficient buildings. In addition, CACIB assisted Chile in July 2019 with the launch of its firstgreen bond, for €861 million. This is the first euro issuance for a non-European sovereign issuer.
In September 2019, Unifergie and CACIB jointly arranged France’s largest-ever refinancing operation in
renewable energy, and particularly in solar energy, with a new operation (Phoenix 5) of more than €800 million
for Tenergie. Tenergie is the second-largest independent producer of solar power in France, with more than 800
power plants and 500 MWh of installed capacity. Unifergie, LCL and the Alpes Provence Regional Bank haveassisted Tenergie since it was founded in 2008 and CACIB has already been involved in the €262 million
refinancing of Phoenix 3 in 2018. Since the end of 2017, Tenergie has also been associated with CA Pyrénées
Gascogne Énergies Nouvelles, part of Terre d’Énergies, an investment vehicle created for a strategic partnershipin energy transition. The loans are refinancing 166 photovoltaic power plants and two wind farms for a total
capacity of 255 MWh, supplying 110,000 households. Crédit Agricole Group has underwritten fifty per cent of thetransaction, through CACIB’s underwriting capability and the involvement of LCL, 11 Regional Banks andBpifrance.

The Group’s CSR commitments
Introduced on 22 September at the United Nations General Assembly, the Principles for Responsible Banking
define the responsibilities of banks, as well as their obligations in terms of monitoring and publishing responsible
finance objectives. Crédit Agricole S.A. has signed up to these principles, as well as the United Nations’ Collective
Commitment to Climate Action, which sets out practical, binding measures that banks must take to strengthen
their contributions to green finance. By signing up to the principles, Crédit Agricole S.A. has reaffirmed its
determination to continue with efforts to promote a more inclusive economy and its intention to make green
finance one of the Group’s keys to growth.
On 31 July, Philippe Brassac, Chief Executive Officer of Crédit Agricole S.A., and Christy Hoffman, Secretary
General of UNI Global Union (international federation of trade unions for the services private sector) signed aninternational framework agreement to provide all Group employees with the same benefits, regardless of thecountry in which they work. This global agreement covers human rights, fundamental labour rights and thedevelopment of social dialogue. This agreement includes several commitments pertaining to disability (inproviding that each entity has an action plan for the integration of disabled workers), parenthood (in establishing
the principle of 16 weeks’ paid maternity leave) and death & disability (it plans to carry out an inventory of all theprovident schemes in force in the Group’s entities).

Results for the third quarter and the first nine months of 201915/29

Inclusive finance
In September 2018, in partnership with CA Indosuez Wealth (Asset Management) and CACEIS Bank,
Luxembourg Branch, the Fondation Grameen Crédit Agricole launched FIR (“Finance Inclusive en milieu Rural”,
Inclusive Finance Funds in Rural Areas), a sub-fund of Fonds Grameen Crédit Agricole and Crédit Agricole
Group’s first microfinance fund. In 2018, fifteen Regional Banks, Crédit Agricole Assurances and Amundi invested
nearly €8 million in the sub-fund. At the last fundraising round in June 2019, five new Regional Banks confirmed
their investment for an amount of €1.6 million.
Moreover, Crédit Agricole Group invested €300 million in a fundraising campaign for Crédit Agricole Régions
Développement (CARD). This strengthens its role with mid-cap companies in the regions and complements thesystem already put in place by the Regional Banks through their SCIR (Regional Private Equity Companies)
subsidiaries.

Results for the third quarter and the first nine months of 201916/29

Appendix 1 – Specific items, Crédit Agricole S.A. andCrédit Agricole Group
Crédit Agricole S.A. - Specific items, Q3-19 et Q3-18, 9M-19 et 9M-18

In €m
DVA (LC)
Loan portfolio hedges (LC)Home Purchase Savings Plans(FRB)
Home Purchase Savings Plans (CC)Total impact on revenues

Q3-19
ImpactGros
on Netimpact*incomeQ3-18
ImpactGros
on Netimpact*income9M-19
ImpactGros
on Netimpact*income

9M-18
ImpactGros
on Netimpact*income

(3)
(1)

(2)
(1)

(8)
(14)

(6)
(10)

(15)
(28)

(11)
(20)

8
6

5
4

(8)

(5)

(2)

(1)

(19)

(12)

(2)

(1)

(30)

(20)

(9)

(6)

(58)

(38)

(9)

(6)

(43)

(28)

(33)

(23)

(120)

(81)

2

3

-

-

(12)

(6)

-

-

(30)

(14)

-

-

(7)

(4)

-

-

9

5

-

-

(19)

(10)

-

-

(21)

(10)

-

-

-

-

-

-

(5)

(5)

-

-

-

-

-

-

(5)

(5)

-

-

-

-

-

-

86

66

-

-

-

-

-

-

86

66

(43)

(28)

(52)

(32)

(120)

(81)

62

54

Asset gathering

-

-

(12)

(6)

-

-

(30)

(14)

French Retail banking

(8)

(5)

(2)

(1)

(19)

(12)

(2)

(1)

International Retail banking

-

-

(7)

(4)

-

-

9

5

Specialised financial services

-

-

-

-

-

-

-

-

Large customers

(4)

(3)

(21)

(16)

(43)

(31)

13

10

Corporate centre

(30)

(20)

(9)

(6)

(58)

(38)

72

55

Pioneer integration costs (AG)
3 Italian banks integration costs(IRB)
Total impact on operating
expenses
ECB fine (CC)Total impact Non-allocated legalrisk provisions
Change of value of goodwill (CC)Total impact on change of value of
goodwill
Total impact of specific items* Impact before tax and before minority
interests

Results for the third quarter and the first nine months of 2019

17/29

Crédit Agricole Group - Specific items, Q3-19 et Q3-18, 9M-19 et 9M-18
Q3-19
Q3-18
ImpactImpactGros
Gros
on Neton Netimpact*impact*incomeincome

In €m

9M-19
ImpactGros
on Netimpact*income

9M-18
ImpactGros
on Netimpact*incomeDVA (LC)

(3)

(2)

(8)

(6)

(15)

(11)

8

6

Loan portfolio hedges (LC)

(1)

(1)

(14)

(10)

(28)

(21)

6

5

Home Purchase Savings Plans (LCL)

(8)

(5)

(2)

(1)

(19)

(13)

(2)

(1)

Home Purchase Savings Plans (CC)

(30)

(20)

(9)

(6)

(58)

(38)

(9)

(6)

Home Purchase Savings Plans (RB)

(72)

(47)

(22)

(14)

(170)

(111)

(22)

(14)

Total impact on revenues

(115)

(76)

(54)

(37)

(290)

(194)

(19)

(11)

Pioneer integration costs (AG)

-

-

(12)

(6)

-

-

(30)

(14)

Integration costs 3 Italian banks (IRB)

-

-

(7)

(3)

-

-

9

6

Total impact on operating expenses

-

-

(19)

(9)

-

-

(21)

(8)

-

-

-

-

-

-

(5)

(5)

Total impact Non-allocated legal risk
provisions

-

-

-

-

-

-

(5)

(5)

Change of value of goodwill (CC)

-

-

-

-

-

-

86

74

Total impact on change of value of
goodwill

-

-

-

-

-

-

86

74

(115)

(76)

(74)

(46)

(290)

(194)

41

50

-

-

(12)

(6)

-

-

(30)

(14)

ECB fine (CC)Total impact of specific items
Asset gathering
French Retail banking

(80)

(53)

(24)

(15)

(189)

(124)

(24)

(15)

International Retail banking

-

-

(7)

(3)

-

-

9

6

Specialised financial services

-

-

-

-

-

-

-

-

Large customers

(4)

(3)

(21)

(16)

(43)

(32)

13

10

Corporate centre

(30)

(20)

(9)

(6)

(58)

(38)

72

63

* Impact before tax and before minority interests

Results for the third quarter and the first nine months of 201918/29

Appendix 2 – Crédit Agricole S.A.: Stated and underlying
detailed income statement
Crédit Agricole S.A. - From stated to underlying results, Q3-19 and Q3-18
In €m

Q3-19
statedSpecific
items

Q3-19
underlying

Q3-18
statedSpecific
items

Q3-18
underlying

Q3/Q3
statedQ3/Q3
underlying

Revenues
Operating expenses
excl.SRF
SRF

5,031

(43)

5,073

4,802

(33)

4,834

+4.8%

+4.9%

(3,025)-(3,025)(2,998)(19)(2,979)

+0.9%

+1.5%

(2)

-

(2)

-

-

-

n.m.

n.m.

Gross operating income

2,004

(43)

2,046

1,804

(52)

1,856

+11.1%+10.3%

Cost of risk

(335)

-

(335)

(218)

-

(218)

+53.2%+53.2%

Cost of legal risk

-

-

-

-

-

-

n.m.

n.m.

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

82

-

82

78

-

78

+5.1%

+5.1%

17

-

17

(0)

-

(0)

n.m.

n.m.

-

-

-

-

-

-

n.m.

n.m.

1,769

(43)

1,811

1,663

(52)

1,715

+6.3%

+5.6%

(423)

14

(437)

(434)

15

(449)

(2.5%)(2.7%)

0

-

0

(1)

-

(1)

n.m.

n.m.

1,346

(28)

1,374

1,228

(37)

1,265

+9.6%

+8.6%
+12.1%Tax
Net income from discont'dor held-for-sale ope.
Net income
Non controlling interests

(147)

0

(148)

(128)

4

(132)

+15.6%Net income Group Share

1,199

(28)

1,226

1,101

(32)

1,133

+8.9%

+8.2%

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

0.33

(0.01)

0.34

0.35(0.01)

0.36(6.0%)(6.3%)

59.6%

62.4%

61.6%

-2.3 pp-2.0 pp

1,229

1,101

1,133

+9.1%

+8.5%

60.1%
1,201

(28)

(32)

Results for the third quarter and the first nine months of 2019

19/29

Crédit Agricole S.A. - From stated to underlying results, 9M-19 and 9M-18
In €m

9M-19
statedSpecific
items

9M-19
underlying

9M-18
statedSpecific
items

9M-18
underlying

9M/9M
stated9M/9M
underlying

Revenues
Operating expenses
excl.SRF
SRF

15,034(120)

15,155

14,882

2

14,880

+1.0%

+1.8%

(9,161)-(9,161)(9,073)(21)(9,053)

+1.0%

+1.2%

(340)

-

(340)

(302)

-

(302)

+12.5%+12.5%

Gross operating income

5,534

(120)

5,654

5,507

(18)

5,525

+0.5%

+2.3%

Cost of risk

(917)

-

(917)

(755)

-

(755)

+21.4%

Cost of legal risk

-

-

-

(5)

(5)

-

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

275

-

275

248

-

248

+21.4%(100.0%)+11.0%

39

-

39

32

-

32

+21.8%+21.8%

n.m.
+11.0%

4,931

(120)

5,052

5,113

62

5,050

(100.0%)(3.5%)Tax
Net income from discont'dor held-for-sale ope.
Net income(1,302)38(1,340)(1,244)

6(1,250)

+4.7%

+7.2%

8

-

8

(3)

-

(3)

n.m.

n.m.

3,637

(83)

3,720

3,866

69

3,797

(5.9%)(2.0%)

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

(454)

1

(455)

(473)

(15)

(459)

(4.1%)(0.7%)

3,183

(81)

3,264

3,393

54

3,338

(6.2%)(2.2%)

0.94(0.03)

0.97

1.08

0.02

1.06

(12.8%)(8.6%)

60.5%

61.0%

60.8%

-0.0 pp-0.4 pp

3,579

3,679

3,625

(4.9%)(1.3%)

-

-

60.9%
3,498

(81)

-

86

86

54

-

Results for the third quarter and the first nine months of 2019

n.m.
+0.0%

20/29

Appendix 3 – Crédit Agricole S.A.: Results by businessline
Crédit Agricole S.A.: Contribution by business line - Q3-19 & Q3-18
Q3-19 (stated)€mAG

Revenues

1,507

858

Operating expenses excl. SRF

(706)

(576)

FRB (LCL)

IRB

SFS

LC

CC

Total

692

676

1,397

(100)

5,031

(422)

(341)

(803)

(176)

(3,025)

SRF

-

-

-

-

-

(2)

(2)

Gross operating income

801

282

270

335

594

(278)

2,004

Cost of risk

(335)

(11)

(58)

(84)

(131)

(45)

(5)

Cost of legal risk

-

-

-

-

-

-

-

Equity-accounted entities

8

-

-

74

2

(2)

82

Net income on other assets

21

(0)

(0)

(0)

(3)

0

17

Change in value of goodwill

-

-

-

-

-

-

-

Income before tax

819

224

186

278

547

(285)

1,769

Tax

(238)

(68)

(54)

(56)

(63)

56

(423)

0

-

-

-

-

-

0

Net income

581

156

132

222

485

(229)

1,346

Non controlling interests

(79)

(7)

(35)

(21)

(10)

4

(147)

Net income Group Share

502

149

97

201

475

(225)

1,199

SFS

LC

CC

Total

Net income from discontinued or heldfor-sale operations

Q3-18 (stated)€mAG

Revenues

1,452

858

662

695

1,297

(162)

4,802

Operating expenses excl. SRF

(680)

(578)

(417)

(339)

(773)

(212)

(2,998)

SRF

-

-

-

-

-

-

-

Gross operating income

772

280

245

356

524

(374)

1,804

Cost of risk

14

(50)

(95)

(141)

57

(2)

(218)

Cost of legal risk

-

-

-

-

-

-

-

Equity-accounted entities

12

-

-

63

1

2

78

Net income on other assets

(2)

0

0

1

1

(0)

(0)

FRB (LCL)

IRB

Change in value of goodwill

-

-

-

-

-

-

-

Income before tax

796

231

150

279

582

(375)

1,663

Tax

(242)

(68)

(45)

(63)

(166)

151

(434)

Net income from discontinued or heldfor-sale operations

(1)

-

-

(0)

-

-

(1)

Net income

554

162

106

215

416

(224)

1,228

Non controlling interests

(70)

(7)

(29)

(24)

(8)

11

(128)

Net income Group Share

484

155

77

190

408

(213)

1,101

Results for the third quarter and the first nine months of 2019

21/29

Crédit Agricole S.A. : Contribution by business line - 9M-19 & 9M-18
9M-19 (stated)€m

AG

FRB (LCL)

IRB

SFS

LC

CC

Total

Revenues

4,455

2,605

2,083

2,044

4,203

(356)

15,034

Operating expenses excl. SRF(9,161)(2,150)(1,742)(1,278)(1,012)(2,419)

(560)

SRF

(7)

(32)

(22)

(18)

(177)

(83)

(340)

Gross operating income

2,298

832

783

1,013

1,607

(999)

5,534

Cost of risk

(14)

(153)

(256)

(370)

(105)

(19)

(917)

Cost of legal risk

-

-

-

-

-

-

-

Equity-accounted entities

32

-

-

231

1

11

275

Net income on other assets

20

1

(1)

1

(1)

20

39

Change in value of goodwill

-

-

-

-

-

-

-

Income before tax

2,337

680

526

874

1,502

(987)

4,931

Tax

(658)

(221)

(151)

(193)

(340)

261

(1,302)

8

-

-

-

-

-

8

1,687

458

375

681

1,162

(726)

3,637

Non controlling interests

(237)

(21)

(101)

(79)

(23)

5

(454)

Net income Group Share

1,451

438

274

602

1,139

(721)

3,183

SFS

LC

CC

Total

Net income from discontinued or heldfor-sale operations
Net income

9M-18 (stated)€m

AG

FRB (LCL)

IRB

Revenues

4,308

2,592

2,028

2,078

4,158

(281)

14,882

Operating expenses excl. SRF(2,109)(1,766)(1,249)(1,006)(2,356)(586)(9,073)

SRF

(3)

(28)

(22)

(18)

(170)

(62)

(302)

Gross operating income

2,195

798

757

1,054

1,633

(930)

5,507

Cost of risk

5

(157)

(274)

(368)

38

1

(755)

Cost of legal risk

-

-

-

-

-

(5)

(5)

Equity-accounted entities

38

-

-

190

2

19

248

Net income on other assets

(2)

3

0

1

14

16

32

Change in value of goodwill

-

-

-

-

-

86

86

Income before tax

2,236

643

483

877

1,686

(812)

5,113

Tax
Net income from discontinued or heldfor-sale operations

(599)

(201)

(146)

(204)

(472)

377

(1,244)

(1)

(1)

-

(0)

-

-

(3)

Net income

1,635

441

338

673

1,215

(435)

3,866

Non controlling interests

(225)

(20)

(93)

(88)

(23)

(24)

(473)

Net income Group Share

1,410

422

245

585

1,191

(460)

3,393

Results for the third quarter and the first nine months of 201922/29

Appendix 4 – Crédit Agricole Group: Stated andunderlying detailed income statement
Crédit Agricole Group - Stated and underlying results, Q3-19 and Q3-18
In €m

Q3-19
statedSpecific
items

Q3-19
underlying

Q3-18
statedSpecific
items

Q3-18
underlying

Q3/Q3
statedQ3/Q3
underlying

Revenues
Operating expenses
excl.SRF
SRF

8,216

(115)

8,331

8,043

(54)

8,097

+2.2%

+2.9%

(5,220)-(5,220)(5,102)(19)(5,083)

+2.3%

+2.7%

-

-

-

-

-

-

n.m.

n.m.

Gross operating income

2,997

(115)

3,111

2,940

(74)

3,014

+1.9%

+3.2%

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

(384)
85

-

(384)
85

(323)
77

-

(323)
77

+18.9%
n.m.
+10.0%+18.9%
n.m.
+10.0%

18

-

18

2

-

2

x 10.8x 10.8

-

-

-

-

-

-

n.m.

n.m.

2,715

(115)

2,830

2,696

(74)

2,770

+0.7%

+2.2%

(748)

39

(787)

(816)

23

(839)

(8.4%)(6.2%)Tax
Net income from discont'dor held-for-sale ope.
Net income
Non controlling interests
Net income Group
Share
Cost/Income ratio
excl.SRF (%)
Net income Group
Share excl. SRF

0

-

0

(1)

-

(1)

n.m.

n.m.

1,968

(76)

2,043

1,879

(51)

1,930

+4.7%

+5.9%

(119)

-

(119)

(110)

4

(115)

+7.9%

+3.8%

1,849

(76)

1,924

1,769

(46)

1,815

+4.5%

+6.0%

62.7%

63.4%

62.8%

+0.1 pp-0.1 pp

1,924

1,769

1,815

+4.5%

+6.0%

63.5%

1,849

(76)

(46)

Results for the third quarter and the first nine months of 201923/29

Crédit Agricole Group - Stated and underlying results, 9M-19 and 9M-18
In €m
Revenues
Operating expenses
excl.SRF
SRF
Gross operating
incomeCost of risk
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

9M-19
statedSpecific
items

9M-19
underlying

9M-18
statedSpecific
items

9M-18
underlying

9M/9M
stated9M/9M
underlying

24,898(290)

25,18824,729(19)

24,748

+0.7%

+1.8%

(15,805)-(15,805)(15,586)(21)(15,565)

+1.4%

+1.5%

(426)

-

(426)

(389)

-

(389)

+9.4%

+9.4%

8,667

(290)

8,957

8,754

(40)

8,794

(1.0%)+1.9%(1,263)-(1,263)(1,141)-(1,141)+10.7%+10.7%

-

-

-

(5)

(5)

-

(100.0%)

n.m.

273

-

273

256

-

256

+6.8%

+6.8%

21

-

21

39

-

39

(46.6%)(46.6%)

-

-

-

86

86

-

(100.0%)

n.m.

7,698

(290)

7,989

7,989

41

7,948

(3.6%)+0.5%(2,323)96(2,420)(2,317)14(2,331)

+0.3%

+3.8%

8

-

8

(3)

-

(3)

n.m.

n.m.

5,383

(194)

5,577

5,669

55

5,614

(5.0%)(0.7%)

(372)

-

(372)

(395)

(5)

(390)

(5.9%)(4.7%)

5,012

(194)

5,205

5,273

50

5,224

(5.0%)(0.3%)

62.7%

63.0%

62.9%

+0.5 pp-0.1 pp

5,611

5,650

5,600

(4.1%)

+0.2%

63.5%
5,417

(194)

50

Results for the third quarter and the first nine months of 201924/29

Appendix 5 – Crédit Agricole Group: Results by businessline
Crédit Agricole Group: Contribution by business line - Q3-2019 & Q3-2018
Q3-19 (stated)
€m

RB

LCL

IRB

AG

SFS

LC

CC

Total

Revenues

3,172

858

717

1,499

676

1,397

(103)

8,216

Operating expenses excl. SRF(2,147)

(576)

(441)

(706)

(341)

(803)

(205)

(5,220)

SRF

2

-

-

-

-

-

(2)

-

Gross operating income

1,028

282

276

793

335

594

(310)

2,997

Cost of risk

(384)

(48)

(58)

(85)

(11)

(131)

(45)

(6)

Cost of legal risk

-

-

-

-

-

-

-

-

Equity-accounted entities

0

-

-

8

74

2

-

85

Net income on other assets

1

(0)

(0)

21

(0)

(3)

0

18

Change in value of goodwill

-

-

-

-

-

-

-

-

Income before tax

981

224

190

810

278

547

(316)

2,715

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

(340)

(68)

(54)

(235)

(56)

(63)

69

(748)

-

-

-

0

-

-

-

0

641

156

136

575

222

484

(247)

1,968

Non controlling interests

(0)

(0)

(28)

(75)

(21)

0

5

(119)

Net income Group Share

641

156

109

500

201

485

(242)

1,849

€m

RB

LCL

AG

SFS

LC

CC

Total

Q3-18 (stated)
IRB

Revenues

3,220

858

1,453

687

695

1,298

(169)

8,043

Operating expenses excl. SRF(2,077)

(578)

(680)

(433)

(339)

(773)

(223)

(5,102)

SRF

-

-

-

-

-

-

-

-

Gross operating income

1,144

280

773

254

356

525

(391)

2,940

Cost of risk

(323)

(104)

(50)

14

(96)

(141)

57

(2)

Cost of legal risk

-

-

-

-

-

-

-

-

Equity-accounted entities

1

-

12

-

63

1

-

77

Net income on other assets

2

0

(2)

0

1

1

(0)

2

Change in value of goodwill

-

-

-

-

-

-

-

-

Income before tax

1,042

231

797

158

279

584

(394)

2,696

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

(385)

(68)

(242)

(46)

(63)

(167)

156

(816)

-

-

(1)

-

(0)

-

-

(1)

656

162

555

112

215

417

(238)

1,879

Non controlling interests

0

(1)

(66)

(24)

(24)

0

4

(110)

Net income Group Share

657

161

489

88

190

417

(233)

1,769

Results for the third quarter and the first nine months of 2019

25/29

Crédit Agricole Group. : Contribution by business line - stated - 9M-19 & 9M-18
9M-19 (stated)
€m

RB

LCL

IRB

AG

SFS

LC

CC

Total

Revenues

9,841

2,605

2,158

4,439

2,044

4,200

(390)

24,898Operating expenses excl. SRF(6,560)(1,742)(1,335)(2,150)(1,012)(2,419)(586)(15,805)

SRF

(86)

(32)

(22)

(7)

(18)

(177)

(83)

(426)

Gross operating income

3,195

832

801

2,281

1,013

1,605

(1,060)8,667

Cost of risk

(342)

(153)

(260)

(14)

(370)

(105)

(19)

(1,263)

Cost of legal risk

-

-

-

-

-

-

-

-

Equity-accounted entities

9

-

-

32

231

1

-

273

Net income on other assets

(6)

1

(1)

20

1

(1)

8

21

Change in value of goodwill

-

-

-

-

-

-

-

-

Income before tax

2,855

679

540

2,320

874

1,500

(1,071)

7,698

Tax
Net income from discontinued orheld-for-sale operations
Net income(1,050)

(221)

(153)

(654)

(193)

(340)

287

(2,323)

-

-

-

8

-

-

-

8

1,806

458

387

1,675

681

1,160

(784)

5,383

Non controlling interests

(0)

(0)

(81)

(224)

(79)

1

12

(372)

Net income Group Share

1,805

458

307

1,450

602

1,161

(772)

5,012

9M-18 (stated)
€m

RB

LCL

AG

IRB

SFS

LC

CC

Total

Revenues

9,805

2,592

4,301

2,104

2,078

4,160

(311)

24,729Operating expenses excl. SRF(6,421)(1,766)(2,109)(1,302)(1,006)(2,356)(624)(15,586)

SRF

(87)

(28)

(3)

(22)

(18)

(170)

(62)

(389)

Gross operating income

3,297

797

2,189

780

1,054

1,634

(998)

8,754

Cost of risk

(1,141)

(384)

(157)

5

(275)

(368)

38

0

Cost of legal risk

-

-

-

-

-

-

(5)

(5)

Equity-accounted entities

8

-

38

-

190

2

19

256

Net income on other assets

7

3

(2)

0

1

14

16

39

Change in value of goodwill

-

-

-

-

-

-

86

86

Income before tax

2,928

643

2,229

506

877

1,688

(881)

7,989

Tax
Net income from discontinued orheld-for-sale operations
Net income(1,076)

(201)

(598)

(151)

(204)

(472)

384

(2,317)

-

(1)

(1)

-

(0)

-

-

(3)

1,852

441

1,630

355

673

1,216

(497)

5,669

Non controlling interests

(0)

(0)

(214)

(75)

(88)

1

(19)

(395)

Net income Group Share

1,852

441

1,416

280

585

1,217

(517)

5,273

Results for the third quarter and the first nine months of 201926/29

Appendix 6 – Method used to calculate earnings per
share, net assets per share and ROTE
Crédit Agricole S.A. - data per share(in €m)

Q3-19

Q3-18

9M-19

9M-18

Q3/Q3

9M/9M

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)

1,199

1,101

3,183

3,393

+8.9%

-6.2%

(242)

(91)

(482)

(316)

x 2.7

+52.5%

[A]

956

1,009

2,701

3,077

-5.3%

-12.2%[B]

2,882.4

2,858.4

2,870.02,850.6

+0.8%

+0.7%

[A]/
[B]

0.33 €

0.35 €

0.94 €

1.08 €-6.0%-12.8%

1,226

1,133

3,264

3,338

+8.2%

-2.2%

[C]

984

1,042

2,782

3,022

-5.5%

-7.9%

[C]/
[B]

0.34 €

0.36 €

0.97 €

1.06 €

-6.3%

-8.6%

Net earnings per share - stated
Underlying net income Group share (NIGS)
Underlying NIGS attributable to ordinary
sharesNet earnings per share - underlying(in €m)Shareholder's equity Group share- AT1 issuances- Unrealised gains and losses on OCI - Group share- Payout assumption on annual results*
Net book value (NBV), not revaluated, attributable to ordin. sh.

[D]- Goodwill & intangibles** - Group share

30/09/2019

30/09/2018

62,287(5,134)(3,576)-57,995(5,011)(2,299)-53,57750,734(18,391)(17,774)

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

[E]35,18632,961

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

2,882.8

2,863.6[D]/[F]18.6 €

17.7 €[H]

0.0 €0.00 €

18.6 €

17.7 €[G]=[E]/[F]12.2 €

11.5 €[G]+[H]12.2 €

11.5 €

9M-19

9M-18

NBV per share , after deduction of dividend to pay (€)+ Dividend to pay (€)
NBV per share , before deduction of dividend to pay (€)
TNBV per share, after deduction of dividend to pay (€)
TNBV per sh., before deduct. of divid. to pay (€)(in €m)Net income Group share attributable to ordinary shares

[H]

3,638

4,083

Tangible NBV (TNBV), not revaluated attrib. to ord. sh. - avg***[J]

33,05930,674[H]/[J]

11.0%

13.3%

[I]

3,746

4,011

[I]/[J]

11.3%

13.1%

Stated ROTE (%)
Underlying Net income attrib. to ord. shares (annualised)

Underlying ROTE (%)*** including assumption of dividend for the current exercise

Results for the third quarter and the first nine months of 201927/29

Warning
Financial information on Crédit Agricole S.A. and Crédit Agricole Group for the third quarter and firstnine months of 2019 comprises this presentation and the attached press release and quarterly financial
report which 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, paragraph 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 nine-month period ending 30 September 2019 have been prepared in accordancewith IFRS as adopted in the European Union and applicable at that date, and with prudential regulations currently
in force. This financial information does not constitute a set of financial statements for an interim period as definedby IAS 34 “Interim Financial Reporting” and has not been audited.
Note: The scopes of consolidation of 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.
The income statements contained in this report show non-controlling interests with a minus sign such that the“net income Group share” line item is the mathematical addition of the “net income” line item and the “noncontrolling interests” line item.
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 with
between Crédit Agricole Consumer Finance and Bankia. Historical data have not been restated on a proforma
basis.

Results for the third quarter and the first nine months of 201928/29

Financial calendar
14 February 2020
6 May 2020
13 May 2020
6 August 2020
4 November 2020

Publication of fourth quarter and full year 2019 results
Publication of first quarter 2020 results
General Meeting in Paris
Publication of second quarter and first half-year 2020 results
Publication of third quarter and first nine months 2020 results

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

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

CREDIT AGRICOLE S.A. INVESTOR RELATIONS CONTACTS
Institutional 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:
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 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

Joséphine.brouard@credit-agricole-sa.fr
oriane.cante@credit-agricole-sa.fr
emilie.gasnier@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

ibrahima.konate@credit-agricole-sa.fr
vincent.liscia@credit-agricole-sa.fr
annabelle.wiriath@credit-agricole-sa.fr

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 third quarter and the first nine months of 201929/29