Montrouge, 8 November 2016

Third quarter and first nine months 2016 results
Strong growth of net profit and strengthened financial solidity
Contribution to growth from all business lines
Crédit Agricole Group*
Results& financial
solidity Good commercial momentum throughout the Group: branch networks, business lines, large customers
 Q3 net income Group share: €1.4bn stated, €1.8bn underlying 1, +4% Q3/Q3; 9M underlying1 €4.7bn
 Regional Banks: high net income Group share at €0.78bn in Q3; 9M: €2.4bn
 Financial solidity further strengthened to record level: fully-loaded CET1 ratio 2 14.4%* Crédit Agricole S.A. and 100% of Regional Banks

Crédit Agricole S.A.
Activity&
revenues Good commercial momentum in all business lines
 Underlying revenues1:+12% Q3/Q3
 Strong growth in Large Customers (revenues +38% Q3/Q3) and initial recurring benefits of Eureka Group simplification (Eureka) completed: €1.25bn positive impact on net income Group share

Results

 Q3 net income Group share stated: €1.86bn; underlying1 €1.02bn, +27% Q3/Q3
 Tight cost control: down -2% Q3/Q3
 Firm grip on risk in all business lines: cost of credit risk 41bp

Financialsolidity
Dividend1

 Financial solidity confirmed and further strengthened: fully-loaded CET1 ratio2 of 12.0%
 Buffer of 475bp above the distribution restriction trigger applicable as of 1/1/2017 3
 Attractive dividend policy, based on strong capital base and good visibility of future earnings capacity
 Intention to recommend a dividend of €0.60 4 based on FY-2016 net income;from 2017 onwards, 50% payout rate and intention not to lower dividend relative to 2016

See Appendix, page 24 of this press release for details of specific items for the third quarter and first nine months of 2016 andcomparable data for 2015.
Including unaudited Q3-16 net income.
3
465bp using the phased-in CET1 ratio, subject to confirmation by the ECB of the pre-notification of SREP requirements for 20174
Dividend of 0.60€ per share entirely deducted from the CET1 capital as of 30/09/2016.
2

Crédit Agricole GroupThe Group's third quarter results reflect strong business momentum in Retail Banking's branch networks, thespecialised subsidiaries and the Large Customers business line. Profitability remains high thanks to tightcost control and a firm grip on the cost of risk, which remains at a low level. Underlying net income Group
share1 for the first nine months of 2016 amounted to €4.7 billion. In the 12 months to 30 September 2016, theGroup has generated more than €6 billion in net income, increasing the fully-loaded Common Equity Tier 1
ratio to 14.4%, among the best in the sector and well above the regulatory requirements.
At the publication of its 2015 results on 17 February 2016, the Group announced a plan to simplify its structure. The
plan, named Eureka, involved the sale by Crédit Agricole S.A. of its 25% non-voting interest in each Regional Bank,
held since its IPO in 2001 in the form of CCIs/CCAs, to SACAM Mutualisation, a company wholly-owned by the
Regional Banks.
The operation was completed in the third quarter and settlement and delivery took place on 3 August 2016. The priceinitially set, based on the balance sheets of the Crédit Agricole Regional Banks at 31 December 2015, was adjusted totake account of changes in their IFRS restated consolidated equity between 31 December 2015 and 30 June 2016,
such that the final sale price of the CCIs and CCAs transferred by Crédit Agricole S.A. to SACAM Mutualisation was
18.542 billion euros.
SACAM Mutualisation financed the operation through a capital increase taken up by the Regional Banks, which in turnwas financed by a loan of 11 billion euros from Crédit Agricole S.A. The Switch 1 guarantee granted to Crédit Agricole
S.A. by the Regional Banks was unwound, leading to the repayment of a 5 billion euros security deposit. The
remainder of the amount was financed from own funds.
The accounting impacts of this operation were cancelled out or offset at Crédit Agricole Group level, but weresignificant in the financial statements of both Crédit Agricole S.A. and the Regional Banks.
Crédit Agricole Group's net income Group share for the third quarter of 2016 came to 1,394 million euros versus
1,751 million euros in the third quarter of 2015. Excluding specific items1 of -447 million euros this quarter versus 17 million euros in the third quarter of 2015, underlying net income Group share came to 1,841 million euros, up+4.1% compared with the same quarter of last year.
Interest rates in the euro zone continued to fall during the quarter, putting further pressure on the interest margin on
intermediation activities, particularly in Retail banking in France and Italy, triggering a new wave of loan renegotiations,especially at LCL in France. However, good commercial momentum in all business lines helped offset this pressure on
revenues at Group level, with underlying1 revenues ultimately increasing by +3.2% year-on-year in the third quarter.
This good performance was supported by tight control over costs, which were virtually unchanged compared with thethird quarter of 2015 (down 0.4% underlying), and moderate growth of +10.1% in the cost of risk, mainly concentrated
in the Regional Banks. However, the cost of risk relative to loan outstandings2 remained low at 31 basis points. In
addition, the Group strengthened its legal risk provisions by 50 million euros this quarter.
The Regional Banks continued to enjoy buoyant business momentum with balanced growth in lending and deposits(up +3.7% and +3.6% respectively year-on-year at end-September 2016). Lending was driven by home loans (up+5.7%) and consumer finance (up +8.4%), while deposits were driven by demand deposits (up +11.7%) and homepurchase savings plans (up +7.3%). The Regional Banks also achieved strong momentum in personal and property
insurance. This good business momentum of Regional Banks makes a significant contribution to growth in Crédit
Agricole S.A.'s business lines, many of whose products they distribute.
The Regional Banks' revenues were affected this quarter by the impact of the Group's transaction to simplify its
structure. Excluding this impact and excluding home purchase savings provisions, revenues were down ­2.9% due to

1

See Appendix, page 24 of this press release for details of specific items for the third quarter and first nine months of 2016 andcomparable data for 2015.
2
Relative to consolidated outstandings, calculated on an average annualised basis over four rolling quarters.

Crédit Agricole - Third quarter and first nine months 2016 results

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the impact of low interest rates on the interest margin. Growth in operating expenses was contained to +1.0% and thecost of risk relative to outstandings 1 remained low at 19 basis points. In all, the Regional Banks' contribution to
Crédit Agricole Group's net income came to 777 million euros in the third quarter and 2,383 million euros in
the first nine months.

During the quarter, Crédit Agricole Group further improved its financial solidity, with a fully-loaded Common Equity Tier
1 ratio2 of 14.4% at end-September 2016, an increase of +100 basis points compared with end-September 2015 and+20 basis points compared with end-June 2016. This ratio includes a buffer of 665 basis points, representing
approximately 35 billion euros, above the distribution restriction trigger applicable as of 1 January 2017 2.
The estimated TLAC ratio was 19.7% at 30 September 2016, excluding eligible senior debt. The Group therefore
already complies with the minimum requirement for 2019 set at 19.5%, even though this requirement includes eligible
senior debt.
The phased-in leverage ratio stood at 5.5% 3.
The Group’s liquidity position is strong. The Group’s cash balance sheet, at 1,072 billion euros at 30 September 2016,shows a surplus of long term funding sources over long term applications of funds of 104 billion euros, stablecompared to end-June 2016, and in line with the Group’s target. Liquidity reserves including valuation gains andhaircuts related to the securities portfolio amounted to 246 billion euros at 30 September 2016. They covered grossshort-term debt more than three times over.
During the first nine months of 2016, the main Crédit Agricole Group issuers raised 28.6 billion euros equivalent ofsenior and subordinated debt in the market and the branch networks.

1

Relative to consolidated outstandings, calculated on an average annualised basis over four rolling quarters.
645 basis points using the phased-in CET1 ratio, buffer of 795 basis points upon the distribution restriction trigger applicable as at
1 January 2017 using the global phased-in ratio of 19,2% at end-September; subject to confirmation by the ECB of the prenotification of SREP requirements for 2017.
3
As defined in the Delegated Act. Assumption of non-exemption of exposures related to the centralisation of CDC deposits, according
to our understanding of information obtained from the ECB.
2

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Crédit Agricole S.A.
Crédit Agricole S.A.'s Board of Directors, chaired by Dominique Lefebvre, met on 7 November 2016 to examine thefinancial statements for the third quarter and first nine months of 2016.
In the third quarter of 2016, net income Group share came to 1,864 million euros, including a gain of 1,254 million
euros, net of tax and transaction costs, generated by the transaction to simplify the Group's structure. It also includes acharge of ­187 million euros after tax related to an adjustment to LCL's funding cost, as well as other more minor
specific items. In all, specific items 1 added 845 million euros to net income Group share in the third quarter. Excluding
specific items, underlying net income Group share came to 1,019 million euros, an increase of +26.9%
compared with the third quarter of 2015.
These excellent results were driven by strong commercial momentum in all Crédit Agricole S.A. Group's business linesand distribution networks, as well as the Regional Banks which distribute their products. This momentum was
supported by tight control over costs, which were down year-on-year, and a continued low cost of risk.
In recognition of its investment in business digitalisation, Crédit Agricole Group was again in 2016 among the Top 3
most advanced companies in France in terms of digital development and digital services (source : La Factory).
Activity was buoyant in all business lines:- The retail banking networks, particularly in France and Italy, delivered strong growth in lending and deposits;at LCL, home loans grew by +3.2% over one year, lending to professionals and enterprises by +7.4% anddemand deposits by +13.1%; retail banking in Italy performed equally well, with home loans up +4.7%,
lending to large corporates up +20.4% and off-balance sheet customer assets up +9.8%;- Specialised financial services continued to grow, with new consumer lending up +15.3% year-on-year in thethird quarter;- In Asset management, assets under management grew by +10.8% over one year to 1,054 billion euros,
mainly due to strong inflows of +22.3 billion euros in the third quarter of 2016;- The Insurance business wrote 175,000 new property & casualty policies during the quarter and in-force life
business increased by +4.2% over one year to 267 billion euros at end-September 2016;- Lastly, Large Customers delivered strong business growth in fixed-income, forex and credit activities in afavourable post-Brexit market environment, as well as in structured finance; CACIB ranks world No. 4
bookrunner in euro bond issues1 with a market share of 6.2% at end-September, an increase of+0.8 percentage points compared with end-September 2015.
Reflecting this strong business momentum, revenues excluding specific items1 increased by +11.9% or+467 million euros year-on-year in the third quarter, to 4,411 million euros, driven mainly by a sharp increase in
Large Customers (up +23.6% or +406 million euros) and the initial positive recurring benefits of the transaction tosimplify the Group's structure on Corporate Centre (up +211 million euros in the third quarter). Other divisions
remained stable or were down slightly. Insurance revenues were affected by a low level of capital gains (down ­4.2%
or ­23 million euros) while low interest rates put pressure on LCL's interest margin (revenues excluding funding costadjustment charge and home purchase savings down ­2.0% or ­17 million euros) and on Retail banking in Italy (down­0.2%). Compared with the second quarter of 2016, underlying revenues increased by +1.7% or +74 million euros,
driven by Large Customers (up +10.2% or +136 million euros) and LCL (up +2.5% or +21 million euros underlying),
despite the seasonal effect in Asset gathering (down ­5.0% or ­58 million euros).
Operating expenses remained under control in all business lines, with a year-on-year decrease of ­1.8% or­50 million euros in the third quarter, despite investment in Specialised financial services (up +3.7% or +12 million
euros) and premises relocation costs for Large Customers (circa -20 million euros), which were more than offset by adecrease in costs at LCL (­29 million euros) and the Corporate Centre (­36 million euros) coupled with a provision
reversal in Wealth Management (­25 million euros).

1

See Appendix, page 24 of this press release for details of specific items for the third quarter and first nine months of 2016 andcomparable data for 2015.

Crédit Agricole - Third quarter and first nine months 2016 results

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Cost of risk remained under control, standing at a low level of 444 million euros, up just +4.0% year-on-year
adjusted for cancellation of the Switch 2 guarantee trigger 1. Relative to outstandings, that represents 41 basis points 2,
a decrease of ­2 basis points year-on-year and stable quarter-on-quarter. Cost of risk has decreased for sevenconsecutive quarters in Retail banking in Italy (101 basis points), has stabilised in Consumer finance (134 basis
points) and, while remaining low, has increased from a very low baseline in the third quarter of 2015 at both LCL(18 basis points) and the Large Customers division's Financing activities (32 basis points).
A 50 million euros additional legal risk provision was taken in the third quarter, an identical amount to the provision
taken in the second quarter. Like the second-quarter provision, it has not been allocated to any specifically identified
litigation.

At end-September 2016, Crédit Agricole S.A.'s capital ratios were further strengthened. The fully-loaded Common
Equity Tier 1 stood at 12.0%, an increase of +170 basis points compared with end-September 2015 and +80 basis
points compared with end-June 2016. The improvement was mainly due to the impact of the transaction to simplify theGroup's structure (+72 basis points) coupled with the quarter's distributable net income. The ratio at end-September
takes into account the adjustment over one quarter to the prudential deduction relative to the dividend payment, basedon the intention to recommend to the AGM in May 2017 a dividend of 0.60 euro per share i.e. a negative impact of­7 basis points. Excluding the transaction to simplify the Group's structure, risk-weighted assets remained stable overthe quarter.
This level of CET1 ratio enables a buffer above the distribution restriction trigger applicable as at 1 January 2017 of
475 basis points 3, representing 14 billion euros.
Crédit Agricole S.A.’s phased-in leverage ratio stood at 4.7% 4 at end-September 2016 as defined in the Delegated Act
adopted by the European Commission, representing an improvement of +0.1 percentage points compared with endJune 2016.
Both Crédit Agricole S.A. and the Group had an LCR ratio of over 110% at end-September 2016.
At 30 September 2016, Crédit Agricole S.A. had completed 79% of its 2016 14 billion euros medium- and long-term
market funding programme (senior and subordinated debt). It raised the equivalent of 9.6 billion euros in senior debt
and 1.5 billion euros in subordinated debt. Crédit Agricole S.A. is awaiting the forthcoming adoption of the French law
on senior non-preferred debt to optimise the cost of the balance sheet structure.
In the first nine months of 2016, net income Group share was 3,249 million euros. Other than the third-quarterspecific items referred to above, this figure also includes the +327 million euros gain on the disposal of Visa shares
recognised in the second quarter of 2016 and other more minor specific items in the first half. Excluding all specificitems, underlying net income Group share for the first nine months of 2016 amounted to 2,233 million euros, ayear-on-year increase of +13.8%.

1

Corresponding to a charge of 173 million euros in the third quarter of 2015, cancelling out a revenue of the same amount recognised
in provisions in the second quarter of 2015.
Relative to consolidated outstandings, calculated on an average annualised basis over four rolling quarters.
3475 basis points using the phased-in CET1 ratio, buffer of 925 basis points upon the distribution restriction trigger applicable as at
1 January 2017 using the global phased-in ratio of 19,2% at end-September; subject to confirmation by the ECB of the prenotification of SREP requirements for 2017.
4 As defined in the Delegated Act. Assumption of exemption of intra-group operations for Crédit Agricole S.A. (110bps impact) and of
non-exemption of exposures related to the centralisation of CDC deposits, according to our understanding of information obtained
from the ECB.
2

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Social and environmental responsibility
On the occasion of the COP22 climate talks, Crédit Agricole Group reasserts its commitment to a leadership role ingreen finance. Concrete achievements demonstrate the progress the Group has made since its formal announcement
during the COP21 conference that it would support energy transition toward a low-carbon economy. In the first ninemonths of the year, the Group was slightly ahead of announced targets, including:-

22.5 billion euros in arrangements supporting energy transition – close to 38% of the 60 billion euros targetedover three years,-

858 million euros cash invested in Green Bonds out of the 2 billion euros planned by Crédit Agricole S.A. andCrédit Agricole CIB,-

A +12% increase in renewable energies financing over the past year (403 million euros versus 359 million euros
in 2015),-150 million euros in financing raised by Amundi via its asset management joint ventures with EDF andAgricultural Bank of China out of the 5 billion euros planned by 2020

In keeping with the commitments made in May 2015 to no longer provide financing for coal mines, Crédit Agricole
decided in late October 2016 to extend its policy to the non-financing of power plants or extensions to power plants
running on coal, no matter the country in which they are located. This decision also applies to businesses whose
primary activity is focused on such projects.
In other aspects of its business, the Group recently conducted its second CSR survey of 3,200 internal and external
respondents (general public, customers, employees and opinion leaders). The results strengthened the case for themeasures it has already taken to protect customers’ personal data, promote a culture of high ethical standards within
the Group and enhance effectiveness for customers. These were the three main areas in which stakeholders
suggested the Group needs to take action. These themes were incorporated as action areas in the Group’s “Strategic
Ambition 2020” medium-term plan.

Financial calendar
15 February 2017

Publication of fourth quarter and full-year 2016 results

11 May 2017

Publication of 2017 first quarter results

24 May 2017

Annual General Meeting in Tours

3 August 2017

Publication of second quarter and first half 2017 results

8 November 2017

Publication of 2017 third quarter results

Disclaimer
This presentation may include prospective information on the Group, supplied as information on trends. This data does not
represent forecasts within the meaning of European Regulation 809/2004 of 29 April 2004 (chapter 1, article 2, §10). This
information was compiled from scenarios based on a number of economic assumptions for a given competitive and regulatoryenvironment. Therefore, these assumptions are by nature subject to random factors that could cause actual results to differ fromprojections. Likewise, the financial statements are based on estimates, particularly for the calculation of market values and asset
impairments. Readers must take all of these risk factors and uncertainties into consideration before making their own judgement.
Applicable standards and comparability
The figures presented for the six-month period ended 30 June 2016 have been prepared in accordance with 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 defined by IAS 34 "Interim Financial Reporting" and has notbeen audited.
Throughout the document, data on 2015 results is presented pro forma: transfer of CACEIS from Asset Gathering to Large
Customers, transfer of Insurance Switch from the Corporate centre to Insurance and reclassification of the contribution of theRegional Banks under IFRS5. Within Crédit Agricole S.A., “Retail banking” now covers only LCL and International retail banking.

Crédit Agricole - Third quarter and first nine months 2016 results

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CRÉDIT AGRICOLE S.A. CONSOLIDATED RESULTS(in millions of euros)

Q3-16

Q3-16
underlying

ChangeQ3/Q3
underlying

9M-16

9M-16
underlying

Change9M/9M
underlying

Revenues

3,738

4,411

+11.9%

12,275

12,944+2.4%

Operating expenses(2,688)(2,688)(1.8%)(8,713)(8,672)(0.1%)

Gross operating income

1,050

1,723

+42.9%

3,562

4,272

+7.7%

Cost of credit risk

(444)

(444)

+4%

(1,293)(1,293)(2.6%)

Cost of legal risk

(50)

(50)

nm

(100)

(100)

nm

Operating income

556

1,229

+57.7%

2,169

2,879

+9.1%

Share of net income of equity-accounted
entities

149

149(50.3%)

393

393

(6%)

Net income on other assets

(49)

(49)

nm

(46)

(46)

nm

Change in value of goodwill

-

-

-

-

-

-

Income before tax

656

1,329

+23.1%

2,516

3,226

+5.5%

Tax

33

(196)

+16.1%

(234)

(678)

(6%)

Net income from discontinued or held for sale
operations

1,272

0

nm

1,283

11

nm

Net income

1,961

1,133

+25.1%

3,565

2,559

+10.5%

Non-controlling interests

97

114

+10.8%

316

326(7.9%)Net income Group share

1,864

1,019

+26.9%

3,249

2,233

+13.8%In the third quarter of 2016, revenues totalled 3,738 million euros, including a charge of -300 million euros related toa funding cost adjustment in French Retail banking (LCL) and various costs related to the Eureka operation totalling 23 million euros. Excluding these specific items 1 and the usual accounting restatements (revaluation of debt, DVA
running and loan hedges) totalling ­350 million euros, underlying revenues amounted to 4,411 million euros, anincrease of +11.9% or +467 million euros compared with the third quarter of 2015.
This growth was driven by an excellent performance from Large Customers (revenues up +36% or +406 million euros)
and the initial recurring impacts of the transaction to simplify the Group's structure, which added +211 million euros to
Corporate Centre revenues in the third quarter. Revenues in other divisions remained quasi stable, with excellent
commercial momentum offsetting the pressure on margins in intermediation activities caused by low interest rates andthe lower level of capital gains in the Insurance business.
Operating expenses were down ­1.8% to 2,688 million euros. As they did not include any specific items1 either thisquarter or in the third quarter of 2015, the change was therefore the same on an underlying basis, reflecting strict costdiscipline.
The cost of risk includes a legal risk provision of 50 million euros, as in the second quarter of 2016. Excluding thisprovision, the cost of credit risk amounted to 444 million euros. In the third quarter of 2015, the cost of risk included a
173 million euros charge corresponding to the cancellation of the Switch Insurance guarantee triggered in the second
quarter of 2015. The cost of credit risk in the third quarter of 2016 increased by +4.0% compared with the third quarter

1

See Appendix, page 24 of this press release for details of specific items for the third quarter and first nine months of 2016 andcomparable data for 2015.

Crédit Agricole - Third quarter and first nine months 2016 results

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of 2015 restated for this charge. The cost of risk relative to outstandings 1 stood at 41 basis points compared with
43 basis points one year earlier, remaining low in all business lines.
Impaired loans 2 amounted to 15.9 billion euros and represented 3.6% of gross outstanding customer and interbank
loans, down by ­0.1 percentage point compared to end-September 2015. The coverage ratio of impaired loans by
individual provisions was 51.9%; including collective provisions, the coverage ratio was 67.7%
Share of net income from equity-accounted entities amounted to 149 million euros in the third quarter, including
59 million euros in the Large Customers business line, and in particular Banque Saudi Fransi (quasi stable
contribution), 55 million euros in Specialised financial services and in particular the car finance partnerships(contribution up +29%), and 27 million euros in the Corporate Centre and, primarily Eurazeo (the contribution of which
was boosted in the third quarter of 2015 by an exceptional gain). The fall in contribution from equity-accounted entities
compared with the third quarter of 2015 was entirely due to the Eurazeo gain in 2015.
Please note that no contribution from the Regional Banks has been recorded due to their reclassification under IFRS 5
as part of the transaction to simplify the Group’s structure. The financial statements for the third quarter of 2015 havebeen restated to take account of this reclassification.
In all, Crédit Agricole S.A.’s net income Group share came to 1,864 million euros in the third quarter of 2016.
Excluding the specific items 3 referred to above, underlying net income Group share was 1,019 million euros, ayear-on-year increase of +26.9% on a comparable basis.
In the first nine months of 2016, net income Group share was 3,249 million euros. It includes the gain on Visa
Europe shares sold in the second quarter (+327 million euros), the non-recurring impacts of the transaction to simplify
the Group's structure (+1,254 million euros) and LCL's funding cost adjustment (-187 million euros). After adjustment
for all the specific items listed in Appendix, underlying net income Group share increased by +13.8% to2,233 million euros.
The specific P&L items taken into account to reconcile stated and underlying amounts and changes for the third
quarter and first nine months of 2016, as well as comparable data for 2015, are detailed in Appendix of this press
release, on page 24.

Solvency
At end-September 2016, Crédit Agricole S.A.'s solvency was further strengthened. The fully-loaded Common Equity
Tier 1 stood at 12.0%, an increase of +170 basis points compared with end-September 2015 and +80 basis points
compared with end-June 2016. The improvement in the third quarter was mainly due to the impact of the Group
simplification transaction (+72 basis points) coupled with the quarter's distributable net income, i.e. +21 basis points,
and the variation of comprehensive income reserves, i.e. +12 basis points, offset to some extent by the adjustment
over one quarter to the prudential deduction for the dividend payment, on the intention to pay out 0.60 euro per share(­36 basis points). Excluding the transaction to simplify the Group's structure, risk-weighted assets remained stable
over the quarter.

The phased-in global ratio stood at 20.0% at 30 September 2016, up +120 basis points compared with end-June 2016.

1

Relative to consolidated outstandings, calculated on an average annualised basis over four rolling quarters.
Excluding Crédit Agricole internal transactions, accrued interest and finance leases.
3
See Appendix, page 24 of this press release for details of specific items for the third quarter and first nine months of 2016 andcomparable data for 2015.
2

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Crédit Agricole S.A.’s phased-in leverage ratio 1 stood at 4.7% at end-September 2016 as defined in the Delegated Act
adopted by the European Commission.

Liquidity
Crédit Agricole Group's cash balance sheet totalled 1,072 billion euros at end-September 2016, compared with 1,066
billion euros in the previous quarter and 1,038 billion euros at end-September 2015.
The surplus of long term funding sources over long-term applications of funds was 104 billion euros at 30 September
2016, stable compared to 30 June 2016 (104 billion euros) and to 30 September 2015 (106 billion euros).
At 30 September 2016, liquidity reserves including valuation gains and haircuts related to the securities portfolio
amounted to 246 billion euros, representing three times short-term debt, versus 277% at 30 June 2016 and 225% at
30 September 2015. The LCR ratio of Crédit Agricole Group and of Crédit Agricole S.A. continued to exceed 110% at
end-September 2016.
During the first nine months of 2016, the main Crédit Agricole Group issuers raised 28.6 billion euros of senior andsubordinated debt in the market and the branch networks. Crédit Agricole S.A. itself raised the equivalent of 9.6 billion
euros of senior debt and 1.5 billion euros of subordinated debt, of which a US dollar denominated Additional Tier 1
issue of 1.15 billion euros equivalent, which was completed at the beginning of 2016. At 30 September 2016, Crédit
Agricole S.A. had completed 79% of its medium-to long term market funding programme (senior and subordinated) of
14 billion euros. Crédit Agricole S.A. is awaiting the forthcoming adoption of the French Law on senior non-preferreddebt, to optimise the cost of its balance sheet structure.

1

As defined in the Delegated Act. Assumption of exemption of intra-group operations for Crédit Agricole S.A. (110bps impact) and of
non-exemption of exposures related to the centralisation of CDC deposits, according to our understanding of information obtained
from the ECB

Crédit Agricole - Third quarter and first nine months 2016 results

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RESULTS BY BUSINESS LINE
1. Retail Banking In France (LCL)
Q3-16
underlying1

ChangeQ3/Q3
underlying1

9M-16
underlying1

Change9M/9M
underlying1

Revenues

870(2.4%)

2,554(7.4%)

Network reorganisation cost

(600)

(5.4%)(1,895)(2.1%)

Gross operating income

270

+5.1%

659

(19.7%)

Cost of risk

(55)

x2.9

(130)

+56.6%

Income before tax

215(9.7%)

529(28.2%)

Tax(50)(38.7%)(161)(39.6%)Net income

165

+5.6%

368

(21.8%)

Non-controlling interest

8

+9.1%

18

(23.3%)Net income Group Share

157

+5.4%

350

(21.7%)(in millions of euros)

The third quarter of 2016 was in line with previous quarter trends, with continued good commercial momentum coupledwith year-on-year growth in net income excluding the charge related to the adjustment of the funding cost of loans.
The loan book grew by +4.2% between September 2015 and September 2016, driven by a hefty rise of +7.4% in
lending to professionals and entreprises. Home loans grew by +3.2% over the same period. On-balance sheet
deposits increased by +8.6% year-on-year, fuelled by a +13.1% growth in demand deposits.
Insurance products continued to perform well in the third quarter of 2016, especially in property & casualty (home,
motor and health), with growth of +14% compared with the third quarter of 2015.
The quarter also saw a high level of home loan renegotiations (4.4 billion euros), although they did not exceed thepeak seen in the second and third quarters of 2015 (4.7 and 4.6 billion euros respectively). Early redemption volumes
were also up during the quarter, to 1.4 billion euros.
During the third quarter, LCL made an adjustment of the funding cost of its loans in order to adapt to the impact of low
interest rates on the interest margin. This operation, which will generate positive effects as of the fourth quarter of
2016, had a negative impact of ­187 million euros on net income Group share and ­300 million euros on revenues inthe third quarter.
Excluding this factor, LCL's third-quarter revenues amounted to 870 million euros, down ­2.4% compared with the third
quarter of 2015. Excluding the home purchase savings provision reversal recorded in the third quarter of 2015, theyear-on-year decrease was reduced to ­2.0%.
Revenues rose by +2.5% compared with the second quarter of 2016. This quarter-on-quarter increase was thanks to
the improvement in net interest margin (up +6.0% or +28 million euros compared with the second quarter of 2016),
which included the non-recurring benefit of fees on early redemptions and renegotiations of home loans (respectively,
12 million euros and 19 million euros versus, respectively, 7 million euros and 7 million euros in the second quarter of
2016).
The decrease in operating expenses accelerated in the third quarter, with a sharp fall of ­5.4% compared with the third
quarter of 2015. Excluding expenses related to the transformation plan, the decrease was ­4.7%.

1

Restated for network reorganisation provision in Q2-16 and adjustment of funding cost in Q3-16.

Crédit Agricole - Third quarter and first nine months 2016 results

10/27

The cost of risk was 55 million euros in the third quarter of 2016, stable compared with the third quarter of 2015,
restated for the impact of the litigation reversal recorded in the third quarter of 2015.
All in all, LCL's underlying net income Group share for the third quarter of 2016 totalled 157 million euros excluding theadjustment of funding cost, a year-on-year increase of +5.4%.
For the first nine months of 2016, underlying net income Group share was 350 million euros excluding theadjustment of funding cost and provision for network optimisation. This represents a year-on-year decrease of ­21.7%,
mainly due to the negative impact on the net interest margin of the surge in home loan renegotiations and early
repayments in 2015.
The specific P&L adjustments made to reconcile stated and underlying amounts and changes for the third quarter andfirst nine months of 2016 and comparable data for 2015 are detailed in Appendix.

2. International Retail Banking
Net income Group share for the business line was 79 million euros in the third quarter, a year-on-year increase of+14.2%.
(in millions of euros)

Q3-16

Change
Q3/Q3

9M-16

Change9M/9M

Revenues

631(0.5%)

1,893(4.0%)

Operating expenses

(361)

+1.8%

(1,105)+0.2%

Gross operating income

270(3.4%)

788(9.4%)

Cost of risk

(108)

(25.5%)(348)(21.5%)Net income on other assets

1(72.0%)

1(60.9%)

Income before tax

163+18.6%

441

+2.9%

Tax

(52)

+30.5%(143)(0.2%)Net income

111+16.5%

298+10.5%

Non-controlling interest

32+22.3%

89+7.6%

Net income Group Share79+14.2%

209+11.8%In Italy, Crédit Agricole S.A. announced at end-October a rebranding of its three retail banking networks (Cariparma,
Friuladria and Carispezia) in order to strengthen the visibility and uniformity of the Group's footprint in Italy.
International retail banking in Italy (IRB Italy) delivered sustained business momentum and results in the third quarter.
Customer assets stood at 99.2 billion euros at 30 September 2016, a sharp year-on-year increase of +6.3%. Growth inoff-balance sheet assets was particularly strong: they increased by +9.8% over the period to 65.4 billion euros 1. Onbalance sheet deposits were stable over one year, amounting to almost 33.8 billion euros1 at 30 September 2016.
Loans outstanding totalled 34.7 billion euros at 30 September 2016, an increase of +2.7% over one year, still driven byhome loans which increased by +4.7% over one year compared with just +3.1% for the Italian market. Early
repayment volumes declined in the third quarter of 2016 compared with the previous quarter. At the same time, loans
to large corporates increased by +20.4% year-on-year while loans to SMEs and small businesses declined by -0.9%
over the same period.

1

Pro forma for reclassification in Q3-16 of financial clients deposits from on-balance sheet deposits to market funding.

Crédit Agricole - Third quarter and first nine months 2016 results

11/27

IRB Italy's revenues were stable year-on-year in the third quarter at 406 million euros, thanks mainly to a +5%
increase in fee and commission income, fuelled by a rebound in off-balance sheet asset inflows. The net interest
margin remained affected by the negative impact of low interest rates.
Operating expenses remained under control, up slightly by +0.7% year-on-year to 232 million euros in the third
quarter, enabling IRB Italy to maintain a satisfactory cost/income ratio of 57.1%.
Cost of risk continued to fall significantly, amounting to 71 million euros in the third quarter of 2016, down almost ­26%
year-on-year. This progress was due to an improvement in the quality of IRB Italy's portfolio, with a further ­29%
decrease in new defaults in the third quarter compared to the third quarter 2015. Following the disposal of a
120 million euro sofferenze portfolio in the third quarter of 2016, the impaired loans ratio was 13.4% and the coverage
ratio 45.6% including collective reserves.
IRB Italy's net income Group share therefore came to 48 million euros in the third quarter of 2016, up by almost +28%.
The contribution to net income Group share of all Crédit Agricole S.A.'s business lines in Italy totalled 125 million euros
in the third quarter and 362 million euros for the first nine months.
For the first nine months of the year, due to the combined effect of a ­4.4% decrease in revenues and a +1.0%
increase in expenses, IRB Italy's gross operating income was down by almost ­11% year-on-year to 514 million euros.
Cost of risk decreased by ­18.7% year-on-year in the first nine months, limiting the decline in net income Group shareto ­1.6% year-on-year, to 129 million euros.
The Group's other international entities (Other IRB) also delivered strong business momentum and a sustained
financial performance in the third quarter. However, when expressed in euros, these were impacted by negative
currency effects, particularly due to a ­13% and ­17% depreciation respectively of the Egyptian and Ukrainiancurrencies in the year to 30 September 2016. Excluding the currency effect, on-balance sheet deposits increased by+5.5% over one year to 11.5 billion euros at end-September 2016, driven mainly by strong growth in Poland (up +8%),
Ukraine (up +41%) and Egypt (up +10%), while Morocco remained stable. Again excluding the currency effect, totalcustomer assets increased by +1.8% over one year, to 12.7 billion euros at 30 September 2016.
Loans outstanding amounted to 10.3 billion euros at 30 September 2016, a year-on-year increase of +3.3% excluding
currency effects. The surplus of deposits over loans was 2 billion euros at 30 September 2016.
Revenues decreased by ­1.0% year-on-year in the third quarter of 2016 to 225 million euros. Operating expenses
increased by +3.9%, due for half to an increase in bank taxes in Poland, but also to inflation in Egypt. Gross operating
income therefore decreased by ­6.8% year-on-year to 96 million euros. Cost of risk decreased by ­24.6% year-on-year
to 37 million euros in the third quarter.
The contribution to net income Group share of Other IRB was 31 million euros, down ­1.9% compared with the third
quarter of 2015. Excluding the currency effect, net income Group share increased by +8%. More particularly:- Egypt delivered strong growth in net income Group share in local currency, despite the US dollar shortage
which restricted trade volumes locally;- Poland enjoyed strong business momentum in both lending and deposits, but was penalised by further
increases in non-deductible bank taxes;- Ukraine posted a sustained level of profitability and a sharp increase in net income Group share excluding
currency effect, driven by a significant increase in revenues coupled with a marked improvement in cost of risk;- Crédit du Maroc's results were driven by strong growth in gross operating income and a decrease in cost of risk.
For the first nine months of 2016, the contribution to net income Group share of Other IRB amounted to 80 million
euros, a sharp increase of +43.1% year-on-year, thanks to strict cost control (down ­1.0% year-on-year) but above all
an improvement in cost of risk (down -27.0% year-on-year). Revenues were penalised by adverse currency effects,
down by ­3.3% year-on-year to 676 million euros.

Crédit Agricole - Third quarter and first nine months 2016 results

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3. Asset gathering
This business line encompasses asset management, insurance and wealth management.
(in millions of euros)

Q3-16

ChangeQ3/Q3
underlying1

9M-16

Change9M/9M
underlying1

Revenues

1,107(1.2%)

3,450(0.5%)

Operating expenses(477)(4.5%)(1,601)(1.2%)

Gross operating income

630

+1.5%

1,849

+0.1%

Cost of risk

(2)

nm

(9)

nm

Operating income

628+13.4%

1,839

+0.9%

Share of net income of equity-accounted entities

8

+35%

21

+12.4%Net income on other assets

-

-

1

nm

Pre-tax income

636

+1.7%

1,862

(2.8%)

Tax(149)(34.8%)(500)(26.6%)Net income

487+22.6%

1,362+10.2%

Non-controlling interests40+31.9%

121+22.2%Net income Group share447+21.9%

1,241

+9.1%

At 30 September 2016, assets under management were up +5.5% or 77 billion euros compared with 31 December
2015, to 1,473 billion euros, confirming the sustained business momentum already seen in the first six months of theyear. Net inflows totalled +47 billion euros, including +39 billion euros for Amundi, +7 billion euros for life insurance
and +1 billion euros for wealth management. Apart from this solid commercial performance, the business line also
recorded a positive market and currency effect of +22 billion euros and a scope effect of +8 billion euros.
Underlying net income Group share for the business line increased by +9.1% year-on-year in the first nine months of2016 (excluding the impact of the Switch trigger in Q2-15 and clawback in Q3-15) to reach 1,241 million euros,
including 447 million euros in the third quarter of 2016.
In Asset management, Amundi's 2 assets under management stood at 1,054 billion euros (up +10.8% over one year
and +7.0% vs 31 December 2015). This was achieved thanks to a strong level of inflows, positive market effects(+21.7 billion euros in the nine first months of 2016) and a change in scope (+8.6 billion euros of additional assets
under management through the acquisition of KBI Global Investors finalised on 29 August).
In the first nine months of 2016, net inflows remained buoyant despite increased customer risk aversion, amounting
to +39.1 billion euros, of which +25.8 billion euros in medium and long-term assets 3, from all asset classes in thiscategory. The Institutional segment contributed +24.9 billion euros, of which +9.1 billion euros in medium and longterm assets. The Retail segment collected +14.2 billion euros of which +16.7 billion in medium and long-term assets,
mainly through the joint ventures in Asia (+12.6 billion euros). The net inflows from French networks was slightly
positive in medium and long-term assets, at +0.6 billion euros. In the third quarter, net inflows totalled +22.3 billion
euros. Net inflows in medium and long-term assets remained at a high level (+8.6 billion euros), complemented byparticularly strong net inflows of +13.8 billion euros in treasury products.

1

After restatement of effects of triggering of Switch guarantee in Q2-2015.
Amundi is a listed company and published its detailed results for the third quarter and first nine months of 2016 on 28 October last.
3
Equities, bonds, multi-assets, structured, real assets and specialised assets.
2

Crédit Agricole - Third quarter and first nine months 2016 results

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In the third quarter of 2016, Amundi's net income Group share at 100% (including minorities) increased by +13.7%
year-on-year to 134 million euros. In an environment of falling equity markets and strong volatility, these excellent
results were driven by resilient revenues and strict cost control. Net income Group share, affected by the decrease in
Crédit Agricole S.A’s stake from 78.6% in the third quarter of 2015 to 74.2% in the third quarter of 2016, amounted to
99 million euros compared with 93 million euros in the third quarter of 2015, an increase of +6.9%. Revenues were up+5.1% year-on-year thanks to resilient management and performance fees, while operating expenses were up +3.0%
compared to the third quarter 2015.
For the first nine months of 2016, net income Group share was 299 million euros versus 304 million euros in thesame period of 2015. The decrease was mainly due to the decrease in percentage ownership: net income Group
share at 100% was up +5.1% to 406 million euros. Revenues increased by +0.7% and operating expenses decreasedby ­0.6%. The cost/income ratio therefore improved by 0.7 percentage points to 53.1% compared with the first ninemonths of 2015, reflecting an excellent level of operating efficiency.
The Insurance business delivered premium income 1 of 6.9 billion euros in the third quarter of 2016.
The savings/retirement segment was down in the third quarter, penalised by a seasonal effect and the low interest rateenvironment. Premium income amounted to 5.4 billion euros versus 5.6 billion euros in the third quarter of 2015, a
year-on-year decrease of ­3.3% despite a good performance in the international markets. Assets managed amounted
to 266.9 billion euros at end-September 2016, up +4.2% over one year. Funds in euros amounted to 215.9 billion
euros, while unit-linked funds amounted to 51 billion euros or 19.1% of the total. However, unit-linked funds accounted
for 24.3% of third-quarter inflows.
Property & casualty insurance enjoyed above-market growth in France. The farming and small business segment was
up sharply by +19.9% versus the first nine months of 2015. The 12 million policy milestone was reached in June 2016
and a further 175,000 new policies were written in the third quarter. Property & casualty premium income rose by+7.4% year-on-year to 711 million euros in the third quarter of 2016. The combined ratio 2 was down slightly to 96% on
the Pacifica scope.
In the Death & disability/Health/Creditor segment, premium income rose by +5.1% year-on-year in the third quarter of
2016, to 792 million euros.
In the third quarter of 2016, net income Group share for the Insurance business was 305 million euros, a year-onyear increase of +21.9% excluding the effect of the Switch guarantee trigger 3.
For the first nine months of 2016 net income Group share was 865 million euros, a year-on-year increase of +19.8%
restated for the effect of the Switch guarantee trigger3.
The Wealth management business maintained its assets under management in the third quarter, despite challenging
market conditions. They amounted to 152.1 billion euros at end-September 2016 (up +3.6% versus end-September2015). Net income Group share for the third quarter of 2016 was boosted by a reversal of provisions for pension
benefits following a decrease in the conversion rate required by Swiss regulations, which offset a wait-and-see attitudeof investors in the face of uncertainty in the financial markets and the initial effects of refocusing the business on
countries adhering to the rules of the Automatic Exchange of Information (AEoI) agreement. It amounted to 43 million
euros, an increase of +77% compared with the third quarter of 2015.

1

Breakdown of IFRS premium income by new business line following transfer of individual health and personal accident from "Death& disability/health/creditor" to "Property & casualty insurance".
2(Claims+ operating expenses) / premium income.
3
The Switch guarantee trigger had a favourable impact of 66 million euros on the Insurance business line's pro forma cost of risk inthe second quarter of 2015.

Crédit Agricole - Third quarter and first nine months 2016 results

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The specific P&L adjustments made to reconcile stated and underlying amounts and changes for the third quarter andfirst nine months of 2016 and comparable data for 2015 are detailed in Appendix.

4. Specialised financial services
Specialised financial services business line includes consumer credit (CA Consumer Finance – CACF) and leasing
and factoring (CA Leasing & Factoring – CAL&F).
(in millions of euros)

Q3-16

Change
Q3/Q3

9M-16

Change9M/9M

Revenues

658(0.6%)

1,964(0.4%)

Operating expenses

(330)

+3.7%

(1,019)+1.5%

Gross operating income

328(4.5%)

945(2.5%)

Cost of risk

(157)

+0.5%

(434)

(20.3%)

Income before tax

171(8.8%)

511+20.4%

Share of net income of equity-accounted entities

55+23.7%

152(15.0%)

Pre-tax income

0

nm

(2)

nm

Tax

226

(2.4%)

661+18.8%Net income from discontinued or held for sale
operations(48)(19.9%)

(153)

+2.3%

Net income

178

+3.7%

508

+25.3%

Non-controlling interests

21(26.9%)

68(1.3%)Net income Group share

157

+9.9%

440

+30.8%

Specialised financial services delivered net income Group share of 157 million euros in the third quarter of 2016
versus 143 million euros the previous year, an increase of +9.9%.
In line with previous quarters, CA Consumer Finance (CACF) performed well in the third quarter of 2016, with newlending of 9.3 billion euros. This represents a year-on-year increase of +15.3%, driven by all segments and moreparticularly by car finance partnerships (up +19.5% year-on-year) and the Group's branch networks (up +26.3%). The
managed loan book therefore stood at 75 billion euros at end-September 2016, up +7% since end-September 2015
and a record since June 2013. The geographical breakdown remained unchanged from previous quarters, with 38% of
outstandings in France, 32% in Italy and 30% in other countries.
In the third quarter of 2016, CACF's revenues amounted to 527 million euros, down slightly by ­0.9% compared withthe third quarter of 2015 but up +0.8% compared with the second quarter of 2016. Operating expenses increased by+5.5% year-on-year to 262 million euros, due to investments as per the medium-term strategic plan. Lastly, cost of risk
remained virtually unchanged (down ­0.2%) year-on-year in the third quarter of 2016. CACF's net income Group share
was 124 million euros compared with 114 million euros in the third quarter of 2015, an increase of +9.3%.
For the first nine months of 2016, CACF's revenues decreased by ­1.2% to 1,566 million euros compared with thefirst nine months of 2015, mainly due to the new rules applicable to credit insurance in case of early repayment ofloans in Italy. Operating expenses were up slightly, by +2.3% to 802 million euros in the first nine months of 2016.
Cost of risk was down significantly, mainly due to an improvement in quality of the customer portfolio. It amounted to

Crédit Agricole - Third quarter and first nine months 2016 results

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388 million euros in the third quarter, a year-on-year decrease of ­22.0%. Cost of risk relative to outstandings stood at
134 basis points 1 in the first nine months of 2016, versus 201 basis points in the same period of 2015. Car financepartnerships contributed to CACF's profitability, with a +15.1% increase in their equity-accounted contribution (up+18.6%).
CACF's net income Group share therefore came to 347 million euros compared with 259 million euros in the same
period of 2015, an increase of +34%.
CAL&F's leasing book continued to grow, reaching 15.3 billion euros at end-September 2016, an increase of +3.2%
over one year. Factored receivables increased by 1.8% compared with the third quarter of 2015, to 16.2 billion euros.
Growth was particularly strong in France, with a year-on-year increase of +5.2% to 10.5 billion euros at endSeptember 2016.
In the third quarter of 2016, CAL&F's revenues amounted to 131 million euros, up +0.8% year-on-year. Operating
expenses were down ­3.2% year-on-year to 67.4 million euros, while cost of risk increased by +6.7%. CAL&F's net
income Group share therefore increased by +11.9% year-on-year in the third quarter of 2016, to 33 million euros.
In the first nine months of 2016, CAL&F's revenues amounted to 398 million euros, up +2.8% year-on-year due
mainly to the increase in lease finance outstandings in France. Operating expenses were down slightly, contracting by­1.4% to 217 million euros. Cost of risk was 46 million euros compared with 48 million euros in the first nine months of2015. In all, CAL&F's net income Group share for the first nine months of 2016 was 93 million euros, representing a
year-on-year increase of +20.2%.
The specific P&L adjustments made to reconcile stated and underlying amounts and changes for the third quarter andfirst nine months of 2016 and comparable data for 2015 are detailed in Appendix.

5. Large customers
Net income Group share for the Large Customers business line was 458 million euros in the third quarter of 2016.
Excluding loan hedges and the impact of DVA, underlying net income Group share was 502 million euros, a year-onyear increase of +78.6% driven by good performances in all capital markets and structured finance activities. It also
included an additional legal risk provision of 50 million euros.
Net income Group share for the business line comprised a contribution of 206 million euros from Financing activities,
274 million euros from Capital markets and investment banking and 22 million euros from Asset servicing (versus,
respectively, 247 million euros, 9 million euros and 25 million euros in the third quarter of 2015).

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

Crédit Agricole - Third quarter and first nine months 2016 results

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Total Large Customers
Q3-16 underlying1

Change Q3/Q3
underlying1

9M-16
underlying1

Change 9M/9M
underlying1

1,465+38.3%

4,001

+3.5%

o/w Financing activities582+15.9%

1,678

+2.3%

o/w Capital markets and Investment banking

700+87.1%

1,754

+5.5%

o/w Asset servicing

183(0.1%)

569+0.9%

Operating expenses

(738)

+3.4%

(2,401)+4.1%

Gross operating income

727+110.1%

1,600

+2.6%

Cost of credit risk

(116)

+48.7%(354)+83.4%

Cost of legal risk

(50)

nm

(100)

nm

Operating income

561+109.3%1,146(16.2%)

Share of net income of equity-accounted entities

59(0.5%)

182

x2.3

Net income on other assets

-

-

1

-

Income before tax

620+89.6%

1,329(8.1%)

Tax

(98)

x2.8

(282)

(29.9%)Net gain/(loss) from held-for-sale operations

-

nm

11

nm

Net income

522+79.4%

1,058

+1.5%

Non-controlling interests

20

+100%

37

+12.1%Net income Group share502+78.6%

1,021

+1.2%

(in millions of euros)
Revenues

The third quarter of 2016 saw a marked rebound in business activity and markets after the Brexit shock at the end ofJune, which was accompanied by a fall in interest rates, a decrease in risk premiums and a drop of the pound sterling.
Continued central bank support policies benefited the primary bond market, which represents a competitive source ofalternative financing for companies. Against this backdrop and despite the usual August seasonal effect, commercial
activity was good in all Corporate and investment banking activities.
In the third quarter of 2016 revenues for the Large Customers business line were 1,465 million euros (excluding
effects of loan hedges and DVA), a sharp year-on-year increase of +38.3% on an underlying basis and +23.6%
excluding xVA, thanks to strong commercial momentum in capital markets and structured finance activities.
Revenues from capital markets activities (fixed income, credit, forex and treasury) amounted to 644 million euros
in the third quarter, up +42.5% excluding xVA compared with the third quarter of 2015 (when, by contrast, demand in
the credit market was very weak). Fixed income, forex and credit enjoyed strong momentum in a favourable postBrexit market environment VaR remained contained at 13.9 million euros on average over the quarter. CACIB ranks
world No. 2 in sovereign, agency and supranational bond issues in euros 2 and in green bond issues 3. It has also
gained a place compared to the last quarter to become world No. 4 in euro bond issues2.

1

See Appendix, page 24 of this press release for details of specific items for the third quarter and first nine months of 2016 andcomparable data for 2015.
2
Source: Thomson Financial.
3
Source: CACIB.

Crédit Agricole - Third quarter and first nine months 2016 results

17/27

Investment banking, which ranks No. 2 in France in convertible bond issues1 and No. 1 in Europe in ABCP
securitisation 2, completed several major convertible bond deals during the quarter. Its revenues for the quarter were
56 million euros, a year-on-year increase of +35.5%.
Structured finance revenues rose sharply in most product lines, amounting to 304 million euros in the third quarter of
2016, a year-on-year increase of +20.8% despite challenging conditions in the shipping and oil & gas sectors. CACIB
remains world No. 1 in aircraft financing 3.
Commercial banking revenues were up +11.4% year-on-year in the third quarter, to 278 million euros, driven by goodorigination volumes in Corporate Acquisition activities, although export and trade activities continued to suffer from theglobal slowdown in world trade. CACIB ranks third in syndicated loans in France1.
Asset servicing revenues remained stable at 183 million euros in the third quarter of 2016.
Operating expenses for the Large Customers business line totalled 738 million euros in the third quarter of 2016
versus 713 million euros in the same period of 2015. This quarter included about 20 million euros of non-recurring
expenses related to the transfer of CACIB's teams in Paris to the Group Campus. Excluding this event, operating
expenses were stable. The cost/income ratio over the first nine months of 2016 was 56.3% 4.
Cost of risk was stable compared with the first and second quarters of 2016 despite an additional provision for the
shipping sector (excluding the 50 million euros legal risk provision taken in both the second and third quarters of2016). Cost of risk relative to outstandings for Financing activities was 32 basis points in the third quarter of 2016 5.
Share of income from equity-accounted entities amounted to 59 million euros, stable compared with the third
quarter of 2015, reflecting a good performance by Banque Saudi Fransi.
In the first nine months of 2016, net income Group share for the Large Customers business line was 984 million
euros and 1,021 million euros on an underlying basis (restated for loan hedges, the impact of DVA and the legal
provision booked in Q2-15), broadly stable compared with the same period of 2015. The first nine months of 2016
included a contribution to the Single Resolution Fund (SRF) of 149 million euros and a legal risk provision of
100 million euros.
The specific P&L adjustments made to reconcile stated and underlying amounts and changes for the third quarter andfirst nine months of 2016 and comparable data for 2015 are detailed in Appendix.

1

Source : Thomson Financial.
Source: CPWare
Source: Air Finance Database4
Calculated on the basis of underlying revenues and operating expenses excluding SRF.
5
Relative to consolidated outstandings, calculated on an average annualised basis over four rolling quarters.
2
3

Crédit Agricole - Third quarter and first nine months 2016 results

18/27

6. Corporate centre(in millions of euros)

Q3-16

Change
Q3/Q3

9M-16

Change9M/9M

Revenues(624)+24.9%(1,228)(3.2%)of which capital and liquidity management(309)(38.8%)(1,040)(33.5%)(188)(19.7%)(762)(14.7%)

-

nm

(230)

nm

-

nm

355

nm

o/w issuer spreads

(281)

nm

(243)

nm

o/w other

(34)

nm

55

nm

Revenues underlying1(320)(24.4%)(919)(33.9%)

Operating expenses(182)(16.2%)(651)(7.9%)

Gross operating income(806)+12.4%(1,879)(4.9%)

Cost of risk

(6)

(95.9%)(18)(58.4%)

Operating income(812)(4.8%)(1,897)(6.0%)

Share of net income of equity-accounted entities

27(85.9%)

38(79.8%)Net income on other assets

(50)

nm

(47)

nm

Income before tax(835)+26.0%(1,906)

+3.8%

Tax

303

(12.0%)

867

+1.3%

Net income from discontinued or held for sale operations

1,272

nm

1,272

nm

Net income

740

nm

233

nm

Non-controlling interests

(13)

nm

(5)

nm

Net income Group share

753

nm

238

nm

Net income Group share underlying1(323)+58.5%(1,029)(7.2%)

o/w carrying cost to equity stakes net costs
to subordinated debt
o/w Switcho/w VISA Europe

In the third quarter of 2016, Corporate Centre results reflected the impacts of the transaction to simplify theGroup's structure, which included:-

Exceptional gain on the transfer of CCIs/CCAs to SACAM Mutualisation (+1,272 million euros in Q3-16 in net
income from discontinued or held for sale operations, non-taxable, and other items for an amount of­23 million euros in revenues, i.e. ­18 million euros in net income Group share);-First interest income on the loan of 11 billion euros, at a rate of 2.15%, granted to the Regional Banks(+38 million euros in revenues) and;-Elimination of the Switch 1 guarantee cost (+115 million euros in revenues).

1

See Appendix, page 24 of this press release for details of specific items for the third quarter and first nine months of 2016 andcomparable data for 2015.

Crédit Agricole - Third quarter and first nine months 2016 results

19/27

Underlying revenues (adjusted for the specific items detailed in Appendix) amounted to ­320 million euros, animprovement of +104 million euros compared with the third quarter of 2015. This improvement was driven by the
positive recurring impacts of the transaction to simplify the Group's structure.
Operating expenses were 182 million euros, down by ­16.2% compared to the third quarter of 2015.
The change in equity-accounted entities was affected by Eurazeo's exceptional contribution in the third quarter of2015.
Corporate Centre net income Group share amounted to +753 million euros and -323 million euros excluding thespecific items referred to above.
In the first nine months of 2016, Corporate Centre net income Group share was +238 million euros. Excluding
specific items, the loss amounted to -1,029 million euros, ­7.2% lower than the loss for the first nine months of 2015.
The specific P&L adjustments made to reconcile stated and underlying amounts and changes for the third quarter andfirst nine months of 2016 and comparable data for 2015 are detailed in Appendix.

Crédit Agricole - Third quarter and first nine months 2016 results

20/27

CRÉDIT AGRICOLE GROUP CONSOLIDATED RESULTS
Outstanding customer loans of Crédit Agricole Group amounted to close to 783 billion euros at 30 September 2016.
Customer accounts on the balance sheet were almost 679 billion euros.
(in millions of euros)

Q3-16

Q3-16
underlying

ChangeQ3/Q3
underlying

9M-16

9M-16
underlying

Change9M/9M
underlying

Revenues

7,099

7,777

+3.2%

22,52423,482(0.3%)

Operating expenses(4,710)(4,710)(0.4%)(15,039)(14,998)+0.9%

Gross operating income

2,389

3,067

+9.1%

7,485

8,484

(2.2%)

Cost of credit risk

(597)

(597)

+10.1%(1,855)(1,855)+0.9%

Cost of legal risk

(50)

(50)

nm

(100)

(100)

nm

Operating income

1,742

2,420

+6.7%

5,530

6,529

(4.6%)

Share of net income of equity-accounted
entities

138

138(53.8%)

388

388(6.8%)Net income on other assets

(47)

(47)

nm

(19)

(19)

nm

Change in value of goodwill

-

-

-

-

-

-

Income before tax

1,833

2,511

(2.2%)

5,899

6,898

(5%)

Tax

(348)

(577)

(18.8%)(1,491)(1,936)(15.4%)

-

-

nm

11

11

nm

Net income

1,485

1,934

+4.4%

4,419

4,974

+0.5%

Non-controlling interests

91

93+10.3%

265

269(7.7%)Net income Group share

1,394

1,841

+4.1%

4,154

4,705

+1%

Net income from discontinued or held forsale operations

In the third quarter of 2016, Crédit Agricole Group reported revenues of 7,099 million euros. Excluding specificitems 1, in particular the funding cost adjustment charge at LCL (-300 million euros) and issuer spreads (-281 million
euros), underlying revenues were 7,777 million euros, a year-on-year increase of +3.2%.
Operating expenses were down slightly in the third quarter of 2016, contracting by ­0.4% to 4,710 million euros
compared with 4,728 million euros in the third quarter of 2015.
The cost of credit risk remained low at 597 million euros, i.e. 31 basis points 2, an increase of +10.1% or 55 million
euros, mainly due to the Regional Banks (up 39 million euros), whose cost of risk was particularly low in the third
quarter of 2015.
In addition, the Group strengthened its legal risk provisions by 50 million euros this quarter.
Underlying net income Group share1 came to 1,841 million euros, an increase of +4.1% compared with the third
quarter of 2015.

1

See Appendix, page 24 of this press release for details of specific items for the third quarter and first nine months of 2016 andcomparable data for 2015.
2
Relative to consolidated outstandings, calculated on an average annualised basis over four rolling quarters.

Crédit Agricole - Third quarter and first nine months 2016 results

21/27

For the first nine months of 2016, revenues were 22,524 million euros. Excluding specific items, underlying
revenues were 23,482 million euros, more or less stable (down ­0.3%) compared with the first nine months of 2015.
The Group's operating expenses were up slightly by +0.9% compared with the first nine months of 2015, while the costof credit risk was also up +0.9% to 1,855 million euros. A legal risk provision of 50 million euros was taken in both thesecond and third quarters, making a total of 100 million euros in the first nine months.
Underlying net income Group share 1 came to 4,705 million euros, a slight increase of +1% compared with the first ninemonths of 2015.
The specific P&L adjustments made to reconcile stated and underlying amounts and changes for the third quarter andfirst nine months of 2016 and comparable data for 2015 are detailed in Appendix.

Regional Banks(in millions of euros)

Q3-16

ChangeQ3/Q3
Underlying1

9M-16

Change
9M-16

Revenues

3,273(7.7%)

10,356(4.1%)

Operating expenses(1,980)+1.0%(6,215)+2.0%

Gross operating income

1,293(18.5%)

4,141(12.0%)

Cost of risk

(152)

+34.2%(559)+10.9%

Operating income

1,141(22.5%)

3,582(14.9%)

Share of net income of equity-accounted entities

-

nm

5

nm

Net income on other assets

2

nm

27

nm

Change in value of goodwill

-

nm

-

nm

Income before tax

1,143(22.4%)

3,614(13.9%)

Tax

(367)

(31.6%)(1,231)(20.7%)Net income from discontinued or held for sale
operations

-

nm

-

nm

Net income

776(17.2%)

2,383(9.9%)

Non-controlling interests

(1)

nm

-

+33.3%Net income Group share777(17.2%)

2,383(9.9%)

Business was brisk during the quarter, contributing to the development of Crédit Agricole S.A.'s business lines.
Customer assets rose by +3.6% year-on-year to 633.9 billion euros. Growth was driven by on-balance sheet deposits(up +5.1% over one year to almost 382 billion euros at end-September 2016), while off-balance sheet customer assets
also rose by +1.4% to almost 252 billion euros. On-balance sheet deposits continued to be driven by demand deposits(up +11.7% year-on-year) and home purchase savings plans (up +7.3%). Meanwhile, off-balance sheet customer
assets continued to be driven by life insurance, with outstandings up +3.2% year-on-year to almost 181 billion euros at
end-September 2016.

1

See Appendix, page 27 of this press release for details of specific items for the third quarter 2015.

Crédit Agricole - Third quarter and first nine months 2016 results

22/27

Loans outstanding rose by +3.7% year-on-year, to 423.9 billion euros at end-September 2016. Growth continued tobe driven by home loans and consumer finance (up +5.7% and +8.4% respectively, year-on-year). Loans to farmers
and SMEs/small businesses both increased by +2.3%.
The Regional Banks also achieved strong momentum in personal and property insurance during the third quarter.
The Regional Banks' revenues were affected this quarter by the initial impacts of the transaction to simplify theGroup’s structure: (i) elimination of Switch 1 income following the unwinding of Switch 1 on 1 July 2016 (-115 million
euros), (ii) cost of the 11 billion euros 2.15% loan granted by Crédit Agricole S.A. on 3 August 2016 (­38 million euros).
Excluding these impacts and excluding provisions for home purchase savings plans 1, the Regional Banks' revenues
amounted to 3,433 million euros in the third quarter of 2016, down -2.9% compared with the third quarter of 2015.
In all, the Regional Banks' net income Group share was 777 million euros in the third quarter of 2016, representing
a year-on-year decrease of -17.2% excluding the impacts of the Switch clawback in the third quarter of 2015.
In the first nine months of 2016, the Regional Banks' net income Group share totalled 2,383 million euros, a yearon-year decrease of -9.9%.
The specific P&L adjustments made to reconcile stated and underlying amounts and changes for the third quarter andfirst nine months of 2016 and comparable data for 2015 are detailed in Appendix.
*****
Crédit Agricole S.A.'s financial information for the third quarter and first nine months of 2016 consists of this press release and the attachedpresentation. All regulated information, including the registration document, is available on the website www.credit-agricole.com/Finance- andShareholders under "Financial reporting" and is published by Crédit Agricole S.A. pursuant to the provisions of article L. 451-1-2 of the CodeMonétaire et Financier and articles 222-1 et seq. of the AMF General Regulation.

INVESTOR RELATIONS + 33 1.43.23.04.31
investor.relations@credit-agricole-sa.fr
Cyril Meilland, CFA : + 33 1 43 23 53 82 - Denis Kleiber : + 33 1 43 23 26 78
Céline de Beaumont : + 33 1 57 72 41 87 - Oriane Cante :+ 33 1 43 23 03 07
Emilie Gasnier : + 33 1 43 23 15 67 - Fabienne Heureux : + 33 1 43 23 06 38
Vincent Liscia : + 33 1 57 72 38 48

PRESS CONTACTLouise Tingström +44 7899 066995

1

Charge of 1 million euros to provisions for home purchase savings plans in the third quarter of 2016 and reversal of 12 million euros
in the third quarter of 2015.

Crédit Agricole - Third quarter and first nine months 2016 results

23/27

APPENDICESAPPENDIX – ALTERNATIVE PERFORMANCE MEASURES – SPECIFIC ITEMS
Crédit Agricole Group:€m
DVA Running (LC)DVA Running (Corporate centre)
Loan hedges (LC)
Issuer spreads (Corporate centre)Eurêka (Corporate centre)
Adjustment of funding cost (LCL)
Total impact on revenues

Specific items of Q3-16
Impact before tax
Impact on NIGS
(44)
(25)
(281)
(28)
(300)
(678)

(29)
(16)
(182)
(23)
(197)
(447)

Total impact of specific items€m
DVA running (LC)DVA running (Corporate centre)
Loan hedges (LC)
Issuer spreads (Corporate centre)
Liability management upfront payment (Corporate centre)
Capital gain on VISA EUROPE (Corporate centre)
Adjustment of funding cost (LCL)Eurêka (Corporate centre)
Total impact on revenues
LCL network optimisation cost (Retail banking)Total impact on operating expenses
Additional provision for legal risk (LC)Total impact on cost of risk
Total impact of specific items

Specific items of Q3-15
Impact before tax
Impact on NIGS
14
(50)
36
(26)
(26)

(447)

Specific items 9M-16
Impact before tax
Impact on NIGS
(35)
(24)
(243)
(683)
355
(300)
(28)
(958)
(41)
(41)
-

9
(31)
22
(17)
(17)
(17)

Specific items 9M-15
Impact before tax
Impact on NIGS

(23)
(16)
(154)
(448)
337
(197)
(23)
(524)
(27)
(27)
-

81
(50)
57
173
261
(350)
(350)

(551)

53
(31)
35
113
170
(350)
(350)
(180)

Crédit Agricole S.A.:€m
DVA running (LC)DVA Running (Corporate centre)
Loan hedges (LC)
Issuer spreads (Corporate centre)
Adjustment of funding cost (LCL)Eurêka (Corporate centre)
Total impact on revenues
Switch (Corporate centre)
Switch (Asset Gathering)
Total impact on cost of riskEurêka (Corporate centre)
Total impact on Net income from discontinued orheld-for-sale operations

Specific items of Q3-16
Impact before tax
Impact on NIGS
(44)
(25)
(281)
(300)
(23)
(673)
-

(28)
(16)
(178)
(187)
(18)
(427)
-

14
(50)
36
(26)
(26)
(107)
(66)

9
(31)
22
(17)
(17)
(66)
(41)

-

1,272

(173)
252

(107)
252

-

1,272

252

252

Total impact of specific items€m
DVA running (LC)DVA Running (Corporate centre)
Loan hedges (LC)
Issuer spreads (Corporate centre)
Liability management upfront payment (corporate centre)
Adjustment of funding cost (LCL)
Capital gain on VISA EUROPE (Corporate centre)
Regional Banks' dividends (Corporate centre)Eurêka (Corporate centre)
Total impact on revenues
LCL network optimisation cost (Retail banking)Total impact on operating expenses
Additional provision for legal risk (LC)Total impact on cost of riskEurêka (Corporate centre)
Total impact on Net income from discontinued orheld-for-sale operations

Specific items of Q3-15
Impact before tax
Impact on NIGS

845

Specific items 9M-16
Impact before tax
Impact on NIGS
(36)
(24)
(244)
(683)
(300)
355
286
(23)
(669)
(41)
(41)
-

Total impact of specific items

Crédit Agricole - Third quarter and first nine months 2016 results

128

Specific items 9M-15
Impact before tax
Impact on NIGS

(23)
(15)
(152)
(448)
(187)
327
285
(18)
(231)
(26)
(26)
1,272

81
(50)
57
173
261
(350)
(350)
847

1,272

847

1,016

52
(31)
35
111
167
(342)
(342)
847
847
672

24/27

RECONCILIATION BETWEEN THE STATED AND THE UNDERLYING RESULTS OF LCL
Q3-16

Specific
item s of Q316 (1)Q3-15

Specific
item s of Q315

Revenues

570

(300)

Operating expenses

(600)

-

870

891

(600)

(634)

Gross operating incom e

(30)

(300)

Cost of risk

(55)

-

270

257

-

(55)

(19)

-

Share of net income of equity-accounted entities

-

-

-

-

-

Net income on other assets

-

-

-

-

Change in value of goodw ill

-

-

-

Incom e before tax

(85)

(300)

Tax

53

Net income from discontinued or held-for-sale operations

(32)

€m

Net incom e∆ 9M/9M
underlying

Q3-15
underlying∆ Q3/Q3-

891(36.1%)(2.4%)-(634)(5.5%)(5.4%)

257

ns

+5.1%

(19)

x2,9

x2,9

-

-

-

-

-

-

-

-

-

-

-

-

215

238

-

238

ns

(9.7%)

103

(50)

(82)

-

(82)

ns

(38.7%)

-

-

-

-

-

-

-

(197)

165

156

-

156

ns

+5.6%

Q3-16
underlying

Non-controlling interests

(2)

(10)

8

7

-

7

ns

+9.1%

Net incom e Group Share

(30)

(187)

157

149

-

149

ns

+5.4%

€m

9M-16

Specific
item s of 9M16 (1)9M-16
underlying

9M-15

Specific
item s of 9M15

9M-15
underlying∆ 9M/9M∆ 9M/9M
underlying

Revenues

2,254

(300)

2,554

2,757

-

2,757

(18.2%)(7.4%)

Operating expenses(1,936)(41)(1,895)(1,936)-(1,936)(0.0%)(2.1%)

Gross operating incom e

318

(341)

659

821

-

821

(61.2%)(19.7%)

Cost of risk

(130)

-

(130)

(83)

-

(83)

57.4%

57.4%

Share of net income of equity-accounted entities

-

-

-

-

-

-

-

-

Net income on other assets

-

-

-

(1)

-

(1)

nm

nm

Change in value of goodw ill

-

-

-

-

-

-

-

-

Incom e before tax

188

(341)

529

737

-

737

(74.5%)(28.2%)

Tax(39.6%)

(44)

117

(161)

(267)

-

(267)

(83.4%)Net income from discontinued or held-for-sale operations

-

-

-

-

-

-

-

-

Net incom e

144

(224)

368

470

-

470

(69.4%)(21.8%)

Non-controlling interests

7

(11)

18

23

-

23

(68.7%)(23.3%)Net incom e Group Share

137

(213)

350

447

-

447

(69.4%)(21.7%)(1)

network reorganisation in Q2-16 and adjustment of funding costs in Q3-16

RECONCILIATION BETWEEN THE STATED AND THE UNDERLYING RESULTS OF ASSET GATHERING
€m

Q3-16

Specific
item s of Q316

Q3-16
underlying

Q3-15

Specific
item s of Q315

Q3-15
underlying

Revenues

1 107

-

1 107

1 121

-

1 121

(1,2%)(1,2%)

Operating expenses

(477)

-

(477)

(500)

-

(500)

(4,5%)(4,5%)+1,5%∆ Q3/Q3∆ Q3/Q3
underlying

Gross operating incom e

630

-

630

621

-

621

+1,5%

Cost of risk

(2)

-

(2)

(66)

(66)

-

nm

nm

Share of net income of equity-accounted entities

8

-

8

6

-

6

35,0%

35,0%

Net income on other assets

-

-

-

-

-

-

nm

nm

Change in value of goodw ill

-

-

-

-

-

-

nm

nm

Incom e before tax

636

-

636

561

(66)

627

+13,7%+1,7%

Tax(34,8%)

(149)

-

(149)

(203)

25

(228)

(26,7%)Net income from discontinued or held-for-sale operations

0

-

0

-

-

-

nm

nm

Net incom e

487

-

487

358

(41)

399

+36,7%+22,6%

Non-controlling interests

40

-

40

31

-

31

+31,9%+31,9%Net incom e Group Share

447

-

447

327

(41)

368

+37,1%+21,9%

9M-16

Specific
item s of 9M16

9M-16
underlying

9M-15

Specific
item s of 9M15

9M-15
underlying∆ 9M/9M∆ 9M/9M
underlying

Revenues

3 450

-

3 450

3 468

-

3 468

(0,5%)(0,5%)

Operating expenses(1 601)-(1 601)(1 621)-(1 621)(1,2%)(1,2%)

Gross operating incom e

1 849

-

1 849

1 847

-

1 847

+0,1%

+0,1%

Cost of risk

(9)

-

(9)

(22)

-

(22)

nm

nm

Share of net income of equity-accounted entities

21

-

21

18

-

18

12,4%

12,4%

Net income on other assets

1

-

1

7

-

7

nm

nm

Change in value of goodw ill

-

-

-

-

-

-

nm

nm

Incom e before tax

1 862

-

1 862

1 850

-

1 850

+0,6%

(2,8%)

Tax

(500)

-

(500)

(655)

-

(655)

(23,7%)(26,6%)

0

-

0

1

-

1

nm

nm

1 362

-

1 362

1 196

-

1 196

+13,9%+10,2%€m

Net income from discontinued or held-for-sale operations
Net incom e
Non-controlling interests

121

-

121

99

-

99

+22,2%+22,2%Net incom e Group Share

1 241

-

1 241

1 097

-

1 097

+13,2%+9,1%

Crédit Agricole - Third quarter and first nine months 2016 results

25/27

RECONCILIATION BETWEEN THE STATED AND THE UNDERLYING RESULTS OF LARGE CUSTOMERS
€m

Q3-16

Impact of
Impact of
Q3-16
loan hedges DVA running underlying

Impact of loan
Impact ofhedges
DVA running

Q3-15

Q3-15
underlying

ΔQ3/Q3ΔQ3/Q3underlying+38.3%

Revenues

1,396

(25)

(44)

1,465

1,109

36

14

1,059

+25.9%

Operating expenses

(738)

-

-

(738)

(713)

-

-

(713)

+3.4%

+3.4%

Gross operating income

658

(25)

(44)

727

396

36

14

346

+66.5%+110.1%+48.7%

Cost of credit risk

(116)

-

-

(116)

(78)

-

-

(78)

+48.7%

Cost of legal risk

(50)

-

-

(50)

-

-

-

-

nm

nm

Operating income

492

(25)

(44)

561

318

36

14

268

+55.3%+109.3%

Share of net income of equity-accounted entites

59

-

-

59

59

-

-

59

(0.5%)(0.5%)Net income on other assets

-

-

-

-

-

-

-

-

nm

nm

Tax

(74)

9

15

(98)

(53)

(13)

(5)

(35)

+39.2%

x2,8

Change in value of held-for-sale operations
Net income

477

(16)

(29)

522

(1)
323

23

9

(1)
291

nm
+47.8%

nm+79.4%

Non-controlling interests

19

-

(1)

20

11

1

-

10

+73.1%+100.0%Net income Group share

458

(16)

(28)

502

312

22

9

281

+46.9%+78.6%€m

9M-16

Impact of
Impact of
9M-16
loan hedges DVA running underlying

9M-15

Impact of
Additional
Impact of loan
DVA running provision OFAC
hedges

9M-15
underlying

Δ9M/9M

Δ9M/9M
underlying+3.5%

Revenues

3,942

(24)

(35)

4,001

4,004

57

81

-

3,866

(1.5% )

Operating expenses(2,401)--(2,401)(2,306)---(2,306)

+4.1%

+4.1%

Gross operating income

1,541

(24)

(35)

1,600

1,698

57

81

-

1,560

(9.2% )

+2.6%

Cost of credit risk

(354)

-

-

(354)

(193)

-

-

-

(193)

+83.4%+83.4%

Cost of legal risk

(100)

-

-

(100)

(350)

-

-

(350)

-

nm

nm

Operating income

1,087

(24)

(35)

1,146

1,155

57

81

(350)

1,367

(5.8% )

(16.2% )Share of net income of equity-accounted entites

182

-

-

182

78

-

-

-

78

x 2.3

x 2.3

Net income on other assets

1

-

-

1

1

-

-

-

1

nm

nm

(261)

9

12

(282)

(451)

(21)

(28)

-

(402)

(42.1%)(29.9%)

Tax
Change in value of held-for-sale operations

11

-

-

11

(2)

-

-

-

(2)

nm

nm

Net income

1,020

(15)

(23)

1,058

781

36

53

(350)

1,042

+30.6%+1.5%

Non-controlling interests

36

-

(1)

37

27

1

1

(8)

33

+31.4%+12.1%Net income Group share

984

(15)

(22)

1,021

754

35

52

(342)

1,009

+30.6%+1.2%

RECONCILIATION BETWEEN THE STATED AND THE UNDERLYING RESULTS OF CORPORATE CENTRE∆ Q3/Q3
underlying

€m

Q3-16

Specific
item s

Q3-16
underlying

Q3-15

Specific
item s

Q3-15
underlying

Revenues

(624)

(304)

(320)

(500)

(76)

(424)

+24.9%(24.4%)

Operating expenses

(182)

-

(182)

(218)

-

(218)

(16.2%)(16.2%)

Gross operating incom e

(806)

(304)

(502)

(718)

(76)

(642)

+12.4%(21.6%)

Cost of risk

(6)

-

(6)

(135)

(107)

(28)

(95.9%)(80.4%)(85.9%)∆ Q3/Q3

Equity-accounted entities

27

-

27

190

-

190

(85.9%)Net income on other assets

(50)

-

(50)

(1)

-

(1)

nm

nm

Incom e before tax

(835)

(304)

(531)

(664)

(183)

(481)

+26.0%+10.8%(27.3%)

Tax

303

102

201

345

68

277

(12.0%)Net income from discontinued or held-for-sale operations

1,272

1,272

-

-

-

-

nm

nm

Net incom e

740

1,070

(330)

(319)

(115)

(204)

nm

+62.2%

Non-controlling interests

(13)

(6)

(7)

1

-

1

nm

nm

Net incom e Group Share

753

1,076

(323)

(320)

(115)

(205)

nm

+58.5%€m

9M-16

Specific
item s

9M-16
underlying

9M-15

Specific
item s

9M-15
underlying∆ 9M/9M∆ 9M/9M
underlying

Revenues(1,228)

(309)

(919)

(1,269)123(1,392)(3.2%)(33.9%)

Operating expenses

(651)

-

(651)

(707)

-

(707)

(7.9%)(7.9%)

Gross operating incom e(1,879)(309)(1,570)(1,976)123(2,099)(4.9%)(25.1%)

Cost of risk

(18)

-

(18)

(42)

-

(42)

(58.4%)(58.4%)

Equity-accounted entities

38

-

38

189

-

189

(79.8%)(79.8%)Net income on other assets

(47)

-

(47)

(7)

-

(7)

nm

nm

Incom e before tax(1,906)(309)(1,597)(1,836)123(1,959)+3.8%(18.4%)(37.4%)

Tax

867

306

561

856

(40)

896

+1.3%

Net income from discontinued or held-for-sale operations

1,272

1,272

-

-

-

-

nm

nm

Net incom e

233

1,269

(1,036)(980)

83(1,063)nm(2.4%)

Non-controlling interests

(5)

2

(7)

50

2

48

nm

nm

Net incom e Group Share

238

1,267

(1,029)(1,030)81(1,111)nm(7.2%)

Crédit Agricole - Third quarter and first nine months 2016 results

26/27

RECONCILIATION BETWEEN THE STATED AND THE UNDERLYING RESULTS OF REGIONAL BANKS

€m

Q3-16

Specific
item s

Q3-16
underlying

Q3-15

Specific
item s 1

Q3-15
underlying∆ Q3/Q3∆ Q3/Q3
underlying(7.7%)

Revenues

3,273

-

3,273

3,548

-

3,548

(7.7%)

Operating expenses(1,980)-(1,980)(1,961)-(1,961)

+1.0%

+1.0%

Gross operating incom 1,293

-

1,293

1,587

-

1,587

(18.5%)(18.5%)

Cost of risk

34.2%

(152)

-

(152)

60

173

(113)

-349.8%Equity-accounted entities

-

-

-

(1)

-

(1)

nm

nm

Net income on other asse

2

-

2

1

-

1

nm

nm

Incom e before tax

1,143

-

1,143

1,647

173

1,474

(30.6%)(22.4%)

Tax

(367)

-

(367)

(602)

(66)

(536)

(39.1%)(31.6%)Net income from discontin

-

-

-

-

-

-

nm

nm

Net incom e

776

-

776

1,045

107

938

(25.6%)(17.2%)

Non-controlling interests

(1)

-

(1)

-

-

-

nm

nm

Net incom e Group Sha

777

-

777

1,045

107

938

(25.6%)(17.2%)

9M-16

Specific
item s

9M-16
underlying

9M-15

Specific
item s€m

9M-15∆ 9M/9M
underlying∆ 9M/9M
underlying

Revenues

10,356-

10,356

10,794-

10,794(4.1%)

Operating expenses(6,215)-(6,215)(6,090)-(6,090)+2.0%(4.1%)+2.0%

Gross operating incom 4,141

-

4,141

4,704

-

4,704

(12.0%)(12.0%)

Cost of risk

10.9%

(559)

-

(559)

(504)

-

(504)

10.9%

Equity-accounted entities

5

-

5

(1)

-

(1)

nm

nm

Net income on other asse

27

-

27

(1)

-

(1)

nm

nm

Incom e before tax

3,614

-

3,614

4,198

-

4,198

(13.9%)(13.9%)

Tax(1,231)-(1,231)(1,552)-(1,552)(20.7%)(20.7%)Net income from discontin
Net incom e
Non-controlling interests

-

-

-

-

-

-

nm

nm

2,383

-

2,383

2,646

-

2,646

(9.9%)(9.9%)

-

-

-

-

-

-

+33.3%+33.3%

-

2,383

2,646

-

2,646

(9.9%)(9.9%)Net incom e Group Sha 2,383(1)

Clawback of the Switch guarantees for +€173m in cost of risk in Q3-15

Crédit Agricole - Third quarter and first nine months 2016 results

27/27