Montrouge, 18 February 2015

Results
for the fourth quarter and full year 2014

Strength of Crédit Agricole Group confirmed
French retail banking showed good resilience
Other business lines continued to grow
Expenses decreased further
Cost of risk dropped sharply
Solvency further strengthened
Crédit Agricole Group*
Net income Group share 2014: €4,920 million euros
Net income Group share 2014 (excluding specific items1): €6.0 billion euros
Fully-loaded Basel 3 CET1 ratio: 13.1% (+180bps / Jan. 14)* Crédit Agricole S.A. and Regional Banks at 100%

Crédit Agricole S.A.
Net income Group share Q4-14: €697 million euros(+13.0% / Q4-13)
Net income Group share 2014: €2,340 million euros (-6.8% / 2013)
Net income Group share 2014 (excluding specific items1): €3.3 billion euros
Fully-loaded Basel 3 CET1 ratio: 10.4% (+190bps / Jan. 14)
Proposed dividend: €0.35 euro per share
NB: Throughout the whole document, 2013 data has been restated for equity-accounted entities consolidated under
proportionate method in 2013 and the reclassification under IFRS5 of Crelan.

1 Excluding the change in the CVA/DVA methodology, FVA Day one, DVA running, loan hedges, issuer spreads, revaluation of Bank of Italy shares, share of net

income of BES

Crédit Agricole Group
Crédit Agricole S.A.'s Board of Directors, chaired by Jean-Marie Sander, met on 17 February 2015 to examine thefinancial statements for the fourth quarter of 2014 and to approve the full year 2014 financial statements.
Crédit Agricole Group delivered net income Group share of 4,920 million euros in 2014 and 6.0 billion euros
1
excluding specific items (namely BES and accounting items).
For Jean-Marie Sander, Chairman of Crédit Agricole S.A., this good performance, obtained in a persistently sluggish
economic environment, reflects improved commercial momentum in most business lines, coupled with efficient
control over costs and a sharp decrease in the cost of risk.
Jean-Paul Chifflet, Chief Executive Officer of Crédit Agricole S.A., adds that Crédit Agricole Group has delivered
good results for the second consecutive year, bearing out the Group's transformation choices first initiated in 2011. At
the end of 2014, Crédit Agricole is a reshaped group, which is proving its robustness and ability to move forward inan adverse environment.
These results are in line with the targets embedded in the Medium Term Plan 2014-2016. The announced strategic
initiatives have been launched and are being actively implemented and the track of results is in line with the growthforecasted in order to achieve the medium-term targets.
French retail banking has taken action to transform its branch networks, launching the IT and organisational projects
needed to offer full digital banking; an example of the immediate success of this transformation is the volume ofhome loans originated through the Regional Banks' e-immo site, which amounted to 2.5 billion euros in 2014.
Revenue synergies, another major strategic focus, began to come on stream during 2014 thanks to new initiatives,
including the commercial launch of group insurance contracts through the Regional Banks, implementation at CACIB
of means to provide international support for SMEs and intermediate-sized enterprises, and further deployment of thepartnership between the Regional Banks and CACF in consumer finance.
The Group's development in Europe involved several business lines and divisions: Amundi acquired the Austrian
asset manager Bawag Invest and started up business in Poland, Private Banking opened a branch in Italy, Crédit
Agricole Assurances launched a P&C insurance business in Poland, CACEIS expanded its network to Switzerland,
Italy and the United Kingdom, and CACF successfully developed a deposit business in Germany.
The various cost-cutting programmes continued apace. The MUST programme generated a further 178 million eurosof cost savings in addition to the 351 million euros already achieved in the past two years and, in its very first year of
implementation, the NICE single information systems platform for the Regional Banks, generated cost savings ofmore than 100 million euros. CACIB and CACF also reduced their costs by almost 70 million euros through various
new initiatives for their businesses either in run-off or restructuring.
***
After 2013 which constituted a high reference base in terms of both revenues and income, the Regional Banks
continued to develop their business in a persistently sluggish market.
Customer assets grew by 2.1% year-on-year to reach 605 billion at end-December 2014, including 356 billion euros
in on-balance sheet deposits which increased by 2.3% year-on-year, driven by continued strong growth in demand
deposits (+3.9%).

1 Excluding BES at equity, issuer spreads, change in the CVA/DVA methodology, FVA Day One, DVA running, loan hedges and revaluation of Bank of Italy

shares2

Loans outstanding amounted to 400 billion euros at end-December 2014, a year-on-year increase of 0.6%, driven
mainly by a 2.2% growth in home loans and a recovery in lending to SMEs and small businesses which increased by
3.9% compared with 2013.
The Regional Banks delivered net income of 832 million euros in the fourth quarter of 2014 and 3,543 million euros
for the full year, down 3.4% compared with 2013.
*
During 2014, the Group's financial structure further strengthened.
In terms of solvency, the Basel 3 fully-loaded Common Equity Tier 1 ratio was 13.1% at end-December 2014, anincrease of 180 basis points since January 1st 2014. This strong increase is a result of the Group's business model(accumulated earnings and reinvestment of dividends), an increase in unrealised gains recognised through capitaland the continuation of action plans implemented in the past three years (control of risk weighted assets).
Crédit Agricole Group's leverage ratio was 5.2% at end-December 2014 based on the methodology applicable in2015 (delegated act adopted by the European Commission on October 10th 2014).

Crédit Agricole S.A.

Crédit Agricole S.A.'s net income Group share was 697 million euros in the fourth quarter of 2014, representing a
year-on-year increase of 13.0%.
This growth was due to good resilience of business line revenues, a decrease in operating costs and a sharp
reduction in the cost of risk.
In French retail banking, LCL maintained strong momentum in customer assets, with a 3.3% year-on-year increase in
on-balance sheet deposits and 4.8% growth in life insurance. Loans outstanding grew by 2.1%, still driven by homeloans. After eliminating home purchase savings provisions and the impact of the change in the CVA/DVA
methodology, revenues increased by 0.7% compared with the fourth quarter of 2013.
International retail banking enjoyed strong business momentum in the fourth quarter of 2014, with revenues up 4.2%
year-on-year. Cariparma was the main contributor to this performance, delivering revenue1 growth of 9.7% thanks toa better deposit pricing and mix, an improved margin on medium- and long-term lending and its funding of otherGroup subsidiaries in Italy.
In asset management, Amundi achieved net inflows of 13.1 billion euros in the fourth quarter of 2014, driven mainlyby the institutional and corporate client segment, as well as third-party distributors and the international networks.
Private banking business also achieved net inflows in the fourth quarter of 2014. Crédit Agricole Assurances,
France's leading insurer in 2014, delivered 22.0% year-on-year growth in revenues in the fourth quarter of 2014.
Corporate and investment banking also achieved revenue growth, both in financing activities (+2.3%) and capital
markets and investment banking (+10.6%), where growth was driven mainly by treasury and securitisation business.
***

1 Excluding, in 2013, -€39m in additional provisions required by the Bank of Italy and, in 2014 the change in the

CVA/DVA methodology (-€14m inrevenues) ant items accounted for by Cariparma in its local accounts at 31/12/2013 and by CAsa in 2014 (+€80m in revenues of which +€92m forrevaluation of Bank of Italy securities and -€109m in cost of risk) as well as income tax linked to these items

3

Operating expenses for the fourth quarter were down 0.4% year-on-year, despite several unfavourable factors suchas expenses related to the disposal of various entities in Specialised financial services and restructuring costs in theinformation systems subsidiary. They also included IT investments at LCL and Crédit Agricole Assurances planned in
the Medium Term Plan.
The sharp decline in the cost of risk was confirmed in the last quarter: it was down sharply, by 42.0% year-on-year. It
came to 48 basis points on outstandings compared with 86 basis points in the fourth quarter of 2013, which included
preparations for the ECB's AQR exercise. This trend was particularly obvious in French retail banking, where LCL's
cost of risk on outstandings was 7 basis points, as well as in both consumer finance (particularly at Agos Ducato) andfinancing activities, where the cost of risk remained very low at 29 basis points.
For the full year 2014, net income Group share was 2,340 million euros, down 6.8% year-on-year. Excluding specificitems, mainly the resolution of Portuguese banking group BES, issuer spreads and the change in CVA/DVA
methodology in most business lines, net income Group share came to 3,350 million euros. On this basis, ROTE
reached 10.7%, an increase of 100 basis points compared with 2013.
***
Crédit Agricole S.A.'s financial strength was further reinforced through an active capital management policy, which
included the issue of 4.1 billion euros of hybrid debt (Additional Tier 1) in 2014. The fully-loaded CET1 ratio stood at
10.4% at end-December 2014, an improvement of 190 basis points over one year, while Crédit Agricole S.A.'s global
phased-in ratio was 19.6%, an improvement of 400 basis points since the beginning of the year (ratios calculated
taking into account net income for the year after pay-out).
Crédit Agricole S.A.'s leverage ratio was 4.2% at end-December 2014 based on the methodology applicable in 2015(delegated act adopted by the European Commission).
***
The Board of Directors of Crédit Agricole S.A. will recommend a dividend of 0.35 euros per share at the next annual
shareholders' meeting, unchanged from 2013. The pay-out ratio is increased from 38% in 2013 to 43% in 2014.
Shareholders will be given the option of receiving the dividend either in cash or in shares. The majority shareholder,
SAS Rue La Boétie, has confirmed to the Board that it will elect for payment in shares. The dividend will be increasedby the 10% loyalty bonus for eligible shareholders.

Social and environmental responsibility
At its meeting of 17 February 2015, the Board of Directors decided to transform its Strategic Committee, headed by
the Chairman of Crédit Agricole S.A., into a Strategic and ISR Committee in order to strengthen oversight and further
integration of the ISR policy into the Group's overall strategy.
For the third consecutive year, Crédit Agricole S.A. published the results of its "FReD Index", which measures
improvements in the Group's ISR performance. The 2014 index reading was 2.4 and was audited byPricewaterhouseCoopers. 13 entities1 have already committed to the FReD approach and 3 International retail
1 Crédit Agricole S.A., Amundi, CACEIS, Crédit Agricole Assurances, Crédit Agricole Corporate and Investment Bank, Crédit Agricole Consumer Finance, Crédit

Agricole Immobilier, Crédit Agricole Leasing & Factoring, Crédit Agricole Private Banking (including Crédit Agricole Indosuez Private Banking, Crédit Agricole
Luxembourg, Crédit Agricole Suisse and CFM Monaco), Cariparma, LCL, Group Payments and Uni-Éditions.

4banking subsidiaries1 are currently in the process of testing it. Crédit Agricole S.A. is therefore moving forward interms of its overall ISR performance.
Its presence in the major ISR indexes (Euronext Vigeo® Indexes, FTSE4Good and ESG STOXX Leaders) was also
confirmed. Moreover, Crédit Agricole S.A. has become a member of the Global 100, which comprises the 100 mostsustainable companies in the world, as identified by the Canadian magazine Corporate Knights.

Financial calendar
6 May 2015

Publication of 2015 first quarter results

20 May 2015

Annual shareholders' meeting

28 May 2015

Ex-dividend date23 June 2015

Payment of the dividend

4 August 2015

Publication of 2015 second quarter and first half results

5 November 2015

Publication of 2015 third quarter results

1 Crédit Agricole Bank Polska, Crédit du Maroc and Crédit Agricole Egypt.

5

CREDIT AGRICOLE S.A. CONSOLIDATED RESULTS
Underlying
business lineschangeQ4/Q4*

2014

Change2014/2013

Underlying
businesslines change
2014/2013*(in millions of euros)

Q4-14

ChangeQ4/Q4

Revenues

3,894(2.0%)(0.8%)

15,853+1.1%(0.1%)

Operating expenses(2,847)(0.4%)(0.5%)(11,097)(0.3%)(0.2%)

Gross operating income

1,047(6.2%)(1.2%)

4,756

+4.5%

+0.0%

Cost of risk

(499)

(42.0%)(28.9%)(2,204)(23.9%)(20.7%)

Operating income

548

x2.1

+17.5%

2,552+54.2%+12.0%

Share of net income from equity-accounted
entities262+12.7%+21.7%

647(44.9%)+10.5%Net income on other assets

42(50.1%)

nm

53(45.5%)

nm

Change in value of goodwill

(22)

nm

nm

(22)

nm

nm

Income before tax

830+44.6%+19.9%

3,230+10.4%+11.9%

Tax

(21)

nm

+0.5%

(469)

x 4.8

+2.9%

Net income from discontinued or held-forsale operations(11)(91.2%)

nm

(5)

nm

nm

Net income

798+10.9%+26.5%

2,756(4.5%)+14.3%

Non-controlling interests

101(1.5%)+23.5%

416+10.7%+39.0%Net income Group share697+13.0%+26.7%

2,340(6.8%)+13.0%* Restated for home purchase savings plans provisions and specific items impacting the business lines, detailed in slide 50

Crédit Agricole S.A.'s revenues amounted to 3,894 million euros in the fourth quarter of 2014. This figure includes
specific items totalling -109 million euros compared with -176 million euros in the fourth quarter of 2013. For both
quarters, these items mainly comprised of issuer spreads recognised in the Corporate Centre, DVA running, theimpacts of first-time application of and changes in CVA/DVA/FVA methodology, and loan hedges in Corporate andinvestment banking. In the fourth quarter of 2013, they also included the impact of capital gains recognised in the
Corporate Centre (on Bankinter, Eurazeo and a real estate disposal). Excluding these impacts and the impacts of thehome purchase savings provisions recorded by LCL, business line revenues were down only 0.8% compared withthe fourth quarter of 2013. International retail banking delivered significant growth on this basis, as did Corporate andinvestment banking, while LCL achieved modest growth. Other business lines saw a decline in revenues in the fourth
quarter of 2014 due to the lacklustre economic climate and low interest rates.
Revenues for the full year were 15,853 million euros, up 1.1% compared with 2013. They include the specific items
described above and, in 2014, the gain on revaluation of Bank of Italy shares included in the Cariparma contribution.
Restated for these items and the impacts of LCL's home purchase savings provisions, business line revenues weremore or less stable year-on-year (-0.1%).
Operating expenses were 2,847 million euros, down slightly compared with the fourth quarter of 2013. They
nonetheless included several unfavourable factors this quarter, of which currency effects related to the euro/dollar
exchange rate which weighed on operating expenses in Corporate and investment banking and International retailbanking, scope effects related mainly to Amundi's consolidation of new entities, and restructuring costs in the IT
services subsidiary recognised in the Corporate Centre. Excluding these items and IT expenditure at LCL and CAA,
operating expenses were down 1.7% year-on-year.
For the full year, operating expenses were 11,097 million euros, a decrease of 0.3% compared with 2013. On a likefor-like basis, full year operating expenses have decreased by 7.5% since 2011. Total gains achieved under the
MUST cost reduction programme amounted to 178 million euros in 2014. In addition, new initiatives generated 115
6

million euros in additional cost savings in 2014 out of a target of 220 million euros by end-2016, mainly comprising a
reduction in the cost of managing CACIB's discontinuing operations and a substantial reduction in costs at CACF.
Initiatives were also taken to generate further synergies within Crédit Agricole Group, which led LCL to switch to aninternal Group electronic banking services provider and to set up a joint outsourcing arrangement with the Regional
Banks for cheque processing. In all, the cost/income ratio was 70.0% in 2014, a year-on-year improvement of one
percentage point.
The cost of risk was very low in the fourth quarter of 2014, down 42.0% year-on-year to 499 million euros, although
the base for comparison in the fourth quarter of 2013 was high due to preparations for the AQR. The business lines'
cost of risk was down sharply by 28.9% over the same period, mainly due to a continued improvement in French
retail banking and financing activities. The cost of risk was 48 basis points of outstandings on an annualised basis,compared with 86 basis points in the fourth quarter of 2013 and 50 basis points in the third quarter of 2014.
For the full year, the cost of risk was 2,204 million euros compared with 2,894 million euros in 2013, a year-on-year
decrease of 23.9%. The business lines' full year cost of risk decreased by 20.7%, with a sharp contraction in French
retail banking and financing activities, and a less marked decrease in International retail banking1. In all, the total costof risk for Crédit Agricole S.A. stood at 55 basis points of outstandings in 2014 compared with 68 basis points in2013.
Impaired loans (excluding lease finance transactions with customers, Crédit Agricole internal transactions andaccrued interest) were 15.0 billion euros at end-December 2014, representing 3.6% of gross customer and interbank
loans outstanding, down compared with the fourth quarter of 2013. A significant event in the fourth quarter was thedisposal by Agos Ducato of 872 million euros of provisioned doubtful loans. The ratio of impaired loans covered by
specific reserves was 54.2% versus 53.3% at end-December 2013. Including collective reserves, the impaired loan
coverage ratio was 71.9% at 31 December 2014.
The share of net income from equity-accounted entities increased by 12.7% year-on-year to 262 million euros in
the fourth quarter of 2014, including a 201 million euros contribution from the Regional Banks. For the full year, itamounted to 647 million euros, affected by the loss on BES in the second quarter (708 million euros). The share of
net income from equity-accounted entities contributed by the Regional Banks (at 25%) was 1,026 million euros in
2014.
Income before tax was 830 million euros compared with 573 million euros in the fourth quarter of 20132. For the fullyear, it was 3,230 million euros compared with 2,927 million euros in 2013,2 a year-on-year increase of 10.4% driven
by positive jaws and a reduction in the cost of risk.
In all, Crédit Agricole S.A.'s net income Group share came to 697 million euros for the fourth quarter of 2014.
Excluding the impacts of home purchase savings provisions and specific accounting items, 3 business line net income
Group share increased by 26.7%.
For the full year, Crédit Agricole S.A.'s net income Group share amounted to 2,340 million euros and to 3,350 million
euros excluding specific items4. ROTE on this underlying basis stood at 10.7% for 2014 (7.5% on published net
income Group share).

1

2013 integrating the additional provision namely in preparation of AQRs in Italy for 109 million euros booked in the Corporate centre in the fourth quarter of2013 for 90 million euros
2
Restated for equity-accounted entities consolidated under proportionate method in 2013 and the reclassification under IFRS5 of Crelan
3 DVA running, loan hedges, change in CVA/DVA methodology and the impacts of the disposal of the Nordic consumer finance entities and CA Bulgaria in the
fourth quarter of 2013.
4 Issuer spreads, DVA running, Day One FVA and change in CVA/DVA methodology in Corporate and investment banking, loan hedges, change in CVA/DVA
methodology in other business lines, impact of BES on equity-accounted entities and revaluation of Bank of Italy shares

7

SOLVENCY
In 2014, several transactions were carried out as part of the Group's active capital management policy. Crédit
Agricole S.A. issued 4.1 billion euros1 of Additional Tier 1 capital during the year. In addition, in order to optimise theGroup's capital structure, Crédit Agricole Assurances made an inaugural issue of 750 million euros of subordinateddebt in the fourth quarter to anticipate the impact of Solvency II on Crédit Agricole S.A.'s Tier 1 ratio in 2016. Thisissue was accompanied by the redemption of existing hybrid debt issued by Crédit Agricole Assurances and taken up
by Crédit Agricole S.A., which was deducted from Crédit Agricole S.A.'s Tier 2 capital. A second issue with the samecharacteristics was made in January 2015, for an amount of 1 billion euros. Lastly, Crédit Agricole S.A. itself issued
0.6 billion euros of Tier 2 capital.
Crédit Agricole S.A.'s fully-loaded CET1 ratio was 10.4% at end-December 2014 compared with 10.1% at endSeptember 2014, an improvement of 30 basis points over the quarter and 190 basis points over one year. The fourth
quarter improvement was due to the 1.5 billion euros increase in CET1 capital, partially offset by the 5.4 billion euros
rise in risk-weighted assets, including 1.4 billion euros in currency effect. Risk-weighted assets were 293.0 billion
euros at end-December 2014.
In the fourth quarter, the increase in CET1 stemmed mainly from the impact of retained earnings (0.4 billion euros or+15 basis points) and the inclusion of the share of the scrip dividend that is to be taken by SAS Rue La Boétie for theyear 2014 (0.5 billion euros or 17 basis points). In addition, the prudent valuation adjustment was revised down to 0.5
billion euros at end-December 2014, a decrease of 0.44 billion euros in the fourth quarter (+15 basis points)
compared with the estimated amount previously recorded.
The total phased-in ratio for Crédit Agricole S.A. was 19.6% at end-December 2014, an improvement of 40 basis
points in the fourth quarter and 400 basis points since the beginning of the year.
The leverage ratio of Crédit Agricole S.A., based on the methodology set out in the delegated act adopted by theEuropean Commission in effect in January 2015 was 4.2% at end-December 2014.
The global phased-in conglomerate ratio for Crédit Agricole S.A. was 239% at end-December 2014 and 181% for
Crédit Agricole Group. These levels are significantly higher than the solvency requirements for a financial
conglomerate. This ratio gives the most appropriate picture of the bancassurance activity; it takes into account thecapital requirements both for the insurance activity and the banking activity. The ratio is stable compared with 30
June 2014 which reflects the balance between the growth of the insurance activity and the strengthening of thebanking capital.

1

Regulatory amount, equivalent value in euros at 31/12/14 and net of issuance fees

8

LIQUIDITY
Crédit Agricole Group's cash balance sheet totalled 1,029 billion euros at end-December 2014 compared with 1,039
billion euros at end-December 2013.
The surplus of long term funding sources to long term assets was 101 billion euros at end-December 2014
compared with 71 billion euros at end-December 2013, an increase of 30 billion euros.
Liquidity reserves after haircut amounted to 246 billion euros at end-December 2014, covering 203% of gross shortterm debt versus 168% at end-December 2013. HQLA securities after haircut represented 171% of short-term debt
not deposited with Central Banks. Both the Group and Crédit Agricole S.A. had an LCR ratio of more than 110% at
end-December 2014.
During 2014, the main Crédit Agricole Group issuers raised 33.8 billion euros of senior debt in the market and thebranch networks. Crédit Agricole S.A. itself raised 12.1 billion euros of senior debt in 2014. Moreover, in 2014, Crédit
Agricole S.A. completed three Additional Tier 1 issues totalling 3.9 billion euros equivalent. In 2015, Crédit Agricole
S.A. plans to issue, subject to market conditions, 10 billion euros of medium to long term debt (senior andsubordinated) on the market (excluding branch networks).

RESULTS BY BUSINESS LINE
1. FRENCH RETAIL BANKING
1.1. - CREDIT AGRICOLE REGIONAL BANKS(in millions of euros)

Q4-14

ChangeQ4*/Q4*2014

Change2014*/2013*

Net income accounted for at equity (at ~25%)

201

+9.8%

878

(0.6%)

Change in share of Regional Banks' net income

-

nm

148

(6.3%)

Share of net income of equity-accounted entities

201+7.3%**

1,026(1.5%)***Excluding impact of HPSP provisions (-€189m in revenues in Q4-14), additional Switch (+€46m in revenues in Q4-14), change in the CVA/DVA methodology(-€49m in revenues in Q4-14), regulatory cap on fees (-€33m in revenues in Q4-14)** Change on stated data: (12.6%)Q4/Q4 and (3.5%) 2014/2013

In a climate of low interest rates and continued weak economic growth in France, the Regional Banks delivered asatisfactory performance in deposits but more limited in lending.
Customer assets grew by 2.1% year-on-year to reach 605 billion euros at end-December 2014, including 356 billion
euros in on-balance sheet deposits, which increased by 2.3% year-on-year with a positive change in the product mix.
In the fourth quarter of 2014, momentum remained buoyant in demand deposits (up 3.9% year-on-year), driven by
the reduced appeal of regulated savings products coupled and some maturing term deposits, more costly, which
decreased by 3.7% overall year-on-year. However, home purchase savings plans continued to grow in the fourth
quarter (up 3.4%) as customers sought to pre-empt the Government's future decision to lower the interest rate on
new plans to 2.0% as of 1 February. Conversely, growth in Livret A passbook deposits began to stall, increasing byonly 1.7% year-on-year. Following a drive by the Regional Banks to develop their shareholder membership, this led
to a 763,000 increase in the number of members over the year, to reach 8.2 million at end-December 2014.
Meanwhile, deposits held on mutual shareholders passbook accounts more than doubled to 6.6 billion euros in 2014
Off-balance sheet deposits remained buoyant, rising to 249 billion euros at end-December 2014, an increase of 1.8%
year-on-year driven mainly by a 4.0% increase in life-insurance outstanding.
Loans outstanding amounted to 400 billion euros at end-December 2014, up just 0.6% year-on-year, reflecting mixed
trends depending on the markets. Supported by a healthy property market, home loans continued to perform well,9

growing by 2.2% year-on-year at end-December 2014. Consumer credit outstanding amounted to 14.9 billion euros
at end-December 2014, with a sharp rebound of 2.5% in the fourth quarter slowing the year-on-year decline to 1.0%.
Loans to small and medium-sized enterprises and small businesses recovered slightly in the fourth quarter of 2014
with an increase of 0.1%, limiting the full year decline to 1.9%, mainly due to a recovery in new lending, which grew
3.9% year-on-year.
The loan to deposit ratio 1 stood at 115% at end-September 2014, an improvement of almost 1 percentage pointcompared with end-December 2013.
In the fourth quarter of 2014, the Regional banks maintained a good level of profitability despite headwinds. The
Regional Banks' revenues (restated for intragroup transactions) came to 3.2 billion euros in the fourth quarter of2014, down 2.7%2 year-on-year due to the persistently low interest rates and flattening yield curve, which put
pressure on the intermediation margin. Despite a gradual improvement in the product mix, the margin on deposits
continued to be affected by the average level of the cost of deposits, much higher than market rates due to their
fixing by the Government and the floor on regulated passbook accounts. The continued large number of old highinterest bearing term deposits weighed as well on the margin.. The margin on lending was supported by early
repayments of home loans, as was the case in 2013, while fee and commission income was driven by insurance
commissions and service charges in the fourth quarter 2014 compared with the fourth quarter 2013.
Operating expenses were down sharply by 4.0% year-on-year in the fourth quarter of 2014 and by 0.5% over the fullyear, mainly due to savings achieved on the NICE IT project.
In the fourth quarter of 2014, the cost of risk remained low at 12 basis points of loans outstanding compared with 13
basis points in the fourth quarter of 2013. For the full year, it was 18 basis points compared with 25 basis points ayear earlier. The cost of risk amounted to 102 million euros in the fourth quarter, a year-on-year decrease of 15.1%
for the fourth quarter and 30.0% for the full year. The impaired loans ratio was 2.6% and the coverage ratio of totalreserves to impaired loans was above 100% at end-December 2014.
As a result of these various trends, operating income came to 1,212 million euros in the fourth quarter of 2014,
compared with 1,492 million euros in the fourth quarter of 2013.
In all, the Regional Banks' contribution to Crédit Agricole S.A.'s net income Group share was 201 million euros in the
fourth quarter of 2014 compared with 230 million euros in the fourth quarter of 2013. The full year 2014 contribution
came to 1,026 million euros compared with 1,064 million euros in 2013, the highest level ever recorded since the IPOof Crédit Agricole S.A.

1 Methodology revised as from March 2014; December 2013 pro forma: including EIB and CDC funding and CAsa bonds included in unit-linked contracts

classified in customer-related funds; and customer loans net of specific reserves
2

Excluding the impacts of Home Purchase Savings Scheme, additional Switch, change in the CVA/DVA methodology and regulatory cap on charges

101.2. - LCL(in millions of euros)

Q4-14

ChangeQ41/Q412014

Change20141/20131

Revenues

887

+1.2%

3,677

(1.5%)

Operating expenses(639)(0.9%)(2,532)+0.7%

Gross operating income

248

+6.1%

1,145

(5.8%)

Cost of risk

(17)

(81.0%)(183)(39.9%)

Operating income

231+44.6%

962+4.6%

Net income on other assets

(1)

nm

(1)

nm

Income before tax

230+44.4%

961

+4.0%

Tax

(82)

+13.8%

(347)

+2.0%

Net income

148+69.7%

614+5.2%

Non-controlling interests7+64.6%

30+4.5%

Net income Group share

141+69.9%

584+5.2%

The fourth quarter of 2014 saw a continuation of the trends observed in previous quarters, with deposits holding up
well and buoyant lending activity driven by a strong home loans market in 2014.
Loans outstanding amounted to 91.3 billion euros at end-December 2014, an increase of 2.1% compared with theprevious year. Growth was driven by home loans, which increased by 3.9% year-on-year to 58.5 billion euros.
Supported by strong business momentum, customer assets increased by 2.5% year-on-year to 167.3 billion euros.
Off-balance sheet customer assets increased by 1.6% year-on-year, due mainly to life insurance inflows (+4.8%).
On-balance sheet customer assets rose by 3.3%, driven by growth in demand deposits (+6.8%).
The loan-to-deposit ratio was 109% at end-December 2014, stable compared with end-September 2014.
Revenues amounted to 3,677 million euros in 2014 and 887 in the fourth quarter of 2014, an increase of 1.2%1compared with the fourth quarter of 2013. This performance was driven by 2.0% 1 growth in the net interest margin,supported by buoyant lending activity in a climate of low interest rates. Fee and commission income was stable (up0.1%1) in the fourth quarter.
Operating expenses remained stable. They were down 0.9% year-on-year in the fourth quarter and down 4.5%
excluding expenses related to the transformation plan, which amounted to 23 million euros in the fourth quarter of
2014. The cost/income ratio stood at 68.2%1 in the fourth quarter of 2014.
The cost of risk was 17 million euros in the fourth quarter of 2014, in line with trends observed in the past few
quarters. The impaired loans ratio therefore came to 2.3%, down compared with end-September 2014. The impaired
loan coverage ratio (including collective reserves) was 73.8% compared with 73.6% at end-September 2014. The
cost of risk / outstanding reached a new low of 7 basis points in the fourth quarter of 2014, versus 36 basis points inthe fourth quarter of 2013.
In all, net income Group share was 141 million euros in the fourth quarter of 2014, up 69.9%1 compared with thefourth quarter of 2013. For the full year, net income Group share came to 584 million euros, up 5.2%1 year-on-year.
1

Interest margin : Excluding the impacts of Home Purchase Savings Scheme (-€29m in revenues in Q4-14), change in CVA/DVA methodology (-€15m inrevenues in Q4-14) and fee and commission : regulatory cap on charges (~-€5m in revenues in Q4-14)

11

2. INTERNATIONAL RETAIL BANKING
Net income Group share for the business line was 37 million euros in the fourth quarter of 2014 compared with aloss of 22 million euros in the fourth quarter of 2013. Net income Group share for the full year was -500 million euros
due to the full write-down of the BES holding for -708 million euros in the second quarter. Excluding this impact, net
income Group share was 208 million euros in 2014 compared with 48 million euros in 2013.
(in millions of euros)

Q4-14

ChangeQ4/Q4

2014

Change2014/2013

Revenues

656

+4.2%

2,646

+8.6%

Operating expenses(375)(4.1%)(1,469)(3.1%)

Gross operating income

281+18.0%

1,177+27.9%

Cost of risk

(193)

+13.8%(749)+23.9%

Operating income

88+28.4%

428+35.5%

Share of net income from equity-accounted entities

2

nm

(717)

x7.2

Net income on other assets

-

nm

(2)

nm

Change in value of goodwill

-

nm

-

nm

Income before tax

90

x2.2

(291)

nm

Tax

(33)

x2.8

(140)

+52.9%Net income from discontinued or held-for-sale
operations

-

nm

14

nm

Net income

57

nm

(417)

nm

Non-controlling interests20+41.9%

83+35.4%Net income Group share

37

nm

(500)

nm

Net income Group share excluding BES

37

nm

208

x4.3

Cariparma's contribution to Crédit Agricole S.A.'s results 1(in millions of euros)

Q4-14

ChangeQ4/Q4

2014

Change20141/2013

Revenues

453

+9.7%

1,672

+5.3%

Operating expenses(235)(4.2%)(926)(3.2%)

Cost of risk

(141)

+8.8%

(459)

+8.2%

Net income

54+95.6%

187+30.6%Net income Group share

40

x2.0

136

+31.1%

1 Excluding, in 2013, -€39m in additional provisions required by the Bank of Italy and, in 2014 the change in the CVA/DVA
methodology (-€14m in revenues) ant items accounted for by Cariparma in its local accounts at 31/12/2013 and by CAsa in 2014(+€80m in revenues of which +€92m for revaluation of Bank of Italy securities and -€109m in cost of risk) as well as income tax
linked to these items

12

In Italy, Cariparma delivered strong growth in results compared with the fourth quarter of the previous year. Loansoutstanding amounted to 33.3 billion euros at end-December 2014, a year-on-year increase of 0.8% whereas the
Italian market was down by 1.8% over the same period (source: ABI, January 2015). Growth was driven by retaillending, which was up 4.3% year-on-year thanks mainly to a high level of origination in home loans (+27% year-onyear). Total on-balance sheet deposits amounted to 35.9 billion euros, mainly due to a 1.7% increase in new
customer inflows in the final quarter of the year. The ratio of loans (net of specific reserves) to deposits was therefore
88% at end-December 2014. Cariparma's off-balance sheet deposits totalled 56.9 billion euros at end-December
2014, a year-on-year increase of 11.9%. Business momentum remained significant in life insurance and mutual
funds, with outstandings increasing by 19.7% in 2014 to 3.8 billion euros, including an increase of 0.7 billion euros in
the fourth quarter.
Cariparma's restated revenues1 increased by 9.7% year-on-year in the fourth quarter of 2014 to reach 453 million
euros, and by 5.3% for the full year, reaching 1,672 million euros. This growth stemmed namely from the increase in
the net interest margin. Margins were down due to the low rate environment in Italy – despite a fall in the average
cost of customer deposits (improvement in both pricing and mix; 7% growth in demand deposits over the year) – but
this decrease was more than compensated by a growth in volumes. Moreover, Cariparma reinforced its funding of
the Group's other Italian subsidiaries. In parallel, fee and commission income rose by 6.1% year-on-year in the fourth
quarter, driven by growth in off-balance sheet deposits.
Operating costs were down sharply, by 4.2% year-on-year in the fourth quarter and down 3.2% for the full year,
driven mainly by the transformation of the branch network. The restated cost/income ratio 1 was 51.8% in the fourth
quarter (an improvement of 7.5 percentage points) and 55.4% at end-December 2014 (an improvement of 4.8
percentage points).
The cost of risk was high in the fourth quarter at 141 million euros due to the final adjustments made by Cariparma to
its portfolio following the AQR that took place during the year. This represented an increase of 8.8% compared withthe fourth quarter of 2013. For the full year, the cost of risk amounted to 459 million euros, representing an increaseof 8.2% in 2014 after restatement for specific items in 2013 and 2014 1. The impaired loans ratio to total outstandings
was 13.1% at end-December 2014, with a coverage ratio of 44.4% (including collective reserves).
In all, Cariparma's restated net income1 reached 187 million euros in 2014, including 54 million euros for the fourth
quarter. Restated net income Group share1 was 40 million euros in the fourth quarter of 2014, compared with 20
million euros in the fourth quarter of 2013. For the full year, it came to 136 million euros versus 104 million euros in
2013.
Based on the local scope of consolidation and restated for tax on the revaluation of Bank of Italy securities booked in
Cariparma’s accounts in 2014, Cariparma Group’s net income Group share amounted to 182 million euros in 2014.
Considering these very good results, the improvement prospects for Cariparma’s profitability led to no impairment of
the goodwill carried by Crédit Agricole S.A. with respect to this stake.
The Group's other international entities maintained a global surplus of deposits over loans at end-December
2014, with 11.2 billion euros of on-balance sheet deposits and 10.0 billion euros of gross loans outstanding. CA
Polska and Crédit du Maroc delivered net income Group share of 48 million euros and 17 million euros respectively,
while Crédit Agricole Egypt contributed 40 million (excluding a 10 million euro reversal of country risk provisions).
The Ukrainian subsidiary posted a high level of operating income, driven by a resilient business franchise focused on
multinationals and the agribusiness sector, but was penalised by an adverse foreign exchange effect of 12 million
1

Excluding, in 2013, -€39m in additional provisions required by the Bank of Italy and, in 2014 the change in CVA/DVA
methodology (-€14m in revenues) ant items accounted for by Cariparma in its local accounts at 31/12/2013 and by CAsa in 2014(+€80m in revenues of which +€92m for revaluation of Bank of Italy securities and -€109m in cost of risk) as well as income tax
linked to these items

13euros and an increase in the cost of risk. Excluding a charge of 15 million euros to country risk provisions, it
contributed 16 million euros to net income Group share in 2014.

3. SAVINGS MANAGEMENT AND INSURANCE
This business line encompasses asset management, insurance, private banking and asset servicing.
The business line's assets under management amounted to 1,256 billion euros at end-December 2014, an increaseof 112 billion euros since end-December 2013, driven by sustained business momentum coupled with a positivemarket effect. Excluding the market and currency effect of almost 67 billion euros, the increase was more than 45
billion euros, including more than 35 billion euros in asset management and almost 8 billion euros insavings/retirement insurance.
Net income Group share was 391 million euros for the fourth quarter of 2014, up 6.7% year-on-year. For the full year,
it came to 1,550 million euros, with Savings/retirement insurance contributing 67% and asset management 24%.
(in millions of euros)

Q4-14

ChangeQ4/Q4

2014

Change2014/2013

Revenues

1,317(2.4%)

5,113(0.3%)

Operating expenses

(652)

+0.8%

(2,565)+2.8%

Gross operating income

665(5.4%)

2,548(3.3%)

Cost of risk

(16)

(38.6%)

(63)

x2.3

Operating income

649(4.1%)

2,485(4.7%)

Share of net income from equity-accounted entities

5

+2.2%

17

+6.3%

Net income on other assets

43

nm

50

nm

Change in value of goodwill

(22)

nm

(22)

nm

Income before tax

675(1.1%)

2,530(3.7%)

Tax

(245)

nm

(834)

(7.4%)Net income

430

+4.3%

1,696

(1.7%)

Non-controlling interests

39(14.8%)

146(10.6%)Net income Group share

391

+6.7%

1,550

(0.8%)In asset management, Amundi's assets under management were 866 billion euros at end-December 2014, up
11.4% over the year. Net inflows totalled 35.4 billion euros in 2014, including 13.1 billion euros in the fourth quarter.
The market and currency effect was 53.5 billion euros.
Long-term assets accounted for 36.3 billion euros (including 10.5 billion euros in the fourth quarter of 2014) of thetotal inflows, both in terms of active and passive management, with 27.8 billion euros and 8.5 billion euros
respectively in 2014. Amundi also recorded strong performances in the networks abroad, with inflows of 23.4 billion
euros, primarily in Europe and Asia.
In 2014, inflows were driven mainly by institutional investors and large corporates (+19.5 billion euros), third-party
distributors (+10.8 billion euros) and branch networks abroad (+7.7 billion euros). In the French branch networks, net
outflows continued to slow down, amounting to -2.7 billion euros in 2014. Excluding money market funds, net
outflows were -1.4 billion euros over the same period, close to breakeven.

14

Amundi is strengthening its offering by developing value-added services, notably through a partnership with EDF tofinance the energy transition, as well as the advisory mandate awarded by the ECB as part of its ABS purchaseprogramme.
Revenues were stable year-on-year in the fourth quarter of 2014, rising by 0.6%1 to 382 million euros due to an
unfavourable basis of comparison in terms of performance fees in the fourth quarter. Full year 2014 revenues wereup 7.4%1 reaching 1,541 million euros thanks to activity growth and a good level of performance fees. Operating
costs remained under control, rising by just 2.3% over the same period excluding the new entities in the UnitedStates (Smith Breeden), Poland and the Netherlands, whereas for the full year they were up 1.9%. The cost/income
ratio therefore improved by 1.2 percentage points year-on-year to 53.4%1 in 2014. In all, Amundi's net income Group
share totalled to 93 million euros in the fourth quarter of 2014 and 369 million euros for the full year.
In asset servicing, CACEIS delivered further growth in assets managed during the quarter. Assets under custody andassets under administration increased by 100 billion euros each in 2014, driven by new customers and a positivemarket effect. Assets under custody rose by 4.4% over the year to reach 2,353 billion euros at end-December 2014
while assets under administration rose by 7.6% to 1,409 billion euros.
CACEIS reported revenues of 184 million euros in the fourth quarter of 2014, down 5% year-on-year. This decline
can be seen as more limited as it was during the three previous quarters given the unfavourable prevailing climate of
low interest rates.
Net income Group share was 31 million euros in the fourth quarter of 2014 and 87 million euros for the full year.
Private banking business enjoyed net inflows in the fourth quarter of 2014 driven by strong business momentum.
Assets under management have risen by 7.0% since end-December 2013, reaching more than 141 billion euros at
end-December 2014, including a positive market effect. These assets under management include 101.6 billion euros
of assets related to CA Private Banking and 39.9 billion euros of assets related to LCL which have risen respectively
8.8% and 2.6% since end-December.
In France, assets under management rose by 3.3% over the year to 63.9 billion euros. Abroad, assets undermanagement rose by 10.2% to 77.6 billion euros.
Revenues related to CA Private Banking were buoyant, with growth of 3.7% year-on-year in the fourth quarter to 177
million euros. Net income Group share was 7 million euros in the fourth quarter of 2014 and 55 million euros for thefull year.

1

Excluding impact of change in CVA/DVA methodology (-€4.5m)

15

Crédit Agricole Assurances reported premium income of 7.6 billion euros in the fourth quarter of 2014, a year-onyear increase of 22.0%. For the full year, premium income reached a record 30.3 billion euros, making Crédit
Agricole Assurances the number one in France.1(in millions of euros)

Q4-14

ChangeQ4/Q4

2014

Change2014/2013

Revenues574(4.5%)

2,154(1.1%)

Operating expenses

(148)

+1.2%

(604)

+5.1%

Gross operating income

426(6.4%)

1,550(3.3%)

Cost of risk

-

nm

(1)

nm

Net income on other assets

-

nm

-

nm

Tax

(165)

(27.3%)(507)(16.5%)Net income

261+14.6%

1,042

+4.7%

Net income Group share

260+14.7%

1,038

+4.6%

Savings/retirement delivered an excellent performance both in France and abroad, particularly Italy and Luxembourg.
Premium income for the fourth quarter of 2014 amounted to 6.3 billion euros, a year-on-year increase of 27.0%.
Premium income for the full year was 24,233 million euros, up 17.3% compared with 2013.
Crédit Agricole Assurances was the first operator in the market to introduce the new "Vie-Génération" and "EuroCroissance" tax-efficient savings contracts.
Net inflows in Savings/retirement and Death & disability were 9.0 billion euros over the year excluding market effects,
including 5.1 billion euros in France.
In Savings/retirement, assets under management grew by 5.9% year-on-year to reach 248.9 billion at end-December
2014. Funds in euros amounted to 202.4 billion euros, up 5.5% year-on-year, while unit-linked funds rose by 7.6%
year-on-year to 46.5 billion euros, representing 18.7% of the total (+0.3 of a percentage point over one year).
In the Death & disability/health/creditor segment, premium income rose by 1.4% to 871 million euros in the fourth
quarter of 2014, versus 859 million euros in the fourth quarter of 2013. For the full year, premium income rose by
3.6% year-on-year to almost 3.6 billion euros. A new offer was launched in group health and death & disability
insurance.
In Property & casualty insurance, growth remained high, with premium income of 472 million euros in the fourth
quarter of 2014, a year-on-year increase of 5.6%, and 2,411 million euros for the full year, a year-on-year increase of
7.1%. The combined ratio2 (net of reinsurance) remained well controlled at 96.5% in 2014. A P&C entity has been set
up in Poland, rounding out the Group's insurance offering in this country.
Net income Group share for the Insurance business line was 260 million euros in the fourth quarter of 2014, a yearon-year increase of 14.7%. Premium income was down 4.5% compared with a high base for comparison in the fourth
quarter of 2013, and remained fairly stable over the full year due to a strengthened reserving policy. Operating costs
remained under control. In the fourth quarter of 2014, they increased by only 1.2% year-on-year despite the costs
involved in developing the group insurance offering, but were down 0.7% before the impact of the systemic tax(3 million euros per quarter). Over the full year, net income Group share rose by 4.6% to 1,038 million euros.
The end of the year saw the successful inaugural issue of 750 million euros of undated subordinated debt by Crédit
Agricole Assurances as part of the drive to optimise the capital of both Crédit Agricole Assurances and Crédit
Agricole.

1

2

Source: Argus Spécial Compte, 19 December 2014
Ratio of (claims + operating expenses) to premium income, Pacifica scope.

16

4. SPECIALISED FINANCIAL SERVICES(in millions of euros)

Q4-14

Change Q4/Q4*2014

Change2014/2013*

Revenues

627(6.6%)

2,639(7.8%)

Operating expenses(353)(5.5%)(1,350)(5.2%)

Gross operating income

274(7.8%)

1,289(10.2%)

Cost of risk

(249)

(28.3%)(1,044)(28.4%)

Operating income

25

nm

245

nm

Share of net income from equity-accounted entities29+13.9%

136+15.6%

Income before tax

54

x4.2

381

x3.0

Tax

21

(72.0%)(37)+85.1%Net income from discontinued or held-for-sale operations

(13)

nm

(22)

nm

Net income

62+60.5%

322

x2.5

Non-controlling interests

16

x2.4

43

nm

Net income Group share

46+50.5%

279+70.5%* Change before disposal of Nordic entities (2013) and refund of loan processing fees in Germany (2014)

Specialised financial services posted net income Group share of 46 million euros in the fourth quarter of 2014
versus a loss of 46 million euros the previous year. The fourth quarter of 2014 was affected by the impact of a
German court ruling enabling customers to claim handling fees charged on consumer credit loans granted in the last
10 years. Eligible customers of subsidiary Creditplus and joint venture FGA Bank (subsidiary of FGAC in the Germanmarket) were able to apply for a refund in the fourth quarter of 2014, generating an impact of -34 million euros in net
income Group share, including -39 million euros in revenues and -6 million euros in share of net income from equityaccounted entities.
Otherwise, activity was buoyant in the fourth quarter both in consumer finance and leasing and factoring, which
supported net income. Excluding the impact of loan handling fees refund in Germany, net income Group share was
80 million euros.
In Consumer finance, the managed loan book began to recover, with the production increasing by 9.8% quarter-onquarter. The managed loan book remained more or less stable in the fourth quarter to reach 68.8 billion euros at endDecember 2014 compared with 68.7 billion euros at end-September, despite the disposal by Agos Ducato of 872
billion euros of doubtful loans during the fourth quarter. Over the year, the managed loan book edged up 0.3%,
before the disposal by Agos Ducato of 872 million euros of doubtful loans and the effective disposal of the Nordic
entities in the first half of 2014 (representing 0.4 billion of managed loans). The geographical breakdown is more orless the same as in previous quarters, with 38% of outstandings in France, 32% in Italy and 30% in other countries.
Consolidated outstandings were down 2.1% year-on-year to 33.2 billion euros, restated for the disposal of doubtful
loans by Agos Ducato and of the Nordic entities. Car finance partnerships rose by 6.7% year-on-year to 18.9 billion
euros at end-December 2014, while the Crédit Agricole Group loan book amounted to 12.5 billion euros, a slightincrease over the year with an acceleration in the fourth quarter.
Meanwhile, CACF continued to strengthen its self-funding ratio, which has risen by 6 percentage points since endDecember 2013 to reach 59.0% of the financed loans. This good performance stemmed mainly from growth ininflows, which reached 3.5 billion euros at end-December 2014, driven by the success of the deposit business inGermany (under the European passport) that contributed 800 million euros in inflows in less than one year, coupledwith FGA Capital's issuance of 750 million euros of EMTNs during the third quarter of 2014. On 1 January 2015, FGA
17

Capital obtained a banking licence and became FCA Bank, with a view to optimising diversification of its funding
sources. Finally, the securitisation programme continued, enabling CACF to become number 2 in Europe.
CACF reported revenues of 494 million euros in the fourth quarter of 2014, down 5.2% quarter-on-quarter. Thisdecline stemmed from the impact of loan handling fees refund in Germany. Excluding this non-recurring item,
CACF's fourth quarter revenues were up 2.3% quarter-on-quarter. Year-on-year in the fourth quarter, revenues were
down 14.1% and by 7.3% excluding the loan handling fees refund impact. Revenues were affected by the decreasein consumer finance outstandings over one year and the increase in funding costs linked to the improved CACF's
self-funding ratio. Operating expenses decreased by 5.3% year-on-year in the fourth quarter of 2014, reflecting theimpact of operating efficiency plans coupled with collection cost optimisation measures. The cost of risk in consumer
finance was 225 million euros in the fourth quarter of 2014, down 30.6% year-on-year, reflecting a 20.6% decrease at
Agos Ducato and a 44.1% decrease at other CACF group entities. The cost of risk therefore represented 255 basis
points, a quarter-on-quarter increase of +3 basis points but a sharp year-on-year improvement of -86 basis points.
Agos Ducato's cost of risk was 148 million euros in the fourth quarter of 2014, including 26 million euros of provisions
on forborne performing loans. Agos Ducato's impaired loan ratio was 9.3% after the disposal of 872 million euros ofdoubtful loans, compared with 13.6% the previous quarter, and 10.5% in the fourth quarter of 2013. The coverage
ratio remained very high at 104.4% including collective reserves. As a result of this continued improvement in risk at
Agos Ducato, the subsidiary was able to increase its earnings capacity since the beginning of the year.
As a reminder, in the fourth quarter of 2013, the planned disposal of Nordic entities was reclassified in discontinued
operations with an impact of 99 million euros.
In all, CACF's net income Group share was 26 million euros (60 million euros excluding the impact of loan handlingfees refund in Germany) compared with a loss of 63 million euros in the fourth quarter of 2013 (net income of 36
million excluding the impact of the disposal of Nordic entities).
In lease finance and factoring, the trend in outstandings varied by business and geographical region. CAL Hellas in
Greece was removed from the scope of consolidation in the fourth quarter of 2014 (0.4 billion euros of outstandings).
The downtrend in lease finance continued in France (-5.8% compared with end-December 2013), resulting in a yearon-year fall of 3.6% in total outstandings over the full year to 14.9 billion euros. Conversely, abroad, lease financeoutstandings rose by 4.3% over the same period to 3.6 billion euros. Factored receivables increased year-on-year by
5.8% to 16.4 billion euros in the fourth quarter of 2014, including a 3.9% rise in France to 10.7 billion euros.
CAL&F's revenues amounted to 133 million euros in the fourth quarter, down by 3.6% year-on-year due to thedecline in lease finance outstandings in France. Revenues were stable over the full year compared with 2013.
Operating expenses decreased at a slightly higher rate of 4.4% in the fourth quarter, while the cost of risk remained
more or less stable at 24 million euros. CAL&F's net income Group share was 20 million euros in the fourth quartercompared with 17 million the in same period of 2013.

18

5. CORPORATE AND INVESTMENT BANKING
Corporate and Investment banking delivered net income Group share of 243 million euros in the fourth quarter of
2014. Restated for loan hedges (-4 million euros in net income Group share) and the impact of DVA running, andchange in the CVA/DVA/FVA methodology (-8 million euros in net income Group share), net income Group share
was 255 million euros in the fourth quarter of 2014.
Financing activities contributed 225 million euros to restated net income Group share* (compared with 113 million
euros in the fourth quarter of 2013) while Capital markets and investment banking contributed 62 million euros(compared with 38 million euros in the fourth quarter of 2013).
Discontinuing activities contributed a loss of 32 million euros in the fourth quarter of 2014 compared with a loss of 7
million euros in the previous year.
Total Corporate and investment banking (including discontinuing operations)(in millions of euros)

Q4-14

Q4-14*

Q4-13

Q4-13*

ChangeQ4*/Q4*2014

Change2014/2013

Revenues

962

980

769

953

+3.0%

3,816

+6.6%

o/w Financing activities

558

564

515

551

+2.3%

2,267

+11.6%

404

416

228

376

+10.6%

1,541

+9.5%

0

0

26

26

nm

8

(94.0%)

Operating expenses

(594)

(594)

(573)

(573)

+3.9%

(2,295)+0.4%

Gross operating income

368

386

196

380

+1.5%

1,521

+17.8%

Cost of risk

(82)

(82)

(154)

(154)

(46.7%)(252)(49.1%)

Operating income
Share of net income from equityaccounted entities
Net income on other assets

286

304

42

226

+34.4%

1,269+59.5%

25

25

16

16

+53.9%

161+30.7%

2

2

(3)

(3)

nm

4

ns

Income before tax

313

331

55

239

+38.4%

1,434+56.2%Tax
Net income from discontinued or heldfor-sale operations

(66)

(72)

(27)

(92)

(21.3%)(384)+38.1%

2

2

(1)

(1)

nm

3

ns

Net income

249

261

27

146

+78.3%

1,053+32.2%

Non-controlling interests

6

6

-

3

+79.3%

23+38.5%Net income Group share

243

255

27

143

+78.3%

1,030+32.1%

o/w Capital markets and investmentbankingo/w Discontinuing activities

N.B.: 2013 data restated to reflect the application of IFRS 11 to UBAF and Elipso Finance S.r.l* Restated for loan hedges, impact of DVA running, and change in the CVA/DVA/FVA methodology, and impact related to brokers in 201319

Revenues from financing activities amounted to 564 million euros in the fourth quarter of 2014, excluding theimpact of loan hedges, a year-on-year increase of 2.3%. Commercial banking revenues were 263 million euros, ayear-on-year increase of 5.8%, driven by the increase in the interest margin and a positive volume effect, which
generated fee and commission income, particularly in corporate lending and trade finance. In Structured finance,
revenues were stable over the period at 301 million euros.
Crédit Agricole CIB kept its world number one place in aircraft financing1 and maintained its leading position insyndication business in France.2 It moved up from fourth to first place in bookrunning for European leveraged financein Western Europe and from sixth to third place in bookrunning for LBOs in the EMEA region.2 It also kept its third
place in project finance arrangement in the EMEA region.2 Crédit Agricole CIB ranks number fourth world wide bankin Export Finance (excl. shipping andt Aircraft)5 and number 2 best bank in Trade Finance in Western Europe6.
Revenues from Capital markets and investment banking amounted to 416 million euros in the fourth quarter of2014, after restatement for the effect of DVA running and change in CVA/DVA/FVA methodology, an increase of
10.6% compared with the fourth quarter of 2013.
Fixed income revenues were 382 million euros in the fourth quarter, an increase of 16.9% year-on-year, driven by agood performance in Treasury, Fixed Income and Credit activities, and a solid performance in securitisation.
Crédit Agricole CIB is the leader in green bonds3, with the arrangement of innovative transactions for the European
Investment Bank (1 billion dollars, the first Climate Awareness Bond in dollars) and the inaugural deals for BNG Bank
(0.5 billion euros). Crédit Agricole CIB remained number one in bookrunning for convertibles in France2 andEuropean ABCP securitisations.4 It also kept its leading position in supranational bond issues and moved up fromworld no. three to world no. two in euro issues for agencies. 2
Investment banking revenues were down 30.6% in the fourth quarter, mainly because the fourth quarter of 2013 hadbenefited from strong activity in equity issuance. Revenues amounted to 34 million. Crédit Agricole CIB kept its third
place in completed M&A deals with a French participation.2
VaR remained low at 8.9 million euros at 31 December 2014 (6 million euros on average in 2014).
Operating expenses in Corporate and investment banking remained well controlled. At constant exchange rates,
they were up 1.4% compared with the fourth quarter of 2013.
In the fourth quarter of 2014, a net charge of 82 million euros was booked for the cost of risk, down 46.7% year-onyear in the fourth quarter 2013
The share of income from equity-accounted entities was 25 million euros in the fourth quarter of 2014 compared with
16 million euros the previous year, mainly thanks to a good performance from Banque Saudi Fransi, which had
strengthened its collective reserves at the end of 2013 at the request of the local regulator.
In all, after restatement for loan hedges and the impact of DVA running, day 1 FVA, impact of Day 1 and change in
CVA/DVA methodology, Corporate and investment banking delivered net income Group share of 255 million euros
for the fourth quarter of 2014 and 1,168 million euros for the full year.

1

Source: Air Finance Database

2 Source: Thomson Financial
3 Source: Climate Bond Initiative
4 Source: CPWare
5Source : Dealogic
6Source : Global Trade Review

206. CORPORATE CENTRE(in millions of euros)

Q4-14

ChangeQ4/Q4

2014

Change2014/2013

Revenues(555)+32.0%(2,038)(6.3%)of which cost of fundsof which Switch*of which financial managementof which issuer spreadsof which other(645)+14.8%(2,545)+17.7%(188)+77.4%(753)+131.0%116(13.2%)

375+90.1%(58)+27.2%(278)(52.9%)

32(40.3%)

410

+7.9%

Operating expenses

(234)

+0.9%

(886)

(1.5%)

Gross operating income(789)+21.0%(2,924)(4.9%)

Cost of risk

58

nm

87

nm

Operating income

(731)

+0.5%

(2,837)(7.9%)

Share of net income from equity-accounted
entities
Net income on other assets

-

nm

24

nm

(2)

nm

2

nm

Income before tax(733)+10.7%(2,811)(7.8%)

Tax

384(40.7%)

1,273(18.7%)Net income

(349)

nm

(1,538)+3.9%

Non-controlling interests13(57.2%)

91(38.0%)Net income Group share

(362)

nm

(1,629)+0.1%* Including interest on the shareholders' advance and T3CJ in Q4-2013

In the fourth quarter of 2014, revenues amounted to -555 million euros compared with -421 million euros in the fourth
quarter of 2013. This quarter, they include the cost of parts 1 and 2 of Switch for -188 million euros (-106 million
euros in the fourth quarter of 2013 including interest on the shareholders' advance and the "T3CJ" deeply
subordinated notes). For information, revenues in the fourth quarter of 2013 included +53 million euros in gains on
the Bankinter disposal. Crédit Agricole CIB's issuer spread and the spread related to unit-linked insurance contracts
had a negative impact of -58 million euros in the fourth quarter of 2014 compared with a negative impact of 46 million
in the same period of the previous year. As a whole, revenues excluding issuer spreads were -497 million euros in
the fourth quarter of 2014, compared with -429 million euros in the fourth quarter of 2013, excluding issuer spreads
and the Bankinter disposal gain.
Operating expenses were up 0.9% on the fourth quarter of 2013 but down 5.1% excluding the restructuring provisionof 14 million euros taken during the quarter by an IT services subsidiary.
For information, the tax charge in the fourth quarter of 2013 benefited from a positive impact of +223 million euros
related to a tax deduction on Emporiki's final capital increase in early 2013.
Net income Group share therefore came to -362 million euros in the fourth quarter of 2014 and -323 million euros
excluding the impacts of issuer spreads.

21

CONSOLIDATED RESULTS OF CREDIT AGRICOLE GROUP
The Group's total customer loans amounted almost to 710 billion euros at end-December 2014. The Regional Banks,
LCL and the International retail banking entities increased their on-balance sheet deposits by 0.9% year-on-year to535 billion euros at end-December 2014. In terms of funding, customer deposits on the balance sheet amounted toalmost 623 billion euros.
(in millions of euros)

Q4-14

ChangeQ4/Q4

2014

Change2014/2013

Revenues

7,347(5.3%)

30,243(0.6%)

Operating expenses(4,903)(1.3%)(19,178)(0.1%)

Gross operating income

2,444(12.5%)

11,065(1.4%)

Cost of risk

(612)

(38.0%)(2,943)(25.0%)

Operating income

1,832

+1.4%

8,122

+11.2%

Share of net income from equity-accounted entities

58

x4.9

(387)

nm

Net income on other assets

44(42.7%)

51(45.4%)

Change in value of goodwill

(23)

nm

(23)

+6.0%

Income before tax

1,911

+0.9%

7,763

+2.6%

Tax

(478)

(29.5%)(2,477)+14.8%Net income from discontinued or held-for-sale
operations

12

nm

7

nm

Net income

1,421

+0.9%

5,279

(4.1%)Net income Group share

1,332

+2.7%

4,920

(4.3%)In the fourth quarter of 2014, Crédit Agricole Group recorded revenues of 7,347 million euros, a decrease of 5.3%
compared with the fourth quarter of 2013. Items not related to business activities (issuer spreads recognised in the
Corporate Centre, DVA running, the impacts of first-time application and changes in CVA/DVA/FVA methodology,
and loan hedges in Corporate and investment banking) amounted to -158 million euros compared with -230 million
euros in 2013 (issuer spreads, loan hedges, DVA running and CVA/DVA Day one in Corporate and investmentbanking and a capital gain of 53 million euros on Bankinter).
Operating expenses were down 1.3% year-on-year in the fourth quarter and down 0.1% over the full year.
The cost of risk was down 38% year-on-year in the fourth quarter of 2014. The cost of risk represented 30 basis
points of outstandings in the fourth quarter of 2014 compared with 50 basis points in the fourth quarter of 2013. The
decline was particularly marked in French retail banking and in financing activities (Consumer finance, particularly at
Agos Ducato, and Corporate and investment banking).
In all, net income Group share was 1,332 million euros in the fourth quarter of 2014 compared with 1,298 million
euros in the fourth quarter of 2013, a year-on-year increase of 2.7%.

22*****

Crédit Agricole S.A.'s financial information for the fourth quarter and full year 2014 consists of this press
release and the attached presentation. All regulated information, including the registration document, isavailable on the website www.credit-agricole.com/Finance-and-Shareholders under "Financial information"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 (0) 1 43 23 04 31
Denis Kleiber
Nathalie Auzenat
Sébastien Chavane
Aleth Degrand+ 33 1 43 23 26 78+ 33 1 57 72 37 81+ 33 1 57 72 23 46+ 33 1 43 23 23 81

Laurence Gascon
Fabienne Heureux
Marie-Agnès Huguenin
Aurélie Marboeuf+ 33 1 57 72 38 63+ 33 1 43 23 06 38+ 33 1 43 23 15 99+ 33 1 57 72 38 05

Disclaimer
This presentation may include prospective information on the Group, supplied as information on trends. This data does not represent forecasts within themeaning of European Regulation 809/2004 of 29 April 2004 (chapter1, article 2, § 10). This information was developed from scenarios based on a number of
economic assumptions for a given competitive and regulatory environment. Therefore, these assumptions are by nature subject to random factors that could
cause actual results to differ from projections.
Likewise, the financial statements are based on estimates, particularly in calculating market value and asset depreciation. Readers must take all these risk
factors and uncertainties into consideration before making their own judgement.
Applicable norms and comparability
The figures presented for the twelve-month period ending 31 December 2014 have been prepared in accordance with IFRS as adopted in the European Union
and applicable at that date. The Statutory Auditors' audit work on the financial statements is underway.

23