PRESS RELEASE

Results for the second quarter and first half of 2020

Montrouge, 6 August 2020

A V-shaped recovery for Crédit Agricole Group
Crédit Agricole Group*

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Underlying revenues1

Underlying GOI1

Underlying net income1

Q2: €8,536m

Q2: €3,398m

Q2: €1,785m

stable Q2/Q2+5,4% Q2/Q2-3,3% Q2/Q2

H1: 16,914m

H1: €5,843m+0,3% H1/H1

stable H1/H1

H1: €2,767m

CET1 ratio CET1

16.1%
+0.6pp June/March,+7.2pp above SREP2-15,7% H1/H1

Q2 stated net income Group share: €1,483m (-18.2% Q2/Q2), H1: €2,391m (-24.4% H1/H1); Q2 statedrevenues: €8,096m (-4.6% Q2/Q2); H1: €16,462m (-1.3% H1/H1)
Strong recovery in Group business activity thanks to the Universal Customer-focused Banking model:
685,000 new retail banking customers in H1-20, net promoter score up (+7 pts vs. 2019 in Regional Banks andLCL); growth in outstanding loans excluding State guaranteed loans (+5.9% June/June), accelerated roll-out of thethree pillars of the Group project, especially in green finance.
One of the best levels of loan-loss reserves in Europe. Stable NPL ratio (2.4%), increase in coverage ratio(84.5% +0.2pp vs. March 2020); loan loss reserves of €20.1bn; increase in provisioning (to €1,208m, x2
Q2/Q2), (70% of the increase related to provisioning on performing loans of €424m in Q2). Annualised cost of
risk/outstandings in H1 45bp;
Very strong level of solvency, CET1 at 16.1%, 2022 MTP target already reached (buffer above SREP: 7.2pp)
Excellent results for the Regional Banks: Underlying net income €663m (+17.9% Q2/Q2). Underlying revenues
up: +1.2% Q2/Q2, underlying costs excluding SRF down: -8.9% Q2/Q2; stable NPL ratio (1.8%), high coverage
ratio (99.7%), increase in provisioning (+24.9% Q2/Q2)* Crédit Agricole S.A. and 100% of Regional Banks

Crédit Agricole S.A.

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Underlying revenues1

Underlying GOI1

Underlying net income1

CET1 ratio

Q2: €5,185m

Q2: €2,130m

Q2: €1,107m

12.0%+0.1% Q2/Q2-0.5% Q2/Q2-10.9% Q2/Q2

H1: €10,322m

H1: €3,713m

H1: €1,758m+2.4% H1/H1+2.9% H1/H1-13.7% H1/H1+0.6pp June/March,+4.1pp above the SREP3

Stated result: €954m (-21.9% Q2/Q2); stated revenues: €4,897m (-4.9% Q2/Q2), stated GOI: €1,838m (-12.9% Q2/Q2)
GOI up in the first half: €2.1bn Q2-20 -0.5% Q2/Q2; €3.7bn H1-20 +2.9% H1/H1; improvement in Q2 of thecost/income ratio of 1.2pp thanks to stable revenues (+0.1%) and lower expenses (-1.9%);
Increase in provisioning (€908m, x2.5 Q2/Q2), of which €236m in provisioning on performing loans (48% of theincrease). Annualised cost of risk/outstandings in H1 74bp; stable NPL ratio (3.2%), increase in coverage ratio(73.4% +0.9 pp vs. Mar. 20); loan loss reserves: €10.1bn.
CET1 ratio up sharply (+0.6pp) to 12.0%, incorporating ECB regulatory adjustment measures (Quick Fix for+41bp) and the impact of the market upturn in the quarter on unrealised gains and/or losses on securities portfolios(+19bp). Provision for Q2 dividends of €0.15 per share. Buffer above SREP requirements: 4.1pp at 30 June,+0.6pp vs. March
Underlying earnings per share: Q2-20: €0.36, -10.1% Q2/Q2; H1-20; €0.53, -15.5% H1/H1.
Annualised H1 underlying RoTE 8.5%
Liquidity indicators up (€405bn in reserves at 30/06/2020, an increase of €67bn vs. 31/03/2020).
Activation of the Switch mechanism due to market tensions during H1, stated cost of risk impact of €65m.

This press release comments on the results of Crédit Agricole S.A. and those of Crédit Agricole Group, which comprises the Crédit Agricole S.A.
entities and the Crédit Agricole Regional Banks, which own 55.9% of Crédit Agricole S.A. Please see p. 32 onwards of this press release for details of
specific items, which are restated in the various indicators to calculate underlying income. A reconciliation between the stated income statement andthe underlying income statement can be found on p. 4 for Crédit Agricole Group and on p. 9 for Crédit Agricole S.A.

1 Underlying, excluding specific items. See p.32 and onwards for more details on specific items.
2 Based on SREP requirement of 8.9%
3 Based on SREP requirement of 7.9%

Results for the second quarter and first half of 2020

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PRESS RELEASE

Crédit Agricole Group
Largest bank in France, the Group is massively committed to supporting
the economy
The crisis has brought the Group even closer to its customers. Substantial support measures were introduced tostay in contact with them. 9 out of 10 branches and advisers throughout the Group’s retail banking network
could be contacted during the lockdown period, either in person or remotely. At CA Italia, there was a significant
increase in remote interactions, with +30% of customers active online. For the Regional Banks, the growth rate
for digital customers was up +0.8 of a percentage point.
The Group’s strong efforts throughout this challenging period are also reflected in its support for its hardest-hit
customers. The Group has been aligned from the outset with government strategies, with targeted measuresfor each customer category, and therefore continues to meet its customers’ needs. On 6 March, Crédit Agricole
Group granted a six-month moratorium on loan repayments for corporate, SME and small business customers
impacted by COVID-19. As at 17 July 2020, a total of 552,000 moratoria was granted in French retail banking fora total amount of €4.2 billion in extended maturities (of which, 83% for SMEs, small businesses, and Corporates,
71% at the Regional Banks and 29% at LCL). The French government also announced the introduction on 25
March of State guaranteed loans (Prêts Garantis par l’Etat) to meet the cash flow requirements of businesses
impacted by the coronavirus crisis. By virtue of its strong regional presence and universality, the Group supports
all businesses, from the smallest company to the largest corporation, and to date has received 23.7% of all Stateguaranteed loan requests. As at 24 July 2020, a total of 179,500 applications had been received by the Groupfor an amount of €28.7 billion (of which 62% for Regional Banks, 30% for LCL and 8% for Crédit Agricole
Corporate and Investment Bank). The Group has provided specific support to its SME and small businesscustomers insured against business interruption, with mutualistic support totalling €239 million. Lastly,€2 billion of moratoria and State Guaranteed loans have been provided to CA Italia’s customers.
Being available and receptive to its most disadvantaged customers has been a key priority for the Groupin recent months, as the number of customers in a vulnerable situation rose significantly. The Group has
responded by offering exemptions from penalty and overdraft facilities for SMEs and small businesses at theRegional Banks and LCL.
In the current context, the Group Project is more than ever proving its relevance. With regards to theCustomer Project, the intensification of the relationship with customers has been reflected in their feedback and
the Group is seeing an increase in its NPS 4 (Net Promoter Score) across all networks in 2020: +8 points for the
Regional Banks (+7 points vs. 2019), +2 points for LCL (+7 points vs. 2019) and improvement of customer
satisfaction for CA Italia. The Group is also continuing to steer its distribution and relationship model towards
greater digitisation. Examples of this during the quarter include the increase in the contactless payment limit from€30 to €50 rolled out in six weeks, electronic signature of State guaranteed loan applications for SME and small
business customers in Retail banking, paperless property and casualty insurance claims, and automatic
processing of moratoria applications at CAL&F. The Human Project has been further strengthened, first andforemost by the total commitment of all employees to support customers, whether or not they have contact withthem. Exceptional delegations have been set up in branches, illustrating the Group’s sense of local responsibility.
During the crisis, customers have demonstrated a greater appetite for ESG offerings, which has made the Groupeven more determined to step up its community involvement through the Societal Project. At end-June, it
introduced a non-financial reporting platform at Group level to meet the challenges of implementing andmanaging the Group’s societal targets. The approaches of the Crédit Agricole S.A. sub-divisions are also alignedwith the Group’s community involvement, which has led to the launch of the first global equity fund focused on
reducing inequalities for Amundi and the first complete range of asset investments in the fight against global

4 National Net Promoter Score for individuals in 2020: difference between promoters and detractors

Results for the second quarter and first half of 2020

2/41

PRESS RELEASE
warming for LCL. Crédit Agricole Corporate and Investment Bank, meanwhile, ranks Number 1 globally for socialand green bonds. The Group is also very focused on diversity and youth employment and is determined toachieve its targets in these areas. Specifically, it has pledged to employ 4,000 work/study employees in 2020
(which places it in the Top 2 of the Figaro/Cadremploi ranking) and is making good process in the SBF 120's
ranking of women in decision-making bodies, moving up 46 places in 2020 to rank in the Top 50. All of this attests
to the accelerated roll-out of the Group Project's three Pillars.

The Group’s commercial activity in the quarter was good, but especially buoyant at the end of the period.
AuMs were up from second quarter 2019 (+7.1%), as were those of life insurance (+1.6%) with a rise in
the percentage of unit-linked assets (+0.5 percentage point between June 2019 and June 2020 to 22.7%).
In the retail banking networks in France and Italy, growth in outstandings remained strong. Loansoutstanding amounted to €726.9 billion (€681.8 billion in France and €44.2 billion in Italy; €708.4 billion
excluding State guaranteed loans), up +8.7% from second quarter 2019 (+9% in France and +4.9% in Italy),
and up +5.9% excluding State guaranteed loans. On-balance sheet deposits stood at €671.8 billion, up+11% from second quarter 2019, while off-balance sheet deposits remained stable (+0.1% at€382.8 billion). Gross customer capture was particularly solid (+685,000 customers in 2020, of which
630,000 in France and 55,000 in Italy), with a sharp acceleration in June (+150,000 customers, +2.4%
June/June). Against this backdrop, the customer base continued to grow significantly (+38,000 additionalcustomers in 2020, of which 36,500 in France and 1,500 in Italy, +4.4% June/June). Consolidated
consumer finance loans were stable (+0.2%), with sales regaining momentum in June (+170% between
April and June 2020). Lastly, business in the Large Customers business line was extremely buoyant,especially in capital markets (revenues up +44% from second quarter 2019), with all sub-divisions making
a strong contribution. Financing activities also posted good revenue growth (+6%) due to its ability tomobilise the full range of financing solutions for customers.

Group results
In the second quarter of 2020, Crédit Agricole Group’s stated net income Group share amounted to€1,483 million, versus €1,813 million in second quarter 2019. The specific items recorded in the quarter
generated a net negative impact of -€302 million on net income Group share.
Specific items, this quarter (-€302 million on net income Group share), included the impact of the cooperative
support given to SME and small business customers with business interruption insurance amounting
to -€94 million in Regional Bank revenues, -€2 million in LCL revenues and -€143 million in insurance revenues(impact on net income Group share of -€64 million, -€1 million and -€97 million respectively), as well as the impactof the cash adjustment on the Liability Management transaction carried out by Crédit Agricole S.A. at the
beginning of June 2020 (-€41 million in revenues and -€28 million in net income Group share). The recurring
accounting volatility items are to be added with a net negative impact of -€160 million in revenues
and -€109 million in net income Group share, namely DVA (Debt Valuation Adjustment, i.e. gains and losses on
financial instruments related to changes in the Group’s issuer spread), in addition to which the Funding Valuation
Adjustment (FVA) portion associated with the change in the issuer spread, which is not hedged, totalling €5 million, the hedge on the Large Customers loan book amounting to -€51 million, and the change in theprovision for home purchase savings plans amounting to -€53 million. Specific items also include integration
costs for entities recently acquired by CACEIS (Kas Bank and S3) for -€5 million in operating expenses and €2 million in net income Group share. The activation of the Switch guarantee in second quarter 2020 generated
two opposite impacts on cost of risk amounting to €65 million in the Asset Gathering business lines (positive
impact) and for the Regional Banks (-€65 million). In the second quarter 2019, specific items had had a net
negative impact of -€33 million on net income Group share; they included only recurring accounting volatility
items such as the Debt Valuation Adjustment (DVA, i.e. gains and losses on financial instruments related tochanges in the Group’s issuer spread) amounting to -€3 million, the hedge on the Large customers loan book for-€6 million, and the changes in the provisions for home purchase savings schemes in the amount of -€24 million.

Results for the second quarter and first half of 2020

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PRESS RELEASE
Excluding these specific items, the underlying net income Group share5 was €1,785 million, down -3.3%
compared to second quarter 2019. This decline was mainly due to the effects of the COVID-19 crisis, particularly
on outstanding loan provisioning.

Credit Agricole Group – Stated and underlying results, Q2-20 and Q2-19
Q2-20
statedSpecific
items

Revenues

8,096

(441)

Operating expenses
excl.SRF
SRF(5,036)

(5)

(107)

-

(107)

(4)

-

(4)

x 27.5x 27.5Gross operating income

2,953

(445)

3,398

3,174

(49)

3,223

(7.0%)+5.4%

Cost of risk

€m

Q2-20
underlying

Q2-19
statedSpecific
items

Q2-19
underlying

Q2/Q2
stated

8,536

8,485

(5,031)(5,308)

Q2/Q2
underlying

(49)

8,534

(4.6%)+0.0%-(5,308)(5.1%)(5.2%)(1,208)-(1,208)

(598)

-

(598)

x2

x2

Equity-accounted entities

78

-

78

94

-

94

(17.0%)(17.0%)Net income on otherassetsChange in value of
goodwill
Income before tax

78

-

78

(8)

-

(8)

n.m.

n.m.

(3)

-

(3)

-

-

-

n.m.

n.m.

1,898

(445)

2,343

2,662

(49)

2,711

(28.7%)(13.6%)

Tax

(308)

142

(450)

(728)

16

(743)

(57.7%)(39.5%)Net income from discont'dor held-for-sale ope.
Net income

(0)

-

(0)

8

-

8

n.m.

n.m.

1,590

(303)

1,893

1,942

(33)

1,976

(18.1%)(4.2%)

Non controlling interests

(107)

1

(108)

(130)

-

(130)

(17.4%)(16.6%)Net income Group Share

1,483

(302)

(33)

Cost/Income ratio
excl.SRF (%)

62.2%

Net income Group Shareexcl. SRF

1,580

(302)

1,785

1,813

58.9%

62.6%

1,882

1,815

(33)

1,846

(18.2%)(3.3%)

62.2%-0.3 pp-3.3 pp

1,848(13.0%)+1.8%

In the second quarter 2020, underlying revenues were stable compared to the same period in 2019 at€8,536 million. For core businesses excluding the Corporate Centre, they were up +2.2%. This level of revenue
for the quarter was due to a level of activity that remained buoyant, despite the public health crisis, especially in
the Large Customers business line, which posted revenue growth of +20.9% (+€310 million). The Regional Banks
also recorded a slight increase in underlying revenues (+1.2% or +€39 million), as did the Asset Gatheringbusiness line (+1.6% or +€24 million). However, Retail banking in France and internationally and Specialised
financial services recorded a decline in their revenues for the period, respectively posting a drop of -6.5%/€106 million and -11.7%/-€80 million.
Underlying operating expenses excluding SRF (Single Resolution Fund) were down -5.2% compared tosecond quarter 2019 at -€5,031 million. Apart from the Large Customers business line, whose expenses
increased by +€55 million (+7.0%), all other business lines posted lower expenses for the period, particularly all
Retail banking (Regional Banks: -8.9%/-€198 million; LCL: -5.1%/-€29 million; International retail banking: 3.5%/-€16 million). These decreases were mainly due to lower HR and travel costs. Overall, the Group posted apositive +5.2 percentage points jaws effect (Regional Banks: +10.1 percentage points). The contribution to theSingle Resolution Fund was supplemented this quarter by an additional €107 million (vs. €4 million euros insecond quarter 2019). The underlying cost/income ratio excluding SRF stood at 58.9%, an improvement of+3.3 percentage points compared to second quarter 2019.

5 Underlying, excluding specific items. See p.32 and onwards for more details on specific items.

Results for the second quarter and first half of 2020

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PRESS RELEASE

Underlying gross operating income was therefore up +5.4% to €3,398 million compared to second quarter2019. Excluding the SRF contribution, the underlying gross operating income was up +8.6% to €3,505 million,
compared to the second quarter 2019.
Cost of credit risk was up significantly (x2 compared to second quarter 2019) due to increased provisioning on
performing loans for all sub-divisions in the context of the COVID-19 crisis. It amounted to €1,208 million insecond quarter 2020, versus €598 million in second quarter 2019. Asset quality was good: the non-performing
loan ratio was stable at 2.4% at end-June 2020 and the coverage ratio stood at 84.5%, up +0.2 percentage point
over the quarter. Loan loss reserves amounted to €20.1 billion at end-June 2020, 30% of which was for
performing loans (Stages 1 and 2). Starting in the first quarter of 2020, the context and uncertainties related to
the global economic conditions were gradually taken into account and the expected effect of public measures
were incorporated to anticipate future risks. Provisioning levels were established to reflect the sharp deteriorationin the environment, taking into account several weighted economic scenarios and applying flat rate adjustments
for the retail banking portfolios and corporates portfolios and specific additions for some targeted sectors, namely
tourism, automotive, aerospace, retail textile, energy, and supply chain. Several weighted economic scenarios
were used to determine the provisioning of performing loans, of which a more favourable scenario (GDP at -7%
in France in 2020, +7.3% in 2021 and +1.8% in 2022) and a less favourable scenario (GDP at -15.1% in France
in 2020, +6.6% in 2021 and +8% in 2022).
The increase in provisioning on performing loans accounted for 70% of the total increase in provisioning between
second quarter 2019 and second quarter 2020. Annualised cost of risk/outstandings6 in the first half of 2020
was 45 basis points (vs. 33 basis points over a four rolling quarters and 51 basis points in annualised quarters).
Provisioning on Stages 1 and 2 amounted to €424 million, versus €0 in second quarter 2019 and €398 million in
first quarter 2020. Provisioning on proven risks amounted to €785 million (versus €588 million in second quarter2019 and €516 million in first quarter 2020).
Underlying pre-tax income stood at €2,343 million, a year-on-year decrease of -13.6%. In addition to thechanges in operating income explained above, underlying pre-tax income also includes the contribution fromequity-accounted entities in the amount of €78 million (down -17.0%, mostly due to the Crédit Agricole Consumer
Finance joint ventures) and net income on other assets, which stood at €78 million this quarter (versus -€8 million
in second quarter 2019) and includes a real estate capital gain recorded by CA Italia. The underlying tax charge
fell -39.5% over the period. The underlying tax rate dropped by -8.6 percentage points to 19.8%, mainly in linewith the decrease of tax rate in France since the beginning of 2020. Accordingly, underlying net income before
non-controlling interests was down -4.2% and underlying net income Group share was down -3.3% compared tosecond quarter 2019.

6 Cost of risk on outstandings (in annualised basis points)

Results for the second quarter and first half of 2020

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PRESS RELEASE
Credit Agricole Group – Stated and underlying results, H1-20 and H1-19
H1-20
statedSpecific
items

H1-19
underlying

H1/H1
statedRevenues

16,462(452)

Operating expenses
excl.SRF
SRF(10,584)

(75)

(175)

16,857(1.3%)+0.3%-(10,585)(0.0%)(0.7%)

(562)

-

(562)

(426)

Gross operating income

5,316

(527)

5,843

5,671

-

(426)

+31.9%+31.9%

(175)

5,846

(6.3%)

Cost of risk

(2,137)-(2,137)(879)(0.0%)

-

(879)

x 2.4

Equity-accounted entities

168

-

168

x 2.4

188

-

188

(10.8%)(10.8%)Net income on otherassetsChange in value of
goodwill
Income before tax

84

-

84

3

-

3

x 29.2x 29.2

(3)

-

(3)

-

-

-

n.m.

n.m.

Tax

3,428

(527)

3,955

4,983

(175)

5,158

(31.2%)(23.3%)

(789)

148

(937)

(1,576)57(1,633)(50.0%)Net income from discont'dor held-for-sale ope.
Net income(42.6%)

(1)

-

(1)

8

-

8

n.m.

n.m.

Non controlling interests

2,638

(379)

3,017

3,415

(118)

3,534

(22.8%)(14.6%)

(248)

3

(251)

(253)

-

(253)

(2.0%)(0.9%)Net income Group Share

2,391

(376)

2,767

3,163

(118)

3,281

(24.4%)(15.7%)

Cost/Income ratio
excl.SRF (%)

64.3%

62.1%

63.5%

62.8%

+0.8 pp-0.7 pp

Net income Group Shareexcl. SRF

2,913

3,289

3,569

3,687

(18.4%)(10.8%)

€m

(376)

H1-20
underlying

H1-19
statedSpecific
items

16,914

16,682(10,509)(10,585)

(118)

H1/H1
underlying

In the first half of 2020, underlying net income Group share declined by -15.7% compared to first half 2019;
Underlying revenues were up +0.3% and underlying operating expenses excluding SRF were down -0.7%,
resulting in a positive jaws effect of +1.0 percentage point. The contribution to the SRF increased by 31.9% to€562 million. SRF contribution aside, the underlying gross operating income was up +2.1% to 6,405 million
compared to the first half-year 2019. The cost of credit risk was multiplied by 2.4 and the tax charge fell 42.6%
compared to first half 2019.

Regional banks
Commercial activity at the Regional Banks was buoyant in this quarter, with growth in outstandings
remaining strong. Outstanding loans amounted to €543.3 billion (€530.6 billion excluding State guaranteedloans), up +8.4% from second quarter 2019 (+5.9% excluding State guaranteed loans). There was a strong
increase in home loans (+7%) and loans to SMEs and small businesses, and farmers (+14%). Loans wereup from second quarter 2019 (+32.6%) but down when State guaranteed loans are excluded (-14.8%). Activity
was particularly dynamic in June, with a loan production level for June 2020 exceeding that of June 2019(+36.1%, of which +6.9% in home loans, +2.9% excluding State guaranteed loans). Other indicators attesting toa strong recovery are the number of loan simulations and applications for savings accounts, up 75% and 63%(with 67% of the increase related to savings accounts on the balance sheet) respectively between March 2020and June 2020. On-balance sheet deposits stood at €495.9 billion, representing an increase from second
quarter 2019 of 11.1% (of which +25.2% for demand deposits and +8.7% for passbooks), while off-balance
sheet deposits were stable (-0.5% at €264.7 billion) with life insurance AuM up slightly (+0.9%) and AuM linked
to securities and transferable securities falling by -4.6%. Lastly, gross customer capture remained very active(+480,000 customers), with a sharp acceleration in June (+110 000 customers, +1.9% June/June), and a stillpositive balance in banking mobility (+38,500 customers). Against this backdrop, the customer base continued
to show a marked increase (+27,000 additional customers in 2020, +6.7% June/June).

Results for the second quarter and first half of 2020

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PRESS RELEASE
In second quarter 2020, the Regional Banks’ underlying revenues stood at €3,316 million, up from second
quarter 2019 (+1.2%). The net interest margin held steady while the overall level of fee and commission
income fell (-2.3%) due to lower penalty-based fees and a decrease in payment fees. Portfolio revenues werealso down as a result of end-of-quarter valuations based on international standards, although they recoveredfrom first quarter 2020. Underlying costs excluding SRF were kept under control, decreasing during the period(-8.9% in second quarter 2020 compared to second quarter 2019) in line with lower HR costs. As a result,underlying gross operating income increased in second quarter 2020 (+19.6%) thanks to a positive jaws effect(+10.1 percentage points). Ultimately, despite an increase in the underlying cost of risk (+24.9%), the Regional
Banks’ underlying net income Group share still rose +17.9% to €663 million.
Underlying revenues were down -3.2% in the first half of 2020 compared to first half 2019, as was underlying
gross operating income (-5%), in line with the drop in portfolio revenues following the end-of-quarter
valuations based on international standards. The underlying cost/income ratio was stable (+0.1 percentage
point) with a decline in underlying costs excluding SRF (-3.1%). Lastly, with an increased underlying cost ofrisk (x2.1), the Regional Banks’ contribution to the Group’s underlying net income Group share was down 19.8%.

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

***

Dominique Lefebvre, Chairman of SAS Rue La Boétie and Chairman of Crédit Agricole S.A.’s Board of Directors,commented on the Group’s first quarter 2020 results and activity as follows: “Utility is achieved every day throughwhat we do in concrete terms for citizens and for society. In these unprecedented times, the men and woman of
the Group are fully committed to supporting customers and the economy. We are using our financial strength andperformance to aid recovery, throughout France. That is, and always has been, our Raison d’êtreˮ.

Results for the second quarter and first half of 2020

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PRESS RELEASE

Crédit Agricole S.A.
Solid results (-13.7% H1/H1) driven by GOI growth during the half year (+2.9%)
and prudent provisioning; underlying ROTE7 8.5%-

Stated result: €954m (-21.9% Q2/Q2); stated revenues: €4,897m (-4.9%); stated GOI: €1,838m (-12.9%)
Underlying GOI stable in Q2 (€2,130bn, -0.5% Q2/Q2), due to revenue stability (+0.1%) and very tight cost control(-1.9%)
Improvement in the cost/income ratio of +1.2pt Q2/Q2 to 57.4%; positive jaws effect (+2.0pp)
Underlying net income Group share down (-10.9%) as a result of increased provisioning (x2.5)
Underlying earnings per share : Q2-20: €0.36, -10.1% Q2/Q2; H1-20; €0.53, -15.5% H1/H1

Sustained activity in loans, deposits and insurance, strong recovery across all
Crédit Agricole S.A. business lines at quarter end-

High level of customer acquisition (+145,000 self-employed and individual customers in 2020 for LCL and+55,000 for CA Italia)
Q2/Q2 increase in AuM (+7.1%), life insurance (+1.6%), loan outstandings excluding State guaranteed loans at
LCL (home loans +7%, loans to small businesses +11%, and loans to corporates +6%), outstanding loans at CA
Italia (+4.9%) and consolidated consumer finance outstandings (+2.2%).
Increase in inflows at LCL (increase in on-balance sheet deposits of +13.6% and stability of off-balance sheetsavings at -1.2%), and at CA Italia (increase in AuM of +5.4% and on-balance sheet deposits of 4.6%)
Increased share of UL products in gross inflows (+12.4pp June/June to 41.6%) and in outstandings (+0.5pp June/June
to 22.7%). Major rebound in post-lockdown property and casualty business, revenues proving resilient (-0.8% Q2/Q2)
Strong commercial activity in capital markets (+44%) and robust activity in financing activities (+5.7%); prudent
risk management (moderate VaR at €14m at 30 June)
Renewal of the partnership between Amundi and Société Générale for five years.

Increase in provisioning (x2.5), with half related to provisioning for provenrisks and half to provisioning for performing loans-

Stable NPL ratio (3.2%), higher coverage ratio (73.4%, +0.9pp vs. March 20); loan loss reserves of €10.1bn, of
which 24% related to provisioning for performing loans; diversified loan book with 46% in corporate loans and 27%
in home loans; 73% of EAD (exposure at default) investment grade
Increase in provisioning (€908m, of which €236m for stage 1 and €667m for stage 3, x2.5 Q2/Q2, +46.2% Q2/Q1)
H1-20 annualised cost of risk/outstandings 74bp

Robust solvency--

Phased-in CET1 ratio up sharply (+0.6pp) to 12.0%, +4.1 above SREP requirement (+0.6pp June/March),incorporating ECB regulatory adjustment measures (Quick Fix for +41bp) and the impact of the market upturn inthe quarter on unrealised gains and/or losses on securities portfolios (+19bp). Provision for Q2 dividends of €0.16
per share. Fully loaded ratio at 11.7%. Pro forma phased-in ratio at 12.0% for the two-month period of SGLs.
RWA stable during the quarter: decline in risk-weighted assets in the business lines (particularly SFS), withregulatory adjustment measures including supporting factor (-€2.6bn) and adjustements carried out by Crédit
Agricole Corporate and Investment Bank (-€1.5bn) offsetting the increase in the equity-accounted value of Insurance(+€2.1bn). Pro forma for the two-month period of SGLs, decline in RWA of -€2.3bn.

Increase in liquidity--€405bn in reserves at 30/06, up €67bn vs. 31/03/2020. Increase in the LCR: 134.4%.8
In June 2020, significant drawdown of €90bn on the TLTRO III facility to support loan activity and benefit fromcompetitive refinancing costs; repayment of the TLTRO II (partially) and LTRO drawdowns.
96% of the €12bn MLT market funding programme completed at end-July.

Switch activated because of tensions in the equity and bond markets during
the half year.
-

Positive impact on Crédit Agricole S.A.’s cost of risk, restated for specific items, in the amount of €65 million (+€44m
in net income Group share); impact on solvency non-material.

7 Underlying ROTE calculated based on first half 2020, annualised
8 12-month average ratio

Results for the second quarter and first half of 2020

8/41

PRESS RELEASE
Crédit Agricole S.A.’s Board of Directors, chaired by Dominique Lefebvre, met on 5 August 2020 to examine
the financial statements for the second quarter and first half of 2020.

Credit Agricole S.A. – Stated and underlying results, Q2-20 and Q2-19
Q2-20
statedSpecific
items

Revenues

4,897

(288)

Operating expenses
excl.SRF
SRF(2,980)

(5)

(79)

-

(79)

(6)

-

(6)

x 13.8x 13.8Gross operating income

1,838

(293)

2,130

2,111

(30)

2,140

(12.9%)(0.5%)

Cost of risk

(842)

65

(908)

(358)

-

(358)

x 2.4

x 2.5

Equity-accounted entities

88

-

88

108

-

108

(18.3%)(18.3%)Net income on other assets

82

-

82

(1)

-

(1)

n.m.

n.m.

€m

Change in value of goodwill

Q2-20
underlying

Q2-19
statedSpecific
items

Q2-19
underlying

Q2/Q2
stated

5,185

5,149

(2,976)(3,033)

Q2/Q2
underlying

(30)

5,179

(4.9%)+0.1%-(3,033)(1.7%)(1.9%)

-

-

-

-

-

-

n.m.

n.m.

Income before tax

1,166

(227)

1,393

1,861

(30)

1,890

(37.3%)(26.3%)

Tax

(86)

72

(158)

(485)

9

(494)

(82.3%)(68.1%)Net income from discont'dor held-for-sale ope.
Net income

(0)

-

(0)

8

-

8

n.m.

n.m.

1,080

(155)

1,235

1,384

(20)

1,404

(21.9%)(12.0%)

Non controlling interests

(126)

2

(129)

(161)

0

(162)

(21.9%)(20.5%)Net income Group Share

954

(153)

1,107

1,222

(20)

1,242

(21.9%)(10.9%)

Earnings per share (€)

0.31(0.05)(0.01)

Cost/Income ratio excl.
SRF (%)

60.9%

Net income Group Shareexcl. SRF

1,020

(153)

0.36

0.39

57.4%

58.9%

1,173

1,227

(20)

0.40

(22.0%)(10.1%)

58.6%+2.0 pp-1.2 pp

1,247(16.8%)(6.0%)

Results
In the second quarter of 2020, Crédit Agricole S.A.’s stated net income Group share amounted to€954 million versus €1,222 million in the second quarter of 2019. This quarter, specific items generated a net
negative impact of -€153 million on net income Group share.
Excluding these specific items, the underlying net income Group share9 was €1,107 million, down -10.9%
compared to second quarter 2019. This decline was mainly due to the increased cost of risk. Half of that increase
was related to provisioning for proven risks and the other half to the updating of the parameters for calculating
provisioning for performing loans in the current context.
This quarter, specific items for this quarter (-€153 million on net income Group share) include the impact of thecooperative support given to SME and small business customers with business interruption insurance amounting
to -€2 million in LCL revenues and -€143 million in insurance revenues (impact on net income Group share ofrespectively -€1 million and -€97 million), and the impact of the cash adjustment on the Liability Managementtransaction carried out by Crédit Agricole S.A. at the beginning of June 2020 (-€41 million in revenues and €28 million in net income Group share). The recurring accounting volatility items are to be added with a net
negative impact of -€68 million on net income Group share, namely DVA (Debt Valuation Adjustment, i.e. gains
and losses on financial instruments related to changes in the Group’s issuer spread), in addition to which theFunding Valuation Adjustment (FVA) portion associated with the change in the issuer spread, which is nothedged, totalling -€5 million, the hedge on the Large Customers loan book for -€50 million, and the change in theprovision for home purchase savings plans for -€14 million. Specific items also include integration costs forentities recently acquired by CACEIS (Kas Bank and S3) for -€5 million in operating expenses and -€2 million in
net income Group share. The activation of the Switch guarantee in second quarter 2020 generated a positive

9 Underlying, excluding specific items. See p.23 and onwards for more details on specific items.

Results for the second quarter and first half of 2020

9/41

PRESS RELEASE
impact on cost of risk amounting to +€65 million in the Asset gathering business line. In second quarter 2019,
specific items had a net negative impact of -€20 million on net income Group share; they included only
recurring accounting volatility items such as the Debt Valuation Adjustment (DVA, i.e. gains and losses on
financial instruments related to changes in the Group’s issuer spread) amounting to -€3 million, the hedge on the
Large Customers loan book for -€6 million, and the change in the provisions for home purchase savings schemesin the amount of -€11 million.
Sub-division results were impacted in second quarter 2020 by the two-month lockdown related to the COVID-19
crisis in France and in most European countries, which generated a near-shutdown of economies at the end of
the first quarter 2020 and beginning of the second quarter. Nevertheless, gross operating income stood firm in
the quarter at €2,130 million (-0.5% compared to second quarter 2019) thanks to stable revenues (+0.1% at€5,185 million) and tight cost control by the business lines (-1.9% at €2,976 million). This attests for the excellent
operational efficiency of the Crédit Agricole S.A. business lines, with the cost/income ratio improving by 1.2
percentage points in second quarter 2020 compared to second quarter 2019. Underlying net income Group
share was, however, down by -10.9%. This decline was due to the increase in the cost of risk, which amounted
to €908 million in second quarter 2020 (x2.5 compared to second quarter 2019), half of it due to the increase inprovisioning for proven risks and half to the updating of the parameters for calculating provisioning for performing
loans. The Large customers business line, despite strong growth in gross operating income (+26.7%), was
impacted by the five-fold increase in the cost of risk. It ended by posting a decrease in net income Group shareof -5.3%. The Retail banking and Specialised financial services business lines were heavily impacted by the twomonth lockdown and substantial increases in the cost of risk. They posted declines in their net income Group
share of -39% and -27.9% respectively. By contrast, the Asset Gathering business line recorded an increase in
its net income Group share for the quarter (+11.0%), benefiting from more favourable market conditions during
the period which offset the adverse impact of the first quarter.
In the second quarter 2020, underlying revenues stood at €5,185 million, relatively unchanged from second
quarter 2019 (+0.1%). The Asset Gathering business line recorded a moderate increase in revenues of +1.5%:
insurance posted a sharp increase of +13.5%, benefiting from a market effect that was more positive in thesecond quarter than the first (€140 million in second quarter), while asset management (-7.5%) was adversely
impacted by a drop in net management fee and commission income despite a solid level of performance fee andcommission income and better financial results. Retail activities (Retail banking and Specialised financial
services) were heavily impacted by the near-shutdown of economies and respectively recorded a drop in theirunderlying revenues of -6.6% and -11.7%. Conversely, activity for Corporates and Institutionals was particularly
buoyant this quarter, generating high levels of revenues for the Large Customers business line. The exceptional
activity in Capital Markets generated an increase in revenues of +44% in second quarter 2020 compared tosecond quarter 2019. Financing activities also saw a strong level of activity in the period, recording a revenue
increase of +5.8%. Lastly, activity for the asset servicing was up +23.9% due to the addition of new customers
and a scope effect related to acquisitions at year-end 2019. Recurring revenues, i.e. revenues attached to an
inventory item (outstanding loans/customer assets, assets under management) or an insurance policy (property
and casualty insurance, death and disability insurance), accounted for 77% of total revenues.
Underlying operating expenses excluding SRF were down -1.9% for the period, resulting in indicators showing
excellent levels of operating efficiency: the cost/income ratio was 57.4%, an improvement of +1.2
percentage points compared to second quarter 2019, while the jaws effect was positive at 1.3 percentage points.
With the exception of the Large Customers business line, which posted an increase of +7.0% in its expenses
excluding SRF (primarily related to a base effect in Corporate and Investment Banking: a provision write-back on
staff costs in the second quarter 2019 and a scope effect related to the latest acquisitions in Asset servicing), allother business lines recorded a decrease in their expenses excluding SRF for the quarter. The Asset Gatheringbusiness line recorded a decrease of -3.7%, driven by Asset Management (-7.5% due to a decrease in variable
compensation and ongoing cost synergies achieved following the integration of Pioneer), which offset theincrease recorded by Insurance (+4.1%, related mostly to an increase in headcount to support sub-divisiondevelopment). The Retail Banking business line posted a decrease in its expenses excluding SRF for the quarter(-4.6%), as a result of lower personnel expenditure in France and savings achieved on external expenditure andtravel in Italy. Similarly, Specialised financial services saw their expenses excluding SRF fall by -6.2% in the
Results for the second quarter and first half of 2020

10/41

PRESS RELEASE
quarter, due in particular to strict cost control at CA Consumer Finance. Of the €57 million reduction in underlying
expenses excluding SRF between the second quarter 2019 and second quarter 2020, the COVID-19 crisis
generated a fall in expenses of -€23 million, comprising -€80 million in avoided expenditure (travel and external
expenses) and +€57 million in increased expenditure for employee safety. SRF contribution has been completed
this quarter by additional €+79 million (vs. €6 million in the second quarter 2019).
Accordingly, underlying gross operating income came in high at €2,130 million, down slightly by -0.5%
compared to second quarter 2019, but nevertheless resilient given the context of the public health crisis and thetwo-month lockdown in France and Italy: +20.9% for the Large customers business line, +6.5% for Assetgathering, -11.7% for Retail banking and -16.7% for Specialised financial services. Excluding the SRF
contribution, the underlying gross operating income was up +2,9% to €2,209 million, compared to thesecond quarter 2019.
As of 30 June 2020, risk indicators once again attested for Crédit Agricole S.A.'s assets‘quality and the level of
its risk coverage. The loan portfolio is diversified, largely oriented on large corporates (46% of gross outstandings
at Crédit Agricole S.A. level) and housing loans (27%). The doubtful loan ratio was still low at 3.2% (+0.1
percentage point compared to 31 March 2020), while the coverage ratio was 73.4% (up +1.0 percentage point
for the quarter with total loan loss reserves of €10.1 billion). Of these loan loss reserves, 24% were forprovisioning for performing loans. Cost of risk was up significantly (x2.5/-€550 million to -€908 million,
versus -€358 million in second quarter 2019 and -€621 million in first quarter 2020). Of this increase, 48% was
due to additional provisioning for performing loans (Stages/Buckets 1 and 2) triggered by the application of IFRS
9 rules and an updating of the provisioning parameters, and 52% was due to increased provisioning for provenrisks (Stage/Bucket 3). The expense of -€908 million in second quarter 2020 consisted of provisioning for
performing loans (Stages 1 and 2) for -€236 million (versus a write-back of -€26 million in second quarter 2019
and an allocation of -€223 million in first quarter 2020) and provisioning for proven risks (Stage 3) for €667 million (versus -€371 million in second quarter 2019 and -€382 million in first quarter 2020). The cost of risk
relative to outstandings in the first half was 74 basis points annualised (55 basis points over a rolling four-quarter
period and 86 basis points for the second quarter annualised). The four business lines that contributed the mostto the cost of risk show similar variations. LCL’s cost of risk stood at -€117 million (x2.3 compared to second
quarter 2019 and +16.3% relative to first quarter 2020), with cost of risk relative to outstandings increasing to 33
basis points on an annualised half-year basis (26 basis points over a rolling four-quarter period and35 basis points for the second quarter 2020 annualised) ; CA Italia recorded a cost of risk of -€146 million insecond quarter 2020, or 2.4 times the level of second quarter 2019, and an increase of +77.5% over first quarter
2020, with its cost of risk relative to outstandings increasing to 102 basis points on an annualised half-year basis(79 basis points over a rolling four-quarter period and 129 basis points for the second quarter 2020 annualised);
Crédit Agricole Consumer Finance posted a +85.1% increase in its cost of risk to -€218 million compared tosecond quarter 2019 (and +32.8% compared to first quarter 2020), with a cost of risk relative to outstanding also
increasing to 211 basis points on an annualised half-year basis (172 basis points over a rolling four-quarter period
and 241 basis points for the second quarter 2020 annualised). Lastly, in financing activities, the cost of risk forthe quarter stood at -€312 million, versus an allocation of just -€39 million in second quarter 2019, which was 2.3
times the level of first quarter 2020. The cost of risk relative to outstandings for financing activities was therefore
78 basis points on an annualised half-year basis (50 basis points over a rolling four-quarter period and102 basis points for the second quarter 2020 annualised).

Results for the second quarter and first half of 2020

11/41

PRESS RELEASE
Starting in the first quarter of 2020, the context and uncertainties related to the global economic conditions were
gradually taken into account and the expected effect of public measures were incorporated to anticipate futurerisks. Provisioning levels were established to reflect the sharp deterioration in the environment, taking into
account several weighted economic scenarios and applying flat rate adjustments for the retail banking portfolios
and corporates portfolios and specific additions for some targeted sectors, namely tourism, automotive,
aerospace, retail textile, energy, and supply chain. Several weighted economic scenarios were used to determine
the provisioning of performing loans, of which a more favourable scenario (GDP at -7% in France in 2020, +7.3%
in 2021 and +1.8% in 2022) and a less favourable scenario (GDP at -15.1% in France in 2020, +6.6% in 2021
and +8% in 2022).
The contribution of equity-accounted entities was down -18.3% to €88 million, reflecting in particular the
reduction in the contribution from the joint ventures to consumer finance (-22.7% in second quarter 2020
compared to the same quarter in 2019, largely related to an increase in the cost of risk at Wafasalaf amounting
to €26 million), despite a slight increase in the contribution from joint ventures to asset management (+26.6%).
Net income on other assets showed a positive impact of +€82 million in the quarter which was mostly due tothe gain recorded by CA Italia on the sale of a real estate asset for +€65 million.
Underlying income10 before tax, discontinued operations and non-controlling interests thus decreasedby -26.3% to €1,393 million. The underlying effective tax rate stood at 12.1%, down -15.6 percentage points
compared to second quarter 2019, while the underlying tax charge fell -68.1% to -€158 million. The 2020 second
quarter tax rate was impacted in particular by the decrease in the tax rate in France effective 1 January 2020
(32.02% instead of 34.43%), by the positive effect of international subsidiaries being subject to a lower tax rate
than in France and by a €63-million tax refund for Agos related to Italy’s affrancamento tax redemption scheme.
The underlying net income before non-controlling interests was therefore down -12.0%.
Net income attributable to non-controlling interests was down -20.5% to €129 million. This was due toseveral opposing effects: firstly, the decline in minority interests primarily in the case of Amundi (-9.7%) and CA
Italia (-57.0%), and secondly, the increase in the share attributable to non-controlling interests in favour of
Santander in the case of CACEIS (+79.0%).
Underlying net income Group share was down -10.9% from second quarter 2019 to €1,107 million. Excluding
SRF contribution, it is down by -6.0%.

10 See p.23 for more details on specific items related to Crédit Agricole S.A.

Results for the second quarter and first half of 2020

12/41

PRESS RELEASE
Credit Agricole S.A. – Stated and underlying results, H1-20 and H1-19
€m

H1-20
statedSpecific
items

H1-20
underlying

H1-19
statedSpecific
items

H1-19
underlying

H1/H1
stated

H1/H1
underlying

Revenues

10,097(225)

10,322

10,004(78)

10,081

+0.9%

+2.4%

Operating expenses
excl.SRF
SRF(6,235)(65)(6,170)(6,136)-(6,136)

+1.6%

+0.5%

(439)

-

(439)

(337)

-

(337)

+30.0%+30.0%

Gross operating income

3,423

(290)

3,713

3,530

(78)

3,607

(3.0%)+2.9%

Cost of risk

(1,463)65(1,529)

(582)

-

(582)

x 2.5

x 2.6

Equity-accounted entities

178

-

178

193

-

193

(7.7%)(7.7%)Net income on other assets

87

-

87

22

-

22

x4

x4

Change in value of goodwill

-

-

-

-

-

-

n.m.

n.m.

Income before tax

2,226

(224)

2,450

3,163

(78)

3,240

(29.6%)(24.4%)

Tax

(347)

55

(401)

(880)

23

(903)

(60.6%)(55.6%)Net income from discont'dor held-for-sale ope.
Net income

(1)

-

(1)

8

-

8

n.m.

n.m.

1,879

(170)

2,048

2,291

(54)

2,346

(18.0%)(12.7%)

Non controlling interests

(287)

3

(290)

(307)

1

(308)

(6.4%)(5.6%)Net income Group Share

1,592

(167)

1,758

1,985

(53)

2,038

(19.8%)(13.7%)

Earnings per share (€)

0.47(0.06)

0.53

0.61(0.02)

0.63(22.4%)(15.5%)

Cost/Income ratio
excl.SRF (%)

61.7%

59.8%

61.3%

60.9%

+0.4 pp-1.1 pp

Net income Group Shareexcl. SRF

1,984

2,151

2,297

2,350

(13.6%)(8.5%)

(167)

(53)

Stated net income Group share in the first half of 2020 amounted to €1,985 million, compared with
€2,038 million in the first half of 2019, a decrease of -19.8%.
Specific items in the first half of 2020 had a negative impact of -€167 million on stated net income Group
share. In addition to the second quarter items already mentioned above, first quarter 2020 items had a negative
impact of -€54 million and corresponded to recurring accounting volatility items, i.e. the DVA for -€14 million,
hedges of the Large customers loan book for +€81 million, and changes in the provision for home purchasesavings plans for -€7 million at LCL and -€20 million in the Corporate Centre business line. Specific items in thefirst half of 2019 had a negative impact of -€53 million on net income Group share. Compared to specific items
in second quarter 2019 already mentioned above, these items had an impact of -€33 million on net income Group
share in first quarter 2019 and corresponded to recurring accounting volatility items, i.e. the DVA for -€6 million,
hedges of the Large Customers loan book for -€14 million, and changes in the provision for home purchasesavings plans for -€5 million at LCL and -€8 million in the Corporate Centre business line.
Excluding these specific items, underlying net income Group share amounted to €1,758 million, down 13.7% compared to the first half of 2019.
Underlying earnings per share came to €0.53 per share, a decrease of -15.5% compared to thefirst half of 2019.
Annualised RoTE11 (return on tangible equity Group share excluding intangibles) net of coupons on
Additional Tier 1 securities stood at 8.5% in the first half of 2020, lower than in financial year 2019 (11.0%).
Annualised RoNE (Return on Net Equity) of the business lines was stable or down this half year compared to2019, in line with the decline in results.

11 See details on the calculation of the business lines’ ROTE (return on tangible equity) and RONE (return on normalised equity) on p.26

Results for the second quarter and first half of 2020

13/41

PRESS RELEASE
Underlying revenues were up +2.4% from first half 2019, due to significant growth in revenues in the Largecustomers business line (+15.0%). Retail activities, on the other hand, were severely hit by the public health crisis(Retail banking -3.0% and Specialised financial services -8.3%) and revenues of the Asset gathering businessline were heavily impacted by a negative market impact (-4.3%).
Underlying operating expenses were stable overall (limited growth of +0.5%, excluding the SRF contribution,
which was up significantly by +30.0% to €439 million in first half 2020 versus €337 million in first half 2019). The
underlying cost/income ratio excluding SRF was 59.8%, an improvement of +1.1 percentage point. Excluding
the SRF contribution, the underlying gross operating income was up +5.3% to 4,152 million, compared to thefirst half-year 2019.
Lastly, cost of risk was up sharply (x2.5/-€947 million, to -€1,529 million versus -€582 million in first half 2019).

Activity
Business remained buoyant throughout the quarter, due to the positive performance of Asset undermanagement in Asset management (+7.1%) and life insurance (+1.6%), of outstanding loans in retailbanking (+7% at LCL excluding State guaranteed loans and +4.9% at CA Italia) and of consolidated
consumer finance outstandings (+2.2%). Inflows increased at LCL (increase in on-balance sheet deposits
of +13.6% and stability of off-balance sheet deposits at -1.2%), and at CA Italia (increase in AuM of +5.4%
and on-balance sheet deposits of 4.6%). The share of UL products in gross inflows was up (+12.4
percentage points from second quarter 2019 to 41.6%), as was the share in outstandings to 22.7% (+0.5
percentage point from second quarter 2019). Revenues from personal protection insurance held firm (3.5% compared to second quarter 2019), as did that from property and casualty insurance (-0.8%
compared to second quarter 2019). Gross customer acquisition showed strong momentum (+145,000
small businesses and individual customers in 2020 at LCL and +55,000 customers at CA Italia) and thecustomer base continued to expand (+10,000 customers at LCL in 2020 and +1,500 at CA Italia).
Commercial activity was exceptionally buoyant in capital markets (+44% compared to second quarter2019) and robust in financing activities (+5.7%), while risk management remained cautious (moderate
VaR at €14m at 30 June).
Business picked up sharply in June, with an increase in home loan simulations at LCL (+38.8% between
March and June 2020), a rise in commercial production in Specialised financial services (+170% for CA
Consumer Finance and +90% in leasing for CAL&F between April and June 2020) and an increase in thevolume of new business in property and casualty insurance (+63% between March and June 2020).

-

In Savings/Retirement, outstandings (savings, retirement and death & disability) were up +1.6%
compared to June 2019 at €302.1 billion, including €68.5 billion in unit-linked contracts, up +3.9% yearon-year. Unit-linked contracts accounted for 22.7% of outstandings, up +1.2 percentage point comparedto first quarter 2020. Premium income increased to €3.8 billion for the second quarter 2020 (down -51.8%
compared to the second quarter 2019), and total net inflows were negative at -€0.9 billion, down -€4.3
billion compared to the second quarter 2019. The quarter was nonetheless characterised by outflows ineuros (-€1.8 billion) and positive net inflows in unit-linked contracts (+0.9 billion). UL contracts accounted
for 41.6% of gross inflows in the quarter, up +12.4 percentage points compared to second quarter 2019
and +0.3 percentage point compared to the previous quarter. The solvency of Crédit Agricole
Assurances is at a comfortable level, exceeding 233%, well above the upper limit of our control range
160%-200%. The Policy Participation Reserve (PPE) reached €11.5 billion as of 30/06/2020, i.e. 5.5%of total outstanding, increased by €0.6 billion. This PPE can be used to support the average annualised
rate of return on assets for euro-denominated contracts, which reached 2.50%12 as at 30/06/2020, i.e alevel still significantly above the average guaranteed minimum rate (0.28% at end-2019).

12 Predica rate

Results for the second quarter and first half of 2020

14/41

PRESS RELEASEIn property and casualty insurance, Crédit Agricole Assurances recorded a slight decrease in premiums, down
-0.8% in the second quarter 2020 compared to the second quarter 2019. Pacifica recorded a net increase of +43000 contracts over the quarter, reaching nearly 14.2 million contracts at end-June 2020, or a +3.1% increaseyear-on-year. The equipment rate for individual customers13 increased in the LCL network (25.2% at endJune 2020, i.e. a +0.6 percentage point increase since June 2019) and the Regional Banks networks (41.0% at
end-June 2020, i.e. a +1.0 percentage point increase since June 2019), as well as in CA Italia (15.9% at endJune 2020, i.e. a +1.3 percentage point increase since June 2019). The combined ratio remained under control
at 97.7%, a slight increase of +2.5 percentage points year-on-year. In death & disability/creditor and groupinsurance, turnover reached nearly €958 million this quarter, down -3.5% compared to second quarter 2019.
-

This quarter, Asset management (Amundi) recorded limited net outflows, despite the unprecedented
context (-€0.8 billion), and a good momentum in inflows on medium and long-term (MLT) assets (+€3.5
billion). MLT inflows from retail customers (excluding Joint Ventures) remained resilient at -€1.7 billion
with good resistance in the networks (in France with +€1.2 billion and internationally with -€0.1 billion);in the Third Party Distributors segment, outflows in the quarter (-€2.7 billion) were concentrated in April,and inflows returned to positive in June. Net inflows were good in Joint Ventures (+€3.1 billion) anddynamic in institutional and corporate MLT (+€4.6 billion), due to a recovery in risk appetite among
institutional and sovereign customers. Assets under management thus remained at a high level at €1,592
billion at end-June 2020, up +7.1% compared to end-June 2019. The market effect on assets undermanagement was +€64.9 billion compared to March 2020. This quarter also saw the renewal of thepartnership between Amundi and Société Générale for another five years.

-

Retail banking maintained a good resilience of its activity. Home loan production was down for LCL (9.8% in second quarter 2020 compared to second quarter 2019), but remained stable for CA Italia (-0.8%
this quarter, but home loan production clearly recovered in June, up +26.9% compared to April 2020).
However, outstanding loans continued to increase in Retail banking: in France, for LCL, with a +11.2%
increase in loans at end-June 2020 compared to end-June 2019, driven in particular by home loans(+8.5%), corporate loans (+18.0%) and small businesses (+27.3%), as well as in Italy, for CA Italia, with
a +4.9% increase in loans at end-June 2020 compared to end-June 2019, driven by loans to individuals(+4.2%) and loans to small businesses (+1.5%), in addition to loans to large corporates and SMEs(+8.9%), and, finally, for all International retail banking excluding Italy, with loan growth of +1.8% at endJune 2020 compared to end-June 2019, driven in particular by Egypt (+19.0%14) and Morocco (+3.8%14),
despite a decline in Ukraine (-10.8%14) and Poland (-3.4%14). In France, renegotiations on LCL homeloans were down this quarter to €0.6 billion outstanding for the quarter, compared to €0.9 billion in firstquarter 2020, i.e. a difference of €0.3 billion, and remained well below the high point of €5.2 billion of
fourth quarter 2016. Off-balance sheet deposits remained stable for LCL (-0.7%), affected by a stillnegative market impact, despite an upturn this quarter, and were up for CA Italia (+4.6%). On-balance
sheet deposits were up in all markets, from +13.1% compared to June 2019 for LCL in France, inparticular stemming from an increase in personal savings driven by demand deposits (+28.2%) andpassbooks (+4.9%). They went up +4.6% for CA Italia, driven in particular by the increase in deposits
from corporates since the beginning of the year; and lastly, up +5.5% for all International retail banking
excluding Italy, driven by Morocco (+7.5%14) and Ukraine (+11.4%14). The equipment rate in automotive,
multi-risk household, healthcare, legal or accident insurance is up for LCL at 25.2% (+0.6 percentage
point) and CA Italia 15.9% (+1.3 percentage point).

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

14 Excluding foreign exchange impact.

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Within the Specialised financial services business line, commercial sales at CA Consumer Financetotalled €7.1 billion, down 40% compared to second quarter 2019, notably due to a decline at Agos (51%) and automotive partnerships (-43%, of which -51% at FCA Bank). The contributions of theRegional Banks and of LCL also fell sharply (-41.3% and -40%, respectively). The slowdown in activity
at GAC Sofinco was more moderate, with a -10% decline in commercial business compared to second
quarter 2019. More generally, activity has been buoyant again since June, with CA Consumer
Finance's commercial production up +170%/+€2.3 billion between April 2020 and June 2020 (219% in
France and 145% internationally). More specifically, production in China increased by +97% between
March 2020 and June 2020. CA-CF also continued to support their customers during this period by
granting 40,000 moratoria. Against this backdrop, gross managed loans totalled €88.4 billion and were
down -2.4% compared to second quarter 2019, with a lower contribution from automotive partnerships(-6.6%) and a higher contribution from Group entities (+1.9%). Gross consolidated loans were stablecompared to second quarter 2019 (+0.2%) at €34.3 billion. CAL&F's production also declined compared
to second quarter 2019. Indeed, commercial production in factoring was down (-9.2% to €3.8 billion)
notably in France (-51% to €1.8 billion). By contrast, international production increased by €1.6 billion
to €1.9 billion, due to the start of major contracts in Germany. In this context, factored revenues were
down over the period (-24.6% compared to second quarter 2019 at €15.5 billion). Moreover, newcommercial production in leasing reached €1 billion, down -23.9% compared to second quarter 2019,
particularly in France and Poland (-€215 million and -€84 million, respectively) although business has
been picking up since June with a +90% increase in production between April 2020 and June 2020.
Lastly, leasing outstandings settled at €15.1 billion, an increase of +2.2% compared to second quarter
2019.

-

The activity of the Large customers business line was very dynamic this quarter, with underlying
revenues up in second quarter 2020 compared to second quarter 2019 (+20.9% at €1.8 billion)
especially in Capital Markets and Investment banking (+38% at €780 million, of which +44% for CapitalMarkets) due to a strong contribution from all the sub-divisions. Bond originations showed record
activity, with business volumes doubling compared to second quarter 2019. Crédit Agricole Corporate
and Investment Bank's leading positions were confirmed in this segment (No.1 in All French
Corporate bonds, No.1 in Global Green, Social and Sustainability bonds 15). The Fixed Income Credit
and Change (FICC) sub-division also delivered a very good performance (+44% growth in revenues
including CVA in second quarter 2020 compared to second quarter 2019), demonstrating theeffectiveness of our relationship model. Regulatory VaR at 30 June 2020 was up moderately andremains at a low level, in line with our prudent risk management (€14 million as of 30 June 2020 vs.
€22.2 million as of 31 March 2020, average regulatory VaR: €18.8 million in Q2-2020 compared to €11.4
in Q1-2020). Financing activities reported higher underlying revenues (+5.8% compared to second
quarter 2019) at €720 million due to its ability to mobilise the full range of financing solutions forcustomers (underwriting, club deal and bilateral loans). In particular, the performance was very good on
syndicated loans. Crédit Agricole Corporate and Investment Bank strengthened its market share inthis business (7.6% compared to 6.9% at end-June 201916) and thus became the second largest player
in the EMEA syndicated loan market. Overall, commercial banking revenues rose +22.4% to €408
million. Structured finance recorded a decline in revenues (-10.2%) due to the economic slowdown in
activity. Furthermore, in line with its Originate to Distribute model, financing activities recorded anaverage primary payout ratio over the last twelve months of 39%, down -5 percentage points compared
to second quarter 2019.

15 Sources: Refinitiv and Bloomberg
16 Source: Refinitiv T78

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PRESS RELEASE-

Lastly, Asset servicing (CACEIS) recorded good levels of assets under custody (€3,873 billion at
end-June 2020, up +35% year-on-year) and assets under administration (€2,005 billion, up +10%
year-on-year) this quarter, due to acquisition of new customers, which compensates for an
unfavourable market effect (+€173 billion in AuC and +€36 billion in AuA) and due to the consolidationof KAS Bank and Santander Securities Services (+€826 billion in AuC and +€150 billion in AuA).

Analysis of the results of Crédit Agricole S.A.’s divisions and business
lines
Asset gathering
The Asset gathering (AG) business line posted underlying net income Group share of €551 million in second
quarter 2020, up +11.0% from second quarter 2019. The business line contributed by 50% to the underlying net
income Group share of the Crédit Agricole S.A. core businesses (excluding the Corporate Centre division) insecond quarter 2020 and 28% to underlying revenues excluding the Corporate Centre division.
The Asset gathering (AG) business line posted underlying net income Group share of €907 million in first half
2020, down -4.4% from first half 2019.
At 30 June 2020, capital allocated to Asset Gathering amounted to €10.0 billion, including €8.5 billion for
Insurance, €1.1 billion on Asset Management, and €0.5 billion on Wealth Management. Risk weighted assets ofAsset Gathering account for €40.9 billion including €24.8 billion on Insurance, €11.1 billion on Asset managementand €5.0 billion on Wealth Management.
Exclusively for asset gathering, risk-weighted assets are calculated net of the effect of the “Switch” guarantee,
allowing the Crédit Agricole S.A. Group to save €22 billion17 in risk-weighted assets on the prudential treatmentof the Insurance business line. It generates a negative impact of around -€33 million as for the second quarter2020 on the division’s net income.
The underlying RoNE (Return on Normalised Equity) stand at 21.4% for the first semester 2020, versus 27.5%
on the full year 2019.

Insurance
Underlying revenues were up +13.5%, driven notably by positive market effects in second quarter 2020 (+€140
million) partly offsetting the negative market impact in first quarter 2020. Underlying costs increased by +4.1%,
mainly due to the increase in headcount to support the development of the sub-division. Thus, the underlying
cost/income ratio excluding SRF was 23.8%, an improvement of +2.2 percentage points versus second quarter
2019, and the underlying gross operating income increased by +16.8% compared to second quarter 2019. The
tax charge for first quarter 2020 rose +4.6% to -€152 million. The Insurance sub-division's underlying net income
Group share was up +20.6% compared to second quarter 2020.
Underlying revenues reached €1,212 million in the first half of the year, marked by the market effects of the firstquarter. It was down -2.7% compared to first half 2019. Costs increased by +5.5%, resulting in a slightdeterioration in the cost/income ratio by -2.7 percentage points, to 34.2% in first half 2020. Underlying GOI
decreased by -6.6%. Finally, the tax charge for first quarter 2020 was down -20.7% compared to first half 2019,
due to lower pre-tax income and a lower tax rate in France. As a result, net income Group share was €590 million,a moderate decline of -2.5% compared to first half 2019.

17 Including the partial dismantlement of the Switch recorded at Q1 2020

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PRESS RELEASE
Asset management
Underlying revenues were down -7.5% to €607 million in second quarter 2020. Net management revenues were
down (-7.7%), mainly due to the market environment. Net management fee and commission income was affectedby the average level of the markets (down Q2/Q2) and by a less positive mix effect (products/customers);
performance fees remain at a good level (€34m, in particular in Equity and Diversified assets); Lastly, financial
revenues were up +12.0% due to the recovery of the markets from end-March to end-June (affecting the mark tomarket valuation of the voluntary investment and seed money portfolio). Underlying expenses decreased by 7.3% to €325 million, thanks to the adjustment of variable compensation and the last IT cost synergies related tothe integration of Pioneer. Underlying gross operating income decreased by -7.1% and the underlying
cost/income ratio excluding SRF was 53.5%, stable over the past year (+0.1 percentage point). The contributionof equity-accounted entities, comprising in particular income from Amundi’s joint ventures in Asia, was up by+26.6%. Corporate income tax was down -9.7% to €70 million this quarter. In conclusion, underlying net income
Group share was down by -10.3% to €146 million.
In the first half year, revenues fell by -7.2%, due to market and product mix effects. Costs decreased by -4.6%.
The underlying cost/income ratio excluding SRF remained at a very good level 54.9%, despite a 1.5 percentage
point deterioration in the first half year. GOI decreased -10.3%. The net income of equity-accounted entities
increased by +17.6%, in particular thanks to the Indian JV. Lastly, net income Group share decreased by -13.9%
to €274 million.

Wealth management
Underlying revenues dropped -6.0% to €194 million in second quarter 2020, in line with the decline in wealthmanagement assets of -3.6% between end-June 2019 and end-June 2020. Underlying costs excluding SRF
remain controlled (-3.7%) and reached €174 million in second quarter 2020. The underlying cost/income ratio
excluding SRF thus deteriorated by 2.1 percentage points to 89.9% for second quarter 2020. Underlying GOI
decreased -16.6% to €20 million. A tax benefit of +€3 million was nonetheless recorded this quarter, compared
to an expense of -€4 million in second quarter 2019, as second quarter 2020 is subject to a tax credit on an earlier
tax dispute and a reduction in Swiss cantonal tax rates. As a result, underlying net income Group share was up+42.7% to €19 million in second quarter 2020.
Underlying revenues for the first half year were stable at +0.2% compared to first half 2019, as were costs, whichshowed a slight decrease of -0.3%. As a result, GOI was up +5.9% and taxes, benefiting from the positive effects
described above, recorded income of €1 million. As a result, net income Group share increased by +62.9% to€44 million for the first half year.

Retail banking
French retail banking
Underlying revenues were slightly down -3.6% at €857 million in second quarter 2020. They were in particularaffected by the decline in fee and commission income (-3.0%) due to a business that was very strongly impacted
by the context, as well as by the decline in the net interest margin (NIM), down -4.0% mainly due to valuation
effects. Thanks in particular to LCL's continued operational efficiency policy, underlying costs excluding SRF fellby -5.1% to €544 million in second quarter 2020, resulting in an improvement in the underlying cost/income ratio
excluding SRF by +1.0 percentage point, to 63.4%. The decrease in underlying gross operating income istherefore contained, from -2.7% to €306 million. Provisioning increased sharply (x2.3) to -€117 million in second
quarter 2020. This increase notably includes €29 million pertaining to provisioning for performing loans. The
annualised cost of risk on oustandings over the half year thus stands at 33 basis points. Lastly, underlying net
income Group share was down by -25.3% to €128 million in second quarter 2020.

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PRESS RELEASE
Revenues remained stable in first half 2020, at €1,746 million compared to first half 2019. Underlying expenses
excluding SRF decreased by -3.2%, due in particular to a continued improvement in external expenses, which
resulted in a -1.7 percentage point improvement in the cost/income ratio to 64.6%. Gross operating income thusrose +2.6% but was largely offset by a sharp rise in provisioning (x2.3), to -€218 million. All in all, the businessline’s contribution to net income Group share was down -21.7%.
The underlying RONE (return on normalized equity) of LCL stands at 7.8% for the first half year 2020, compared
to 10.8% for 2019.

International retail banking
International retail banking revenue fell by -10.5% to €640 million in second quarter 2020. The underlying
expenses excluding SRF are down, albeit contained (-4.0%), to reach €418 million, and there was an additional
contribution to SRF of €9 million. Hence, the gross operating income decreased by -22.0%. Provisioning
multiplied by 2.4 to -€146 million this quarter (in particular due to the provisioning of performing loans). All in all,the net income Group share of International retail banking stands at €37 million, down -62.8% compared tosecond quarter 2019.
For the first half year, underlying revenues decreased -5.8% to €1,310 million. Underlying operating expenses
excluding SRF are down -1.9% to €840 million, resulting in a 2.6 percentage point deterioration in the underlying
cost/income ratio, to 64.7%. Provisioning increased by 82.3% to reach €314 million for the half year. Thistranslates into a net income Group share of €178 million for first half 2020.

Italy
Revenues fell -10.8% to €431 million in second quarter 2020 as a result of the decline in activity during the
lockdown. Net interest margin was impacted by the renegotiations and the decline of rates, affecting both floatingrate loans outstandings and new loan production. Fee and commission income was also down this quarter (15%). Underlying costs excluding SRF were down -2.3%, due in particular to savings on external expenditureand mobility. As this decline was less rapid than the fall in revenues, the underlying cost/income ratio excluding
SRF was 67.0%, deteriorating by +5,8 percentage points compared to 2019. Provisioning multiplied by 2.4,
reaching -€146 million, as a result both of provisioning of performing loans (-€30 million) and a significant increasein provisions for proven risks in order to prepare for the disposal of non-performing loans. The annualised cost of
credit risk on outstandings for the half year was therefore 102 basis points. The non-performing loans ratio
improved to 7.4% this quarter (-0.6 percentage points June/June) and the coverage ratio was +2.5 percentage
points higher, at 62.9%. Also noteworthy this quarter was a capital gain (on net income on other assets line of
the income statement) for the disposal of a building for €65 million before tax.
For the first half year, revenues were down -6.4% and settled at €875 million. Operating expenses excluding SRF
were down by only -2.1%, resulting in a deterioration in the underlying cost/income ratio excluding SRF, which
stands at 64.8%, an increase of +2.9 percentage points June/June. Lastly, the sub-division contribution to net
income Group share was down -41.8%.
The underlying RoNE (return on normalized equity) of CA Italia stands at 4.2% for the first half year 2020,
compared to 9.3% for 2019.

Crédit Agricole Group in Italy
The Group’s results in Italy were €257 million in first half 2020, i.e. a -25% decrease from first half 2019 due tothe increase in the cost of risk.

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PRESS RELEASE
IRB – excluding Italy
Underlying revenues declined in second quarter 2020 compared to second quarter 2019 (-9.8%), mainly due to
NII impacted by a fall in key interest rates in Egypt, Poland, Ukraine and Morocco, and fee and commission
income that was affected by the sharp slowdown in commercial activity. Underlying costs excluding SRF werealso down -7.7% this quarter and were declining in all subsidiaries except CA Egypt (+5%). The underlying
cost/income ratio excluding SRF of the IRB outside Italy therefore declined by only 1.5 percentage points to
62.1% for second quarter 2020. Underlying gross operating income thus decreased by -13.1% and theprovisioning increased (x2.3) to -€52 million in second quarter 2020. Lastly, underlying net income Group sharewas €12 million, i.e. a strong decrease of -70.3%.
By country:-

CA Egypt(18): underlying gross operating income was down -16% in second quarter 2020 compared tosecond quarter 2019, with underlying revenues (-13%) penalised by lower rates. The risk profile remained
good with a low NPL ratio of 2.6% and a high coverage ratio of 169%.

-

CA Poland(18): underlying revenues recorded a decline this quarter (-10%), penalised by the drop inreference interest rates. This drop was partially offset by a fall in expenses of -10%. Underlying grossoperating income fell by -9% and provisioning increased, resulting in a lower net income Group share,
which was negative in first half 2020 (-€4 millions ).

-CA Ukraine(18): underlying revenues were down this quarter (-11%), mainly due to the drop in thereference interest rate, as well as the fall in fee and commission income (-30%). The NPL ratio was 4.4%
and the coverage ratio was high at 180%.

-

Crédit du Maroc(18): revenues were slightly down this quarter by -3%, but expenses remained undercontrol (+1%). Provisioning remains prudent, with the coverage ratio reaching 96%.

In first half year 2020, revenues are down by -4.6% at €435 million. Underlying expenses excluding SRF
decreased only by -1.4%, which resulted a deterioration of the cost/income ratio at 62.7%, up by 2.0 percentage
points. All in all, the business-line’s contribution to net income Group share was down -56.4%.
The underlying RONE (return on normalized equity) of other IRB excluding Italy stands at 12.1% for the first halfyear 2020, compared to 19.3% for 2019.

The International retail banking business line contributed for 4% to the underlying net income Group share ofCrédit Agricole S.A.'s core businesses (excluding the Corporate Centre division) in the second quarter 2020 and
13% to underlying revenues excluding the Corporate Centre.
The entire Retail banking business line contributed for 15% to the underlying net income Group share ofCrédit Agricole S.A.'s core businesses (excluding the Corporate Centre division) in the second quarter 2020 and
29% to underlying revenues excluding the Corporate Centre.
As of 30 June 2020, the capital allocated to the division is €9.1 billion including €5.1 billion for French retailbanking, €3.9 billion for International retail banking. Risk-weighted assets are €95.5 billion including€54.1 billions for French retail banking and €41.3 billions for International retail banking.

18 Excluding forex effectResults for the second quarter and first half of 2020

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PRESS RELEASE
Specialised financial services
In second quarter 2020, the net income Group share of the Specialised financial services business line was€149 million, down -27.9% compared to second quarter 2019, due in particular to a decline in revenues in acontext of a slowdown in business and an increase in provisioning.
In first half 2020, net income Group share was €258 million, a decrease of -35.7%.
The business line contributed 12% to the underlying net income Group share of Crédit Agricole S.A.'s corebusinesses. (excluding Corporate Centre division) in first half 2020 and 12% to underlying revenues excluding
Corporate Centre division.
At 30 June 2020, the capital allocated to the Specialised Financial Services business line was €4.9 billion andrisk-weighted assets were €51.7 billion.
RoNE (return on normalised equity) of the business line stood at 10.1% in first half 2020 (vs 16% for 2019).

Consumer financeIn the second quarter 2020, CA Consumer Finance's revenues totalled €485 million and were down compared
to second quarter 2019 against a backdrop of a slowdown in activity due in particular to the health crisis (-12%including -€19 million on insurance revenues). Costs excluding SRF fell thanks to rigorous cost management (7.1% at €240 million) limiting the decline in gross operating income (-15.5%). The cost/income ratio
decreased by -2.6 percentage points to 49.5%. Contribution from equity-accounted entities was down (-22.7%)
due to an increase in provisioning at Wafasalaf (+€24 million). Provisioning for CA Consumer Finance was up+85.1%, 37% of the increase of which was related to the provisioning of performing loans. The underlying tax
contribution has been decreasing since second quarter 2019 (-€113 million), as CA Consumer Finance benefited
from a favourable tax regime in Italy (Affrancamento, +€39 million) following the commercial agreement signed
in 2019 between Agos and Banco BPM. Thus, CA Consumer Finance's net income Group share was€131 million and decreased -23.3% compared to second quarter 2019.
Revenues decreased -8.1% compared to first half 2019, as did gross operating income (-14.1%). The
cost/income ratio deteriorated (+3.3 percentage points to 51.5%) despite a decrease in costs excluding SRF(-1.8% to €517 million). The contribution from equity-accounted entities decreased (-15.4%) and theprovisioning increased (+78.4% to €382 million). As a result, with a lower underlying tax contribution (-€73
million), the contribution of the sub-division to the underlying net income Group share was down -31.5%.

Leasing & Factoring
In the second quarter 2020, CAL&F's underlying revenues were €122 million, down -10.4% compared to second
quarter 2019 (of which -29% on factoring), due to a slowdown in activity during the crisis, more pronounced infactoring. Underlying costs excluding SRF also fell (-2.9% to €69 million), limiting the decline in underlying
gross operating income (-22%). The cost/income ratio excluding SRF deteriorated by -4.4 percentage points
to 56.3%. Provisioning increased (x2.2 to €30 million), 79% of the increase of which was related to theprovisioning of performing loans. All in all, CAL&F’s underlying net income Group share was €18 million, downby -49.7% compared to second quarter 2019.
Underlying revenues were down -9.2% for first half 2020 compared to first half 2019, while underlying costs
excluding SRF remained stable (-0.9% to €144 million). As a result, underlying gross operating income
decreased (-21.7%) and underlying cost/income ratio deteriorated (+4.8 percentage points to 57.4%). With
increased provisioning (x2.3 at €56 million) the underlying net income Group share decreased (-55.8% to €30
million).

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PRESS RELEASE
Large customers
In the second quarter 2020, underlying net income Group share of the Large customers business line totalled€436 million, down -5.3% compared to second quarter 2019, due to a significant increase in provisioning in
financing activities (x8, 47% of the increase related to the provisioning of performing loans) and despite a sharp
rise in underlying gross operating income (+26.7%) thanks to very buoyant business.
Underlying net income Group share for first half 2020 was €644 million, down -7%.
The business line contributed 30% to the underlying net income Group share of Crédit Agricole S.A.'s corebusinesses. (excluding Corporate Centre division) in first half 2020 and 31% to underlying revenues excluding
Corporate Centre division.
At 30 June 2020, the capital allocated to the Large customers business line was €12.5 billion and risk-weighted
assets were €131.7 billion.
RoNE (return on normalised equity) of the business line stood at 10% in first half 2020 (vs 12.7% for 2019).

Corporate and investment banking
In second quarter 2020, underlying revenues rose +20.3% to €1,500 million as did underlying gross operating
income (+27.1%, at €802 million), due to the excellent performance in capital markets. Underlying revenues ofcapital markets and investment banking were up +37.7% to €780 million (of which +44% in capital markets) witha strong contribution from all sub-divisions. Underlying revenues for financing activities were also up (+5.8% at€720 million), due to the excellent performance of commercial banking (+22.4% at €408 million) and despite thenegative impact of the economic environment on structured finance (-10.2% at €311 million). Underlying
expenses excluding SRF were up +3.4% to €645 million compared to the second quarter 2019 mainly due toa base effect, and remained under control with a cost/income ratio of 43%. Thus, with higher provisioning (x5)notably in financing activities (x8, 47% of the increase of which is related to provisioning for performing loans),
the sub-division's contribution to the Group's underlying net income Group share was down -4.2%, to €400
million.
Underlying revenues increased by +12.9% in first half 2020 compared to first half 2019, while underlying costs
excluding SRF increased moderately (+3.1%). Thus, with a positive jaws effect (+9.8 percentage points),
underlying gross operating income was up (+20.6%) and the underlying cost/income ratio improved (-4.6
percentage points to 48.6%). Finally, with higher provisioning (x9.4) during the half year, the sub-division'scontribution to net income Group share was down -7.4% to €585 million.

Asset servicing
In second quarter 2020, as a result of the consolidation of KAS Bank and Santander Securities Services,
underlying revenues increased by +23.9% to €288 million, while underlying costs excluding SRF rose +20% to€207 million. Underlying gross operating income rose +22.9% to €74 million and benefited from a positive jaws
effect (+3.9 percentage points). The cost/income ratio excluding SRF improved by +2.4 percentage points to
71.9%. Underlying net income improved by +24.4%. In all, the contribution of the sub-division to underlying net
income Group share was down -15.7% year-on-year, to €37 million, as a result of the emergence of noncontrolling interests in Santander for €17 million.
Underlying revenues increased by +26.3% in first half 2020 compared to first half 2019, while underlying costs
excluding SRF increased by +22.4%. With a positive jaws effect (+3.9 percentage points), the underlying grossoperating income increased (+31.9%), and the underlying cost/income ratio improved (-2.4 percentage points
to 73.6%). As a result, underlying net income increased by +43.6%. In conclusion, the sub-division's contribution
to net income Group share is down -3.3% due to non-controlling interests (€29 million).

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PRESS RELEASE
Corporate Centre
An analysis of the negative contribution of the Corporate Centre looks at both the “structural” contribution andother items. The “structural” contribution includes three types of activities:-

the activities and the role of the corporate centre of Crédit Agricole S.A. holding. This negative
contribution reached -€139 million in second quarter 2020, a significant improvement compared tosecond quarter 2019 (-€260 million) due to improved revenues following lower refinancing costs andlower staff costs and travel expenses;-

the sub-divisions that are not part of the core businesses, such as CACIF (private equity) andCA Immobilier: their contribution of -€26 million in second quarter 2020 shows a decline compared tosecond quarter 2019 (+€15 million), due to the impact of negative valuations in private equity entities;-

the Group’s support functions: the second quarter 2020 recorded a positive impact of +€10 million,
slightly down compared to second quarter 2019 (+€16 million). Their contribution, however, remains
essentially nil over a rolling 12-month period, as their services are reinvoiced to the other Group businesslines.

“Other items” recorded a negative contribution of -€39 million this quarter, compared to a contribution of +€38
million in second quarter 2019. This negative variance is due to the impact of the market upturn on intra-grouptransactions.
For first half 2020, the negative contribution of the Corporate Centre division was -€375, an improvement of+€103 million compared to first half 2019. The structural component improved significantly over the period (+€54
million), in particular with regard to the activities and functions of the corporate entity Crédit Agricole S.A.’s
corporate centre (+€109 million). The other items of the business line contributed +€73 million over the half year,
an improvement of +€49 million.
As at 30 June 2020, risk weighted assets were €27.1 billion and allocated capital was €2.6 billion.
***

Philippe Brassac, Chief Executive Officer, commented on the second quarter 2020 results and activity of Crédit
Agricole S.A. as follows: “Our Group emerges unharmed from a disruptive quarter. The unprecedented healthcrisis has had an automatic effect on the economy. As France’s leading bank, we have massively supported ourcustomers. Our results are strong, with Gross operating income growing over the first half the year, a sharp risein CET1 ratios, and one of the best levels of risk provisioning in Europe, and we are putting them to the benefitof the recoveryˮ.

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PRESS RELEASE

Financial solidity
Crédit Agricole GroupOver the quarter, Crédit Agricole Group maintain a high level financial strength continuously, with a phased-in
Common Equity Tier 1 (CET1) ratio of 16.1% achieving today the objective of the 2022 Group Project, up by+0.6 percentage points compared to end-March 2020. The ratio fully loaded is 15.8%. This increase is mainly
due to the effect of +20 basis points of the retained earnings including a dividend per share provision of €0.24 forthe first half year of 2020, methodology and regulatory effects (+59 basis points) linked in particular to IFRS 9
phasing (+27 basis points) and the additional SME factor (+24 basis points) as well as unrealised gains and/or
losses (+11 basis points). In addition, the increase in risk-weighted assets over the period, generating an
unfavourable effect on the CET1 ratio of -21 basis points. In fact, risk weighted assets of the sub-divisions
increased by +€2.6 billion, notably in Retail banking, of which €1.4 billion at LCL and €1.7 billion at the Regionalbanks (+€7.6 billion in organic growth), partly offset by the impact of the SME add-on factor -€6 billion and theimpact of the increase of Insurance Equity stake for €1.9 billion. Excluding the effect of the 2-month waiting period
for State-guaranteed Loans, risk-weighted assets would have been €565 billion, and the Group's phased-in CET1
ratio would have been 16.3%.
In the end, the Crédit Agricole Group posted a substantial buffer of 7.2 percentage points between the level of its
CET1 ratio and the 8.9% SREP requirement for Crédit Agricole Group, compared with 6.6 percentage points at
31 March 2020.
The phased-in leverage ratio came to 5.3%, stable compared to end-March 2020. The phased-in Tier 1 ratio was
17.0%, the phased-in overall ratio was 19.7% and the phased-in average intra-quarter leverage ratio was 5.2%.

TLAC
The Financial Stability Board (FSB) has defined the calculation of a ratio aimed at estimating the adequacy ofthe bail-in and recapitalisation capacity of Global Systemically Important Banks (G-SIBs). This
Total Loss Absorbing Capacity (TLAC) ratio provides resolution authorities with the means to assess whether GSIBs have sufficient bail-in and recapitalisation capacity before and during resolution. It applies to Global
Systemically Important Banks, and therefore to Crédit Agricole Group.
The elements that could absorb losses consist of equity, subordinated notes and debts to which the Resolution
Authority can apply the bail-in.
The TLAC ratio requirement has been transposed into European Union law via CRR2 and has been applicablesince 27 June 2019. As from that date, Crédit Agricole Group must comply with the following requirements at all
times:-a TLAC ratio above 16% of risk-weighted assets (RWA), plus – in accordance with CRD5 – a combined
capital buffer requirement (including, for the Crédit Agricole Group, a 2.5% capital conservation buffer, a 1%
G-SIB buffer and the counter-cyclical buffer). Considering the combined capital buffer requirement, Crédit
Agricole Group will have to adhere to a TLAC ratio of above 19.5% (plus the counter-cyclical buffer)-a TLAC ratio of above 6% of the Leverage Ratio Exposure (LRE).

As from 1 January 2022, the minimum TLAC ratio requirements will increase to 18% of risk-weighted assets –plus the combined buffer requirement at that date – and 6.75% of the leverage ratio exposure.
At 30 June 2020, the Crédit Agricole Group’s TLAC ratio stood at 23.8% of RWAs and 7.5% of leverage
ratio exposure, excluding eligible senior preferred debt. The TLAC ratio increased by +120 basis points
compared to first quarter 2020, in a context of sharply rising TLAC debt issues. It exceeded the required 19.5%
of RWAs (according to CRR2/CRD5, plus, at 30 June 2020, the counter-cyclical buffer of 0.01%) and 6% of theleverage ratio exposure, respectively, despite the fact that it was possible at that date to include up to 2.5% of
RWAs in eligible senior preferred debt.

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PRESS RELEASE
Achievement of the TLAC ratio is supported by a TLAC debt issuance programme for 2020 of around €6
billion to €8 billion in the wholesale market. At 30 June 2020, €7.2 billion equivalent had been issued in themarket; the amount of the Crédit Agricole Group senior non-preferred debt taken into account in the computationof the TLAC ratio was €23.2 billion.

MREL
The MREL (Minimum Requirement for Own Funds and Eligible Liabilities) ratio is defined in the European “Bank
Recovery and Resolution Directive” (BRRD). This Directive establishes a framework for the resolution of banks
throughout the European Union, with the aim of providing the resolution authorities with shared instruments andpowers to pre-emptively tackle banking crises, preserve financial stability and reduce taxpayer exposure tolosses.
The ACPR, the national resolution authority believes that the “single point of entry” resolution strategy is the mostappropriate for the French banking system. The Crédit Agricole Group has adopted the SPE model. As the central
body, Crédit Agricole S.A. would be the single point of entry in a situation of resolution of Crédit Agricole. Given
the solidarity mechanisms that exist within the Group, a member of the Credit Agricole network or an entity
affiliated with it cannot be resolved individually.
The MREL ratio corresponds to the minimum requirement of own funds and eligible liabilities that must be
available in order to absorb losses in the event of resolution. It is calculated as the amount of own funds andeligible liabilities expressed as a percentage of the institution’s total liabilities and own funds, after certain
prudential adjustments (TLOF19), or expressed as risk weighted assets (RWA). Regulatory capital, as well as
subordinated notes, senior non-preferred debt instruments and certain senior preferred debt instruments withresidual maturities of more than one year are eligible for the numerator of the MREL ratio.
In 2020, the Single Resolution Board (SRB) notified Crédit Agricole Group of the revision of its total consolidated
MREL requirement and of a new subordinated MREL requirement. These are already applicable and have been
met by the Group since that time. These requirements will be reviewed periodically by the resolution authorities
and will include changes to the European regulatory framework (i.e. BRRD2).
Crédit Agricole Group’s target is to reach a subordinated MREL ratio (excluding eligible senior preferreddebt) of 24-25% of the RWAs by the end of 2022 and to maintain the subordinated MREL ratio above 8%of TLOF. This level would enable recourse to the Single Resolution Fund (subject to the decision of the resolution
authority) before applying the bail-in to senior preferred debt, creating an additional layer of protection forinvestors in senior preferred debt.
At 30 June 2020, Crédit Agricole Group posted an estimated MREL ratio of 11% of the TLOF and 8.2%
excluding eligible senior preferred debt. Expressed as a percentage of risk weighted assets, the Crédit
Agricole Group’s estimated MREL ratio was approximately 32% at end-June 2020. It was 23.8% excluding
eligible senior preferred debt.

Maximum Distributable Amount (MDA) trigger
The transposition of Basel regulations into European law (CRD4) has established a restriction mechanism of the
distributions applicable to dividends, AT1 instruments and variable compensation. The Maximum Distributable
Amount (MDA, the maximum sum a bank is allowed to allocate to distributions) principle aims to place limitations
on distributions in the event the latter were to result in non-compliance with combined capital buffer requirements.
The distance to the MDA trigger is the lowest of the respective distances to the SREP requirements in CET1
capital, Tier 1 capital and total capital. As from 12 March 2020 and considering the impact of the COVID-19 crisis,
the European Central Bank brought forward the effective date of application of Article 104a of CRD5 and allowed
institutions under its supervision to use Tier 1 and Tier 2 capital to meet the additional Pillar 2 requirement (P2R).

19 TLOF – Total Liabilities Own Funds, equivalent to the prudential balance sheet after netting of derivatives

Results for the second quarter and first half of 2020

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PRESS RELEASE
Overall, the P2R can now be met with 75% Tier 1 capital including as a minimum 75% CET1 capital. The CET1
requirement of Crédit Agricole S.A. and Crédit Agricole Group has thus decreased by -66 basis points since firstquarter 2020.
At 30 June 2020, Crédit Agricole Group posted a buffer of 636 basis points above the MDA trigger, i.e. €36
billion in CET1 capital.
At 30 June 2020, Crédit Agricole S.A. posted a buffer of 382 basis points above the MDA trigger, i.e. €13billion in CET1 capital.

Crédit Agricole S.A.
At end-June 2020, Crédit Agricole S.A. retained a high level of solvency, with a phased-in Common Equity Tier
1 (CET1) ratio of 12.0%, up +0.6 percentage point from end-March 2020. The fully loaded ratio is 11.7%.
During the quarter the CET1 ratio benefited from the stated result, generating a positive impact of +27 basis
points; unrealised gains and/or losses that generated a positive impact of +19 basis points, as well as a positive
impact from methodology and regulatory effects for +46 basis points, which notably includes IFRS 9 phasing for+25 basis points (measure authorising the neutralisation of part of the impact of the first-time application of IFRS
9 and of net charges to provisions on healthy loans outstanding), the additional SME factor effect (extension of
the SME support factor and introduction of a new factor of 0,85 for exposures above the threshold of EUR 2,5
million) for +9 basis points and prudent valuation effect (adoption by the EBA, before June 30 relating to theaggregation factor in order to limit the impact of market volatility in the calculation) for +7 basis points. The
measures on software are not applicable as of June 30, 2020. This impact also includes optimizations at CACIB,
which reduce weighted jobs by 1.5 billion euros. The solvency ratio include this quarter a dividend per shareprovision of €0.16, €0.24 for the half year, which, coupled with the effect of the AT1 coupons, has a negative
impact of 15 basis points. The solvency ratio include a negative impact of -16 basis points on the “M&A and other”
item, mainly related to the acquisition of Sabadell Asset Management for -9 basis points.
The impact of business line growth on the ratio this quarter is neutral. In the end, Crédit Agricole S.A. had asubstantial buffer of 4.1 percentage points between the level of its CET1 ratio and the 7.9% SREP requirement,
compared with 3.5 percentage points at 31 March 2020.
The phased-in leverage ratio was 3.9% at end-June 2020, stable compared to end-March 2020. The phased-in
average intra-quarter leverage ratio was 3.8%%, the phased-in Tier 1 ratio was 13.5% and the phased-in overall
ratio was 17.6% and the.
Risk weighted assets amounted to €347 billion at end-June 2020, compared with €348 billion at end-March, i.e.
a limited decrease of -0.2% over one quarter. The impact on risk-weighted assets of business growth was neutral
overall, +€1.2 billion under the effect of an increase of €2.7 billion increase in Retail banking, mostly at LCL
related to the introduction of State guaranteed loans, that was partially offset by a decline in Specialised financial
services (€2.1 billion). The increase in the equity-accounted value of the insurance business had an upward
impact on risk weighted assets amounting to €2.1 billion, whereas the regulatory effects had a downward impact
on them (-€2.6 billion in the case of SME supporting factor), as did the methodology effects at Crédit Agricole
Corporate and Investment Bank (-€1.5 billion). Pro-forma of State guaranteed loans 2 months’ waiting period risk
weighted assets were down -€2.6 billion in June compared to March.

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PRESS RELEASE

Liquidity and Funding
Liquidity is measured at Crédit Agricole Group level.
In order to provide simple, relevant and auditable information on the Group’s liquidity position, the banking cash
balance sheet’s stable resources surplus is calculated quarterly.
The banking cash balance sheet is derived from Crédit Agricole Group’s IFRS financial statements. It is basedon the definition of a mapping table between the Group’s IFRS financial statements and the sections of the cash
balance sheet as they appear in the next table and whose definition is commonly accepted in the marketplace. It
relates to the banking scope, with insurance activities being managed in accordance with their own specificprudential constraints.
Further to the breakdown of the IFRS financial statements in the sections of the cash balance sheet, netting
calculations are carried out. They relate to certain assets and liabilities that have a symmetrical impact in termsof liquidity risk. Deferred taxes, fair value impacts, collective impairments, short-selling transactions and otherassets and liabilities were netted for a total of €62 billion at end-June 2020. Similarly, €96 billion in repos/reverse
repos were eliminated insofar as these outstandings reflect the activity of the securities desk carrying out
securities borrowing and lending operations that offset each other. Other nettings calculated in order to build the
cash balance sheet relate to derivatives, margin calls, adjustment/settlement/liaison accounts and to non-liquid
securities held by the Corporate and Investment Banking division, included in the “Customer-related trading
assets” section, for an amount totalling €184 billion at end-June 2020.
It should be noted that deposits centralised with CDC are not netted in order to build the cash balance sheet; theamount of centralised deposits (€62 billion at end-June 2020) is booked to assets under “Customer-related
trading assets” and to liabilities under “Customer-related funds”.
In a final stage, other restatements reassign outstandings that accounting standards allocate to one section,
when they are economically related to another. As such, senior issues placed through the banking networks aswell as financing by the European Investment Bank, the Caisse des Dépôts et Consignations and otherrefinancing transactions of the same type backed by customer loans, which accounting standards would classify
as “Medium long-term market funds”, are reclassified as “Customer-related funds”.
Note that for Central Bank refinancing operations, outstandings related to the TLTRO (Targeted Longer-Term
Refinancing Operations) are included in “Medium long-term market funds”. Indeed, the TLTRO II and TLTRO III
operations do not allow for early redemption at the ECB’s discretion; given respectively their four-year and threeyear contractual maturity, they are deemed equivalent to long term secured refinancing, identical in liquidity risk
terms to a secured issue.
Medium/long-term repos are also included in “Medium long term market funds”.
Finally, the CIB’s counterparties that are banks with which we have a commercial relationship are considered ascustomers in the construction of the cash balance sheet.
Standing at €1,487 billion at 30 June 2020, the Group's banking cash balance sheet shows a surplus of stable
funding resources over stable application of funds of €241 billion, up +€109 billion compared to March 2020and up +€125 billion compared to June 2019.
In the context of the COVID-19 health crisis, the Group made massive efforts to support its customers, inparticular through the implementation of State guaranteed loans and extension on loans maturities. In order tomeet customer demand and benefit from competitive interest rate conditions, the Group took part once again in
June 2020 in the T-LTRO III medium-to-long-term refinancing transactions of the European Central Bank for €90
billion, increasing its level of stable resources.

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PRESS RELEASE
In addition, the Group benefited during the quarter from a significant increase in financing activities and retailbanking inflows in France, partly stemming from the liquidity return of State guaranteed loans financing. Indeed,over the quarter, inflows were up +€47 billion, while loans were up +€16 billion, also contributing to theimprovement of stable resources.
This surplus of €241 billion, known as stable resources position, allows the Group to cover the LCR deficit
generated by long-term assets and stable liabilities (customer, tangible and intangible assets, long-term funds
and own funds). It meets the Medium Term Plan target of over €100 billion. The ratio of stable resources overlong term applications of funds was 121.6%, up +9.5pp compared to the previous quarter.
Furthermore, given the excess liquidity and the gradual repayment over the quarter of drawings on central bankfacilities (notably LTRO), the Group moved into a short-term lending position at 30 June 2020 (central bankdeposits exceeding the amount of short-term debt).
Medium-to-long-term market resources were €311 billion at 30 June 2020, up +€83 billion compared to endMarch 2020.
They included senior secured debt of €184 billion, senior preferred debt of €84 billion, senior non-preferred debtof €24 billion and Tier 2 securities amounting to €19 billion.
The significant increase in senior secured debt is explained by the Group taking part in the T-LTRO medium-tolong-term refinancing transactions of the European Central Bank (drawings of TLTRO III and partial repayment
of TLTRO II). The decrease in preferred senior debt is explained by the liability management operation carriedout during the second quarter.
The Group’s liquidity reserves, at market value and after haircuts, amounted to €405 billion at 30 June
2020, up by +€67 billion compared to end-March 2020 and +€128 billion compared to 30 June 2019. They cover
three times short-term debt.
In the context of the COVID-19 health crisis, the Group strongly demonstrated its ability to mobilise collateral tocreate additional liquidity reserves. At the same time, the implementation in April of the ECB's collateral easing
measures also helped to increase the purchasing power of the Group’s central bank.
The increase in central bank deposits is the result of the replacement of significant excess liquidity. The increasein the Group's asset encumbrance ratio is in line with Central Bank’s drawings.
At end-June 2020, the numerator of the LCR ratio (including the portfolio of HQLA securities, cash and central
bank deposits, excluding reserve requirements), calculated as an average over 12 months, stood respectively at€256.2 billion for the Crédit Agricole Group and €224.4 billion for Crédit Agricole S.A. The denominator of theratio (representing net cash outflows), calculated as an average over 12 months, stood respectively at€192.8 billion for the Crédit Agricole Group and at €166.9 billion for Crédit Agricole S.A.
The average LCR ratios over 12 months for Crédit Agricole Group and Crédit Agricole S.A. were respectively
132.9% and 134.4% at end-June 2020. They exceeded the Medium Term Plan target of around 110%. Credit
Institutions are subject to a threshold for this ratio, set at 100% from 1 January 2018.
In the context of the COVID-19 health crisis, the increase in the level of LCR ratios of Crédit Agricole Group andCrédit Agricole S.A. was in line with the recourse of the Group to T-LTRO III drawings from the central bank.
The Group continues to follow a prudent policy as regards medium-to-long-term refinancing, with a very
diversified access to markets in terms of investor base and products.
At 30 June 2020, the Group’s main issuers raised the equivalent of €21.8 billion in medium-to-long-term
debt on the markets, 52% of which was issued by Crédit Agricole S.A.

Results for the second quarter and first half of 2020

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PRESS RELEASE
In addition, €3.3 billion was also borrowed from national and supranational organisations or placed in Crédit
Agricole Group’s Retail banking networks (Regional Banks, LCL and CA Italia) and other external networks at
end-June 2020.
It should be noted that Crédit Agricole Assurances (CAA) issued a 10-year Tier 2 bond for €1 billion in July, torefinance subordinated intra-group debt.
At the end of July 2020, Crédit Agricole S.A. completed 96% of its €12 billion medium/long-term market
funding programme for the year. The bank had raised the equivalent of €11.5 billion20, of which €5.2
billion equivalent in senior non-preferred debt and €2.2 billion equivalent in Tier 2 debt, as well as €4.1 billion
equivalent in senior preferred debt and in senior secured debt.
The target of senior non-preferred and Tier 2 issues had been revised at €6 to €8 billion eq., an increase fromthe initial target of €5 to €6 billion eq.
Note that in June 2020, Crédit Agricole S.A completed a partial buyback of 11 sets of bonds denominated in EUR
and GBP, as well as a partial buyback of four sets of USD-denominated bonds for a total of €3.4 billion eq. The
purpose of the buybacks was to optimise Crédit Agricole S.A.’s liability structure and debt management in lightof current and future regulations and to provide liquidity to investors in the targeted bond sets.

20 Gross amount before buy back and amortisation

Results for the second quarter and first half of 2020

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PRESS RELEASE

Corporate Social and Environmental Responsibility of the Company
SocialThe Crédit Agricole S.A. Group has been named one of the top 50 companies in the SBF 120 ranking of therepresentation of women on corporate decision-making bodies. The Crédit Agricole S.A. Group has improved
significantly in this ranking, climbing 46 spots from the 90th position in 2015 to the 44th position in 2019. Thisannual ranking highlights the commitment of 120 large French corporates to include more women on theirdecision-making bodies and to promote gender equality at work. This result reflects the proactive policy that theGroup adopted 4 years ago, leading in particular to a significant increase in the number of women on the decisionmaking bodies of the Crédit Agricole S.A. Group’s Executive Committee and on all of the top decision-making
bodies across the Group’s 11 business lines. The Group aims for women to make up 30% of its entities’ top
decision-making bodies by 2022.
On 8 April 2020, in the light of the health crisis caused by COVID-19, Crédit Agricole launched a solidarity fundraising money to pay for essential measures to protect the elderly and allow them to keep in touch with their close
ones. At the end of June, nearly 500,000 elderly people throughout the country received assistance from Crédit
Agricole thanks to this €20 million fund.
Climate financing
Crédit Agricole is setting up a new scheme to drive its non-financial performance. The scheme is made up of two
major projects: the launch of a non-financial reporting platform to cover the Crédit Agricole Group scope, and theroll-out of an energy transition rating tool to be used for analysis and dialogue with the Group’s large corporateclients. It is also helping the Group to meet the 2021 European regulatory requirements.
Amundi has been selected to manage a eurozone equity index fund aligned with the Paris Agreement on climatechange, on behalf of 12 institutional investors on the Paris stock exchange who are launching an unprecedented
initiative to promote climate issues. This investment solution is expected to produce an annual carbon intensity
reduction of at least 7%, in line with the IPCC’s* 1.5°C scenario. It is the first investment solution that is fully
eligible for the future “Paris Aligned Benchmark” European label. The index will operate by gradually excluding
corporates that do not set any targets as defined by the Science Based Targets initiative. The investment solution
therefore encourages issuers to embark on a transition.
*IPCC — the Intergovernmental Panel on Climate Change is open to all UN member countries

Technique Solaire has put in place financing activities of €111 million, calling on Unifergie (a subsidiary of Crédit
Agricole Leasing & Factoring) and Crédit Agricole de la Touraine et du Poitou. These activities include firstly, therefinancing of 120 existing solar power plants (so-called “brownfield” financing, which relates to assets alreadyin service) and secondly the financing of a portfolio of projects representing 54 megawatts of electricity (so-called“greenfield” financing, which concerns new construction projects), in addition to the 81-megawatt portfolio alreadyunderway for this client. In total, these new installations will generate power equating to the annual consumptionof 24,000 homes in 23 French departments.
Non-financial performance
The Grameen Crédit Agricole Foundation published its first impact report, a financial and non-financial
assessment. The Foundation has broadened its impact through its cooperation with 30 Crédit Agricole regionalbanks and entities. With a micro-financing fund that has brought together 21 Regional Banks, a skills volunteering
programme and innovative cooperation schemes, today the Foundation is strengthening its leverage position for
the financial inclusion of the Group in around 40 countries. For more information: http://impact-report.gcafoundation.org/

Results for the second quarter and first half of 2020

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PRESS RELEASE
Biodiversity
The Crédit Agricole registered office has just obtained the BiodiverCity® Life label awarded by the International
Biodiversity & Property Council (IBPC), which recognises consideration for biodiversity on sites in service. For
nearly two years, the Crédit Agricole Immobilier operations teams and the CSR management team at Crédit
Agricole S.A. have put the site’s ecological potential to the test and have now been awarded the label following
a compliance audit performed by Deloitte. Evergreen is the result of a comprehensive look at environmental
conservation, including the well-being of its occupants, management of natural resources and the developmentof biodiversity.

Results for the second quarter and first half of 2020

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PRESS RELEASE

Appendix 1 – Specific items, Crédit Agricole Group andCrédit Agricole S.A.
Credit Agricole Group - Specific items, Q2-20 and Q2-19, H1-20 and H1-19€m
DVA (LC)

Q2-20
Q2-19
ImpactImpact
Gross
on
Gross
on
impact*net
impact*net
incomeincome
(7)
(5)
(5)
(3)

H1-20
ImpactGrossonimpact*net
income
(26)
(19)

H1-19
ImpactGrossonimpact*net
income(12)(9)

Loan portfolio hedges (LC)

(75)

(51)

(8)

(6)

48

32

(27)

(20)

Home Purchase Savings Plans (LCL)

(4)

(3)

(3)

(2)

(15)

(10)

(11)

(7)

Home Purchase Savings Plans (CC)

(16)

(11)

(15)

(10)

(46)

(31)

(28)

(18)

Home Purchase Savings Plans (RB)

(58)

(40)

(19)

(13)

(133)

(90)

(98)

(64)

Liability management upfront payment (CC)

(41)

(28)

-

-

(41)

(28)

-

-

Support to insured clients Covid-19 (AG)

(2)

(1)

-

-

(2)

(1)

-

-

Support to insured clients Covid-19 (AG)

(143)

(97)

-

-

(143)

(97)

-

-

Support to insured clients Covid-19 (RB)

(94)

(64)

-

-

(94)

(64)

-

-

Total impact on revenues

(441)

(300)

(49)

(33)

(452)

(309)

(175)

(118)

Covid-19 donation (AG)

-

-

-

-

(38)

(38)

-

-

Covid-19 donation (IRB)

-

-

-

-

(8)

(4)

-

-

Covid-19 donation (CC)

-

-

-

-

(10)

(10)

-

-

Covid-19 donation (RB)

-

-

-

-

(10)

(10)

-

-

S3 / Kas Bank integration costs (LC)

(5)

(2)

-

-

(9)

(4)

-

-

Total impact on operating expenses

(5)

(2)

-

-

(75)

(67)

-

-

Triggering of the Switch2 (AG)

65

44

-

-

65

44

-

-

Triggering of the Switch2 (RB)

(65)

(44)

-

-

(65)

(44)

-

-

Total impact on cost of risk

-

-

-

-

-

-

-

-

Total impact of specific items

(445)

(302)

(49)

(33)

(527)

(376)

(175)

(118)

Asset gathering

(77)

(53)

-

-

(116)

(91)

-

-

French Retail banking

(22)

(14)

(320)

(221)

(108)

(71)

-

(8)

(4)

-

-

(224)

(152)

International Retail banking--

Specialised financial services

-

-

-

-

-

-

-

-

Large customers

(86)

(58)

(12)

(9)

13

9

(39)

(29)

Corporate centre

(58)

(39)

(15)

(10)

(97)

(69)

(28)

(18)

* Impact before tax and before minority
interests

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PRESS RELEASE

Crédit Agricole S.A. - Specific items, Q2-20 and Q2-19, H1-20 and H1-19

€m

Q2-20
ImpactGrossonimpact*net
incomeQ2-19
ImpactGrossonimpact*net
incomeDVA (LC)

(7)

(5)

(5)

(3)

Loan portfolio hedges (LC)

(75)

(50)

(8)

(6)

Home Purchase Savings Plans (FRB)

(4)

(2)

(3)

(2)

Home Purchase Savings Plans (CC)

(16)

(11)

(15)

(10)

(41)

(28)

-

(2)

(1)

-

Liability management upfront payment(CC)
Support to insured clients Covid-19 (LCL)

H1-20

H1-19
ImpactGrossonimpact*net
income

€m
(26)

(19)

(12)

(9)

48

32

(27)

(20)

(15)

(10)

(11)

(7)

(46)

(31)

(28)

(18)

-

(41)

(28)

-

-

-

(2)

(1)

-

-

Support to insured clients Covid-19 (AG)

(143)

(97)

-

-

(143)

(97)

-

-

Total impact on revenues

(288)

(195)

(30)

(20)

(225)

(154)

(78)

(53)

Covid-19 donation (AG)

-

-

-

-

(38)

(38)

-

-

Covid-19 donation (IRB)

-

-

-

-

(8)

(4)

-

-

Covid-19 donation (CC)

-

-

-

-

(10)

(10)

-

-

S3 / Kas Bank integration costs (LC)

(5)

(2)

-

-

(9)

(4)

-

-

Total impact on operating
expenses

(5)

(2)

-

-

(65)

(57)

-

-

Triggering of the Switch2 (AG)

65

44

-

-

65

44

-

-

Total impact on cost of risk

65

44

-

-

65

44

-

-

Total impact of specific items

(227)

(153)

(30)

(20)

(224)

(166)

(78)

(53)

Asset gathering

(77)

(53)

-

-

(116)

(91)

-

-

French Retail banking

(6)

(4)

(3)

(2)

(17)

(11)

(11)

(7)

International Retail banking

-

-

-

(8)

(4)

Specialised financial services

-

-

-

-

-

-

-

-

-

-

-

Large customers

(86)

(57)

(12)

(9)

13

9

(39)

(28)

Corporate centre

(57)

(39)

(15)

(10)

(97)

(69)

(28)

(18)

* Impact before tax and before minority
interests

Results for the second quarter and first half of 2020

33/41

Appendix 2 – Credit Agricole Group: results by business lines
Credit Agricole Group – Contribution by divisions - Q2-20 & Q2-19
Q2-20 (stated)
€m

RB

LCL

IRB

AG

SFS

LC

CC

Total

Revenues

3,163

851

664

1,360

607

1,706

(256)

8,096

Operating expenses excl. SRF(2,023)

(544)

(439)

(666)

(309)

(857)

(199)

(5,036)

SRF

(29)

(7)

(9)

1

(0)

(60)

(2)

(107)

Gross operating income

1,112

301

216

696

298

789

(458)

2,953

Cost of risk

(1,208)

(363)

(117)

(200)

64

(248)

(342)

(2)

Cost of legal risk

-

-

-

-

-

-

-

-

Equity-accounted entities

(1)

-

-

15

60

3

-

78

Net income on other assets

(4)

-

65

(0)

18

(0)

(0)

78

Change in value of goodwill

(3)

-

-

-

-

-

-

(3)

Income before tax

741

183

81

775

128

450

(460)

1,898

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

(226)

(53)

(17)

(202)

47

(47)

189

(308)

-

-

(0)

-

-

-

-

(0)

515

130

64

573

175

403

(272)

1,590

Non controlling interests

(0)

(0)

(22)

(69)

(26)

(16)

27

(107)

Net income Group Share

515

130

42

504

149

387

(245)

1,483

€m

RB

LCL

AG

IRB

SFS

LC

CC

Total

Q2-19 (stated)

Revenues

3,257

886

1,480

740

687

1,466

(30)

8,485

Operating expenses excl. SRF(2,221)

(573)

(691)

(455)

(329)

(797)

(242)

(5,308)

SRF

2

(1)

(3)

(7)

(0)

8

(3)

(4)

Gross operating income

1,038

312

786

278

358

678

(275)

3,174

Cost of risk

(238)

(51)

(8)

(87)

(132)

(69)

(14)

(598)

Cost of legal risk

-

-

-

-

-

-

-

-

Equity-accounted entities

4

-

12

-

78

(1)

-

94

Net income on other assets

(7)

(0)

(0)

(1)

0

(0)

0

(8)

Change in value of goodwill

-

-

-

-

-

-

-

-

Income before tax

797

262

790

190

305

608

(289)

2,662

Tax

(247)

(84)

(222)

(53)

(73)

(148)

99

(728)

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

-

-

8

-

-

-

-

8

Net income

550

178

576

137

232

460

(190)

1,942

Non controlling interests

0

(0)

(76)

(29)

(25)

1

(0)

(130)

Net income Group Share

550

178

500

108

207

460

(190)

1,813

Results for the second quarter and first half of 2020

34/41

PRESS RELEASE
Credit Agricole Group – Contribution by divisions – H1-20 & H1-19
H1-20 (stated)
€m

RB

LCL

IRB

AG

SFS

LC

CC

Total

Revenues

6,323

1,729

1,360

2,694

1,254

3,295

(192)

16,462

Operating expenses excl. SRF(4,286)(1,128)(889)(1,471)(661)(1,741)(408)(10,584)

SRF

(123)

(42)

(25)

(6)

(20)

(260)

(86)

(562)

Gross operating income

1,914

558

446

1,217

573

1,293

(686)

5,316

Cost of risk

(2,137)

(670)

(218)

(316)

46

(438)

(501)

(39)

Cost of legal risk

-

-

-

-

-

-

-

-

Equity-accounted entities

3

-

-

29

132

4

-

168

Net income on other assets

(4)

0

66

3

18

(0)

(0)

84

Change in value of goodwill

(3)

-

-

-

-

-

-

(3)

Income before tax

1,240

340

195

1,294

286

796

(725)

3,428

Tax
Net income from discontinued orheld-for-sale operations
Net income

(464)

(109)

(54)

(328)

18

(103)

252

(789)

-

-

(1)

-

-

-

-

(1)

776

231

140

967

304

693

(473)

2,638

Non controlling interests

(1)

(0)

(40)

(131)

(46)

(26)

(4)

(248)

Net income Group Share

775

231

101

835

258

667

(477)

2,391

LC

CC

Total

H1-19 (stated)
€m

RB

LCL

AG

IRB

SFS

Revenues

6,669

1,747

2,940

1,442

1,368

2,804

(287)

16,682

Operating expenses excl. SRF(4,413)(1,166)(1,444)

(894)

(671)

(1,616)(381)(10,585)

SRF

(88)

(32)

(7)

(22)

(18)

(177)

(81)

(426)

Gross operating income

2,167

550

1,489

526

678

1,011

(749)

5,671

Cost of risk

(295)

(95)

(3)

(175)

(239)

(59)

(13)

(879)

-

-

-

-

-

-

-

-

Cost of legal risk
Equity-accounted entities

9

-

25

-

156

(1)

-

188

Net income on other assets

(7)

1

(0)

(1)

1

3

7

3

Change in value of goodwill

-

-

-

-

-

-

-

-

Income before tax

1,874

456

1,510

350

596

953

(755)

4,983

Tax
Net income from discontinued orheld-for-sale operations
Net income

(710)

(153)

(419)

(99)

(137)

(277)

219

(1,576)

-

-

8

-

-

-

-

8

1,164

302

1,099

251

459

676

(537)

3,415

Non controlling interests

(0)

(0)

(149)

(53)

(58)

1

7

(253)

Net income Group Share

1,164

302

950

198

401

677

(530)

3,163

Results for the second quarter and first half of 2020

35/41

PRESS RELEASE

Appendix 3 – Crédit Agricole S.A.: results by business line
Crédit Agricole S.A. - Contribution by divisions - Q2-20 & Q2-19
Q2-20 (stated)€mAG

Revenues

1,359

851

Operating expenses excl. SRF

(666)

(544)

SRF

1

(7)

(9)

Gross operating income

694

300

212

Cost of risk

64

(117)

(199)

Cost of legal risk

-

-

-

-

-

-

-

Equity-accounted entities

15

-

-

60

3

10

88

Net income on other assets

(0)

-

65

18

(0)

(0)

82

BP (LCL)

BPI

SFS

GC

AHM

Total

640

607

1 706

(266)

4 897

(418)

(309)

(857)

(187)

(2 980)

(0)

(60)

(2)

(79)

298

789

(456)

1 838

(248)

(342)

(1)

(842)

Change in value of goodwill

-

-

-

-

-

-

-

Income before tax

773

183

78

128

450

(447)

1 166

Tax

(201)

(53)

(16)

47

(47)

185

(86)

Net income from discontinued or heldfor-sale operations

-

-

(0)

-

-

-

(0)

Net income

572

130

62

175

403

(262)

1 080

Non controlling interests

(74)

(6)

(25)

(26)

(23)

29

(126)

Net income Group Share

498

124

37

149

379

(233)

954

SFS

LC

CC

Total

Q2-19 (stated)€mAG

Revenues

1,479

886

715

687

1,467

(85)

5,149

Operating expenses excl. SRF

(691)

(573)

(436)

(329)

(797)

(207)

(3,033)

FRB (LCL)

IRB

SRF

(3)

(1)

(7)

(0)

8

(3)

(6)

Gross operating income

786

312

272

358

679

(296)

2,111

Cost of risk

(8)

(51)

(84)

(132)

(69)

(15)

(358)

Cost of legal risk

-

-

-

-

-

-

-

Equity-accounted entities

12

-

-

78

(1)

19

108

Net income on other assets

(0)

(0)

(1)

0

(0)

0

(1)

Change in value of goodwill

-

-

-

-

-

-

-

Income before tax

790

262

187

305

609

(292)

1,861

Tax

(221)

(84)

(52)

(73)

(148)

94

(485)

8

-

-

-

-

-

8

Net income

577

178

135

232

460

(198)

1,384

Non controlling interests

(80)

(8)

(36)

(25)

(9)

(3)

(161)

Net income Group Share

496

170

98

207

452

(201)

1,222

Net income from discontinued or heldfor-sale operations

Results for the second quarter and first half of 2020

36/41

PRESS RELEASE
Crédit Agricole S.A. - Contribution by divisions – H1-20 & H1-19
H1-20 (stated)€m

AG

FRB (LCL)

IRB

SFS

LC

CC

Total

Revenues

2,678

1,728

1,310

1,254

3,293

(167)

10,097

Operating expenses excl. SRF(1,471)(1,128)

(848)

(661)

(1,741)(385)(6,235)

SRF

(6)

(42)

(25)

(20)

(260)

(86)

(439)

Gross operating income

1,201

558

437

573

1,292

(638)

3,423

Cost of risk

46

(218)

(314)

(438)

(501)

(37)

(1,463)

Cost of legal risk

-

-

-

-

-

-

-

Equity-accounted entities

29

-

-

132

4

13

178

Net income on other assets

3

0

66

18

(0)

(0)

87

Change in value of goodwill

-

-

-

-

-

-

-

Income before tax

1,279

340

189

286

795

(662)

2,226

Tax

(323)

(109)

(53)

18

(103)

224

(347)

-

-

(1)

-

-

-

(1)
1,879

Net income from discontinued or heldfor-sale operations
Net income

955

231

135

304

692

(439)

Non controlling interests

(139)

(10)

(47)

(46)

(39)

(5)

(287)

Net income Group Share

816

220

88

258

653

(444)

1,592

LC

CC

Total

H1-19 (stated)€m

AG

FRB (LCL)

IRB

SFS

Revenues

2,948

1,747

1,391

1,368

2,806

(256)

10,004

Operating expenses excl. SRF(1,444)(1,166)

(856)

(671)

(1,616)(384)(6,136)

SRF

(7)

(32)

(22)

(18)

(177)

(81)

(337)

Gross operating income

1,497

550

513

678

1,013

(721)

3,530

Cost of risk

(3)

(95)

(172)

(239)

(59)

(13)

(582)

Cost of legal risk

-

-

-

-

-

-

-

Equity-accounted entities

25

-

-

156

(1)

13

193

Net income on other assets

(0)

1

(1)

1

3

19

22

Change in value of goodwill

-

-

-

-

-

-

-

Income before tax

1,518

456

340

596

955

(702)

3,163

Tax
Net income from discontinued or heldfor-sale operations

(420)

(153)

(96)

(137)

(278)

205

(880)

8

-

-

-

-

-

8

Net income

1,106

303

243

459

677

(497)

2,291

Non controlling interests

(157)

(14)

(66)

(58)

(13)

1

(307)

Net income Group Share

949

289

178

401

664

(496)

1,985

Results for the second quarter and first half of 2020

37/41

PRESS RELEASE

Appendix 4 – Methods used to calculate earnings per
share, net asset value per share
Crédit Agricole S.A. – Data per share, net book value per share and ROTE(€m)
Net income Group share - stated- Interests on AT1, including issuance costs,
before tax
NIGS attributable to ordinary shares - stated
Average number shares in issue, excluding
treasury shares (m)Net earnings per share - stated

Var
H1/H1
(19.8%)(4.5%)

Q2-19

H1-20

H1-19

954
(72)

1,222
(99)

1,592
(229)

[A]

882

1,123

1,363

1,745

(21.5%)(21.9%)[B]

2,882.4

2,864.1

2,882.7

2,863.3

+0.6%

+0.7%

[A]/[
B]

0.31 €

0.39 €

0.47 €

0.61 €(22.0%)(22.4%)

Underlying net income Group share (NIGS)
Underlying NIGS attributable to ordinary
sharesNet earnings per share - underlying

1,985
(240)

Var
Q2/Q2
(21.9%)(27.2%)

Q2-20

1,107

1,242

1,758

2,038

(10.9%)(13.7%)

[C]

1,035

1,143

1,529

1,798

(9.5%)(15.0%)[C]/[
B]

0.36 €

0.40 €

0.53 €

0.63 €(10.1%)(15.5%)

30/06/2020
63,895(5,130)(2,291)-30/06/2019
61,216(6,094)(3,056)-56,47452,066(€m)
Shareholder's equity Group share- AT1 issuances- Unrealised gains and losses on OCI - Group share- Payout assumption on annual results*
Net book value (NBV), not revaluated, attributable to ordin. sh.

[D]- Goodwill & intangibles** - Group share(18,502)(18,335)

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

[E]37,97233,731

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

2,882.8

2,864.0[D]/[F]19.6 €

18.2 €

[H]

0.0 €

0.0 €

19.6 €

18.2 €[G]=[E]/[F]13.2 €

11.8 €[G]+[H]

13.2 €

11.8 €

[H]

H1-20
2,725

H1-19
3,490

NBV per share , after deduction of dividend to pay (€)+ Dividend to pay (€)
NBV per share , before deduction of dividend to pay (€)
TNBV per share, after deduction of dividend to pay (€)
TNBV per sh., before deduct. of divid. to pay (€)* dividend proposed to the Board meeting to be paid** including goodwill in the equity-accounted entities(€m)
Net income Group share attributable to ordinary shares
Tangible NBV (TNBV), not revaluated attrib. to ord. sh. - avg***
Stated ROTE (%)
Underlying Net income attrib. to ord. shares (annualised)
Underlying ROTE (%)[J]

36,022

32,572[H]/[J]

7.6%

10.7%

[I]

3,058

3,596

[I]/[J]

8.5%

11.0%

*** including assumption of dividend for the current exercise

Results for the second quarter and first half of 2020

38/41

PRESS RELEASE

Alternative Performance Indicators
NAVPS Net asset value per share – Net tangible assets per share
One of the methods for calculating the value of a share. NAV per share is net equity Group share restated from
AT1 issues divided by the number of shares outstanding at the end of the period.
Net tangible assets per share is tangible net equity Group share, i.e. restated for intangible assets and goodwill,
divided by the number of shares outstanding at the end of the period.

NBV Net Book Value
Net book value is net equity Group share, restated for AT1 issues, HTCS hidden reserves and proposed
dividends on annual earnings.

EPS Earnings Per Share
Net income Group share (excluding AT1 issues interests) divided by the average number of shares outstanding,excluding Treasury shares. EPS indicates the portion of profits attributable to each share (not the portion of
earnings paid out to each shareholder, which is the dividend). It may decrease, assuming net income Group
share remains unchanged, if the number of shares increases (see Dilution).

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

Cost of risk/outstandings
Calculated by dividing cost of risk (over four quarters on a rolling basis) by outstandings (over an average of thepast four quarters, beginning of the period). The cost of risk on outstandings can also be calculated by dividing
the annualised cost of risk of the quarter by the outstandings as of beginning of the period.
Since the first quarter 2019, loans outstanding considered are only loans to customers, before impairment

Impaired loans ratio
This ratio compares the gross impaired customer loans to total gross customer loans outstanding.

Coverage ratio
This ratio compares the total loans loss reserves to the gross impaired customer loans outstanding.

Net income Group share attributable to ordinary shares – stated
Net income Group share attributable to ordinary shares is calculated as net income Group share less interest on
AT1 instruments, including issue costs before tax.

Underlying net income Group share
Underlying net income Group share is calculated as net income Group share restated for specific items (i.e. nonrecurring or exceptional items).

ROE Return on Equity
Indicator measuring the return on equity, calculated by dividing a company’s net income by its equity.

RoTE Return on Tangible Equity
Measures the return on tangible equity (the bank’s net assets restated to eliminate intangibles and goodwill).

Results for the second quarter and first half of 2020

39/41

PRESS RELEASE

Warning
The financial information on Crédit Agricole S.A. and Crédit Agricole Group for second quarter and first half 2020 comprises
this presentation and the attached appendices and press release which are available on the website: https://www.creditagricole.com/finance/finance/publications-financieres.
This presentation may include prospective information on the Group, supplied as information on trends. This data does not
represent forecasts within the meaning of EU delegated regulation 2019/980 of 14 March 2019 (chapter 1, article 1, d).
This information was developed from scenarios based on a number of economic assumptions for a given competitive andregulatory 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 andasset impairment.
Readers must take all these risk factors and uncertainties into consideration before making their own judgement.

Applicable standards and comparability
The figures presented for the six-month period ending 30 June 2020 have been prepared in accordance withIFRS as adopted in the European Union and applicable at that date, and with prudential regulations currently inforce. This financial information does not constitute a set of financial statements for an interim period as definedby IAS 34 “Interim Financial Reporting” and has not been audited.
Note: the scopes of consolidation of the Crédit Agricole S.A. and Crédit Agricole Groups have not changed
materially since the Crédit Agricole S.A. 2019 Universal Registration Document and its 2019 A.01 update(including all regulatory information about the Crédit Agricole Group) were filed with the AMF (the French
Financial Markets Authority).
The sum of values contained in the tables and analyses may differ slightly from the total reported due to rounding.
Since 30 September 2019, Kas Bank has been included in the scope of consolidation of Crédit Agricole Group
as a subsidiary of CACEIS. SoYou has also been included in the scope of consolidation as a joint-venture
between Crédit Agricole Consumer Finance and Bankia. Historical data have not been restated on a proforma
basis.
Since 23 December 2019, Caceis and Santander Securities Services (S3) have merged their operations. As of
said date, Crédit Agricole S.A. and Santander respectively hold 69.5% and 30.5% of the capital of CACEIS.
On 30 June 2020, once all necessary regulatory approvals were secured, Amundi acquired the entire sharecapital of Sabadell Asset Management.
Since 30 June 2020, Menafinance has been wholly owned by Crédit Agricole Consumer Finance and is fully
consolidated by Crédit Agricole S.A..

Results for the second quarter and first half of 2020

40/41

PRESS RELEASE

Financial Agenda
4 November 2020
11 February 2021
7 May 2021
12 May 2021
5 August 2021
10 November 2021

Publication of the 2020 third quarter and first 9 months results
Publication of the 2020 fourth quarter and full year results
Publication of the 2021 first quarter results
Annual General Meeting in Paris
Publication of the 2021 second quarter and the first half year results
Publication of the 2021 third quarter and first 9 months results

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

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

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

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

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

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

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

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

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

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

Crédit Agricole Group

créditagricole_sa

Results for the second quarter and first half of 2020

41/41