Montrouge, 15 May 2019

First Quarter 2019 Results

Good performance in all business divisions
Crédit Agricole S.A.


Underlying1 net income2: €796m, +1.0% Q1/Q1, +8.2% for the business divisions (excl. Corporate centre-CC)

Stated net income2: €763m, -10.9% Q1/Q1, stated revenues: €4,855m, -1.1% Q1/Q1
1
 Underlying EPS: €0.23 (-0.9% Q1/Q1),


Underlying1 revenues: +0.1% Q1/Q1 and +1.0% for the business lines: sustained level of CIB
activities (+3.3%) and Retail banking in France (+1.3%)

Confirmed control of underlying costs1: stable excluding the SRF3, demonstrating the good operating
efficiency of the businesses; stable underlying cost/income ratio (63.3%), excluding the SRF3 but
including the negative impact of other IFRIC21 charges affecting only Q1

Sharp increase in the SRF3: +13.9% Q1/Q1 to €332m, underlying1 net income excl. SRF: +3.5% Q1/Q1

Marked decrease in the cost of risk: -28.4% Q1/Q1, still low: 21bp4 in Q1-19, -7bp Q1/Q1



CET1 ratio: 11.5%, still above the target of 11%

Crédit Agricole Group*Stated net income2: €1,350m, -5.5% Q1/Q1, stated revenues: €8,196m, -0.7% Q1/Q1



Underlying1 net income2: €1,435m, +6.1% Q1/Q1, +9.9% for the business lines (excl. CC)Tight control of underlying costs2 excl. SRF3: -1.1% Q1/Q1, positive jaws effect of 2 ptsIncrease in the SRF3: +17.4% Q1/Q1 to €422m, underlying1 net income2 excl. SRF3: +8.1% Q1/Q1

Regional Banks (IFRS): higher underlying1 revenues driven by the strength of fees and the positive
revaluation of the securities portfolio, stable underlying costs excl. SRF3 and a sharp drop in the cost of risk

* Crédit Agricole S.A. and Regional Banks at 100%.
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 56.3% of Crédit Agricole S.A. Please see
p. 13 (Crédit Agricole S.A.) and p. 14 (Crédit Agricole Group) of this press release for details of specific items, which arerestated in the various indicators to calculate underlying results. A reconciliation between the published income statement
and the underlying income statement can be found from p. 15 onwards for Crédit Agricole S.A. and from p. 17 onwards for
Crédit Agricole GroupIn this press release, “underlying” refers to intermediary balances adjusted for the specific items described on p. 13 onwards
Net income Group share
3
Contribution to the Single Resolution Fund (SRF)
4
Average loan loss reserves over the last four rolling quarters. Since this quarter, loans outstanding included in credit risk indicators are
only loans to customers, before impairment
1
2

1/21

Crédit Agricole S.A.
Good performance in all business lines-

Increase in underlying net income, up +1.0% Q1/Q1, all business divisions excl. CC5 up +8.2%
Favourable market environment and profitable growth in CIB:
risk-weighted assets (RWA) +2.5% March/Dec., revenue/RWA ratio in Financing: +5bp Q1/Q1
Excellent Retail banking business performance in France: underlying net income up +17.7%,
positive jaw effect of +4.5 percentage points, falling cost of risk: -12.4%
Increase in the contribution to the SRF: +10.5%/-€30m to -€308m in net income

Continued improvement in business performance and cross-selling-High level of net inflows in life insurance driven by euro-denominated policies, continued strong growthof premium income and higher equipment rates in property & casualty insurance
Growth in loans outstanding in all retail banking networks
Higher levels of origination in Specialised Financial Services, in particular with respect to automotive
partnership consumer financeGood cost control-

Stable expenses excl. SRF: +0.1% Q1/Q1, cost/income ratio excl. SRF was stable at 63.3%

Cost of risk still at a very low level--28.4% Q1/Q1, cost of risk relative to outstandings at 21bp (-7bp Q1/Q1)
Improvement in the NPL ratio: 3.3% (-0.9 pp March/March) and NPL coverage ratio: 73.6% (+1.2 pp)

Financial strength confirmed: CET1 stable March/Dec.
-

CET1 ratio: 11.5%, still well above target of 11%
Year-on-year increase in risk-weighted assets (+4.5%), in particular this quarter for CIB, which
benefited from favourable market conditions

Crédit Agricole S.A.'s Board of Directors, chaired by Dominique Lefebvre, met on 14 May 2019 to examine thefinancial statements for the first quarter of 2019.
Stated net income in first quarter 2019 reached 763 million euros, compared to 856 million euros infirst quarter 2018, down -10.9%. This drop is entirely due to the specific items6 of both periods being compared.
First quarter 2019 specific items had a net negative effect of -33 million euros on net income. They included
only the volatile accounting items this quarter, namely changes in the home purchase saving plan provisionsof -13 million euros impacting net income (-21 million euros before tax and non-controlling interests), DVA (Debt
Valuation Adjustment) in the amount of -6 million euros and the coverage of loan portfolios in the amountof -14 million euros. In first quarter 2018, specific items had a +68 million euros impact on net income,primarily due to an adjustment to negative goodwill recognised on the acquisition of the three Italian banks for+66 million euros (+86 million euros before taxes and non-controlling interests), the costs of integrating Pioneerin the amount of -4 million euros (-9 million euros in operating expenses) and recurring volatile accounting itemsin the amount of +6 million euros.
Excluding these specific items, underlying net income for first quarter 2019 came to 796 million euros, anincrease of +1.0% compared with first quarter 2018. This slight increase had the following mixed effects:

56Corporate centre
See p. 13 for details of specific items for Crédit Agricole S.A. and p. 15 for a reconciliation of stated and underlying income.

First Quarter 2019 Results

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-

good performance by the business lines: their contribution to net income, excluding Corporate Centre,
was up +8.2% between the two periods;-

a one-time decline reported by Corporate Centre: its contribution to underlying net income wasnegative, standing at -287 million euros versus -213 million euros in the first quarter of 2018
(i.e. -74 million euros) attributable to volatile accounting items not classified as specific items.

Underlying revenues and costs excl. SRF were stable between both periods (+0.1% each). The decline ingross operating income (-2.7%/-41 million euros) was entirely due to the sharp rise (+13.9% compared to
first quarter 2018) of the contribution to the Single Resolution Fund, namely +41 million euros. This decline
was more than offset by the continued decline in the cost of credit risk (to 225 million euros,
i.e. -28.4%/-89 million euros compared to first quarter 2018) and, at 21 basis points, it is still low compared toloans outstanding. Underlying net income therefore rose by +1.0%. If it were not for the SRF, this increase would
have been +3.5%.

Table 1.

Crédit Agricole S.A. - Stated and underlying results, Q1-19 and Q1-18

En m€

Q1-19
stated

Q1-18
statedVar Q1/Q1
stated

Q1-19
underlying

Q1-18
underlying

Var Q1/Q1
underlying

Revenues

4,855

4,909

(1.1%)

4,903

4,900

+0.1%

Operating expenses excl.SRF(3,104)(3,110)(0.2%)(3,104)(3,100)

+0.1%

SRF

(332)

(291)

+13.9%

(332)

(291)

+13.9%

Gross operating income

1,419

1,508

(5.9%)

1,467

1,508

(2.7%)

Cost of risk

(28.4%)

(225)

(314)

(28.4%)

(225)

(314)

Cost of legal risk

-

-

n.m.

-

-

n.m.

Equity-accounted entities

85

93(8.1%)

85

93(8.1%)Net income on other assets

2318+23.8%

2318+23.8%

Change in value of goodwill-

86(100.0%)

-

-

n.m.

Income before tax

1,302

1,391

(6.4%)

1,350

1,305

+3.4%

Tax
Net income from discont'd or held-forsale ope.
Net income

(394)

(362)

+8.9%

(409)

(362)

+12.8%

(0)

(1)

n.m.

(0)

(1)

n.m.

908

1,028

(11.7%)

941

942(0.1%)

Non controlling interests

(145)

(172)

(15.7%)

(146)

(154)

(5.6%)Net income Group Share

763

856

(10.9%)

796

788

+1.0%

Earnings per share (€)

0.22

0.25

(14.7%)

0.23

0.23

(0.9%)

Cost/Income ratio excl.SRF (%)

63.9%

63.3%

+0.6 pp

63.3%

63.3%

+0.0 pp

At 796 million euros, first quarter 2019 underlying net income Group share incorporates expenses related
to IFRIC21, which are not recorded on a straight-line basis for the year, and therefore had an impactof -403 million euros on net income, of which -308 million euros related to the contribution to the SRF. Not
restated as specific items, these expenses rose sharply (+27 million euros/+7.2% in net income Group share)
between first quarter 2018 and first quarter 2019.
The only scope effect this quarter related to the contribution by Banca Leonardo, a subsidiary ofIndosuez Wealth Management, included in the consolidated financial perimeter within the Asset Gathering andInsurance business line in the second quarter of 2018. It had no material impact on net income.
Underlying earnings per share came to 0.23 euro, reflecting a slight decrease (-0.9%) relative tofirst quarter 2018, in line with the change in attributable net income (after deduction of AT1 coupons that are
directly charged to net income in the financial statements but deducted for the calculation of earnings per share,see p. 19).

First Quarter 2019 Results

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The Crédit Agricole S.A.’s business lines and the Crédit Agricole Group retail networks, in particular the
Regional Banks, which distribute the products and services of Crédit Agricole SA’s business lines, enjoyed verystrong activity levels again this quarter, in lending, customer savings and personal & property insurance and,by doing so, participated in the deployment of cross-selling specific to the customer-focused universal banking
model, at the heart of the “Strategic Ambition 2020” plan:-

Property & casualty insurance reached 13.6 million policies in its portfolio, i.e. +5.3% year-on-year andthe customer equipment rate7 continues to climb: 36.6% for the customers of the Regional Banks, a+1.6pp year-on-year increase, and 24.1% for LCL, i.e. +1.3pp, while premium income infirst quarter of 2019 rose +8.6% compared to the first quarter of 2018; net inflows in Life Insurance werestrong this quarter: +2.8 billion euros in the first quarter of 2019, including +1.2 billion euros in unit-linked
policies; these accounted for 25% of total gross inflows in the first quarter of 2019 and 21.8% of
Savings/Retirement assets under management at the end of March 2019, a +0.3 point year-on-yearincrease; of particular note this quarter was the promising start to the partnership between
Crédit Agricole Assurances and Credit Valtellinese (Creval) in Italy, with 143 million euros in total grosslife insurance inflows, including 31% unit-linked policies;-

Asset management (Amundi) recorded this quarter positive net inflows on medium-long term assets of+8.4 billion euros8, distributed between Retail, at +2.4 billion euros and the Institutional investor segment
at +6.0 billion euros8, as well as substantial outflows in treasury products (-9 billion euros); overall, thequarter posted negative net inflows of -6.9 billion euros, largely offset by a positive market and foreignexchange effect of +58.3 billion euros, bringing assets under management to 1,476 billion euros, anincrease of +1.7% compared to the end of March 2018 and +3.6% compared to the end of
December 2018;-

Retail banking is still showing strong commercial momentum with high rates of lending growth, inparticular in France for LCL (+9.1% compared to the end of March 2018) driven by small businesses andprofessionals (+11.8%) and home loans (+8.3%). This is also the case for Italy for Crédit Agricole Italia(+1.8% increase excluding disposal of doubtful loans in 2018) with again, sharp growth in home loans(+18% in the number of home loans between first quarter 2018 and first quarter 2019 and +14% in
origination), substantially higher than the market (-7.9%9); as to customer savings, they saw positive
growth year-on-year for LCL (+5.2%) driven by on-balance sheet deposits, in particular demand deposits(+11.6%), while for CA Italia, they were down (-1.8%, of which -5.5% for on-balance sheet deposits) due
to the continuation of measures implemented in the third quarter of 2018 to reduce volatile and expensive
resources; net customer acquisition is still robust at LCL (+18,900 new individual and professionalcustomers in first quarter 2019) and the equipment rate continues to grow at a steady pace (+8.3% in
multi-risk home-owners insurance, car insurance and health insurance policies); meanwhile CA Italia iscontinuing the work of integrating the three banks acquired in late 2017, whose business performance isimproving across all segments (for instance, the number of home loans granted more than doubled
between first quarter 2018 and first quarter 2019);-

Specialised financial services saw its managed loans increase +7.1% compared to theend of March 2018 in Consumer finance, driven by solid origination activity in this business line (+8.4%
March/March), notably with its automotive partnerships (+20.5%), a +2.7% increase in finance leases,
thanks to good business momentum internationally (+9.9%) and a +2.9% increase in factored turnover,also driven by good business momentum internationally (+4.7%);-

lastly, the Large customers division grew this quarter in an environment that was more favourable thanthat seen in the first or fourth quarter of 2018, marked by increased activity in the market, particularly indebt issuances, which benefited the Capital Markets in credit/fixed income/forex; CACIB is positioned as
No. 2 worldwide in euro-denominated bond issues 10; on the other hand, Investment banking (equity
capital markets origination and advisory) suffered due to a lacklustre market; Financing continued to

7

Car, multi-risk home, health, legal and everyday accident insurance
Excluding the end of a mandate insourced by an Italian customer in the amount of -6.3 billion euros
9Source: Crif10
All international investment grade issues in € - worldwide - bookrunner (Source: Refinitiv 31/03/2019)8

First Quarter 2019 Results

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show strong growth and CACIB, applying its Distribute to Originate model, recorded an average primary
ditribution rate of 42% in the 12-month period ending in March 2019 (+15 percentage points compared
to 2013, the year in which it ramped up this policy); finally, Asset Servicing (CACEIS) saw its
assets under custody increase by +6.6% and its assets under administration rise by +0.6% compared tothe end of March 2018.
Underlying revenues were stable compared to first quarter 2018, at 4,903 million euros (+0.1%). Excluding the
Corporate Centre, which saw a sharp drop in revenue of -46 million euros related to an unfavourable base effectin some volatile accounting items not classified as specific items, all the business lines generated growth inunderlying revenues of +1.0%. The Large customers division (+44 million euros/+3.3%) in particular posted
excellent performance, notably in Financing (+6.8%) driven by major transactions in Commercial Banking(+8.5%) and brisk business in Structured Finance (+5.2%). Capital Markets also posted excellent businessperformance in Credit/Fixed Income/Forex. Underlying revenues of the Retail banking in France division rose
+1.3% with a volume effect offsetting the pressure on interest margins with interest rates again following adownward trend, allowing for good growth in interest income year-on-year. The Asset servicing division also
saw a substantial increase in revenues (+3.6%) driven by the growth of the business line and higher cash levels
from customers. By contrast, the underlying revenues of the Insurance division were relatively stable (+0.2%
compared to the first quarter of 2018) owing to the adoption of a cautious recognition of investment margin in Lifeat the start of the year, in an environment marked by a further decline in interest rates and a low tax rate thisquarter on portfolio income. In Asset management, underlying revenues declined slightly by -0.9% due to a
sharp drop in performance fees, which fell -32 million euros from the high level of first quarter 2018
(52 million euros), which strong management fees (+0.9%) were unable to offset. Retail banking in Italy also
recorded a decline in its underlying revenues (-3.9%), with solid growth in interest income in spite of persistently
negative interest rates but which did not compensate for lower fees and other revenues, impacted bydevelopments on the financial markets since last year. Lastly, Consumer finance posted a decline in its
revenues owing to a highly competitive environment which nevertheless was offset by the excellent performanceturned in by its automotive partnerships, recognised as a contribution from equity-accounted entities.
The stability of revenues compared to the first quarter of 2018 goes hand-in-hand with that ofunderlying operating expenses excluding SRF (+0.1% in both cases). This is confirmation of good cost
control in all business lines, offsetting natural inflation of +1.5%/2%. However, the +4 million euro increase in
expenses between the two periods conceals differing trends at each division. As such, the Asset gathering
division posted higher operating expenses excl. SRF (+18 million euros/+2.5%) owing to investments indevelopment and the integration of Banca Leonardo into the scope of consolidation. The Large customers
division also recorded higher costs (+37 million euros/+4.7%) linked to the development of its business thisquarter. Offsetting this, the Retail banking and Specialised financial services business lines saw their costs fallsignificantly (respectively -23 million euros/-2.2% and -15 million euros/-4.2%), thanks to the continuation of
structural cost savings plans. Lastly, the Corporate Centre (CC) benefited from continuing efforts to promotesynergies between the support functions (decrease of -14 million euros).
The underlying cost/income ratio excluding SRF came out to 63.3%, which is a good level for a first quarter,
and which covers the bulk of the IFRIC21 expenses, which are not spread out over the full year, and is stablecompared to the first quarter of 2018.
The sharp increase in the contribution to the SRF (+13.9%) nevertheless affects the growth inunderlying gross operating income, which declined -2.7% compared to first quarter 2018. Including the SRF,
expenses related to IFRIC21 reached 489 million euros in first quarter 2019, up +6.2% compared to
first quarter 2018. It should be noted that the contribution to SRF was increased by 11 million euros in thesecond quarter 2018.
At 225 million euros, the cost of credit risk was down -22.4%/-89 million euros compared to
first quarter 2018. This drop is mainly attributable to the Large customers division, in particularCorporate & Investment Banking, which recognised a provision reversal in the amount of +15 million euros thisquarter versus an allocation of -65 million euros to provisions in the first quarter of 2018. The other business lines
experienced more modest movements between the two quarters: Retail banks in France and in Italy recorded
respective decreases of -12.6%/-6 million euros and -15.1%/-12 million euros.
First Quarter 2019 Results

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The cost of risk relative to outstandings11 represents 21 basis points, versus 29 in first quarter 2018 and 23
in fourth quarter 2018. It is still low and shows no sign of short term deterioration, as credit quality metrics continue
to improve: the non-performing loans ratio stood at 3.3% at the end of March 2019 (i.e. -0.9 percentage pointcompared to the end of March 2018) and the coverage ratio improved by +1.2 percentage point to 73.6%
year-on-year.
Equity-accounted entities saw their contribution fall by -8.1%/-8 million euros to 85 million euros. The excellent
performance turned in by the consumer finance partnerships with FCA Bank in Europe and GAC in China(+26.0%/+16 million euros) only partially offset the negative change (-23 million euros) booked by the
Corporate Centre: -6 million euros in first quarter 2019 linked to the negative impact of the first time consolidationof the entity Crédit Agricole Group Infrastructure Platform (CA-GIP), versus +18 million euros in first quarter 2018
associated with a real estate capital gain.
Underlying pre-tax income before discontinued operations and non-controlling interests increased by+3.4% to 1,350 million euros. The underlying effective tax rate was 32.3% versus 29.9% in first quarter 2018, an
increase that is primarily attributable to the increase in the SRF contribution, which is not tax deductible. This rate
is significantly lower than the standard corporate income tax rate in France due to the generation of earnings incountries with a lower tax rate and the tax credit from Additional Tier 1 debt instruments (interest payments are
deducted directly from equity, for -141 million euros in the first quarter in the light of the new debt issued in early
March, versus -131 million euros in first quarter 2018). The underlying tax expense therefore rose +12.8% to409 million euros.
Net income attributable to non-controlling interests fell -5.6% to 146 million euros, primarily concentrated in
the Corporate Centre due to the change in the method of consolidation of a subsidiary, which is now
equity-accounted.
Consequently, underlying net income rose by +1.0% compared to first quarter 2018 to 796 million euros, butwould have increased by +3.5% excluding the contribution to the SRF.

At the end of March 2019, Crédit Agricole S.A.’s solvency remained very solid, with a Common Equity Tier 1(CET1) ratio of 11.5%, stable compared to 31 December 2018; the main movements during the quarter offset
one another: the good level of retained earnings (+9 basis points, including a dividend provision of 0.11 euro pershare, namely 50% of stated earnings per share) and the positive change in the unrealised reserves of the
securities portfolio (+23 basis points) were absorbed by the impact of the first time application of IFRS16(-5 basis points) and by the organic growth of the business lines’ risk-weighted assets (-29 basis points).
Risk-weighted assets totalled 321 billion euros at the end of March 2019, an increase of +4.5% compared to theend of December 2018. There were primarily concentrated in the Asset gathering division, with +6.3 billion euros,
including +3.9 billion euros in Insurance, corresponding to the increase in equity at Crédit Agricole Assurances,
due to the increase in unrealised capital gains and income for the quarter, and in the Large customers division(+3.9 billion euros).
The phased-in leverage ratio came to 4.4%12, an increase of +0.2 points compared to the end of
December 2018. The intra-quarter average measure of phased-in leverage ratio13 reached 4.0% in thefirst quarter of 2019.

11

Average loan loss reserves over the last four rolling quarters. Since this quarter, loans outstanding included in credit risk indicators are
only loans to customers, before impairment
12
Following the authorisation received from the ECB (with retroactive application back to 2016), the leverage ratio at 31/03/2019 (and pro
forma 31/12/2018) takes account of the exclusion of the exposures related to the centralisation of regulated savings at Caisse desDépôts et Consignations
13
Average end-of-month exposures for the first two months of the quarter

First Quarter 2019 Results

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Crédit Agricole S.A.'s average LCR (Liquidity Coverage Ratio) over twelve months stood at 133.3% 14 at
end-March 2019, which is higher than the target level of around 110% set out in the Medium-Term Plan.
At the end of April 2019, Crédit Agricole S.A. had completed 53% of its medium-to long term market
funding programme for the year. The bank had raised the equivalent of 9.0 billion euros, of which
5.3 billion euros equivalent of senior preferred debt and secured senior debt, and 2.2 billion euros equivalent ofsenior non-preferred debt and 1.5 billion euros equivalent of Tier 2 debt. The 2019 programme is set at
17 billion euros, including around 5 to 6 billion euros of TLAC eligible debt (Tier 2 debt or senior non-preferreddebt). It should be noted that in February 2019 Crédit Agricole S.A. carried out an AT1 instrument issue for1.25 billion US dollars (1.1 billion euros). This issue was not part of the annual funding programme.
***
Philippe Brassac, Chief Executive Officer, commented on the first quarter 2019 results and activity of
Crédit Agricole S.A. as follows: “In the first quarter of 2019, Crédit Agricole S.A.’s business lines were once again
able to post excellent business and financial performance. Our universal banking model, balanced anddiversified, based on building comprehensive and lasting relationships with each of our customers, delivers
sturdiness, consistency and performance. Crédit Agricole S.A.’s solvency stays above our long-term target.
These performances demonstrate once again the relevance of our strategy fully focused on organic growth,internal synergies and consolidation of business lines. These very good performances allows confidence our
future medium-term plan that will be unveiled next June.”.

14

The ratio numerator and denominator stand at €177.6 billion and €133.2 billion, respectively, for Crédit Agricole S.A.

First Quarter 2019 Results

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Crédit Agricole GroupIn the first quarter of 2019, Crédit Agricole Group’s results reveal a very good level of operational
efficiency (positive jaws effect of +2 points) thanks to brisk activity in all Group entities and very good
operating cost control. The cost of risk also declined substantially, reaching a very low level with no signof short-term deterioration. Stated net income was down -5.5% compared to the first quarter of 2018 dueto specific items, which were slightly negative this quarter but which had been positive in thefirst quarter of 2018. Excluding specific items, underlying net income stood at 1,435 million euros, up+6.1%. Excluding the contribution to the SRF, underlying net income was up +8.1%. The Regional Banks
posted very good performance this quarter, with a contribution to net income up +13.4% for the period,
thanks to excellent operational efficiency (positive jaws effect of +4.2 percentage points) and a sharply
lower cost of risk (-46.1%). The Group’s financial position was further strengthened this quarter, with the
CET1 ratio up 0.3 point to 15.3% as of 31 March 2019.

First quarter 2019 is yet another demonstration of the relevance of the strategy put in place as part of the“Strategic Ambition 2020” Medium-Term Plan (MTP). All business lines were able to demonstrate the strength ofthe diversified universal banking model thanks to a high level of activity and continuing customer acquisition aspart of an efficient operational framework.
Since the beginning of 2019, the Group has announced the following transactions:-

CACEIS plans to launch a friendly public bid for all of the capital of KAS Bank; CACEIS is confirming its
pan-European ambition by strengthening its position in the Netherlands and its ability to serve thecustomers of insurance companies and pension funds; this acquisition will create value thanks to thestrong potential for synergies; the completion of this takeover bid is expected to occur in thethird quarter of 2019;-

Crédit Agricole S.A. and Santander have announced the merger of their custody and asset servicing
operations; after this merger, Crédit Agricole S.A. and Santander would hold 69.5% and 30.5%
respectively of this new entity that will keep the name CACEIS and combine the activities of CACEIS andSantander Securities Services (“S3”) in Spain and Latin America (Brazil, Mexico and Colombia); this newentity would benefit from greater scale and a stronger competitive positioning; the enlarged group would
be better placed to capture growth in high potential markets (Latin America and Asia) and newopportunities. This transaction is expected to be completed before then end of 2019;-

CACIB completed the disposal of a 4.9% stake in Banque Saudi Fransi (BSF) to a consortium headed
by Ripplewood, thereby reducing its stake in Banque Saudi Fransi to 10% and, subject to the exercise
of a warrant on 6% of the equity, to 4% by the end of the year; the impact of this agreement will bebooked in the second quarter of 2019.

In the first quarter of 2019, Crédit Agricole Group's stated net income came to 1,350 million euros versus
1,429 million euros in the first quarter of 2018, down -5.5%.
Specific items15 in the first quarter of 2019 had a negative effect of -85 million euros on stated net income.
They cover only recurring volatile accounting items including variations in the provision for the home purchasesavings plan for -65 million euros (-99 million euros before income tax and non-controlling interests), the DVA(Debt Valuation Adjustment) for -6 million euros and the loan portfolio coverage for -14 million euros. In thefirst quarter of 2018, they were positive at +76 million euros and primarily include an adjustment to negative
goodwill recognised on the acquisition of the three Italian banks for +74 million euros, the integration costs ofintegrating Pioneer in the amount of -4 million euros and recurring volatile accounting items for a total amount of+7 million euros.

15

See p. 14 for details of specific items for Crédit Agricole Group and p. 17 for a reconciliation of stated and underlying income.

First Quarter 2019 Results

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Excluding these specific items, underlying net income came out at €1,435 million, up +6.1% compared to
first quarter 2018. When we strip out the contribution to the SRF, this increase reaches +8.1%.

Table 2.

Crédit Agricole Group - Stated and underlying results, Q1-19 and Q1-18

En m€

Q1-19
stated

Q1-18
statedVar Q1/Q1
stated

Q1-19
underlying

Q1-18
underlying

Var Q1/Q1
underlying

Revenues

8,196

8,258

(0.7%)

8,323

8,249

+0.9%

Operating expenses excl.SRF(5,277)(5,343)(1.2%)(5,277)(5,333)(1.1%)

SRF

(422)

(359)

+17.4%

(422)

(359)

+17.4%

Gross operating income

2,497

2,556

(2.3%)

2,623

2,556

+2.6%

Cost of risk

(281)

(421)

(33.2%)

(281)

(421)

(33.2%)

Cost of legal risk

-

-

n.m.

-

-

n.m.

Equity-accounted entities

95

99(3.6%)

95

99(3.6%)Net income on other assets

1020(48.5%)

10

20(48.5%)

Change in value of goodwill-

86(100.0%)

-

-

n.m.

Income before tax

2,321

2,340

(0.8%)

2,448

2,254

+8.6%

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

(848)

(767)

+10.6%

(889)

(767)

+16.0%(0)(1)(99.5%)(0)(1)(99.5%)

1,473

1,572

(6.3%)

1,558

1,486

+4.8%

Non controlling interests

(123)

(143)

(14.2%)

(123)

(134)

(8.1%)Net income Group Share

1,350

1,429

(5.5%)

1,435

1,352

+6.1%

Cost/Income ratio excl.SRF (%)

64.4%

64.7%

-0.3 pp

63.4%

64.7%

-1.3 pp

Underlying revenues were up +0.9% compared to first quarter 2018. This growth stands at +2.1% on the scopeof the business lines (excluding Corporate Centre). The increase is primarily attributable to the excellent
performance turned in by the Retail banks, in particular in France (+3.4%) and the Large customers division(+3.3%).
Underlying operating expenses excluding the contribution to the SRF fell by -1.1% compared to thefirst quarter of 2018, thanks to expenses kept under control at the Retail banks and inSpecialised financial services. The underlying cost/income ratio excluding SRF came out to 63.4% for the
first quarter of 2019, an improvement of 1.3 points versus the first quarter of 2018. The contribution to the SRF
rose +17.4% compared to the first quarter of 2018. This softened the positive trend in gross operating income,which rose +2.6% between the two quarters, versus +4.5% excluding the contribution to the SRF.
The cost of risk also declined substantially by -33.2% compared to the same period last year. The
cost of risk relative to outstandings16 held steady at 17 basis points in the first quarter of 2019 and is still at a very
low level. The impaired loan ratio stood at 2.6% at end-March 2019 (-0.4 point compared to end-March 2018)
and the coverage ratio at 84.4% (+0.6 point).
The contribution from equity-accounted entities felt slightly by -3.6%/-4 million euros compared to thefirst quarter of 2018.
In the first quarter of 2019, net income on other assets came out to 10 million euros and included impacts on
Corporate Centre linked to the first time consolidation of Crédit Agricole-GIP (Crédit Agricole Group
Infrastructure Platform). In the first quarter of 2018, this line item stood at 20 million euros and primarily included
a real estate capital gain, also in Corporate Centre.

16

Average loan loss reserves over the last four rolling quarters. Since this quarter, loans outstanding included in credit risk indicators are
only loans to customers, before impairment

First Quarter 2019 Results

9/21

As a result, underlying income before tax increased by +8.6% compared to the first quarter of 2018 and stands
at 2,448 million euros for the first quarter of 2019. The underlying corporate income tax expense rose by+16.0% relative to the same quarter last year. At 37.8%, the underlying effective tax rate is+2.2 percentage points higher than in the first quarter of 2018, mainly attributable to the rise in the contribution
to the SRF, which is non-deductible.

In the first quarter of 2019, the Regional Banks were still continuing a dynamic customer acquisition trend,
recording a net +35,500 new individual customer relationships 17 and 15,000 EKO accounts were opened since
the beginning of 2019. This commercial performance made a significant contribution to growth in
Crédit Agricole S.A.'s business lines, whose products are distributed by the Regional Banks, as the Group's
leading distribution channel and the leading retail bank in France. As a result, the equipment rate of customers
continues to increase: the inventory of premium cards rose +10.8% between March 2018 and March 2019 andthe stock of property and personal insurance policies increased by +4.5%.
Outstanding loans grew +6.7% compared to 31 March 2018. This growth was driven by all segments and inparticular +7.4% for home loans and +16.2% for consumer loans.
Customer savings rose +4.2% year-on-year, driven by on-balance sheet deposits (+5.8%) and, in particular,
demand deposits (+10.4%) and passbook accounts (notably Livret A, +10.5%). Off-balance sheet savings rose
more modestly by +1.6% year-on-year, driven by life insurance assets (+3.6%). The share of unit-linked policies
in gross inflows came to 17.6% in the first quarter of 2019, stable compared to the first quarter of 2018.
The contribution of the Regional Banks to Crédit Agricole Group’s underlying net income came to€665 million, up +13.4% compared to the first quarter of 2018. At 3,490 million euros, underlying revenues rose
+3.9% with a good performance in terms of fees (+3.2%, of which +8.2% in commissions on insurance products)
and the favourable impact of market conditions on the revaluation of the investment portfolio of theRegional Banks. Underlying costs, excluding the SRF, held steady at 2,192 million euros in thefirst quarter of 2019 (-0.3% compared to the first quarter of 2018). The underlying cost/income ratio excluding
the SRF stood at 62.8%, a 2.7 percentage point improvement year-on-year. At the same time, the cost of thecontribution to the SRF markedly increased to -90 million euros (versus -68 million euros in thefirst quarter of 2018). At -56 million euros (-46.1%), the cost of risk continues to decrease sharply compared to
the first quarter of 2018. The cost of risk relative to outstandings16 came out at 12 basis points, thenon-performing loans ratio stood at 2.0% at the end of March 2019 (i.e. -0.2 percentage point compared to theend of March 2018) and the coverage ratio at 98.2% year-on-year (-2 points).
Income before tax increased by +16.4% to 1,155 million euros. The tax expense increased by +20.8%
compared to the first quarter of 2018, with an underlying effective tax rate of 42.6% (versus 41.0%) because thenon-deductible nature of the expense related to the SRF, which has climbed.
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.

Crédit Agricole Group’s financial strength remains robust: the Common Equity Tier 1 (CET1) ratio stood at
15.3% on 31 March 2019, rising by 0.3 percentage point compared to 31 December 2018 over the
first quarter of 2019. This was primarily attributable to the contribution of retained earnings (+19 basis points) andby favourable market conditions, which led to an increase in unrealised reserves (+12 basis points). These two
effects largely offset the negative impact stemming from the first time application of IFRS16. RWA saw ameasured rise of +1.1% between the end of December 2018 and the end of March 2019, ending at
548 billion euros: an update to the credit risk models of the Regional Banks offset the increases recorded in the
Asset gathering and Large customers divisions. This ratio provides a substantial buffer of 5.8 percentage points
above the SREP requirement applicable to the Crédit Agricole Group as of 1 January 2019, set at 9.5% in

17

Data excluding BforBank.

First Quarter 2019 Results

10/21

February 2019 by the ECB (including the countercyclical buffer). The Group has a very substantial buffer of
31 million euros compared to the Maximum Distributable Amount (MDA).
The phased-in leverage ratio18 came out to 5.7% on 31 March 2019, rising +0.1 percentage point since the endof December 2018. The intra-quarter average measure of phased-in leverage ratio19 stood at 5.3% in thefirst quarter of 2019.
The TLAC ratio stood at 22.6% at 31 March 2019, excluding eligible senior preferred debt. It increased
substantially by 1.2 percentage point compared to 31 December 2018 using the same calculation and is
3.1 percentage points higher than the minimum requirement of 19.5% in 2019, excluding
eligible senior preferred debt. The TLAC ratio target of 22% by 2019, excluding eligible senior preferred debt, has
now been met.
Crédit Agricole Group’s liquidity position is solid. Its banking cash balance sheet, at 1,256 billion euros at
31 March 2019, showed a surplus of stable funding sources over stable assets of 121 billion euros, up by+6 billion euros compared to end December 2018, and exceeds the objective of the Medium-Term Plan by
100 billion euros. The surplus of stable resources finances the HQLA (High Quality Liquid Assets) securities
portfolio generated by the LCR (Liquidity Coverage Ratio) requirement for customer and customer-related
activities. These securities (117 billion euros) covered more than 3 times the short-term net debt of Central Bank
deposits.
The liquidity reserves, which include capital gains and haircuts on securities portfolios, stood at
274 billion euros at 31 March 2019. The Group’s average LCR ratio over twelve months stood at 132.8% 20 at
the end of March 2019, exceeding the Medium-Term Plan target of around 110%.
The Group’s main issuers raised 15.7 billion euros equivalent of medium-to-long term debt on themarkets as of the end of April 2019, 57% of which was issued by Crédit Agricole S.A. (9.0 billion euros
equivalent). Furthermore, 1.4 billion euros were also placed in Crédit Agricole Group’s retail networks(Regional Banks, LCL and CA Italia) and other external networks as well as borrowing from supranationalorganisations up to the end of April 2019.

***

Dominique Lefebvre, Chairman of SAS Rue La Boétie and Chairman of Crédit Agricole S.A.'s Board of Directors,commented
ontheGroup'sfirst quarter 2019
results
andactivityasfollows:“Ourcustomer focused universal banking model serving all our customers throughout France continued todemonstrate its effectiveness in the first quarter of 2019. The activity and performance levels, notably for
Retail Banks in France and the Large customers division, are proof of this. The Group has further strengthened
its solid financial footing, reaching one of the highest levels in Europe and allowing it to better understand futurechallenges, not only economic or regulatory, but also societal and environmental.”

18

Following the authorisation received from the ECB (with retroactive application back to 2016), the leverage ratio at 31/03/2019 (and pro
forma 31/12/2018) takes account of the exclusion of the exposures related to the centralisation of regulated savings at Caisse desDépôts et Consignations
19
Average end-of-month exposures for the first two months of the quarter20
The ratio numerator and denominator, which stand at €211.9 billion and €159.6 billion respectively

First Quarter 2019 Results

11/21

Corporate social and environmental
responsibility
Energy transition
Crédit Agricole CIB is supporting a future of "electromobility" in Europe by granting a 20 million euro green loan
to IONITY. Founded in 2017, IONITY is a joint venture of carmakers BMW Group, Daimler AG,
Ford Motor Company and Volkswagen Group with Audi and Porsche. Its objective is to build a high-voltage
recharging network along Europe's major motorways. The involvement of Crédit Agricole CIB upstream in theinfrastructure project aims at overcoming one of the main concerns regarding electric vehicles: long-distancemotorway driving.
In January 2019, CPR AM and CDP (formerly the Carbon Disclosure Project) launched the Climate Action fund,a thematic international equity fund that uses a multi-sectoral approach focused on the companies that best
manage climate-related risks.
Five years after its creation, FEHI (Futures Energies Investissements Holding), jointly owned by Engie (50%) andCrédit Agricole Assurances (50%), tripled its initial portfolio, which today has grown to 1.5 gigawatts in solar andwind capacity. Crédit Agricole Assurances is the leading institutional investor in renewable energy in France
today.

CSR Awards
Amundi Planet Emerging Green One claimed the “Green Bond Fund of the Year” prize awarded byEnvironmental Finance as well as the “Initiative of the Year for Innovative Thinking” prize. After winning the“Initiative Green Finance Collaboration of the Year”
prize
awardedbythe
Climate Bonds Initiativein March 2019, these two additional prizes raised Amundi’s standing in world of green finance.
Amundi Planet Emerging Green One Fund SICAV-SIF is the largest green bond fund (with 1.42 billion euros inassets under management when it launched), managed by the emerging markets platform based in London.
Crédit Agricole Assurances received the Argus d'or awarded by Argus de l'Assurance in the
Corporate Citizenship category for its Stop Illetrism programme. The Argus de l'Assurance awards recognise thebest innovation initiatives in the insurance industry.

First Quarter 2019 Results

12/21

Appendix 1 – Specific items, Crédit Agricole S.A. andCrédit Agricole Group
Table 3.

Crédit Agricole S.A. – Specific items, Q1-19 and Q1-18€m

DVA (LC)
Loan portfolio hedges (LC)Home Purchase Savings Plans (FRB)
Home Purchase Savings Plans (CC)

Q1-19
Gross
Impact on
impact*
NIGS

Q1-18
Gross
Impact on
impact*
NIGS

(8)
(19)
(8)
(13)

(6)
(14)
(5)
(8)

5
4
-

4
3
-

(48)

(33)

9

6

-

-

(9)

(4)

Total impact on operating expenses

-

-

(9)

(4)

Change of value of goodwill (CC)(2)

-

-

86

66

-

-

86

66

Total impact on revenues
Pioneer integration costs (AG)Total impact on change of value of goodwill
Total impact of specific items

(48)

(33)

86

68

Asset gathering

-

-

(9)

(4)

French Retail banking

(8)

(5)

-

International Retail banking

-

-

-

Specialised financial services

-

-

-

-

Large customers

(27)

(20)

9

6

Corporate centre

(13)

(8)

86

66

* Impact before tax and before minority interests(2)
Additional negative goodwill on the three Italian banks

First Quarter 2019 Results

13/21

Table 4.

Crédit Agricole Group – Specific items, Q1-19 and Q1-18
Q1-19

Q1-18

Gross
impact *Impact in
NIGS

Gross
impact*Impact in
NIGS

DVA (LC)

(8)

(6)

5

4

Loan portfolio hedges (LC)

(19)

(14)

4

3

Home Purchase Savings Plans (LCL)

(8)

(5)

-

-

Home Purchase Savings Plans (CC)

(13)

(8)

-

-

Home Purchase Savings Plans (RB)

(78)

(51)

-

-

(126)

(85)

9

7

Pioneer integration costs (AG)

-

-

(9)

(4)

Integration costs 3 Italian banks (IRB)

-

-

-

-

Total impact on operating expenses

-

-

(9)

(4)

Change of value value goodwill (CC)

-

-

86

74

86

74

€m

Total impact on revenues

Total impact on change of value of goodwill
Total impact of specific items
Asset gathering
French Retail banking

(126)

(85)

86

76

-

-

(9)

(4)

(87)

(57)

-

-

International Retail banking

-

-

-

-

Specialised financial services

-

-

-

-

Large customers

(27)

(20)

9

7

Corporate centre

(13)

(8)

86

74

* Impact before tax and before minority interests(2)
Additional negative goodwill on the three Italian banks

First Quarter 2019 Results

14/21

Appendix 2 – Crédit Agricole S.A.:
Stated and underlying detailed income statement
Table 5.

Crédit Agricole S.A. – From stated to underlying results, Q1-19 and Q1-18
Q1-18
underlying

Var
Q1/Q1
statedVar. Q1/Q1
underlying

9

4,900

(1.1%)+0.1%(9)(3,100)(0.2%)

+0.1%

-

(291)

+13.9%+13.9%

1,508

0

1,508

(5.9%)(2.7%)

(314)

-

(314)

(28.4%)(28.4%)

-

-

-

-

n.m.

n.m.

-

85

93

-

93

(8.1%)(8.1%)

-

23

18

-

18

+23.8%+23.8%

Q1-19
statedSpecific
items

Revenues

4,855

(48)

4,903

4,909

Operating expenses excl.SRF(3,104)-(3,104)(3,110)

SRF

(332)

-

(332)

(291)

Gross operating income

1,419

(48)

1,467

Cost of risk

(225)

-

(225)

Cost of legal risk--

Equity-accounted entities

85

Net income on other assets

23€mChange in value of goodwill

Q1-19
underlying

Q1-18
statedSpecific
items

-

-

-

86

86

-

(100.0%)n.m.

Income before tax

1,302

(48)

1,350

1,391

86

1,305

(6.4%)+3.4%

Tax
Net income from discont'd orheld-for-sale ope.
Net income

(394)

14

(409)

(362)

(0)

(362)

+8.9%

+12.8%

(0)

-

(0)

(1)

-

(1)

n.m.

n.m.

908

(34)

941

1,028

86

942

(11.7%)(0.1%)

Non controlling interests

(145)

1

(146)

(172)

(18)

(154)

(15.7%)(5.6%)Net income Group Share

763

(33)

796

856

68

788

(10.9%)+1.0%

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

0.22

(0.01)

0.23

0.25

0.02

0.23

(14.7%)(0.9%)

63.3%

63.3%

63.3%

+0.6 pp+0.0 pp

1,103

1,134

1,066

(5.6%)+3.5%

Net income Group Shareexcl. SRF

63.9%
1,070

275

346

First Quarter 2019 Results

15/21

Appendix 3 – Crédit Agricole S.A.: Results by businessline
Table 6.

Crédit Agricole S.A. – Results by business lines, Q1-19 and Q1-18
Q1-19 (stated)€m

AG

FRB (LCL)

IRB

SFS

LC

CC

Total

Revenues

1,469

861

677

681

1,339

(171)

4,855

Operating expenses excl. SRF

(753)

(593)

(420)

(342)

(819)

(177)

(3,104)

SRF

(5)

(30)

(15)

(18)

(186)

(78)

(332)

Gross operating income

711

238

241

320

334

(425)

1,419

Cost of risk

4

(44)

(89)

(107)

10

2

(225)

Cost of legal risk

-

-

-

-

-

-

-

Equity-accounted entities

13

-

-

78

(0)

(6)

85

Net income on other assets

0

1

0

0

3

19

23

Change in value of goodwill

-

-

-

-

-

-

-

Income before tax

728

194

153

291

346

(410)

1,302

Tax

(199)

(69)

(44)

(64)

(129)

111

(394)

Net income from discontinued or heldfor-sale operations

(0)

-

-

-

-

-

(0)

Net income

530

125

109

227

217

(299)

908

Non controlling interests

(77)

(6)

(29)

(33)

(4)

4

(145)

Net income Group Share

453

119

79

194

212

(295)

763

AG: Asset gathering and Insurance; RB: Retail Banking (FRB: France, IRB: International); SFS: Specialised financial services;
LC:Large customers; CC:Corporate Centre
Q1-18 (stated)€m

AG

FRB (LCL)

IRB

SFS

LC

CC

Total

Revenues

1,467

858

677

688

1,331

(112)

4,909

Operating expenses excl. SRF

(744)

(613)

(423)

(357)

(782)

(190)

(3,110)

SRF

(3)

(26)

(17)

(17)

(168)

(61)

(291)

Gross operating income

720

219

237

314

381

(363)

1,508

Cost of risk

(5)

(51)

(93)

(99)

(64)

(2)

(314)

Cost of legal risk

-

-

-

-

-

-

-

Equity-accounted entities

12

-

-

62

1

18

93

Net income on other assets

0

2

(0)

0

(0)

17

18

Change in value of goodwill

-

-

-

-

-

86

86

Income before tax

727

170

144

277

318

(245)

1,391

Tax

(210)

(59)

(47)

(64)

(108)

126

(362)

Net income from discontinued or heldfor-sale operations

(0)

(0)

-

-

-

-

(1)

Net income

517

111

97

212

210

(119)

1,028

Non controlling interests

(74)

(5)

(27)

(34)

(4)

(28)

(172)

Net income Group Share

443

106

70

179

206

(147)

856

First Quarter 2019 Results

16/21

Appendix 4 – Crédit Agricole Group: Stated andunderlying detailed income statement
Table 7.

Crédit Agricole Group – From stated to underlying results, Q1-19 and Q1-18
Q1-19
underlying

Q1-18
statedSpecific
Q1-18
items
underlying∆ Q1/Q1
stated

Q1-19
statedSpecific
items

Revenues

8,196

(126)

8,323

8,258

9

8,249

(0.7%)+0.9%

Operating expenses excl. SRF
SRF(5,277)(422)-(5,277)(422)(5,343)
(359)

(9)
-

(5,333)(359)(1.2%)+17.4%(1.1%)+17.4%

Gross operating income

2,497

(126)

2,623

2,556

0

2,556

(2.3%)+2.6%

Cost of risk

(281)

-

(281)

(421)

-

(421)

(33.2%)(33.2%)

Cost of legal risk
Equity-accounted entities
Net income on other assets
Change in value of goodwill

95
10
-

-

95
10
-

99
20
86

86

99
20
-

n.m.
(3.6%)(48.5%)(100.0%)n.m.
(3.6%)(48.5%)
n.m.

Income before tax

2,321

(126)

2,448

2,340

86

2,254

(0.8%)+8.6%

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

(848)

41

(889)

(767)

(0)

(767)

+10.6%+16.0%€m

Var Q1/Q1
underlying

(0)

-

(0)

(1)

-

(1)

(99.5%)(99.5%)

1,473

(85)

1,558

1,572

86

1,486

(6.3%)+4.8%(8.1%)

Non controlling interests

(123)

-

(123)

(143)

(10)

(134)

(14.2%)Net income Group Share

1,350

(85)

1,435

1,429

76

1,352

(5.5%)+6.1%

Cost/Income ratio excl. SRF (%)

64.4%

63.4%

64.7%

64.7%

-0.3 pp-1.3 pp

Net income Group Share excl.
SRF

1,754

1,839

1,777

1,701

(1.3%)

+8.1%

(85)

76

First Quarter 2019 Results

17/21

Appendix 5 – Crédit Agricole Group: Results by businessline
Table 8.

Crédit Agricole Group – Results by business line, Q1-19 and Q1-18
Q1-19 (stated)

€m

RB

LCL

IRB

AG

SFS

LC

CC

Total

Revenues

3,411

861

702

1,461

681

1,338

(257)

8,196

Operating expenses excl. SRF(2,192)

(593)

(439)

(753)

(342)

(819)

(139)

(5,277)

SRF

(90)

(30)

(15)

(5)

(18)

(186)

(78)

(422)

Gross operating income

1,129

238

248

703

320

333

(474)

2,497

Cost of risk

(56)

(44)

(88)

4

(107)

10

1

(281)

Cost of legal risk

-

-

-

-

-

-

-

-

Equity-accounted entities

4

-

-

13

78

(0)

-

95

Net income on other assets

(0)

1

0

0

0

3

7

10

Change in value of goodwill

-

-

-

-

-

-

-

-

Income before tax

1,077

194

160

720

291

345

(466)

2,321

Tax

(463)

(69)

(46)

(197)

(64)

(129)

119

(848)

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

-

-

-

(0)

-

-

-

(0)

Net income

614

125

114

523

227

216

(346)

1,473

Non controlling interests

(0)

(0)

(24)

(73)

(33)

0

7

(123)

Net income Group Share

614

125

90

450

194

216

(339)

1,350

AG: Asset gathering and Insurance; RB: Retail Banking (FRB: France, IRB: International); SFS: Specialised financial services;
LC:Large customers; CC:Corporate Centre

Q1-18 (stated)
€m

RB

LCL

AG

IRB

SFS

LC

CC

Total

Revenues

3,358

858

1,463

703

688

1,331

(143)

8,258

Operating expenses excl. SRF(2,200)

(613)

(744)

(442)

(357)

(782)

(205)

(5,343)

SRF

(68)

(26)

(3)

(17)

(17)

(168)

(61)

(359)

Gross operating income

1,090

219

716

245

314

381

(409)

2,556

Cost of risk

(104)

(51)

(5)

(95)

(99)

(64)

(2)

(421)

Cost of legal risk

-

-

-

-

-

-

-

-

Equity-accounted entities

5

-

12

-

62

1

19

99

Net income on other assets

2

2

0

(0)

0

(0)

17

20

Change in value of goodwill

-

-

-

-

-

-

86

86

Income before tax

993

170

723

149

277

317

(290)

2,340

Tax

(405)

(59)

(209)

(48)

(64)

(108)

127

(767)

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

-

(0)

(0)

-

-

-

-

(1)

Net income

588

111

513

102

212

209

(163)

1,572

Non controlling interests

(1)

0

(70)

(23)

(34)

1

(17)

(143)

Net income Group Share

587

111

443

79

179

210

(180)

1,429

First Quarter 2019 Results

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Appendix 6 – Method used to calculate earnings per
share, net assets per share
Table 9.

Crédit Agricole S.A. – data per share, net book value per share(€m)
Net income Group share - stated- Interests on AT1, including issuance costs, before tax
NIGS attributable to ordinary shares - stated
Average number shares in issue, excluding treasury shares (m)

[A]

Q1-19
763
(141)
622

Q1-18
856
(131)
724

Var Q1/Q1(-10.9%)+7.2%(-14.1%)[B]

2,863.3

2,843.8+0.7%

Net earnings per share - stated
Underlying net income Group share (NIGS)
Underlying NIGS attributable to ordinary shares[A]/[B][C]

0.22 €
796
655

0.25 €
788
656(-14.7%)+1.0%(-0.2%)Net earnings per share - underlying[C]/[B]

0.23 €

0.23 €(-0.9%)(€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.
- Goodwill & intangibles** - Group share
Tangible NBV (TNBV), not revaluated attrib. to ordinary sh.

31/03/2019 31/12/2018
61,80058,811(6,109)(5,011)(2,757)(1,696)(1,976)(1,975)31/03/2018
57,173(4,999)(2,368)(1,802)[D]

50,95850,12948,004[E](17,784)
33,174(17,843)
32,286(17,730)
30,274[F]

2,863.7

2,862.1

2,843.3

NBV per share , after deduction of dividend to pay (€)+ Dividend to pay (€)
NBV per share , before deduction of dividend to pay (€)[D]/[F][H]

17.8 €
0.69 €
18.5 €

17.5 €
0.69 €
18.2 €

16.9 €
0.63 €
17.5 €TNBV per share, after deduction of dividend to pay (€)[G]=[E]/[F]11.6 €

11.3 €

10.6 €TNBV per sh., before deduct. of divid. to pay (€)[G]+[H]12.3 €

12.0 €

11.3 €

Total shares in issue, excluding treasury shares (period end, m)* dividend proposed to the Board meeting to be paid** including goodwill in the equity-accounted entities

First Quarter 2019 Results

19/21

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

Applicable standards and comparability
The figures presented for the three-month period ending 31 March 2019 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 Crédit Agricole S.A. and Crédit Agricole Group have not changed materiallysince the Crédit Agricole S.A. 2018 Registration Document and its A.01 update (including all regulatory
information about Crédit Agricole Group) were filed with the AMF (French Securities Regulator).
The sum of values contained in the tables and analyses may differ slightly from the total reported due to rounding.
Since 3 May 2018, Banca Leonardo has been included in the scope of consolidation of Crédit Agricole Group as
a subsidiary of Indosuez Wealth Management. Historical data have not been restated on a proforma basis.

First Quarter 2019 Results

20/21

Financial calendar
21 May 2019 24 May 2019 28 May 2019
 6 June 2019
 2 August 2019
 8 November 2019
Shareholders’ meeting in Metz
Ex dividend date
Dividend payment date
New MTP presentation in Montrouge
Publication of second quarter and first-half 2019 results
Publication of third-quarter 2019 results

Contacts
CREDIT AGRICOLE PRESS CONTACTS
Charlotte de Chavagnac
Olivier Tassain
Caroline de Cassagne+ 33 1 57 72 11 17+ 33 1 43 23 25 41+ 33 1 49 53 39 72

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

CREDIT AGRICOLE S.A. INVESTOR RELATIONS CONTACTS
Institutional investors
Individual shareholders
Cyril Meilland, CFA+ 33 1 43 23 04 31+ 33 800 000 777(toll-free number France only)+ 33 1 43 23 53 82

investor.relations@credit-agricole-sa.fr
credit-agricole-sa@relations-actionnaires.com+ 33 1 43 23 48 33+ 33 1 43 23 03 07+ 33 1 43 23 15 67+ 33 1 43 23 51 35+ 33 1 57 72 38 48+ 33 1 43 23 55 52

letteria.barbaro-bour@credit-agricole-sa.fr
oriane.cante@credit-agricole-sa.fr
emilie.gasnier@credit-agricole-sa.fr
ibrahima.konate@credit-agricole-sa.fr
vincent.liscia@credit-agricole-sa.fr
annabelle.wiriath@credit-agricole-sa.fr+ 33 1 43 23 83 65+ 33 1 57 72 38 63+ 33 1 43 23 10 21

caroline.crepin@credit-agricole-sa.fr
laurence.gascon@credit-agricole-sa.fr
marielaure.malo@credit-agricole-sa.fr

cyril.meilland@credit-agricole-sa.fr

Equity investors:

Letteria Barbaro-Bour
Oriane Cante
Emilie Gasnier
Ibrahima Konaté
Vincent Liscia
Annabelle WiriathCredit investors and ratings agencies

Caroline Crépin
Laurence Gascon
Marie-Laure Malo

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

Groupe Crédit Agricole

créditagricole_sa

First Quarter 2019 Results

21/21