Montrouge, 3 August 2017

Results for second quarter and first half 2017

Q2-17: another quarter of strong growth in net income
Crédit Agricole Group*
Stated net income Group share

Stated revenues

Fully-loaded CET1 ratio

Q2: €2,106m

Q2: €7,928m

15.0%+8% Q2/Q2-4% Q2/Q2

550bp above the P2R1

H1: €3,706m

H1: €16,177m+34% H1/H1+5% H1/H1

Acceleration in growth: retail banks, specialised businesses and Large customers

Q2 underlying2 NIGS3: €2,003m, +23% Q2/Q2 (H12: €3,656m, +27% H1/H1)



Q2 underlying revenues2: €7,940m, (H12: €16,272m, +4% H1/H1)



Fall in cost of credit risk to 21bp4 net provision reversals at Regional Banks in Q2* Crédit Agricole S.A. and 100% of Regional Banks

Crédit Agricole S.A.
Stated net income Group share

Stated revenues

Fully-loaded CET1 ratio

Q2: €1,350m

Q2: €4,708m

12.4%+17% Q2/Q2-1% Q2/Q2+55bp in Q2

H1: €2,195m

H1: €9,408m+59% H1/H1+10% H1/H1



Q2 underlying2 NIGS3 €1,174m, +43% Q2/Q2 (H12: €2,067m, +70% H1/H1), earnings per share2: €0.38

Positive contribution to growth from all business linesQ2 underlying2 revenues +6.5% Q2/Q2 (H12: +10.2%), prudent revenue externalisation policy in insuranceOperating expenses2 excluding SRF5 quasi stable (Q2/Q2 +1.1% ; H1/H1 +0.9%), 3.3pp improvement
in cost/income ratio excluding SRF2 Q2/Q2 to 60.5% (H1: 61.6%, 5.7pp improvement)

Firm grip on risk in all business lines: cost of credit risk 35bp4, down -6bp Q2/Q2



95% of 2017 MLT market funding programme of Crédit Agricole SA completed at end-July,

Note: target CET1 ratio of 11% in the Medium-term planThis 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 56.6% of Crédit Agricole S.A. Please see
p. 15 onwards of this press release for details of specific items, which are restated in the various indicators to calculate
underlying results. A reconciliation between the stated income statement and the underlying income statement can be foundon p. 22 onwards for Crédit Agricole Group and on p. 18 onwards for Crédit Agricole S.A.

1

Pro forma P2R for 2019 as notified in 2016 by the ECB
Underlying, excluding specific items. See p. 15 onwards for further details on specific items
3
Net income Group share
4
Average over last four rolling quarters, annualised
5
Contribution to Single Resolution Fund (SRF)2

1/28

Crédit Agricole Group
Once again this quarter, the Group's results reflect strong business momentum in its various
components: retail banks, specialised business lines and Large customers business line, most of which
delivered strong growth in business and market share gains. Continued tight control over costs led toan improved cost/income ratio in most business lines, except for the Regional Banks, which sufferedfrom pressure on the interest margin due to low interest rates, although they continue to deliver businessgrowth. Cost of risk was down once again, mainly due to a net provision reversal at the Regional Banks.
Profitability therefore remains high, with stated net income Group share amounting to 2,106 million euros
and underlying net income Group share to 2,003 million euros excluding this quarter's specific items.
The fully-loaded Common Equity Tier 1 ratio at end-June 2017 improved by +50 basis points comparedwith end-March to 15.0%, among the best in the sector and well above the regulatory requirements6.
In line with its "Strategic Ambition 2020" medium-term plan (MTP), the Group is capitalising on its stable,
diversified and profitable business model to support organic growth in all its business lines, largely throughsynergies between the specialised business lines and the retail networks, and to maintain a high level of operating
efficiency while generating capacity to invest in business development.
As announced at the end of 2016 at the time of Amundi's proposed acquisition of Pioneer Investments, theGroup's asset management company completed the acquisition on 3 July 2017. Pioneer Investments will beconsolidated in the Group's financial statements as of the third quarter of 2017 and therefore did not contributeto the financial statements for the second quarter reviewed in this press release. However, the initial integration
costs, amounting to 32 million euros before tax, were recognised in the first half (including 26 million euros in thesecond quarter) and therefore affect the cost base as well as results. In addition, in parallel with the
1.4 billion euros rights issue made by Amundi at the end of March 2017 to finance the acquisition,
Crédit Agricole Group sold part of its subscription rights to reduce its percentage interest in Amundi from 75.7%
to 70%, including 68.5% held by Crédit Agricole S.A. (74.1% previously). Amundi's second quarter results havetherefore been consolidated at the new percentage interest, affecting its contribution to net income Group sharecompared with previous quarters, and in particular the second quarter comparisons. The transaction had an initial
positive impact on Crédit Agricole Group's fully-loaded CET1 ratio at end-June thanks to the positive impact ofAmundi's rights issue (+9 basis points). However, it will have a negative impact upon the consolidation of Pioneer,estimated at -43 basis points for Crédit Agricole Group.
On June 22nd, Crédit Agricole Group and CNP Assurances signed a memorandum of understanding on creditor
insurance for the Regional Banks network. This signing followed Crédit Agricole Group’s announcement, in its
Medium-term plan published in March 2016, of its decision to insource, within its subsidiary
Crédit Agricole Assurances, the group insurance contracts for the Regional Banks. CNP Assurances will continue
to co-insure 50% of the outstanding contracts until their extinction. New business will be gradually taken over by
Crédit Agricole Assurances from September 2017 to April 2018.
LCL is in exclusive negotiations to sell Banque Thémis, a provider of banking services for distressed companies
or companies in receivership or liquidation. The disposal, if it takes place, have a very limited impact on theGroup's results and on its CET1 ratio (about +1 basis point).

6

Pro forma P2R for 2019 as notified in 2016 by the ECB: 9.50% as of 1 January 2019

RESULTS FOR SECOND QUARTER AND FIRST HALF 20172/28

In the second quarter of 2017, Crédit Agricole Group's stated net income Group share came to€2,106 million euros versus 1,942 million euros in the second quarter of 2016. Excluding specific items, which
increased stated net income Group share by +103 million euros in the second quarter of 2017 versus +314 million
euros in the second quarter of 2016, underlying net income Group share came to 2,003 million euros, a yearon-year increase of +23.1%.
Specific items this quarter comprised (i) the positive impact of the disposal of the Group's interest in Eurazeo(+107 million euros in share of net income of equity-accounted entities excluding transaction costs), (ii) the gain
on a long-term liability management operation carried out in June (+26 million euros in net income Group share,+39 million euros before tax in revenues), (iii) the negative impact of the adjustment of liability costs for the
Regional Banks (-148 million euros in net income Group share, -218 million euros before tax in revenues) and(iv) recurring volatile accounting items of +118 million euros in net income Group share, including issuer spreadfor -104 million euros before tax, Debit Valuation Adjustment (DVA) – i.e. gains and losses on financial
instruments related to the change in the Group's issuer spread – for -13 million euros, loan portfolio hedges in
Large customers for -16 million euros and provisions for home purchase savings plans (HPSP) for+300 million euros, including +125 million euros for the Regional Banks. As a reminder, in the second quarter of
2016, specific items included the capital gain on the disposal of VISA Europe shares for +337 million euros (+355
million euros before tax), a provision for optimisation of the LCL network for -27 million euros in net income Group
share (-41 million euros before tax in operating expenses) and recurring volatile accounting items for+9 million euros in net income Group share (+16 million euros before tax in revenues).

Table 1.

Crédit Agricole Group - consolidated results in Q2-2017 and Q2-2016
Q2-17
stated€m

Q2-16
stated∆ Q2/Q2
statedQ2-17
underlying

Q2-16
underlying∆ Q2/Q2
underlying

Revenues

7,928

8,267

(4.1%)

7,940

7,904

+0.5%

Operating expenses excl. SRF
Contribution to Single Resolution
Funds (SRF)
Gross operating income(4,987)(4,926)+1.2%(4,987)(4,885)

+2.1%

(11)

(44)

(73.6%)

(11)

(44)

(73.6%)

2,930

3,298

(11.1%)

2,942

2,976

(1.1%)

Cost of credit risk

(318)

(704)

(54,8%)

(318)

(704)

(54.8%)

Cost of legal risk

-

(50)

(100%)-(50)(100%)

Equity-accounted entities

226

124

+82.5%

119124(4.2%)Net income on other assets

(1)

3

n.m.

(1)

3

n.m.

Income before tax

2,837

2,671

+6.2%

2,741

2,349

+16.7%Tax
Net income from discontinued or heldfor-sale operations
Net income

(654)

(655)

(0.3%)

(657)

(648)

+1.4%

31

11

x,2.7

31

11

x,2.7

2,214

2,027

+9.2%

2,115

1,712

+23.5%

Non-controlling interests

(107)

(85)

+26.9%

(111)

(84)

+31.7%Net income Group Share

2,106

1,942

+8.5%

2,003

1,628

+23.1%

Cost income ratio excl. SRF (%)

62.9%

59.6%

+3.3 pp

62.8%

61.8%

+1.0 pp

Underlying revenues were up +0.5% year-on-year in the second quarter of 2017 to 7,940 million euros, the fallin revenues at the Regional Banks and, to a lesser extent, a fall in insurance revenues, offsetting a positive
contribution to the growth of all other divisions. The Insurance business continued to strengthen its policyholder
participation reserves by recognising only a very small portion of its financial margin this quarter. Consequently,
insurance revenues were down -12.8%, even though business volumes and income increased.
Stated revenues of the Regional Banks were down -11.4% while underlying revenues excluding reversals of theprovision for home purchase savings plans (+125 million euros) and the adjustment of liability costs for the
Regional Banks (-218 million euros) were down -9.0%. Excluding the impact of the Eureka operation to simplify
the Group's structure last year (negative impact of -174 million euros before tax), business revenues were down
RESULTS FOR SECOND QUARTER AND FIRST HALF 20173/28

-4.1%, which better reflects the real underlying trend in a context of low interest rates, which continued to put
pressure on the interest margin. This adverse change was only partially offset by a rise in fee and commission
income (+1.7% year-on-year), which now accounts for more than half of business revenues. It should be notedthat in the second quarter, the Regional Banks received 958 million euros in dividends from Crédit Agricole S.A.
compared with 887 million euros in the second quarter of 2016. However, these dividends are eliminated in the
Regional Banks' contribution to the Group's financial statements.
The Group's other businesses, housed in Crédit Agricole S.A., delivered +6.5% growth in revenues. The
contribution of the various business lines is detailed in the section on Crédit Agricole S.A.
Underlying operating expenses remained well controlled, increasing by +1.4% year-on-year in thesecond quarter and by +2.1% excluding the contribution to the Single Resolution Fund (SRF). This change
does not include the impact of a provision for optimisation of the LCL network recognised in the second quarterof 2016, which was classified as a specific item and therefore not included in the underlying figures.
The underlying cost/income ratio excluding SRF increased by 1.0 percentage points to 62.8%. Underlying
gross operating income fell by -1.1% to 2,942 million euros.
Cost of credit risk decreased by -54.8% to 318 million euros versus 704 million euros in the second quarter of
2016, excluding the unallocated legal provision of 50 million euros recognised in 2016. The decrease was partly
due to a net provision reversal of 35 million euros at the Regional Banks compared with a net charge of
260 million euros in the second quarter of 2016. The balance was due to Crédit Agricole S.A.'s specialised
business lines, and in particular Specialised financial services and Large customers. Cost of credit risk relative
to outstandings fell once again from an already low level, to 21 basis points7, versus 30 basis points in thesecond quarter of 2016.
Including the share of net income of equity-accounted entities, which was down by -4.2% to 119 million euros,
and non-material gains or losses on disposals of other assets, underlying pre-tax income increased by +16.7%
year-on-year in the second quarter to 2,741 million euros.
The increase in underlying net income Group share was more substantial at +23.1% to 2,003 million euros,
driven by a gain of 30 million euros on the disposal of CARE, Crédit Agricole Assurances' reinsurance subsidiary(recognised in "Gain/(loss) on discontinued operations"), and a +1.5% year-on-year decrease in the tax charge
due mainly to gains in the Insurance business taxed at a reduced rate.

In the first half of 2017, underlying net income Group share increased by +27.4% year-on-year, driven by agood performance in the first quarter (net income Group share up +33.3%) and the developments describedabove. Underlying revenues increased by +3.6%, operating expenses excluding SRF by +1.9% while cost of
credit risk (excluding the unallocated legal provision of 40 million euros recognised in the first quarter of 2017
and 50 million euros in the second quarter of 2016) decreased by -36.7%.

7

Average over last four rolling quarters annualised

RESULTS FOR SECOND QUARTER AND FIRST HALF 20174/28

Table 2.

Crédit Agricole Group - consolidated results in H1-2017 and H1-2016

€m

H1-17
stated

H1-16
stated∆ H1/H1
stated

H1-17
underlying

H1-16
underlying∆ H1/H1
underlying

Revenues

16,177

15,425+4.9%

16,272

15,714+3.5%

Operating expenses excl. SRF
Contribution to Single Resolution
Funds (SRF)
Gross operating income(10,193)(10,044)+1.5%(10,193)(10,006)

+1.9%

(285)

(285)

+1.2%

(285)

(282)

+1.2%

5,699

5,096

+11.8%

5,794

5,426

+6.8%

Cost of credit risk

(796)

(1,258)(36.7%)(796)(1,258)(36.7%)

Cost of legal risk

(40)

(50)

(20.0%)

(40)

(50)

(20.0%)

Equity-accounted entities

443

250

+77.4%

336

250+34.5%Net income on other assets

(1)

28

n.m.

(1)

28

n.m.

Income before tax

5,305

4,066

+30.5%

5,293

4,396

+20.4%Tax
Net income from discontinued or heldfor-sale operations
Net income(1,442)(1,143)+26.2%(1,478)(1,361)

+8.6%

45

11

x,4

45

11

x,4

3,908

2,935

+33.2%

3,860

3,046

+26.7%

Non-controlling interests

(202)

(175)

+15.8%

(204)

(176)

+15.7%Net income Group Share

3,706

2,760

+34.3%

3,656

2,870

+27.4%

Cost income ratio excl. SRF (%)

63.0%

65.1%

-2.1 pp

62.6%

63.7%

-1.0 pp

The Regional Banks continued their good business momentum both in lending, up +5.6% year-on-year at endJune 2017, and in customer assets, up +4.7%, with both accelerating slightly compared with year-on-year growthat end-March 2017. Growth was particularly buoyant in home loans (+7.8%), consumer finance (+8.7%), businessloans (+5.3%), and on the customer savings side, in demand deposits (+16.5%). By contrast, term accounts anddeposits continued to fall, by -12.0%. Life insurance assets grew by +1.9% and the share of unit-linked businessin gross inflows increased by +7.8 percentage points to 25.1% year-on-year in the first half.
This commercial performance of the Regional Banks made a significant contribution to growth in
Crédit Agricole S.A.'s business lines, many of whose products they distribute as the Group's leading distribution
channel and leading retail bank in France.
In the second quarter, the Regional Banks' contribution to Crédit Agricole Group's underlying net income Group
share was 781 million euros, a year-on-year quasi-stability of -0.5%. Excluding the negative impact for the
Regional Banks of the Group's simplification operations, ie the loss of the Switch 1 guarantee (- 115 million euros
in the second quarter of 2016 in revenues) and the charge Interest on the loan granted by Crédit Agricole SA to
finance the transaction (-59 million euros in revenues in the second quarter of 2017), net income Group share
increased by +14.0%.
In the first half, their contribution was 1,537 million euros, down -4.7%.

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

RESULTS FOR SECOND QUARTER AND FIRST HALF 20175/28

During the quarter, Crédit Agricole Group's financial solidity remained strong, with a fully-loaded Common
Equity Tier 1 (CET1) ratio of 15.0%, up +50 basis points compared with end-March 2017. This ratio provides a
substantial buffer above the distribution restriction trigger applicable to Crédit Agricole Group as of 1 January
2019, set at 9.5% by the ECB. The impact of consolidating Pioneer Investments is estimated at -43 basis points,
as of the third quarter of 2017.
The TLAC ratio was 20.8% at 30 June 2017, excluding eligible senior preferred debt, versus 20.3% at endDecember 2016 and 20.5% at end-March 2017. This level already exceeds the 2019 minimum requirement of
19.5%, whereas the regulatory calculation of this ratio allows for the inclusion of eligible senior preferred debt (upto 2.5%). The Group issued 4.9 billion euros equivalent of senior non-preferred debt in the first seven months ofthe year. It also launched in May 2017 a public offer to buy back six legacy Tier 1 instruments which was finalisedin June, for a total amount of 1.24 billion euros equivalent.
The phased-in leverage ratio stood at 5.8%, increased compared with end-March 2017.
Crédit Agricole Group's liquidity position is robust. Its banking cash balance sheet, at 1,115 billion euros at
30 June 2017, showed a surplus of stable funding over LT applications of funds of 117 billion euros, up+1 billion euros compared with end-March 2017 and by +13 billion euros compared with the second quarter of
2016. This surplus is higher than the Medium Term Plan target of over 100 billion euros. The surplus of stable
funds finances the HQLA (High Quality Liquid Assets) securities portfolio generated by the LCR (Liquidity
Coverage Ratio) requirement for customer and customer-related activities. Liquidity reserves, including valuation
gains and haircuts related to the securities portfolio, amounted to 246 billion euros and covered short-term debt
more than three times over (80 billion euros).
Crédit Agricole Group issuers raised 24.1 billion euros equivalent of debt in the first half of 2017, of which 58%
was raised by Crédit Agricole S.A. (14 billion euros), versus just over 33 billion euros for the whole of 2016.
Crédit Agricole Group also placed 1.9 billion euros of bonds in its retail networks (Regional Banks, LCL and CA
Italia). At end-July, Crédit Agricole S.A. had issued a total of 15.2 billion euros since the beginning of the year,
completing 95% of its 2017 market funding programme.
***

Dominique Lefebvre, Chairman of SAS Rue La Boétie and Chairman of Crédit Agricole S.A.'s Board of Directors,commented: "In the second quarter of 2017, Crédit Agricole Group's retail banks and business lines delivered
strong business momentum and results, bearing out the robustness of the Group's business model and customer
approach. This performance is perfectly in line with the course set out in our Strategic Ambition 2020 Plan".

RESULTS FOR SECOND QUARTER AND FIRST HALF 2017

6/28

Crédit Agricole S.A.
Q2-2017: sustained activity in all businesses-

New acceleration in activity in most businesses-

Underlying revenues up +6.5% Q2/Q2 despite a prudent policy of recognising insurance revenues;
retail banking resilient to pressure on interest margins, growth in other business lines and improvementin Corporate centre due to Eureka impacts

Strong growth in net income-

Underlying net income Group share: €1,174m, +43% vs Q2-16, with a strong contribution from all
businesses, all of which delivered further growth this quarter vs Q2-16-

Firm grip on underlying costs: +1% Q2/Q2 excluding SRF despite the initial Pioneer integration costs,
continued improvement in cost/income ratio: +3.3 percentage points Q2/Q2-

Continued fall in cost of credit risk: -21% Q2/Q2; cost of risk relative to outstandings: 35 basis points-

ROTE8 of 11.3% in the first half of 2017; improvement of the RONE of most of the businesses comparedto the full year 2016.

Financial robustness further strengthened this quarter-

Fully-loaded CET1 ratio of 12.4% for Crédit Agricole S.A. before acquisition of Pioneer Investments, up+55 bp in Q2 thanks to earnings contribution and a decrease in risk-weighted assets, well above the 11%
MTP target

Crédit Agricole S.A.'s Board of Directors, chaired by Dominique Lefebvre, met on 2 May 2017 to examine thefinancial statements for the second quarter and first half of 2017.

In the second quarter of 2017, net income Group share came to 1,350 million euros versus 1,158 million euros
in the second quarter of 2016.
Specific items this quarter had an impact of +176 million euros on net income Group share, mainly comprising(i) the positive impact of the disposal of the Group's interest in Eurazeo9 (+107 million euros in share of net incomeof equity-accounted entities excluding transaction costs), (ii) the gain on a long-term funding restructuring operation
carried out in June 10 (+26 million euros in net income Group share, +39 million euros in revenues before tax) and(iii) recurring volatile accounting items of +44 million euros in net income Group share, including issuer spread for-97 million euros before tax, Debit Valuation Adjustment (DVA) – i.e. gains and losses on financial instruments
related to the change in the Group's issuer spread – for -13 million euros, loan portfolio hedges in Large customers
for -16 million euros and provisions for home purchase savings plans for +175 million euros. In the second quarterof 2016, specific items had an impact of +339 million euros on net income Group share, including the capital gainon the disposal of Visa Europe shares for +327 million euros (+355 million euros before tax), a provision for
optimisation of the LCL network for -26 million euros in net income Group share (-41 million euros before tax inoperating expenses), dividends received from the Crédit Agricole Regional Banks before the disposal of theseholdings in August 2016 for +29 million euros (+30 million euros before tax in revenues) and recurring volatileaccounting items for +9 million euros in net income Group share (+€16 million euros before tax in revenues).
Excluding these specific items, underlying net income Group share for the second quarter of 2017 came to1,174 million euros, an increase of +43.4% compared with the second quarter of 2016.

8

See calculation details of ROTE (return on equity excluding intangibles) and RONE (return on adjusted equity) on p. 26
Disposal in June 2017 of the 15.42% interest accounted for by the equity method, see press release dated 6 June 201710
See press releases of 15, 22, 30 and 31 May and 14 June 2017
9

RESULTS FOR SECOND QUARTER AND FIRST HALF 2017

7/28

Underlying earnings per share came to 0.38 euros per share, an increase of +41.3 % compared with the second
quarter of 2016.

Table 3.

Crédit Agricole S.A. - consolidated results Q2-2017 and Q2-2016

€m

Q2-17
stated

Q2-16
stated∆ Q2/Q2
statedQ2-17
underlying

Q2-16
underlying∆ Q2/Q2
underlying

Revenues

4,708

4,738

(0.6%)

4,619

4,337

+6.5%

Operating expenses excl. SRF
Contribution to Single Resolution Funds(SRF)
Gross operating income(2,795)(2,806)(0.4%)(2,795)(2,766)

+1.1%

(10)

(43)

(77.2%)

(10)

(43)

(77.2%)

1,903

1,889

+0.8%

1,814

1,528

+18.7%

Cost of credit risk

(351)

(447)

(21.3%)

(351)

(447)

(21.3%)

Cost of legal risk

-

(50)

(100.0%)-(50)(100.0%)Equity-accounted entities

224

121

+85.0%

117

121(3.6%)Net income on other assets

03(97.2%)

03(97.2%)

Change in value of goodwill

-

-

n.m.

-

-

n.m.

Income before tax

1,776

1,516

+17.2%

1,580

1,156

+36.7%Tax
Net income from discontinued or held-forsale operations
Net income

(321)

(255)

+25.8%

(297)

(244)

+22.0%

31

11

x,2.7

31

11

x,2.7

1,486

1,272

+16.8%

1,313

923+42.2%

Non-controlling interests

(136)

(114)

+19.1%

(139)

(105)

+32.8%Net income Group Share

1,350

1,158

+16.6%

1,174

818+43.4%

Earnings per share (€)

0.44

0.39

+11.8%

0.38

0.27+41.3%

Cost/income ratio excl.SRF (%)

59.4%

59.2%

+0.2 pp

60.5%

63.8%

-3.3 pp

This excellent underlying performance, at more than one billion euros and the highest ever quarterly result since2011, was, as in previous quarters, driven by good revenue growth and, more importantly, extremely tight control
over costs, coupled with a continued decline in cost of risk in most business lines, such as Retail banking in Italy
and consumer finance, or a continued low level in others.
Revenue growth was driven by strong business momentum in all Crédit Agricole S.A. Group's businesslines and distribution networks, as well as the Regional Banks which distribute their products. This
momentum reflects an improvement in economic activity in the Group's core European markets, but above all,the robustness of the universal customer-focused banking model, which encourages cross-selling between thespecialised business lines and the retail banks and between the specialised business lines themselves. Crossselling is a core component of the "Strategic Ambition 2020" plan unveiled last year.
Business momentum accelerated further during the quarter in all business lines:

11-

In Insurance, 195,000 net new contracts were written during the quarter, bringing the total number of inforce contracts to almost 12.5 million at end-June. Premium income in property & casualty increased by+10.3%11 compared with the second quarter of 2016, which is once more an outperformance comparedwith the French market. Net inflows in life insurance totalled 1.3 billion euros versus 1.8 billion euros inthe second quarter of 2016 but with a much more favourable balance between euro business (+0.1 billion
euros net inflows versus +1.0 billion euros in the second quarter of 2016) and unit-linked business (UL,
+1.2 billion euros versus +0.8 in the second quarter of 2016). The share of UL business in gross inflows
reached a record high of 30.5%, an increase of +9.3 percentage points over one year and +2.3
percentage points over the quarter alone.

-

In Asset management (Amundi), assets under management increased by +11.7% over one year to
1,121 billion euros. Amundi suffered net outflows of -3.7 million euros in the quarter due to seasonal
outflows from treasury products excluding JVs (-9.7 billion euros), but benefited from strong inflows in

At constant scope

RESULTS FOR SECOND QUARTER AND FIRST HALF 20178/28

medium and long-term assets excluding JVs (+7.3 billion euros) and in the Retail segment excluding JVs(+7.5 billion euros).
-

The Retail banks, especially in France and Italy, delivered stronger growth in loans and customer assets
than in previous quarters. At LCL, home loans grew by +10.6% over one year, business loans by +11.9%,
demand deposits by +17.5% and the number of property & casualty insurance contracts increased by a
net 35,000. Retail banking in Italy continued to outperform the market in home loans (+10.5%) andlending to large corporates (+22.5%) while off-balance sheet customer assets grew by +10.5% over one
year, driven mainly by gross inflows in life insurance and mutual funds, which totalled +1.9 billion euros
during the quarter.

-

Specialised financial services continued to grow, with +10.7 billion euros of new managed consumer
finance business (+4.1% compared with the second quarter of 2016), +1.4 billion euros of new leasing
business (+19.7%) and +2.4% growth in factored receivables.

-

Large customers delivered strong revenue growth in Fixed-Income, Forex and Credit, despite a decline
in customer transactions in a wait-and-see, low volatility market, as well as a good performance inadvisory business in Investment Banking (no. 4 in M&A advisory in France12). In the quarter, CACIB
was world no. 2 in jumbo issues all currencies combined13 (market share +1.6 percentage points to9.1%), world no. 1 in green financing all currencies combined14 and world no. 4 in syndicated credit in
EMEA13 (market share 6.3%, +2 percentage points compared with the second quarter of 2016). Lastly,in Financing activities, the average primary syndication rate under the "Distribute to Originate" policyin the twelve months to June 2017 was 37%, 5 percentage points more than in the second quarter of2016 and 10 percentage points more than in 2013, when the policy was first introduced. In Assetservicing (CACEIS), assets under custody increased by +13.7% and assets under administration by+12.3% compared with end-June 2016.

It should be noted that Amundi's acquisition of Pioneer Investments was officially completed on 3 July15.
Crédit Agricole S.A. and Crédit Agricole Group recognised integration costs of 32 million euros before tax(including 26 million euros in the second quarter of 2017), but Pioneer will not be consolidated until the third
quarter of 2017. It will have a negative impact of -76 basis points on the fully-loaded CET1 ratio, after the+11 basis points positive impact resulting from Amundi's rights issue.
LCL is in exclusive negotiations to sell Banque Thémis, a provider of banking services for distressed companies
or companies in receivership or liquidation. The disposal, if it materialises, will have a very limited impact on theGroup's results and on its CET1 ratio (about +1 basis point).
On June 22nd, the group Crédit Agricole and CNP Assurances signed a memorandum of understanding on
creditor insurance for the Regional Banks network. This signing followed Crédit Agricole group’s announcement,
in its medium-term plan published in March 2016, of its decision to insource, within its subsidiary Crédit Agricole
Assurances, the group insurance contracts for the Regional Banks. CNP Assurances will continue to co-insure
50% of the outstanding contracts until their extinction. New business will be gradually taken over by Crédit
Agricole Assurances from September 2017 to April 2018.
This excellent business momentum was not entirely reflected in the +6.5% year-on-year second quarter
underlying revenue, even though growth was boosted by the recurring impacts on Corporate centre of last
year's Eureka operation to simplify the Group's structure (+174 million euros). This was due to the Insurance
business's decision to continuing strengthening its policyholder participation reserves by recognising only a low
percentage of its investment margin, while benefitting from a low tax rate due to the disposal of securities at a
reduced rate of capital gains tax in order to ensure high level of net income. Consequently, insurance revenues
were down -12.8%, even though business volumes increased. Excluding Insurance, Crédit Agricole S.A.'s

12

In market share (source: Thomson Financial at 30/06/2017)
Bookrunner (source: Thomson Financial at 30/06/2017)14
Bookrunner all currencies combined (source: Thomson Financial at 30/06/2017)15
See Amundi's press release dated 3 July 201713

RESULTS FOR SECOND QUARTER AND FIRST HALF 20179/28

revenues increased by +9.3% year-on-year in the second quarter, and by +4.1% excluding Insurance andCorporate centre.
Underlying operating expenses remained more or less stable (-0.1% or +1.1% excluding SRF), generatingstrong jaws (+6.6%) between growth in underlying revenues and growth in underlying costs, thereby improving
the underlying cost/income ratio excluding SRF by 3.3 percentage points year-on-year to 60.5%. All
business lines contributed to this good performance, especially as underlying operating costs for the second
quarter included 26 million euros of integration costs related to Pioneer Investments.
Cost of risk fell to 351 million euros versus 497 million euros in the second quarter of 2016, which included anunallocated legal provision of 50 million euros. The cost of credit risk therefore decreased by -21.3% excluding
the legal provision, representing 35 basis points,16 a decrease of -2 percentage points quarter-on-quarter and6 percentage points year-on-year, and still below the Medium-term plan assumption of 50 basis points.
Excluding the gain on disposal of the interest in Eurazeo, the contribution from equity-accounted entities amounted
to 117 million euros, down -3.6% due mainly to the loss of the contribution from Eurazeo.
Underlying17 income before tax, discontinued operations and non-controlling interests increased by +36.7%
to 1,580 million euros. The underlying effective tax rate was 20.3% (versus 23.6% in the second quarter of 2016) andthe underlying tax charge increased by only +22.0% to 297 million euros, thanks to the low tax rate on the capital gains
generated by the Insurance business and the tax credit related to Additional Tier 1 instruments (interest payments on
which are deducted directly from equity, i.e. 96 million euros in the second quarter).
Net income attributable to non-controlling interests was up significantly, by +32.8% to 139 million euros, due to thedecrease in the percentage interest held in Amundi to 68.5% in the second quarter versus 74.1% in the second quarterof 2016 to the first quarter of 2017 inclusive.
Underlying net income Group share for the second quarter of 2017 came to 1,174 million euros, representing a
year-on-year increase of +43.4%. Including specific items, stated net income Group share came to 1,350 million euros
versus 1,158 million euros in the second quarter of 2016.

By business line, almost one third of the growth in underlying revenues (+282 million euros or +6.5%) came from
Corporate centre (+186 million euros), driven mainly by the positive impacts of Eureka (+174 million euros versus thesecond quarter of 2016), and one quarter from Large customers (+70 million euros or +5.2% compared with thesecond quarter of 2016). Retail banking made a more modest contribution of +10 million euros or +0.7%, as theresilience shown by both LCL and IRB18 Italy to pressure on interest margins (underlying revenues +1.0%19 and +5.6%
respectively) was more than offset by the impact of the devaluation of the Egyptian pound on IRB's revenues in othercountries (down -9.5%). Specialised financial services (+31 million euros or +4.6%) benefited from a return to growthin the consolidated loan book and buoyant fee and commission income. Asset gathering was the only business todeliver a decrease in revenues (-1.2% or -14 million euros), due to the prudent policy referred to above for recognising
the investment margin in the Insurance business (-12.8% or 70 million euros). By contrast, Amundi (+7.4%) and Wealthmanagement (+13.2%) delivered further revenue growth driven by an increase in outstandings for Amundi andfavourable market conditions for Wealth management.
The weak growth in underlying operating expenses (+30 million euros or +1.1% year-on-year excluding SRF)
reflects strong cost control in all business lines, the increase being mainly due to the initial Pioneer Investment
integration costs incurred by Amundi (26 million euros). The business lines have covered their investment inbusiness development by low increases in operating expenses, which were more than offset at Group level byproductivity gains in Retail banking (-26 million euros or -2.6%), and in particular at LCL (-31 million euros or 4,9% excluding SRF).

16

Average over last four rolling quarters annualised
See p. 11 for further details on Crédit Agricole S.A.'s specific items
18
International retail banking
19
Excluding reversal of provisions for home purchase savings plans (+55 million)
17

RESULTS FOR SECOND QUARTER AND FIRST HALF 2017

10/28

Cost of credit risk remains low and decreased by -96 million euros or -21.3% compared with the second quarter of
2016. The main contributors to the decrease were Large customers (-35 million euros or -29.8% year-on-year 2016)
driven by reversals of provisions against certain exposures, and Specialised financial services (-41 million euros or 25.4%), in line with trends of previous quarters.
Cost of risk relative to outstandings continued to fall, standing at 35 basis points20 for the Group due to a decreasein the two main contributors to provisions, Specialised financial services (-10 basis points compared with the second
quarter of 2016) and IRB Italy (-21 basis points year-on-year). At IRB Italy, new defaults were down -52%21 comparedwith the second quarter of 2016 and the impaired loans ratio decreased -1.1 percentage points to 12.5%21 (versus
13.6% at end-June 2016), while the coverage ratio improved to 48.2%21 (versus 46.3% at end-June 2016). Cost ofrisk remained stable year-on-year in the Large customer division's Financing activities (30 basis points versus 29 basis
points in the second quarter of 2016) and rose slightly at LCL, although remaining low (18 versus 14 basis points).

In the first half of 2017, stated net income Group share increased by +58.5% year-on-year to 2,195 million euros,with specific items having a positive impact of +128 million euros. Relative to the second quarter of 2016, the onlychange in the impact of specific items on net income Group share came from recurring specific items, comprising theissuer spread (-105 million euros before tax), DVA (-61 million euros), loan portfolio hedges in Large customers (40 million euros) and provision for home purchase savings plans (+177 million euros). In the first half of 2016, specificitems had an impact of +172 million euros on net income Group share, mainly including the capital gain on Visa Europe
shares and the provision against LCL already referred to for the second quarter of 2016, dividends received from theRegional Banks (+285 million euros and +286 million euros before tax in revenues), the balance of the long-term
funding restructuring operation related to Eureka (-448 million euros, -683 million euros before tax in revenues) andrecurring volatile accounting items (+34 million euros in net income Group share, +48 million euros before tax inrevenues).
Excluding these specific items, underlying net income Group share came to 2,067 million euros, an increase of+70% compared with the first half of 2016.
Underlying earnings per share reached €0.64 per share, up by +76.3% compared with the first half of 2016.
The ROTE22 (return on equity excluding intangibles) was 11.3% in the first half of 2017 annualised, up significantly
compared to the full year 2016 thanks to an improvement in most of the businesses.

20

Average over last four rolling quarters annualised
Excluding Calit, the leasing subsidiary which was part of Specialised financial services until end-2016
22
See calculation details of ROTE (return on equity excluding intangibles) and RONE (return on adjusted equity) on p. 26
21

RESULTS FOR SECOND QUARTER AND FIRST HALF 201711/28

Table 4.

Crédit Agricole S.A. - consolidated results H1-2017 and H1-2016
H1-17
stated€m
Revenues
Operating expenses excl. SRF
Contribution to Single Resolution Funds (SRF)
Gross operating income

H1-16
stated∆ H1/H1
statedH1-17
Underlying

H1-16
Underlying∆ H1/H1
Underlying+10.2%

9,408

8,537

+10.2%

9,398

8,531

(5,791)(5,781)+0.2%(5,791)(5,740)

+0.9%

(242)

(244)

(0.8%)

(242)

(244)

(0.8%)

3,375

2,512

+34.4%

3,365

2,547

+32.1%

Cost of credit risk
Cost of legal risk
Equity-accounted entities
Net income on other assets

(711)

(849)

(16.3%)

(711)

(849)

(16.3%)

(40)

(50)

(20.0%)

(40)

(50)

(20.0%)

439

244+80.0%

332

244+36.0%

(0)

3

n.m.

(0)

3

n.m.

Change in value of goodwill
Income before tax
Tax
Net income from discontinued or held-for-sale
operations
Net income

3,063

1,860

+64.7%

2,946

1,895

+55.4%

(663)

(267)

x,2.5

(670)

(482)

+39.2%

45

11

x,4

45

11

x,4

2,445

1,604

+52.4%

2,321

1,425

+62.9%

(250)

(219)

+14.2%

(253)

(212)

+19.8%

Non-controlling interests

2,195

1,385

+58.5%

2,067

1,213

+70.4%Net income Group Share
Earnings per share (€)

0.69

0.43

+60.5%

0.64

0.37+76.3%

61.6%

67.7%

-6.2 pp

61.6%

67.3%

-5.7 pp

As in the second quarter, this performance was due to substantial growth in revenues, tight cost control and a decreasein cost of risk.
Underlying revenues were up +10.2% year-on-year in the first half, to 9,398 million euros. All business lines
contributed to the growth except for Insurance, for the reasons explained in the comments on second quarter results.
Excluding Insurance, the Group's revenues increased by +12.4% year-on-year in the first half, and by +7.4% excluding
Insurance and Corporate centre.
Underlying operating expenses were more or less stable at 5,791 million euros, an increase of +0.9% excluding the
SRF contribution, which was also more or less stable at 242 million euros versus 244 million euros in the first half of2016. It should be noted that operating expenses in the first half, as in the second quarter, include the initial Pioneer
Investments integration costs (32 million euros, or almost two thirds of the increase). All business lines contributed tothis tight cost control. The most substantial jaws effect23 came from Large customers (>20 percentage points), LCL(>10 percentage points) and Specialised financial services (6 percentage points). The underlying cost/income ratio
excluding SRF improved by 5.7 percentage points to 61.6% compared with the first half of 2016.
Cost of credit risk, excluding unallocated legal provisions of 40 million euros in the first half of 2017 and 50 million
euros in the first half of 2016, decreased by -16.3% year-on-year to 711 million euros. As in the second quarter, themain contributors are Specialised financial services (-24.2% compared with the first half 2016 at 210 million euros)and Large customers (-21.1% at 188 million euros).

23

Difference between growth in revenues and growth in operating expenses

RESULTS FOR SECOND QUARTER AND FIRST HALF 201712/28

At end-June 2017, Crédit Agricole S.A.'s capital ratios remained high, with a fully-loaded Common Equity Tier 1(CET1) ratio of 12.4%, an increase of +55 basis points compared with end-March 2017. The change in thequarter stemmed from second quarter stated net income (+44 basis points) partially offset by the provision for
dividend payout and AT1 coupon (-21 basis points), stability in AFS unrealised gains, the decrease in riskweighted assets (+16 basis points) and other items (+14 basis points) including the disposal of Eurazeo(+13 basis points) and the positive effect from Amundi's rights issue (+11 basis points). The risk-weighted
assets totalled 294 billion euros as of end-June versus 301 billion euros at end-December 2016. It should be
noted that as of the end of June, the solvency ratios including the fully-loaded CET1 ratio were calculated using
a dividend assumption of 50% of the first half year stated net income Group share, i.e. 0.34 euro per share, whichcorresponds to 0.19 euro for the second quarter (0.15 euro assumed for the calculation as of end-March 2017).
The acquisition of Pioneer Investments, completed on 3 July last, will have a negative impact on this ratio of-76 basis points, which will be recognised in the third quarter. The ratio pro forma of this transaction as of endJune is 11.7%.
The phased-in leverage ratio stood at 4.7% at end-June 2017 as defined in the Delegated Act adopted by theEuropean Commission.
The average LCR ratio over twelve months of Crédit Agricole S.A. stood at 137% at end-June 2017 (131% for
Crédit Agricole Group), a level exceeding the Medium Term Plan target of over 110%.
At end-July 2017, Crédit Agricole S.A. had completed 95% of its medium- to long-term market funding
programme of 16 billion euros for the year. It had raised 10.3 billion euros equivalent of senior preferred(unsecured) and senior secured debt and 4.9 billion euros equivalent of senior non-preferred debt.

***

Philippe Brassac, Chief Executive Officer of Crédit Agricole S.A., commented: "The second quarter was a new
successful milestone in the implementation of our "Strategic Ambition 2020" medium-term plan. All businessesdelivered improved business momentum, reflected in good revenue and earnings growth, boosted by
exceptionally good control over costs and risk. Our financial robustness has been further strengthened thanks toour profitability and cautious capital management."

RESULTS FOR SECOND QUARTER AND FIRST HALF 201713/28

Corporate social
responsibility
At the annual shareholders' meeting last May, the Group unveiled its first integrated report24, drawn up inaccordance with the recommendations of the International Integrated Report Committee (IIRC), of which Crédit
Agricole S.A. has been a member since 2016. It replaces the activity report and corporate social responsibility
report. The integrated report provides a summary of the Group's financial and extra-financial information, giving
an overview of its business model, strategy and key factors in its overall performance. It is a reflection of how
corporate social responsibility is increasingly embedded in the strategy of the Group as a whole and of its various
business lines.
The Group also continues its action to support the energy transition. Amundi, its asset management subsidiaryand Europe's leading asset manager, has forged a strategic partnership with the World Bank's International
Finance Corporation. This partnership will lead to the creation of a fund investing in green bonds issued by thefinancial institutions of emerging and developing countries. It will have a capital of 2 billion dollars, making it thelargest fund of its type to date: 325 million dollars will be invested directly by the IFC while Amundi will raise thebalance from large institutional investors. Amundi will also select the emerging and developing country issuers
and the IFC will support them. The fund will be fully invested within seven years. Amundi will therefore haveinnovated in all of the three green finance asset classes. In equities, with the development in 2015 of the first
Low Carbon index solutions, which now represent assets of about 7 billion euros; in real assets, with the creationin 2016 of Amundi Transition Energétique, a joint venture with EDF; and in fixed income, with the existing green
bond fund and the new partnership with the IFC.
In keeping with their aggressive positioning in "climate finance", Amundi and Crédit Agricole CIB are founder
members of Finance for Tomorrow, launched by Paris Europlace*25 on 13 June last, which brings together someforty private, public and institutional investors in the Paris marketplace. This initiative aims to make Paris theleading international marketplace in green finance. It will seek to redirect financial flows to steer the economy
towards a low carbon, inclusive model, in line with the Paris Agreement and the United Nations Sustainable
Development Goals. As part of this initiative, Amundi will take part in several working groups including dialogue
with the public authorities, promoting the initiative, and Green Bonds, which will be headed by Crédit Agricole
CIB.

24
25

http://credit-agricole.publispeak.com/2016-2017-integrated-report/
Organisation responsible for promoting and developing the financial market in ParisRESULTS FOR SECOND QUARTER AND FIRST HALF 201714/28

Appendix 1 – Specific items, Crédit Agricole Group andCrédit Agricole S.A.
Table 5.

Crédit Agricole S.A. – Specific items in Q2-2017 and Q2-2016
Specific items of Q2-17

Specific items of Q2-16

Gross impact26

Impact on
NIGS

Issuer spreads (CC)

(97)

(51)

19

11

DVA running (LC)

(13)

(8)

(4)

(3)

Loan portfolio hedges (LC)

(16)

(10)

1

1

Home Purchase Savings Plans (FRB)

55

34

-

-

Home Purchase Savings Plans (CC)

120

79

-

-

Liability management upfront payments (CC)

39

26

-

-

Capital gain on VISA EUROPE (CC)

-

-

355

327

€m

Regional Banks' dividends (CC)Gross impact26

-

-

30

29

89

69

401

365

LCL network optimisation cost (FRB)

-

-

(41)

(26)

Total impact on operating expenses

-

-

(41)

(26)

107

107

-

-

107

107

Total impacts on revenues

Eurazeo sale (CC)Total impact on equity affiliates
Total impact of specific items
Asset gathering
Retail banking
Specialised financial services
Large customers
Corporate centre

Table 6.

196

176

55
(29)
170

34
(18)
161

360
(41)
(3)
404

339
(26)
(2)
367

Crédit Agricole S.A. – Specific items in H1-2017 and H1-2016
Specific items H1-17€m

Gross impact

Gross impact26

Impact on
NIGS

(105)
(61)
(40)
55
122
39
10

(55)
(39)
(25)
34
80
26
21

38
9
1
(683)
355
286
6

27
6
1
(448)
327
285
198

-

-

(41)

(26)

LCL network optimisation cost (FRB)
Total impact on operating expenses
Eurazeo sale (CC)Total impact on equity affiliates
Total impact of specific items
Asset gathering
Retail banking
Specialised financial services
Large customers
Corporate centre

Specific items H1-16

Impact on
NIGS

26

Issuer spreads (CC)DVA running (LC)Loan portfolio hedges (LC)Home Purchase Savings Plans (FRB)
Home Purchase Savings Plans (CC)
Liability management upfront payments (CC)Capital gain on VISA EUROPE (CC)Regional Banks' dividends (CC)Total impact on revenues

26

Impact on
NIGS

-

-

(41)

(26)

107

107

-

-

107

107

117
55
(101)
163

128
34
(64)
158

(35)
(41)
10
(4)

172
(26)
7
191

Impact before tax (except line "impact on tax") and before minority interests

RESULTS FOR SECOND QUARTER AND FIRST HALF 201715/28

Table 7.

Crédit Agricole Group – Specific items Q2-2017 and Q2-2016
Specific items of Q2-17
Impact on
NIGS

Gross impact28

Impact on
NIGS

(104)
(13)
(16)
55
125
120
(218)
39

(60)
(8)
(10)
36
82
79
(148)
26

19
(4)
1
(8)
355
-

11
(3)
1
(5)
337
-

(12)

(4)

363

341

-

-

(41)

(27)

Total impact on expenses

-

-

(41)

(27)

Disposal of Eurazeo

107

107

Total impact on equity affiliates

107

107

-

-

Total impact of specific items

95

103

322

314

Asset gathering

-

-

-

-

Retail banking

(38)

(30)

(49)

(32)

€m
Issuer spreads (Corporate centre)
DVA running (LC)Loan portfolio hedges (LC)HPSP provisions (FRB/LCL)HPSP provisions (FRB/RBs)
HPSP provisions (Corporate centre)
VISA EUROPE capital gain (Corporate centre)
Adjustment of liability costs (FRB/RBs)
Liability management upfront payments (Corp. centre)
Total impact on revenues
LCL network optimisation cost

Specialised financial services

27

Specific items of Q2-16

Gross
impact27

-

-

-

-

Large customers

(29)

(19)

(3)

(2)

Corporate centre

162

152

374

348

Impact before tax (except line "impact on tax") and before minority interests

RESULTS FOR SECOND QUARTER AND FIRST HALF 201716/28

Table 8.

Crédit Agricole Group – Specific items H1-2017 and H1-2016
Specific items H1-17
Gross impact28

Gross impact28

Impact on NIGS

(118)
(61)
(40)
55
125
122
(218)
39

(67)
(40)
(26)
36
82
80
(148)
26

38
8
1
(8)
355
(683)

27
6
1
(5)
337
(448)

(96)

(57)

(289)

(83)

-

-

(41)

(27)

Total impact on operating expenses

-

-

(41)

(27)

Eurazeo disposal (Corporate centre)€mIssuer spreads (Corporate centre)
DVA (LC)
Loan hedges (LC)HPSP (FRB/LCL)HPSP (FRB/RBs)
HPSP (Corporate centre)
VISA EUROPE capital gain
Adjustment of liability costs (FRB/RBs)
Liability management upfront payments (Corp. centre)
Total impact on revenues
LCL network optimisation cost (FRB/LCL)

28

Specific items H1-16

Impact on
NIGS

107

107

Total impact on Net income from discontinued orheld-for-sale operations

107

107

-

-

Total impact of specific items

12

50

(330)

(110)

Asset gathering

-

-

-

-

Retail banking

(38)

(30)

(49)

(32)

Specialised financial services

-

-

-

-

Large customers

(101)

(66)

9

6

Corporate centre

151

145

(290)

(84)

Impact before tax (except line "impact on tax") and before minority interests

RESULTS FOR SECOND QUARTER AND FIRST HALF 201717/28

Appendix 2 – Crédit Agricole S.A.: stated and underlying income statement
Table 9.

Crédit Agricole S.A. – Reconciliation between the stated and the underlying results, Q2-2017 and Q2-2016

In €m

Q2-17
statedSpecific
items

Q2-17
underlying

Q2-16
statedSpecific
items

Q2-16
underlying∆ Q2/Q2
underlying

Revenues
Operating expenses excl.SRF
SRF
Gross operating income
Cost of risk
Cost of legal risk
Equity-accounted entities
Net income on other assets
Income before tax
Tax
Net income from discontinued or held-for-sale
operations
Net income
Non-controlling interests
Net income Group Share
Earnings per share (€)
Cost income ratio excl. SRF (%)

4,708(2,795)
(10)
1,903
(351)
224
0
1,776
(321)

89
89
107
196
(23)

4,619
(2,795)
(10)
1,814
(351)
117
0
1,580
(297)

4,738
(2,806)
(43)
1,889
(447)
(50)
121
3
1,516
(255)

401
(41)
360
360
(11)

4,337
(2,766)
(43)
1,528
(447)
(50)
121
3
1,156
(244)

+6.5%
+1.1%
(77.2%)+18.7%(21.3%)(100.0%)(3.6%)(97.2%)+36.7%+22.0%

31

-

31

11

-

11

x,2.7

1,486
(136)
1,350
0.44
59.4%

173
4
176
0.06

1,313
(139)
1,174
0.38
60.5%

1,272
(114)
1,158
0.39
59.2%

348
(9)
339
0.13

923
(105)
818
0.27,
63.8%

+42.2%+32.8%+43.4%+41.3%-3.3 pp

RESULTS FOR SECOND QUARTER AND FIRST HALF 201718/28

Table 10. Crédit Agricole S.A. – Reconciliation between the stated and the underlying results in H1-17 and H1-16
In €m

H1-17
statedSpecific
items

H1-17
underlying

H1-16
statedSpecific
items

H1-16
underlying∆ H1/H1
underlying

Revenues
Operating expenses excl.SRF
SRF
Gross operating income

9,408(5,791)
(242)
3,375

10
10

9,398
(5,791)
(242)
3,365

8,537
(5,781)
(244)
2,512

6
(41)
(35)

8,531
(5,740)
(244)
2,547

+10.2%+0.9%(0.8%)+32.1%

Cost of risk
Cost of legal risk
Equity-accounted entities
Net income on other assets
Change in value of goodwill
Income before tax
Tax
Net income from discontinued or held-for-sale
operations
Net income

(711)
(40)
439
(0)
3,063
(663)

107
117
7

(711)
(40)
332
(0)
2,946
(670)

(849)
(50)
244
3
1,860
(267)

(35)
215

(849)
(50)
244
3
1,895
(482)

(16.3%)(20.0%)+36.0%
n.m.
n.m.
+55.4%+39.2%

45

-

45

11

-

11

x,4

2,445

124

2,321

1,604

179

1,425

+62.9%

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

(250)
2,195
0.69
61.6%

4
128
0.05

(253)
2,067
0.64
61.6%

(219)
1,385
0.43
67.7%

(7)
172
0.06

(212)
1,213
0.37
67.3%

+19.8%+70.4%+76.3%-5.7 pp

RESULTS FOR SECOND QUARTER AND FIRST HALF 201719/28

Appendix 3 – Crédit Agricole S.A.: Consolidated income statement by business line
Table 11. Crédit Agricole S.A. – Income statement by business line, Q2-2017 and Q2-2016
Asset gathering
En m€

Revenues
Operating expenses excl. SRF
SRF
Gross operating income
Cost of credit risk
Cost of legal risk
Equity-accounted entities
Net income on other assets
Income before tax
Tax
Net income from discontinued or heldfor-sale operations
Net income
Non-controlling interests
Net income Group Share

French retailbanking (LCL)

International retailbankingSpecialised financi
al services

Large customers

Corporate centre

Total

Q2-17
stated

Q2-16
stated

Q2-17
stated

Q2-16
stated

Q2-17
stated

Q2-16
stated

Q2-17
stated

Q2-16
stated

Q2-17
stated

Q2-16
stated

Q2-17
stated

Q2-16
stated

Q2-17
stated

Q2-16
stated

1,151
(570)
(0)
580
(2)
8
0
587
(100)

1,165
(532)
1
634
(5)
6
1
636
(179)

912
(591)
1
322
(56)
0
267
(71)

849
(663)
(3)
183
(53)
130
(44)

639
(372)
(0)
267
(107)
0
159
(47)

637
(367)
(2)
268
(113)
155
(48)

690
(332)
(1)
357
(117)
49
0
289
(70)

659
(328)
(3)
328
(158)
51
(2)
219
(48)

1,370
(729)
(7)
634
(41)
(40)
60
0
613
(166)

1,326
(728)
(24)
574
(166)
61
1
470
(107)

(54)
(201)
(3)
(258)
12
107
(0)
(139)
134

102
(189)
(11)
(98)
(2)
3
3
(94)
171

4,708
(2,795)
(10)
1,903
(351)
224
0
1,776
(321)

4,738
(2,806)
(43)
1,889
(497)
121
3
1,516
(255)

31

-

-

-

(0)

-

-

-

-

11

-

-

31

11

517
(51)
466

457
(42)
415

196
(10)
186

86
(4)
82

112
(31)
81

107
(30)
77

219
(31)
188

171
(17)
154

447
(16)
431

374
(11)
363

(5)
3
(2)

77
(10)
67

1,486
(136)
1,350

1,272
(114)
1,158

RESULTS FOR SECOND QUARTER AND FIRST HALF 201720/28

Table 12. Crédit Agricole S.A. – Income statement by business line, H1 2017 and H1 2016
Asset gathering

French retailbanking (LCL)

International retailbankingSpecialised financi
al services

Large customers

Corporate centre

Total

€m

H1-17
stated

H1-16
stated

H1-17
stated

H1-16
stated

H1-17
stated

H1-16
stated

H1-17
stated

H1-16
stated

H1-17
stated

H1-16
stated

H1-17
stated

H1-16
stated

H1-17
stated

H1-16
statedRevenues
Operating expenses excl. SRF
SRF
Gross operating income
Cost of credit risk
Cost of legal risk
Equity-accounted entities
Net income on other assets
Income before tax
Tax
Net income from discontinued or heldfor-sale operations
Net income
Non-controlling interests
Net income Group Share

2,401(1,196)
(2)
1,203
(1)
15
(0)
1,217
(292)

2,343
(1,122)
(2)
1,219
(7)
13
1
1,226
(351)

1,816
(1,219)
(15)
582
(104)
0
478
(135)

1,684
(1,317)
(19)
348
(75)
273
(97)

1,246
(733)
(10)
502
(212)
0
290
(91)

1,262
(734)
(10)
518
(240)
278
(91)

1,375
(684)
(14)
677
(210)
115
(0)
582
(144)

1,306
(676)
(13)
617
(277)
97
(2)
435
(105)

2,791
(1,542)
(139)
1,110
(188)
(40)
129
(0)
1,011
(250)

2,546
(1,515)
(149)
883
(238)
(50)
123
1
719
(187)

(220)
(417)
(61)
(698)
4
179
(0)
(515)
250

(604)
(417)
(52)
(1,073)(12)
11
3(1,071)
564

9,408(5,791)
(242)
3,375
(711)
(40)
439
(0)
3,063
(663)

8,537
(5,781)
(244)
2,512
(849)
(50)
244
3
1,860
(267)

30

-

-

-

0

-

15

-

-

11

-

-

45

11

955
(92)
864

875
(81)
794

343
(17)
326

176
(9)
167

199
(57)
142

187
(57)
130

452
(64)
389

330
(47)
283

761
(26)
735

543
(17)
526

(266)
6
(260)

(507)
(8)
(515)

2,445
(250)
2,195

1,604
(219)
1,385

RESULTS FOR SECOND QUARTER AND FIRST HALF 201721/28

Appendix 4 – Crédit Agricole Group: stated and underlying income statement
Table 13. Crédit Agricole Group – Reconciliation between the stated and the underlying results, Q2-2017 and Q2-2016
€m

Q2-17
StatedQ2-16
Stated∆ Q2/Q2
StatedQ2-17
underlying

Q2-16
underlying∆ Q2/Q2
underlying

Revenues

7,928

8,267

(4.1%)

7,940

7,904

+0.5%

Operating expenses excl. SRF(4,987)(4,926)+1.2%(4,987)(4,885)+2.1%

Contribution to Single Resolution Funds (SRF)

(11)

(44)

(73.6%)

(11)

(44)

(73.6%)

Gross operating income

2,930

3,298

(11.2%)

2,942

2,976

(1.1%)

Cost of credit risk

(318)

(704)

(54.8%)

(318)

(704)

(54.8%)

Cost of legal risk

-

(50)

(100.0%)-(50)(100.0%)Equity-accounted entities

226

124

+82.5%

119124(4.2%)Net income on other assets

(1)

3

n.m.

(1)

3

n.m.

Income before tax

2,837

2,671

+6.2%

2,741

2,349

+16.7%

Tax

(654)

(655)

(0.3%)

(658)

(648)

+1.5%

Net income from discontinued operations

31

11

x 2.7

31

11

x 2.7

2,214

2,027

+9.2%

2,115

1,712

+23.5%Net income
Non-controlling interests

(107)

(85)

+26.9%

(111)

(84)

+31.7%Net income Group Share

2,106

1,942

+8.5%

2,003

1,628

+23.1%

Cost income ratio excl. SRF (%)

62.9%

59.6%

+3.3 pp

62.8%

61.8%

+1.0 pp

RESULTS FOR SECOND QUARTER AND FIRST HALF 201722/28

Table 14. Crédit Agricole Group – Reconciliation between the stated and the underlying results, H1-2017 and H1-2016
€m

H1-17
StatedH1-16
Stated∆ H1/H1
Stated

H1-17
underlying

H1-16
underlying∆ H1/H1
underlying

Revenues

16,177

15,425+4.9%

16,272

15,714+3.6%

Operating expenses excl. SRF(10,193)(10,047)+1.5%(10,193)(10,006)+1.9%

Contribution to Single Resolution Funds (SRF)

(285)

(282)

+1.2%

(285)

(282)

+1.2%

Gross operating income

5,699

5,096

+11.8%

5,795

5,426

+6.8%

Cost of credit risk

(796)

(1,258)(36.7%)(796)(1,258)(36.7%)

Cost of legal risk

(40)

(50)

(20.0%)

(40)

(50)

(20.0%)

Equity-accounted entities

443

250

+77.4%

336

250+34.5%Net income on other assets

(1)

28

n.m.

(1)

28

n.m.

Income before tax

5,305

4,066

+30.5%

5,293

4,396

+20.4%

Tax(1,442)(1,143)+26.2%(1,479)(1,361)

+3.5%

45

11

x4

45

11

x4

3,908

2,935

+33.2%

3,860

3,046

+26.7%Net income from discontinued operations
Net income
Non controlling interests

(202)

(175)

+15.8%

(204)

(176)

+15.7%Net income Group Share

3,706

2,760

+34.3%

3,656

2,870

+27.4%

Cost income ratio excl. SRF (%)

63.0%

65.1%

-2.1 pp

62.6%

63.7%

-1.0 pp

RESULTS FOR SECOND QUARTER AND FIRST HALF 201723/28

Appendix 5 – Crédit Agricole Group: Consolidated income statement by business line
Table 15. Crédit Agricole Group – Income statement by business line, Q2-2017 and Q2-2016
Retail banking inFrance(Reg. Banks)

Retail banking
in France(LCL)

International
retail banking

Asset gathering &insurance

Specialised fina
ncial services

€m

Q2-17
stated

Q2-16
stated

Q2-17
stated

Q2-16
stated

Q2-17
stated

Q2-16
stated

Q2-17
stated

Q2-16
stated

Q2-17
stated

Q2-16
stated

Q2-17
stated

Q2-16
stated

Q2-17
stated

Q2-16
stated

Q2-17
stated

Q2-16
statedRevenues
Operating expenses excl. SRF
SRF
Gross operating income
Cost of credit risk
Cost of legal risk
Equity-accounted entities
Net income on other assets
Income before tax
Tax
Net income from discontinued orheld-for-sale operations
Net income
Non-controlling interests
Net income Group Share

3,117(2,122)
(2)
994
35
2
(1)
1,029
(314)

3,520
(2,087)
(2)
1,431
(260)
2
0
1,174
(394)

912
(591)
1
322
(56)
0
266
(70)

849
(667)
1
183
(53)
0
131
(44)

668
(387)
(0)
280
(109)
0
171
(50)

662
(385)
(0)
277
(110)
0
167
(51)

1,145
(570)
(0)
574
(2)
8
0
581
(100)

1,164
(530)
(0)
634
(6)
6
1
635
(179)

690
(332)
(1)
357
(117)
49
0
289
(70)

660
(331)
(1)
328
(158)
51
(2)
220
(48)

1,370
(729)
(7)
634
(81)
60
0
613
(166)

1,329
(746)
(7)
576
(116)
(50)
61
0
472
(108)

26
(255)
(3)
(232)
13
107
(0)
(113)
118

84
(212)
(3)
(131)
(2)
3
3
(128)
169

7,928
(4,987)
(11)
2,930
(318)
226
(1)
2,837
(654)

8,267
(4,958)
(11)
3,298
(704)
(50)
124
3
2,671
(655)

Large
customers

Corporate centre

Total

-

-

-

-

(0)

-

31

0

-

-

-

11

-

-

31

11

715
(0)
715

780
(0)
780

196
(0)
196

87
(0)
86

121
(25)
96

116
(24)
92

511
(48)
463

456
(39)
417

219
(31)
188

172
(17)
154

447
(7)
440

375
(3)
372

5
3
8

41
(1)
40

2,214
(107)
2,106

2,027
(85)
1,942

RESULTS FOR SECOND QUARTER AND FIRST HALF 201724/28

Table 16. Crédit Agricole Group – Income statement by business line, H1-2017 and H1-2016
Retail banking inFrance(Reg. Banks)

Retail banking
in France(LCL)

International
retail banking

Asset gathering &insurance

Specialised fina
ncial services

€m

H1-17
stated

H1-16
stated

H1-17
stated

H1-16
stated

H1-17
stated

H1-16
stated

H1-17
stated

H1-16
stated

H1-17
stated

H1-16
stated

H1-17
stated

H1-16
stated

H1-17
stated

H1-16
stated

H1-17
stated

H1-16
statedRevenues
Operating expenses excl. SRF
SRF
Gross operating income
Cost of credit risk
Cost of legal risk
Equity-accounted entities
Net income on other assets
Income before tax
Tax
Net income from discontinued orheld-for-sale operations
Net income
Non-controlling interests
Net income Group Share

6,647(4,299)
(43)
2,304
(81)
4
(0)
2,227
(756)

7,082
(4,191)
(43)
2,848
(408)
5
25
2,471
(864)

1,816
(1,219)
(15)
582
(104)
0
478
(134)

1,684
(1,321)
(15)
348
(75)
0
273
(97)

1,302
(767)
(10)
524
(215)
0
309
(96)

1,312
(766)
(10)
536
(241)
0
295
(95)

2,392
(1,195)
(2)
1,194
(1)
15
(0)
1,209
(292)

2,339
(1,121)
(2)
1,216
(7)
13
1
1,222
(351)

1,375
(684)
(14)
677
(210)
115
(0)
582
(144)

1,307
(675)
(14)
617
(277)
97
(2)
435
(105)

2,791
(1,542)
(140)
1,110
(188)
(40)
129
(0)
1,011
(250)

2,549
(1,524)
(140)
886
(288)
(50)
123
1
722
(188)

(145)
(486)
(61)
(691)
3
179
(1)
(510)
231

(848)
(445)
(61)
(1,354)(13)
12
3(1,352)557

16,177(10,193)
(285)
5,699
(796)
(40)
443
(1)
5,305
(1,442)

15,425(10,044)
(285)
5,096
(1,258)
(50)
250
28
4,066
(1,143)Largecustomers

Corporate
centre

Total

-

-

-

-

0

-

30

0

15

-

-

11

-

-

45

11

1,471
(1)
1,471

1,607
(0)
1,607

344
(0)
343

177
(0)
176

213
(45)
167

200
(46)
154

947
(86)
861

871
(76)
795

452
(64)
389

330
(47)
283

761
(11)
750

544
(6)
538

(279)
4
(274)

(795)
2
(793)

3,908
(202)
3,706

2,935
(175)
2,760

RESULTS FOR SECOND QUARTER AND FIRST HALF 201725/28

Appendix 6 – Calculation methods of Earnings per share,
Net asset value per share and ROTE(€m)
Net income Group share- Interests on AT1, before tax, including issuance costs
Net income Group share attributable to ordinary shares
Average number shares in issue, excluding treasury shares (in millions)
Net earnings per share
Underlying net income Group share
Underlying net income Group share attributable to ordinary shares
Underlying net earnings per share(€m)
Shareholder's equity Group share- AT1 issuances- Unrealised gains and losses on AFS - Group share- Payout assumption on annual resuts*
Net not revaluated asset attributable to ordinary shares- Goodwill & intangibles** - Group share
Net tangible not revaluated asset attributable to ordinary shares
Total shares in issue, excluding treasury shares (period end)
Net asset value per share, after deduction of dividend to pay (€)+ Dividend to pay for the year (€)
Net asset value per share, dividend to pay included (€)
Net tangible asset value per share, after deduction of dividend to pay (€)
Net tangible asset value per share, dividend to pay included (€)[A][B][A]/[B]
0[C][C]/[B]

[D]
[E]
[F]
[D]/[F][H][G] =[E]/[F][G]+[H]* dividend proposed to the Board meeting to be paid** including goodwill in the equity-accounted entities

Q2-17
1,350
(96)
1,254
2,843.7
€0.44
1,174
1,078
€0.38

H1-17
2,195
(237)
1,958
2,843.1
€0.69
2,067
1,830
€0.64

30/06/2017
57,371(5,011)(3,268),49,092(15,637)
33,4552,843.8
€17.3
€17.3

31/12/2016
58,277(5,011)(3,779)(1,716)
47,771(15,479)
32,292
2,843.3
€16.8
€0.60
€17.4

€11.8

€11.4

€11.8
,
,

Q2-16
1,158
(97)
1,061
2,689.7
€0.39
818
721
€0.27

H1-16
1,385
(241)
1,144
2,661.8
€0.43
1,213
972
€0.37

€12.0
,
,

30/06/2017
Underlying net income Group share attributable to ordinary shares(annualised)
Average net tangible not revaluated asset attributable to ordinary shares***
Underlying RoTE (%)

[I]

3,660

[J]
[I]/[J]

32,388
11.3%

,
,
,

*** including assumption of dividend for the current exercise

RESULTS FOR SECOND QUARTER AND FIRST HALF 2017

26/28

This page is left intentionally blank

RESULTS FOR SECOND QUARTER AND FIRST HALF 201727/28

Disclaimer
The financial information for the second quarter and first half of 2017 for Crédit Agricole S.A. and the Crédit Agricole
Group comprises this press release and the attached quarterly financial report and presentation, available athttps://www.credit-agricole.com/en/finance/finance/financial-publications.
This press release may include prospective information on the Group, supplied as information on trends. This data does not represent
forecasts within the meaning of European Regulation 809/2004 of 29 April 2004 (chapter 1, article 2, §10).
This information was compiled from scenarios based on a number of economic assumptions for a given competitive and regulatoryenvironment. Therefore, these assumptions are by nature subject to random factors that could cause actual results to differ from projections.
Likewise, the financial statements are based on estimates, particularly for the calculation of market values and asset impairments.
Readers must take all of these risk factors and uncertainties into consideration before making their own judgement.
The figures presented for the six-month period ended 30 June 2017 have been prepared in accordance with IFRS as adopted in the European
Union and applicable at that date, and with prudential regulations currently in force. This financial information does not constitute a set offinancial statements for an interim period as defined by IAS 34 "Interim Financial Reporting" and has not been audited.
N.B. The scope of consolidation of Crédit Agricole S.A. group and Crédit Agricole Group has not changed materially since the filing with the
AMF of Crédit Agricole S.A.'s 2016 Registration Document on 21 March 2017 under number D.17-0197 and update A.01 of the 2016
Registration Document containing the regulated information for Crédit Agricole Group.
The sum of the values contained in the tables and analyses may differ slightly from the totals due to rounding effects.
Unlike publications for previous quarters, the income statements contained in this press release show non-controlling interests with a minus
sign such that the line item "net income Group share" is the mathematical addition of the line item "net income" and the line item "noncontrolling interests".
On 1 January 2017, Calit was transferred from Specialised financial services (Crédit Agricole Leasing & Factoring) to Retail banking in Italy.
Historical data have not been restated on a pro forma basis.

Agenda8 November 201714 February 2018 15 May 2018 16 May 2018
 3 August 2018
 7 November 2018


Publication of third quarter 2017 results
Publication of fourth quarter and full-year 2017 results
Publication of first quarter 2018 results
Shareholders’ meeting in Paris
Publication of second quarter and first half 2018 results
Publication of third quarter 2018 results

Contacts
CRÉDIT AGRICOLE PRESS CONTACTS
Charlotte de Chavagnac
Alexandre Barat
Caroline de Cassagne+ 33 1 57 72 11 17+ 33 1 43 23 07 31+ 33 1 49 53 39 72

charlotte.dechavagnac@credit-agricole-sa.fr
alexandre.barat@credit-agricole-sa.fr
Caroline.decassagne@ca-fnca.fr

CRÉDIT AGRICOLE S.A. INVESTOR RELATIONS CONTACTS
Institutional investors
Individual shareholders+ 33 1 43 23 04 31+ 33 800 000 777(toll-free number France only)

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

Cyril Meilland, CFA
Céline de Beaumont
Letteria Barbaro-Bour
Oriane Cante
Emilie Gasnier
Fabienne Heureux
Vincent Liscia+ 33 1 43 23 53 82+ 33 1 57 72 41 87+ 33 1 43 23 48 33+ 33 1 43 23 03 07+ 33 1 43 23 15 67+ 33 1 43 23 06 38+ 33 1 57 72 38 48

cyril.meilland@credit-agricole-sa.fr
celine.debeaumont@credit-agricole-sa.fr
letteria.barbaro-bour@credit-agricole-sa.fr
oriane.cante@credit-agricole-sa.fr
emilie.gasnier@credit-agricole-sa.fr
fabienne.heureux@credit-agricole-sa.fr
vincent.liscia@credit-agricole-sa.fr

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Crédit_Agricole

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RESULTS FOR SECOND QUARTER AND FIRST HALF 201728/28