Montrouge, 6 May 2015

First quarter 2015

Good results driven by buoyant activity
and favourable market conditions- Buoyant activity in all business lines- Costs controlled on a like-for-like regulatory basis- Further decrease in cost of risk
- Robust financial structure confirmed
Crédit Agricole Group* in the first quarter of 2015
Revenues: 8,035 million euros (+3.1% / Q1-14)
Income before tax: 2,131 million euros (+8.0% / Q1-14)
Net income Group share: 1,228 million euros (-1.9% / Q1-14)
including -€222m for SRF and -€194m for IFRIC 21 impact
Fully-loaded CET 1 ratio: 13.0% (+130 bp / Q1-14)* Crédit Agricole S.A. and Regional Banks at 100%

Crédit Agricole S.A. in the first quarter of 2015
Revenues: 4,359 million euros (+7.5% / Q1-14)
Gross operating income: 1,206 million euros (+4.4% / Q1-14)
Cost of risk: -477 million euros (-19.2% / Q1-14)
Net income Group share: 784 million euros (+2.6% / Q1-14)
including -€182m for SRF and -€130m for IFRIC 21 impact
Fully-loaded CET 1 ratio: 10.2% (+120 bp / Q1-14)

Crédit Agricole Group
Crédit Agricole Group delivered net income Group share of 1,228 million euros in the first quarter of 2015, a
decrease of 1.9% compared with the first quarter of 2014 restated. Comparison has to take into account the fact that
this year's figure includes the first contribution to the Single Resolution Fund (SRF) for an amount of -222 million
euros in net income Group share.
Excluding this item and before the application of IFRIC 21 interpretation, which led to the 2014 comparative data
being restated, Crédit Agricole Group's net income Group share would have been 1,644 million euros, an increase of
15.8% compared with the stated figure of 1,420 million euros for the first quarter of 2014.
For Jean-Marie Sander, Chairman of Crédit Agricole S.A., these results confirm the good health of Crédit Agricole
and are in-line with its medium-term profitability targets.
For Jean-Paul Chifflet, Chief Executive Officer of Crédit Agricole S.A., these good results were driven by a strong
business momentum in all the business lines. They confirm the trend of 2014, with in particular, a continued
reduction in the cost of risk in most business lines, efficient cost control and the confirmation of the strength of theGroup financial structure.
The Regional Banks delivered another solid commercial performance despite the continued sluggish economic
climate and unfavourable interest rate environment. Total customer assets were up 3.2% compared with end-March2014 and loans outstanding were up 1.0% over the same period. Their contribution to net income Group share (at100% under IFRS) came to 790 million euros in the first quarter of 2015. The difference compared with the firstquarter of 2014 is due to their contribution to the SRF for an amount of 52 million euros.
In terms of solvency, Crédit Agricole Group's Basel 3 fully-loaded Common Equity Tier 1 ratio was 13.0% at endMarch 2015 compared with 11.7% pro forma at end-March 2014.

Crédit Agricole S.A.
Crédit Agricole S.A.'s Board of Directors, chaired by Jean-Marie Sander, met on 5 May 2015 to examine the financial
statements for the first quarter of 2015.
Net income Group share was 784 million euros, a year-on-year increase of 2.6% compared with net income Group
share for the first quarter of 2014 restated. For information, based on the regulations in force until 2014, i.e. before
the application of IFRIC 21 and excluding the impact of the SRF contribution, net income Group share would havebeen 1,096 million euros, an increase of 26,3% compared with the stated figure of 868 million euros for the firstquarter of 2014.
This good performance was driven primarily by buoyant business activity, with revenues up 7.5% year-on-year. All
business lines contributed: loans outstanding up 2.9% at LCL, home loans outstanding up 4.9% at Cariparma, net
inflows of 24 billion euros for Amundi, of 2.3 billion euros in savings/retirement and death & disability, and of 1.5
billion euros for Private Banking, assets under custody and administration at CACEIS up more than 10%, newconsumer finance origination up almost 10%, and revenue growth of almost 30%1 in Capital markets and investmentbanking.
This performance was also supported by a continued decrease in the cost of risk, which was down to 46 basis pointsof outstandings on an annualised basis, i.e. an improvement of 14 basis points compared with the first quarter of
2014. The cost of risk decreased in most business lines: LCL (20 basis points versus 30 in the first quarter of 2014),
1 Restated for the impact of DVA running and at constant exchange rates

2international retail banking (135 basis points versus 141) and consumer finance (212 basis points versus 293),
mainly due to the continued fall at Agos Ducato (amounting to – 104 million euros decreasing by 36% compared with
Q1-2014).
In addition, operating costs were contained in an environment of buoyant business activity and the negative impact ofregulatory change. The first contribution to the Single Resolution Fund (SRF) alone accounted for 6% of the increasein operating expenses. Excluding currency, regulatory and investment or transformation plan effects, operating
expenses were up 1.2% compared with the first quarter of 2014.
At end-March 2015, Crédit Agricole S.A.'s capital structure was further consolidated, with a fully-loaded Common
Equity Tier 1 ratio of 10.2%, an improvement of 120 basis points on the 9.0% ratio recorded at end-March 2014. Aftera sharp rise during 2014, the ratio has fallen slightly at end-March 2015 (by 20 basis points) since end-December
2014. The appreciation of the US dollar was responsible for one third of the growth in risk-weighted assets,
equivalent to a 16 basis points decline in the ratio, though 8 other basis points are related to the seasonal impact of
IFRIC 21 (SRF included). Otherwise the growth in risk-weighted assets was consistent with the strong trend inrevenues.
Crédit Agricole Group's liquidity position has also further strengthened. At end-March 2015, the Group's cash
balance sheet amounted to 1,042 billion euros and the surplus of long term funding sources over long-term
applications of funds was 104 billion euros versus 73 billion euros at end-March 2014. Liquidity reserves, including
capital gains and haircuts related to the trading securities portfolio, amounted to 248 billion euros and covered grossshort-term debt more than twice over, at 217% compared with 164% at end-March 2014.
Both the Group and Crédit Agricole S.A. had an LCR ratio of more than 110% at end-March 2015.
At end-March 2015, Crédit Agricole S.A. had completed 54% of its 10 billion euros programme of medium to longterm debt (senior and subordinated) issuance on the market (excluding branch networks). It raised 1.8 billion
equivalent euros of senior debt and made a Tier 2 issue comprising a 12-year tranche of 2 billion euros and a 10year tranche of 1.5 billion US dollars.
In all, the main Crédit Agricole Group issuers raised 10.7 billion euros of senior and subordinated debt in the market
and the branch networks in the first quarter of 2015.

Social and environmental responsibility
As the leading provider of finance to the French economy, Crédit Agricole is reaffirming its commitment to energy
transition to help create an economy that produces less greenhouse gases. Since 2010, Crédit Agricole has
progressively become the leading provider of finance for renewable energy projects in France. Crédit Agricole
Leasing & Factoring and its subsidiary Unifergie, which is strongly committed to this field, had financed 2.3 billion
euros of projects at the end of 2014. Crédit Agricole CIB is the world no. 1 in Green Bonds, with a 14% market share.
In September 2014, Amundi introduced its range of low-carbon index trackers for investors, a new global innovation.
In all, 2.5 billion euros have already been invested in these funds. In addition, a joint portfolio management company
is being set up with EDF to finance renewable energy and energy efficiency through institutional and retail investors.
The target is to raise 1.5 billion euros. Amundi, the leading SRI asset manager in France with 71 billion euros ofassets under management at end-December 2014, has also set up an environmental thematic fund – Amundi
Valeurs Durables – which raised 121 million euros. As an institutional investor, Crédit Agricole Assurances, with thesupport of Amundi and Crédit Agricole Immobilier, focuses on investing in assets that are key to the energy
transition, such as new forms of energy and energy-efficient buildings.

3

Financial calendar

20 May 2015

Annual Shareholders' Meeting in Lille

28 May 2015

Ex-dividend date23 June 2015

Dividend payment date

4 August 2015

Publication of 2015 second quarter results

6 November 2015

Publication of 2015 third quarter results

In the whole document excluding solvency elements, 2014 data have been restated from methodological changes
in tax accounting following the application of IFRIC 21 interpretation

Disclaimer
This presentation may include prospective information on the Group, supplied as information on trends. This data does not
represent forecasts within the meaning of European Regulation 809/2004 of 29 April 2004 (chapter 1, article 2, §10). This
information was developed from scenarios based on a number of economic assumptions for a given competitive and regulatoryenvironment. Therefore, these assumptions are by nature subject to random factors that could cause actual results to differ fromprojections. Likewise, the financial statements are based on estimates, particularly in calculating market values and asset
depreciations. Readers must take all of these risk factors and uncertainties into consideration before making their own
judgement.
Applicable standards and comparability
The figures presented for the three-month period ending 31 March 2015 have been prepared in accordance with IFRS as
adopted in the European Union and applicable at that date. This financial information does not constitute a set of financial
statements for an interim period as defined by IAS 34 "Interim Financial Reporting" and it has not been audited.

4

CREDIT AGRICOLE S.A. CONSOLIDATED RESULTS

Q1-15

Q1-14
restated Ifric 21

ChangeQ1/Q1

ChangeQ1*/Q1*

Revenues

4,359

4,055

+7.5%

+9.4%

Operating expenses before SRF(2,978)(2,901)

+2.7%

+2.7%

SRF

(175)

Gross operating income

1,206

1,154

+4.4%

+26.9%

Cost of risk

(477)

(590)

(19.2%)(19.2%)

Operating income

729

564

(29.1%)+79.5%

Share of net income from equity-accounted entities

476

455

+4.6%

+7.7%

Net income on other assets

(2)

5

nm

nm

Change in value of goodwill

-

-

nm

nm

Income before tax

1,203

1,024

+17.3%+45.0%

Tax

(288)

(164)

+74.6%

x2.0

Net income from discontinued or held-for-sale
operations

(17)

(1)

nm

nm

Net income

898

859

+4.5%

+32.7%

Non-controlling interests

114

95

+19.6%+51.3%Net income Group share

784

764

+2.6%

+30.9%(in millions of euros)* Restated for specific items in the quarter (see slide 33)

In the first quarter of 2015, revenues came to 4,359 million euros and to 4,384 million euros restated for own debt
revaluation, DVA running and loan hedges. In the first quarter of 2014, revenues were 4,055 million euros and 4,008
million euros restated for own debt revaluation, DVA, loan hedges and revaluation of Bank of Italy securities. The
year-on-year increase in restated revenues was therefore 9.4%.
Operating expenses were 3,153 million euros, including 175 million euros for the first contribution to the Single
Resolution Fund, 49 million euros in currency effects and 26 million euros in new taxes due, offset by a decrease in
the cost of the systemic tax (33 million euros) and the positive impact of scope effects and the LCL transformation
plan1 (-1 million euros). Restated for these items, operating expenses increased by 1.2% year-on-year in the firstquarter of 2015.

1 Including BFCAG

5

The cost of risk was 477 million euros, down 19.2% compared with the first quarter of 2014, reflecting a continued
improvement in French retail banking and return to normal levels at Agos Ducato, the Italian consumer financesubsidiary, where cost of risk was down 36% year-on-year to 104 million. The cost of risk therefore amounted to 46
basis points of outstandings on an annualised basis, a 14 basis points improvement over the first quarter of 2014.
Impaired loans outstanding were 15.3 billion euros, representing 3.6% of gross customer and interbank loans
outstanding1 compared with 3.8% at end-March 2014. The ratio of impaired loans covered by specific reserves was
54.6%. Including collective reserves, the impaired loan coverage ratio was 72.8% compared with 71.1% at endMarch 2014.
The share of net income from equity-accounted entities amounted to 476 million euros in the first quarter of2015, including a 363 million euros contribution from the Regional Banks, 64 million euros from Crédit Agricole CIB,
mainly Banque Saudi Fransi, and 43 million euros in Specialised financial services, mainly relating to car financepartnerships.
In all, Crédit Agricole S.A.'s net income Group share came to 784 million euros in the first quarter of 2015. Restatedfor own debt revaluation, DVA running, loan hedges and the impact of the Single Resolution Fund, net income Group
share was 981 million euros versus 749 million euros in the first quarter of 2014, restated for the same items and forthe revaluation of Bank of Italy securities. This represents a year-on-year increase of 30.9%.
SOLVENCY
At end March 2015, Crédit Agricole S.A.’s financial strength was confirmed by the level of its fully-loaded CET1 whichamounted to 10.2%2, up 120 basis points over one year and down 20 basis points in the first quarter 2015. Despite
retained earnings (excluding IFRIC 21) that improved the ratio by 23 basis points and the increase of unrealised
gains on AFS in the insurance scope that contributed 9 basis point (net of RWA impact), several unfavourable
elements weighed on the ratio. The seasonal impact of IFRIC 21 implementation accounted for -8 basis points(including the first contribution to the Single Resolution Fund), the net currency impact, primarily USD, had an impactof -16 basis points, while the business lines’ organic growth increased RWAs by 9.3 billion euros at constantexchange rate, an increase particularly notable at CACEIS and in the CIB.
The total phased-in ratio2 amounted to 19.7% at 31 March 2015, up 350 basis points over one year and 10 basis
points in the first quarter. In particular, it benefited from Tier 2 issues in the first quarter of 2015.
The leverage ratio of Crédit Agricole S.A. stood at 4.4%3 compared to 4.2% at end 2014 under the Delegated Act
adopted by the European Commission.

1

Excluding Crédit Agricole internal transactions, accrued interest and finance leases

2 Including unaudited first quarter 2015 results
3 Subject to ECB authorisation, with an impact of +100 basis points related to the non-weighting of intragroup operations

6

LIQUIDITY
Crédit Agricole Group's cash balance sheet totalled 1,042 billion euros at end-March 2015, compared with 1,029
billion at end-December 2014 and 1,028 billion euros at end-March 2014.
The surplus of long term funding sources over long term applications of funds was 104 billion euros at 31 March
2015, versus 101 billion euros at 31 December 2014 and 73 billion euros at 31 March 2014, an increase of 3 billion
euros since 31 March 2014 and of 31 billion euros between 31 March 2014 and 31 March 2015.
Liquidity reserves including valuation gains and haircuts related to the securities portfolio amounted to 248 billion
euros at 31 March 2015, covering 217.5% of gross short-term debt versus 203.3% at 31 December 2014 and164.2% at 31 March 2014. HQLA securities after valuation gains and haircuts represented 162.5% of short term debt
not deposited with Central Banks. Both the Group and Crédit Agricole S.A. had an LCR ratio exceeding 110% at endMarch 2015.
During the first quarter of 2015, the main Crédit Agricole Group issuers raised 10.7 billion euros of senior andsubordinated debt in the market and the branch networks. Crédit Agricole S.A. itself raised 1.8 billion euros
equivalent of senior debt and completed a Tier 2 issue comprising a 12-year tranche of 2 billion euros and a 10-year
tranche of 1.5 billion US dollars. At 31 March 2015, Crédit Agricole S.A. had completed 54% of its medium-to longterm market funding programme (senior and subordinated) of 10 billion euros (excluding branch networks).

7

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

Q1-15

Q1-14

ChangeQ1/Q1

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

198

208

(4.8%)

Change in share of reserves

165

149

+10.6%

Share of net income of equity-accounted entities

363

357

+1.7%

In the first quarter of 2015, the Regional Banks continued to implement their strategy of achieving balanced growth inall their areas of business.
Customer assets continued to grow, with a year-on-year increase of 3.2% in outstandings to 610 billion euros at endMarch 2015. Growth was driven both by on-balance sheet deposits, up 3.0% year-on-year to 356 billion euros at
end-March 2015, and off-balance sheet customer assets, up 3.3% to 254 billion. The increase in on-balance sheet
deposits stemmed mainly from demand deposits (up 8.9%), which benefited from maturing term deposits andaccounts (down 6.2%). Home purchase savings plans enjoyed strong growth in the first quarter (up 7.8% year-onyear), as customers sought to take advantage of the regulated interest rate prevailing in January before it was
lowered on 1 February. Over the same period, deposits held on mutual shareholders passbook accounts increased
by 51.5% year-on-year. Meanwhile, off-balance sheet customer assets continued to be driven by life insurance, with
year-on-year growth of 4.5% at end-March 2015.
Loans outstanding rose by 1.0% year-on-year, to 402 billion euros at end-March 2015. Growth stemmed mainly fromhome loans (up 2.5%) while the SME business segment showed an improvement with outstandings up 3.4%.
The loan-to-deposit ratio1 was 115% at end-March 2015, stable compared with end-March 2014.
The Regional Banks' revenues (restated for intragroup transactions) amounted to 3,472 million euros in the firstquarter of 2015, down 2.2% on the first quarter of 2014. This figure includes -139 million euros in reserves for homepurchase savings schemes versus +15 million in the first quarter of 2014 and -189 million euros in the last quarter of
2014. Fee and commission income rose sharply by 7.3% year-on-year, driven mainly by the strong momentum in life
insurance (fees and commissions up 14.0% year-on-year following the annual fee-sharing adjustment) and bybanking services (up 5.1%). The interest margin continued to be adversely affected by the cost of regulated savings
but benefited from a high level of early repayment penalties (up by 37 million euros between the first quarters of 2014
and 2015).
Operating expenses were stable (down 0.2% year-on-year) excluding the SRF impact which amounted to -46 million
euros in the first quarter of 2015.
The Regional Banks' cost of risk continued to improve significantly, falling by 36.4% year-on-year to -196 million
euros, equivalent to a decrease of 11 basis points on loans outstanding. This trend reflects the steady improvementin the economic environment, which resulted in a decrease in charges to specific reserves and reversals of collective
reserves. The impaired loan ratio was stable at 2.6%, while the coverage ratio, including collective reserves,
remained above 100%.
1 Methodology revised as from March 2014; December 2013 pro forma includes EIB and CDC funding and CAsa bonds included in unit-linked contracts
classified in customer-related funds; and customer loans net of specific reserves8Operating income excluding the SRF impact therefore amounted to 1,273 million euros in the first quarter of 2015, up
3.0% on the first quarter of 2014.
In all, the Regional Banks' contribution to Crédit Agricole S.A.'s net income Group share was 363 million euros in thefirst quarter of 2015 representing a year-on-year increase of 1.7%. As a reminder, the first quarter of each year
includes the change in share of reserves in the Regional Banks, which amounted to 165 million euros in the firstquarter of 2015 (up 10.7% due mainly to the scheduling and holding of the Local Banks' Annual general meetings).

9

1.2. - LCL(in millions of euros)

Q1-15

Q1-14

ChangeQ1/Q1

Revenues

922

956(3.6%)

Operating expenses before SRF and transformation plan

(644)

(650)

(0.9%)

SRF

(12)

-

-

Impact of transformation plan

(8)

(4)

-

Gross operating income

258

302

(14.8%)

Cost of risk

(48)

(70)

(31.2%)

Operating income

210

232

(9.8%)

Income before tax

210

232

(9.9%)

Tax

(78)

(84)

(7.3%)Net income

132

148

(11.4%)

Non-controlling interests

67(11.0%)Net income Group share

126

141

(11.4%)

The first quarter of 2015 saw a continuation of the trends observed in 2014, with a combination of higher deposits
and a lower cost of risk.
Driven by strong business momentum, customer assets increased by 3.8% year-on-year at end-March 2015, to
170.8 billion euros. On-balance sheet deposits rose by 3.7%, driven mainly by growth in demand deposits (up10.3%). Off-balance sheet customer assets increased by 3.9% year-on-year, due primarily to strong momentum inlife insurance (up 5.1% over one year).
Loans outstanding amounted to 91.9 billion euros at end-March 2015, an increase of 2.9% compared with theprevious year. Growth was driven by home loans, which increased by 4.8% year-on-year to 59.3 billion euros. Loansto SMEs and small businesses contracted slightly by 0.8% year-on-year to 26.1 billion euros, while consumer financeincreased by 1.1% over the same period to 6.6 billion euros.
The loan-to-deposit ratio was 110% at end-March 2015, stable versus end-December 2014 (109%).
Revenues decreased by 3.6% year-on-year in the first quarter of 2015. The interest margin was down compared withthe first quarter of 2014, due to a decline in the margin on deposits (around -40 million euros year-on-year at endMarch related to regulated rates) and to the lack of portfolio gains. By contrast, the lending margin increased due toloan renegociations and the margin related to new production is higher than the stock margin (excluding
renegociations). Commissions and fee income rose by 4.2%.
Operating expenses, excluding SRF and the transformation plan, dropped by 0.9% year-on-year in the first quarter of
2014. Expenses related to the transformation plan were 8 million in the first quarter of 2015, double the amountrecorded in the first quarter of 2014.
The cost of risk remains low, falling by 31.2% year-on-year in the first quarter of 2015. The impaired loans ratio was
2.3% at end-March 2015 and the coverage ratio (including collective reserves) was 72.4% compared with 73.8% at
end-March 2014.
In all, net income Group share was 126 million euros, down 11.4% compared with the first quarter of 2014.

10

2. INTERNATIONAL RETAIL BANKING
Net income Group share for the business line was 27 million euros in the first quarter of 2015 compared with 7
million euros in the first quarter of 2014.
(in millions of euros)

Q1-15

Q1-14

ChangeQ1/Q1

Revenues

644

692(6.8%)

Operating expenses before SRF

(375)

(385)

(2.4%)

SRF

(8)

-

-

Gross operating income

261

307

(15.0%)

Cost of risk

(149)

(258)

(42.6%)

Operating income

112

49

x2.3

Share of net income from equity-accounted entities

1

(12)

nm

Net income on other assets

-

-

nm

Income before tax

113

37

x3.1

Tax

(46)

(17)

x2.6

Net income from discontinued or held-for-sale operations

(16)

-

nm

Net income

51

20

x2.7

Non-controlling interests2413+89.1%Net income Group share

27

7

x4.1

In Italy, Cariparma enjoyed strong business momentum in the first quarter of 2015. Customer assets amounted to95.9 billion euros at end-March 2015, an year-on-year increase of 8.8%. This growth stemmed from an accelerationin cross selling between the Group's various Italian entities. Off-balance sheet customer assets rose by 16.0%,
driven by an increase of 4.7 billion euros (or 24%) in life insurance and mutual fund assets compared with end-March
2014. On-balance sheet deposits were down 1.6% to the benefit of managed savings.
Loans outstanding amounted to 33.3 billion euros at end-March 2015, an year-on-year increase of 0.5% thanks to agood performance in home loans, which were up 4.9% year-on-year.
As a reminder, Cariparma's contribution to Crédit Agricole S.A.'s consolidated income in the first quarter of 2014
included items recognised in its local consolidated financial statements at 31 December 2013. These items
comprised 80 million euros of positive non-recurring items recognised in revenues, including 92 million euros fromthe revaluation of Bank of Italy shares, and -109 million euros recognised in the cost of risk (including a provision of
90 million euros booked in the Corporate Centre in the fourth quarter of 2013 and reversed in the first quarter of2014).
Restated for these items, revenues increased by 6.3% year-on-year in the first quarter of 2015 to 418 million euros.
Growth was driven by commissions and fee income (up 8.6%1) thanks to strong momentum in off-balance sheetsavings, and by an increase in the net interest margin (up 2.3%) thanks to the positive volume effect.

1

Excluding items accounted for by Cariparma in its local accounts at 31/12/2013 and by Crédit Agricole S.A. in Q1-14 (+€80m in revenues of which +€92m forrevaluation of Bank of Italy securities and -€109m in cost of risk) as well as income tax linked to these items

11

Operating expenses excluding the Single Resolution Fund (SRF) decreased by 2.8% year-on-year in the first quarterof 2015. Cariparma's contribution to the SRF was 7 million euros. Despite the SRF, the cost/income ratio improved
by 3.31 points to 55.4% in the first quarter of 2015 thanks to the continued transformation of the network.
The cost of risk was 99 million euros in the first quarter of 2015, a decrease of 7.7%1 year-on-year, driven by an
improvement in the Italian economy and tight risk management. The ratio of impaired loans to total outstandings was
13.3%, with a coverage ratio of 44.6% (including collective reserves).
Cariparma's net income Group share amounted to 39 million euros compared with 23 million euros1 in the firstquarter of 2014.
The Group's other international entities also delivered strong business momentum. Customer assets amounted to13.2 billion euros at end-March 2015, a year-on-year increase of 8.9%. Growth was driven by sight deposits in Egypt(up 47%2) and by term deposits in Poland (up 37%2). Off-balance sheet customer assets also progressed following agood performance in mutual funds and securities, which increased by 15.1% year-on-year to 1.5 billion euros.
Loans outstanding stood at 10.4 billion euros at end-March 2015, an increase of 4.1% driven by strong momentum in
Poland and Egypt in the SME and small business segment.
The surplus of deposits over loans amounted to 1.2 billion euros at end-March 2015.
Revenues of the Group's other international entities rose by 3.6% year-on-year in the first quarter of 2015, thanks toa record contribution from Crédit Agricole Egypt, which delivered 27%2 revenue growth to 63 million euros.
At 50 million euros in the first quarter of 2015, the cost of risk is up compared to the first quarter of 2014 but shows aslight improvement compared to the last quarter of 2014. The annual increase is spread across several entities andreflects no particular trend.
The Group's other international entities were adversely affected by the reclassification into IFRS5 of Crédit Agricole
Albania.
Net income Group share therefore came to -12 million euros for the first quarter of 2015.

1

Excluding items accounted for by Cariparma in its local accounts at 31/12/2013 and by Crédit Agricole S.A. in Q1-14 (+€80m in revenues of which +€92m forrevaluation of Bank of Italy securities and -€109m in cost of risk) as well as income tax linked to these items
2
Excluding currency impact

12

3. SAVINGS MANAGEMENT AND INSURANCE
This business line encompasses asset management, insurance, private banking and asset servicing.
2014 assets under management data now include Amundi’s advised and distributed assets.
Assets under management rose by 92.6 billion euros quarter-on-quarter in the first quarter of 2015, with positive net
new inflows of 27.5 billion euros for all segments, including 24.0 billion euros for Amundi, 2.0 billion euros forsavings/retirement, and 1.5 billion euros for Private Banking. In addition to solid business performances, the businessline benefited from a positive market and currency effect of 59.8 billion euros and a scope effect of 5.3 billion euros insavings management. Total assets under management were 1,360.5 billion euros at 31 March 2015, up 7.3% overthe quarter. Net income Group share for the business line was 402 million euros in the first quarter of 2015, up 11.3%
on the first quarter of 2014, and 14.2% excluding the contribution to the Single Resolution Fund (SRF).
(in millions of euros)

Q1-15

Q1-14

ChangeQ1/Q1

Revenues

1,431

1,299

+10.1%

Operating expenses excluding SRF

(734)

(691)

+6.1%

SRF

(12)

-

-

Gross operating income

685

608

+12.6%

Cost of risk

(8)

(5)

+69.4%

Operating income

677

603

+12.1%

Equity affiliates

64+31.8%Net income on other assets

(3)

-

nm

Income before tax

680

607

+11.8%

Tax

(242)

(212)

+13.9%Net income

438

395

+10.7%

Non-controlling interests

36

34

+3.8%

Net income Group share

402

361

+11.3%In Asset management, Amundi's assets under management now stands at more than 950 billion euros. Net new
inflows amounted to a record level of 24.0 billion euros during the first quarter, half of this amount realised outside
France, in particular in the rest of Europe and Asia. Half of these net new inflows went into long-term assets (12.2
billion euros), mainly into bonds, diversified and ETF instruments, and half of these into cash (11.8 billion euros). The
activity was driven by all customer segments. The retail customer segment showed good business growth with 9.9billion euros net new inflows, and a return to positive net new inflows from the French networks. Large customers(institutionals and corporates) also benefited from a solid performance with 14.1 billion euros. The first quarter was
also marked by the closing of the acquisition of Bawag Invest in Austria, which brought 5.3 billion euros in assets
under management. The positive market and currency impacts amounted to 47.4 billion euros, thereby increasing
assets under management to 954.2 billion euros at end-March 2015. Assets under management rose by 8.7%
quarter-on-quarter and by 18.0% year-on-year at end-March 2015.

13

Amundi sustained solid earnings growth in the first quarter of 2015, with net income of 125 million euros and net
income Group share of 98 million euros. Revenues were up by 17.2% year-on-year in the first quarter of 2015(16.2% excluding Bawag Invest), thanks ot an increase in assets under management and to the improvement in the
product mix. Expenses were up 6.4% year-on-year in the first quarter excluding SRF and on a like-for-like basis, andup 3.9% excluding currency impacts. This performance reflects Amundi’s strengthened international position. In all,the cost/income ratio remained highly competitive at 53.9%, a 4.4 percentage point improvement compared to thefirst quarter of 2014.
In asset servicing, CACEIS continued its marketing efforts, resulting in a further rise in assets under custody. Theyamounted to 2,516 billion euros, up 10.2% on end-March 2014. Owing to solid business development, funds underadministration increased to 1,497 billion euros, a progression of 11.1% year-on-year.
The increase in revenues (up 7.8% on the first quarter 2014) offset the impact of SRF (10 million euros in operating
expenses and 9 million euros in net income Group share). Net income Group share for the first quarter therefore
remained stable at 15 million euros, and 24 million euros excluding SRF.
In Private Banking, assets under management rose by 7.3% quarter-on-quarter to 151.9 billion euros at 31 March
2015, due mainly to net asset inflows of 1.5 billion euros in the first quarter of 2015.
Net income Group share increased by 6.8% year-on-year in the first quarter 2015, driven by the increase in revenues
benefitting from an increase in fee income, notably transaction fees, and by favourable currency impacts. In all, net
income Group share was 25 million euros.
In Insurance, premium income was 8.8 billion euros in the first quarter of 2015. Net new inflows into savings /retirement and death & disability insurance amounted to 2.3 billion euros, including 1.25 billion euros in France.
Momentum in the savings / retirement segment remained robust. Premium income was 6.8 billion euros in the firstquarter of 2015 compared with 6.3 billion euros in the first quarter of 2014. It was up both in France and abroad, withstill very dynamic growth in Italy. Funds under management in savings / retirement were 254.4 billion euros at endMarch 2015, up 6.6% year-on-year. Funds in euros amounted to 204.3 billion euros, up 5.1% year-on-year, while
unit-linked funds rose by 7.7% to 50.1 billion euros over the same period. The share of unit-linked funds was 22% in
the quarterly inflows and 19.7% in the stock, up 1.2 percentage point over one year. in addition, inflows on “eurogrowth” contracts reached 100 million euros in April.
In the death & disability / health / creditor segment, premium income rose by 5.3% year-on-year in the first quarter of2015 to 1,106 million euros. In death & disability / health insurance, premium income grew by 5.0% year-on-year,
driven by health products. In creditor insurance, premium income moved up both in France and internationally, with a
total increase of 6.0%.
In property & casualty insurance, sustained growth continued, with particularly strong growth in car (up 6.4% over
one year) and comprehensive household insurance (up 11.9%). Premium income rose by 4.1% year-on-year to 948
million euros in the first quarter of 2015. The 10 million policy milestone was passed in France. The combined ratio,
defined as the ratio of (claims + operating expenses) to premium income, net of reinsurance, remained under control.
It was 96.1% for the Pacifica scope.
In the first quarter of 2015, net income Group share for the Insurance business line came to 264 million euros andrevenues were up 5.3% year-on-year. Concurrently, operating expenses were up 4.9% over the same period. The
cost/income ratio remained stable at 33.9% in the first quarter of 2015.
Finally, in January 2015, CAA successfully issued 1 billion euros of undated subordinated debt.

14

4. SPECIALISED FINANCIAL SERVICES(in millions of euros)

Q1-15

Q1-14

ChangeQ1/Q1

Revenues

646

686(5.9%)

Operating expenses before SRF

(349)

(361)

(3.3%)

SRF

(17)

-

nm

Gross operating income

280

325

(13.7%)

Cost of risk

(205)

(282)

(27.3%)

Operating income

7543+75.5%

Share of net income from equity-accounted entities

4331+38.1%

Change in value of goodwill

-

-

-

Income before tax

118

74

+60.8%

Tax

(35)

(16)

x2.2

Net income from discontinued or held-for-sale
operations

(1)

6

nm

Net income

8264+29.7%

Non-controlling interests

14

3

x5.6

Net income Group share

68

61+12.2%

Specialised financial services posted net income Group share of 68 million euros in the first quarter of 2015 versus
61 million euros the previous year. This includes a 16 million euros charge for the SRF in net income Group share. Inline with the fourth quarter of 2014, business was buoyant in consumer finance, particularly in the Crédit Agricole
Group banking networks, in car finance partnerships and in factoring. Excluding scope effects (i.e. restated for the
disposals of portfolios by Agos-Ducato in the past twelve months and of the entities Finaref Nordic and Dan Aktiv),
the managed loan book rose by 2.0%. The geographical breakdown remained unchanged from previous quarters,with 38% of outstandings in France, 32% in Italy and 30% in other countries. New lending increased by 9.8%
compared with the first quarter of 2014, driven mainly by car finance partnerships and Crédit Agricole Group's
banking networks. Despite the pick-up in consumer finance and factoring, outstandings that are consolidated at
CACF’s level fell by 5.1% year-on-year. In line with this decline in outstandings, revenues for the business line were
down 5.9% year-on-year to 646 million euros. The decline in outstandings was due to scope effects following thevarious disposals (see scope effects above for CACF, and including CAL Hellas for CAL&F). Improvement of theoperating efficiency has continued, with expenses down 3.3% year-on-year, excluding the SRF which amounted to
17 million euros. Lastly, the cost of risk was down significantly, mainly due to the improvement at Agos-Ducato.
Meanwhile, CACF continued to strengthen its self-funding ratio through growth in deposits, which reached 3.9 billion
euros at end-March 2015, including 2.0 billion euros in Germany. In January 2015, FGA Capital obtained a Germanbanking licence and became FCA Bank, with a view to further optimising diversification of its funding sources.
Operating expenses were contained to 283 million euros despite the first SRF contribution of 11 million euros.
The cost of risk in consumer finance was 188 million euros in the first quarter of 2015, down 28.8% year-on-year, due
mainly to Agos-Ducato. The cost of risk represented 212 basis points of outstandings (annualised), versus 293 basis
points in the first quarter of 2014. Agos-Ducato's cost of risk was 104 million euros in the first quarter of 2015, a
15

decrease of 36%. Its impaired loans ratio was 10.1% at end-March 2015 (versus 11.9% at end-March 2014), and its
coverage ratio was 102.9% including collective reserves.
In all, CACF's net income Group share was 53 million euros compared with 43 million euros in the first quarter of
2014.
In lease finance and factoring, the trend in outstandings varied by business and geographical region. Following thesale of CAL Hellas in Greece (0.4 billion euros of outstandings) in the fourth quarter of 2014, outstandings stabilisedin the first quarter of 2015 at 14.9 billion euros. Factored receivables increased year-on-year by 8.2% to 15.8 billion
euros in the first quarter of 2015.
CAL&F's revenues amounted to 127 million euros in the first quarter, down by 4.4% year-on-year due to the decline
in lease finance outstandings (disposal of CAL Hellas and portfolio sales). Operating expenses remained undercontrol at 83 million euros despite the first SRF contribution of 6 million euros. The cost of risk was down 5.1% yearon-year. CAL&F's net income Group share was 15 million euros in the first quarter of 2015.

16

5. CORPORATE AND INVESTMENT BANKING
Corporate and Investment banking delivered net income Group share of 320 million euros in the first quarter of
2015. Restated for loan hedges (-3 million euros) and the impact of DVA running (+7 million euros), net income
Group share was 316 million euros including a 78 million contribution to the Single Resolution Fund (SRF).
Financing activities contributed 186 million euros to restated net income Group share (compared with 179 million
euros in the first quarter of 2014) while Capital markets and investment banking contributed 130 million euros(compared with 83 million euros in the first quarter of 2014).
Discontinuing activities are now included in Capital markets and investment banking or Financing activities, while
SFS (Structured and Financial Solutions) has been reallocated from Financing activities to Capital markets andinvestment banking.
Total Corporate and investment banking(in millions of euros)

Q1-15

Q1-15*

Q1-14

Q1-14*

ChangeQ1*/Q1*

Revenues

1,225

1,219

985

984

+23.9%

o/w Financing activities

548

552

515

500

+10.7%

o/w Capital markets and investment banking

677

667

470

484

+37.6%

Operating expenses before SRF

(631)

(631)

(597)

(597)

+5.8%

SRF

(80)

(80)

-

-

-

Gross operating income

514

508

388

387

+31.2%

Cost of risk

(81)

(81)

(56)

(56)

+45.5%

Operating income

433

427

332

331

+28.8%

Share of net income from equity-accounted
entities

64

64

40

40

+58.1%Net income on other assets

1

1

-

-

nm

Income before tax

498

492

372

371

+32.2%

Tax

(171)

(169)

(97)

(97)

+73.7%Net income from discontinued or held-for-sale
operations

-

-

(7)

(7)

nm

Net income

327

323

268

267

+20.5%

Non-controlling interests

7

7

5

5

+29.6%Net income Group share

320

316

263

262

+20.3%* Restated for loan hedges and impact of DVA running

17

Corporate and investment banking delivered revenues of 1,225 million euros in the first quarter of 2015, a year-onyear increase of 23.9%1 driven by strong business momentum and a positive currency impact.
Revenue from Capital markets and investment banking amounted to 677 million euros in the first quarter of 2015.
Excluding DVA impact, revenues were 667 million euros, a year-on-year increase of 29.5%2 compared with the firstquarter of 2014 thanks to buoyant business in all product lines.
Fixed income revenues were 574 million euros in the first quarter, an increase compared with previous quarters,
confirming the strong business momentum in bond origination, rates and Forex, supported by favourable market
conditions (Quantitative Easing and volatility). Similarly, thanks to a good overall performance, Investment banking
revenues rose to 93 million euros in the first quarter of 2015 compared with 57 million euros in the first quarter of2014.
Crédit Agricole CIB is now world number three in euro denominated bond issues3 and amongst the world's top three
in many categories of bond issue categories3. It is world leader in euro issues for agencies3, world number two forfinancial institutions3 and world number three for sovereigns and supranationals3. It has also retained its leading
position in bookrunning for European ABCP securitisations4 and in green bonds5.
VaR rose slightly from 7 million at end-March 2014 to 10 million at end-March 2015 and 9 million euros in averageover the quarter.
Revenues from Financing activities amounted to 548 million euros in the first quarter of 2015 and 552 million euros
excluding the impact of loan hedges, stable compared with the first quarter of 2014, restated for the currency impact.
Revenues from structured finance were 335 million euros, reflecting a good performance in aircraft and infrastructure
financing, generating volumes and fees. In commercial banking, despite good business momentum, revenues were
down to 217 million euros due to a high base for comparison in the first quarter of 2014.
Crédit Agricole CIB kept its world number one place in aircraft financing6 and maintained its leading position insyndication business in France3. It also kept its third place in project finance arrangement in the EMEA region3.
Crédit Agricole CIB is the European leader in syndicated real estate finance: no. 1 mandated lead manager and no. 2
bookrunner7.
Operating expenses for Corporate and investment banking amounted to 711 million euros in the first quarter of2015 including an 80 million euros charge for the Single Resolution Fund (SRF). Excluding the SRF, operating
expenses increased by 5.8% year-on-year in the first quarter of 2015 mainly penalised by the rise in the value of US
dollar currency. Excluding the SRF and at constant exchange rates, operating expenses remained stable.
The cost of risk remained contained in the first quarter of 2015, with a net charge of 81 million euros compared with alow net charge of 56 million euros in the first quarter of 2014.
The share of income from equity-accounted entities was 64 million euros in the first quarter of 2015, compared with40 million euros the previous year, mainly thanks to a strong growth in results at Banque Saudi Fransi.

1 Revenues restated for loan hedges and impact of DVA running
2 Revenues restated for loan hedges and impact of DVA running, and at constant exchange rates
3

Source: Thomson Financial
Source: CPWare
5
Source: Crédit Agricole CIB
6
Source: Air Finance Database
7
Source: Dealogic Real Estate Finance
418

6. CORPORATE CENTRE(in millions of euros)

Q1-15

Q1-14

ChangeQ1/Q1

Revenues

(509)

(563)

(9.6%)

o/w capital and liquidity management

(576)

(615)

(6.5%)

o/w net costs allocated to equity investments
and subordination

(328)

(405)

(19.0%)

o/w Switch

(186)

(186)

-

o/w issuer spreads

(31)

(47)

(33.9%)

o/w other

98

99(1.5%)

Operating expenses before SRF and new taxes *

(211)

(213)

(1.0%)

Impact of SRF and new taxes *

(72)

-

-

Gross operating income

(792)

(776)

+2.0%

Cost of risk

14

81(82.7%)

Operating income

(778)

(695)

+11.9%

Share of net income from equity-accounted entities

(1)

35

nm

Net income on other assets

-

5

nm

Income before tax

(778)

(655)

+18.9%

Tax

284

262

+8.4%

Net income

(495)

(393)

+25.8%

Non-controlling interests27

33(18.8%)Net income Group share

(522)

(426)

+22.3%Net income Group share excluding issuer spreads, SRF
and new taxes*(441)*SRF (-€46m), new ECB and SRB taxes (-€4m) and newly due C3S tax (-€22m)

In the first quarter of 2015, revenues amounted to -509 million euros compared with -563 million euros in the firstquarter of 2014. It includes -31 million euros for issuer spreads compared with -47 million euros in the first quarter of
2014.
The cost of Crédit Agricole S.A.'s capital, rate, liquidity and debt management as central body and treasurer
improved by 6.5% compared with the same period of the previous year. This was mainly due to a 19% decrease infunding costs related to equity investments and subordination, following a review of the economic allocation offunding costs by type of funding (liquidity, capital, debt, etc.).
The cost of Switch remained stable at -186 million euros.
Operating costs allocated to the Corporate Centre, excluding the SRF, new ECB and SRB taxes and the newly due
C3S tax, decreased by 1.0% year-on-year in the first quarter of 2015.
The share of net income from equity-accounted affiliates in the first quarter of 2015 did not benefit from a gain of 35
million euros as in the previous year. This was entirely due to volatility in the contribution from Eurazeo booked by
Corporate Centre.
19

In all, net income Group share was -522 million euros in the first quarter of 2015 compared with -426 million euros in
the first quarter of 2014. Restated for issuer spreads, the SRF, new ECB and SRB taxes and the newly due C3S tax,
it came to -441 million euros.

20

CONSOLIDATED RESULTS OF CREDIT AGRICOLE GROUP
Group customer loans outstanding amounted to 726 billion euros at end-March 2015. In terms of funding, customer
deposits on the balance sheet amounted to almost 636 billion euros.

(in millions of euros)

Q1-15

Q1-14*

ChangeQ1/Q1*

Revenues

8,035

7,796

+3.1%

Operating expenses before SRF(5,104)(5,013)

+1.8%

SRF

(226)

-

-

Gross operating income

2,705

2,783

(2.8%)

Cost of risk

(683)

(907)

(24.7%)

Operating income

2,022

1,876

+7.7%

Share of net income from equity-accounted entities

113

97

+16.5%Net income on other assets

(4)

-

nm

Change in value of goodwill

-

(1)

nm

Income before tax

2,131

1,972

+8.0%

Tax

(790)

(637)

+24.0%Net income from discontinued or held-for-sale operations

(17)

7

nm

Net income

1,324

1,342

(1.4%)

Non-controlling interests

96

90

+6.3%

Net income Group share

1,228

1,252

(1.9%)* Restated for the impact of IFRIC 21 “Levies” interpretation for tax accounting.

In the first quarter of 2015, Crédit Agricole Group recorded revenues of 8,035 million euros, an increase of 3.1%
compared with the first quarter of 2014. Items not related to business activities (issuer spreads recognised in the
Corporate Centre, DVA running and loan hedges in Corporate and investment banking) amounted to -25 million
euros compared with -45 million euros in the first quarter of 2014, which also included +92 million euros inrevaluation of Bank of Italy securities booked by Cariparma. Restated for these specific items, revenues were up
4.0% year-on-year in the first quarter of 2015.
Operating expenses included the first contribution to the Single Resolution Fund (SRF) in a charge of 226 million
euros. Restated for the SRF, operating expenses increased by 1.8% year-on-year in the first quarter of 2015.
The cost of risk decreased by 24.7% compared with the first quarter 2014. It represented 34 basis points ofoutstandings in the first quarter of 2015 compared with 45 basis points in the first quarter of 2014, a decrease of 11
basis points. The decline was particularly marked in French retail banking and Consumer finance, particularly at
Agos Ducato.
In all, net income Group share came to 1,228 million euros in the first quarter of 2015 compared with 1,252 million
euros in the first quarter of 2014, a decrease of 1.9%.

21

*****

Crédit Agricole S.A.'s financial information for the first quarter of 2015 consists of this press release and the attached presentation. All
regulated information, including the registration document, is available on the website www.credit-agricole.com/Finance-and-Shareholders
under "Financial reporting" and is published by Crédit Agricole S.A. pursuant to the provisions of article L. 451-1-2 of the Code Monétaire et
Financier and articles 222-1 et seq. of the AMF General Regulation.

Press Relations

Investors Relations +33 (0) 1 43 23 04 31

Anne-Sophie Gentil +33 (0)1 43 23 37 51
Charlotte de Chavagnac +33 (0)1 57 72 11 17
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Louise Tingström +44 7899 066995

Denis Kleiber +33 (0)1 43 23 26 78
Nathalie Auzenat +33 (0)1 57 72 37 81
Sébastien Chavane +33 (0)1 57 72 23 46
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22