Montrouge, 8 November 2017

Results for the third quarter and first nine months 2017

Q3 & 9M-17: excellent performances
Credit Agricole Group*
Stated net income Group share

Stated revenues

Fully-loaded CET1 ratio

Q3: €1,907m

Q3: €7,885m

14.9%+36.8% Q3/Q3+11.1% Q3/Q3

540bp above the P2R 1

9M: €5,614m

9M: €24,062m+35.1% 9M/9M+6.8% 9M/9M

Continued organic growth in all business lines

Major refocusing on core businesses: disposal of BSF, consolidation of Pioneer, announced acquisitionsof three savings banks in Italy and of Banca Leonardo

9M stated NIGS 2 already greater than FY-16 stated NIGS

Q3 underlying 3 NIGS: €1,759m, -4.5% Q3/Q3 (9M underlying3: €5,430m, +15.3% 9M/9M)



Cost of credit risk down to 18bp 4* Crédit Agricole S.A. and 100% of the Regional Banks

Crédit Agricole S.A.
Stated net income Group share

Stated revenues

Fully-loaded CET1 ratio

Q3: €1,066m

Q3: €4,575m

12.0%-42.8% Q3/Q3 (Q3-16 included+22.4% Q3/Q3

the Eureka capital gain, €1.27bn))

9M: €13,983m+30bp /30.06.17 pro forma
for Pioneer(MTP target of 11%)

9M: €3,262m+13.9% 9M/9M+0.4% 9M/9M


9M-17 stated NIGS at same level as 9M-16 which included Eureka gain for €1.27bn, improvement of businesslines’ profitability

Q3 underlying3 NIGS: €966m, -5.2% Q3/Q3 (9M3: €3,048m, +36.6% 9M/9M), earnings per share3: €0.31

Underlying3 revenues +3.5% Q3/Q3 (9M3: +7.9%), positive impact of Pioneer consolidation partly offset
by an adverse Q3-16 base for comparison in capital markets

Underlying3 costs still well under control: +6.8% Q3/Q3 excl. SRF and +2.0% on a constant scope 5,
continued investment in new activities, particularly in insurancePositive impact of refocusing operations: non-cash portion of NIGS 6 down from 32% in 2015 to 6% in2018 7



Cost of credit risk 31bp4 down -10bp Q3/Q3, unallocated provision for legal risk of €75m

1

Pro forma P2R for 2019 as notified by the ECB in 2016
NIGS: net income Group share3
In this press release, “underlying” refers to figures adjusted for the specific items described on p. 16 onwards
4
Average over last four rolling quarters, annualised
5Aggregating contributions of Amundi and Pioneer Investments to underlying income and taking into account the amortisation of
distribution contracts in 2016 and 2017
6
Portion of underlying NIGS due to contribution from equity-accounted companies, net of dividends received from them7
Based on the consensus (compiled by the Group prior to publication of Q3-17 results), restated for the contribution of BSF
2

1/24

This press release comments on the results of Crédit Agricole S.A. and those of Crédit Agricole Group, which comprises the
Crédit Agricole S.A. entities and the Crédit Agricole Regional Banks, which own 56.6% of Crédit Agricole S.A. Please see
p. 14 (Crédit Agricole S.A.) and p. 15 (Crédit Agricole Group) of this press release for details of specific items, which arerestated in the various indicators to calculate underlying results. A reconciliation between the stated income statement andthe underlying income statement can be found on p. 19 onwards for Crédit Agricole Group and on p. 16 onwards for
Crédit Agricole S.A.

Results for the third quarter and first nine months 2017

2/24

Crédit Agricole GroupFor the first nine months 2017, net income Group share for Crédit Agricole Group amounted to
5.6 billion euros, an increase of +35.1% versus the first nine months of 2016, which had been affected bysignificant negative specific items. This stated net income for the first nine months is already higher than
the full year 2016 stated net income. Adjusted for specific items, underlying net income Group share was
5.4 billion euros, an increase of +15.3% versus the first nine months of 2016. These results reflects strong
business momentum in the Group’s various components – retail banks, specialised businesses and theLarge customers business line – coupled with tight cost control enabling the Group to invest in new
business activities, and particularly in insurance. The underlying cost/income ratio remained stable at
62.7%. These results include the first-time contribution of Pioneer Investments in the third quarter.
During the third quarter, the Group continued to refocus on its core businesses, reducing its holding in
Banque Saudi Fransi and signing an agreement to acquire three Italian savings banks and a majority
holding in Banca Leonardo. The financial position remains very strong: at end-September, the fullyloaded Common Equity Tier 1 ratio was 14.9%, among the best in the sector and more than
5 percentage points above the regulatory minimum.
In line with the "Strategic Ambition 2020" medium-term plan (MTP), the Group’s stable, diversified and profitablebusiness model drives healthy organic growth in all its business lines, largely through synergies between thespecialised business lines and the retail networks, and ensures a high level of operating efficiency while
generating capacity to invest in business development.
The third quarter saw several major achievements under the “Strategic Ambition 2020” plan:-

First-time consolidation of Pioneer led to a sharp increase in Amundi’s contribution to the Group’s results.
Amundi-Pioneer is now the ninth largest asset manager in the world and the largest in Europe, with top
ranking positions in France, Italy, Austria and Germany;-

Insourcing by Crédit Agricole Assurances of new creditor insurance business for the Regional Banks
began in September and will be completed in April 2018; CNP will continue to co-insure 50% of in-force
business until extinction. The Insurance business line also continued to roll out its group insurance
offering; the investments required for these new activities weighed on the business line’s expenses thisquarter;-

Refocusing on core businesses continued, with the disposal of 16.2% of the Group’s 31.1% stake in
Banque Saudi Fransi (BSF) in Saudi Arabia and deconsolidation of the residual 14.9% interest,
generating a capital gain of 117 million euros;-

Cariparma signed an agreement with the fund Atlante II and the Italian Interbank Deposit Protection Fundin view of acquiring, for 130 million euros, 95% of three Italian savings banks, Cassa di Risparmio (CR)di Cesena, CR Rimini and CR San Miniato, which operate in regions bordering the Group’s core territories
in Italy; this transaction will increase the Group’s distribution capacity in Italy by about 20% (430,000
customers, 220 branches); the transaction will be finalised after the savings banks have been
recapitalised by 470 million euros and have been cleaned of 3 billion euros of non-performing loans;-

Lastly, on 31 October, Indosuez Wealth Management signed an agreement to acquire 67.67% of Banca
Leonardo; this company provides wealth management services and has 5 billion euros in assets undermanagement.

These two acquisitions, like Pioneer before them, are fully in keeping with the MTP objectives and will strengthen
the Group’s position in Italy, its second domestic market, which contributed 147 million euros to third-quarter
net income Group share. They are subject to the usual regulatory authorisations. Their closing is expected in the
fourth quarter 2017 (for the three savings banks) and in the first half 2018 (for Banca Leonardo). These
acquisitions will have an impact of -12 basis points on Crédit Agricole Group’s CET1 ratio.
In the third quarter 2017, Credit Agricole Group's stated net income Group share
1,907 million euros versus 1,394 million euros in the third quarter 2016.
Results for the third quarter and first nine months 2017

amountedto

3/24

Specific items 8 this quarter had a positive effect of +149 million euros on stated net income Group share,including the partial disposal of BSF (+117 million euros), and provisions for home purchase savings plans(+78 million euros, including +52 million euros for the Regional Banks). As a reminder, in the third quarter 2016,
specific items had a negative impact of -447 million euros, including the LCL liability management operation(­197 million euros) and recurring volatile accounting items (including issuer spread for -182 million euros, DVA– debt valuation adjustment –, hedging of loan portfolios in the Large customers division and home purchasesavings provision).
Excluding these specific items, underlying net income Group share was 1,759 million euros, a decrease of-4.5% compared with the same quarter 2016.

Consolidated results of Crédit Agricole Group in Q3­17 and Q3­16
€m

Q3-17
stated

Q3-16
statedQ3/Q3statedRevenues

7,885

7,099

+11.1%

7,807

7,777

+0.4%

Operating expenses excl. SRF(4,974)(4,710)+5.6%(4,947)(4,710)

+5.0%

-

-

-

-

-

-

SRF

Q3-17
Q3-16
Q3/Q3
underlying underlying underlying

Gross operating income

2,911

2,389

+21.9%

2,860

3,067

(6.8%)

Cost of credit risk

(317)

(597)

(46.8%)

(317)

(597)

(46.8%)

Cost of legal risk

(75)

(50)

+50.0%(75)(50)+50.0%

Equity-accounted entities

240

138

+73.9%

123

138(10.8%)Net income on other assets

1

(47)

ns

6

(47)

n.m.

Change in value of goodwill

-

-

-

-

-

-

Income before tax

2,760

1,833

+50.6%

2,597

2,512

+3.4%

Tax

(743)

(348)

x 2.1

(719)

(577)

+24.5%Net income from discontinued operations

(2)

(0)

ns

(2)

(0)

n.m

Net income

2,015

1,485

+35.7%

1,876

1,934

(3.0%)

Non controlling interests

(108)

(91)

+18.4%

(117)

(93)

+25.7%Net income Group share

1,907

1,394

+36.8%

1,759

1,841

(4.5%)

Cost income ratio excl. SRF (%)

63.1%

66.4%

-3.3 pp

63.4%

60.6%

+2.8 pp

The decrease was primarily due to an increase in the underlying effective tax rate to 29.1% versus 24.3% in thethird quarter 2016, which had benefited from a reduced rate of tax on various transactions.
Underlying pre-tax income increased by +3.4% versus the third quarter 2016, thanks to a sharp decrease inloan loss provisions (-46.8%) in a climate of improving credit risk in all business lines, with the Regional Banksand Large customers business line even recording collective provision reversals.
The decrease in cost of credit risk more than offset a non-allocated 75 million euro provision for legal risk
(50 million euros in the third quarter 2016) as well as the decrease in operating income caused by an
unfavourable base for comparison in terms of revenues coupled with continued investment in businessdevelopment in line with the MTP in terms of operating costs.
Underlying revenues were virtually stable, up +0.4% year-on-year to 7,807 million euros, as the positive
impact of the Pioneer consolidation was largely offset by an adverse base for comparison due to a particularlyhigh contribution from capital markets business in the third quarter 2016 stemming from increased market activity
following the UK referendum on the European Union.
Underlying operating expenses increased by +5.0% year-on-year in the third quarter 2017, driven by the
consolidation of Pioneer coupled with investment in MTP projects, mainly in Insurance.

8

See p. 15 for details of specific items for Crédit Agricole Group and p. 21 for a reconciliation of stated and underlying results.

Results for the third quarter and first nine months 2017

4/24

The underlying cost/income ratio increased by +2.8 percentage points to 63.4%.

In the first nine months 2017, underlying net income Group share 9 increased by +15.3% year-on-year
thanks to a strong performance in the first half (underlying net income Group share up +27% versus the first halfof 2016) and the developments described above. Underlying revenues were up +2.5%, underlying operating
expenses excluding SRF up +2.7% and cost of credit risk down -40.0%, excluding the 115 million euros
unallocated legal provision charge recognised in the first and third quarters of 2017 (40 million euros and
75 million euros respectively) versus 100 million euros in the second and third quarters 2016 (50 million euroseach).

Consolidated results of Crédit Agricole Group in 9M­17 and 9M­16

€m

9M-17
stated

9M-16
stated9M/9M
stated

9M-17
9M-16
underlying underlying

9M/9M
underlying

Revenues

24,062

22,524+6.8%

24,08023,491+2.5%

Operating expenses excl. SRF(15,167)(14,757)+2.8%(15,108)(14,716)

+2.7%

SRF

(285)

(282)

+1.2%

(285)

(282)

+1.2%

Gross operating income

8,610

7,485

+15.0%

8,686

8,493

+2.3%

Cost of credit risk

(1,113)(1,855)(40.0%)(1,113)(1,855)(40.0%)

Cost of legal risk

(115)

(100)

+15.0%

(115)

(100)

+15.0%

Equity-accounted entities

683

388

+76.2%

459

388+18.4%Net income on other assets

(0)

(19)

(98.4%)

5

(19)

n.m.

Change in value of goodwill

-

-

-

-

-

-

Income before tax

8,065

5,899

+36.7%

7,922

6,907

+14.7%

Tax(2,185)(1,491)+46.6%(2,208)(1,939)+13.9%

43

11

n.m

43

11

n.m

Net income

5,923

4,420

+34.0%

5,757

4,980

+15.6%

Non controlling interests

(310)

(265)

+16.7%

(327)

(269)

+21.5%Net income from discontinued operations

Net income Group share

5,614

4,154

+35.1%

5,430

4,710

+15.3%

Cost income ratio excl. SRF (%)

63.0%

65.5%

-2.5 pp

62.7%

62.6%

+0.1 pp

In the third quarter 2017, the Regional Banks enjoyed sustained business momentum. The loan bookincreased by +6.0% year-on-year at end-September, including +8.0% for home loans (+0.7 of a percentage point
market gain over the year to end-June, latest available data) and +8.2% for consumer finance (including +14.3%
for the loan book managed by CACF, which now represents 58% of total consumer finance loans booked in thebalance sheet of the Regional Banks). Customer savings increased by +4.6% year-on-year, driven by demand
deposits (+17.3%). Life insurance assets under management increased by only +1.5%, but the proportion of unitlinked inflows rose by +7.4 percentage points year-on-year to 24.4% in the third quarter 2017. Lastly, the numberof property and personal insurance contracts increased by +6.0% compared to end-September 2016, of which+8.7% in comprehensive household.
This commercial performance made a significant contribution to growth in Credit Agricole S.A.'s business lines,
whose products are distributed by the Regional Banks as the Group's leading distribution channel and leading
retail bank in France.
The Regional Banks' contribution to Credit Agricole Group's underlying net income Group share was
774 million euros, virtually unchanged either year-on year (-0.4%) or quarter-on-quarter (-0.9%). As in thesecond quarter, their contribution was supported by a sharp decrease in cost of risk (-66.2% year-on-year in thethird quarter, while the second quarter 2017 recorded a net reversal), offsetting the -9.2% decrease in gross9

See p. 15 for details of specific items for Crédit Agricole Group and p. 19 for a reconciliation of stated and underlying results.

Results for the third quarter and first nine months 20175/24

operating income caused by lower underlying revenues (-2.0%) coupled with higher costs (+2.8%). Also, thisquarter, the negative impact on revenues of the operation to simplify the Group’s structure (Eureka) was much
lower than in the first half (only one additional month of interest expense on the loan funding the transaction,
which was implemented on 3 August 2016). The increase in operating costs was due to IT investment – regulatory
requirements and digital transformation – and the branch refurbishment programme scheduled in the MTP.
In the first nine months, the Regional Banks contributed 2,310 million euros, a decrease of -3.3% due mainly
to the costs and loss of revenue related to the Eureka operation, which did not impact results before theirimplementation date on 3 August 2016.
The performance of the other Credit Agricole Group business lines is described in detail in the section of thispress release on Credit Agricole S.A.

In the quarter, Crédit Agricole Group’s financial solidity remained robust, with a fully-loaded CET1 ratio of
14.9%, down -0.1 percentage point relative to end-June 2017 solely due to the consolidation of Pioneer as of
3 July (­43 basis points). Excluding Pioneer, therefore, the ratio improved by +0.3 percentage point. It provides a
substantial buffer (540 basis points) above the distribution restriction trigger applicable to Credit Agricole Groupas of 1 January 2019, set at 9.5% by the ECB.
The TLAC ratio was 20.6% at 30 September 2017, excluding eligible senior preferred debt, versus 20.8% at endJune 2017 and 20.3% at end-December 2016. This level already respects the 2019 minimum requirement of
19.5% without taking into account senior preferred debt, whereas the regulatory calculation of this ratio allows
for the inclusion of eligible senior preferred debt (up to 2.5%). At end-October 2017, the Group had issued
6.2 billion euros equivalent of senior non-preferred debt since the beginning of the year.
The phased-in leverage ratio came to 5.5%, a decrease of -30 basis points compared with end-June 2017.
Credit Agricole Group's liquidity position is robust. Its banking cash balance sheet, at 1,121 billion euros at 30
September 2017, showed a surplus of stable funding sources over stable assets of 121 billion euros, up+4 billion euros compared with end-June 2017 and +17 billion euros compared with end-September 2016. The
surplus exceeded the MTP target of over 100 billion euros. The surplus of stable funds finances the HQLA
securities portfolio generated by the LCR requirement for customer and customer-related activities. Liquidity
reserves, at market value and after haircuts, amounted to 254 billion euros. Short-term debt net of Central Bank
deposits (28 billion euros) was covered more than 4 times by HQLA securities (119 billion euros).
Crédit Agricole Group issuers raised 28.4 billion euros equivalent of medium- and long-term debt in the firstnine months 2017, 53% of which was raised by Crédit Agricole S.A. (15.2 billion euros equivalent), versus justover 33 billion euros for the whole of 2016. Besides, debt securities amounting to 2.6 billion euros were alsocollected by the Group’s retail networks (Regional Banks, LCL and CA Italia) during the first nine months 2017.

***

Dominique Lefebvre, Chairman of SAS Rue La Boétie and Chairman of Credit Agricole S.A.'s Board of Directors,commented: “In the third quarter, Crédit Agricole Group continued to demonstrate its ability to maintain a highlevel of profitability and strong business momentum while at the same time investing in its future development,in line with the Strategic Ambition 2020 plan objectives”.

Results for the third quarter and first nine months 2017

6/24

Crédit Agricole S.A.
Strong results in both Q3 and the first nine months-

Stated net income Group share for the first nine months 2017 at the same level as 2016, even though
the previous year included the Eureka gain, underlying net income Group share +37% 9M/9M-

Q3 underlying net income Group share close to one billion euros-

Q3: Continued good business momentum: cross selling and commercial initiatives-

Continued cost control while maintaining investment in future development

Continued refocusing: acquisitions in core businesses and asset disposals-

Partial disposal of the BSF stake – 16.2% – for €1.3bn-

Completion of the acquisition of Pioneer Investments for €3.5bn, first-time contribution to earnings-

Acquisition of a 95% stake in three Italian banks for €130m and a 67.67% stake in Banca Leonardo(expected to close in Q4 and in the first half 2018 respectively)-

Positive impact of refocusing operations: non-cash portion of NIGS10 down from 32% in 2015 to 6% in 201811

Further improvement in financial solidity-

Fully-loaded CET1 ratio of 12.0%, up +30bp since 30 June 2017 pro forma for the acquisition of Pioneer
Investments, adjustment of the dividend provision to €0.52 over nine months (+€0.18 in Q3)-

Ratings: upgrade to positive outlook by S&P, ratings 12 upgrade by DBRS (long-term) and Scope Ratings(short-term)

Crédit Agricole S.A.'s Board of Directors, chaired by Dominique Lefebvre, met on 7 November 2017 to examine
the financial statements for the third quarter and first nine months 2017.
In the third quarter 2017, stated net income Group share was 1,066 million euros versus 1,864 million euros
in the third quarter 2016, which included the gain on the operation to simplify the Group’s structure (Eureka) for
1,272 million euros. In the first nine months of the year, stated net income Group share was 3,262 million euros
versus 3,249 million euros for the same period of 2016. The Group’s organic growth over the year and, to a muchlesser extent, the consolidation of Pioneer Investments, therefore compensated for the Eureka gain.
Specific items 13 in the third quarter had an impact of +100 million euros on net income Group share, including
the positive impact of the BSF partial disposal 14 (+114 million euros in contribution from equity-accounted entities,
excluding transaction costs). In the third quarter 2016, specific items had an impact of +845 million euros, mainlycomprising the Eureka gain.
Excluding these specific items, underlying net income Group share for the third quarter 2017 came to
966 million euros, a year-on-year decrease of -5.2%. The decrease stemmed mainly from the return to a morenormal effective tax rate, which rose from 16.6% in the third quarter 2016 to 27.0% in the third quarter 2017. The
resulting increase in the tax charge (+85.7% year-on-year) and the slight decrease in gross operating income(­2.0%) more than offset the decrease in credit risk provisions (-41% year-on-year). It should be noted that theGroup decided to recognise a non-deductible provision to legal risk unallocated to any specific file of
75 million euros (50 million euros in the third quarter 2016) and continued its development investment, recorded
under operating expenses, in line with the MTP.

10

Portion of underlying NIGS coming from contribution from equity-accounted companies and net of dividends received from them
Based on the consensus (compiled by the Group prior to Q3 2017 results), restated for the contribution of BSF, excluding contribution
from the three Italian banks and Banca Leonardo
12
Unsolicited ratings
13
See p. 14 for details of specific items for Crédit Agricole S.A. and p. 16 for a reconciliation of stated and underlying results.
14
Sale of a 16.2% stake for 1.3 billion euros
11

Results for the third quarter and first nine months 2017

7/24

Underlying earnings per share amounted to 0.31 euros, down -6.4% year-on-year, in line with the decrease
in attributable net income Group share (after deduction of AT1 coupons, that are directly charged to the net equity
Group share, but are deducted for the calculation of the earnings per share, see p. 22)

Consolidated results of Crédit Agricole S.A. in Q3­17 and Q3­16
€m

Q3-17
stated

Q3-16
statedQ3/Q3statedQ3-17
underlying

Q3-16
underlying

Q3/Q3
underlying

Revenues

4,575

3,739

+22.4%

4,564

4,412

+3.5%

Operating expenses excl. SRF(2,902)(2,693)+7.8%(2,875)(2,693)

+6.8%

-

5

(100.0%)-5(100.0%)Gross operating income

1,672

1,051

+59.2%

1,689

1,724

(2.0%)

Cost of credit risk

(262)

(443)

(41.0%)

(262)

(443)

(41.0%)

Cost of legal risk

(75)

(50)

+50.0%(75)(50)+50.0%

Equity-accounted entities

239

149

+60.0%

122

149(18.3%)Net income on other assets

(7)

(50)

(85.3%)(2)(50)(95.4%)

Change in value of goodwill

-

-

n.m.

-

-

n.m.

Income before tax

1,567

657

x 2.4

1,472

1,330

+10.7%

Tax

(367)

33

n.m.

(364)

(196)

+85.7%Net income from discontinued operations

(2)

1,272

n.m.

(2)

(0)

n.m.

Net income

1,198

1,962

(38.9%)

1,105

1,134

(2.5%)

Non controlling interests

(132)

(98)

+35.0%

(139)

(115)

+21.3%Net income Group share

1,066

1,864

(42.8%)

966

1,019

(5.2%)

SRF

Earnings per share (€)

0.34

0.63

(46.0%)

0.31

0.33

(6.4%)

Cost income ratio excl. SRF (%)

63.4%

72.0%

-8.6 pp

63.0%

61.0%

+2.0 pp

Despite a slight increase, underlying net earnings remained high at close to one billion euros, which is the second
best third-quarter performance since 2006, beaten only by the third quarter 2016, with which it is directlycompared in this press release.
This performance was, like previous quarters, driven by strong business momentum in all
Crédit Agricole S.A.'s business lines and distribution networks, as well as the Regional Banks which
distribute the products of its specialised business lines. The macro-economic environment continued to improvein the Group’s core European markets and the impacts of this improvement are amplified by cross selling driven
by the Customer-focused universal banking model central to the “Strategic Ambition 2020” plan.
Business momentum therefore remained strong in all business lines during the third quarter:-

In Insurance, 158,000 new property & casualty contracts, net of terminations, were written during thequarter (+700,000 or +5.8% in force over one year). Now the fourth largest insurer in comprehensive
household insurance, Crédit Agricole Assurances has moved up one place in the 2017 rankings. As aresult, premium income in property & casualty increased by +7.1% year-on-year in the third quarter. Life
insurance net inflows totalled +1.0 billion euros in the third quarter with a slight decrease in eurobusiness inflows (-0.1 billion euros) but a further acceleration in unit-linked inflows (+1.1 billion euros, up+1.9 point): unit-linked accounts represented 30.1% of gross inflows (an increase of+8.1 percentage points year-on-year) and 21% of savings and retirement outstandings;-

In Asset management (Amundi), assets under management stood at 1,400 billion euros driven by ascope effect following the consolidation of Pioneer Investments (+243 billion euros of assets undermanagement at 3 July 2017) coupled with a positive market effect and, most importantly, strong net
inflows of +31.2 billion euros over the quarter (+60.0 billion euros over nine months, including only one
quarter’s contribution from Pioneer Investments), driven by the Retail segment (+13.1 billion euros in thethird quarter) and medium/long-term assets (+14.7 billion euros);-

The Retail banks, especially in France and Italy, delivered further strong growth in loans and customer
assets compared with previous quarters. At LCL, home loans grew by +9.6% over one year, businessloans by +11.3%, demand deposits by +16.0% and the number of property & casualty insurance contracts
Results for the third quarter and first nine months 20178/24

increased by a net 16,000 (stock up +7.4% over one year). Retail banking in Italy continued tooutperform the local market in home loans (+9.9%), while off-balance sheet customer assets grew by+9.4% over one year;-

Specialised financial services accelerated their development, with +7.1% growth in the managed loan
book in consumer finance compared to end-September 2016 (+9.4 billion euros of new managed
business), +3.6% of new leasing business, particularly abroad (+13.4%) and +7.4% growth in factored
receivables compared to the third quarter 2016;-

Large customers continued to gain market share in capital markets activities, particularly in credit.
CACIB’s Capital markets business ranked No.4 worldwide 15 on bonds issued by financial institutions ineuros in the nine first months 2017;it was world leader in green financing (green bonds) all currencies
combined 16. In Investment banking, advisory business performed well, confirming its fourth place in
M&A advisory in France 17 with 30 deals. Financing activities ranked world No.4 in syndicated loans in
the Europe, Middle East and Africa (EMEA) region 18 Lastly, illustrating its Distribute to Originate risk
distribution policy, CACIB’s average primary syndication rate in the twelve months to September 2017
was 38%, +5 percentage points more than in the twelve months to end-September 2016 and +11
percentage points more than in 2013, when the policy was first introduced. In Asset servicing (CACEIS),
assets under custody increased by +7.3% and assets under administration by +12.3% compared with
end-September 2016.

This excellent business momentum was not reflected in the +3.5% year-on-year growth in underlying revenues(-0.8% on a constant scope 19) due to an adverse base for comparison, as the capital markets business had
made a particularly high contribution in the third quarter 2016, mainly as a result of strong market activity following
the UK’s referendum on the European Union. Consequently, in 2016, the seasonal profile in the capital markets
was the reverse of a typical year, with its contribution to revenues increasing gradually from the first to thethird quarter 2016, whilst the opposite is more usual. The usual seasonal profile was restored in 2017 withrevenues lower in the third quarter than the second and lower in the second quarter than the first. Consequently,
capital markets revenues were down -28.3% year-on-year in the third quarter. However, capital markets revenues
for the first nine months, which eliminates the differences in the quarterly profile between the two years, was up+3.8%, signalling a continued positive underlying trend in this business.
Consequently, Large customers suffered a -14.7% decrease in underlying revenue in the third quarter but anincrease of +3.5% over nine months. Retail banking also saw a decrease in underlying revenues, at LCL (-3.4%)
because of the fall in renegotiation fees and the impact of previous renegotiations on interest margin, and at
International retail banking excluding Italy (-9.0%) because of Egypt’s devaluation in November 2016 (rise of+28% excluding the forex effect). The Insurance business recorded good investment income, and decided toapply a modest recognition of investment margin in life insurance, allowing a further strengthening of reserves.
Insurance revenues were therefore down by -4.8%, even though business volumes increased. The otherbusiness lines delivered good revenue growth in line with business volumes, in particular Asset management(+4.6% on a constant scope19), Specialised financial services (+2.8%) and, within the Large customers division,
Asset servicing (+8.0%). Corporate centre’s underlying revenue also improved by +197 million euros thanks to
the decrease in funding costs and the full impact of the Eureka operation on the quarter (versus only two months
of investment of the cash generated by the operation in the third quarter 2016, excluding the unwinding of
Switch 1 which had already been effective over the entire quarter).
Underlying operating expenses increased by +6.8% year-on-year in the third quarter and by +2.0% on aconstant scope19. The increase stems mainly from Insurance (+4.6%), International Retail Banking Italy (+4.7%)
and, to a lesser extent, Specialised financial services (+2.3%) and Asset servicing (+3.4%), although these twolatter businesses showed positive jaw effects. The growth in operating expenses reflects the scale-up of new

15

Bookrunner (source: Thomson Financial at 30/09/17)
Bookrunner all currencies combined (source: Thomson Financial at 30/09/17)
17
Market share (source: Thomson Financial at 30/09/17)
18
Mandated Bookrunner (source: Thomson Financial at 30/09/17)
19Aggregate of the contributions to underlying net income of Amundi and Pioneer Investments and taking into account the amortisation of
distribution contracts in 2017 and 201616

Results for the third quarter and first nine months 20179/24

activities, such as the insourcing of creditor insurance and the development of group insurance in the insurance
business, as well as development projects. Lastly, it should be noted that Wealth management recognised areversal of pension provisions in the third quarter 2016 following a law in Switzerland reducing the conversion
rate and, therefore, the employer’s obligation (+26 million euros, +21 million euros on net income Group share).
This reversal is not recurring in nature and accounts for almost one percentage point of the +2.0% growth inunderlying operating expenses for Crédit Agricole S.A. on a constant scope19.
The cost/income ratio excluding SRF stood at 63.0%.
The cost of credit risk fell to 262 million euros from 443 million euros in the third quarter 2016 (-41.0% or+181 million euros year-on-year) and 351 million euros in the second quarter 2017 (-25.4% or +89 million euros).
All businesses contributed to the decrease, except for Retail banking in Italy (+13.1% or ­9 million euros
compared to the third quarter 2016), which sold a portfolio of non-performing loans held by Calit, its leasing
subsidiary, resulting in a loss of -18 million euros. The main contributors to the decrease were Large customers(from a cost of credit risk of -116 million euros in the third quarter 2016 to a net reversal of +21 million euros, animprovement of +137 million euros) due to reversals of collective provisions considered to be surplus torequirements, Specialised financial services (-18.4% or +29 million euros) in line with trends in previous quarters,and LCL (-18.4% or +10 million euros), despite a collective impairment charge of 25 million euros to coverpotential defaults after Hurricane Irma in the Caribbean.
Cost of credit risk represented 31 basis points of outstandings, 20 a decrease of -4 basis points quarter-onquarter and -10 basis points year-on-year, and still below the Medium-term plan assumption of 50 basis points.
Thanks to the reversals in the third quarter, Financing activities in the Large customers division delivered a costof credit risk of 19 basis points over four rolling quarters, down -13 basis points year-on-year and -11 basis points
quarter-on-quarter. The two main contributors to credit risk provisions - Consumer finance and Retail banking in
Italy - which accounted for 74% of consolidated credit risk in the third quarter, recorded improvements ofrespectively -18 basis points to 116 and -12 basis points to 89. In Retail banking in Italy, new defaults were down
-47% 21 year-on-year in the third quarter and the impaired loans ratio fell decreased by ­1 percentage point to12.4%21 (versus 13.4% at end-September 2016 and 12.5% at end-June 2017), while the coverage ratio improved
to 48%21 (versus 45.6% at end-September 2016 and 48.2% at end-June 2017). The three Italian banks to beconsolidated within the next few months, after the disposal of 3 billion euros of non-performing loans, will haveeven better ratios than those of International Retail Banking Italy at present.
In this improving credit risk environment, the Group decided to add 75 million euros to provisions for legalrisk unallocated to any specific file, recognised in the Large customers business line. A similar provisionof 50 million euros was recognised in the third quarter 2016, also in Large customers.
The underlying contribution from equity-accounted entities was down -18.3% to 122 million euros excluding thecapital gain on BSF, mainly due to loss of the Eurazeo contribution following its disposal in the second quarter 2017,
and the deconsolidation as of 20 September 2017 of the Group’s interest in BSF following the partial disposal(decrease from 31.1% to 14.9%).
Underlying income before tax, discontinued operations and non-controlling interests increased by +10.7% to1,472 million euros. The underlying effective tax rate was 27.0% versus 16.6% in the third quarter 2016, which had
benefited from a reduced rate of tax on several transactions during the quarter. This rate is significantly lower than thestandard corporate income tax rate in France due to the generation of earnings in countries with a lower tax rate andto the tax credit available on Additional Tier 1 debt instruments (interest payments are deducted directly from equity,for -92 million euros in the third quarter), representing an impact of more than two percentage points on the underlying
effective tax rate. The underlying tax charge was therefore up +85.7% year-on-year in the third quarter, to
364 million euros.
Net income attributable to non-controlling interests was up significantly, by +21.3% to 139 million euros, due to thedecrease in the Group’s interest in Amundi to 68.5% as of the second quarter 2017 versus 74.1% in the same periodof 2016 and up to and including the first quarter 2017, but also this quarter due to the consolidation of Pioneer

20

Average loan loss reserves over last four rolling quarters, annualised
Excluding Calit, the leasing subsidiary which was part of Specialised financial services until end-2016

21

Results for the third quarter and first nine months 2017

10/24

Investments, which contributed to the growth of almost 50% of Amundi’s net income (at 100%). Excluding Amundi,
non-controlling interests would have been down slightly.
Consequently, underlying net income Group share came to 966 million euros, a decrease of -5.2% compared withthe third quarter 2016.
For the first nine months 2017, stated net income Group share was 3,262 million euros versus
3,249 million euros in the same period of 2016, virtually unchanged even though 2016 had benefited from the
1,272 million euro Eureka gain. Strong organic growth delivered by the businesses, and, to a lesser extent, theintegration of Pioneer Investments, therefore offset the non-recurrence of this gain, with limited support from specificitems, 22 which had an impact of +214 million euros on net income Group share in the first nine months 2017.
Additionally to the specific items of the third quarter mentioned above, the most significant specific item compared withthe third quarter 2016 was the gain on disposal of the Group’s interest in Eurazeo (+107 million euros) in the second
quarter. In the first nine months of 2016, specific items had an impact of +1,018 million euros on net income Group
share, including the Eureka gain referred to above.
Excluding these specific items, underlying net income Group share came to 3,048 million euros, an increase of+36.6% compared with the first nine months of 2016.
Underlying earnings per share came to 0.96 euro, an increase of +36.9% compared with the first nine monthsof 2016.

Consolidated results of Crédit Agricole S.A. in 9M 2017 and 9M 2016

€m

9M-17
stated

9M-16
stated9M/9M
stated

9M-17
underlying

9M-16
underlying

9M/9M
underlying

Revenues

13,983

12,275+13.9%

13,962

12,943+7.9%

Operating expenses excl. SRF(8,693)(8,474)+2.6%(8,635)(8,433)

+2.4%

SRF

(242)

(240)

+1.1%

(242)

(240)

+1.1%

Gross operating income

5,047

3,562

+41.7%

5,086

4,270

+19.1%

Cost of credit risk

(972)

(1,292)(24.8%)(972)(1,292)(24.8%)

Cost of legal risk

(115)

(100)

+15.0%

(115)

(100)

+15.0%

Equity-accounted entities

678

393

+72.4%

454

393+15.4%Net income on other assets

(8)

(46)

(83.4%)(3)(46)(94.1%)

Change in value of goodwill

-

-

n.m.

-

-

n.m.

Income before tax

4,630

2,516

+84.0%

4,449

3,225

+38.0%Tax
Net income from discontinued
operations
Net income(1,030)

(234)

x 4.4

(1,046)(678)+54.2%

43

1,283

n.m.

43

11

n.m.

3,643

3,566

+2.2%

3,447

2,558

+34.7%

Non controlling interests

(381)

(316)

+20.6%

(399)

(326)

+22.2%Net income Group share

3,262

3,249

+0.4%

3,048

2,232

+36.6%

Earnings per share (€)

1.03

1.07

(3.7%)

0.96

0.70+36.9%

Cost income ratio excl. SRF (%)

62.2%

69.0%

-6.9 pp

61.8%

65.2%

-3.3 pp

The nine-month period cancels out 2016’s atypical seasonal profile and the adverse base for comparison in thethird quarter. The key income indicators have therefore returned to their underlying trend: strong growth in revenues,
good control over operating expenses and decrease of the cost of credit risk, mitigated by a higher level of legal
provisions (115 million euros versus 100 million euros in the first nine months of 2016) and an increase in the effective
tax rate from 23.9% in the first nine months 2016 to 26.2% in the first nine months 2017. As in the third quarter, thetax credit on Additional Tier 1 coupons decreased the effective tax rate by more than 2 points.
Underlying revenues were 13,962 million euros, a year-on-year increase of +7.9% or +6.2% on a constant scope.
All divisions contributed to the growth and in particular Asset gathering, following the consolidation of Pioneer22

See p. 14 for details of specific items for Crédit Agricole S.A. and p. 16 for a reconciliation of stated and underlying results.

Results for the third quarter and first nine months 2017

11/24

Investments and organic growth in asset and wealth management, and the Corporate centre, thanks to the Eureka
impact and a decrease in funding costs. In the first nine months of the year, Large customers delivered +3.5% yearon-year growth in underlying revenues.
Underlying operating expenses were up slightly to 8,635 million euros, an increase of +2.4% excluding the SRF
contribution, which itself was up by +1.1% (242 million euros versus 244 million euros in the first nine months of 2016).
On a constant scope, operating expenses excluding SRF increased by only +0.8%, reflecting excellent cost control.
All business contributed to this cost control. The most substantial jaws effect 23 came from LCL (+5.2 percentage points
excluding SRF), Specialised financial services (+2.9 percentage points excluding SRF), and Large customers(+2.1 percentage points excluding SRF), particularly Asset financing (+5.0 percentage points excluding SRF). The
underlying cost/income ratio excluding SRF improved by 3.3 percentage points to 61.8% compared with the firstnine months of 2016.
Lastly, cost of credit risk excluding unallocated legal provisions fell by -24.8% to 972 million euros versus
1,292 million euros in the first nine months of 2016 (or +320 million euros). As in the third quarter, the main contributors
to the improvement were Large customers (-53.0% or +188 million euros) and Specialised financial services (-22.1%
or +96 million euros). At LCL, cost of credit risk increased by +14.4% (-19 million euros), mainly due to non-recurring
reversals in the first quarter 2016 which lowered the base for comparison, and the provisions in the third quarter 2017
related to Hurricane Irma, but the cost of risk nonetheless remains very low in this business line.
At end-September 2017, Crédit Agricole S.A.’s capital ratios improved yet further, with a fully-loaded CET1 ratioof 12.0%, down -40 basis points versus June 30 2017 but up +30 basis points since 30 June 2017 pro forma
for the acquisition of Pioneer Investments. This pro forma increase was due to the partial disposal of theinterest in BSF and deconsolidation of the remaining stake (+17 basis points), net income allocated to retained
earnings net of the dividend provision and Additional Tier 1 interest payments (+11 basis points), quasi-stabilityof AFS unrealised gains (+1 basis point), and finally the neutral effect of risk-weighted assets and other various
items. Risk-weighted assets totalled 293 billion euros at end-September 2017 versus 301 billion euros at endDecember 2016, a decrease of -2.7% partially due to the forex effect. The acquisitions announced but not yet
finalised (three Italian savings banks and Banca Leonardo) will have an impact of approximately -15 basis points.
It should be noted that at end-September 2017, capital ratios including the fully-loaded CET1 were calculated
based on a dividend assumption of 50% of stated net earnings per share, i.e. 0.52 euro per share, whichcorresponds to 0.18 euro for the third quarter 2017 (0.15 euro assumed for the calculation at end-March and0.34 euro at end-June).
The phased-in leverage ratio was 4.4% at end-September 2017 as defined in the Delegated Act adopted by theEuropean Commission.
Crédit Agricole S.A.’s average LCR ratio over twelve months stood at 137% at end-June 2017, above theMedium-Term Plan target of over 110%.
At end-October 2017, Credit Agricole S.A. had completed 104% of its medium- to long-term market funding
programme of 16 billion euros for the year: 16.6 billion euros equivalent were raised on the markets, of which
10.4 billion euros equivalent of senior preferred debt (unsecured) and secured senior debt and 6.2 billion euros
equivalent of senior non-preferred debt.
***

Philippe Brassac, Chief Executive Officer, commented: “In the first nine months of the year, Crédit Agricole S.A.
has succeeded in equalling last year’s performance in terms of stated net income, despite the Eureka gain of
more than one billion euros recognised in the first nine months of 2016. This result alone, which was achieved
despite continued investment in development under the MTP, confirms the Group’s profitability and its ability todeliver growth in all its business lines.”

23

Difference between growth in revenues and growth in operating expenses

Results for the third quarter and first nine months 201712/24

Corporate social responsibility
This quarter, Crédit Agricole S.A. achieved some excellent extra-financial ratings:-

Crédit Agricole S.A. is now among the top European banks in the MSCI 24 worldwide index. ESG Ratings
after its rating was raised from BBB to A. This upward notch was achieved due to progress made in data
security and protection, and more particularly the publication of a Personal Data Charter and a Group
Ethics Charter, the creation of a Group Security Committee and implementation of a programme tostrengthen security, and efforts to embed environmental risk in the credit analysis process.

-

The Anglo-Dutch extra-financial rating agency Sustainalytics raised Crédit Agricole S.A.’s rating from 76
to 80, making it the best-rated bank. The upgrade was due to progress in the range of products to promote
the energy transition (energy saving loans, green bonds, low carbon funds, etc.).

In addition, Crédit Agricole is the first bank to obtain ISO 37001 certification for its anti-bribery and corruption
system. Delivered by Euro Compliance 25, this ISO 37001 certification is recognition of the Group's determinationand the quality of its anti-corruption and bribery programme. It confirms that corruption and bribery risks areproperly identified and analysed and that the programme applied by Crédit Agricole is designed to mitigate thesevarious risks by drawing on best international practices. It covers all Crédit Agricole Group’s business lines andis in addition to the BS 10500 certification delivered by SGS in July 2016.
The Group reported on progress at end-June 2017 in the strong commitments made at the time of the COP 21:

24
25

-

49 billion euros in arrangements supporting the energy transition out of the 60 billion euros announced
over three years (2016-2018);-

more than 1.7 billion euros of cash invested in green bonds out of the 2 billion euros planned by Credit
Agricole S.A. and Credit Agricole CIB by end-2017;-21% increase in renewable energy financing in France in 2016 (514 million euros versus
425 million euros in 2015), compared with a commitment of a 100% increase by 2018;-

150 million euros of financing made available by Amundi through its joint venture with EDF, Amundi
Transition Energétique (ATE), out of the 5 billion euros planned by 2020 through ATE and anotherspecialist fund management company, a joint venture between Amundi and Agricultural Bank of China.

Morgan Stanley Capital International
Euro compliance is a certification and training organisation specialising in anti-bribery and corruption

Results for the third quarter and first nine months 201713/24

Appendix 1 – Specific items, Crédit Agricole S.A. andCrédit Agricole Group
Crédit Agricole S.A. – Specific items, Q3-17 and Q3-16, and 9M-17 and 9M-16
Q3-17

Q3-16

9M-17

9M-16

Gross
impactImpact
NIGS

Gross
impactImpact
NIGS

Gross
impactImpact
NIGS

Gross
impactImpact
NIGS

Issuer spreads (CC)

(16)

(14)

(281)

(178)

(121)

(69)

(243)

(151)

DVA (LC)

(0)

(0)

(44)

(28)

(61)

(39)

(35)

(22)

Loan portfolio hedges (LC)

(13)

(9)

(25)

(16)

(53)

(34)

(24)

(15)

Home Purchase Savings Plans (FRB)

8

5

-

-

63

39

-

-

Home Purchase Savings Plans (CC)

32

21

-

-

154

101

-

-

Eureka transaction (CC)

-

-

(23)

(18)

-

-

(23)

(18)

Liability Management (FRB)

-

-

(300)

(187)

-

-

(300)

(187)

Liability management upfront payments
(CC)

-

-

-

-

39

26

(683)

(448)

Capital gain on VISA EUROPE (CC)

-

-

-

-

-

-

355

327

Regional Banks' dividends (CC)

-

-

-

-

-

-

286

285

Total impact on revenues

10

3

(673)

(427)

20

23

(667)

(229)

€m

LCL network optimisation cost (FRB)

-

-

-

-

-

-

(41)

(26)

Pioneer integration costs (AG)

(27)

(14)

-

-

(59)

(28)

-

-

Total impact on operating expenses

(27)

(14)

-

-

(59)

(28)

(41)

(26)

Eurazeo sale (CC)

-

-

-

-

107

107

-

-

Disposal of BSF (LC)

117

114

-

-

117

114

-

-

Total impact on equity affiliates

117

114

-

-

224

221

-

-

CA Italy acquisition costs (IRB)

(5)

(3)

-

-

(5)

(3)

-

-

Total impact on Net income on otherassets

(5)

(3)

-

-

(5)

(3)

-

-

Eureka transaction (CC)

-

-

-

1,272

-

-

-

1,272

Total impact on Net income fromdiscounted or held-for-sale
operations

-

-

-

1,272

-

-

-

1,272

Total impact of specific items

95

100

(673)

845

181

214

(708)

1,018

Asset gathering

(27)

(14)

-

-

(59)

(28)

-

-

Retail banking

3

2

(300)

(187)

58

36

(341)

(213)

Specialised financial services

-

-

-

-

-

-

-

-

Large customers

103

106

(69)

(44)

3

41

(59)

(37)

Corporate centre

16

6

(304)

1,077

179

165

(308)

1,267

* Impact before tax (except for the line "impact on tax") and before non-controlling interests

Results for the third quarter and first nine months 2017

14/24

Crédit Agricole Group – Specific items, Q3-17 and Q3-16, and 9M-17 and 9M-16
Q3-17

Q3-16

9M-17

9M-16

Gross
impactImpacton NIGSGross
impactImpacton NIGSGross
impactImpacton NIGSGross
impactImpacton NIGS

Issuer spreads (Corporate centre)

(28)

(23)

(281)

(182)

(145)

(91)

(243)

(154)

DVA (LC)

(0)

(0)

(44)

(29)

(61)

(40)

(35)

(23)

Loan portfolio hedges (LC)

(13)

(9)

(25)

(16)

(53)

(35)

(24)

(16)

HPSP provisions (FRB/LCL)

8

5

-

-

63

41

-

-

HPSP provisions (FRB/RBs)

80

52

(1)

(0)

205

134

(9)

(6)

HPSP provisions (Corporate centre)

32

21

-

-

154

101

-

-

VISA EUROPE capital gain

-

-

-

-

-

-

355

337

Adjustment of liability costs(FRB/RBs)

-

-

-

-

(218)

(148)

-

-

Liability Management (CC)

-

-

-

-

39

26

(683)

(448)

Eureka transaction (Corporate
centre)

-

-

(28)

(23)

-

-

(28)

(23)

Liability Management (LCL)

-

-

(300)

(197)

-

-

(300)

(197)

Total impact on revenues

78

46

(679)

(447)

(17)

(11)

(967)

(529)

LCL network optimisation cost
(FRB/LCL)

-

-

-

-

-

-

(41)

(27)

Pioneer integration costs (AG)

(27)

(11)

-

-

(59)

(26)

-

-

(27)

(11)

-

-

(59)

(26)

(41)

(27)

-

-

-

-

107

107

-

-

117

117

-

-

117

117

Total impact on equity affiliates

117

117

-

-

224

224

-

-

CA Italy acquisition costs (IRB)€m

Total impact on expenses
Disposal of Eurazeo (Corporate
centre)Disposal of BSF (LC)

(5)

(3)

-

-

(5)

(3)

Total impact on Net income on otherassets

(5)

(3)

-

-

(5)

(3)

-

-

Total impact of specific items

163

149

(679)

(447)

143

184

(1,008)(556)

Asset gathering

(27)

(11)

-

-

(59)

(26)

-

-

Retail banking

82

55

(301)

(197)

44

24

(350)

(230)

Specialised financial services

-

-

-

-

-

-

-

-

Large customers

103

108

(69)

(45)

3

42

(59)

(38)

Corporate centre

4

(3)

(309)

(205)

155

143

(599)

(288)

* Impact before tax (except for the line "impact on tax") and before non-controlling interests

Results for the third quarter and first nine months 201715/24

Appendix 2 – Crédit Agricole S.A.: Stated and underlying
income statement
Crédit Agricole S.A. – Reconciliation between stated and underlying results,
Q3­17 and Q3­16
€m

Q3-17
statedSpecific
items

Q3-17
Q3-16
underlying statedSpecific
items

Q3-16
Q3/Q3
underlying underlying

Revenues
Operating expenses excl. SRF
SRF

4,575
(2,902)
-

10
(27)
-

4,564
(2,875)-

3,739(2,693)
5

(673)
-

4,412
(2,693)5

Gross operating income

1,672

(17)

1,689

1,051

(673)

1,724

(2.0%)

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

(262)
(75)
239
(7)
1,567

117
(5)
95

(262)
(75)
122
(2)
1,472

(443)
(50)
149
(50)
657

(673)

(443)
(50)
149
(50)
1,330

(41.0%)+50.0%(18.3%)(95.4%)+10.7%Tax
Net income from discontinued or heldfor-sale operations
Net income

(367)

(2)

(364)

33

229

(196)

+85.7%

(2)

-

(2)

1,272

1,272

(0)

n.m

1,198

93

1,105

1,962

828

1,134

(2.5%)

Non controlling interests
Net income Group share

(132)
1,066

7
100

(139)
966

(98)
1,864

17
845

(115)
1,019

+21.3%(5.2%)

Earnings per share (€)

0.34

0.03

0.31

0.63

0.30

Cost income ratio excl. SRF (%)

63.4%

63.0%

72.0%

+3.5%
+6.8%
(100.0%)

0.33(6.4%)

61.0%+2.0 pp

Crédit Agricole S.A. – Reconciliation between stated and underlying results,
9M­17 and 9M­16
€m

9M-17
statedRevenues
13,983Operating expenses excl. SRF(8,693)
SRF(242)
Gross operating income
5,047
Cost of credit risk
(972)
Cost of legal risk
(115)
Equity-accounted entities
678
Net income on other assets(8)
Income before tax
4,630
Tax
(1,030)Net income from discontinued or held-for-sale operations
43
Net income
3,643
Non controlling interests(381)
Net income Group share
3,262
Earnings per share (€)
1.03
Cost income ratio excl. SRF (%)
62.2%

Specific
9M-17
9M-16 Specific
9M-16
9M/9M
items underlying stateditems underlying underlying
20
(59)
(38)
224
(5)
181
16
196
18
214
0.07

13,962(8,635)
(242)
5,086
(972)
(115)
454
(3)
4,449
(1,046)
43
3,447
(399)
3,048
0.96
61.8%

12,275(8,474)(240)
3,562(1,292)
(100)
393
(46)
2,516
(234)
1,283
3,566
(316)
3,249
1.07
69.0%

(667)
(41)
(708)
(708)
444
1,272
1,007
10
1,018
0.37

Results for the third quarter and first nine months 201712,943(8,433)(240)
4,270(1,292)
(100)
393
(46)
3,225
(678)
11
2,558
(326)
2,232
0.70
65.2%

+7.9%
+2.4%
+1.1%
+19.1%(24.8%)+15.0%+15.4%(94.1%)+38.0%+54.2%
n.m+34.7%+22.2%+36.6%+36.9%-3.3 pp16/24

Appendix 3 – Crédit Agricole S.A.: Income statement bybusiness line
Crédit Agricole S.A. – Income statement by business line, Q3­17 and Q3­16
Q3-17
€m

AG

FRB (LCL)

IRB

SFS

LC

CC

Revenues

1,302

848

Operating expenses excl. SRF

(680)

(595)

SRF

-

-

-

Gross operating income

622

253

Cost of credit risk

0

(45)

Cost of legal risk

-

-

-

Total

619

675

1,236

(106)

4,575

(364)

(337)

(741)

(184)

(2,902)

-

-

-

-

255

338

495

(291)

1,672

(113)

(128)

21

3

(262)

-

(75)

-

(75)

Equity-accounted entities

9

-

-

68

163

(1)

239

Net income on other assets

(0)

(0)

(8)

(1)

2

(1)

(7)

Income before tax

631

208

134

277

607

(289)

1,567

Tax

(113)

(59)

(42)

(60)

(197)

103

(367)

Net income from discontinued or heldfor-sale operations

(1)

-

0

(2)

-

-

(2)

Net income

518

149

92

215

410

(186)

1,198

Non controlling interests

(63)

(7)

(28)

(24)

(13)

3

(132)

Net income Group share

455

142

64

191

397

(183)

1,066

Q3-16
€m

AG

FRB (LCL)

IRB

SFS

LC

CC

Total

Revenues

1,107

570

631

658

1,396

(624)

3,738

Operating expenses excl. SRF

(477)

(600)

(361)

(330)

(738)

(187)

(2,693)

SRF

-

-

-

-

-

5

5

Gross operating income

630

(30)

270

328

658

(806)

1,050

Cost of credit risk

(2)

(55)

(108)

(157)

(116)

(6)

(444)

Cost of legal risk

-

-

-

-

(50)

-

(50)

Equity-accounted entities

8

-

-

55

59

27

149

Net income on other assets

-

-

1

-

-

(50)

(49)

Income before tax

636

(85)

163

226

551

(835)

656

Tax

(149)

53

(52)

(48)

(74)

303

33

Net income from discontinued or heldfor-sale operations

-

-

-

-

-

1,272

1,272

Net income

487

(32)

111

178

477

740

1,961

Non controlling interests

(40)

2

(32)

(21)

(19)

13

(97)

Net income Group share

447

(30)

79

157

458

753

1,864

AG: Asset gathering and Insurance; RB: Retail banking (FRB French retail banking, IRB International retail banking); SFS: Specialised
financial services; LC: Large customers; CC: Corporate centre

Results for the third quarter and first nine months 2017

17/24

Crédit Agricole S.A. – Income statement by business line, 9M­17 and 9M­16
9M-17
€m

AG

FRB (LCL)

IRB

SFS

LC

CC

Total

Revenues

3,703

2,664

1,864

2,050

4,027

(326)

13,983Operating expenses excl. SRF(1,876)(1,814)(1,098)(1,021)(2,283)(601)(8,693)

SRF

(2)

(15)

(10)

(14)

(139)

(61)

(242)

Gross operating income

1,825

835

756

1,015

1,605

(988)

5,047

Cost of credit risk

(1)

(149)

(325)

(338)

(166)

7

(972)

Cost of legal risk

-

-

-

-

(115)

-

(115)

Equity-accounted entities

24

-

-

183

292

178

678

Net income on other assets

(0)

0

(7)

(1)

2

(1)

(8)

Income before tax

1,848

686

424

859

1,618

(805)

4,630

Tax

(405)

(194)

(133)

(205)

(447)

353

(1,030)Net income from discontinued or heldfor-sale operations

30

-

0

13

-

-

43

Net income

1,473

492

291

667

1,171

(452)

3,643

Non controlling interests

(155)

(24)

(85)

(88)

(39)

9

(381)

Net income Group share

1,318

468

206

580

1,132

(443)

3,262

9M-16
€m

AG

FRB (LCL)

IRB

SFS

LC

CC

Total

Revenues

3,450

2,254

1,893

1,964

3,942

(1,228)12,275

Operating expenses excl. SRF(1,599)(1,917)(1,095)(1,006)(2,253)(604)(8,473)

SRF

(2)

(19)

(10)

(13)

(149)

(47)

(240)

Gross operating income

1,849

318

788

945

1,541

(1,879)

3,562

Cost of credit risk

(9)

(130)

(348)

(434)

(354)

(18)

(1,293)

Cost of legal risk

-

-

-

-

(100)

-

(100)

Equity-accounted entities

21

-

-

152

182

38

393

Net income on other assets

1

-

1

(2)

1

(47)

(46)

Income before tax

1,862

188

441

661

1,270

(1,906)

2,516

Tax

(500)

(44)

(143)

(153)

(261)

867

(234)

-

-

-

-

11

1,272

1,283

1,362

144

298

508

1,020

233

3,565

Net income from discontinued or heldfor-sale operations
Net income
Non controlling interests

(121)

(7)

(89)

(68)

(36)

5

(316)

Net income Group share

1,241

137

209

440

984

238

3,249

AG: Asset gathering and Insurance; RB: Retail banking (FRB French retail banking, IRB International retail banking); SFS: Specialised
financial services; LC: Large customers; CC: Corporate centre

Results for the third quarter and first nine months 201718/24

Appendix 4 – Crédit Agricole Group: Stated andunderlying income statement
Crédit Agricole Group – Reconciliation between stated and underlying results,
Q3­17 and Q3­16

€m

Q3-17
statedSpecific
items

Q3-17
underlying

Q3-16
statedSpecific
items

Q3-16
underlying

Q3/Q3
underlying

Revenues

7,885

78

7,807

7,099

(679)

7,777

+0.4%

Operating expenses excl. SRF(4,974)(27)(4,947)(4,710)-(4,710)

+5.0%

SRF

-

-

-

-

-

-

-

Gross operating income

2,911

51

2,860

2,389

(679)

3,067

(6.8%)

Cost of credit risk

(317)

-

(317)

(597)

-

(597)

(46.8%)

Cost of legal risk

(75)

-

(75)

(50)

-

(50)

+50.0%

Equity-accounted entities

240

117

123

138

-

138

(10.8%)Net income on other assets

1

(5)

6

(47)

-

(47)

n.m.

Income before tax

2,760

163

2,597

1,833

(679)

2,512

+3.4%

Tax

(743)

(24)

(719)

(348)

229

(577)

+24.5%Net income from discontinued operations

(2)

-

(2)

(0)

-

(0)

n.m.

Net income

2,015

139

1,876

1,485

(450)

1,934

(3.0%)

Non controlling interests

(108)

10

(117)

(91)

2

(93)

+25.7%Net income Group share

1,907

149

1,759

1,394

(447)

1,841

(4.5%)

Cost income ratio excl. SRF (%)

63.1%

63.4%

66.4%

60.6%

+2.8ppCrédit Agricole Group– Reconciliation between stated and underlying results,
9M­17 and 9M­16

€m

9M-17
statedSpecific
items

9M-17
underlying

9M-16
statedSpecific
items

9M-16
underlying

9M/9M
underlying

Revenues

24,062(17)

24,08022,524(967)

23,491+2.5%

Operating expenses excl. SRF(15,167)(59)(15,108)(14,757)(41)(14,716)

+2.7%

SRF

(285)

-

(285)

(282)

-

(282)

+1.2%

Gross operating income

8,610

(76)

8,686

7,485

(1,008)

8,493

+2.3%

Cost of credit risk

(1,113)-(1,113)(1,855)-(1,855)(40.0%)

Cost of legal risk

(115)

-

(115)

(100)

-

(100)

+15.0%

Equity-accounted entities

683

224

459

388

-

388

+18.4%Net income on other assets

(0)

(5)

5

(19)

-

(19)

n.m.

Income before tax

8,065

143

7,922

5,899

(1,008)6,907+14.7%

Tax(2,185)23(2,208)(1,491)448(1,939)+13.9%Net income from discontinued operations

43

-

43

11

-

11

n.m.

Net income

5,923

166

5,757

4,420

(560)

4,980

+15.6%

Non controlling interests

(310)

18

(327)

(265)

4

(269)

+21.5%Net income Group share

5,614

184

5,430

4,154

(556)

4,710

+15.3%

Cost income ratio excl. SRF (%)

63.0%

62.7%

65.5%

62.6%

+0.1ppResults for the third quarter and first nine months 201719/24

Appendix 5 – Crédit Agricole Group: Income statementby business line
Crédit Agricole Group – Income statement by business line, Q3­17 and Q3­16
Q3-17
€m

RBs

LCL

IRB

AG

SFS

LC

CC

Total

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
Change in value of goodwill
Income before tax
Tax
Net income from discontinued operations
Net income
Non controlling interests
Net income Group share

3,289(2,035)
1,254
(51)
(0)
4
1,207
(381)
826
(0)
826

848
(595)
253
(45)
(0)
208
(59)
149
(0)
149

645
(386)
258
(113)
(3)
142
(43)
0
100
(22)
78

1,302
(680)
622
0
9
(0)
631
(113)
(1)
518
(60)
458

675
(337)
338
(128)
68
(1)
277
(60)
(2)
215
(24)
191

1,235
(741)
494
21
(75)
163
2
605
(196)
409
(5)
405

(109)
(199)
(308)
(2)
(0)
(1)
(311)
108
(202)
3
(199)

7,885
(4,974)
2,911
(317)
(75)
240
1
2,760
(743)
(2)
2,015
(108)
1,907

Q3-16
€m

RBs

LCL

IRB

AG

SFS

LC

CC

Total

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
Change in value of goodwill
Income before tax
Tax
Net income from discontinued operations
Net income
Non controlling interests
Net income Group share

3,273(1,980)
1,293
(152)
2
1,143
(367)
776
1
777

570
(600)
(30)
(55)
(85)
53
(32)
(32)

659
(377)
282
(110)
1
173
(54)
119
(27)
92

1,108
(477)
631
(2)
8
637
(149)
488
(37)
451

658
(330)
328
(157)
55
226
(48)
178
(21)
157

1,396
(738)
658
(116)
(50)
59
551
(74)
477
(9)
468

(565)
(208)
(773)
(5)
16
(50)
(812)
291
(521)
2
(519)

7,099
(4,710)
2,389
(597)
(50)
138
(47)
1,833
(348)
(0)
1,485
(91)
1,394

AG: Asset gathering and Insurance; RB: Retail banking (FRB French retail banking, IRB International retail banking); SFS: Specialised
financial services; LC: Large customers; CC: Corporate centre

Results for the third quarter and first nine months 2017

20/24

Crédit Agricole Group – Income statement by business line, 9M­17 and 9M­16
9M-17
€m

RBs

LCL

IRB

AG

SFS

LC

CC

Total

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 operations
Net income
Non controlling interests
Net income Group share

9,936(6,334)
(43)
3,558
(132)
4
4
3,434
(1,137)
2,297
(1)
2,297

2,664
(1,814)
(15)
835
(149)
0
686
(193)
493
(0)
492

1,947
(1,154)
(10)
782
(328)
(3)
451
(139)
0
312
(68)
245

3,695
(1,876)
(2)
1,816
(1)
24
(0)
1,840
(405)
30
1,465
(146)
1,319

2,050
(1,021)
(14)
1,015
(338)
183
(1)
859
(205)
13
667
(88)
580

4,026
(2,283)
(140)
1,603
(166)
(115)
292
2
1,617
(446)
1,170
(15)
1,155

(255)
(684)
(61)
(1,000)
2
179
(2)
(820)
339
(481)
7
(474)

24,062(15,167)
(285)
8,610
(1,113)
(115)
683
(0)
8,065
(2,185)
43
5,923
(310)
5,614

9M-16
€m

RBs

LCL

IRB

AG

SFS

LC

CC

Total

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 operations
Net income
Non controlling interests
Net income Group share

10,356(6,177)
(38)
4,141
(559)
5
28
3,614
(1,231)
2,384
(0)
2,383

2,254
(1,917)
(19)
319
(130)
0
188
(44)
144
(0)
144

1,971
(1,143)
(10)
817
(351)
1
467
(149)
317
(72)
245

3,447
(1,600)
(2)
1,846
(9)
21
1
1,859
(500)
0
1,359
(113)
1,246

1,964
(1,006)
(13)
945
(434)
152
(2)
661
(153)
508
(68)
440

3,946
(2,253)
(149)
1,545
(354)
(100)
182
1
1,274
(262)
11
1,022
(15)
1,007

(1,413)(662)(52)(2,127)
(18)
28
(47)
(2,164)848(1,316)
4(1,312)

22,524(14,757)
(282)
7,485
(1,855)
(100)
388
(19)
5,899
(1,491)
11
4,420
(265)
4,154

AG: Asset gathering and Insurance; RB: Retail banking (FRB French retail banking, IRB International retail banking); SFS: Specialised
financial services; LC: Large customers; CC: Corporate centre

Results for the third quarter and first nine months 201721/24

Appendix 6 – Calculation methods of data per share
Crédit Agricole S.A. – Calculation of earnings per share, net asset value andtangible net asset value per share(€m)
Net income Group share

Q3-17

Q3-16

9M-17

9M-16

1,066

1,864

3,262

3,249

- Interests on AT1, before tax, including issuance costs

(92)

(97)

(329)

(338)

[A]

974

1,767

2,933

2,911

[B]

2,844.02,803.7

2,843.4 2,709.4[A]/[B]

€0.34

€0.63

€1.03

€1.07

966

1,019

3,048

2,232

[C]

874

922

2,719

1,894

[C]/[B]

€0.31

€0.33

€0.96

€0.70

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

30/09/2017 31/12/2016(€m)
Shareholder's equity Group share

57,97458,277- AT1 issuances(5,011)(5,011)- Unrealised gains and losses on AFS - Group share(3,385)(3,779)- Payout assumption on annual resuts*(1,716)

Net not revaluated asset attributable to ordinary shares[D]- Goodwill & intangibles** - Group share

49,57847,771(17,872)(15,479)

Net tangible not revaluated asset attributable to ordinary shares[E]

31,70632,292

Total shares in issue, excluding treasury shares (period end)

[F]

2,844.3

2,843.3[D]/[F]

€17.4

€16.8

Net asset value per share, after deduction of dividend to pay (€)+ Dividend to pay for the year (€)[H]

Net asset value per share, dividend to pay included (€)

€0.60
€17.4

€17.4

Net tangible asset value per share, after deduction of dividend to pay
(€)

[G] =
[E]/[F]

€11.1

€11.4

Net tangible asset value per share, dividend to pay included (€)[G]+[H]

€11.1

€12.0

* dividend proposed to the Board meeting to be paid** including goodwill in the equity-accounted entities

NB: Increase in goodwill related to the integration of Pioneer investments (goodwill from Pioneer: €2,522m)

Results for the third quarter and first nine months 201722/24

Disclaimer
The financial information for the third quarter and first nine months 2017 for Crédit Agricole S.A. and the Crédit
Agricole Group comprises this press release and the attached quarterly financial report and presentation, available
at https://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 nine-month period ended 30 September have been prepared in accordance with IFRS as adopted in theEuropean Union and applicable at that date, and with prudential regulations currently in force. This financial information does not constitutea set of financial 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.
Since July 1. 2017, Pioneer Investments is included in the scope of consolidation of Crédit Agricole Group as a subsidiary of Amundi.
Historical data have not been restated on a proforma basis.
The Pioneer Investments integration costs in the first and second quarters of 2017 have been reclassified in specific items, unlike thetreatment initially adopted for those quarters. Underlying net income Group share for those two quarters has been adjusted accordingly.

Results for the third quarter and first nine months 201723/24

Financial calendar
14 February 2018 15 May 2018 16 May 2018
 3 August 2018
 7 November 2018
Publication of fourth quarter and full-year 2017 results
Publication of 2018 first quarter results
Annual Shareholders’ Meeting in Paris
Publication of second quarter and first half 2018 results
Publication of 2018 third quarter 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-freenumber 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

All our press releases are available at: www.credit-agricole.com - www.creditagricole.info
Crédit_Agricole

Groupe Crédit Agricole

créditagricole_sa

Results for the third quarter and first nine months 201724/24