Montrouge, 15 February 2017

Results for the fourth quarter and full year 2016
2016: a year of construction, acceleration of growthand good financial performance in all business lines
Crédit Agricole Group*
Results& financial
solidity Good level of activity in all components: networks, businesses and large customers
 2016 NIGS: €5.4bn stated excluding goodwill impairment, €6.4bn underlying1
 Financial solidity at top level and further strengthened: fully-loaded CET1 ratio at 14.5%* Crédit Agricole S.A. and 100% of Regional Banks

Crédit Agricole S.A.
Activity& revenues

 Acceleration of growth: strong commercial momentum in all businesses and agreement signed inview of the acquisition of Pioneer Investments by Amundi
 Underlying revenues1: +10.9% Q4/Q4
 Strong increase in Asset gathering and Large customers business lines, first recurring effects of Eureka
 Q4 NIGS stated excluding goodwill impairment : €782m; underlying1 €904m, +52.6% Q4/Q4;
2016 underlying1 €3,137m, +22.8% 2016/2015
 Strong increase in businesses’ underlying NIGS: +46.4% Q4/Q4, contribution of all businesses up

Results

 Expenses well under control: improvement of -6.6 pts of underlying cost/income ratio1 Q4/Q4 to 65.4%
 Risk well managed in all businesses: cost of credit risk 41 bps
 Significant specific items in Q4: impairment of goodwill (-€491m), deferred tax revaluation(-€161m) and issuer spread (+€103m before tax)

Financialsolidity
Dividend Financial strength confirmed at high level despite rise in interest rates: fully-loaded CET1 ratio 12.1%
 Reminder: target of 11% at end-2019, i.e. 250 bps above the distribution restriction threshold(8.50% at 1/1/19)2
 Dividend of €0.60 in cash for the year 20163; from 2017 onwards, pay-out ratio of 50% andintention to maintain the dividend versus 2016

1 See p. 28 (Crédit Agricole Group) and 29-30 (Crédit Agricole S.A.) of this press release for further details on specific items
2 Pro forma Pillar 2 requirement (P2R) as notified by the ECB
3 To be proposed to the shareholders’ meeting in May 2017, detachment date: 29 May 2017, payment date: 31 May 2017

Crédit Agricole GroupThe Group's fourth quarter results reflect strong business momentum in Retail banking's branch networks, thespecialised subsidiaries and the Large customers business line. Profitability remained high thanks to tight cost
control and a firm grip on the cost of risk, which remains at a low level. Net income Group share for 2016 was
4,825 million euros stated and 6,353 million euros underlying1, including 1,648 million euros in the fourth quarter.
This result made a significant contribution to strengthening the fully-loaded Common Equity Tier 1 ratio by +0.8
point in 2016 to 14.5%, among the best in the sector and well above the regulatory requirements.
2016 was the first year of the new "Strategic Ambition 2020" medium-term strategic plan. The plan, which was
unveiled in March 2016, is built on four priorities:
1. Simplify Crédit Agricole Group's structure;
2. Roll out an ambitious Customer Project, driven by the digital revolution;
3. Strengthen the Group’s growth dynamics in its core business lines;
4. Transform the Group to sustainably improve its operational efficiency.
The Group has already made tangible progress in achieving those objectives:
1. The plan to simplify the Group's structure, known as operation Eureka, was completed in the third
quarter. It involved the transfer by Crédit Agricole S.A. of the stake held in each Regional Bank since its IPO
in 2001, to SACAM Mutualisation, a company wholly-owned by the Regional Banks, for a total amount of
18.5 billion euros. The accounting impacts of this operation were cancelled out or offset at Crédit Agricole
Group level, but were significant in the financial statements of both Crédit Agricole S.A. and the Regional
Banks;
2. The Customer Project was launched under the slogan "A whole bank just for you": new multi-channel
branch formats are being rolled out in France and Italy, customer journeys have been digitalised, enablingaccounts to be opened online in 15 minutes and a faster response to loan applications; the ramp-up of thesefunctionalities and the transactional applications launched by the business lines have proved genuinely
successful and reflect a gradual transformation in practices: the Regional Banks' MaBanque application is
the most downloaded banking app in France, and 5 billion euros of home loans, representing 15% of total
home loan origination in 2016, were made online via e-immo;
3. The Group capitalised on its stable, diversified and profitable business mix to develop organic growth in all
its business lines, largely due to the synergies between the specialised business lines and the retail
networks;
4. All of the cost-cutting projects to improve operating efficiency have been launched and the first information
systems migrations have already been completed.
Organic growth was also boosted significantly in the fourth quarter by Amundi's agreement to acquire Pioneer
Investments for 3.5 billion euros. This transaction is fully in line with the Group's strategy set out in the Medium Term
Plan whereby organic growth of the asset management business may be accelerated by value-creating acquisitions
that meet Amundi's financial criteria (10% return on investment in three years). As part of the rights issue made by
Amundi to finance the acquisition, Crédit Agricole Group has decided to reduce its holding in Amundi to 70% (versus
75.7% currently) by selling its subscription rights in order to improve Amundi's free float and share price. On thatbasis, the impact of the acquisition on Crédit Agricole Group's fully-loaded CET1 ratio would be -37 basis points.

1 See appendix on pages 27 and 28 of this press release for details of specific items for the fourth quarter and full year 2016 and comparable data for 2015.

Crédit Agricole – Fourth quarter and 2016 results

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In full year 2016, Crédit Agricole Group's stated net income Group share was 4,825 million euros versus
6,043 million euros in 2015. Excluding specific items1 of -1,527 million euros in 2016 versus only -121 million euros in
2015, underlying net income Group share came to 6,353 million euros a year-on-year increase of +3.1%
compared with 6,164 million euros in 2015.
In the fourth quarter of 2016, Crédit Agricole Group's stated net income Group share came to 671 million euros
versus 1,564 million euros in the fourth quarter of 2015. Excluding specific items1 of -977 million euros this quarterversus +59 million euros in the fourth quarter of 2015, underlying net income Group share came to 1,648 million
euros, an increase of +9.5% compared with the same quarter of last year.
Despite the increase in eurozone long rates in the second half of the quarter, interest rates nonetheless remain very
low and even negative at the short end of the curve, which continued to put pressure on the interest margin inintermediation activities, particularly in Retail banking in France and Italy. The continued fall in interest rates at the
beginning of the fourth quarter, which lasted until the Presidential elections in the United States, triggered a newwave of loan renegotiations, especially in France in the LCL network. However, this pressure on interest margins
continued to be offset by good business momentum in all the Group’s business lines and networks, which led to aslight year-on-year increase of +0.7% in underlying1 revenues in the fourth quarter.
The -34% decrease in cost of credit risk to 457 million euros coupled with a massive +88.3% increase in thecontribution from equity-accounted entities to 111 million euros more than offset the +3.3% year-on-year increase inoperating expenses in the fourth quarter. As in previous quarters, cost of risk relative to outstandings2 remained low
at 28 basis points. Underlying pre-tax income increased by +8% year-on-year in the fourth quarter, excluding specificitems1 for both comparative periods, and in particular the LCL goodwill impairment charge of -540 million euros in the
fourth quarter of 2016 and the provision for legal risk of -150 million euros in the fourth quarter of 2015.
The Regional Banks continued to enjoy buoyant business momentum both in lending (up +4.4% in 2016) andcustomer assets (up +4.0%). Home loans and consumer loans (up +6.5% and +9.3% respectively) grew faster in the
twelve months to end-December 2016 than in the twelve months to end-September 2016, as did demand deposits(up +15.8%). The strong momentum in personal and property insurance continued. This commercial performance of
the Regional Banks made a significant contribution to growth in Crédit Agricole S.A.'s business lines, many of whose
products they distribute as the Group's leading distribution channel.
As in the previous quarter, revenues of the Regional Banks were affected in the fourth quarter by the impacts of theoperation to simplify the Group's structure. Excluding both those impacts (-174 million euros) and home purchasesavings provisions (-194 million euros), revenues rose by +3.1% compared with the fourth quarter of 2015, withinterest income stable and fee and commission income up +6.2% on the same basis. In all, the Regional Banks'
contribution to Crédit Agricole Group's underlying net income Group share was 707 million euros in the
fourth quarter and 3,090 million euros for full year 2016. It should be noted that a tax charge of -301 million euros
was recognised in the fourth quarter of 2016, corresponding to the Regional Banks' share of the revaluation ofdeferred taxes maturing in or after 2020 at the standard corporate income tax rate of 28.9% that will apply as of thatdate (versus 34.4% currently) in accordance with the 2017 Finance law. This charge affects stated net income but isrestated as a specific item and therefore does not affect underlying1 net income.
The performance of the other Crédit Agricole Group business lines is described in the section of the press release on
Crédit Agricole S.A.
During the quarter, Crédit Agricole Group further improved its financial solidity, with a fully-loaded Common
Equity Tier 1 ratio, of 14.5% at end-December 2016, an increase of +80 basis points compared with end-

1 For detail of specific items of the fourth quarter and full year 2016, and comparable periods of 2015, see pages 27 and 28 of this press release
2 On consolidated outstandings, calculated on an average annualised basis over four rolling quarters

Crédit Agricole – Fourth quarter and 2016 results

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December 2015 and +10 basis points compared with end-September 2016. This ratio provides a substantial buffer
above the distribution restriction trigger applicable as of 1 January 2019, set at 9.5% by the ECB.
The estimated TLAC ratio was 20.3% at 31 December 2016, excluding eligible senior preferred debt. The
minimum 2019 requirement of 19.5% is thus already respected, even as the regulatory calculation of this ratio allows
for the inclusion of eligible senior preferred debt (up to 2.5%). This ratio includes the issue, in December 2016, of a
new category of debt, senior non-preferred debt, in the amount of 1.5 billion euros and with a maturity of 10 years,
which can absorb losses prior to the senior debt hitherto issued by the Group; the latter debt will continue to beissued under the name of “senior preferred debt”. This inaugural issue in December, in euros, was followed in early
January 2017 by two US dollar denominated issues: a double-tranche 5 year/fixed and floating rate issue (for1.3 billion US dollars in total) and a 10 year fixed rate issue (1 billion US dollars), also constituting the first issues ofthis new category of debt in US dollars. These issues were rated Baa2 (Moody’s) / BBB+ (S&P) / A (Fitch Ratings).
They all met great success, with extensive order books.
The phased-in leverage ratio was 5.7%1 up +20 basis points compared with end-September 2016.
The liquidity position of Crédit Agricole Group is solid. The banking cash balance sheet of the Group, amounting to
1,085 billion euros at 31 December 2016, showed a surplus of stable resources over applications of funds of111 billion euros, up +3 billion euros compared with end-December 2015 and +7 billion euros compared with
end-September 2016. It exceeded the Medium Term Plan target of over 100 billion euros. Liquidity reserves,
including valuation gains and haircuts related to the securities portfolio, amounted to 247 billion euros, covering morethan three times over gross short term debt.
The issuers of Crédit Agricole Group issued on the market the equivalent of 33.1 billion euros of debt in 2016. In
addition, Crédit Agricole Group placed bond issues amounting to 7.4 billion euros in its retail networks (Regional
Banks, LCL, Cariparma) in 2016.
***

Commenting on these results and the Group’s business trends in 2016, Dominique Lefebvre, Chairman of Crédit
Agricole S.A.’s Board of Directors and Chairman of SAS Rue La Boétie, said: “2016 was a key year in Crédit Agricole
Group’s transformation. The successful drive to simplify the Group’s structure and the promising start made by our
new Strategic Ambition 2020 plan provide a firm platform supporting Crédit Agricole’s future development”.

1 As defined in the Delegated Act. Assumption of non-exemption of exposures related to the centralisation of CDC deposits, according to our understanding of

information obtained from the ECB.

Crédit Agricole – Fourth quarter and 2016 results

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Crédit Agricole S.A.
 2016: a key year in the Group’s transformation-

Simplification of Group structure
Improvement in quality and quantity of the capital base
New business mix, more diversified and stable
Launch of actions to boost synergies and operating efficiency according to the MT plan “Strategic Ambition 2020”
Signature of an agreement in view of the acquisition of Pioneer Investments by Amundi

 Good financial performances-

Continued sustained commercial momentum in all business lines
Improvement by 2.8pts of underlying cost-income ratio in 2016 vs. 2015
Strong growth in 2016 underlying net income1: +23% vs. 2015, and at a high level: more than €3bn,
satisfactory contribution from all business lines Normalised dividend policy-

Dividend €0.60 fully in cash2
Stable dividend in 2016 vs. 2015, but without a scrip option i.e. no dilution effect
From 2017 onwards, intent to maintain at least the 2016 level and attractive payout ratio of 50%

Crédit Agricole S.A.'s Board of Directors, chaired by Dominique Lefebvre, met on 14 February 2017 to examine thefinancial statements for the fourth quarter and full year 2016.
In the fourth quarter of 2016, stated net income Group share came to 291 million euros. Specific items1 reduced net
income Group share by -612 million euros this quarter. Apart from the issuer spread (+66 million euros impact on net
income Group share) and a restructuring charge related to the Cariparma Group's adjustment plan to adjust its branch
network in Italy (-25 million euros in net income Group share), there were two significant items in the fourth quarter:-

An impairment charge against LCL goodwill, as announced in the press release issued on 20 January
last, i.e. a non tax deductible impact of -491 million euros for Crédit Agricole S.A. As part of the annual
goodwill review, this impairment charge resulted from a deterioration in LCL's value in use due to the lowinterest rate environment, leading to massive renegotiations of home loans in 2016, which nonethelesssupport LCL's commercial position despite their negative impact on revenues;-

A -161 million charge corresponding to the revaluation of deferred taxes at the new corporate income
tax rate applicable in France as of 2020. The 2017 Finance Act has reduced the standard rate ofcorporate income tax in France from 34.4% to 28.9% as of 2020, which requires deferred tax assets andliabilities maturing in or after that year to be revalued.

These charges have no impact on capital ratios (negligible for the deferred tax revaluation) liquidity, or on thedividend.
Excluding these specific items, underlying net income Group share came to +904 million euros, an increase of+52.6% compared with the fourth quarter of 2015.
These excellent underlying results were driven by strong commercial momentum in all Crédit Agricole S.A.'s
business lines and distribution networks, as well as the Regional Banks which distribute their products.
Underlying revenues were up +10.9% year-on-year in the fourth quarter of 2016. This very good performance wasboosted by excellent control over costs, up by only +0.8% compared with the fourth quarter of 2015, coupled with
1 See appendix on pages 29 and 30 of this press release for details of specific items for the fourth quarter and full year 2016 and comparable data for 2015.
2 To be proposed to the shareholders’ meeting in May 2017, detachment date: 29 May 2017, payment date: 31 May 2017

Crédit Agricole – Fourth quarter and 2016 results

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a -15.0% decrease in cost of credit risk to a very low level of 41 basis points of outstandings1. This level has beenstable over the last three quarters and compared with the fourth quarter of 2015, and remains below the Medium
Term Plan assumption of 50 basis points.
Activity was buoyant in all business lines:-

The Insurance business attracted 661,000 new property & casualty contracts during the year, bringing thenumber of in-force contracts to over 12 million at end-December. Life insurance assets rose by +3.5% over
one year to 269 billion euros at end-December 2016, with a sharp increase in the contribution of unit-linked
business to new inflows in the fourth quarter (+27.1% representing an increase of +7.8 points comparedwith the fourth quarter of 2015);-

In Asset management (Amundi), assets under management grew by +9.9% over one year to
1,083 billion euros, mainly due to strong inflows of +62.2 billion euros in 2016, including +23.1 billion euros
in the fourth quarter;-

The Retail banking networks, particularly in France and Italy, delivered strong growth in lending anddeposits. At LCL, home loans grew by +4.8% over one year, lending to professionals and enterprises by+8.1% and demand deposits by +15.3%. Retail banking in Italy performed equally well, with home loans up+6.4%, lending to large corporates up +3.7% and off-balance sheet customer assets up +7.8%;-

Specialised financial services continued to grow, with new consumer lending up +9.4% year-on-year in
the fourth quarter;-

Large customers delivered a good performance in fixed-income, forex and credit business for the fourthconsecutive quarter and Investment banking remained buoyant. CA Corporate & Investment Bank ranks No.
1 bookrunner for French corporate bond issues with a 6% market share at end-December2, an increase of+0.6 point compared with end-December 2015.

Underlying revenues, excluding specific items3, increased by +10.9% or +441 million euros year-on-year in the
fourth quarter to 4,480 million euros. Only Retail banking (with a very moderate decrease of -48 million euros) did notcontribute to revenue growth due to the low interest rate environment. The other business lines all delivered
significant growth in underlying revenues3, particularly Asset gathering (up +12.9% or +148 million euros comparedwith the fourth quarter of 2015) and Large customers (up +12.2% or +137 million euros), while the Corporate Centre
benefited from the positive recurring effects of the plan to simplify the Group's structure (revenues up +227 million
euros compared with the fourth quarter of 2015). It should be noted that despite pressure on intermediation margins
due to the low interest rate environment in the eurozone, Retail banking in France (LCL) and Italy showed good
resilience. LCL even delivered a slight year-on-year increase of +0.4% in fourth-quarter underlying3 revenues
excluding home purchase savings provisions. This was more than offset by the decrease in Italy, which was
nonetheless contained to -1.7%, and a decrease in International retail banking excluding Italy due to the currency
effect.
Underlying3 operating expenses remained under control in all business lines, with a very limited year-onyear increase of +0.8% or +24 million euros in the fourth quarter, mainly due to investments in Asset gathering andSpecialised financial services, coupled with a low base for comparison in the fourth quarter of 2015 for the Corporate
Centre. The decrease in Retail banking operating expenses (down -4.7% or -51 million euros) offset the decrease inunderlying revenues in this business line (down -48 million euros).

1 Relative to consolidated outstandings, calculated on an average annualised basis over four rolling quarters.
2

Bookrunner for bond issues in € – global (Source Thomson Financial at 31/12/16).

3

See appendix on pages 29 and 30 of this press release for details of specific items for the fourth quarter and full year 2016 and comparable data for 2015.

Crédit Agricole – Fourth quarter and 2016 results

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Cost of credit risk remained well controlled at a low level, amounting to 395 million euros, down -15.0%
compared with the fourth quarter of 2015. This corresponds to 41 basis points of consolidated outstandings1, stablecompared with the fourth quarter of 2015 and the third quarter of 2016. It has fallen for eight consecutive quarters in
Retail banking in Italy (93 basis points), has increased very slightly in consumer finance (140 basis points) due totighter provisioning rules introduced following the recovery in activity, and remains low for LCL (17 basis points) andthe Large customer business line's Financing activities (33 basis points), although in both cases it is up slightly
compared with a very low base for comparison in the fourth quarter of 2015.
Thanks to these positive trends, underlying2 pre-tax income rose by +72.3% to 1,275 million euros. The
underlying2 tax charge, excluding the deferred tax effect, increased by +283 million euros in the fourth quarter of2016 compared with a particularly low charge of 46 million euros in the fourth quarter of 2015. The increase inunderlying2 net income Group share, at +52.6%, was therefore slightly lower than the increase in pre-tax
income.
In full year 2016, stated net income Group share was 3,541 million euros. Other than the fourth-quarter specificitems1 referred to above, this figure includes the gain recognised relative to the transaction to simplify the Group's
structure for 1,254 million euros, net of transaction-related costs and tax, and the refunding cost adjustment at LCL
for -187 million euros after tax; these two items were recognised in the third quarter. It also includes the +327 million
euros gain on the disposal of Visa shares recognised in the second quarter of 2016, the cost of the liability
management transactions in the first quarter for -683 million euros, and other more minor specific items. Excluding all
specific items in 2016, underlying net income Group share amounted to 3,137 million euros, a year-on-yearincrease of +22.8%.
At end-December 2016, Crédit Agricole S.A.'s capital ratios were further strengthened. The fully-loaded Common
Equity Tier 1 stood at 12.1%, an increase of +140 basis points compared with end-December 2015 and +10 basis
points compared with end-September 2016. The improvement was due to the quarter's distributable net income(+24 basis points) and the capital increase reserved for employees in December 2015 (+8 basis points), offset by afall in unrealised gains on available-for-sale securities (-16 basis points). Risk-weighted assets remained stable overthe quarter at 301 billion euros.
The phased-in leverage ratio stood at 5.0%3 at end-December 2016 as defined in the Delegated Act adopted by theEuropean Commission, representing an improvement of +30 basis points compared with end-September 2016.
The LCR ratio of Crédit Agricole S.A. and of the Group remained in excess of 110% at end-2016.
At 31 December 2016, Crédit Agricole S.A. had completed 108% of its medium-to long-term market funding
programme (senior and subordinated debt) of 14 billion euros. It had raised the equivalent of €12.2 billion euros ofsenior preferred debt and 2.9 billion euros equivalent of subordinated and senior non-preferred debt.
***

Philippe Brassac, Chief Executive Officer of Crédit Agricole S.A., commented: “Crédit Agricole S.A. performed well in2016 as a result of further strong top-line momentum across all its business lines, plus a tight grip on its costs and its
risk. These encouraging results have laid the groundwork for the introduction of a normalised dividend policy andreinforced our confidence in our ability to achieve the targets of the Strategic Ambition 2020 plan for the benefit of ourcustomers.”

1

Relative to consolidated outstandings, calculated on an average annualised basis over four rolling quarters.

2

See appendix on pages 29 and 30 of this press release for details of specific items for the fourth quarter and full year 2016 and comparable data for 2015.

3

As defined in the Delegated Act. Subject to ECB authorisation, assumption of exemption of intragroup transactions for Crédit Agricole S.A. (with an impact of+110 basis points) and non-exemption of exposures related to the centralisation of CDC deposits, according to our understanding of information obtained fromthe ECB.

Crédit Agricole – Fourth quarter and 2016 results

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Social and environmental responsibility
At the COP21 in Paris in December 2015, the Group reaffirmed its position as leader in financing the energy transition(renewables, energy efficiency and green transport) and its commitment to the fight against climate change through newquantified objectives. At end-December 2016, the Group was well on the way to achieving those objectives:-

28 billion euros in arrangements supporting the energy transition, representing almost half of the
60 billion euros announced over three years (2016-2018);
almost 1.1 billion euros of cash invested in Green Bonds out of the 2 billion euros planned by
Crédit Agricole S.A. and Crédit Agricole CIB by end-2017;a +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 another specialist
fund management company, a joint venture between Amundi and Agricultural Bank of China.

In addition, for the fifth consecutive year, Crédit Agricole S.A. has published the results of its "FReD index", whichmeasures progress made by the Group during the year in more than 150 sustainability actions. The 2016 index is 2.2
as audited by PricewaterhouseCoopers, compared with an initial target of 2. Thirteen entities1 have committed to the
FReD approach and three International retail banking subsidiaries2 are currently testing it.
Crédit Agricole S.A. ranks 17th in the Global 100, which comprises the 100 most sustainable companies in the world,
identified by Canadian magazine Corporate Knights. Global 100 was created in 2005 and is published each year atthe World Economic Forum in Davos. Some 4,000 companies are analysed on the basis of about fifteen performancemeasures (energy efficiency, resource use, innovation, taxes paid, employee turnover, management gender balance,
executive compensation, etc.). Crédit Agricole S.A. is the second highest ranked French company in the 2017
Global 100 behind Dassault Systèmes, which ranks 11th. It is also the fifth highest ranked bank in the world (behind a
Norwegian, Danish, Dutch and Australian bank) and top ranking French bank.
Crédit Agricole S.A. is a member of the main international sustainability indices. It has been a member of the
FTSE4Good Global 100 and Europe 50 since 2004, and of the NYSE Euronext Vigeo Eiris Eurozone 120 and Vigeo
Eiris Europe 120 since 2013. It became a member of the STOXX Global ESG Leaders in 2014 and of Oekom Primein 2015. In 2016, Crédit Agricole S.A. was among the top rated banks by the Carbon Disclosure Project (CDP) for its
climate change policy.
Financial calendar
11 May 201724 May 201729 May 201731 May 2017
3 August 2017
8 November 2017

Publication of 2017 first quarter results
Annual General Meeting in Tours
Ex-dividend date
Dividend payment datePublication of second quarter and first half 2017 results
Publication of 2017 third quarter results1

Crédit Agricole S.A., Amundi, CACEIS, Crédit Agricole Assurances, Crédit Agricole Corporate and Investment Bank, Crédit Agricole Consumer Finance, Crédit
Agricole Immobilier, Crédit Agricole Leasing & Factoring, Crédit Agricole Private Banking (with Crédit Agricole Indosuez Private Banking, Crédit Agricole
Luxembourg, Crédit Agricole Suisse and CFM Monaco), Cariparma, LCL, the Group's Payments Division and Uni-Éditions.

2

Crédit Agricole Bank Polska, Crédit du Maroc and Crédit Agricole Egypt.

Crédit Agricole – Fourth quarter and 2016 results

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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 compiled from scenarios based on a number of economic assumptions for a given
competitive and regulatory environment. Therefore, these assumptions are by nature subject to random 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.

Applicable standards and comparability
The figures presented for the twelve-month period ended 31 December 2016 have been prepared in accordance withIFRS as adopted in the European Union and applicable at that date, and with prudential regulations currently in force.
The Statutory Auditors’ audit work on the financial consolidated statements is underway.
Throughout the document, data on 2015 results is presented pro forma: transfer of CACEIS from Asset Gathering toLarge Customers, transfer of Insurance Switch from the Corporate Centre to Insurance and reclassification of thecontribution of the Regional Banks under IFRS5. Within Crédit Agricole S.A., “Retail banking” now covers only LCL
and International retail banking.

Crédit Agricole – Fourth quarter and 2016 results

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Crédit Agricole S.A. consolidated results
2016
stated2016
underlying∆
2016/2015
underlying+10.9%

16,855

17,425+4.4%(2,930)+0.8%(11,695)(11,603)

+0.2%

1,550

+36.9%

5,160

5,822

+14.2%(395)(15.0%)(1,687)(1,687)(5.9%)

Q4-16∆ Q4/Q4
underlying underlying

En m€

Q4-16
statedRevenues

4,580

4,480

Operating expenses(2,981)Gross operating income

1,598

Cost of credit risk

(395)

Cost of legal risk

-

-

nm

(100)

(100)

nm

Equity-accounted entities

125

125

x 3.4

518

518

+14.0%Net income on other assets

(6)

(6)

nm

(52)

(52)

nm

Change in value of goodwill

(491)

-

nm

(491)

-

nm

Income before tax

832

1,275

+72.3%

3,348

4,502

+18.5%

Tax

(461)

(283)

x 6.2

(695)

(960)

+25.3%Net income from discontinued or held-for-sale operations

20

20

x 9.3

1,303

31

nm

Net income

391

1,012

+45.3%

3,956

3,572

+18.5%

Non controlling interests

99

108

+3.8%

415

435

(5.2%)Net income Group Share

291

904

+52.6%

3,541

3,137

+22.8%In the fourth quarter of 2016, revenues amounted to 4,580 million euros, including the usual accounting
restatements (mainly revaluation of debt for the quarter, DVA running and loan hedges) totalling +99 million euros.
Excluding these specific items1, underlying revenues amounted to 4,480 million euros, an increase of +10.9% or
441 million euros compared with the fourth quarter of 2015.
Operating expenses rose by just +0.8% to 2,930 million euros year-on-year in the fourth quarter, excluding specificitems, i.e. a 51 million euros charge relating to the Cariparma Group’s adjustment plan recognised by Retail banking
in Italy. Thanks to these highly contrasting and favourable trends in underlying revenues and operating expenses1,
the cost/income ratio improved by 6.5 percentage points compared with the fourth quarter of 2015, to 65.4%.
Cost of credit risk (i.e. excluding the 150 million euros legal provision recognised in the fourth quarter of 2015) was
395 million euros, down -15.0% year-on-year. Cost of risk relative to outstandings was 41 basis points2, stable yearon-year and quarter-on-quarter. This is lower than the Medium-Term Plan assumption of 50 basis points in 2019.
Impaired loans3 amounted to 15.6 billion euros and represented 3.5% of gross outstanding customer and interbank
loans, down by -0.3 billion euros or 0.1 of a percentage point compared with end-September 2016. The ratio of
impaired loans covered by specific reserves was 52.1% versus 51.9% at end-September 2016. Including collective
reserves, the impaired loan coverage ratio was 67.7%, stable compared end-September 2016.
Share of net income from equity-accounted entities grew more than threefold (3.4x), mainly due to strong growthin car partnerships in consumer finance and a very low base for comparison in the fourth quarter of 2015 resulting
from the 76 million euros write-down by Crédit Agricole CIB (Large customers) of its interest in UBAF.
Thanks to these positive trends, underlying pre-tax income rose by +72.3% to 1,275 million euros.
The underlying tax charge, excluding the deferred tax effect1, increased by 283 million euros in the fourth quarter of2016 compared with a particularly low charge of 46 million euros in the fourth quarter of 2015.

1 See appendix on pages 29 and 30 of this press release for details of specific items for the fourth quarter and full year 2016 and comparable data for 2015.
2 Calculated over four rolling quarters.
3 Excluding Crédit Agricole internal transactions, accrued interest and finance leases.

Crédit Agricole – Fourth quarter and 2016 results

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Crédit Agricole S.A.'s underlying net income Group share was 904 million euros, a year-on-year increase of+52.6%. Stated net income Group share was 291 million euros in the fourth quarter after taking account of specificitems1, in particular the LCL goodwill impairment charge and the deferred tax revaluation.
In full year 2016, stated net income Group share was 3,541 million euros. It includes the gain on Visa Europe shares
sold in the second quarter (+327 million euros), the non-recurring impacts of the operation to simplify the Group's
structure (+1,254 million euros) and LCL's funding cost adjustment (-187 million euros), as well as the non-deductible
goodwill impairment (-491 million) and deferred tax revaluation impact (-160 million Group share) recognised in the
fourth quarter. After adjustment for all the specific items listed in the appendix, underlying net income Group share
increased by +22.8% to 3,137 million euros.
The specific P&L items taken into account to reconcile stated and underlying amounts and changes for the fourth
quarter and full year, as well as comparable data for 2015, are detailed in the appendix to this press release, on page
29 and 30.
Solvency
At end-December, Crédit Agricole S.A.'s solvency was further strengthened. The fully-loaded
Common Equity Tier 1 ratio stood at 12.1%, an improvement of +140 basis points compared with end-December
2015 and +10 basis points compared with end-September 2016. The fourth quarter improvement stemmed mainly
from the impact of retained earnings after prudential adjustments (+24 basis points) and the capital increase reservedfor employees (+8 basis points), offset by the change in unrealised gains reserve (-16 basis points). Risk-weighted
assets remained stable over the quarter at 301 billion euros.
The phased-in total capital ratio stood at 20.1% at 31 December 2016, up +10 basis points compared with endSeptember 2016.
Crédit Agricole S.A.'s phased-in leverage ratio under the Delegated Act adopted by the European Commission was
5.0%2 at end-December 2016.
Liquidity
Crédit Agricole Group's banking cash balance sheet totalled 1,085 billion euros at end-December 2016, comparedwith 1,072 billion euros at end-September 2016 and 1,058 billion euros at end-December 2015.
The surplus of long term funding sources over long-term applications of funds was 111 billion euros at 31 December
2016. It exceeded the Medium Term Plan target of over 100 billion euros. At 30 September 2016, it stood at 104
billion euros and 108 billion euros at 31 December 2015.
At 31 December 2016, liquidity reserves including valuation gains and haircuts related to the securities portfolio
amounted to 247 billion euros, representing 305% of gross short-term debt, versus 304% at 30 September 2016 and257% at 31 December 2015. The LCR ratio of Crédit Agricole Group and of Crédit Agricole S.A. continued to exceed
110% at end-December 2016.

1 See appendix on pages 29 and 30 of this press release for details of specific items for the fourth quarter and full year 2016 and comparable data for 2015.
2

As defined in the Delegated Act. Subject to ECB authorisation, assumption of exemption of intragroup transactions for Crédit Agricole S.A. (with an impact of+130 basis points) and non-exemption of exposures related to the centralisation of CDC deposits, according to our understanding of information obtained fromthe ECB.

Crédit Agricole – Fourth quarter and 2016 results

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In 2016, Crédit Agricole Group issuers raised 33.1 billion euros of senior and subordinated debt in the market.
Moreover, 7.4 billion euros were placed by the Group in its retail networks. Crédit Agricole S.A. itself raised theequivalent of 12.2 billion euros of senior preferred debt and 2.9 billion euros of subordinated and senior nonpreferred debt, of which a US dollar denominated Additional Tier 1 issue of 1.15 billion euros equivalent, completed
at the beginning of 2016, and a 1.5 billion euro issue of senior non-preferred debt, completed in December 2016. At
31 December 2016, Crédit Agricole S.A. had completed 108% of its medium-to long term market funding programme(senior and subordinated debt) of 14 billion euros.

Crédit Agricole – Fourth quarter and 2016 results

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Results by business line
Asset gathering
This business line encompasses asset management, insurance and wealth management.
Q4-16
underlying∆ Q4/Q4
underlying

2016
underlying∆ 2016/2015
underlying

Revenues

1,294

Operating expenses(555)+12.8%

4,744

+2.8%

+6.0%

(2,156)Gross operating income

+0.7%

739

+18.6%

2,588

+4.6%

Cost of risk

(1)

(87.5%)(9)(67.9%)

Share of net income of equity-accounted entities8+13.4%

28+12.7%Net income on other assets

1(55.2%)

2(80.8%)

Change in value of goodwill

-

nm

-

nm

Income before tax

747+19.4%

2,609

+5.2%

Tax

(193)

(0.2%)(693)(18.5%)Net income from discontinued or held-for-sale operations

22

x 9.3

23

x 6.8

Net income

576+32.6%

1,938+18.8%

Non-controlling interests48+27.5%

169+23.3%Net income Group Share

528+33.1%

1,770+18.3%€m

Cost expenses ratio

45.4%

RoNE

22.2%

At 31 December 2016, assets under management increased by +7.6% or 107 billion euros year-on-year. Net inflows
totalled +71 billion euros, including +62 billion euros for Amundi, +8 billion euros for life insurance and+1 billion euros for wealth management, i.e. 5% of opening assets under management, confirming the business line's
strong momentum. Apart from this solid commercial performance, the business line also recorded a positive market
and currency effect of +22 billion euros and a positive scope effect of +14 billion euros (Amundi's acquisition of KBI
GI for 9 billion euros and Crédit Agricole Immobilier Investors for 5 billion euros). Assets under management thus
totalled 1,503 billion euros at 31 December 2016.
Fourth quarter net income Group share for the Asset gathering business includes a charge of 80 million euros
corresponding to the impact of the change of tax rate on deferred tax assets and liabilities (DTA/DTL) as of 2020,
recognised in the Insurance business. Excluding this specific item1, underlying net income Group share came to
528 million euros for the quarter, a year-on-year increase of 33.1%. See table in appendix for reconciliation of statedand underlying results.
In full year 2016, the business line's underlying net income Group share increased by 18.3% year-on-year to
1,770 million euros, after restatement for the revaluation of deferred taxes in the fourth quarter of 2016, the impactsof the Switch guarantee trigger in the second quarter of 2015 and the Switch clawback in the third quarter of 2015. Allof these specific items relate to the Insurance business.
In the fourth quarter of 2016, Crédit Agricole Assurances’ result includes a specific tax charge for -80 million euros
relative to the revaluation of deferred tax assets and liabilities due to the change in the applicable tax rate from 2020
onwards.

1

See appendix on pages 29 and 30 of this press release for details of specific items for the fourth quarter and full year 2016 and comparable data for 2015.

Crédit Agricole – Fourth quarter and 2016 results

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In the fourth quarter of 2016, the Insurance business delivered premium income of 7.0 billion euros compared with
7.3 billion euros in the fourth quarter of 20151.
Fourth quarter premium income for the Savings/retirement segment amounted to 5.5 billion euros, down -6.5%
compared with the fourth quarter of 2015. This trend reflects Crédit Agricole Assurances' policy of shifting its productmix towards unit-linked (UL) business, as illustrated by the growth in UL contracts’ share of gross inflows in the fourth
quarter of 2016 (27.1%, an increase of +7.8 points over the year), which offset the decline in euro business inflows.
Premium income remained stable year-on-year (down -0.3%) and was up slightly quarter-on-quarter. Assets undermanagement continued to grow, reaching 269 billion euros at end-December 2016, a year-on-year increase of +3.5%
driven mainly by +6.7% growth in UL assets. At end-December 2016, UL contracts represented 19.5% of total assets
under management (up +0.5 point versus end-December 2015). Net inflows in Savings/retirement were +5.8 billion
euros in 2016, including +3.1 billion euros in France.
In the Death & disability/Health/Creditor segment, premium income rose by +11.5% year-on-year in the fourth quarterof 2016, to 846 million euros. Over the full year 2016, premium income increased by +8.5%, driven by sustained
growth in all three business segments, and more particularly this quarter by a strong performance in creditor
insurance for home loans (up +21.5% year-on-year in the fourth quarter) and in death & disability (up +9.4%).
As in previous quarters, premium income from Property & casualty insurance continued to enjoy above-market
growth in France, supported by good momentum in the retail market and the farming and small business segment.
Premium income thus rose by +6.0%2 year-on-year in the fourth quarter to 703 million euros. The combined ratio3
remained well controlled at 95.9%.
Thanks to this good commercial momentum, the Insurance business delivered a strong increase of its contribution to
Crédit Agricole S.A.'s results. Its underlying net income Group share came to 391 million euros, an increase of+42.3% compared with the fourth quarter of 2015.
For the full year 2016, underlying net income Group share was 1,257 million euros, up +26.0% compared with 2015
due to an exceptionally high level of financial income from the investment portfolio. Crédit Agricole Assurances'
return on normalised equity (RoNE) was 18.8% for the year 2016.
Crédit Agricole Assurances' solvency remains solid, with a regulatory ratio of 161% at 31 December 2016. Moreover,
Crédit Agricole Assurances continues to strengthen its reserves: the policyholder participation reserve4 now amounts
to 7.0 billion euros, representing 3.5% of outstanding savings in euro contracts at end 2016.
In Asset management, Amundi's5 assets under management have reached 1,083 billion euros, an increase of+9.9% over one year, thanks to a strong level of inflows, positive market effects (+21.8 billion euros in 2016) andpositive scope effects (+13.6 billion euros of additional assets under management through the acquisition of KBI
Global Investors finalised on 29 August and the integration of Crédit Agricole Immobilier Investors).
Over the full year, net inflows were +62.2 billion euros, driven by sustained business momentum in medium/longterm assets6, which attracted net inflows of +45.5 billion euros across all the segment's asset classes. The
Institutional segment contributed +27.5 billion euros, including +9.4 billion euros in medium and long-term assets,
supported by substantial inflows in treasury products. The Retail segment contributed +34.7 billion euros, including+34.2 billion in medium and long-term assets, mainly through the joint ventures in Asia (+24.8 billion euros). The
1

2015 pro forma: split of IFRS premium income by new business line following transfer of individual health and personal accident from "Death &disability/Health/Creditor" to "Property & Casualty insurance".

2 Excluding scope effect.
3 Ratio of (claims + operating expenses + commissions) to premium income, net of reinsurance. Pacifica scope.
4 Predica scope
5 Amundi is a listed company and published its detailed results for the fourth quarter and year 2016 on 10 February 2017 last.
6 Equities, bonds, multi-assets, structured products, real assets and specialised assets.

Crédit Agricole – Fourth quarter and 2016 results

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French networks made a slightly positive contribution, with net inflows of +2.0 billion euros in medium and long-term
assets. In the fourth quarter, net inflows totalled +23.1 billion euros. Net inflows in medium and long-term assets
remained high at +19.7 billion euros, representing 85% of the total.
In the fourth quarter of 2016, Amundi's net income at 100% (including minorities) increased by +16.2% year-onyear to 150 million euros. In an environment of strong volatility, these excellent results were driven by resilient
revenues (up +2.7%) thanks to strong management and performance fees, coupled with good control over costs (up+4.7%), which were nonetheless affected by the cost of preparing the Pioneer Investments acquisition. Net income
Group share increased by +14.8% to 110 million euros.
In full year 2016, net income at 100% increased by +7.5% to 558 million euros. Revenues were up +1.2% in linewith growth in operating expenses. The cost/income ratio remained stable compared with 2015 at 53.3%, reflecting
an excellent level of operating efficiency. Net income Group share increased by only +2.1% to 411 million euros, due
to the decrease in Crédit Agricole S.A.'s holding in Amundi from 78.6% in 2015 to 74.2% at end-2016.
The Wealth management business maintained its assets under management in the third quarter, despite
challenging market conditions. Assets under management were 152.4 billion euros at end-December 2016, anincrease of +0.9% over one year. Net income Group share for the fourth quarter of 2016 was boosted by a reboundin activity, particularly in the United States, and by the initial effects of refocusing the business on countries that havesigned the Automatic Exchange of Information (AEol) agreement. It amounted to 27 million euros, up +3.1%
compared with the fourth quarter of 2015. In full year 2016, Wealth management's contribution to net income Group
share increased by +6.8% to 103 million euros.

Retail Banking in France (LCL)
En m€

Revenues
Operating expenses
Gross operating income
Cost of risk
Share of net income of equity-accounted entities
Net income on other assets
Change in value of goodwill
Income before tax
Tax
Net income from discontinued or held-for-sale operations
Net income
Non-controlling interests
Net income Group Share
Cost/income ratio (%)
RoNE (%)

Q4-16
underlying∆ Q4/Q4
underlying

2016
underlying∆ 2016/2015
underlying

863
(604)
260
(52)
1
209
(42)
168
8
160

(1.1%)(3.5%)
+4.7%
+2.0%
nm
nm
nm
+6.1%
(43.0%)
nm+35.0%+29.6%+35.3%

3,418(2,498)
919
(182)
1
738
(203)
535
27
509
73.1%
11.9%

(5.9%)(2.5%)(14.0%)+36.3%
nm
nm
nm(20.9%)(40.3%)
nm(9.9%)(9.7%)(9.9%)The only specific item for the fourth quarter, restated in underlying results, was a charge of -25 million euros
corresponding to the impact of the change of tax rate on deferred tax assets and liabilities (DTA/DTL) as of 2020.
See table in appendix for reconciliation of stated and underlying results.
In the fourth quarter of 2016, LCL's underlying net income Group share amounted to 160 million euros, a year-onyear increase of +35.3%.
In line with the first nine months of the year, business momentum remained strong in the fourth quarter. The loan
book was up sharply by +5.6% over the year to 102.7 billion euros at end-December 2016. Home loans grew by
Crédit Agricole – Fourth quarter and 2016 results

15/34

+4.8% over the year, consumer loans by +3.0% and business loans by +8.1%. Total customer assets grew by +2.3%
to 179.1 billion euros over the year. On-balance sheet deposits rose by +5.3% to 99.8 billion euros at end-December
2016, driven by a 15.3% increase in demand deposits. LCL continued to deliver an excellent performance ininsurance products over the year as a whole. New property & casualty insurance business increased by +13% over
the year, while the number of contracts grew by +8%.
In line with third-quarter trends, the sharp fall in interest rates after the Brexit vote led to a specific wave of
renegotiations in the fourth quarter of 2016 (5.2 billion euros of renegotiated loans and 1.5 billion euros of early
repayments).
Revenues in the fourth quarter of 2016 proved resilient in the low interest rate environment, contracting by -1.1%
year-on-year to 863 million euros. Restated for home purchase savings plans (charge of -17 million euros in the
fourth quarter of 2016 versus -3 million euros in the fourth quarter of 2015), revenues increased by +0.4%. Comparedwith the third quarter of 2016, revenues, excluding home purchase savings plans, increased by +1.1%. Revenues,
this quarter, include non-recurring fees of 14 million euros on early repayments and 25 million euros onrenegotiations (versus 20 million euros and 8 million euros respectively in the fourth quarter of 2015).
Operating expenses for the fourth quarter of 2016 amounted to 604 million euros, a significant year-on-year decreaseof -3.5%.
Cost of risk was 52 million euros in the fourth quarter and remains well contained (17 basis points of outstandings1).
In full year 2016, LCL's underlying net income Group share was 509 million, down -9.9% compared with 2015. It
has been restated for two specific items other than the deferred tax charge in the fourth quarter: a 41 million euros
provision for branch network restructuring recognised in operating expenses in the second quarter of 2016 and afunding cost adjustment of -300 million euros recognised in revenues in the third quarter of 2016. See table inappendix for reconciliation of stated and underlying results.
Underlying revenues for the full year amounted to 3,418 million euros, down -5.9% compared with 2015 due to theimpacts of the low interest rate environment, which continued throughout the second half of 2016 post Brexit and led
to a new wave of renegotiations and early repayments. Across 2016 as a whole, therefore, renegotiated loans totaled
11.9 billion euros (versus 14.2 billion euros in 2015) and early repayments 4.8 billion euros (versus 6.1 billion euros
in 2015).
Underlying operating expenses were well controlled and amounted 2,498 million euros in 2016, a decrease of -2.5%
compared with 2015.
Cost of risk remained low at 182 million euros for the year (versus 134 million euros for 2015), representing
17 basis points of outstandings1 (over four rolling quarters). This reflects a continued low level of risk in line with thepast few quarters (as a reminder, the first half of 2015 included a recovery against a loan in litigation).

1 Relative to consolidated outstandings, calculated on an average annualised basis over four rolling quarters.

Crédit Agricole – Fourth quarter and 2016 results

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International retail banking
Underlying net income Group share for the business line was 49 million euros in the fourth quarter compared with37 million euros in the fourth quarter of 2015, a year-on-year increase of +32.3%1. In full year 2016, it came to
258 million euros versus 220 million euros in 2015, an increase of +17.3%1.
€m
Revenues
Operating expenses
Gross operating income
Cost of risk
Equity-accounted entities
Net income on other assets
Change in value of goodwill
Income before tax
Tax
Net income from discontinued or held-for-sale operations
Net income
Non-controlling interests
Net income Group Share
Cost/income ratio
RoNE (%)

Q4-16
Underlying∆ Q4/Q4
Underlying

2016
Underlying∆ 2016/2015
Underlying

612
(401)
211
(106)
(1)
104
(31)
(3)
71
22
49

(5.8%)(6.8%)(3.7%)(27.0%)
nm
nm
nm+39.7%+70.4%
nm+25.4%+12.0%+32.3%

2,505(1,506)
1,000
(454)
(1)
545
(174)
(3)
369
111
258
58.7%
11.5%

(4.4%)(1.8%)(8.2%)(22.9%)
nm
nm
nm
+8.3%
+7.6%
nm
+14.5%+8.4%+17.3%In Italy, business momentum remained strong in the fourth quarter. Customer assets stood at 99.4 billion euros2 at
end-2016, a sharp year-on-year increase of +4.3%. Growth in off-balance sheet assets was particularly strong at+7.8% over the year to 64.9 billion euros. On-balance sheet deposits were down slightly by -1.6%, amounting to 34.5
billion euros2 at end-2016. Loans outstanding were up +2.9% at end-December 2016 to 34.7 billion euros, while the
Italian market as a whole declined. Loans outstanding increased by +6.4% over the year and continued to be driven
by home loans. In addition, loans to large corporates increased by +3.7% year-on-year while loans to SMEs andsmall businesses declined by -0.4% over the same period.
In the fourth quarter, IRB Italy's revenues were down -1.7% to 409 million euros. Despite a +12% increase in fee
and commission income (193 million euros in the fourth quarter of 2016 versus 173 million euros in the fourth quarterof 2015), driven by loan fees and commissions on customer assets, the low interest environment had a sharp
adverse impact on revenues.
Recurring operating expenses3 remained well under control at 237 million euros (-3.3% year-on-year in the fourth
quarter) despite investments made in line with the MTP. Including the cost of the Cariparma Group's adjustment plan
recognised in the fourth quarter (-51 million euros), the contribution to the Italian rescue plan (-24 million euros) andthe contribution to the deposit guarantee fund (-11 million euros), stated operating expenses amounted to
323 million euros.
Cost of risk continued to fall significantly, amounting to -65 million euros in the fourth quarter of 2016, down
almost -32.7% quarter-over-quarter. This progress was due to an improvement in the quality of IRB Italy's portfolio,
with a further -37% decrease in new defaults in 2016 compared to 2015.
IRB Italy's underlying net income Group share therefore came to 37 million euros in the fourth quarter of 2016, a
year-on-year increase of +68.8%.
1

Restated for Cariparma Group's adjustment plan (-25 million euros) in 2016 and contribution of Regional Bank's international subsidiaries (+6 million euros) in2015

2

Pro forma for reclassification in Q3-16 of financial clients deposits from on-balance sheet deposits to market funding.

3

Operating expenses excluding Cariparma Group’s adjustment plan, contributions to the deposit guarantee fund and Italian rescue plan

Crédit Agricole – Fourth quarter and 2016 results

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The contribution to underlying net income Group share of all Crédit Agricole S.A.'s business lines in Italy1 totalled 120
million euros in the fourth quarter, a year-on-year increase of +21%.
In full year 2016, IRB Italy's revenues were 1,626 million euros, down -3.7% compared with 2015. The interest
margin was down in an environment of low interest rates, but was partially offset by strong lending volumes.
Stated operating expenses were 1,026 million euros and were affected in 2016 by the cost of the Single Resolution
Fund (SRF) (-10 million euros), the contribution to the deposit guarantee fund (-11 million euros), the Italian rescue
plan (-24 million euros) and the cost of the Cariparma Group's adjustment plan (-51 million euros) recognised in the
fourth quarter of 2016. Restated for these items, recurring operating expenses amounted to 940 million euros(including SRF), stable compared with fourth quarter of 2015 (-0.1%). The cost/income ratio2 therefore stood at
57.8% for 2016 as a whole.
Cost of risk totalled -303 million euros in 2016, down -22.2% on 2015, thus falling to 93 basis points of outstandings3
at end-December 2016 from 117 basis points in 2015. After the disposal of a 10 million euro sofferenze portfolio in
the fourth quarter of 2016 (152 million euros of disposals in 2016 as a whole), the impaired loans ratio was 13.1% at
end-2016 (versus 13.8% at end-2015) and the coverage ratio 46.5% including collective reserves, versus 45.5% in
2015.
In full year 2016, IRB Italy's underlying net income Group share was 166 million4, up +8.5% compared with 2015.
The Return on net equity stand at 11,7% for 2016.
The contribution to underlying net income Group share of all Crédit Agricole S.A.'s business lines in Italy1 totalled 482
million euros in 2016, a year-on-year increase of +6%.
International retail banking excluding Italy (Other IRB) also delivered strong business momentum and a sustained
financial performance this year. When expressed in euros, though, the business line's performance was affected bynegative currency effects, mainly due to a -47% and -8% depreciation respectively of the Egyptian and Ukrainiancurrencies year-on-year in the fourth quarter. On-balance sheet deposits increased by +9.6%5 over one year to 10.8
billion euros at end-December 2016, driven mainly by strong growth in Egypt (up +47%)5, Ukraine (up +37%)5 and, toa lesser extent, Poland (up +7%)5, while Morocco remained stable. Total customer assets increased by +11.5%5 over
one year. Loans outstanding stood at 9.9 billion euros at end-December 2016, a year-on-year increase of +7.7%5.
The surplus of deposits over loans was 1.6 billion euros at end-December 2016.
In the fourth quarter of 2016, revenues increased by +2.2%5 year-on-year to 203 million euros, while operating
expenses were down -5.1%5. Thanks to this highly positive jaws effect, gross operating income in the fourth quarter
increased by +15.8%5 year-on-year to 74 million euros.
Cost of risk decreased by -6.6%5 year-on-year in the fourth quarter to -41 million euros.

1

Aggregation of contributions from Crédit Agricole S.A.'s entities in Italy, mainly Cariparma Group, CACIB, CA Vita, Amundi, Agos, FCA Bank (assuming that
only half of FCA Bank's contribution comes from Italy)

2

Underlying operating expenses (including SRF) divided by revenues

3

Relative to consolidated outstandings, calculated on an average annualised basis over four rolling quarters.

4

Excluding adjustment plan but including SRF, deposit guarantee fund and Italian rescue plan5

Excluding currency impact

Crédit Agricole – Fourth quarter and 2016 results

18/34

Other IRB's net income Group share therefore came to 12 million euros in the fourth quarter of 2016 versus
15 million in the fourth quarter of 20151, a year-on-year increase of +37.5%2. More particularly:-

Egypt delivered +42%2 growth in revenues and took a conservative approach to provisioning of foreign
currency loans in a difficult environment due to devaluation of the Egyptian pound;
Poland enjoyed strong business momentum but its results were affected by an unfavourable local climate;
Ukraine posted continued sustained profitability in an economy returning to normal, with cost of risk down
sharply;
Crédit du Maroc recorded a sharp decrease in operating expenses and cost of risk, delivering its highest
annual result since 2012.

In full year 2016, revenues were 879 million euros, up +4.2%2 compared with 2015, driven mainly by Egypt (up+26%) and Ukraine (up +3.8%).
Operating expenses were 530 million euros in 2016 versus 557 million euros in 2015, an increase of +2%2 due
mainly to an increase in costs in Egypt (up +13%)2 and Ukraine (up +17%)2.
Cost of risk was down sharply in 2016 to 151 million euros, a year-on-year decrease of -17%2, mainly due toMorocco (down -33%)2 and Ukraine (down -39%)2.
Other IRB's net income Group share was 92 million euros in 2016, up sharply by 66%2 compared with 2015. The
cost/income ratio is stable for year 2016 at 60.3% and a return on normalised equity (RoNE) at 14.1%.
Specialised financial services
Specialised financial services business line includes consumer credit (CA Consumer Finance – CACF) and leasing
and factoring (CA Leasing & Factoring – CAL&F).
En m€

Q4-16
underlying∆ Q4/Q4
underlying

2016
underlying∆ 2016/2016
underlying

Revenues

683

+4.0%

2,646

+0.7%

Operating expenses(365)+10.1%(1,384)+3.6%

Gross operating income

318(2.1%)

1,262(2.4%)

Cost of risk

(124)

+9.4%

(558)

(15.2%)

Equity-accounted entities

56+76.5%

208+26.8%Net income on other assets-(100.0%)(2)

nm

Change in value of goodwill

-

nm

-

nm

Income before tax

249

+1.0%

911

+13.3%

Tax(53)(15.2%)(206)(2.9%)Net income from discontinued or held-for-sale operations

-

nm

-

nm

Net income

196

+6.4%

704

+19.4%

Non-controlling interests

23(37.6%)

91(13.8%)Net income Group Share

174+17.2%

613+26.6%

Cost/income ratio (%)

52.3%

RoNE (%)

11.7%

In the fourth quarter of 2016, the business line's net income Group share included the impact of deferred taxes
revaluation for -3 million euros. Excluding this specific item, underlying net income Group share came to
174 million euros for the quarter. See table in appendix for reconciliation of stated and underlying results.
1 Restated for the contribution of Regional Bank's international subsidiaries (+2 million euros in Q4-15 and +6 million euros in 2015)
2 Excluding currency impact

Crédit Agricole – Fourth quarter and 2016 results

19/34

Consumer finance (CACF) business was strong in the fourth quarter of 2016 in all partner networks. New lending
was up +9.4% year-on-year to 9.9 billion euros, driven mainly by the car finance partnerships (up +9.8%) and theGroup's retail banks (up 12.8%). The managed loan book increased by 8.4% year-on-year at end-December 2016,
despite the disposal by Agos of a 380 million euros doubtful loans portfolio in the fourth quarter. It therefore stood at
77.2 billion euros at end-December 2016 compared with 71.2 billion euros at end-December 2015. The geographicalbreakdown was 38% in France, 31% in Italy and 31% in other countries. The consolidated loan book increased to32.4 billion euros at 31 December 2016.
In Leasing & Factoring (CAL&F), the leasing book grew by +3.7% year-on-year to 15.5 billion euros at endDecember 2016. Factored receivables were stable compared with the fourth quarter of 2015, at 18 billion euros.
In the fourth quarter of 2016, Specialised financial services revenues amounted to 683 million euros, up +4.0%
year-on-year. CACF and CAL&F delivered revenue of 541 million euros and 142 million euros respectively,
representing a year-on-year increase of +5.1% for CACF and +0.1% for CAL&F. Restated for the scope effect(deconsolidation of Credium and Credicom, which contributed 18 million euros of revenue in the fourth quarter of2015), revenues for Specialised financial services increased by +1.3% year-on-year.
Operating expenses were up +10.1% over one year to 365 million euros, reflecting implementation of the investment
programme scheduled in the medium-term plan announced in March 2016.
Cost of risk was up +9.4% year-on-year in the fourth quarter of 2016, partly due to an exceptionally low base forcomparison in the fourth quarter of 2015 and partly to tighter provisioning rules introduced following the recovery inactivity.
Lastly, the joint-ventures delivered strong growth of +76.5% in their fourth-quarter equity-accounted contribution,
driven mainly by FCA Bank. Restated for the Forso goodwill impairment in the fourth quarter of 2015(-9 million euros), year-on-year growth was +37.3%.
Underlying1 net income Group share increased by +17.2% year-on-year in the fourth quarter to 174 million euros.
CACF contributed 136 million euros (up +26.3% year-on-year) and CAL&F 38 million euros (down -7.2%).
In full year 2016, Specialised financial services delivered revenues of 2,646 million euros, representing slight growthof +0.7% compared with 2015. Restated for the scope effect in the fourth quarter of 2015 (deconsolidation ofCredium and Credicom), revenues were stable compared with 2015.
Operating expenses were up +3.6% compared with 2015, to 1,384 million euros. The increase was due to
implementation of the investment programme scheduled in the medium-term plan announced in March 2016.
Cost of risk was down due to an improvement in quality of the customer portfolio. It amounted to 558 million euros forthe year, a decrease of -15.2% compared with 2015. Cost of risk relative to outstandings stood at 140 basis points2 in
2016, versus 162 basis points in 2015.
Partnerships contributed to CACF's profitability, with a +26.8% increase in their equity-accounted contribution, mainly
due to the car finance partnerships.
Underlying net income Group share increased by +26.6% to 613 million euros versus 484 million euros in 2015.
The specific P&L adjustments made to reconcile stated and underlying amounts and changes for the fourth quarterand full year 2016 and comparable data for 2015 are detailed in the appendix.
1 See appendix on pages 29 and 30 of this press release for details of specific items for the fourth quarter and full year 2016 and comparable data for 2015.
2 Relative to consolidated outstandings, calculated on an average annualised basis over four rolling quarters.

Crédit Agricole – Fourth quarter and 2016 results

20/34

Large customers
The Large Customers business line includes capital markets, investment banking structured finance, commercial
banking and asset servicing.
Q4-16
underlying∆ Q4/Q4
underlying

Revenues

1,252

Operating expenses(786)

Gross operating income
Cost of credit risk
Share of net income of equity-accounted entities
Net income on other assets

€m

2016
underlying∆ 2016/2015
underlying+12.2%

5,253

+5.5%

(5.3%)(3,187)

+1.6%

466

+63.0%

2,066+12.0%(103)(8.0%)(457)+49.6%

29

nm

212

x 3.6

0

nm

1

nm

Change in value of goodwill

-

nm

-

nm

Income before tax

392

x 2.7

1,721

+8.1%

Tax

(110)

x 4.6

(392)

(7.9%)Net income from discontinued or held-for-sale operations

0

nm

11

nm

Net income

282

x 2.3

1,340

+15.1%

Non-controlling interests8+15.3%

45+11.4%Net income Group Share

274

x 2.4

1,295

+15.2%

Cost expenses ratio (%)

60.7%

RoNE (%)

9.7%

In the fourth quarter of 2016, net income Group share for the Large customers business line includes the impact ofloans hedges (-1 million euros), DVA running (-2 million euros) and the revaluation of deferred taxes(-1 million euros). Restated for these specific items, underlying net income Group share came to 274 million euros forthe quarter compared with stated net income Group share of 271 million euros. See table in appendix forreconciliation of stated and underlying results.
In the fourth quarter of 2016, underlying net income Group share for the Large customers business line amounted
to 274 million euros, 2.4 times higher than the fourth quarter of 2015.
Underlying net income Group share for the business line comprised a contribution of 182 million euros from
Financing activities (up +39.5% year-on-year), 68 million euros from Capital markets and investment banking (versus
a loss of 41 million euros in the fourth quarter of 2015) and 24 million euros from Asset servicing (down -6.9% yearon-year).
Despite the year-end seasonal effect, commercial activity was satisfactory in all Corporate and investment banking
activities.
In the fourth quarter of 2016, revenues were 1,252 million euros, a year-on-year increase of +12.2% and +2.7%
excluding xVA, thanks to strong commercial momentum in most business lines.

Crédit Agricole – Fourth quarter and 2016 results

21/34

Revenues from Capital markets amounted to 458 million euros in the fourth quarter, down -5.1% excluding xVAcompared with the fourth quarter of 2015. Fixed-income, forex and credit business remained buoyant, with strong
client activity. VaR remained contained at 13 million euros on average over the quarter. Crédit Agricole Corporate &Investment Bank (CACIB) moved up to world No. 1 in agency bond issues in euros1, maintained its European No. 1
position in ABCP securitisation2 and is world No. 2 in green bond issues3.
Investment banking, which ranks French No. 2 in equity issues4 and No. 4 in M&A advisory4 (French clients),
delivered strong revenue growth driven by excellent momentum in M&A business this quarter. Its revenues for thequarter were 72 million euros, a year-on-year increase of +33.3%.
Structured finance revenues fell slightly, with a good performance in the air and rail transport and infrastructure
segments, while some activities were affected by an unfavourable environment in the shipping and oil & gas sectors.
Revenues were 292 million euros in the fourth quarter of 2016, a year-on-year decrease of -4.8%. CACIB remains
world No. 1 in aircraft financing4.
Commercial banking revenues for the fourth quarter were up year-on-year to 249 million euros, as the fourth
quarter of 2016 had been affected by an impairment loss against a portfolio of real estate loans. All businessactivities proved resilient in an environment of low interest rates and slowdown in world trade. CACIB ranks secondin syndicated loans in France1.
Asset servicing revenues were down slightly at 181 million euros in the fourth quarter of 2016.
Operating expenses for the Large Customers business line totalled 786 million euros in the fourth quarter of 2016
versus 829 million euros in the same period of 2015, reflecting excellent control over costs given the investment
required to develop the various business activities and the cost related to regulatory projects.
Cost of risk was also stable compared with the first three quarters of 2016 (excluding the 50 million euros legal risk
provision taken in both the second and third quarters of 2016). Cost of risk relative to outstandings for Financing
activities remained low at 33 basis points in the fourth quarter of 20165.
Share of income from equity-accounted entities amounted to 29 million euros, a decrease compared with thefourth quarter of 2015, reflecting a decline in performance by Banque Saudi Fransi.
In full year 2016, net income Group share for the business line was 1,295 million euros, up +15.2% compared with2015. It included a contribution to the Single Resolution Fund (SRF) of 149 million euros and a legal risk provision of
100 million euros. The cost/income ratio stood at 60.7%6 and the RoNE at 9.7% in line with the medium term plantarget.
The specific P&L adjustments made to reconcile stated and underlying amounts and changes for the fourth quarterand full year 2016 and comparable data for 2015 are detailed in the appendix.

1Source: Thomson Financial
2Source: CPWare
3Source: CACIB
4Source: Air Finance Database
5 Relative to consolidated outstandings, calculated on an average annualised basis over four rolling quarters.
6 Calculated on the basis of underlying revenues and operating expenses.

Crédit Agricole – Fourth quarter and 2016 results

22/34

Corporate Centre
In the fourth quarter of 2016, Corporate Centre results include a gain of +103 million euros relating to the change inissuer spreads, a goodwill impairment charge of -491 million euros relating to LCL and a tax charge of -52 million
euros relating to the change of tax rate for deferred tax assets and liabilities (DTA/DTL) as of 2020.
€m

Q4-16

 Q4/Q42016
2016/2015

Revenues(120)+33.9%(1,348)(0.8%)

o/w capital and liquidity management(1)(265)+23.7%(1,304)(26.6%)

o/w carrying cost of equity stakes and net cost ofsubordinated debt

(104)

(66.7%)(866)(33.4%)

-

nm

(230)

(69.1%)

o/w Switcho/w Visa Europe

-

nm

355

nm

103

(32.8%)

(140)

nm

41

nm

96

(41.4%)(223)(44.5%)(1,142)(36.3%)

Operating expenses(220)+42.0%

(872)

+1.1%

Gross operating income(340)+39.0%(2,220)(0.0%)

Cost of risk

(9)(95.0%)(27)(88.2%)

Equity-accounted entities

33+89.1%

71(65.6%)Net income on other assets

(7)

nm

(54)

nm

Change in value of goodwill

(491)

nm

(491)

nm

Pre-tax income

(814)

x 2.2

(2,721)+23.0%

Tax

58(77.4%)

925(16.9%)Net income from discontinued or held-for-sale operations-(100.0%)

1,272

nm

Net income Group share

(757)

x 6.3

(520)

(54.8%)Net income Group share underlying(281)+29.4%(1,310)(1.3%)

o/w issuer spreads
o/w other
Revenues underlying(2)(1) cost of capital, interest rates management, liquidity and debt as Central body and treasurer(2) excluding specific items detailed pages 29 and 30 of this document

The fourth quarter of 2016 was the first quarter of the year not affected by the non-recurring impacts of theoperation to simplify the Group's structure (Eureka).
However, this quarter’s revenues benefit from the recurring impacts of the Eureka operation, i.e. interest income of+59 million euros on the loan granted to the Regional Banks, elimination of the cost of Switch 1 for +115 million euros
and the impact of the balance sheet optimisation operation for +53 million euros. Underlying revenues thus amounted
to -223 million euros in the fourth quarter of 2016, a year-on-year improvement of +44.5%. The cost of carrying theGroup's equity investments and net costs of subordination was namely down sharply, by -66.7%.
Underlying net income Group share was down -29.4% year-on-year in the fourth quarter of 2016, to -281 million
euros.
In full year 2016, underlying net income Group share was -1,310 million euros, quasi stable compared with 2015.
The specific adjustments made to reconcile stated and underlying amounts and changes for the fourth quarter andfull year 2016 and comparable data for 2015 are detailed in the appendix on pages 29 and 30.

Crédit Agricole – Fourth quarter and 2016 results

23/34

Crédit Agricole Group consolidated results
Crédit Agricole Group's total customer loans amounted almost to 774 billion euros at end-December 2016. Customer
accounts on the balance sheet were more than 693 billion euros.
m€

Q4-16
Q4-16
∆ Q4/Q4
stated underlying underlying

2016
stated2016
underlying∆
2016/2015
underlying

Revenues

7,904

7,831

+0.7%

30,42831,314(0.0%)

Operating expenses(5,187)(5,136)+3.3%(20,226)(20,134)+1.5%

Gross operating income

2,716

2,695

(4.1%)

10,201

11,179(15.0%)

Cost of credit risk

(457)

(457)

(34.0%)(2,312)(2,312)(8.6%)

Cost of legal risk

-

-

nm

(100)

(100)

nm

Share of net income of equity-accounted entities

111

111

88.3%

499

499

5.0%

Net income on other assets

(6)

(6)

1.7%

(25)

(25)

x5

Change in value of goodwill

(540)

-

nm

(540)

-

nm

Income before tax

1,824

2,343

+8.0%

7,723

9,241

(2.0%)

Tax(1,091)(629)+10.4%(2,582)(2,565)(10.2%)Net income from discontinued or held-for-sale operations

20

20

x 9.8

31

31

nm

Net income

753

1,733

+8.2%

5,172

6,707

+2.4%

Non-controlling interests

8285(11.3%)

347

355(8.4%)Net income Group Share

671

1,648

+9.5%

4,825

6,353

+3.1%

In the fourth quarter of 2016, the Group's net income Group share came to 671 million euros versus 1,564 million
euros in the fourth quarter of 2015. Excluding specific items1 totalling -977 million euros this quarter (mainly LCL
goodwill impairment for -540 million and revaluation of deferred taxes for -453 million euros) versus +59 million euros
in the fourth quarter of 2015, underlying net income Group share came to 1,648 million euros, an increase of +9.5%
compared with the same quarter of last year.
Underlying revenues were up slightly, as were operating expenses, mainly due to the investments scheduled in the
MTP. Cost of credit risk decreased to -457 million euros, representing 28 basis points2 in the fourth quarter of 2016(versus 30 basis points in the same period of the previous year).
In full year 2016, underlying revenues were 31,314 million euros, stable compared with 2015. Underlying operating
expenses were up slightly by +1.5% compared with 2015, while underlying cost of credit risk was down -8.6% to2,312 million euros. As a reminder, additional legal risk provisions of -500 million euros were recognised in 2015 andthis item has been restated in underlying cost of risk, the amount of -€100m of legal risk provisions registered in 2016
has not been restated.
In full year 2016, the Group's underlying net income Group share1 was 6,353 million euros, up +3.1% compared with2015.
The specific P&L adjustments made to reconcile stated and underlying amounts and changes for the fourth quarterand full year 2016 and comparable data for 2015 are detailed in the appendix.
1 See appendix on pages 27 and 28 of this press release for details of specific items for the fourth quarter and full year 2016 and comparable data for 2015.
2 Relative to consolidated outstandings, calculated on an average annualised basis over four rolling quarters

Crédit Agricole – Fourth quarter and 2016 results

24/34

Regional Banks

Q4-16
underlying∆ Q4/Q4
underlying

2016
underlying∆ 2016/2015
underlying

Revenues

3,271

Operating expenses(2,160)(11.6%)

13,627(6.0%)+6.6%(8,375)+3.2%

Gross operating income
Cost of risk

1,112

(33.5%)

5,252(17.6%)(61)(73.1%)(619)(15.0%)

Share of net income of equity-accounted entities

1(96.3%)

6(75.7%)Net income on other assets(0)(94.3%)

27

nm

m€

Change in value of goodwill

-

nm

-

nm

Income before tax

1,051(28.2%)

4,666(17.6%)

Tax

(345)

(33.6%)(1,575)(23.9%)Net income from discontinued or held-for-sale operations

-

nm

-

nm

Net income

707(25.2%)

3,090(13.9%)

Non-controlling interests0(90.0%)

1(70.0%)Net income Group Share

707(25.1%)

3,090(13.9%)

Cost income ratio (%)

61.5%

Continued brisk business during the quarter supported growth in Crédit Agricole S.A.'s business lines.
Customer assets rose by +4.0% year-on-year to 646.6 billion euros. Growth was driven by on-balance sheet
deposits (up +6.1% over one year to more than 391 billion euros at end-December 2016), while off-balance sheet
customer assets rose by +0.9% to more than 255 billion euros. On-balance sheet deposits continued to be driven by
demand deposits (up +15.8% year-on-year) and home purchase savings plans (up +7.0%). The Regional Banks alsoachieved strong momentum in personal and property insurance.
Loans outstanding rose by +4.4% year-on-year, to 429.5 billion euros at end-December 2016. Growth in the loan
book continued to be driven by home loans and consumer finance (up +6.5% and +9.3% respectively, year-on-year).
Loans to SMEs/small businesses and farmers both increased by +2.8% and +1.6% respectively.
The fourth quarter of 2016 was affected by the revaluation of deferred taxes for -301 million euros. Restated for this
item, the Regional Banks' net income Group share amounts to 707 million euros in the fourth quarter of 2016,
representing a year-on-year decrease of 25.1%.
Revenues were down -11.6%. It should be noted that since the previous quarter, they include the initial effects of theoperation to simplify the Group's structure (Eureka), with a net impact of -174 million euros in the fourth quarter of
2016: (i) elimination of Switch 1 income following its unwinding on 1 July 2016, (ii) cost of the 11 billion euros loan
granted by Crédit Agricole S.A. on 3 August 2016. Excluding these impacts and excluding provisions for homepurchase savings plans, the Regional Banks' revenues amounted to 3,639 million euros in the fourth quarter of 2016,
up +3.1% compared with the fourth quarter of 2015. The interest margin was stable compared with the fourth quarterof 2015, excluding the impacts of home purchase savings provisions and the Eureka operation (-97 million euros in
the fourth quarter of 2016).
Expenses are up +6.6% reflecting mainly IT investments in line with the MTP.
In full year 2016, the Regional Banks' underlying net income Group share amounted to 3,090 million euros,
down -13.9% over the year. The only specific item for the year was the revaluation of deferred taxes for -301 million
euros recognised in the fourth quarter.
Crédit Agricole – Fourth quarter and 2016 results

25/34

The specific P&L adjustments made to reconcile stated and underlying amounts and changes for the fourth quarterand full year 2016 and comparable data for 2015 are detailed in the appendix.
*****
Crédit Agricole S.A.'s financial information for the fourth quarter and twelve months of 2016 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/en/finance/finance/financial-publications 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.

Crédit Agricole – Fourth quarter and 2016 results

26/34

Appendices
Alternative performance measures – specific items
1. Crédit Agricole Group:
€m

Q4-16
statedSpecific items of
Q4-16

Q4-16
underlying

Q4-15
statedSpecific items of
Q4-15

Q4-15
underlying

 Q4/Q4
underlying+0.7%

Revenues

7,904

72

7,831

8,031

251

7,781

Operating expenses(5,187)(51)(5,136)(4,971)-(4,971)+3.3%

Gross operating income

2,716

21

2,695

3,060

251

2,810

(4.1%)

Cost of credit risk

(457)

-

(457)

(693)

-

(693)

(34.0%)

Cost of legal risk

-

-

-

(150)

(150)

-

nm

Equity-accounted entities

111

-

111

59

-

59

+88.3%+1.7%

Net income on other assets

(6)

-

(6)

(6)

-

(6)

Change in value of goodwill

(540)

(540)

-

-

-

-

nm

Income before tax

1,824

(519)

2,343

2,270

101

2,170

+8.0%

Tax

+10.4%(1,091)

(462)

(629)

(612)

(42)

(570)

Net income from discontinued or held-for-sale operations

20

-

20

2

-

2

x 9.8

Net income

753

(980)

1,733

1,660

59

1,602

+8.2%

Non controlling interests

82

(4)

85

96

-

96

(11.3%)Net income Group Share

671

(977)

1,648

1,564

59

1,506

+9.5%

Specific items of Q4-16€m

Specific items of Q4-15

Gross impact*

Impact on NIGS

Gross impact*

Impact on NIGSDVA Running (LC)DVA Running (Corporate centre)
Loan hedges (LC)
Issuer spreads (Corporate centre)
Eureka (Corporate centre)
Alpha Bank indemnity (Corporate centre)
Total impact on revenues

(3)
(1)
83
(6)
72

(2)
(1)
52
(4)
45

(53)
50
(9)
100
163
251

(35)
31
(5)
67
151
209

Cariparma Group adjustment plan (International retail banking)Total impact on operating expenses

(51)
(51)

(30)
(30)

-

-

-

-

(150)
(150)

(150)
(150)

Change in value of goodwill (Corporate centre)
Total impact on change of value of goodwill

(540)
(540)

(540)
(540)

-

-

Deferred tax revaluation
Tax effects of other specific items
Total impact on tax

(453)
(11)
(11)

(453)
(453)

(42)
(42)

-

Additional provision for legal risk (Corporate centre)
Total impact on cost of risk

Total impact of specific items

(977)

59

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

2016
statedSpecific itemsof 2016

Revenues

30,428(886)

Operating expenses(20,226)(92)€m

Crédit Agricole – Fourth quarter and 2016 results

2016
underlying

2015
underlying 2016/2015
underlying

511

31,325(0.0%)-(19,835)

+1.5%

2015
statedSpecific itemsof 201531,314

31,836(20,134)(19,835)

27/34

Gross operating income

10,201(978)11,17912,001-

12,001(2.7%)

Cost of credit risk

(2,312)-(2,312)(2,531)-(2,531)(8.6%)

Cost of legal risk

(100)

-

(100)

(500)

(500)

-

nm

Equity-accounted entities

499

-

499

475

-

475

+5.0%

Net income on other assets

(25)

-

(25)

(5)

-

(5)

x5

Change in value of goodwill

(540)

(540)

-

-

-

-

nm

Income before tax

7,723(1,518)

9,241

9,440

11

9,429

(2.0%)

Tax(2,582)(17)(2,565)(2,988)(131)(2,857)(10.2%)Net income from discontinued or held-for-sale operations

31

-

31

(21)

-

(21)

nm

Net income

5,172(1,535)

6,707

6,431

(120)

6,551

+2.4%

Non controlling interests

347

(8)

355

388

1

387

(8.4%)Net income Group Share

4,825(1,527)

6,353

6,043

(121)

6,164

+3.1%

Specific items 2016€mSpecific items 2015

Gross impact*

Impact on NIGS

Gross impact*

Impact on NIGS

DVA running (LC)Loan hedges (LC)
Issuer spreads (Corporate centre)
Liability management upfront payment (Corporate centre)
Adjustment of funding costs (French retail banking)Alpha Bank indemnity (Corporate centre)
Capital gain on VISA EUROPE (Corporate centre)
Eureka (Corporate centre)
Total impact on revenues

(38)
(25)
(160)
(683)
(300)
355
(34)
(886)

(25)
(16)
(102)
(448)
(197)
337
(27)
(478)

28
48
272
163
511

18
30
180
151
379

LCL network optimisation cost (French retail banking)
Cariparma Group adjustment plan (International retail banking)Total impact on operating expenses

(41)
(51)
(92)

(27)
(30)
(56)

-

-

-

-

(350)
(150)
(500)

(350)
(150)
(500)

Change in value of goodwill (Corporate centre)
Total impact on change of value of goodwill

(540)
(540)

(540)
(540)

-

-

Deferred tax revaluation
Tax effects of other specific items
Total impact on tax

(453)
436
436

(453)
(453)

(119)
(119)

-

Additional provision for legal risk (LC)Additional provision for legal risk (Corporate centre)
Total impact on cost of risks

Total impact of specific items(1,527)(121)* Impact before tax (except line "impact on tax") and before minority interests

Crédit Agricole – Fourth quarter and 2016 results

28/34

2. Crédit Agricole S.A.
Q4-16
stated4,580(2,981)
1,598

Specific items of Q4-16
stated
99
(51)
48

Q4-16
underlying
4,480(2,930)1,550

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

(395)
125
(6)
(491)
832

(491)
(443)

Tax
Net income from discontinued or held-for-sale operations
Net income

(461)
20
391

Non controlling interests
Net income Group Share

99
291

m€
Revenues
Operating expenses
Gross operating income

4,289(2,906)
1,383

Specific items of
Q4-15
251
251

Q4-15
underlying
4,039(2,906)
1,133

Q4/Q4
underlying+10.9%+0.8%+36.9%

(395)
125
(6)
1,275

(465)
(150)
37
36
841

(150)
101

(465)
37
36
741

(15.0%)
nm
x 3.4
nm
nm
+72.3%

(179)
(621)

(283)
20
1,012

(88)
233
986

(42)
231
290

(46)
2
697

x 6.2
x 9.3
+45.3%

(9)
(612)

108
904

104
882

290

104
593

+3.8%
+52.6%

Specific items of Q4-16
m€
DVA running (LC)Q4-15

Specific items of Q4-15

Gross impact*

Impact on NIGS

Gross impact*

Impact on NIGS

(3)

(2)

(53)

(34)

DVA Running (Corporate centre)
Loan hedges (LC)
Issuer spreads (Corporate centre)
Alpha Bank indemnity (Corporate Centre)
Eureka (Corporate Centre)
Total impact on revenues

(1)
103
99

(1)
66
64

50
(9)
100
163
251

31
(5)
66
151
209

Cariparma Group's adaptation plan (International retail banking)Total impact on operating expenses

(51)
(51)

(25)
(25)

-

-

-

-

(150)
(150)

(150)
(150)

Change in value of goodwill (Corporate centre)
Total impact on change of value of goodwill

(491)
(491)

(491)
(491)

-

-

Deferred tax revalorisation
Other tax effects
Total impact on tax

(161)
(17)
(179)

(160)
(160)

-

-

-

-

231
231

231
231

Additional provision for legal risk (Corporate centre)
Total impact on cost of risk

Eureka (Corporate Centre)
Total impact on net income from discontinued or held-for-sale operations

Total impact of specific items

(612)

290

Asset gathering
Retail banking
Specialised financial services
Large customers
Corporate centre* Impact before tax (except line "impact on tax") and before minority interests

(80)
(49)
(3)
(4)
(476)

231
(39)
98

Crédit Agricole – Fourth quarter and 2016 results

29/34

2016
statedSpecific items of 2016
statedRevenues

16,855(570)

Operating expenses(11,695)(92)

Gross operating income

5,160

(662)

Cost of credit risk

(1,787)

En m€

Cost of legal risk
Equity-accounted entities

518

2016
underlying

2015

Specific items of
2015

2015
underlying

2016/2015
underlying

17,425

17,194(11,603)(11,583)

511

16,683+4.4%-(11,583)

5,822

5,611

+0.2%

511

5,100

+14.2%-(1,687)-(100)(1,793)-(1,793)(5.9%)

(500)

(500)

-

-

nm

518

455

-

455

+14.0%
nm

Net income on other assets

(52)

-

(52)

38

-

38

Change in value of goodwill

(491)

(491)

-

-

-

-

nm

Income before tax

3,348(1,153)

4,502

3,811

11

3,800

+18.5%+25.3%

Tax

(695)

265

(960)

(898)

(131)

(767)

Net income from discontinued or held-for-sale operations

1,303

1,272

31

1,058

1,078

(20)

nm

Net income

3,956

384

3,572

3,971

958

3,013

+18.5%

Non controlling interests

415

(19)

435

455

(4)

459

(5.2%)Net income Group Share

3,541

403

3,137

3,516

961

2,555

+22.8%

Specific items 2016m€Specific items 2015

Gross impact*

Impact on NIGS

Gross impact*

Impact on NIGS

DVA running (LC)DVA Running (Corporate centre)
Loan hedges (LC)
Issuer spreads (Corporate centre)
Liability management upfront payment (Corporate centre)
Adjustment of funding cost (French retail banking)Alpha Bank indemnity (Corporate centre)
Capital gain on VISA EUROPE (Corporate centre)
Regional Banks' dividends (Corporate centre)Eurêka (Corporate centre)
Total impact on revenues

(39)
(25)
(140)
(683)
(300)
355
286
(23)
(570)

(25)
(16)
(85)
(448)
(187)
327
285
(18)
(167)

28
48
272
163
511

18
30
177
151
376

LCL network optimisation cost (French retail banking)
Cariparma Group's adaptation plan (International retail banking)Total impact on operating expenses

(41)
(51)
(92)

(26)
(25)
(51)

-

-

-

-

(350)
(150)
(500)

(342)
(150)
(492)

Change in value of goodwill (Corporate centre)
Total impact on change of value of goodwill

(491)
(491)

(491)
(491)

-

-

Deferred tax revalorisation
Other tax effects
Total impact on tax

(161)
426
265

(160)
(160)

-

-

Eureka (Corporate centre)
Total impact on Net income from discontinued or held-for-sale operations

1,272
1,272

1,272
1,272

1,078
1,078

1,078
1,078

Additional provision for legal risk (LC)Additional provision for legal risk (Corporate centre)
Total impact on cost of risk

Total impact of specific items

403

961

Asset gathering
Retail banking
Specialised financial services
Large customers
Corporate centre* Impact before tax (except line "impact on tax") and before minority interests

(80)
(261)
(3)
(42)
790

1078
(294)
178

Crédit Agricole – Fourth quarter and 2016 results

30/34

Reconciliation between the stated and the underlying results of Asset gathering
€m

Q4-16

Specific
items of Q416

Q4-16
underlying

Q4-15

Specific itemsof Q4-15

Q4-15
underlying∆ Q4/Q4∆ Q4/Q4
underlying

Revenues
Operating expenses
Gross operating income

1,294
(555)
739

-

1,294
(555)
739

1,146
(535)
612

11
11

1,146
(523)
623

+12.8%+3.7%+20.8%+12.8%+6.0%+18.6%

Cost of risk
Share of net income of equity-accounted entities
Net income on other assets
Change in value of goodwill
Income before tax

(1)
8
1
747

-

(1)
8
1
747

(7)
7
3
614

11

(7)
7
3
625

(87.5%)+13.4%(55.2%)
nm+21.6%(87.5%)+13.4%(55.2%)
nm+19.4%Tax
Net income from discontinued or held-for-sale operations
Net income

(273)
22
496

(80)
(80)

(193)
22
576

(189)
2
427

(4)
7

(194)
2
434

+44.4%
x 9.3+16.0%(0.2%)
x 9.3+32.6%

Non-controlling interests
Net income Group Share

48
448

(80)

48
528

36
392

2
5

38
397

+33.9%+14.4%+27.5%+33.1%€m

2016

Specific
items of 20162016
underlying

2015

Specific itemsof 20152015
underlying∆
2016/2015∆2016/2015
underlying

Revenues
Operating expenses
Gross operating income

4,744(2,156)
2,588

-

4,744
(2,156)
2,588

4,614
(2,156)
2,459

15
15

4,614
(2,141)
2,473

+2.8%
+0.0%
+5.3%

+2.8%
+0.7%
+4.6%

Cost of risk
Share of net income of equity-accounted entities
Net income on other assets
Change in value of goodwill
Income before tax

(9)
28
2
2,609

-

(9)
28
2
2,609

(29)
25
10
2,465

15

(29)
25
10
2,479

(67.9%)+12.7%(80.8%)
nm+5.9%(67.9%)+12.7%(80.8%)
nm
+5.2%

Tax
Net income from discontinued or held-for-sale operations
Net income

(773)
23
1,858

(80)
(80)

(693)
23
1,938

(845)
3
1,623

(6)
9

(850)
3
1,632

(8.5%)
x 6.8+14.5%(18.5%)
x 6.8+18.8%

Non-controlling interests
Net income Group Share

169
1,690

(80)

169
1,770

135
1,489

2
7

137
1,495

+25.3%+13.5%+23.3%+18.3%

Reconciliation between the stated and the underlying results of LCL
€m

Q4-16

Specific items*

Q4-16
underlying

Q4-15

Specific items

Q4-15
underlying∆ Q4/Q4∆ Q4/Q4
underlying

Revenues
Operating expenses
Gross operating income
Cost of risk
Share of net income of equity-accounted entities
Net income on other assets
Change in value of goodwill
Income before tax
Tax
Net income from discontinued or held-for-sale operations
Net income
Non-controlling interests
Net income Group Share

863
(604)
260
(52)
1
209
(66)
143
7
136

(25)
(25)
(1)
(23)

863
(604)
260
(52)
1
209
(42)
168
8
160

874
(625)
249
(51)
(1)
197
(73)
124
6
118

-

874
(625)
249
(51)
(1)
197
(73)
124
6
118

(1.1%)(3.5%)
+4.7%
+2.0%
nm
nm
nm
+6.1%
(9.3%)
nm+15.1%+9.8%+15.4%(1.1%)(3.5%)
+4.7%
+2.0%
nm
nm
nm
+6.1%
(43.0%)
nm+35.0%+29.6%+35.3%€m

2016

Specific
items*

2016
underlying

2015

Specific
items*

2015
underlying∆
2016/2015∆ 2016/2015
underlying

Revenues
Operating expenses
Gross operating income

3,118(2,539)578

3,418(2,498)919

3,631(2,561)
1,070

-

3,631
(2,561)1,070(14.1%)(0.9%)(45.9%)(5.9%)(2.5%)(14.0%)

Cost of risk
Share of net income of equity-accounted entities
Net income on other assets
Change in value of goodwill
Income before tax

(182)
1
397

(300)
(41)
(341)
(341)

(182)
1
738

(134)
(2)
934

-

(134)
(2)
934

+36.3%
nm
nm
nm(57.5%)+36.3%
nm
nm
nm(20.9%)Tax
Net income from discontinued or held-for-sale operations
Net income

(110)
287

93
(248)

(203)
535

(340)
594

-

(340)
594

(67.5%)
nm(51.7%)(40.3%)
nm(9.9%)

Non-controlling interests
Net income Group Share

14
273

(13)
(236)

27
509

29
565

-

29
565

(52.4%)(51.6%)(9.7%)(9.9%)* Network optimisation costs in Q2-16, adjustment of funding costs in revenues in Q3-16 and impact of the change of tax rate on deferred tax assets andliabilities (DTA/DTL) in Q4-16.

Crédit Agricole – Fourth quarter and 2016 results

31/34

Reconciliation between the stated and the underlying results of International retail banking

€m

Q4-16

Specific
items*

Q4-16
Underlying

Q4-15

Specific
items*

Q4-15∆ Q4/Q4∆ Q4/Q4
Underlying

Revenuesof which Italyof which Excluding Italy
Operating expenses
Gross operating income

612
409
203
(452)
160

(51)
(51)

612
409
203
(401)
211

649
416
233
(430)
219

-

649
416
233
(430)
219

(5.8%)(1.7%)(13.0%)+5.0%(27.0%)(5.8%)(1.7%)(13.0%)(6.8%)(3.7%)

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

(106)
(1)
53

(51)

(106)
(1)
104

(145)
74

-

(145)
74

(27.0%)
nm
nm
nm(28.9%)(27.0%)
nm
nm
nm+39.7%Tax
Net income from discontinued or held-for-sale operations
Net income

(14)
(3)
36

17
(34)

(31)
(3)
71

(18)
2
58

2
2

(18)
56

(23.5%)
nm(37.6%)+70.4%
nm+25.4%

Non-controlling interests
Net income Group Share

13
24

(9)
(25)

22
49

19
39

2

19
37

(34.9%)(38.9%)+12.0%+32.3%of which Italyof which Excluding Italy

12
12

(25)
-

37
12

22
17

2

22
15

(45.2%)(30.6%)+68.8%(21.3%)€m

2016

Specific
items*

2016
Underlying

2015

Specific
items*

2015
Underlying∆
2016/2015∆ 2016/2015
Underlying

Revenuesof which Italyof which Excluding Italy
Operating expenses
Gross operating income

2,505
1,626
879
(1,557)
949

(51)
(51)

2,505
1,626
879
(1,506)
1,000

2,622
1,689
933
(1,532)
1,090

-

2,622
1,689
933
(1,532)
1,090(4.4%)(3.7%)(5.7%)+1.6%(12.9%)(4.4%)(3.7%)(5.7%)(1.8%)(8.2%)

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

(454)
(1)
494

(51)

(454)
(1)
545

(589)
2
503

-

(589)
2
503

(22.9%)
nm
nm
nm(1.8%)(22.9%)
nm
nm
nm
+8.3%

Tax
Net income from discontinued or held-for-sale operations
Net income

(157)
(3)
335

17
(34)

(174)
(3)
369

(161)
(14)
328

6
6

(161)
(20)
322

(2.8%)
nm
+2.0%

+7.6%
nm
+14.5%

Non-controlling interests
Net income Group Share

102
233

(9)
(25)

111
258

102
226

6

102
220

(0.4%)+3.1%+8.4%+17.3%of which Italyof which Excluding Italy

141
92

(25)
-

166
92

153
73

6

153
67

(8.0%)+26.2%+8.5%+37.5%* Adjustment for the Cariparma Group’s adjustment plan Q4-16 for €-51m and for the adjustment of the contribution of international subsidiaries of regional banks
reclassified in IFRS 5 for €+2m in Q4-15 and €+6m in 2015

Crédit Agricole – Fourth quarter and 2016 results

32/34

Reconciliation between the stated and the underlying results of Specialised financial services
En m€

Q4-16

Specific items

Q4-16
underlying

Q4-15

Specific items

Q4-15
underlying∆ Q4/Q4∆ Q4/Q4
underlying

Revenuesof which CACF
of which CAL&F
Operating expenses
Gross operating income

683
541
142
(365)
318

-

683
541
142
(365)
318

657
515
142
(332)
325

-

657
515
142
(332)
325

+4.0%
+5.1%
+0.1%
+10.1%(2.1%)

+4.0%
+5.1%
+0.1%
+10.1%(2.1%)

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

(124)
56
249

-

(124)
56
249

(113)
32
4
248

-

(113)
32
4
248

+9.4%
+76.5%(100.0%)
nm
+1.0%

+9.4%
+76.5%(100.0%)
nm
+1.0%

Tax
Net income from discontinued or held-for-sale operations
Net income

(57)
193

(3)
(3)

(53)
196

(63)
185

-

(63)
185

(9.7%)(100.0%)+4.6%(15.2%)(100.0%)+6.4%

Non-controlling interests
Net income Group Share

23
170

(3)

23
174

37
148

-

37
148

(37.6%)+14.9%(37.6%)+17.2%of which CACF
of which CAL&F

133
37

(3)
-

136
37

108
40

-

108
40

+23.2%(7.2%)+26.3%(7.2%)

En m€

2016

Specific items

2016
underlying

2015

Specific items

2015
underlying∆ 2016/2015∆ 2016/2015
underlying

Revenuesof which CACF
of which CAL&F
Operating expenses
Gross operating income

2,646
2,107
540
(1,384)
1,262

-

2,646
2,107
540
(1,384)
1,262

2,629
2,099
530
(1,336)
1,293

-

2,629
2,099
530
(1,336)
1,293

+0.7%
+0.3%
+2.1%
+3.6%
(2.4%)

+0.7%
+0.3%
+2.1%
+3.6%
(2.4%)

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

(558)
208
(2)
911

-

(558)
208
(2)
911

(657)
164
4
804

-

(657)
164
4
804

(15.2%)+26.8%
nm
nm+13.3%(15.2%)+26.8%
nm
nm+13.3%Tax
Net income from discontinued or held-for-sale operations
Net income

(210)
701

(3)
(3)

(206)
704

(213)
(1)
590

-

(213)
(1)
590

(1.3%)(100.0%)+18.8%(2.9%)(100.0%)+19.4%

Non-controlling interests
Net income Group Share

91
610

(3)

91
613

106
484

-

106
484

(13.8%)+25.9%(13.8%)+26.6%of which CACF
of which CAL&F

480
130

(3)
-

483
130

367
117

-

367
117

+30.8%+10.8%+31.7%+10.8%

Reconciliation between the stated and the underlying results of Large Customers
€m

Q4-16

Specific items

Revenues
Operating expenses
Gross operating income

1,248
(786)
462

(4)
(4)

Q4-16
underlying
1,252
(786)
466

Q4-15

Specific items

(103)
363

1,053
(829)
224
(112)
112

(62)
(62)
(62)

Q4-15
underlying
1,115
(829)
286
(112)
174

Cost of credit risk
Cost of legal risk
Operating income

(103)
359

(4)

Equity accounted entieies
Other gain or losses
Profit before tax

29
0
388

(4)

29
0
392

(18)
(8)
85

(62)

Tax
Net income on other assets
Net income

(110)
0
279

0
(4)

(110)
0
282

(3)
(1)
82

minority interests
Net income group share

8
271

(4)

8
274

6
76

€m

2016

Revenues
Operating expenses
Gross operating income

5,190(3,187)
2,003

Specific
items
(63)
(63)

2016
underlying
5,253(3,187)
2,066

Cost of credit risk
Cost of legal risk
Operating income

(457)
(100)
1,446

(63)

Equity accounted entieies
Other gain or losses
Profit before tax

212
1
1,658

Tax
Net income on other assets
Net income
minority interests
Net income group share+18.5%(5.3%)
x 2.1+12.2%(5.3%)+63.0%(8.0%)
nm
x 3.2(8.0%)
nm
x 2.1

(18)
(8)
147

nm
nm
x 4.6

nm
nm
x 2.7

21
(41)

(24)
(1)
122

x 42.1
nm
x 3.4

x 4.6
nm
x 2.3

(1)
(40)

7
115

+33.9%
x 3.6+15.3%
x 2.4

76
76
(350)
(274)

2015
underlying
4,981(3,136)
1,845
(306)
1,540

2016/20
15 
+2.6%
+1.6%
4.2%

2016/2015
underlying
+5.5%
+1.6%
+12.0%+49.6%(71.4%)+14.2%+49.6%
nm(2.0%)

60
(7)
1,318

(274)

60
(7)
1,592

x 3.6
nm
+25.8%

x 3.6
nm
+8.1%

(392)
11
1,340

(453)
(3)
863

(28)
(302)

(425)
(3)
1,164

(18.3%)
nm+50.5%(7.9%)
nm+15.1%

45
1,295

33
829

(7)
(295)

40
1,124

+31.8%+51.3%+11.4%+15.2%

2015

Specific items

(457)
(100)
1,509

5,057
(3,136)
1,921
(306)
(350)
1,266

(63)

212
1
1,721

(370)
11
1,299

21
(42)

44
1,255

(1)
(41)

Crédit Agricole – Fourth quarter and 2016 results

Q4/Q4 Q4/Q4 underlying

33/34

Reconciliation between the stated and the underlying results of Regional Banks
€m

Q4-16

Specific
items

Q4-16
underlying

Q4-15

Specific
items

Q4-15
underlying∆ Q4/Q4∆ Q4/Q4
underlying

Revenues
Operating expenses
Gross operating income

3,271(2,160)
1,112

-

3,271
(2,160)
1,112

3,699
(2,027)
1,672

-

3,699
(2,027)
1,672(11.6%)+6.6%(33.5%)(11.6%)+6.6%(33.5%)

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

(61)
1
(0)
1,051

-

(61)
1
(0)
1,051

(225)
24
(7)
1,464

-

(225)
24
(7)
1,464

(73.0%)(96.2%)(94.4%)
Nm(28.2%)(73.1%)(96.3%)-94.3%
nm(28.2%)Tax
Net income from discontinued or held-for-sale operations
Net income

(646)
406

(301)
(301)

(345)
707

(519)
945

-

(519)
945

+24.5%
nm(57.1%)(33.6%)
nm(25.2%)

Non-controlling interests
Net income Group Share

0
405

(301)

0
707

2
943

-

2
943

(88.2%)(57.0%)(90.0%)(25.1%)€m

2016

Specific
items

2016
underlying

2015

Specific
items

2015
underlying∆
2016/2015∆2016/2015
underlying

Revenues
Operating expenses
Gross operating income

13,627(8,375)
5,252-

13,627(8,375)
5,252

14,493(8,117)
6,376-

14,493(8,117)6,376(6.0%)+3.2%(17.6%)(6.0%)+3.2%(17.6%)

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

(619)
6
27
4,666

-

(619)
6
27
4,666

(729)
23
(8)
5,662

-

(729)
23
(8)
5,662

(15.0%)(76.0%)
nm(17.6%)(15.0%)(75.7%)
nm(17.6%)Tax
Net income from discontinued or held-for-sale operations
Net income(1,877)
2,789

(301)
(301)

(1,575)
3,090(2,071)
3,591-(2,071)
3,591(9.4%)
nm(22.3%)(23.9%)
nm(13.9%)

Non-controlling interests
Net income Group Share

1
2,789

(301)

1
3,090

2
3,589

-

2
3,589

(70.0%)(22.3%)(70.0%)(13.9%)INVESTOR RELATIONS + 33 1.43.23.04.31
investor.relations@credit-agricole-sa.fr
Cyril Meilland, CFA : + 33 1 43 23 53 82
Céline de Beaumont : + 33 1 57 72 41 87 - Letteria Barbaro-Bour : + 33 1 43 23 48 33
Oriane Cante :+ 33 1 43 23 03 07 - Emilie Gasnier : + 33 1 43 23 15 67
Fabienne Heureux : + 33 1 43 23 06 38 - Vincent Liscia : + 33 1 57 72 38 48

Crédit Agricole – Fourth quarter and 2016 results

34/34