Montrouge, 7 November 2018

Results for the third quarter and first nine months of 2018

Q3-18: solid and growing results1
Crédit Agricole S.A.
Stated net income2

Stated net revenues

Fully-loaded CET1 ratio

Q3: €1,101m

Q3: €4,802m

11.5%+3.2% Q3/Q3+5.0% Q3/Q3

9M: €3,393m

9M: €14,882m+11bp in Q3,
well above the MTP target (11%)+4.0% 9M/9M+6.4% 9M/9M

Underlying1 net profit2 Q3 €1,133m, +17.3% Q3/Q3 (9M: €3,338m, +9.5% 9M/9M)
1
1
 Earnings per share : Q3 €0.36, +18.6% Q3/Q3, 9M €1.06, +10.9% 9M/9M; ROTE 13.1% 9M annualised Contribution by all the business divisions to growth in revenue and results, with a particularly high level ofprofitability in CIB, and strong growth in CIB/Financing
11
 Good cost control: jaws effect excluding SRF3 > 2pp Q3/Q3, 1.7pp 9M/9M, improvement in C/I ratio Q3/Q3 and 9M/9M
 Still a very low cost of credit risk, with further decline: 26bp4 (-5bp Q3/Q3)
 Fully-loaded CET1 ratio: +11bp in Q3, good management of risk-weighted assets, 9M provision for dividend: €0.53
Crédit Agricole Group*
Stated net income2

Stated net revenues

Q3: €1,769m

Q3: €8,043m

14.9%-7.3% Q3/Q3+2.0% Q3/Q3+12bp in Q3
540bp above the P2R5

9M: €5,273m

9M: €24,729m-6.1% 9M/9M+2.8% 9M/9M

Fully-loaded CET1 ratio

Very strong, good quality activity in all business lines: Retail Banking, Specialised Businesses and the Large Customers division1
3
 Q3 underlying net profit2: €1,815m, +3.2% Q3/Q3; 9M: €5,224m, -3.8% 9M/9M after a sharp increase in the SRF
and a negative scope effect1
 Resumption of revenue growth for the Regional banks
1
3
 A positive jaws effect excluding the SRF Q3/Q3 thanks to an increase in revenues across all business divisions,
including Retail Banking France, and good cost control excluding the SRF (+2.8%)
 Decrease in cost of credit risk to 18bp4 (Regional banks: -€104m in Q3-18, vs. just -51 in Q3-17)
 S&P raised its long-term rating to A+/stable outlook on 19 October; each rating agency has raised its long-term
rating over the last three years* Crédit Agricole S.A. and Regional banks at 100%
This press release comments on the results of Crédit Agricole S.A. and those of Crédit Agricole Group, which comprises the Crédit Agricole S.A.
entities and the Crédit Agricole Regional banks, which own 56.3% of Crédit Agricole S.A. Please see from p. 15 onwards for details of specific items
which, after restatement for the various related intermediary balances, are used to calculate underlying results. A reconciliation between the statedincome statement and the underlying income statement can be found from p. 21 onwards for Crédit Agricole Group and from p. 17 onwards for
Crédit Agricole S.A.

1
2
3
4
5

Underlying, excluding specific items. see p. 15 and following pages for more details on specific items and p. 25 for the ROTE calculation
Group share
Contribution to the Single Resolution Fund (SRF)
Average over last four rolling quarters, annualised
According to pro forma P2R for 2019 of 9.5% as notified by the ECB (excl. countercyclical buffer)
1/28

Crédit Agricole Group
Crédit Agricole Group made a net profit Group share of €1,815 million in the third quarter, posting highprofitability and further growth in relation to the same quarter last year. Commercial momentum remained
strong across all business lines thanks to the capture of new customers by the Group’s retail banks andcross-selling. All the business divisions generated revenue growth over the quarter, including
Retail Banking France, the Regional banks and LCL, which seem to have reached the point where thedecrease in interest margin is offset by growth in volumes and commission income. Tight cost control
enabled a positive jaws effect of nearly one percentage point on an underlying6 basis and an
improvement in the cost/income ratio to 62.8%. Consequently, all the Group's business divisions posted
growth in gross operating income, including Retail Banking France. There are some mixed developments
behind the apparent stability of the cost of risk: credit quality continued to improve in Retail Banking in
Italy and remained excellent for Corporate and Investment Banking, LCL and the Regional banks, even if
the latter saw a doubling of their cost of risk as a result of reversals of collective provisions in thethird quarter of 2017. As in the previous quarter, the strong level of results and related growth can be
fully attributed to higher revenues and cost control. The fully-loaded Common Equity Tier 1 ratio at endSeptember 2018 increased by +12 basis points compared to end-June at 14.9%, 540 basis points above
the required regulatory level7.
In line with the "Strategic Ambition 2020" medium-term plan (MTP), the Group’s stable, diversified and profitablebusiness model drove organic growth in all its business lines, largely through synergies between the specialised
business lines and the retail networks, and ensured a high level of operating efficiency while generating leeway
to invest in development.
The following highlights since the last quarterly publication must be taken into account:6
7-

the merger of each of the legal entities of the three Italian banks acquired at the end of 2017 –CR Rimini, CR Cesena, CR San Miniato – was completed on 22 September on finalisation of the mergerof CR Rimini with CA Italia; these four entities are now grouped together to optimise cost savings; themigration of their IT systems for this purpose was also finalised during the quarter;-

CA Assurances (CAA), in line with its new strategy to expand distribution to international partners
outside of the Crédit Agricole Group, strengthened its property & casualty insurance partnership with
Portuguese bank Novo Banco by signing a framework agreement on 15 October to increase its stake inthe jointly-owned subsidiary GNB Seguros from 50% to 75% by acquiring the 25% stake held by thePortuguese insurance company Seguradoras Unidas;-

S&P Global Ratings upgraded its senior long-term credit rating for the Group and its main
subsidiaries by one notch on 19 October from A to A+ with a stable outlook, having factored in the
improvement in the Group's risk profile and its resilience capacity, despite the less favourable
environment for its activities;-

the results of the EBA (European Banking Authority) stress tests published on 2 November show asolid Group financial position and solid business lines, with Crédit Agricole Group’s CET1 ratio at 10.2%,
remaining well above the required SREP level of 9.5% even in an adverse scenario, without ever
hitting the distribution restriction level;-

Concerning the litigation matter with OFAC, the US authorities (United States Attorney's Office for theDistrict of Columbia and District Attorney of the County of New York) decided on 19 October 2018 tocease the pursuit of criminal sanctions which had been deferred for three years in line with thedeferred prosecution agreement signed between CACIB and said authorities in October 2015; theauthorities acknowledged that CACIB has fulfilled all the obligations required of it under such

Underlying, excluding specific items. see p. 15 and following pages for more details on specific items and p. 25 for the ROTE calculation
According to pro forma P2R for 2019 of 9.5% as notified by the ECB (excl. countercyclical buffer)
Results for the third quarter and first nine months of 20182/28

agreements, which have now expired; the US authorities thus acknowledged the improvements incompliance implemented by CACIB, which remains fully committed to strengthening its procedures andinternal controls to ensure compliance with international economic sanctions;

In third quarter 2018, Crédit Agricole Group's stated net income came to €1,769 million compared to€1,907 million in third quarter 2017.
In line with previous quarters, there were few specific items, in line with previous quarters (no new elements)
and the net effect on net income this quarter is limited: -€46 million. They include a cost of -€6 million(-12 before tax and non-controlling interests) related to the integration of Pioneer Investments in Amundi,
integration costs related to the three Italian banks of -€3 million (-7 before tax and non-controlling interests), andthe net balance of recurring volatile accounting items of -€37 million, namely DVA8 in the amount of -€6 million,
hedging of the loan portfolio of the Large Customers division in the amount of -€10 million and provisions forhome purchase savings of -€22 million (-33 before tax, of which -22 related to the Regional banks and -2 related
to LCL). In third quarter 2017, specific items had an impact on net income of +€149 million, notably a positive
impact from the disposal of the stake in BSF (+€117 million in equity-accounted entities), the integration costs ofPioneer Investments in the amount of -€11 million (-27 million before tax and non-controlling interests), the initialintegration costs of the three Italian banks in the amount of -€3 million (-5 before tax) and a net balance of+€46 million in net income from recurring volatile accounting items, namely issuer spread for -€23 million(-28 before tax), hedging of the loan portfolios of the Large Customers division for -€9 million and provisions forhome purchase savings plans for +€78 million (+119 before tax), of which +80 related to the Regional banks and+8 related to LCL.
Excluding these specific items, underlying net income was 9 €1,815 million, representing an increase of +3.2%
versus the third quarter of 2017. This is the second time since the third quarter of 201610 that the Group has
surpassed €1.8 billion in the third quarter, as it traditionally records a decline in Q3 versus the first two quartersof the year due to seasonal effects. Underlying net income fell by -11.7% in relation to the second quarter of 2018
net income of €2,056 million, which was the highest quarterly underlying net income posted by the Group since
it began publishing its quarterly results.

Consolidated results of Crédit Agricole Group in Q3-2018 and in Q3-2017
€m

Q3-18
stated

Q3-17
statedCh. Q3/Q3
statedQ3-18
underlying

Q3-17
underlying

Ch. Q3/Q3
underlying

Revenues

8,043

7,885

+2.0%

8,097

7,807

+3.7%

Operating expenses excl.SRF(5,102)(4,974)+2.6%(5,083)(4,947)

+2.8%

-

-

n.m.

-

-

n.m.

Gross operating income

2,940

2,911

+1.0%

3,014

2,860

+5.4%

Cost of risk

(323)

(317)

+1.9%

(323)

(317)

+1.9%

Cost of legal risk

-

(75)

(100.0%)-(75)(100.0%)Equity-accounted entities

77

240

(67.9%)

77123(37.4%)Net income on other assets2

1+60.3%

2

6(72.1%)

Change in value of goodwill

-

-

n.m.

-

-

n.m.

Income before tax

2,696

2,760

(2.3%)

2,770

2,597

+6.6%

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

(816)

(743)

+9.8%

(839)

(719)

+16.7%(1)(2)(52.9%)(1)(2)(52.9%)

1,879

2,015

(6.7%)

1,930

1,876

+2.9%

Non controlling interests

(110)

(108)

+2.5%

(115)

(117)

(2.2%)SRF

Net income Group Share

1,769

1,907

(7.3%)

1,815

1,759

+3.2%

Cost/Income ratio excl.SRF (%)

63.4%

63.1%

+0.4 pp

62.8%

63.4%

-0.6 ppDebt Valuation Adjustment, i.e. gains and losses on financial instruments related to changes in the Group’s issuer spread
Underlying, excluding specific items. See p. 15 and following pages for more details on specific items
10 Underlying net income in the third quarter of 2016: €1,842 million
8
9Results for the third quarter and first nine months of 2018

3/28

Third-quarter underlying revenues increased by +3.7% in relation to third quarter 2017, at €8,097 million,
surpassing the €8 billion mark despite the seasonal effect. All the business lines contributed to growth, including
the two French Retail Banking networks, the Regional banks and LCL, that seem to have reached theinflection point for revenue growth after suffering pressure on their interest income as a result of lower
interest rates. Growth in volumes, which remained very strong, particularly in all lending segments, and incommission income offset the year-on-year decrease in margins on home loans. Underlying revenues (excluding
provisions for home purchase savings) of the Regional banks and LCL increased by +1.0% and +2.3%
respectively in relation to the third quarter of 2017. These two networks are the two biggest contributors 11 toGroup revenues, accounting for 50% of said revenues (40% for the Regional banks and 10% for LCL). All theother business lines contributed positively to growth, barring Amundi (-1.5%), which from the third quarter ceased
to benefit from the scope effect related to Pioneer (integrated since 3 July 2017) and which posted a very low
level of performance fees for the quarter; nevertheless, management fees, which are a more accurate reflectionof the activity and growth in assets under management, grew by +3.6%.
Among the business lines that recorded growth, it is worth noting the Insurance activity and CIB/Financing, eachof which accounted for 8% of total Group revenues this quarter, and which saw increases of +27.6% and +25.5%
respectively in relation to the same quarter last year, without any scope effect. These business lines are thefourth and third largest contributors respectively to Group revenues. During the quarter,
Crédit Agricole Assurances benefited from the normalisation of the recognition of its financial margin, in relation
to a very low level in the third quarter of 2017, and continued strong premium income growth in non-life insurance,along with strict control of the combined ratio in property & casualty insurance despite climatic events. The
CIB/Financing activities recorded strong commercial banking performances across all product lines, notably intrade finance, and a solid level of origination in structured financing.
The Regional banks therefore recorded underlying revenue growth for the second quarter in a row, at +1.0%
to €3,242 million (compared to +0.5% in Q2 versus the same quarter last year). The environment of ongoing low
interest rates continued to weigh on interest margin, but interest income stabilised thanks to strong growth involumes, while the increase in fee and commission income (+1.5% in relation to third quarter 2017) enabled
growth in revenues; they account for more than half of commercial banking revenues.
Underlying operating expenses increased at a slower pace than revenues, at +2.8% in relation tothird quarter 2017. This gave a positive jaws effect of nearly one percentage point, while the underlying
cost/income ratio improved by 0.6 percentage point in relation to third quarter 2017 at 62.8%. Underlying
gross operating income increased by +5.4% compared to third quarter 2017.
The cost of credit risk remained almost stable at -€323 million versus -€317 million in third quarter 2017, but it
decreased in relation to the previous quarter (-€397 million). Behind this year-on-year stability there is in fact adecline when we exclude changes in provisions for the Regional banks, notably the continued high reversals in
the third quarter of 2017: Excluding the Regional banks, the cost of risk decreased by -16.5%, attributable inparticular to the Large Customers division, which recorded net reversals of +€57 million compared to
net reversals of +€21 million in third quarter 2017, and Retail Banking in Italy, whose cost of risk decreasedby -12.4% to -€70 million despite the integration of the three Italian banks since the end of 2017, thanks to theimprovement in the quality of the loan portfolios. The cost of credit risk relative to outstandings remained low,at 18 basis points12, stable in relation to third quarter 2017 and second quarter 2018. It remained at a very low
level for the Regional banks – 10 basis points – and decreased further for Retail Banking in Italy, at
73 basis points, versus 89 in the same period last year and 101 two years ago.
Adding the contribution from equity-accounted entities, which decreased by -37.4%/-€46 million to €77 million
due to the deconsolidation of BSF (contribution of €46 million in third quarter 2017), underlying pre-tax income
rose by +6.6% compared to third quarter 2017, reaching €2,770 million.
Several business lines – Regional banks, LCL, Insurance, Wealth Management, Consumer finance – recorded
an increase in their tax expense in relation to a low comparison base in third quarter 2017 for different reasons

If we rank separately the two activities, Financing and markets, of Corporate and Investment Banking, which accounts for 14% of businessdivisions’ revenues (excluding the Corporate centre).
12 Average provisions on loans outstanding over last four quarters, annualised
11

Results for the third quarter and first nine months of 20184/28

depending on the business line, which explains the higher increase in this item (+16.7%) than in pre-tax income,even after restatement for the contribution from equity-accounted entities (+8.9%), and therefore in theeffective tax rate to 31.1% (+2.1 percentage points in relation to third quarter 2017.
Despite the decrease in non-controlling interests linked to the acquisition of the minority interests of CACEIS (2.2%), this explains the smaller increase of +3.2% in underlying net income to €1,815 million.

Consolidated results of Crédit Agricole Group in 9M 2018 and in 9M 2017
€m

9M-18
stated

9M-17
statedCh. 9M/9M
stated

9M-18
underlying

9M-17
underlying

Ch. 9M/9M
underlying+2.8%

Revenues

24,72924,062+2.8%

24,74824,080Operating expenses excl.SRF(15,587)(15,167)+2.8%(15,566)(15,108)

+3.0%

SRF

(389)

(285)

+36.2%

(389)

(285)

+36.2%+1.2%

Gross operating income

8,754

8,610

+1.7%

8,794

8,686

Cost of risk

(1,141)(1,113)+2.5%(1,141)(1,113)+2.5%

Cost of legal risk

(5)

(115)

(96.0%)-(115)(100.0%)Equity-accounted entities

256

683

(62.6%)

256

459(44.3%)Net income on other assets

39

(0)

n.m.

39

5

x 8.4

Change in value of goodwill

86

-

n.m.

-

-

n.m.

Income before tax

7,989

8,065

(0.9%)

7,948

7,922

+0.3%

Tax
Net income from discont'd or held-for-saleope.
Net income(2,317)(2,185)+6.0%(2,331)(2,208)

+5.6%

(3)

43

n.m.

(3)

43

n.m.

5,669

5,923

(4.3%)

5,614

5,757

(2.5%)

Non controlling interests
Net income Group Share
Cost/Income ratio excl.SRF (%)

(395)
5,273
63.0%

(310)
5,614
63.0%

+27.6%(6.1%)-0.0 pp

(390)
5,224
62.9%

(327)
5,430
62.7%

+19.2%(3.8%)+0.2 pp

Underlying net income in the first nine months of 2018 decreased by -3.8% in relation to the first nine monthsof 2017, and by -0.2% excluding the SRF. It should be noted that while a calculation on a like-for-like basis is
no longer possible after the merger of the legal entities of the three Italian banks, the scope effect on growth overnine months is without doubt negative: the sale and deconsolidation of BSF and Eurazéo led to a loss incontribution to net income of +€203 million, while the contribution of Pioneer to be reintegrated over one sixmonth period had a positive impact on nine-month growth of just €75 million, and the three Italian banks andBanca Leonardo did not offset the difference.
Underlying revenues increased by +2.8%, with underlying operating expenses excluding SRF up by +3.0%
and the cost of credit risk (excluding an unallocated legal provision of -€115 million in the first – -40 – and third– -75 – quarters of 2017) up by +2.5%. Pre-tax income therefore remained almost stable (+0.3%) at€7,948 million, but the increase in tax (+5.6%) already signalled in the third quarter and in minority interests linked
mainly to the scope effect of Pioneer and the reduction in the stake in Amundi led to a reduction in underlying net
income.
During the third quarter, the Regional banks saw continued good business growth, both in loans, withoutstandings of €479.1 billion at end-September 2018, up +6.6% in relation to end-September 2017, and incustomer savings, which increased by +3.8% to outstandings of €688.3 billion. As in the previous quarters, growth
was particularly strong in home loans (+8.0%), consumer loans (+9.8%), and loans to businesses andprofessional clients (+8.8%). Life insurance assets under management increased by +3.5%, with the share ofunit-linked up by +12.3% in relation to end-September 2017.
These improvements are associated with winning new customers, i.e. 136,000 additional individual customers(net new customers) since the beginning of the year, including 22,000 for BforBank. The launch of EKO in
December 2017, an access banking solution for the Regional banks, made it possible to attract new prospects.
Nearly 64,000 customers have opened an account since launch, i.e. 8% new accounts opened over the period,
Results for the third quarter and first nine months of 20185/28

in line with the customer segment specifically targeted by the offer: 31% of the new relationships were formed
online.
This commercial performance made a significant contribution to growth in Crédit Agricole S.A.'s business lines,
which distribute a large number of products as the Group’s main distribution network and the leading
Retail Banking network in France.
In the third quarter of 2018, the contribution of the Regional banks to Crédit Agricole Group’s underlying
net income came to €671 million, representing a decrease of -13.3% compared to third quarter 2017,attributable to the aforementioned provision movements (cost of risk doubled from a very low level).
Over nine months, this contribution comes to €1,866 million, down -19.3% also, for the same reason (cost ofrisk nearly tripled from a very low level).

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

Over the quarter, Crédit Agricole Group's financial solidity remained robust, with a fully-loaded common equity
Tier 1 (CET1) ratio13 of 14.9%, up by+12 basis points compared to end-June 2018. This ratio provides a
substantial buffer above the distribution restriction trigger applicable to Crédit Agricole Group as of
1 January 2019, set at 9.5% by the ECB.
The TLAC ratio was 21.2% at 30 September 2018, excluding eligible senior preferred debt, stable from endJune 2018 (21.2%) and up compared to end-September 2017 (20.6%). This ratio is 170 basis points above theminimum requirement excluding countercyclical buffer for 2019 of 19.5%, without taking into accountsenior preferred debt that is eligible at 2.5% of risk-weighted assets based on the regulatory calculation. The
TLAC ratio target of 22% by 2019, excluding eligible senior preferred debt, has been confirmed, with a CET1
ratio target of 15.5% to 16% and 6% to 6.5% for senior non-preferred debt, Tier 2 and additional Tier 1
instruments. The Group issued the equivalent of €6.0 billion in Tier 2 and senior non-preferred debt overthe first nine months of the year.
The MREL
ratio
was
circa
13%
at
30 September 2018,ofwhich
8.3% excluding
eligible senior preferred debt. Crédit Agricole Group was notified on 8 June 2018 of the immediately applicableminimum required level including eligible senior preferred debt. Crédit Agricole Group complied with thisminimum level at 30 September 2018.
The phased-in leverage ratio14 came to 5.4%, stable compared to end-June 2018.
Crédit Agricole Group’s liquidity position is solid. Its banking cash balance sheet, at €1,210 billion at
30 September 2018, shows a surplus of stable funding resources over stable application of funds of€111 billion, up €5 billion compared to end-June 2018. This surplus exceeds the MTP target of over €100 billion.
The surplus of stable funds finances the HQLA (High Quality Liquid Assets) securities portfolio generated by the
LCR (Liquidity Coverage Ratio) requirement for customers and customer-related activities. The liquidity
reserves, which include capital gains and discounts on securities portfolios, stood at €262 billion on 30
September 2018, covering the level of short-term debt (€110 billion) more than twice over.
Crédit Agricole Group issuers raised €26.1 billion equivalent of medium- and long-term debt in thefirst nine months of 2018, versus just over €36.1 billion for the whole of 2017. Moreover, Crédit Agricole Group
placed €2.4 billion in bonds with its retail banking networks (the Regional banks, LCL and CA Italia).
Crédit Agricole S.A. raised a total of €12.2 billion over the first nine months of 2018, representing 47% of thetotal issuance of all the Group's issuers, thus achieving 102% of its issuance programme for 2018.

13
14

Including first-half 2018 retained earnings.
The leverage ratio amounts to 5.6% subject to the issue by the ECB of an authorisation to exempt exposures linked to the centralisation of deposits
with the Caisse des Dépôts et Consignations to take account of Judgement T-758/16 of the General Court of the European Union of 13 July 2018.
Results for the third quarter and first nine months of 2018

6/28

*

*
*

Dominique Lefebvre, Chairman of SAS Rue La Boétie and Chairman of Crédit Agricole S.A.'s Board of Directors,commented on the Group's nine-month 2018 results and activity as follows:“ Over the first nine months of theyear, Crédit Agricole Group has demonstrated the soundness of the customer projects, organisation andbusiness model adopted by it. Our retail banks on domestic markets in France and Italy all gained new customers.
Thanks to our customer-focused universal banking model, which underpins our overall relationship with ourcustomers and the quality and diversity of the products and services proposed by our specialised business lines,
we have been able to increase the equipment rate of our insurance and banking customers, notably in property& casualty insurance.The relevance of this banking model combined with steadfast financial soundness arestrong attributes that can turn a persistently uncertain environment to good account.”

Results for the third quarter and first nine months of 2018

7/28

Crédit Agricole S.A.
Solid growth in Q3/Q3 and 9M/9M results, despite difficult markets in Q3-

Underlying net income above €1bn: Q3-18 €1,133m, the highest third-quarter level since thefinancial crisis; +17.3% Q3/Q3, 9M-18 €3,338m, +9.5% 9M/9M despite an increase in the SRF;-

Contribution by all of the business divisions to growth (SFS stable), with a particularly high level ofgrowth and profitability in CIB/Financing;-

Underlying annualised ROTE15 13.1%; RONE Corporate and Investment Banking 13.1% after tax
and AT1 costs;

Strong activity, growth in revenue Q3/Q3 in all business lines-

Strong growth in lending for the Retail Banks, good resilience in savings inflows in a difficult market
environment;-

Underlying revenues up +5.9% Q3/Q3, contribution by all the business divisions, strong increase in
Insurance (+27.1%) and Large Customers (+5.5%), notably for the CIB/Financing activities (+25.5%);

Confirmed cost control and further fall in the cost of risk-

Further improvement in operating efficiency: underlying expenses +3.6% Q3/Q3,strong jaws effect (>+2pp Q3/Q3) in all business lines (+1.7pp 9M/9M),
further improvement in the underlying C/I ratio 1.4pp Q3/Q3 and 1.0pp 9M/9M;-

Further decrease in the cost of credit risk: -16.5% Q3/Q3; cost of risk relative to outstandings: 26bp;

Financial solidity: increase in CET1 ratio Q3/Q2 and upgrade by S&P-

Fully-loaded CET1 ratio 11.5%, above the MTP target of 11%, +11bp in Q3;-

Capital generation through retained earnings (+16bp, including a 9M dividend provision at €0.53);-

RWA stable: +€0.5bn/end-June; impact from reserves booked under OCI: -7bp, of which -2bp related
to the widening of spreads on Italian sovereign yields;-

Long-term rating by S&P raised to A+ (stable outlook), rating raised by each rating agency in the past
three years (Moody’s to A1/positive outlook and Fitch to A+/stable outlook);-

Settlement of OFAC litigation: definitive discharge from criminal prosecution at the end of the threeyear probationary period.

Crédit Agricole S.A.'s Board of Directors, chaired by Dominique Lefebvre, met on 6 November 2018 to examine
the financial statements for the third quarter and first nine months of 2018.
In third quarter 2018, stated net income was €1,101 million versus €1,066 million in the third quarter of 2017.
There were a small number of specific items this quarter, which had a limited net negative effectof -€32 million on net income, notably the cost of integrating Pioneer Investments in Amundi which amounted
to -€6 million (-12 before tax and non-controlling interests), the cost of integrating the three Italian banks in theamount of -€4 million (-7 before tax and non-controlling interests), and the net balance of -€23 million in
net income
fromrecurring volatile accounting items,
namely
the
DVA16
for
-€6 million,
hedging of the loan portfolios of the Large Customers division for -€10 million and provisions forhome purchase savings for -€7 million. In third quarter 2017, specific items had an impact on net income of+€100 million, notably a positive impact from the disposal of the stake in BSF 17 (+€117 million under equityaccounted entities), integration costs related to Pioneer Investments in the amount of -€14 million (-€27 million

15 See calculation of ROTE p. 25; annualised rate calculated without restating IFRIC21 charges, taking into account AT1 coupons deducted directlyfrom Group net equity; RONE of the divisions and business lines calculated using the same method

16 Debt Valuation Adjustment, i.e. gains and losses on financial instruments related to changes in the Group’s issuer spread
17

Disposal of 15.42% interest, consolidated using the equity method until disposal in June 2017; see press release of 6 June 2017
Results for the third quarter and first nine months of 20188/28

before tax and non-controlling interests), and a net balance of +€3 million in net income from recurring volatileaccounting items, namely issuer spread for -€14 million, hedging of the loan portfolios of the Large Customers
division for -€9 million and provisions for home purchase savings plans for +€26 million.
Excluding these specific items, underlying net income for third quarter 2018 came to €1,133 million, an
increase of +17.3% compared to third quarter 2017. This is the highest level of third-quarter
underlying net income published by Crédit Agricole S.A. since the financial crisis 18.
Underlying earnings per share came to €0.36, an increase of +18.6% compared to third quarter 2017.
Tangible net asset per share (not revaluated, excluding OCI reserves, before deduction of the dividend) cameto €11.5, up +3.2% versus end-September 2017 (including the IFRS9 impact of -€0.04 per share) and +3.0%
versus end-June 2018.

Consolidated results of Crédit Agricole S.A. in Q3-2018 and in Q3-2017
€m

Q3-18
stated

Q3-17
statedCh. Q3/Q3
statedQ3-18
underlying

Q3-17
underlying

Ch. Q3/Q3
underlying

Revenues

4,802

4,575

+5.0%

4,834

4,564

+5.9%

Operating expenses excl.SRF(2,998)(2,902)+3.3%(2,979)(2,875)

+3.6%

-

-

n.m.

-

-

n.m.

Gross operating income

1,804

1,672

+7.8%

1,856

1,689

+9.9%

Cost of risk

(218)

(262)

(16.5%)

(218)

(262)

(16.5%)

Cost of legal risk

-

(75)

(100.0%)-(75)(100.0%)Equity-accounted entities

78

239

(67.3%)

78122(35.9%)Net income on other assets

(0)

(7)

(98.7%)(0)(2)(96.0%)

Change in value of goodwill

-

-

n.m.

-

-

n.m.

Income before tax

1,663

1,567

+6.1%

1,715

1,472

+16.5%Tax
Net income from discont'd or held-for-saleope.
Net income

(434)

(367)

+18.3%

(449)

(364)

+23.3%

(1)

(2)

n.m.

(1)

(2)

n.m.

1,228

1,198

+2.5%

1,265

1,105

+14.4%

Non controlling interests

(128)

(132)

(3.2%)

(132)

(139)

(5.3%)Net income Group Share

1,101

1,066

+3.2%

1,133

966

+17.3%

Earnings per share (€)

0.35

0.34

+3.1%

0.36

0.31

+18.6%

Cost/Income ratio excl.SRF (%)

62.4%

63.4%

-1.0 pp

61.6%

63.0%

-1.4 pp

SRF

All
the
businesslines
contributed
togrowthinunderlying net income
barringSpecialised Financial Services, which saw a stable year-on-year performance. This growth was achieved despitea more difficult market environment, thanks to a high level of activity, albeit slower in some business lines due toannual seasonal effects (namely Asset and Wealth management). This activity was of good quality in terms ofrisk profile and profitability, notably because it was amplified by cross-selling between the Crédit Agricole S.A.
businesses and the Crédit Agricole Group Retail Banks, including the Regional banks, in line with the mediumterm plan (MTP) strategy to strengthen cross-selling. The revenue growth recorded in all of the business lines
attest to this. The quarter was also marked by a continued improvement in operating efficiency, as reflected inpositive jaws effects and an improvement in the underlying cost/income ratio. Finally, the reduction in the cost ofrisk, particularly in Italy, and the net reversals of credit provisions in Corporate and Investment Banking enabled
an acceleration of growth in net income.
It should be noted that due to the legal merger of each of the three Italian banks with CA Italia it is no longer
possible to calculate a scope effect from the third quarter of 2018. As for the Crédit Agricole Group, thescope effect was undoubtedly negative in terms of growth in underlying net income, as the contribution of BSF
in the third quarter of 2017 (€46 million) was not yet offset by the contributions of the three Italian banks andBanca Leonardo. Conversely, the forex effect being much smaller than during the two previous quarters (the euro
lost -1.3% vs. the US dollar on average in third quarter 2018 in relation to the same period in 2017), no forex
effect was calculated for this quarter.

18

Underlying net income in the third quarter of 2007: €1,158 million
Results for the third quarter and first nine months of 2018

9/28

Third quarter 2018 underlying revenues reached €4,834 million, up +5.9% thanks to a contribution by all thebusiness lines, including Retail Banking, which saw an increase of +4.3% versus third quarter 2017, attributable
to a strong performance by LCL, +2.3% (+3.5% excluding renegotiation fees and early redemptions) and thescope effect of the three Italian banks. Of particular note is the very strong performance by the Insurance activity(+27.1%) and Corporate and Investment Banking, whose revenues grew by +4.4% despite a high comparisonbase in the third quarter of 2017 and difficult markets in the third quarter of 2018. This increase was notably
underpinned by Corporate Banking (+25.5%), which benefited during the quarter from strong performances in all
Commercial Banking product lines and a high level of Structured financing activity.
Other notable activity developments among the business lines in the third quarter include:-

a high level of lending activity in Retail Banking on the Group's domestic markets, with growth inloans to businesses topping +10% for the Regional banks and LCL versus 30 September 2017, andstrong home loan activity, which grew by +4.5% at LCL and +8.0% among the Regional banks;since December 2017, CA Italia has benefited from a scope effect related to the three Italian banks,
which recorded a sharp sequential increase in their loan origination, e.g. new home loans up +26% in
the third quarter versus the second quarter, after +61% in the second quarter versus the first quarter;-

strong net inflows in the Asset gathering & Insurance division, attributable in particular to life insurance(+€2.0 billion, of which €1.2 billion in unit-linked activity) and good resilience in asset management(+€6.1 billion), despite a difficult market environment and the announced loss in the second quarter of the
Fineco mandate; the Insurance business continued to generate strong growth in property & casualty
premiums, which reached +8.6%, thanks notably to growth in the customer equipment rate at the retail banks(+1.3 percentage points over nine months for the Regional banks to 35.9% and +1.1 for LCL at 23.5%);-

good growth in Specialised Financial Services outstandings, both in Consumer finance’s
managed loans (+6.9% versus end-September 2017 to €85.9 billion, showing an acceleration versus endJune), which were driven by partnerships with automotive companies and the Group networks, and inconsolidated finance leases (+3.4% versus end-September 2017 to €14.3 billion, particularly international
leases +10.2%), and factoring revenue (+3.6% in third quarter 2018 versus the same quarter in 2017);-

the high level of activity in CIB/Financing activities, which this quarter did not lead to an increase in riskweighted assets thanks to good syndication activity and risk transfer: the average primary distribution
rate over twelve rolling months was 38%.

Since the last quarterly publication there has been a notable reinforcement of Crédit Agricole Assurances’bancassurance partnership with Portuguese bank Novo Banco, achieved by bringing CAA's interest in thebrokerage firm GNB Seguros to 75% through the purchase of the 25% stake held by Portuguese insurancecompany Seguradoras Unidas. Details of the other highlights are provided in the section on
Crédit Agricole Group.
Revenue growth was reinforced by good cost control, with underlying expenses growing by just +3.6% versus
third quarter 2017. It should be noted that the bulk of this increase of +€104 million came from threebusiness lines: Retail Banking in Italy (+16.5%/+€40 million) due to the scope effect, CIB/Financing activities
thanks to its strong level of activity (+6.6%/+€15 million, but revenues rose by +25.5%) and the Corporate Centre(+€27 million/+14.8%) due to investment in information systems and payments. By contrast, the otherbusiness lines showed no change (Consumer finance, Insurance) or a decrease (Asset Management, LCL). This
tight cost management made it possible to generate a significant jaws effect between growth inunderlying revenues and in underlying expenses of more than +2 percentage points, leading to an improvementin the cost/income ratio of 1.4 percentage points versus third quarter 2017, to 61.6%. All business divisions
contributed to this good performance, each generating a positive underlying jaws effect.
Underlying gross operating income therefore increased by +9.9% compared to third quarter 2017.
The cost of risk decreased further to a very low level, reaching €218 million versus €262 million inthird quarter 2017, down -16.5%/-€44 million in relation to third quarter 2017, notably attributable to theLarge Customers division, which recorded net reversals of +€57 million compared to net reversals of +€21 million
Results for the third quarter and first nine months of 201810/28

in third quarter 2017, and Retail Banking in Italy, whose cost of risk decreased by -12.4%/-€10 million despite theintegration since the end of 2017 of the three Italian banks, thanks to an improvement in the quality of theloan portfolios. By contrast, the cost of risk increased for Specialised Financial Services (+10.3%/+€13 millions)and for Consumer finance in particular: the cost of risk relative to outstandings normalised at 118 basis points
while consolidated outstandings increased. A slight increase also for LCL (+11.1%/+€5 million), but from a very
low level. The cost of credit risk relative to outstandings of Crédit Agricole S.A. remained low at
26 basis points19, down -5 basis points versus third quarter 2017 but stable in relation to second quarter 2018
and still lower than the 50 basis point assumption in the medium-term plan.
The underlying contribution of equity-accounted entities decreased by -35.9% to €78 million. Excluding theloss of the contribution from BSF, it would have increased by +3% notably due to the sharp increase in profitabilityof the Asset management joint ventures in Asia.
Underlying pre-tax income20 before discontinued operations and non-controlling interests increased by+16.5% to €1,715 million. The third and second quarters of 2017 benefited from low tax on capital gains on thedisposal by the Insurance business line, which saw the underlying effective tax rate come out at 27.0% versus
27.4% in third quarter 2018. The underlying tax expense therefore increased at a higher pace than pre-tax
income, by +23.3% to €449 million. This brought growth in net income before non-controlling interests to+14.4%. The decrease in non-controlling interests, partly linked to the buyback of non-controlling interests in
CACEIS last December, brought the increase in underlying net income to +17.3% versus third quarter 2017,at €1,133 million.
Stated net income in the first nine months of 2018 amounted to €3,393 million, compared to €3,262 million in
the first nine months of 2017, an increase of +4.0%.
Specific items during the first nine months of 2018 had an impact of +€54 million on stated net income. In
addition to the third quarter items already mentioned above, the first half 2018 items had a positive impact of+€87 million, including the adjustment of negative goodwill recognised at the time of acquisition of thethree Italian banks totalling +€66 million, the cost of integrating Pioneer Investments of -€8 million(-€14 million over nine months), reversals of integration costs for the three Italian banks leading to net reversals
over nine months of +€5 million and recurring specific items over nine months, namely the DVA for +€5 million,
hedging of the loan portfolios of the Large Customers division for +€4 million, and provisions forhome loan savings of -€7 million. Specific items for the first nine months of 2017 had an impact of+€214 million on net income. They notably included an impact on net income from the integration costs of Pioneerin the amount of -€28 million, the capital gain on the disposal of BSF in the amount of +€107 million, the capitalgain on the sale of Eurazeo in the amount of +€114 million, issuer spread of -€69 million, the DVA of -€39 million,
hedging of the loan portfolio of the Large Customers division in the amount of -€34 million and provisions forhome loan savings of +€165 million.
Excluding these specific items, underlying net income reached €3,338 million, increasing by +9.5% comparedwith the first nine months of 2017. It was impacted by the sharp increase in the SRF (+24.5%); if we strip out
this increase in the SRF, underlying net income would have grown by +10.5%.
Underlying earnings per
first nine months of 2017.

share

came

to

€1.06,

anincreaseof+10.9%

comparedtotheAnnualised ROTE21 (return on tangible equity excluding intangibles) net of coupons on Additional Tier 1 securities
reached 13.1% in the first nine months of 2018, a significant increase compared to the first nine months of 2017(12.4%).

19 Average provisions on loans outstanding over last four quarters, annualised20

See p. 15 for more details on specific items related to Crédit Agricole S.A.

21 See details on the calculation of the business lines' ROTE (return on tangible equity) and RONE (return on normalised equity) on p.25.

Results for the third quarter and first nine months of 2018

11/28

Consolidated results of Crédit Agricole S.A. in 9M 2018 and in 9M 2017
€m

9M-18
stated

9M-17
statedCh. 9M/9M
stated

9M-18
underlying

9M-17
underlying

Ch. 9M/9M
underlying

Revenues

14,882

13,983+6.4%

14,88013,962+6.6%

Operating expenses excl.SRF(9,074)(8,693)+4.4%(9,053)(8,635)+4.9%+24.5%

SRF

(301)

(242)

+24.5%

(301)

(242)

Gross operating income

5,507

5,047

+9.1%

5,525

5,086

+8.6%

Cost of risk

(755)

(972)

(22.3%)

(755)

(972)

(22.3%)

Cost of legal risk

(5)

(115)

(96.0%)-(115)(100.0%)Equity-accounted entities

248

678

(63.4%)

248

454(45.3%)Net income on other assets

32

(8)

n.m.

32

(3)

n.m.

Change in value of goodwill

86

-

n.m.

-

-

n.m.

Income before tax

5,113

4,630

+10.4%

5,050

4,449

+13.5%Tax
Net income from discont'd or held-for-saleope.
Net income(1,244)(1,030)+20.8%(1,250)(1,046)+19.6%

(3)

43

n.m.

(3)

43

n.m.

3,866

3,643

+6.1%

3,797

3,447

+10.2%

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

(473)
3,393
1.08
61.0%

(381)
3,262
1.03
62.2%

+24.1%+4.0%+4.7%-1.2 pp

(459)
3,338
1.06
60.8%

(399)
3,048
0.96
61.8%

+15.0%+9.5%+10.9%-1.0 pp

As during the quarter, this performance was achieved through strong growth in revenues, excellent cost control
and a decrease in the cost of risk.
Underlying revenues increased by +6.6% in relation to the first nine months of 2017, with a positive contribution
recorded by all the divisions, and the performance in the third quarter enabling the Large Customers division to
make up the lag it recorded in the first half of the year.
Underlying operating expenses increased by +4.9%, excluding the contribution to the SRF, which increased
by a significant +24.5% to €301 million during the first nine months of 2018 versus €242 million during thefirst nine months of 2017. Thanks to this positive jaws effect of +1.7 percentage points, theunderlying cost/income ratio excluding the SRF improved by 1.0 percentage point to 60.8%.
The cost of credit risk excluding unallocated legal provisions (-€115 million in the first nine months of 2017)
decreased by -22.3%/+€217 million compared to the first nine months of 2017, at -€755 million. As during thefirst half, this decrease can mainly be explained by the Large Customers division (+€204 million), with net
reversals for this division over nine months (+€38 million) compared with net allocations (-€166 million) in thefirst nine months of 2017, notably Corporate Financing (+€237 million year-on-year). The contribution changesof the other activities more or less cancelled each other out: slight increase for Specialised Financial Services(+8.8%/-€30 million) and LCL (+5.3%/-€8 million), but a decrease for International Retail Banking(-15.7%/+€51 million).
As for the quarter, the -45.3%/-€206 million decrease in underlying results of the equity-accounted companies
can be explained by the deconsolidation of BSF and to a lesser extent of Eurazeo, in the amountof -€204 million. After restatement for this item, growth was recorded in the Asset management andConsumer finance joint ventures. It should be noted that the equity-accounted companies contributed just 7% tounderlying net income compared with 15% in the first nine months of 2017, even though there was an increasein the related results. The increase in the share of fully consolidated profit was a significant step in simplifying
Crédit Agricole S.A. and in improving its cash control, enabling better coverage of dividends.
Underlying pre-tax income increased by +13.5%, surpassing the €5 billion mark, at €5,050 million. The
decrease in the contribution of equity-accounted companies and the converse increase in the share of fullyconsolidated income explains the higher increase in taxation than in pre-tax income, at +19.6%. Net income
increased by just +10.2%, while the stronger increase in non-controlling interests (+15.0%), notably attributable
to the sharp increase in Amundi's contribution after the integration of Pioneer, brought growth inunderlying net income to +9.5%, at €3,338 million.

Results for the third quarter and first nine months of 201812/28

In third quarter 2018, Crédit Agricole S.A.'s financial solidity strengthened, with a fully-loaded
Common Equity Tier 1 (CET1) ratio22 of 11.5%, up by+11 basis points compared to end-June 2018. This
increase can mainly be attributed to capital generation during the quarter (+16 basis points), after the deductionof coupons on additional Tier 1 securities accrued during the quarter and a prudential provision for the quarterly
dividend accrual of €0.18 per share (€0.53 per share for the first nine months of 2018) and the capital increase
reserved for employees settled on 1 August (+4 basis points), from which the negative effects of changes in
OCI reserves (-7 basis points, of which -2 related to the broadening of spreads on Italian sovereign yields) andmoderate growth in risk-weighted assets over the quarter (-1 basis point) were deducted. Risk-weighted assets
amounted to €307 billion at end-September 2018, stable compared with end-June.
The phased-in leverage ratio23 was 4.1% at end-September 2018 as defined in the Delegated Act adopted by
the European Commission.
Crédit Agricole S.A.’s average LCR ratio over twelve months stood at 134.5% at end-September 2018 (134.2%
related to Crédit Agricole Group), higher than the Medium-Term Plan target of over 110%.
At end-September 2018, Crédit Agricole S.A. had completed 102% of its €12 billion medium- to long termmarket funding programme for the year (€12.2 billion). It raised the equivalent of €6.2 billion in senior preferreddebt (uncollateralised) and collateralised senior debt and the equivalent of €6.0 billion in Tier 2 and senior nonpreferred debt, the latter amounting to €4.6 billion.
***

Philippe Brassac, Chief Executive Officer, commented on the third-quarter 2018 results and activity of
Crédit Agricole S.A. as follows: “During the third quarter, Crédit Agricole S.A. continued to develop in line with
the MTP by successfully integrating recent acquisitions and achieving organic growth in all of its business lines.
This development was efficiently achieved: expenses continued to be tightly managed, the cost/income ratio
improved, and risk-weighted assets remained almost stable in relation to the previous quarter. Consequently, weachieved a strong increase in net income and high profitability, and further strengthened our financial soundness
and the quality of our credit portfolios. This is reflected in the upgrade by one notch by S&P of the Group’s longterm credit rating. The Group therefore is well equipped to thrive on all its markets.”

22
23

Including first half 2018 retained earnings.
The leverage ratio amounts to 4.3% at this date subject to the issue by the ECB of an authorisation to exempt exposures linked to the centralisationof deposits with the Caisse des Dépôts et Consignations to take account of Judgement T-758/16 of the General Court of the European Union of
13 July 2018.
Results for the third quarter and first nine months of 2018

13/28

Corporate socialand environmental
responsibility
Numerous awards for Crédit Agricole Group’s CSR policy
In recent months, Crédit Agricole S.A. and its subsidiaries have been awarded many prizes that reward its
Corporate social and environmental responsibility policy, signs of the Group’s success in integrating ESG criteria(environnement, society and governance) in its investment and lending criteria. Thus, Amundi was awarded theCorbeille Epargne Salariale by the French financial weekly « Mieux vivre votre argent », LCL received the « Best
employee savings plans 5-year management – Equity » award « Best 1-year PEA (Equity) fund range »,Crédit Agricole was top-ranked for the « Corbeille Long Terme » (Long term – 5-year - fund management), themost prestigious prize. Crédit Agricole CIB received several awards at the GlobalCapital Green/Sustainable andResponsible Capital Markets Awards, benchmark prizes for green, social and sustainable bonds and loans. CACIB was voted « Overall Most Impressive Investment Bank for Green/SRI Capital Markets ». Finally,
Crédit Agricole Assurances received the award Global Invest Sustainable Insurance company of the year,
organised by the French financial daily l’Agefi, that rewards the engagement of CA Assurances in sustainable
investments.

Amundi's commitment to respectful management of ESG analysis
A pioneer in responsible investment and European leader in asset management, Amundi recently launched an
ambitious action plan to give its commitments new impetus. The use of ESG (Environmental, Social, Governance)
criteria in its analysis will be rolled out across all of the Group’s fund management within the next three years andthe voting policy at general meetings will systematically incorporate the results of the companies’ ESG rating.
Amundi is further strengthening its responsible investment approach by doubling its investment in projects withan environmental impact and those dedicated to the social and solidarity economy.

Integrated report
Crédit Agricole S.A. published its third Integrated Report – jointly prepared and approved by the Board of
Directors – at its Annual Shareholders’ Meeting of 16 May. Prepared based on the recommendations of the IIRC
(International Integrated Report Committee), of which Crédit Agricole S.A. has been a member since 2016, it
offers a summary account of all the Group's other financial and extra-financial information and of its businessmodel, strategy and key performance indicators. This document reflects the growing pace of integration of CSR
in the Group's strategy and different business lines.

Liquidity Green Supporting Factor
In order to assist its business lines, Crédit Agricole CIB implemented an initiative under which projects to help
combat climate change can benefit from a more advantageous internal funding rate. With the “Liquidity Green
Supporting Factor” favourable terms can be offered to investors enabling an increase in responsible financing
amounts.

Results for the third quarter and first nine months of 2018

14/28

Appendix 1 – Specific items, Crédit Agricole S.A. andCrédit Agricole Group
Crédit Agricole S.A. - Specific items, Q3-18 and Q3-17, 9M-18 and 9M-17€mIssuer spreads (CC)
DVA (LC)
Loan portfolio hedges (LC)Home Purchase Savings Plans(FRB)
Home Purchase Savings Plans (CC)
Liability management upfront
payment (CC)Total impact on revenues

Q3-18
Gross Impact
impact
on
*
NIGS
(8)
(6)
(14)
(10)

Q3-17
Gross Impact
impact
on
*
NIGS
(16)
(14)
(0)
(0)
(13)
(9)

9M-18
Gross Impact
impact
on
*
NIGS
8
5
6
4

9M-17
ImpactGrossonimpact*
NIGS
(121)
(69)
(61)
(39)
(53)
(34)

(2)

(1)

8

5

(2)

(1)

63

39

(9)

(6)

32

21

(9)

(6)

154

101

-

-

-

-

-

-

39

26

(33)

(23)

10

3

2

3

20

23

Pioneer integration costs (AG)
3 Italian banks integration costs(IRB)
Total impact on operating
expenses
ECB fine (CC)Total impact Non-allocated legalrisk provisions
Eurazeo sale (CC)
Disposal of BSF (LC)Total impact on equity affiliates

(12)

(6)

(27)

(14)

(30)

(14)

(59)

(28)

(7)

(4)

-

-

9

5

-

-

(19)

(10)

(27)

(14)

(21)

(10)

(59)

(28)

-

-

(5)

(5)

-

-

-

-

(5)

(5)

-

-

-

-

117
107

114
107

-

-

107
117
224

107
114
221

Change of value of goodwill (CC)Total impact on change of value of
goodwill

-

-

-

-

86

66

-

-

-

-

-

-

86

66

-

-

CA Italy acquisition costs (IRB)

-

-

(5)

(3)

-

-

(5)

(3)

Total impact on Net income onother assets

-

-

(5)

(3)

-

-

(5)

(3)

Total impact of specific items
Asset gathering

(52)

(32)

95

100

62

54

181

214

(12)

(6)

(27)

(14)

(30)

(14)

(59)

(28)

French Retail banking

(2)

(1)

8

5

(2)

(1)

63

39

International Retail banking

(7)

(4)

(5)

(3)

9

5

(5)

(3)

Specialised financial services

-

-

-

-

-

-

-

-

-

Large customers

(21)

(16)

103

106

13

10

3

41

Corporate centre

(9)

(6)

16

6

72

55

179

165

* Impacts before tax and minority interests

Results for the third quarter and first nine months of 2018

15/28

Crédit Agricole Group - Specific items, Q3-18 and Q3-17, 9M-18 and 9M-17

€m

Q3-18
Q3-17
Gross Impact Gross Impact
impacton
impact
on
*
NIGS
*
NIGS

9M-18
ImpactGrossonimpact*NIGS

9M-17
ImpactGrossonimpact*
NIGS

Issuer spreads (CC)

-

-

(28)

(23)

-

-

(145)

(91)

DVA (LC)

(8)

(6)

(0)

(0)

8

6

(61)

(40)

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

(14)

(10)

(13)

(9)

6

5

(53)

(35)

(2)

(1)

8

5

(2)

(1)

63

41

(9)

(6)

32

21

(9)

(6)

154

101

Home Purchase Savings Plans (RB)

(22)

(14)

80

52

(22)

(14)

205

134

-

-

-

-

-

-

(218)

(148)

-

-

-

-

-

-

39

26

(54)

(37)

78

46

(19)

(11)

(17)

(12)

Pioneer integration costs (AG)
3 Italian banks integration costs(IRB)
Total impact on operating
expenses
ECB fine (CC)Total impact Non-allocated legalrisk provisions
Eurazeo sale (CC)
Disposal of BSF (LC)

(12)

(6)

(27)

(11)

(30)

(14)

(59)

(26)

(7)

(3)

-

-

9

6

-

-

(19)

(9)

(27)

(11)

(21)

(8)

(59)

(26)

-

-

(5)

(5)

-

-

-

-

(5)

(5)

-

-

-

-

117

117

-

-

107
117

107
117

Total impact on equity affiliates

-

-

117

117

224

224

Change of value of goodwill (CC)Total impact on change of value of
goodwill
CA Italy acquisition costs (IRB)
Total impact on Net income onother assets

-

-

-

-

86

74

-

-

-

-

-

-

86

74

-

-

-

-

(5)

(3)

-

-

(5)

(3)

-

-

(5)

(3)

-

-

(5)

(3)

Total impact of specific items
Asset gathering

29

20

163

149

41

50

143

184

(8)

(4)

(27)

(11)

(30)

(14)

(59)

(26)

French Retail banking

-

-

87

57

(24)

(15)

49

27

International Retail banking

16

9

(5)

(3)

9

6

(5)

(3)

Specialised financial services

-

-

-

-

-

-

-

-

Adjustment on liability costs (RB)Liability management upfront
payment (CC)Total impact on revenues-

Large customers

25

19

103

108

13

10

3

42

Corporate centre

(5)

(5)

4

(3)

72

63

155

143

* Impacts before tax and minority
interests

Results for the third quarter and first nine months of 2018

16/28

Appendix 2 – Crédit Agricole S.A.: Stated and underlying detailed income statement
Crédit Agricole S.A. – From stated to underlying results, Q3-18 and Q3-17
Q3-18
statedSpecific
items

Revenues

4,802

(33)

4,834

4,575

10

4,564

+5.0%

+5.9%

Operating expenses excl.SRF(2,998)(19)(2,979)(2,902)(27)(2,875)

+3.3%

+3.6%

-

-

-

-

-

-

n.m.

n.m.

Gross operating income

1,804

(52)

1,856

1,672

(17)

1,689

+7.8%

+9.9%

Cost of risk

(218)

-

(218)

(262)

-

(262)

(16.5%)(16.5%)

-

-

-

(75)

-

(75)

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

78

-

78

239

117

122

(67.3%)(35.9%)Net income on other assets

(0)

-

(0)

(7)

(5)

(2)

(98.7%)(96.0%)

Change in value of goodwill

-

-

-

-

-

-

n.m.

n.m.

Income before tax

1,663

(52)

1,715

1,567

95

1,472

+6.1%

+16.5%Tax
Net income from discont'd or held-forsale ope.
Net income

(434)

15

(449)

(367)

(2)

(364)

+18.3%+23.3%

(1)

-

(1)

(2)

-

(2)

n.m.

n.m.

1,228

(37)

1,265

1,198

93

1,105

+2.5%

+14.4%

Non controlling interests

(128)

4

(132)

(132)

7

(139)

(3.2%)(5.3%)Net income Group Share

1,101

(32)

1,133

1,066

100

966

+3.2%

+17.3%

Earnings per share (€)

0.35(0.01)

0.37

0.34

0.04

0.31

+3.4%

+18.9%

Cost/Income ratio excl.SRF (%)

62.4%

61.6%

63.4%

63.0%

-1.0 pp-1.4 pp€m

SRF

Cost of legal risk

Q3-18
underlying

Q3-17
statedSpecific
items

Q3-17
underlying

Ch. Q3/Q3 Ch. Q3/Q3
statedunderlying

Results for the third quarter and first nine months of 2018

17/28

Crédit Agricole S.A. – From stated to underlying results, 9M-18 and 9M-17
€m

9M-18
statedSpecific ite
9M-18
ms
underlying

9M-17
statedSpecific ite
9M-17
Ch. 9M/9M Ch. 9M/9M
ms
underlying
statedunderlying

Revenues

14,882

2

14,88013,98320

13,962+6.4%

Operating expenses excl.SRF(9,074)(21)(9,053)(8,693)(59)(8,635)

+4.4%

+4.9%

SRF

(301)

-

(301)

(242)

-

(242)

+24.5%+24.5%

Gross operating income

5,507

(18)

5,525

5,047

(38)

5,086

+9.1%

+8.6%

Cost of risk

(755)

-

(755)

(972)

-

(972)

(22.3%)(22.3%)

Cost of legal risk

(5)

(5)

-

(115)

-

(115)

(96.0%)(100.0%)Equity-accounted entities

248

-

248

678

224

454

(63.4%)(45.3%)Net income on other assets

32

-

32

(8)

(5)

(3)

n.m.

n.m.

Change in value of goodwill

86

86

-

-

-

-

n.m.

n.m.

Income before tax

5,113

62

5,050

4,630

181

4,449

+10.4%+13.5%Tax
Net income from discont'd or held-forsale ope.
Net income(1,244)

6(1,250)(1,030)16(1,046)+20.8%+19.6%

(3)

-

(3)

43

-

43

n.m.

n.m.

3,866

69

3,797

3,643

196

3,447

+6.1%

+10.2%

Non controlling interests

(473)

(15)

(459)

(381)

18

(399)

+24.1%+15.0%Net income Group Share
Earnings per share (€)
Cost/Income ratio excl.SRF (%)

3,393
1.08
61.0%

54
0.02

3,338
1.06
60.8%

3,262
1.03
62.2%

214
0.08

3,048
0.96
61.8%

+4.0%
+4.7%
-1.2 pp+9.5%+10.9%-1.0 pp

Results for the third quarter and first nine months of 2018

+6.6%

18/28

Appendix 3 – Crédit Agricole S.A.: Results by division
Crédit Agricole S.A.: Results by division, Q3-18 and Q3-17
Q3-18 (stated)€m

AG

FRB (LCL)

IRB

SFS

LC

CC

Total

Revenues

1,452

858

662

695

1,297

(162)

4,802

Operating expenses excl. SRF

(680)

(578)

(417)

(339)

(773)

(212)

(2,998)

SRF

-

-

-

-

-

-

-

Gross operating income

772

280

245

356

524

(374)

1,804

Cost of risk

14

(50)

(95)

(141)

57

(2)

(218)

Cost of legal risk

-

-

-

-

-

-

-

Equity-accounted entities

12

-

-

63

1

2

78

Net income on other assets

(2)

0

0

1

1

(0)

(0)

Change in value of goodwill

-

-

-

-

-

-

-

Income before tax

796

231

150

279

582

(375)

1,663

Tax

(242)

(68)

(45)

(63)

(166)

151

(434)

Net income from discontinued or heldfor-sale operations

(1)

-

-

(0)

-

-

(1)

Net income

554

162

106

215

416

(224)

1,228

Non controlling interests

(70)

(7)

(29)

(24)

(8)

11

(128)

Net income Group Share

484

155

77

190

408

(213)

1,101

€m

AG

FRB (LCL)

IRB

SFS

LC

CC

Total

Revenues

1,302

848

619

675

1,236

(106)

4,575

Operating expenses excl. SRF(2,902)

Q3-17 (stated)

(680)

(595)

(364)

(337)

(741)

(184)

SRF

-

-

-

-

-

-

-

Gross operating income

622

253

255

338

495

(291)

1,672

Cost of risk

0

(45)

(113)

(128)

21

3

(262)

Cost of legal risk

-

-

-

-

(75)

-

(75)

Equity-accounted entities

9

-

-

68

163

(1)

239

Net income on other assets

(0)

(0)

(8)

(1)

2

(1)

(7)

Change in value of goodwill

-

-

-

-

-

-

-

Income before tax

631

208

134

277

607

(289)

1,567

Tax

(113)

(59)

(42)

(60)

(197)

103

(367)

Net income from discontinued or heldfor-sale operations

(1)

-

0

(2)

-

-

(2)

Net income

518

149

92

215

410

(186)

1,198

Non controlling interests

(63)

(7)

(28)

(24)

(13)

3

(132)

Net income Group Share

455

142

64

191

397

(183)

1,066

Results for the third quarter and first nine months of 2018
19/28

Crédit Agricole S.A. : Results by division, 9M-18 and 9M-17
9M-18 (stated)€m

AG

FRB (LCL)

IRB

SFS

LC

CC

Total

Revenues

4,308

2,592

2,028

2,078

4,158

(281)

14,882

Operating expenses excl. SRF(2,109)(1,766)(1,249)(1,007)(2,356)(586)(9,074)

SRF

(3)

(28)

(22)

(17)

(170)

(62)

(301)

Gross operating income

2,195

798

757

1,054

1,633

(930)

5,507

Cost of risk

5

(157)

(274)

(368)

38

1

(755)

Cost of legal risk

-

-

-

-

-

(5)

(5)

Equity-accounted entities

38

-

-

190

2

19

248

Net income on other assets

(2)

3

0

1

14

16

32

Change in value of goodwill

-

-

-

-

-

86

86

Income before tax

2,236

643

483

877

1,686

(812)

5,113

Tax

(599)

(201)

(146)

(204)

(472)

377

(1,244)

Net income from discontinued or heldfor-sale operations

(1)

(1)

-

(0)

-

-

(3)

Net income

1,635

441

338

673

1,215

(435)

3,866

Non controlling interests

(225)

(20)

(93)

(88)

(23)

(24)

(473)

Net income Group Share

1,410

422

245

585

1,191

(460)

3,393

9M-17 (stated)€m

AG

FRB (LCL)

IRB

SFS

LC

CC

Total

Revenues

3,703

2,664

1,864

2,050

4,027

(326)

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

SRF

(3)

(15)

(10)

(14)

(139)

(61)

(242)

Gross operating income

1,825

835

756

1,015

1,605

(988)

5,047

Cost of risk

(1)

(149)

(325)

(338)

(166)

7

(972)

Cost of legal risk

-

-

-

-

(115)

-

(115)

Equity-accounted entities

24

-

-

183

292

178

678

Net income on other assets

(0)

0

(7)

(1)

2

(1)

(8)

Change in value of goodwill

-

-

-

-

-

-

-

Income before tax

1,848

686

424

859

1,618

(805)

4,630

Tax

(405)

(194)

(133)

(205)

(447)

353

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

30

-

0

13

-

-

43

Net income

1,473

492

291

667

1,171

(452)

3,643

Non controlling interests

(155)

(24)

(85)

(88)

(39)

9

(381)

Net income Group Share

1,318

468

206

580

1,132

(443)

3,262

Results for the third quarter and first nine months of 2018
20/28

Appendix 4 – Crédit Agricole Group: Stated and underlying detailed income statement
Crédit Agricole Group – From stated to underlying results, Q3-18 and Q3-17
Q3-17
underlying

Ch.
Q3/Q3
statedCh. Q3/Q3
underlyin
g

78

7,807

+2.0%

+3.7%

(27)

(4,947)

+2.6%

+2.8%

-

-

n.m.

n.m.

2,911

51

2,860

+1.0%

+5.4%

(323)

(317)

-

(317)

+1.9%

+1.9%

77
2

(75)
240
1

117
(5)

(75)
123
6

(100.0%)(67.9%)+60.3%(100.0%)(37.4%)(72.1%)

Q3-18
statedSpecific
items

Revenues

8,043

(54)

8,097

7,885

Operating expenses excl.SRF(5,102)(19)(5,083)(4,974)

-

-

-

-

Gross operating income

2,940

(74)

3,014

Cost of risk

(323)

-

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

77
2

-

€m

SRF

Change in value of goodwill

Q3-18
underlying

Q3-17
statedSpecific
items

-

-

-

-

-

-

n.m.

n.m.

Income before tax

2,696

(74)

2,770

2,760

163

2,597

(2.3%)+6.6%

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

(816)

23

(839)

(743)

(24)

(719)

+9.8%

+16.7%

(1)

-

(1)

(2)

-

(2)

(52.9%)(52.9%)

1,879

(51)

1,930

2,015

139

1,876

(6.7%)+2.9%(2.2%)

Non controlling interests

(110)

4

(115)

(108)

10

(117)

+2.5%

Net income Group Share

1,769

(46)

1,815

1,907

149

1,759

(7.3%)+3.2%

Cost/Income ratio excl.SRF (%)

63.4%

62.8%

63.1%

63.4%

+0.4 pp-0.6 pp

Results for the third quarter and first nine months of 2018

21/28

Crédit Agricole Group – From stated to underlying results, 9M-18 and 9M-17
9M-17
underlying

Ch.
9M/9M
statedCh.
9M/9M
underlying(17)

24,080

+2.8%

+2.8%

(59)

(15,108)

+2.8%

+3.0%

(285)

-

(285)

+36.2%+36.2%

8,794

8,610

(76)

8,686

+1.7%

+1.2%

(1,141)(1,113)-(1,113)

+2.5%

+2.5%

-

(115)

-

(115)

(96.0%)(100.0%)

-

256

683

224

459

(62.6%)(44.3%)

-

39

(0)

(5)

5

n.m.

x 8.4

86

86

-

-

-

-

n.m.

n.m.

Income before tax

7,989

41

7,948

8,065

143

7,922

(0.9%)+0.3%

Tax
Net income from discont'd or held-forsale ope.
Net income(2,317)14(2,331)(2,185)23(2,208)

+6.0%

+5.6%

(3)

-

(3)

43

-

43

n.m.

n.m.

5,669

55

5,614

5,923

166

5,757

(4.3%)(2.5%)

Non controlling interests

(395)

(5)

(390)

(310)

18

(327)

+27.6%+19.2%Net income Group Share

5,273

50

5,224

5,614

184

5,430

(6.1%)(3.8%)

Cost/Income ratio excl.SRF (%)

63.0%

62.9%

63.0%

62.7%

-0.0 pp+0.2 pp9M-18
statedSpecific
items

9M-18
underlying

9M-17
statedSpecific
items

Revenues

24,729(19)

Operating expenses excl.SRF(15,587)(21)

24,74824,062(15,566)(15,167)

SRF

(389)

-

(389)

Gross operating income

8,754

(40)

Cost of risk

(1,141)-

Cost of legal risk

(5)

(5)

Equity-accounted entities

256

Net income on other assets

39

Change in value of goodwill

Results for the third quarter and first nine months of 201822/28

Appendix 5 – Crédit Agricole Group: Results by business line
Crédit Agricole Group – Contribution by division, Q3-18 and Q3-17
Q3-18 (stated)
€m

RB

LCL

IRB

AG

SFS

LC

CC

Total

Revenues

3,220

858

687

1,453

695

1,298

(169)

8,043

Operating expenses excl. SRF(2,077)

(578)

(433)

(680)

(339)

(773)

(223)

(5,102)

-

-

-

-

-

-

-

-

Gross operating income

1,144

280

254

773

356

525

(391)

2,940

Cost of risk

SRF

(104)

(50)

(96)

14

(141)

57

(2)

(323)

Cost of legal risk

-

-

-

-

-

-

-

-

Equity-accounted entities

1

-

-

12

63

1

-

77

Net income on other assets

2

0

0

(2)

1

1

(0)

2

Change in value of goodwill

-

-

-

-

-

-

-

-

Income before tax

1,042

231

158

797

279

584

(394)

2,696

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

(385)

(68)

(46)

(242)

(63)

(167)

156

(816)

-

-

-

(1)

(0)

-

-

(1)

656

162

112

555

215

417

(238)

1,879

Non controlling interests

0

(1)

(24)

(66)

(24)

0

4

(110)

Net income Group Share

657

161

88

489

190

417

(233)

1,769

€m

RB

LCL

IRB

AG

SFS

LC

CC

Total

Revenues

3,289

848

1,302

645

675

1,235

(109)

7,885

Operating expenses excl. SRF(2,035)

(595)

(680)

(386)

(337)

(741)

(199)

(4,974)

-

-

-

-

-

-

-

-

Gross operating income

1,254

253

622

258

338

494

(308)

2,911

Cost of risk

Q3-17 (stated)

SRF

(51)

(45)

0

(113)

(128)

21

(2)

(317)

Cost of legal risk

-

-

-

-

-

(75)

-

(75)

Equity-accounted entities

(0)

-

9

-

68

163

0

240

Net income on other assets

4

(0)

(0)

(3)

(1)

2

(1)

1

Change in value of goodwill

-

-

-

-

-

-

-

-

Income before tax

1,207

208

631

142

277

605

(311)

2,760

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

(381)

(59)

(113)

(43)

(60)

(196)

108

(743)

-

-

(1)

0

(2)

-

-

(2)

826

149

518

100

215

409

(202)

2,015

Non controlling interests

(0)

(0)

(60)

(22)

(24)

(5)

3

(108)

Net income Group Share

826

149

458

78

191

405

(199)

1,907

Results for the third quarter and first nine months of 2018
23/28

Crédit Agricole Group – Contribution by division, 9M-18 and 9M-17
9M-18 (stated)
€m

RB

LCL

IRB

AG

SFS

LC

CC

Total

Revenues

9,805

2,592

2,104

4,301

2,078

4,160

(311)

24,729Operating expenses excl. SRF(6,421)(1,766)(1,302)(2,109)(1,007)(2,356)(624)(15,587)

SRF

(87)

(28)

(22)

(3)

(17)

(170)

(62)

(389)

Gross operating income

3,297

797

780

2,189

1,054

1,634

(998)

8,754

Cost of risk

(384)

(157)

(275)

5

(368)

38

0

(1,141)

Cost of legal risk

-

-

-

-

-

-

(5)

(5)

Equity-accounted entities

8

-

-

38

190

2

19

256

Net income on other assets

7

3

0

(2)

1

14

16

39

Change in value of goodwill

-

-

-

-

-

-

86

86

Income before tax

2,928

643

506

2,229

877

1,688

(881)

7,989

Tax
Net income from discontinued orheld-for-sale operations
Net income(1,076)

(201)

(151)

(598)

(204)

(472)

384

(2,317)

-

(1)

-

(1)

(0)

-

-

(3)

1,852

441

355

1,630

673

1,216

(497)

5,669

Non controlling interests

(0)

(0)

(75)

(214)

(88)

1

(19)

(395)

Net income Group Share

1,852

441

280

1,416

585

1,217

(517)

5,273

9M-17 (stated)
€m

RB

LCL

IRB

AG

SFS

LC

CC

Total

Revenues

9,936

2,664

3,695

1,947

2,050

4,026

(255)

24,062

Operating expenses excl. SRF(6,334)(1,814)(1,876)(1,154)(1,021)(2,283)(684)(15,167)

SRF

(43)

(15)

(3)

(10)

(14)

(139)

(61)

(285)

Gross operating income

3,558

835

1,816

782

1,015

1,603

(1,000)8,610

Cost of risk

(132)

(149)

(1)

(328)

(338)

(166)

2

(1,113)

Cost of legal risk

-

-

-

-

-

(115)

-

(115)

Equity-accounted entities

4

-

24

-

183

292

179

683

Net income on other assets

4

0

(0)

(3)

(1)

2

(2)

(0)

Change in value of goodwill

-

-

-

-

-

-

-

-

Income before tax

3,434

686

1,840

451

859

1,617

(820)

8,065

Tax
Net income from discontinued orheld-for-sale operations
Net income(1,137)

(193)

(405)

(139)

(205)

(446)

339

(2,185)

-

-

30

0

13

-

-

43

2,297

493

1,465

312

667

1,170

(481)

5,923

Non controlling interests

(1)

(0)

(146)

(68)

(88)

(15)

7

(310)

Net income Group Share

2,297

492

1,319

245

580

1,155

(474)

5,614

Results for the third quarter and first nine months of 2018
24/28

Appendix 6 – Method used to calculate earnings per
share, net assets per share and ROTE
Crédit Agricole S.A. – Data per share, net assets per share and ROTE(€m)
Net income Group share - stated- Interests on AT1, including issuance costs, before tax
NIGS attributable to ordinary shares - stated
Average number shares in issue, excluding treasury shares(m)
Net earnings per share - stated
Underlying net income Group share (NIGS)
Underlying NIGS attributable to ordinary shares

Net earnings per share - underlying

1,066
(92)
974

Ch.
Q3/Q3
+3.2%
-0.7%
+3.6%

Ch.
9M/9M
+4.0%
-4.0%
+4.9%

2,858.4

2,844.0

+0.5%

+0.3%

[C]

0.35 €
1,133
1,042

0.34 €
966
874

+3.1%
+17.3%+19.2%+4.6%+9.5%+11.2%[C]/[B]

0.37 €

0.31 €+18.6% +10.9%

Q3-18

Q3-17

[A]

1,101
(91)
1,009

[B]
[A]/[B](€m)
Shareholder's equity Group share- AT1 issuances- Unrealised gains and losses on AFS - Group share- Payout assumption on annual results*

30/09/2018
57,995(5,011)(2,249)-30/09/2017
57,974(5,011)(3,385)-Net book value (NBV), not revaluated, attributable to ordin. sh.

[D]50,73449,578- Goodwill & intangibles** - Group share
Tangible NBV (TNBV), not revaluated attrib. to ordinary sh.

[E](17,774)
32,961(17,872)
31,706

Total shares in issue, excluding treasury shares (period end, m)[F]

2,863.6

2,844.0[D]/[F]17.7 €

17.4 €[H]

0.00 €

0.00 €

NBV per share , after deduction of dividend to pay (€)+ Dividend to pay (€)
NBV per share , before deduction of dividend to pay (€)

17.7 €

17.4 €TNBV per share, after deduction of dividend to pay (€)[G]=[E]/[F]11.5 €

11.1 €TNBV per sh., before deduct. of divid. to pay (€)[G]+[H]11.5 €

11.1 €* dividend proposed to the Board meeting to be paid** including goodwill in the equity-accounted entities(€m)
Net income Group share attributable to ordinary shares
Tangible NBV (TNBV), not revaluated attrib. to ord. sh. - avg***
Stated ROTE (%)
Underlying Net income attrib. to ord. shares (annualised)

Underlying ROTE (%)

9M-18

9M-17

[H]

4,083

3,910

[J]
[H]/[J]

30,69813.3%

31,642
12.4%

[I]

4,011

3,910

[I]/[J]

13.1%

12.4%

*** including assumption of dividend for the current exercise

Results for the third quarter and first nine months of 2018

25/28

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Results for the third quarter and first nine months of 2018

26/28

Disclaimer
The financial information for the third quarter and first nine months of 2018 for Crédit Agricole S.A. andthe Crédit Agricole Group comprises this quarterly financial report, and the attached presentation andpress release, available at https://www.credit-agricole.com/finance/finance/publications-financieres.
This report may include prospective information on the Group, supplied as information on trends. This data does
not represent forecasts within the meaning of European Regulation 809/2004 of 29 April 2004 (chapter 1, article
2, §10).
This information was developed from scenarios based on a number of economic assumptions for a given
competitive and regulatory environment. Therefore, these assumptions are by nature subject to random factorsthat could cause actual results to differ from projections.
Likewise, the financial statements are based on estimates, particularly in calculating market value and asset
impairment.
Readers must take all these risk factors and uncertainties into consideration before making their own judgement.

Applicable standards and comparability
The figures presented for the six-month period ending 30 June 2018 have been prepared in accordance withIFRS as adopted in the European Union and applicable at that date, and with prudential regulations currently inforce. This financial information does not constitute a set of financial statements for an interim period as definedby IAS 34 “Interim Financial Reporting” and has not been audited.
Note: The consolidation scopes of the Crédit Agricole S.A. and Crédit Agricole Groups have not changed
materially since the registration with the French market watchdog AMF of the 2017 Registration Document whichcontains all regulatory information on the Crédit Agricole Group.
The sum of values contained in the tables and analyses may differ slightly from the total reported due to rounding.
The income statements contained in this report show non-controlling interests with a minus sign such that theline item "net income" is the mathematical addition of the line item "net income" and the line item "non-controllinginterests".
On 1 January 2017, Calit was transferred from Specialised Financial Services (Crédit Agricole Leasing &Factoring) to Retail Banking in Italy. Historical data have not been restated on a proforma basis.
Since 3 July 2017, Pioneer Investments has been included in the scope of consolidation of Crédit Agricole Group
as a subsidiary of Amundi. Historical data have not been restated on a proforma basis.
Since 26 September 2017, Banque Saudi Fransi has been excluded from the scope of consolidation of
Crédit Agricole Group further to the disposal of a majority of the holding (16.2% out of the 31.1% held prior todisposal). This subsidiary was consolidated using the equity method. Historical data have not been restated ona proforma basis.
Since 21 December 2017, Cassa di Risparmio (CR) di Cesena, CR di Rimini and CR di Miniato have been
included in the scope of consolidation of Crédit Agricole Group as subsidiaries of Crédit Agricole Italy. Historical
data have not been restated on a proforma basis.
Since 26 December 2017, Crédit Agricole S.A.'s stake in CACEIS has increased from 85% to 100%, further tothe acquisition of the 15% stake in the company held by Natixis before that date.
Since 3 May 2018, Banca Leonardo has been included in the scope of consolidation of Crédit Agricole Group as
a subsidiary of Indosuez Wealth Management. Historical data have not been restated on a proforma basis.
The costs related to the integration of Pioneer Investments in the first and third quarters of 2017 have been
restated in specific items, unlike the treatment applied previously in both publications. Underlying net income has
been adjusted for both quarters.

Results for the third quarter and first nine months of 201827/28

Financial calendar
14 February 2019 15 May 2019 21 May 2019
 2 August 2019
 8 November 2019
Publication of fourth quarter and full-year 2018 results
Publication of first-quarter 2019 results
Shareholders’ meeting in Metz
Publication of second quarter and first-half 2019 results
Publication of third quarter 2019 results

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

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

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

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

Cyril Meilland, CFA+ 33 1 43 23 53 82

cyril.meilland@credit-agricole-sa.fr

Equity investors:
Letteria Barbaro-Bour
Oriane Cante
Emilie Gasnier
Annabelle Wiriath
Vincent Liscia+ 33 1 43 23 48 33+ 33 1 43 23 03 07+ 33 1 43 23 15 67+ 33 1 43 23 55 52+ 33 1 57 72 38 48

letteria.barbaro-bour@credit-agricole-sa.fr
oriane.cante@credit-agricole-sa.fr
emilie.gasnier@credit-agricole-sa.fr
annabelle.wiriath@credit-agricole-sa.fr
vincent.liscia@credit-agricole-sa.fr

Credit investors and ratings agencies
Laurence Gascon+ 33 1 57 72 38 63
Marie-Laure Malo
+ 33 1 43 23 10 21

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

See all our press releases at: www.credit-agricole.com - www.creditagricole.info
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Results for the third quarter and first nine months of 201828/28