PRESS RELEASE - THIRD QUARTER 2020

Very robust, the Group is, more than ever, committed to strongly
support its customers and the economy
CAG and CASA REPORTED DATA
Revenues and gross operating income up for the quarter
CRÉDIT AGRICOLE GROUPCRÉDIT AGRICOLE S.A.

Revenues€8,468m+3.1% Q3/Q3€5,151m+2.4% Q3/Q3

Expenses€5,096m-2.4% Q3/Q3€2,991m-1.1% Q3/Q3

Gross
operatingincome€3,372m+12.5% Q3/Q3€2,160m+7.8% Q3/Q3€596m

x1.6 Q3/Q3€605m

x1.7 Q3/Q3

Cost of risk

96% of the hike related toperforming loans

71% of the hike related to performingloans

Net income
Group share€1,769m-4.3% Q3/Q3€977m-18.5% Q3/Q3

Cost/income
ratio (excl.
SRF)

60.2%

-3.3pp Q3/Q3

58.1%-2.1pp Q3/Q3

CASA UNDERLYING DATA

Increase in gross operating income (+5.2%) and resilient net income Group
share (-8.8%) over 9 months excl. single resolution fund (SRF)
Financial solidity: CET1 ratios well above SREP requirements
CRÉDIT AGRICOLE GROUP
Phased-in
CET1

17.0%

+0.9pp Q3/Q2+8.1pp above SREP
Includes 16bp in dividends not
distributed in 2020
€404bn in liquidity at end-Sept.
20

CRÉDIT AGRICOLE S.A.
12.6%

+0.6pp Q3/Q2+4.7pp above SREP
Includes 60bp in dividends not
distributed in 2020
Dividend €0.40
Per share over the 9M-20

Strength of the model : business has returned to its pre-crisis level
CRÉDIT AGRICOLE GROUP
Loans outstanding in French
retail banking: +5.1% excl. stateguaranteed loans+1,113,000 retail banking
customers (9M-20)
51m Group customers, 24
strategic partnerships

CRÉDIT AGRICOLE S.A.
New property and casualty
insurance policies+30% Sept/Sept
Capital markets revenues(+24.8% Q3)

PRESS RELEASE - THIRD QUARTER 2020

HIGHLIGHTS
Strategic operations
CAA’s equity interest in GNB Seguros increased to 100%, agreement with Europ
Assistance in France, licence for the Amundi-Bank of China wealth management joint
ventureContinuation of strategic refocusing: reclassification of CACF NL as an asset held for sale,
sale of the equity stake in Bankoa and of the residual stake in Banque Saudi Fransi (BSF)
State-guaranteed loans (SGL) and payment holidays€29.5bn in state-guaranteed loans, +5.1% vs June-20, more than 50% of state-guaranteedloans placed in demand deposits.
173,5001 active payment holidays, -69% since end-June, 97% of expired paymentholidays have resumed payments2

Dominique Lefebvre,
Chairman of SAS Rue La Boétie and Chairman of the Crédit Agricole S.A. Board of Directors“ Our third quarter results are very robust. They allow us to be, more than ever, committed
to strongly support our customers and the economy. This is our “Raison d’être” and ourmodel.».

Philippe Brassac,
Chief Executive Officer of Crédit Agricole S.A.

“Together, we must do everything to support the greatest possible number of people. We
must not give up, because this crisis will come to an end. Thanks to its robustness, Crédit
Agricole will assist those sectors that have been particularly weakened, and help themthrough towards next recovery.”

1 Payment holiday requests, by number, at 16/10/2020 (Regional Banks and LCL), corresponding to an outstanding principal of loan principal of€23.9bn, €15.7bn due from corporates, SMEs and small businesses and farmers;2 ) Represents the share of loans on payment holiday, with payment holiday expired and with resumed payments. Corporate, SME and small businesscustomer scope analysed at 30/09/2020 in the Regional Banks. 98% for CACF

2/44

PRESS RELEASE - THIRD QUARTER 2020

Crédit Agricole GroupThe Group, number one supporter of the economy since the beginning of
the crisis
The crisis, along with the public health conditions that are here for some time, are bringing the Group even closer
to its customers. Net Promotor Score (NPS) was up in 2020 compared to 2019 for the Regional Banks and for
LCL (+7 points vs 2019 at +8 and +2 respectively), as well as for CA Italia (+8 points vs 2019), which is currently
the No. 2 bank in Italy in terms of customer satisfaction.
The Group is also fully committed to support its customers. From the outset it conformed itself with the strategies
pursued by the public authorities and is taking targeted measures for each customer category. On 6 March, Crédit
Agricole Group granted a six-month payment holiday on loan repayments for corporate, and professionalcustomers impacted by COVID-19. As at 16 October 2020, a total of 173,500 moratoria were still active at theRegional Banks and LCL, representing €1.7 billion in extended maturities (of which 81% for professionals andcorporate customers and 19% for households, and 61% at the Regional Banks and 39% at LCL). This
corresponds to €23.9 billion remaining capital, of which €15.7 billion due from corporates, professionals, andfarmers. The number of loans subject to a payment holiday has fallen by -69% since the end of June, while 97%
of expired moratoria have resumed payments, attesting to the quality of the Group’s assets (98% for consumer
loans within CACF). The French government also announced, on 25 March, the introduction of StateGuaranteed Loans (Prêts Garantis par l’Etat) to meet the cash flow requirements of businesses impacted by
the coronavirus crisis. Thanks to its strong regional presence and universal model, the Group supports all
businesses, from the smallest company to the largest corporation, and to date has provided €29.5 billion in stateguaranteed loans, up slightly by +5.1% since end-June 2020. With 189,900 requests from SME and small
business customers and corporates, the Group’s state-guaranteed loans account for 27% of all such loans
requested in France (76% of them at the Regional Banks, 24% at LCL and less than 1% at CACIB3). The
acceptance rate stands at 97.4%. More than 50% of State-Guaranteed Loans at LCL have been placed indemand deposit accounts; at the Regional Banks, the increase in such accounts held by corporates,
professionals and farmers has exceeded the amount of State-Guaranteed Loans set up over the same period.
CA Italia has also strongly supported its clients, with State-Guaranteed Loans4 and payment holidays reaching
2.6 billion euros at the end of September 2020 (2 billion euros at end of June).
Nonetheless, the scenario for the upcoming months is more demanding, but the new restrictions are now moremanageable. Indeed, the lockdown will not be identical to the first one. The bulk share of the economy can copewith the crisis, and there are some sectors that will remain supported in priority. The effectiveness of public
policies allows for a stabilization of environment, and thus of risk, providing leeways for the Group to concretely
stand by its customers.
The Group is robust, with a diversified business mix and resilient revenues (up +1.6% during the third quarter2020). Its operating efficiency is proven, and Crédit Agricole Group’s underlying cost/income ratio excluding SRF
has decreased to 60.2% in the third quarter 2020. The loan book is diversified, and skewed towards corporates(46% for Crédit Agricole S.A. and 33% for Crédit Agricole Group) and home loans (27% for Crédit Agricole S.A.
and 46% for Crédit Agricole Group). Profitability is robust and recurrent, and the Group’s solvency and liquidity
are very high, allowing for a full mobilisation for its customers.
Furthermore, the universal banking model of the Group is powerful, and provides it with a distributive
capacity that is unequalled. With 51 million customers worldwide and more than 34 million retail banking
customers in France, Italy and Poland, the Group is the leading retail bank in the European Union. As the number
one “bankinsurer” in Europe, it continued to expanded its offerinsg this quarter when Crédit Agricole Assurances
signed a strategic partnership agreement with Europ Assistance to provide assistance services in the French
3 Split in number of client demands. The split in amount being : 62% for Regional Banks, 30% for LCL and 8% for CACIB
4 Amount of SGLs granted.

3/44

PRESS RELEASE - THIRD QUARTER 2020

market, as well as when it increased its stake in GNB Seguros at 100% so as to re-assert its distribution
partnership on non-life products with Novo Banco in Portugal. Amundi, the largest European asset manager,
was granted a license to launch a new subsidiary in China with BOC, Bank of China. The Group now has 24
strategic partnerships and can reach more than 800 million customers in France and internationally, but has also
continued, this quarter, to refocus its strategy, with a reclassification of CACF NL as assets held for sale, and thesale of Bankoa’ equity stake as well of the residual equity stake in Banque Saudi Fransi (BSF).
This quarter, the Group returned to its pre-crisis level of business. Gross customer capture was verystrong: +1,113,000 new customers since January 2020, 790,000 for the Regional Banks, 227,500 for LCL
and 85,800 for CA Italia, with an increase in September of +170,400 customers, +159,000 of them in France
and +11,500 in Italy. Compared to September 2019, this was a rise of +6.9% and +14.5% respectively. In
this context, the customer base continued to grow significantly (+143,000 additional customers in 2020,of which 135,300 in France and 7,700 in Italy, +13.0% Sept/Sept). Assets under management were up fromthird quarter 2019 (+6.4%), as were those of life insurance (+0.9%) with a rise in the percentage of unitlinks in outstandings (+0.7 percentage point between September 2019 and September 2020 to 23.1%).
Property and casualty business rebounded significantly (+8.7% versus third quarter 2019), with a netincrease of +196,000 policies in the third quarter, bringing the number of policies in the portfolio to
14.4 million. In the retail banking networks in France and Italy, growth in outstandings remain strong.
Loans outstanding amounted to €740.4 billion (€694.4 billion in France and €46 billion in Italy; €716 billion
excluding State-Guaranteed Loans), up +8.5% since September 2019 (+8.7% in France and 5.9% in Italy)
and up +4.9% excluding State Guaranteed Loans (+5.1% in France). On-balance sheet deposits stood at€686.3 billion, up +11.8% from third quarter 2019, while off-balance sheet deposits slightly decreased (0.6% at €383.5 billion). Consumer finance managed loans were down slightly from September 2019 but
have rebounded in the last quarter (+0.9% compared to the second quarter). Commercial production was
up (+3% versus third quarter 2019). Lastly, business in the Large customers segment was buoyant,especially in capital markets (revenues up +24.8% from third quarter 2019), with financing activities
staying resilient (-3.4% versus third quarter 2019). Risk management remained prudent, with a moderate
VaR at €12 million at 30 September.

Group results
In the third quarter of 2020, Crédit Agricole Group’s stated net income Group share was €1,769 million,
versus €1,849 million in the third quarter of 2019. This quarter, specific items generated a net negative impactof -€165 million on net income Group share.
Specific items for this quarter (-€165 million on net income Group share) include the reclassification of entities
held for sale (Crédit Agricole Consumer Finance NL, Bankoa and Nacarat) for a total of -€170 million on net
income Group share, broken down as follows: -€124 million in respect of Crédit Agricole Consumer Finance NL(with -€55 million in respect of goodwill on AHM's net income group share and -€69 million in respect of the IFRS
5 restatement on Specialised Financial Services’ net income group share), and -€46 million on the Regional
Banks’ net income group share (with -€40 million in respect of the IFRS 5 restatement of Bankoa and -€5 million
in respect of the IFRS 5 restatement of Nacarat). Specific items also include integration costs for entities recently
acquired by CACEIS (Kas Bank and Santander Securities Services) for -€4 million in operating expenses and €2 million in net income Group share. The adjustment on the activation of the Switch 2 guarantee was neutralised
at the Group level. The recurring accounting volatility items are to be added with a net positive impact of+€8 million in revenues and +€7 million in net income Group share, namely DVA (Debt Valuation Adjustment, i.e.
gains and losses on financial instruments related to changes in the Group’s issuer spread), totalling +€14 million,
the hedge on the Large customers loan book amounting to -€5 million, and the change in the provision forhome purchase savings plans amounting to -€3 million. In third quarter 2019, specific items had had a net
negative impact of -€76 million on net income Group share; they included only recurring accounting volatility
items such as the Debt Valuation Adjustment (DVA, i.e. gains and losses on financial instruments related tochanges in the Group’s issuer spread) amounting to -€2 million, the hedge on the Large customers loan book for-€1 million, and the changes in the provisions for home purchase savings schemes in the amount of -€73 million.

4/44

PRESS RELEASE - THIRD QUARTER 2020

Excluding these specific items, Crédit Agricole Group’s underlying5 net income Group share amounted to€1,934 million, stable (+0.5%) compared to third quarter 2019. The +8.2% increase in underlying GOI comparedto third quarter 2019 amortised the x1.6 increase in cost of risk.

Crédit Agricole Group – Stated and underlying results, Q3-2020 and Q3-2019
Q3-20
Q3-19
underlyinstatedgSpecific
items

Q3-19
underlying

Q3/Q3
statedQ3/Q3
underlyin
g

8,216

(115)

8,331

+3.1%

+1.6%

(5,093)(5,220)-(5,220)(2.4%)(2.4%)

-

-

-

-

-

n.m.

n.m.

3,372

4

3,368

2,997

(115)

3,111

+12.5%

+8.2%

(596)

0

(596)

(384)

-

(384)

+55.0%+55.0%

Cost of legal risk

-

-

-

-

-

-

n.m.

n.m.

Equity-accounted
entities

88

-

88

85

-

85

+3.5%

+3.5%

Net income on otherassets

(6)

-

(6)

18

-

18

n.m.

n.m.

Change in value of
goodwill

-

-

-

-

-

-

n.m.

n.m.

Income before tax

2,858

4

2,854

2,715

(115)

2,830

+5.3%

+0.8%

Tax

(743)

(0)

(742)

(748)

39

(787)

(0.6%)(5.7%)Net income fromdiscont'd or held-forsale ope.

(170)

(170)

(0)

0

-

0

n.m.

n.m.

Net income

1,945

(166)

2,111

1,968

(76)

2,043

(1.1%)+3.3%

Non controllinginterests

(177)

1

(177)

(119)

-

(119)

+48.4%+49.1%Net income Group
Share

1,769

(165)

1,934

1,849

(76)

1,924

(4.3%)+0.5%

Cost/Income ratio
excl.SRF (%)

60,2%

60,2%

63,5%

62,7%

-3,3 pp-2,5 pp€m

Q3-20
statedSpecific
items

Revenues

8,468

8

8,460

Operating expenses
excl.SRF(5,096)(4)-

Gross operating
incomeCost of risk

SRF

In third quarter 2020, underlying revenues were up +1.6% from third quarter 2019 to €8,460 million, thanks tobuoyant activity particularly in the Large customers segment, which posted revenue growth of +11.8% (+€166
million). For their part, the Regional Banks and LCL also posted an increase in underlying revenues (+1.9% or+€63 million and +2.6% or +€23 million respectively). By contrast, the Asset gathering and International Retailbanking business lines posted a decline of -5.2% (-€78 million) and -9.0% (-€64 million) respectively due to astill-negative market effect and the fall in reference interest rates in Egypt, Poland and Ukraine. The Specialised
financial services business line also recorded a drop in revenues of -8.5%, but this includes the impact of thebusiness of CACF NL, an entity reclassified under IFRS 5 as an asset held for sale. IFRS 5 treatment requires
all income and expenses recorded cumulatively for Crédit Agricole Consumer Finance NL since 1 January 2020

5 Underlying, excluding specific items . See appendixes for more details on specific items.

5/44

PRESS RELEASE - THIRD QUARTER 2020

to be restated on each of the intermediary balances this quarter, skewing the interpretation. Excluding scope
effect, the decline was just -3.4% (-€22 million).
Underlying operating expenses excluding SRF (Single Resolution Fund) were down -2.4% compared tothird quarter 2019 at -€5,093 million. Apart from the Large customers business line, whose expenses increasedby +€64 million (+8.0%), mainly due to the scope effect on asset servicing, all other business lines posted lower
expenses for the period, particularly all Retail banks (Regional Banks: -1.5%/-€31 million; LCL: -4.6%/€27 million; International retail banking: -6.0%/-€27 million). These decreases were mainly due to lower HR andtravel costs. Overall, the Group posted a positive +4.0 percentage points jaws effect (Regional Banks:+3.4 percentage points). The contribution to the Single Resolution Fund was nil this quarter, as in third quarter2019. The underlying cost/income ratio excluding SRF stood at 60.2%, an improvement of
2.5 percentage points compared to the third quarter of 2019.
Underlying gross operating income was therefore up +8.2% to €3,368 million compared to third quarter 2019.
Cost of credit risk is up, albeit under control (x1.6 compared to third quarter 2019), as a result of increased
provisioning on performing loans for all business lines in the context of the COVID-19 crisis. The provisioning
amounts to €596 million versus €1,208 million in second quarter 2020 and €384 million in third quarter 2019.
Assets quality are good: the non-performing loan ratio is stable at 2.5% at end-September 2020 (or +0.1
percentage point compared to second quarter 2020) while the coverage ratio 6 stood at 80.4%. The coverage
ratio was nevertheless down compared to second quarter 2020 (-4.1 percentage points) mainly due to the impactof the change in regulations pertaining to the new definition of default and impacting the amount of outstandings
in default. The diversified loan book is mainly geared towards home loans (46% of gross outstandings at Grouplevel) and corporates (33% of gross outstandings at Group level). Loan loss reserves amounted to €19.9 billion
at end-September 2020, of which 31% was for performing loans (Stages 1 and 2). The loan loss reserves
increased by €0.9 billion as compared to December 2019. Starting in the first quarter of 2020, the context anduncertainties related to the global economic conditions were gradually taken into account and the expected effectof public measures were incorporated to anticipate future risks. Provisioning levels were established to reflect
the sharp deterioration in the environment, taking into account several weighted economic scenarios andapplying flat-rate adjustments for the retail banking portfolios and corporates portfolios and specific additions forsome targeted sectors, namely tourism, automotive, aerospace, retail textile, energy, and supply chain. Several
weighted economic scenarios were used to determine the provisioning of performing loans, of which a morefavourable scenario (GDP at +7.3% in France in 2021 and +1.8% in 2022) and a less favourable scenario (GDPat +6.6% in France in 2021 and +8.0% in 2022). These scenarios have not changed since second quarter 2020.
The increase in provisioning on performing loans accounted for 96% of the total increase in provisioning between
third quarter 2019 and third quarter 2020. Annualised cost of risk/outstandings7 in the nine months of 2020
was 38 basis points (34 basis points over four rolling quarters and 24 basis points on an annualised quarter).
Provisioning on Stages 1 and 2 amounted to €170 million, versus -€33 million in third quarter 2019, still very low,and €424 million in second quarter 2020. Provisioning on proven risks amounted to €428 million (versus€420 million in third quarter 2019 and €785 million in second quarter 2020).

6 Provisioning rate calculated with outstandings in Stage 3 as denominator, and the sum of the provisions recorded in Stages 1, 2 and 3 as numerator
7 Cost of risk on outstandings (in annualised basis points)

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PRESS RELEASE - THIRD QUARTER 2020

Underlying pre-tax income stood at €2,854 million, stable compared to third quarter 2019 (+0.8%). In addition
to the changes described above, underlying pre-tax income also includes the contribution from equity-accounted
entities in the amount of €88 million (up +3.5%, mostly due to the Amundi joint ventures) and net income on otherassets, which stood at -€6 million this quarter and include declassified IT projects for -€10 million within CACF
(versus +€18 million in third quarter 2019 due to a one-off real estate transaction in Wealth Management on that
date). The underlying tax charge fell -5.7% over the period. The underlying tax rate was stable at 26.8%, down
-1.8 percentage point from third quarter 2019, mainly due to the decrease in the tax rate in France effective 1
January 2020, the favourable tax rate for international subsidiaries. Accordingly, underlying net income before
non-controlling interests was up +3.3% and underlying net income Group share was stable compared to third
quarter 2019 (+0.5%).

Crédit Agricole Group – Stated and underlying results, 9M-2020 and 9M-2019
9M-20
9M-19
underlyinstatedgSpecific
items

9M-19
underlying

9M/9M
stated9M/9M
underlying24,898(290)

25,188

+0.1%

+0.7%

(15,602)(15,805)-(15,805)(0.8%)(1.3%)

-

(562)

(426)

-

(426)

+31.9%+31.9%

8,688

(523)

9,211

8,667

(290)

8,957

+0.2%

+2.8%

(2,733)-(2,733)(1,263)-(1,263)

x 2.2

x 2.2

Equity-accounted
entities

256

-

256

273

-

273

(6.4%)(6.4%)Net income on otherassets

78

-

78

21

-

21

x 3.7

x 3.7

Change in value of
goodwill

(3)

-

(3)

-

-

-

n.m.

n.m.

Income before tax

6,286

(523)

6,808

7,698

(290)

7,989

(18.4%)(14.8%)

Tax(1,531)148(1,679)(2,323)96(2,420)(34.1%)(30.6%)Net income fromdiscont'd or held-forsale ope.

(171)

(170)

(1)

8

-

8

n.m.

n.m.

Net income

4,584

(545)

5,128

5,383

(194)

5,577

(14.9%)(8.1%)

Non controllinginterests

(424)

4

(428)

(372)

-

(372)

+14.1%+15.1%Net income Group
Share

4,159

(541)

4,700

5,012

(194)

5,205

(17.0%)(9.7%)

Cost/Income ratio
excl.SRF (%)

62.9%

61.5%

63.5%

62.7%

-0.6 pp-1.3 pp

Net income Group
Share excl. SRF

4,682

5,223

5,417

5,611

(13.6%)(6.9%)€m

9M-20
statedSpecific
items

Revenues

24,930(444)

25,375

Operating expenses
excl.SRF(15,680)

(78)

SRF

(562)

Gross operating
incomeCost of risk

(541)

(194)

In the first nine months of 2020, underlying net income Group share declined by -9.7% compared to the firstnine months of 2019. Underlying revenues were stable (+0.7%), while underlying operating expenses excluding
SRF were down -1.3%, resulting in a positive jaws effect of 2.0 percentage points. Excluding the SRF contribution,
the underlying gross operating income was up +4.1% to €9,772 million, compared to the first nine months of

7/44

PRESS RELEASE - THIRD QUARTER 20202019. Cost of credit risk was multiplied by 2.2, gains or losses on other assets were multiplied by 3.7, reaching€78 million, and the tax charge was down -30.6% compared to the first nine months of 2019.

Regional banks
Commercial activity at the Regional Banks was buoyant in this quarter, with growth in outstandings
remaining strong. Loans outstanding amounted to €552.8 billion (€537.6 billion excluding state-guaranteedloans), up +8.2% from September 2019 (+5.2% excluding state-guaranteed loans). There was a strong increasein home loans (+6.4%) and loans to SMEs and small businesses, and farmers (+15%). Loan production
was up from third quarter 2019 (+0.8%) but down when state-guaranteed loans are excluded (-8%). Consumer
finance loan production was up +7.8% year-on-year. On-balance sheet deposits stood at €506.3 billion,
representing an increase from September 2019 of +12.1% (of which +26.5% for demand deposits and +10.3%
for passbooks), while off-balance sheet deposits were down slightly (-1.4 % to €264.6 billion) with life insurance
assets up slightly (+0.3%) and assets related to mutual funds and securities linked to securities falling by -6.1%,
largely due to market impact. Lastly, gross customer capture remained highly active (+790,000 customers
since the start of the year). For instance, since 1 January 2020 the Regional Banks have added 114,000 new
customers (growth in the customer base) and posted year-on-year growth in their active demand deposit of 1%.
Meanwhile, the Group decided to strengthen its mutual shareholder structure , which has grown significantly
year-on-year, with +315,000 additional mutual sharehoders and the mutual shares outstanding have risen +7.6%.
This growth in the customer base is accompanied by a strong focus on the quality of the customer relationship,as reflected in the improvement in the Net Promoter Score (NPS) of more than +8 percentage points over the full
year. The Group is also continuing to develop its multi-channel model and recorded a +3.9 percentage point
increase year-on-year in the number of digital customers, taking it to 66.2%8.
In third quarter 2020, underlying revenues of the Regional Banks amounted to €3,308 million, a +1.9% increase
from third quarter 2019. Favourable refinancing conditions led to an increase in the net interest margin, while
the overall level of fee and commission income was back up (+1.1%), driven by insurance fees and commission
which offset lower penalty-based fees. Portfolio revenues were stable. Underlying costs were kept undercontrol, decreasing during the period (-1.5% versus third quarter 2019) in line with lower staff costs and otherexternal services costs. As a result, underlying gross operating income increased in third quarter 2020 (+8.4%)
thanks to a positive jaws effect (+3.4 percentage points). Underlying cost of risk stood at -€22 million, down
-53.4% from third quarter 2019, provisions on Stage 3 being lower as a result of the application from July 2020of the threshold for the new definition of default. Loan loss reserves were therefore stable at €9.8 billion. The
non-performing loan ratio fell to 1.8% (versus 1.9% at end-September 2019), while the coverage ratio was still
high, at 95.2%, even though it was down compared to the 99.2% at 30 June 2020. The reason for this was theenforcement of the new definition of default. The Regional Banks’ contribution to underlying net income Group
share stood at €775 million, a rise of +12.5%.
In the first nine months of 2020, underlying revenues were down -1.5% compared to the first nine months of
2019. Thanks to lower operating expenses, underlying gross operating income was down by just -0.6%, despite
the increase in SRF in the first half of the year. GOI excluding SRF was up slightly by +0.5%. The underlying
cost/income ratio excluding SRF was down -0.7 percentage point to 64.8%. Lastly, with an increased underlying
cost of risk (+83.0%), the Regional Banks’ contribution to the Group’s underlying net income Group share wasdown -8.2%.
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.
***

8 Customers with an active profile on the Ma Banque app or who visited CA online during the month

8/44

PRESS RELEASE - THIRD QUARTER 2020

Crédit Agricole S.A.
Solid performance (-9.1% Q3/Q3, -8.8% 9M/9M excl. SRF) thanks to growth
in revenues (+1.4%) and GOI (+5.3%) over Q3; underlying ROTE9 10.0%-

Stated result: €977m (-18.5% Q3/Q3); revenues: €5,151m (+2.4%); GOI: €2,160m (+7.8%)
Underlying GOI excl. SRF up (€2,156m, +5.3% Q3/Q3; €6,308m, +5.2% 9M/9M, thanks tohigher revenues (+1.4% Q3/Q3) and lower expenses (-1.2% Q3/Q3)
Improvement in the underlying cost/income ratio excl. SRF of +1.5 pt Q3/Q3 to 58.1%;
positive jaws effect (+2.6pp Q3/Q3)
Underlying net income Group share down (-9.1% Q3/Q3, -8.8% excl. SRF 9M/9M) as aresult of increased provisioning (x1.7 Q3/Q3)
Underlying earnings per share : Q3-20: €0.36, +6.7% Q3/Q3; 9M-20: €0.89, -7.7% 9M/9M

Sustained customer capture and buoyant activity in loans, deposits,
insurance and capital markets--

High level of customer acquisition (+227,500 new SME and small business customers
since the start of 2020 for LCL and +85,800 for CA Italia)
Q3/Q3 increase in asset under management (+6.4%), life insurance oustandings (+0.9%),
loan outstandings excluding State-Guaranteed Loans at LCL (+5%, of which loans to small
businesses +12%, to corporates +1% and home loans +6%), and loan outstandings at CA
Italia (+5.9%). Slight decline in consumer finance managed loans (-1.5%), but up from theprevious quarter (+0.9% Q3/Q2)
Q3/Q3 increased inflows at LCL (on-balance sheet deposits +13.0%, off-balance sheetsavings -1.3%), and CA Italia (off-balance sheet +6.4% and on-balance sheet deposits +6.7%)
Increased share of UL in gross inflows (36.2%, +7.1pp Q3/ Q3) and in outstandings (23.1%,+0.7pp Sept/Sept). Strong recovery in property & casualty business (+8.7% Q3/Q3)
Excellent commercial activity in capital markets (+24.8%) and resilience in financing
activities (-3.4%); prudent risk management (moderate VaR at €12m at 30 September)
Strategic operations: Crédit Agricole Assurances’s equity interest in GNB Seguros increased
to 100%, agreement with Europ Assistance on the French market; continued strategic
refocusing (reclassification of Crédit Agricole Consumer Finance as an asset held-for-sale,
sale of CACIB’s residual stake in Banque Saudi Fransi)

Government measures allow for a stabilisation of provisioning (x1.7
Q3/Q3). 71% of the Q3/Q3 increase linked to performing loans provisioning--

NPL ratio (3.4%, +0.2pp vs 30 June), coverage ratio still high (69.7%), despite the lowering
impact of the new definition of default; loan loss reserves at €10bn, i.e. more than seven yearsof the average historical cost of risk, of which 25% related to performing loans; diversified loan
book, 46% to corporates and 27% on home loans; 72% of EAD investment gradePrudent increase in provisioning (€577m, of which €165m for Stages 1 and 2 and €425m
for Stage 3, x1.7 Q3/Q3, -36% Q3/Q2). 9M-20 annualised cost of risk/outstandings 67bp

Very robust solvency--

Phased-in CET1 ratio up sharply (+0.6pp) to 12.6%, +4.7pp above the SREP requirement(+0.7pp Sept./June) and 160bp above the target, including, since 31 March, 60bp ofdividends not distributed in 2020. 9m provision for dividends of €0.40 per share. Fully
loaded ratio at 12.4%.
Risk weighted assets down over the quarter: decline in contribution from the business lines(-€9.9 Bn), particularly in Large customers (optimised securitisations, reduced market andforeign exchange risk) and Retail Banking (expiry of the two-month waiting period for StateGuaranteed Loans), increase in insurance equity-accounted value.

Increase in Group’s liquidity-€404bn in reserves at 30/09, stable (-€1bn) vs 30 June 2020. Increase in the LCR:
140.7%.10

9 Underlying ROTE calculated based on nine months 2020, annualised, with isolation of IFRIC 21. Excluding the isolation of IFRIC 21, underlying

ROTE based on nine months 2020, annualised stand at 9,5%

10 12-month average ratio

9/44

PRESS RELEASE - THIRD QUARTER 2020-

97% of the €12bn MLT market funding programme completed at end-October.

Crédit Agricole S.A.’s Board of Directors, chaired by Dominique Lefebvre, met on 5 August 2020 to examine
the financial statements for the second quarter and first half of 2020.

Credit Agricole S.A. – Stated and underlying results, Q3-20 and Q3-19
€m

Q3-20
statedSpecific
items

Q3-20
underlying

Q3-19
statedSpecific
items

Q3-19
underlying

Q3/Q3
statedQ3/Q3
underlying

Revenues

5,151

8

5,143

5,031

(43)

5,073

+2.4%

+1.4%

Operating expenses
excl.SRF(2,991)(4)(2,988)(3,025)-(3,025)(1.1%)(1.2%)

-

-

-

(2)

-

(2)

(100.0%)(100.0%)Gross operating income

2,160

4

2,156

2,004

(43)

2,046

+7.8%

+5.3%

Cost of risk

(605)

(28)

(577)

(335)

-

(335)

+80.8%+72.5%

Cost of legal risk

-

-

-

-

-

-

n.m.

n.m.

Equity-accounted entities

98

-

98

82

-

82

+19.9%+19.9%Net income on other assets

(3)

-

(3)

17

-

17

n.m.

n.m.

Change in value of goodwill

-

-

-

-

-

-

n.m.

n.m.

Income before tax

1,650

(23)

1,674

1,769

(43)

1,811

(6.7%)(7.6%)

Tax

(346)

8

(354)

(423)

14

(437)

(18.3%)(19.0%)Net income from discont'dor held-for-sale ope.

(125)

(124)

(0)

0

-

0

n.m.

n.m.

Net income

1,180

(139)

1,319

1,346

(28)

1,374

(12.3%)(4.0%)

Non controlling interests

(203)

1

(204)

(147)

0

(148)

+37.9%+38.0%Net income Group Share

977

(139)

1,115

1,199

(28)

1,226

(18.5%)(9.1%)

Earnings per share (€)

0.32(0.05)

0.36

0.33(0.01)

0.34(4.6%)+6.7%

Cost/Income ratio excl.
SRF (%)

58.1%

58.1%

60.1%

59.6%

-2.1 pp-1.5 pp

Net income Group Shareexcl. SRF

977

1,115

1,201

1,229

(18.7%)(9.2%)

SRF

(139)

(28)

Results
In third quarter 2020, Crédit Agricole S.A.’s stated net income Group share amounted to €977 million versus€1,199 million in third quarter 2019. This quarter, specific items generated a net negative impact of €139 million on net income Group share.
Excluding these specific items, the underlying net income Group share11 was €1,115 million, down -9.1%
compared to third quarter 2019. This was due to the current economic climate and the negative market impact
on revenues of the Asset Gathering business line as well as the increased cost of risk related to outstanding loan
provisioning.
Specific items this quarter, amounting to -€139 million, include the reclassification under IFRS 5 of CACF NL,
an entity held for sale. This reclassification comprises a goodwill impairment impact of -€55 million on the
Corporate Center’s net income Group share along with an impact of -€69 million on Specialized Financial
Service’s net income Group share resulting from IFRS 5 treatment. The recurring accounting volatility items are
11 Underlying, excluding specific items. See appendixes for more details on specific items.

10/44

PRESS RELEASE - THIRD QUARTER 2020

to be added to the above. These had a net positive impact of +€8 million in revenues and +€6 million in net
income Group share and comprised the DVA for +€14 million (Debt Valuation Adjustment, i.e. gains and losses
on financial instruments related to changes in the Group’s issuer spread), the hedge on the Large customers
loan book amounting to -€5 million, and the change in the provision for home purchase savings plans amounting
to -€3 million. Specific items also included integration costs for entities recently acquired by CACEIS (Kas Bankand Santander Securities Services) for -€4 million in operating expenses and -€2 million in net income Group
share. The adjustment on the activation of the Switch 2 guarantee accounted for -€28 million on Asset gathering’s
cost of risk and -€19 million in net income Group share. In third quarter 2019, specific items had had a net
negative impact of -€28 million on net income Group share; they included only recurring accounting volatility
items such as the Debt Valuation Adjustment (DVA, i.e. gains and losses on financial instruments related tochanges in the Group’s issuer spread) amounting to -€2 million, the hedge on the Large customers loan book for-€1 million, and the changes in the provisions for home purchase savings schemes in the amount of -€25 million.
The business lines demonstrated good resilience in third quarter 2020 given the public health and economic
context. At €2,156 million, underlying gross operating income was up +5.3% compared to third quarter 2019,
thanks to increased revenues (+1.4% to €5,143 million) and tight cost control by the business lines (-1.2% to€2,988 million). The business lines once again demonstrated their excellent operational agility this quarter:
expenses were down in all business lines that recorded a drop in revenues. As a result, Crédit Agricole S.A.’s
underlying cost/income ratio in third quarter 2020 was 58.1%, up +1.5 percentage point from third quarter 2019
and with a positive jaws effect of 2.6 points in third quarter 2020. Underlying net income Group share was,however, down by -9.1%. This decline was due to the increased cost of risk, which stood at €577 million in third
quarter 2020 (x1.7 versus third quarter 2019). Of that rise, 71% was due to increased provisioning for performing
loans, primarily related to prudent provisioning in sensitive sectors (such as aviation, hotels, tourism, restaurants
and certain professionals). Consequently, the Large customers business line, despite strong growth in grossoperating income during the quarter (+16.9%), was impacted by the 4.8-fold increase in the cost of risk, resulting
in a -28.4% decline in net income Group share. Excluding scope effect,12 Specialised financial services reported
a -1.5% drop in gross operating income, with good overall resilience in sales revenues and strict cost control.
However, the business line turned in a weaker performance in factoring. The Asset gathering business line was
impacted by an adverse market impact on revenues which led to a -8.5% decline in its net income Group share,
despite excellent cost control. For its part, Retail banking generated a +3.7% increase in its gross operating
income, driven by strong growth in revenues, particularly at LCL, and by proven operating efficiency(underlying cost/income ratio excluding SRF of retail banks in third quarter 2020 of 62.4% (improvement by 1.6
percentage point as compared to the third quarter 2019). Consequently, despite a 1.5-fold increase in cost of risk
compared to third quarter 2019, the retail banks’ net income Group share held firm with a decline of -4.7% versus
third quarter 2019.

12 Excluding the impact of CA Consumer Finance NL, i.e. excluding income and expenses recorded for CA Consumer Finance NL in respect of third

quarter 2019 and excluding IFRS 5 treatment in third quarter 2020

11/44

PRESS RELEASE - THIRD QUARTER 2020

In third quarter 2020, underlying revenues stood at €5,143 million, up from second quarter 2019 (+1.4%).
Revenues of the Asset gathering business line recorded a decline of -6.4% due to an adverse market impact. By
contrast, Retail banking revenues increased over the quarter (+2.6% versus third quarter 2019), driven by strong
growth in interest and fee and commission income at LCL. This offset the decline in revenues of International
retail banking, which were impacted by a fall in reference interest rates in Egypt, Poland and Ukraine. Revenues
for Specialised financial services also held firm, with a decline of -8.5% on underlying scope, and -3,4% excluding
scope effect.13 Meanwhile, capital markets business in the Large customers segment was especially buoyant thisquarter as a result of the high volume of bond issues and strong revenue growth (+24.8%) compared to third
quarter 2019. Financing activities were steady, recording a moderate decline in revenues of -3.4% but an increaseof +6.6% excluding foreign exchange impact and BSF dividends paid in third quarter 2019. Lastly, asset servicing
activities were up +23.1% thanks to a scope effect related to the latest acquisitions (Kas Bank and Santander
Securities Services). Recurring revenues, i.e. revenues attached to an inventory item (outstandingloans/customer assets, assets under management) or an insurance policy (property and casualty insurance,
death and disability insurance), accounted for 76% of Crédit Agricole S.A.’s underlying revenues.
Underlying operating expenses were down -1.2% for the period, resulting in indicators that showed excellent
levels of operating efficiency: the underlying cost/income ratio was 58.1%, an improvement of +1.5
percentage point compared to third quarter 2019, while the jaws effect was positive at 2.6 percentage points. In
a reflection of Crédit Agricole S.A.’s operating efficiency, this quarter all business lines whose revenues had
declined compared to third quarter 2019 had reduced their expenses from the same period in 2019. Expenses
for the Large customers business line were up +8.0%, primarily due to a scope effect on Asset servicing. The
Asset gathering business line recorded a drop in expenses of -6.8% compared to third quarter 2019, driven by
Asset management (down -4.1% thanks to a decline in variable compensation), and stable expenses in Insurance(-0.1%). Retail banking expenses decreased in the quarter (-3.3%), largely due to operating efficiency within
French retail banking. Specialised financial services reported a decline -15.3% under underlying scope, of -2.2%
in their expenses excluding scope effect,14 thanks mainly to tight cost control at CA Consumer Finance (-19.1%
under underlying scope and -2.6% compared to third quarter 2019 excluding scope effect14).
Underlying gross operating income thus rose to €2,156 million, an increase of +5.3% from third quarter 2019.
This was due to a strong and increased contribution from the Large customers and Retail banking business lines
and the resilience of the others: Large customers +16.9% versus third quarter 2019, Retail banking +3.7%, Assetgathering -5.9%, and Specialised financial services -1.5% under underlying scope and -4.5% excluding scope
effect.

13 Excluding the impact of CA Consumer Finance NL, i.e. excluding revenues recorded for CA Consumer Finance NL in respect of third quarter 2019and excluding IFRS 5 treatment in third quarter 2020

14 Excluding the effect of CA Consumer Finance NL, i.e. excluding expenses recorded for CA Consumer Finance NL in respect of third quarter 2019and excluding IFRS 5 treatment in third quarter 2020

12/44

PRESS RELEASE - THIRD QUARTER 2020

As at 30 September 2020, risk indicators confirmed the high quality of Crédit Agricole S.A.'s assets and risk
coverage level. The loan book is diversified and mainly geared towards corporates (46% of Crédit Agricole S.A.’s
gross outstandings) and home loans (27% of gross outstandings). The NPL ratio was still low at 3.4% (+0.2
percentage point compared to 30 June 2020), while the coverage ratio15 was 69.7%, down -3.7 percentage points
for the quarter largely due to the impact of the change in regulations pertaining to the new default calculation
increasing the scope of outstandings in default. Loan loss reserves totalled €10.0 billion. Of these loan loss
reserves, 25% were for provisioning for performing loans. Government measures have stabilised the environmentand created conditions for a stable cost of risk. Provisioning levels were based on several weighted economic
scenarios, of which, notably for GDP in France: a more favourable scenario (+7.3% in 2021 and +1.8% in 2022)
and a less favourable scenario (+6.6% in 2021 and +8.0% in 2022)16, and included additional provisioning forthe retail banking portfolios and corporates portfolios and specific additions for some targeted sectors, of which
tourism, restaurants, and aviation.
The increase in cost of risk was kept under control (x1.7/-€243 million compared to third quarter 2019,at -€577 million, versus -€335 million in third quarter 2019 and -€908 million in second quarter 2020). 71% of theincreased cost of risk versus third quarter 2019 was due to additional provisioning for performing loans (Stages
1 & 2), related for the most part to prudent provisioning in sensitive sectors (such as aerospace, hotels, tourism,
restaurants and certain professionals) and the entry into force of the definition of default. The chargeof -€577 million in third quarter 2020 consisted of provisioning for performing loans (Stages 1 & 2) totalling €165 million (versus a write-back of €7 million in third quarter 2019 and an allocation of -€236 million insecond quarter 2020) and provisioning for proven risks (Stage 3) amounting to -€425 million (versus €331 million in third quarter 2019 and -€667 million in second quarter 2020). In the first nine months of 2020, thecost of risk relative to outstandings for financing activities was 67 basis points on an annualised basis(59 basis points over a rolling four-quarter period and 55 basis points for the third quarter 2020 annualised). Costof risk in the four main contributing business lines was up from third quarter 2019 but down from second quarter2020. LCL’s cost of risk stood at -€83 million (x1.4 compared to third quarter 2019 and -29% compared to second
quarter 2020), with cost of risk relative to outstandings stable at 30 basis points on an annualised nine-month
basis (27 basis points over a rolling four-quarter period and 24 basis points for the third quarter 2020 annualised);
CA Italia recorded a cost of risk of -€86 million in third quarter 2020, or 1.4 times the level of third quarter 2019,
and a decrease of -41.1% over second quarter 2020, with its cost of risk relative to outstandings increasing to 92
basis points on an annualised nine-month basis (83 basis points over a rolling four-quarter period and74 basis points for the third quarter 2020 annualised); Crédit Agricole Consumer Finance returned to the level of
its cost of risk in the third quarter of 2019, with an increase of +4.5% under underlying scope, +6.7% excluding
scope effect compared to third quarter 2019 (and a decline of -43% at constant scope compared to second
quarter 2020), with a cost of risk relative to outstandings of 188 basis points on an annualised nine-month basis(173 basis points over a rolling four-quarter period and 142 basis points for the third quarter 2020 annualised).
Lastly, in financing activities, the cost of risk for the quarter stood at -€225 million, versus an allocation of just €40 million in third quarter 2019 but was down -27.9% compared to second quarter 2020. The cost of risk relative
to outstandings for financing activities was therefore 76 basis points on an annualised nine-month basis (versus
640 basis points over a rolling four-quarter period and 72 basis points for the third quarter 2020 annualised).
The contribution of equity-accounted entities was up +19.9% to €98 million, reflecting, in particular, the strong
joint-venture performance in Asset management (x2.1 in third quarter 2020 versus the same period in 2019).

15 Provisioning rate calculated with outstandings in Stage 3 as denominator, and the sum of the provisions recorded in Stages 1, 2 and 3 as numerator
16 A decrease of 10 percentage points in the weight of the favourable scenario towards the less favourable scenario would lead a change in “forward-

looking central” ECL inventory of around 5% of total ECL inventory. However, such a change in the weight would not necessarily have a significant
impact due to “forward looking local” adjustments, which could mitigate the effect.

13/44

PRESS RELEASE - THIRD QUARTER 2020

Net income on other assets showed a negative impact of -€3 million in this quarter versus a positive impact of+€17 million in third quarter 2019, which was due to a one-off real estate transaction at the time in WealthManagement.
Underlying income17 before tax, discontinued operations and non-controlling interests was therefore
down -7.6% to €1,674 million. The underlying effective tax rate stood at 22.5%, down -2.8 percentage points
compared to third quarter 2019, while the underlying tax charge fell -19.0% to -€354 million. The 2020 third
quarter tax rate was impacted in particular by the decrease in the tax rate in France effective 1 January 2020
(32.02% instead of 34.43%) and by the positive effect of international subsidiaries being subject to a lower tax
rate than in France. The underlying net income before non-controlling interests was therefore down -4.0%.
Net income attributable to non-controlling interests was up +38.0% to €204 million. This was due to a change
in the recognition methods used for subordinated (RT1) debt coupons, these debts being issued by Credit
Agricole Assurances. It had no impact on earnings per share.
Underlying net income Group share was down -9.1% from third quarter 2019 to €1,115 million.

17 See appendixes for more details on specific items related to Crédit Agricole S.A.

14/44

PRESS RELEASE - THIRD QUARTER 2020

Credit Agricole S.A. – Stated and underlying results, 9M-20 and 9M-19
En m€

9M-20
publié

Eléments
spécifiques

9M-20
sousjacent

9M-19 Eléments
publi spécifiqu
é
es

9M-19
sousjacent

9M/9M
publié

9M/9M
sousjacent

Revenues

15,248(217)

15,46515,034(120)

15,155

+1.4%

+2.0%

Operating expenses
excl.SRF(9,226)(68)(9,158)(9,161)-(9,161)+0.7%(0.0%)

SRF

(439)

-

(439)

(340)

-

(340)

+29.1%+29.1%

Gross operating
income

5,583

(285)

5,869

5,534

(120)

5,654

+0.9%

+3.8%

Cost of risk

(2,068)38(2,106)

(917)

-

(917)

x 2.3

x 2.3

Cost of legal risk

-

-

-

-

-

-

n.m.

n.m.

Equity-accounted
entities

277

-

277

275

-

275

+0.5%

+0.5%

Net income on otherassets

84

-

84

39

-

39

x 2.1

x 2.1

Change in value of
goodwill

-

-

-

-

-

-

n.m.

n.m.

Income before tax

3,876

(248)

4,124

4,931

(120)

5,052

(21.4%)(18.4%)

Tax

(692)

63

(756)

(1,302)38(1,340)(46.8%)(43.6%)Net income fromdiscont'd or held-for-sale
ope.

(125)

(124)

(1)

8

-

8

n.m.

n.m.

Net income

3,059

(309)

3,368

3,637

(83)

3,720

(15.9%)(9.5%)

Non controlling interests

(490)

4

(494)

(454)

1

(455)

+8.0%

+8.5%

Net income Group
Share

2,568

(305)

2,874

3,183

(81)

3,264

(19.3%)(12.0%)

Earnings per share (€)

0.79(0.11)

0.89

0.94(0.03)

0.97(16.2%)(7.7%)

59.2%

60.9%

60.5%

-0.4 pp-1.2 pp

3,266

3,498

3,579

(15.4%)(8.8%)

Cost/Income ratio
excl.SRF (%)

60.5%

Net income Group
Share excl. SRF

2,961

(305)

(81)

In the first nine months of 2020, stated net income Group share amounted to €2,568 million, compared with
€3,183 million in the first nine months of 2019, a decrease of -19.3%.
Specific items in the first nine months of 2020 had a negative impact of -€305 million on stated net income
Group share. Added to the third-quarter items already mentioned above were first-half 2020 items that had had
a negative impact of -€167 million and also corresponded to recurring volatile accounting items. These were the
DVA for -€19 million, hedges of the Large customers' loan book for +€32 million, and changes in the provision
for home purchase savings plans for -€10 million at LCL and -€31 million in the Corporate Centre business line.
The non-recurring items comprised integration costs of Kas Bank and Santander Securities Services at CACEIS
totalling -€4 million, support for SME and small business policyholders totalling -€97 million in Asset gatheringand -€1 million at LCL, Switch activation totalling +€44 million, the Liability Management cash adjustment at
Corporate center totalling -€28 million, and COVID-19 solidarity donations totalling -€38 million in the Assetgathering business line, -€4 million in the International retail banking business line and -€10 million in the
Corporate Centre. Specific items for the first nine months of 2019 had a negative impact of -€81 million on

15/44

PRESS RELEASE - THIRD QUARTER 2020

net income Group share. Compared to the specific third quarter 2019 items mentioned above, these items had
an impact of -€53 million on net income Group share in first half 2019 and corresponded to recurring volatileaccounting items, specifically the DVA for -€9 million, hedges of the Large customers loan book for -€20 million,
and changes in the provision for home purchase savings plans for -€7 million at LCL and -€18 million in the
Corporate Centre business line.
Excluding these specific items, underlying net income Group share stood at €2,874 million, down -12.0%
compared to the first nine months of 2019. The underlying net income group share excluding SRF stands at€3,266 million, i.e. a -8.8% decrease as compared to the first nine months of 2019.
Underlying earnings per share for the first nine months of 2020 came to €0.89, a decrease of -7.7%
compared to the first nine months of 2019.
Annualised underlying ROTE18 net of annualised coupons on Additional Tier 1 securities (return on equity Group
share excluding intangible assets) was 9.5% in the first nine months of 2020. After IFRIC 21 was isolated, it stoodat 10.0% for the first nine months of 2020, down compared to 2019 (-1.9 percentage point as compared to
11.9% 2019 ROTE). Annualised RoNE (Return on Net Equity) was down for the first nine months, in line with the
decline in income, compared to 2019 and the increase in capital, with the Tier 1 equity capital ratio standing at
12.6% at 30 September 2020.
Underlying revenues were up +2.0% from the first nine months of 2019, due to significant growth in revenues
in the Large customers business line (+13.9%). Retail activities, on the other hand, were hit by the public healthcrisis (Retail banking -2.3% and Specialised financial services -8.4% under underlying scope -5.4% excluding
scope effect) and revenues of the Asset gathering business line were heavily impacted by a negative market
impact (-5.0%).
Underlying operating expenses excluding SRF were stable (-0.0%), the contribution to the SRF having
increased significantly. It was up +29.1% to €439 million in the first nine months of 2020 compared to €340 million
for the first nine months of 2019. Expenses were stable thanks to the tight grip on expenses by all business lines:
Asset gathering reduced expenses by -2.8% compared to the first nine months of 2019, Retail banking by -2.9%
and Specialised financial services by -6.2% under underlying scope and -1.3% without scope effect. The Largecustomers business line reported a +7.5% increase in expenses over nine months, but this was mainly due to ascope effect (with Kas and S3 integrated to Asset Servicing perimeter). The underlying cost/income ratio
excluding SRF stood at 59.2%, an improvement of +1.2 percentage points compared to the first nine monthsof 2019. Excluding the SRF contribution, underlying gross operating income rose to €6,308 million, a +5.2%
increase compared to the first nine months of 2019.
Lastly, cost of risk increased significantly during the period (x1.3/-€1,189 million to -€2,106 million
versus -€917 million for the first nine months of 2019).

Activity
Business remained buoyant throughout the quarter, thanks to the positive performance of assets undermanagement (+6.4%), life insurance outstandings (+0.9%) and loan outstandings in Retail banking (+5%at LCL excluding state-guaranteed loans and +5.9% at CA Italia). Consumer finance managed loans were
down slightly from September 2019 but rebounded in the last quarter (+0.9% compared to the second
quarter). Inflows increased at LCL (increase in on-balance sheet deposits of +12.6% and stability of offbalance sheet deposits at -1.3%), and at CA Italia (increase in AuM of +6.4% and on-balance sheet
deposits of 6.7%). The share of UL products in gross inflows was up (+7.1 percentage points from third
quarter 2019 to 36.2%), as was the share in outstandings, which rose to 23.1% (+0.7 percentage pointfrom third quarter 2019). Revenues from personal protection insurance increased significantly (+9.7%
compared to third quarter 2019), as did those from property and casualty insurance (+8.7% compared to
18 See details on the calculation of the business lines’ ROTE (return on tangible equity) and RONE (return on normalised equity) on appendixes

16/44

PRESS RELEASE - THIRD QUARTER 2020

third quarter 2019). Gross customer acquisition momentum was strong (+227 500 small businesses andindividual customers in 2020 at LCL and +85,800 customers at CA Italia) and the customer base continued
to expand (+22,800 customers at LCL in 2020 and +7,700 at CA Italia). Commercial production in
consumer finance was up (+3% versus third quarter 2019). Lastly, business in the Large customers
segment was buoyant, especially in capital markets (revenues up +24.8% from third quarter 2019), withfinancing activities holding firm (-3.4% versus third quarter 2019). Risk management was prudent, withmoderate VaR at €12 million at 30 September.

-

In Savings/Retirement, Credit Agricole Assurances continued, with success, to pursue its new inflow
policy initiated in 2019, with a reorientation towards unit-linked (UL). UL contracts accounted for 36.2%
of gross inflows in third quarter 2020, an increase of +7.1 percentage points compared to third quarter2019. Net inflows were negative in euro-funds (-€0.7 billion) but up in terms of unit-linked contracts (+€1billion). Total net inflows stood at +€0.4 billion, down -€2 billion compared to third quarter 2019. However,they have increased +€1.3 billion since second quarter 2020. Outstandings (savings, retirement anddeath and disability) reached €304.1 billion, up +0.9% from September 2019. Unit-linked contracts
accounted for 23.1% of outstandings at September 2020, up +0.7 percentage point compared to
September 2019. Premium income amounted to €4.8 billion in the third quarter 2020 (a decline of -29.8%
compared to third quarter 2019). Lastly, the Policy Participation Reserve (PPE) stood at €11.8 billion at
30 September 2020, i.e. 5.7% of total outstandings and an increase of +€1 billion year-on-year. Recall
that the average annualised rate of return on assets for euro-denominated contracts was 2.50% 19 at 30
June 2020, i.e. still significantly above the average guaranteed minimum rate (0.28% at end-2019).

-

In Property and casualty insurance, business rebounded strongly in the third quarter 2020. The
monthly number of new accounts reached a record level in September (+278,000 new accounts, a yearon-year increase of around +30%). The number of property and casualty insurance policies increased in
the third quarter 2020 by around +196,000 policies to almost 14.4 million at end-September 2020.
Premium income was up +8.7% since third quarter 2019 to €1.0 billion. The equipment rate for individual
customers20 continued to increase in the networks of the Regional Banks (41.5% at endSeptember 2020, i.e. a +1.0 percentage point increase since September 2019) and LCL (25.5% at endSeptember 2020, i.e. a +0.6 percentage point increase since September 2019), as well as at CA Italia(16.2% at end-September 2020, i.e. a +1.2 percentage point increase since September 2019). The
combined ratio continued to be well managed at 96.7%, a slight increase of +1.2 percentage points yearon-year and includes the cost of the voluntary extra-contractual support mechanism for small businesses
insured for business interruption. Lastly, Crédit Agricole Assurances continued to strengthen its
international positioning during the quarter by increasing its equity interest in GNB Seguros to 100% andsigning a distribution agreement for non-life insurance in Portugal with Novo Banco for a 22-year term.
A strategic partnership agreement was also signed with Europ Assistance to provide assistanceservices in the French market. Crédit Agricole Assurances will now be able to tailor its services to theneeds of customers in the Crédit Agricole Group.

19 Predica rate
20 Equipment rate: percentage of individual banking customers holding at least one insurance product (Pacifica estimates). Scope: auto, home, health,life accidents, legal protection insurance and all mobile phones.

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In death & disability, creditor and group insurance, premium income reached nearly €1,079 million
this quarter, a significant increase of +9.7% versus third quarter 2019.

-

Asset management (Amundi) reported a sharp upturn in business this quarter with net inflows once
again in positive territory (+€34.7 billion). This was due to a major rebound in treasury products (+€18.8
billion). Retail net inflows (excluding joint ventures) on medium- and long-term (MLT) assets were up
compared to second quarter 2020 at +€2.4 billion, thanks to a strong recovery among third-party
distributors (+€2.8 billion). In the France and International networks, retail inflows (excluding joint
ventures) on MLT assets remained balanced in a context of risk aversion. Amundi reported a strong
performance in the institutional investors and corporates segment (+€21.4 billion), driven by treasury
products (+€19.2 billion). Net inflows remained solid on joint ventures (+€8.1 billion) thanks to buoyant
business in China (+€7.2 billion). Assets under management rose to €1,662 billion at end-September
2020 (+4.4% since 30 June 2020). The market/foreign exchange impact on assets under management
was +€15.2 billion compared to June 2020. Also of note this quarter was the integration of the assets of
Sabadell Asset Management in the consolidated scope of Amundi for an amount of +€20.7 billion andthe granting of a licence by the China Banking and Insurance Regulatory Commission to the new Amundi
BOC WM joint venture in China, which specialises in wealth management products. Amundi also
launched a bond fund this quarter with exposure to green project financing in emerging markets.

-

In wealth management, inflows were stable and outstandings remained unchanged in third quarter
2020.

-

Retail banking remained very customer-centric, with an improving customer satisfaction rate, notably in
Italy where it is has become the No. 2 Italian bank in terms of customer satisfaction with an 8-point
increase in Net Promoter Score compared to 2019. At end-September, there was an uptick in home loan
production (€11.6 billion for LCL ie -18.0% year-on-year; €2.1 billion for CA Italia ie +0.6% year-on-year),and a return of consumer finance to pre-crisis levels for LCL (production at €2.1 billion ie -15.1% yearon-year), and in Italy, (production at €140 million up +4.0% year-on-year). Loans outstanding to SMEs,
small businesses and corporates remained at high levels, €48.9 billion euros for LCL, up 23.8%, and€21.9 billion for CA Italia up +8.3%, notably through State-Guaranteed Loans. LCL granted 35,000 State
Guaranteed Loans representing €7.5 billion euros and CA Italia €1 billion euro. Overall, excluding StateGuaranteed Loans, loans outstanding for LCL totalled €134.1 billion at 30 September 2020 (+5%) and€44.1 billion for CA Italia (+1.7%).

-

In France, renegotiations on LCL home loans were down this quarter to €0.3 billion outstanding for thequarter, compared with €0.6 billion in second quarter 2020, i.e. a difference of €0.3 billion euros, andremained well below the high point of €5.2 billion of fourth quarter 2016. The new housing loans
production rate is moreover up this quarter.

-

Lastly, for all International Retail banking excluding Italy, loans rose +0.5% at end-September 2020
compared to end-September 2019, notably driven by Egypt (+18.0% 21) and Morocco (+2.7%19), despitea drop in Ukraine (-2.7%19) and Poland remaining unchanged (+0.8%19).

-

Off-balance sheet deposits remained stable for LCL (-1.3%), affected by a still negative market impact,
despite an upturn this quarter, and were up for CA Italia (+6.4%), primarily linked to the hike in life
Insurance (+11.3%). On-balance sheet deposits were up in all markets, +12.6% compared to
September 2019 for LCL in France notably due to an increase in personal savings driven by demand
deposits by individuals (+14%), demand deposits by SMEs, small businesses and corporates (+43%)
and passbook accounts (+11%); it increased by +6.7% for CA Italia, notably driven by an increase indeposits since the beginning of the year, reflecting the accumulation of liquidity by corporates andconsumers’ precautionary savings. Lastly, customer deposits increased by +3.8% for all International
Retail banking excluding Italy, driven by Ukraine (+35%19), Morocco (+6%19) and Poland (+4%19). The
equipment rate in automotive, multi-risk household, healthcare, legal or accident insurance was up for

21 Excluding foreign exchange impact.

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LCL at 25.5% (+0.6 percentage point compared to end-September 2019) and for CA Italia 16.2% (+1.2
percentage points compared to end-September 2019).
-

The upturn in the Specialised financial services business activities was confirmed this quarter. The
sales production of CA Consumer Finance exceeded the pre-crisis levels and reached €10.9 billion,
up +3% compared to third quarter 2019, driven by the Regional banks’ activity (+16% Q3/Q3) and GAC
Sofinco’s activity (+32% Q3/Q3). The production margin returned to a good level, corresponding tothat of the last quarter of 2019 and of the first quarter of 2020, thanks to a more favourable product mix,
driven notably by a general increase of the share of short-channel activity at Agos. Gross managedloans also increased compared to second quarter 2020 (+0.9% and +1.1% excluding CA Consumer
Finance NL) but remained slightly lower compared to third quarter 2019 (-1.5% and -1.2% excluding CA
Consumer Finance NL). In line with this momentum, CAL&F's commercial production benefited fromthe robust leasing activity this quarter, up +3.8% compared to third quarter 2019, at €1.5 billion. By
contrast, factored revenue recorded a slight drop of -1.4% compared to third quarter 2019, intensified
by a lower share of turnover subject to factoring, in the context of lesser liquidity requirements forcorporates considering the economic support measures rolled out since March (such as the Stateguaranteed loans), but the trend became positive again in September with a strong rebound in France
and internationally (+6%).

-

The activity of the Corporate and Investment Banking business line was very dynamic this quarter, with
underlying revenues up +9.7% in third quarter 2020 compared to third quarter 2019 (at €1,288 million)
especially in Capital Markets and Investment banking (+24.8% at €678 million) due to the continued
excellent performance of market activities (FICC activities: +26.5%, including CVA), neverthelessmarking a start of normalisation. Bond originations once again posted very strong activity levels (x1.8
in third quarter 2020 compared to the same period in 2019), as well as repos. CACIB thus confirmed its
leading positions (No. 1 in All French Corporate bonds, worldwide leader in Global Green andSustainability bonds22), CACIB was accordingly the exclusive adviser and bookrunner for the Federal
Republic of Germany in a €6.5 billion Green bond issue. Regulatory VaR at 30/09/2020 remained at alow level, in line with the prudent risk management model (€12.1 million at 30 September 2020 vs.
€14 million at 30 June 2020 and €22.2 million at 31 March 2020, average regulatory VaR: €14.5 million
in third quarter 2020, vs. €18.8 million in second quarter 2020 and €11.4 million in first quarter 2020).
Underlying revenues for financing activities were slightly down (-3.4%) compared to third quarter 2019at €610 million. Even though these activities continue to be driven by commercial banking, they were
impacted by the slowdown in structured financing activities and by unfavourable base 23 and foreignexchange effects this quarter. Excluding these effects, revenues would have been up +6.6% in the third
quarter. More specifically, Crédit Agricole CIB recorded a strong level of activity on structured financing
in the telecoms sector and has maintained good positioning in syndicated loans: CACIB is thus theleader in France and No. 2 in the EMEA market. Furthermore, in line with its Originate to Distributemodel, financing activities recorded an average primary payout ratio over the last twelve months of 35%,
down 8 percentage points compared to third quarter 2019. The revolving credit facilities (RCF) drawdown
finally normalised this quarter: after a +€18 billion increase in drawdowns at the beginning of the crisis,
7.2 billion have since been repaid as at end-September and drawdown rate was 23% thus getting closer
to the 18% pre-crisis and following a high point at 33% during the crisis.

-

22 Sources: Refinitiv, R17
23 BSF dividends received in third quarter 2019

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Lastly, Asset Servicing (CACEIS) recorded a good level of activity this quarter. Assets under custodyexceeded €4 trillion at end-September 2020, a level fixed as one of the targets of the 2022 Medium-Term
Plan: they totalled €4,018 billion, up +28% year-on-year. Assets under administration also increased
by +3% to €2,078 billion. These increases can be attributed primarily to the consolidation ofSantander Securities Services in fourth quarter 2019 (respectively, +€673 billion in assets undercustody and +€11 billion in assets under administration at end-September 2020), but also thanks to the
onboarding of new customers, which helped offset an unfavourable market effect (approximately €80 billion over one year). On a like-for-like basis, assets under custody and assets under administration
therefore increased respectively by +6.4% and +2.2%.

Analysis of the results of Crédit Agricole S.A.’s divisions and business
lines
Asset gathering
The Asset gathering (AG) business line posted underlying net income Group share of €459 million in third quarter
2020, down -8.5% compared to third quarter 2019 notably due to a change in the recognition methods used for
subordinated debt coupons (without impact on net earnings per share). Net income Group share remained
unchanged excluding this effect. The business line contributed by 41% to the underlying net income Group shareof the Crédit Agricole S.A. core businesses (excluding the Corporate Centre division) in third quarter 2020 and
27% to underlying revenues excluding the Corporate Centre.
The Asset gathering (AG) business line posted underlying net income Group share of €1,366 million in the firstnine months of 2020, down -5.8% from the first nine months of 2019.
At 30 September 2020, own funds allocated to the business line amounted to €9.9 billion, including €8.4 billion
for Insurance, €1 billion for Asset management, and €0.5 billion for Wealth management. The business line’s risk
weighted assets accounted for €42.1 billion including €26.8 billion for Insurance, €10.4 billion for Assetmanagement and €4.8 billion for Wealth management.
Exclusively for this business line: the calculation of the risk weighted assets took into account the “Switch”
guarantee, allowing the Crédit Agricole S.A. Group to save €22 billion 24 in risk weighted assets on the prudential
treatment of the Insurance business line, but it generated a negative impact of around -€30.9 million as at third
quarter 2020 on its net income Group share.
The underlying RoNE (Return on Normalised Equity) in turn stood at 22.6% for the first nine months of 2020,
versus 27.5% on full year 2019.

Insurance
In third quarter 2020, underlying revenues stood at €610 million, down -7.6% year-on-year due to a negative
market impact compared to third quarter 2019, despite being positive since the end of the first quarter 2020.
Underlying expenses were under control (-0.1% since third quarter 2019 at €168 million), limiting the drop inunderlying GOI to -10.1%, reaching €443 million. In third quarter 2020, the underlying cost/income ratio stood at
27.5%, an improvement of +2.1 percentage points compared to third quarter 2019. The tax charge furthermore
decreased by -35% to €100 million, due to lower pre-tax income and a reduced tax rate on securities disposals.
Underlying net income thus totalled €344 million, up +1.0% compared to third quarter 2019. In the end, thebusiness line's contribution to underlying net income Group share was down -11.5%, to €300 million, due toincreasing non-controlling interests (+€42.5 million year-on-year) following a change in the recognition methods
used for subordinated RT1 debt coupons (without impact on net earnings per share).
Underlying revenues stood at €1,822 million in the first nine months of 2020, down -4.4% compared to the firstnine months of 2019 due to a negative market impact during the period. Underlying expenses were up +3.9%
24 Including the partial dismantlement of the Switch recorded at Q1 2020

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during the period. Accordingly, underlying GOI decreased -7.9% to €1,240 million, and the cost/income ratio
deteriorated by +2.5 percentage points to 31.9% in the first nine months of 2020. Underlying net income
decreased by -1.1% to €936 million and underlying net income Group share stood at €890 million, down -5.7%
compared to the first nine months of 2019.

Asset management
Underlying revenues totalled €609 million in third quarter 2020, down -4.8% on third quarter 2019. Net
management fee and commission income was down year-on-year (-4.8%) due to a negative market impact during
the period, but up since second quarter 2020 (+4.8%). Performance fees in turn have been increasing since third
quarter 2019 (+18.7%) and remained at a good level (€30 million). Lastly, financial revenues were unchanged
year-on-year despite negative interest rates. Underlying costs excluding SRF fell by -4.1% to €329 million, due
to the continued operational efficiency efforts and to adjustments in variable compensation. Underlying GOI
decreased by -5.6% to €280 million and the cost/income ratio excluding SRF remained at a good level at 54.0%
slightly up year-on-year (+0.4 percentage points). The contribution of equity-accounted entities, comprising inparticular income from Amundi’s joint ventures in Asia, was up (x2.1) to €17 million. The underlying tax charge
was down -5.8% to €77 million this quarter. In the end, underlying net income Group share was solid and roseby +1.5% compared to third quarter 2019, to €146 million.
In the first nine months of 2020, underlying revenues decreased by -6.4% compared to the first nine months of
2019, to €1,810 million, due to the negative market impact during the period. Underlying expenses excluding
SRF decreased by -4.5% to €988 million. Accordingly, underlying GOI was down -8.7% to €818 million and theunderlying cost/income ratio excluding SRF remained at a good level (54.6%) despite a -1.1 percentage point
deterioration compared to the first nine months of 2019. Underlying income of equity-accounted entities was
sharply up (+40.8%) to €46 million. In the end, in an unfavourable market environment during the period,
underlying net income Group share decreased -9.1% compared to the first nine months of 2019 to €420 million.

Wealth management
Underlying revenues decreased -7.2% compared to third quarter 2019 to €192 million in third quarter 2020,
notably due to a negative foreign exchange impact year-on-year. Underlying costs excluding SRF were down
sharply (-17.3%) to €162 million. Accordingly, underlying GOI increased significantly year-on-year (x2.7 to €30
million) and the underlying cost/income ratio excluding SRF significantly improved by -10.3 percentage points to
84.3% in third quarter 2020. Cost of risk has been increasing since third quarter 2019 (x5.9 to €11 million) andthe tax charge increased by +€2 million. In the end, underlying net income Group share was down -30.2% to €13
million in third quarter 2020.
Underlying revenues stood at €600 million in the first nine months of 2020, down -2.3% compared to the first ninemonths of 2019. Underlying expenses excluding SRF decreased significantly (-6.3%) to €521 million.
Accordingly, underlying GOI increased sharply (+39% to €76 million) and the underlying cost/income ratio
excluding SRF improved (-3.6 percentage points) to 86.8%. Underlying net income Group share was up +25.7%
to €56 million in the first nine months of 2020.

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Retail banking
French retail banking
Underlying revenues were up +2.6% to €889 million in third quarter 2020. The increase was driven notably by
the fee and commission income (+3.8%), as well as by the net interest margin (+1.6%) supported notably bygood refinancing conditions. LCL continued with its operational efficiency policy despite continuing investments
such as City Explorer (a feature of the LCL Mes Comptes application that exempts foreign currency payments
and withdrawals in exchange for a fixed fee). The underlying costs excluding SRF to decrease by -4.6% to €550
million in third quarter 2020, which leads to an improvement in the underlying cost/income ratio excluding SRF
of 4.7 percentage points, to 61.8%. This made it possible to post underlying gross operating income of €339
million, a sharp improvement of +17.0%. Provisioning continued increasing (+43.2%) to -€83 million in third
quarter 2020. The increase was, notably related to prudent provisioning in sensitive sectors (including hotels,
tourism, restaurants). The annualised cost of credit risk on outstandings for the nine months was therefore
30 basis points. The non-performing loan ratio stands at 1.6% (-0.1 percentage point compared to the second
quarter of 2020) and the coverage ratio stands at 84.6% (+6.5 percentage points compared to the second quarterof 2020). In the end, underlying net income Group share was up +14.2% to €176 million in third quarter 2020.
Revenues remained stable in the first nine months of 2020 at €2,635 million compared to the first nine months of
2019. Underlying expenses excluding SRF decreased by -3.7%, due in particular to a continued improvement inexternal expenses, which resulted in a -2.7 percentage point improvement in the underlying cost/income ratio
excluding SRF to 63.7%. Gross operating income thus rose +7.5% (+8.4% excluding SRF), but was largely offset
by a sharp rise in provisioning (+97.0%) to -€301 million. All in all, the business line’s contribution to net income
Group share was down -9.4% to €408 million.
The underlying RONE (return on normalized equity) of LCL stands at 9.7% for the first nine months of 2020,
compared to 10.8% for 2019.

International retail banking
International retail banking revenues fell by -5.1% to €657 million in third quarter 2020. Underlying expenses
decreased less (-1.5%) to €415 million. Hence, the gross operating income decreased by -10.6%. Provisions
increased +47.9% this quarter to -€124 million (notably due to the provisioning of performing loans). In the end,
net income Group share of International retail banking was €63 million, down -34.9% compared to third quarter2019.
For the nine months, underlying revenues decreased -5.6% to €1,967 million. Underlying operating expenses
excluding SRF were down -1.8% to €1,255 million, resulting in a -2.5 percentage point deterioration in theunderlying cost/income ratio to 63.8%. Gross underlying operating income is down -12.4% to €686 million.
Excluding SRF, the drop in gross operating income is lowered to -11.6%. Provisioning increased by +71.0% to€438 million for the first nine months. This translated into underlying net income Group share of €155 million forfirst nine months of 2020 (down -43.4%).

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Italy
Crédit Agricole Italia’s revenues were unchanged in third quarter 2020 compared to 2019 at €462 million (-0.1%
compared to third quarter 2019). The net interest margin was supported by the refinancing conditions and fee
and commission income returned to pre-crisis levels. Expenses were likewise unchanged year-on-year (-0.5%)
and down compared to the second quarter of 2020 (-2.3%) reflecting the specific efforts made in relation toexternal expenses and mobility and making it possible to absorb the additional costs related to the crisis.
Underlying cost/income ratio excluding SRF stood at 61.0%, which was a slight improvement (0.3 percentage points compared to 2019). Provisioning increased by +40.6% to -€86 million at a well-controlledlevel. It results both from provision of performing loans (-€8 million) and a significant increase in provisions for
non-performing loans in order to prepare for the disposal of non-performing loans. The annualised cost of credit
risk on outstandings for the first nine months was therefore 92 basis points. The non-performing loans ratio
improved to 7.3% this quarter (-0.6 percentage points Sept./Sept.) and the coverage ratio was +2.1 percentage
points higher, at 62.9%.
For the first nine months, revenues were down -4.3% to €1,337 million. Operating expenses excluding SRF were
down by only -1.6%, resulting in a deterioration in the underlying cost/income ratio excluding SRF, which stoodat 63.5%, an increase of +1.8 percentage points Sept./Sept. The Gross operating income decreases by -9.8% ,standing at €462 million (-8.8% excluding SRF). All in all, the business-line’s contribution to net income Group
share was down -31.6%.
The underlying RoNE (return on normalized equity) of CA Italia stands at 5.7% for the first nine months of 2020,
compared to 9.3% for 2019.

Crédit Agricole Group in Italy
The Group’s results in Italy were €423 million in the first nine months of 2020, i.e. a -14% decrease from the firstnine months of 2019 due to the increase in the cost of risk.

International Retail Banking – excluding Italy
Underlying revenues declined in third quarter 2020 compared to third quarter 2019 (-15.1%), mainly due to a net
interest margin impacted by the fall in key interest rates in Egypt, Poland, Ukraine and Morocco, and fee andcommission income affected by the sharp slowdown in commercial activity. Underlying expense excluding SRF
were also down -3.5% this quarter and unchanged or declining in all subsidiaries except Crédit du Maroc (+3%).
As a result of expenses declining less than revenues, the underlying cost/income ratio excluding SRF of IRB
excluding Italy deteriorated this quarter to 68.5%, up +8.2 points. Underlying gross operating income thus
decreased by -32.6%. Provisioning increased (+67.9%) to -€38 million in third quarter 2020 from the provisioningof performing loans. The coverage ratio was up +4 percentage points compared to the end of the second quarter2020 at 104%. In the end, underlying net income Group share was €11 million, i.e. a sharp decrease of -69.3%.
By country:-

CA Egypt(25): underlying revenues were down -15% in third quarter 2020 compared to third quarter 2019,
penalised by lower rates. The risk profile remained good with a low NPL ratio of 2.5% and a high coverage
ratio of 187%.

-

CA Poland(25): underlying revenues recorded a decline this quarter (-16%), penalised by the drop inreference interest rates. With expenses unchanged, underlying gross operating income decreased by-65%. The NPL coverage ratio rose to 108% resulting in a lower net income Group share, which was
negative in the first nine months of 2020 (-€4 million).

-

CA Ukraine(25) : underlying revenues were down this quarter (-9%). The NPL ratio was 2.3% and thecoverage ratio was high at 242%.

25 Excluding forex effect

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Crédit du Maroc(25): revenues were slightly down this quarter by -2% and expenses remained undercontrol (+3%). Provisioning remained prudent, with the coverage ratio reaching 91%.

In the first nine months, revenues were down by -8.1% to €630 million. Operating expenses excluding SRF
decreased only by -2.1%, which resulted in a deterioration of the underlying cost/income ratio excluding SRF to
64.5%, up by +3.9 percentage points Sept./Sept.. Underlying gross operating income excluding SRF was down
17.3% at €224 millions. All in all, the business-line’s contribution to net income Group share was down -60.6%.
The underlying RONE (return on normalized equity) of other IRB excluding Italy stands at 10.8% for the first ninemonths of 2020, compared to 19.3% for 2019.

The International retail banking business line contributed for 5% to the underlying net income Group share ofCrédit Agricole S.A.'s core businesses (excluding the Corporate Centre division) for the first none months of 2020
and 13% to underlying revenues excluding the Corporate Centre.
The entire Retail banking business line contributed for 17% to the underlying net income Group share ofCrédit Agricole S.A.'s core businesses (excluding the Corporate Centre division) for the first nine months of 2020
and 30% to underlying revenues excluding the Corporate Centre.
As of 30 September 2020, the capital allocated to the division is €8.7 billion including €4.9 billion for French retailbanking, €3.9 billion for International retail banking. Risk weighted assets are €92.0 billion including€51.2 billion for French retail banking and €40.9 billion for International retail banking.

Specialised financial services
Third quarter 2020 results of Specialised financial services were marked by the reclassification under IFRS
5 of the Dutch subsidiary CA Consumer Finance Nederland BV, an entity currently held for sale. In third
quarter 2020, this resulted in the restatement on all intermediary balances of CA Consumer Finance of the total
income and expenses recorded for the first and second quarter 2020 and in the posting to net income ofoperations held for sale of the restatement of third quarter net income Group share of CA Consumer Finance NL.
Accordingly, in third quarter 2020, the business line’s underlying net income Group share stood at €181
million, i.e. a decline of -10.0% compared to third quarter 2019 and of -9.2% excluding scope effect compared tothird quarter 2019 (i.e. excluding CA Consumer Finance NL).
The business line contributed by 13% to the underlying net income Group share of the Crédit Agricole S.A. corebusinesses (excluding the Corporate Centre division) for the first nine months of 2020.
RoNE (return on normalised equity) of the business line stood at 11.5% for the first nine months of 2020, downfrom 16% in 2019. The capital allocated to the Specialised financial services business line stood at €4.9 billion,
down from €5.2 billion euros in September 2019.

Consumer financeIn the third quarter, CA Consumer Finance’s underlying revenues totalled €488 million, down -7.9% comparedto third quarter 2019. However, excluding scope effect of CA Consumer Finance NL26 the decline in underlying
revenues was only -1.4%, which is indicative of the resilience of this activity. Expenses excluding SRF
experienced a marked decline (-19.1% overall and -2.6% excluding scope effect26), favourably impacting thecost/income ratio excluding SRF which reached 44.8% this quarter and 49.3% excluding CA Consumer
Finance NL (unchanged since the third quarter 2019). Accordingly, gross operating income remained stable(+3.8% overall and -0.1% excluding scope effect26). Equity-accounted entities stabilised this quarter (-2.9%).

26 Excluding the effect of IFRS 5 on CA Consumer Finance NL in Q3 2020 and excluding income/expenses recorded in Q3-2019 for CA Consumer

Finance NL

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PRESS RELEASE - THIRD QUARTER 2020

Cost of risk returned to its third quarter 2019 levels (+4.5% overall and +6.7% excluding scope effect), in sharp
decline from the second quarter (-43% excluding scope effect) after strong covid-19 provisioning. Note the strong
resumption of post-moratoria payments (98% as of September 30th 2019 for retail and corporate customers). The
NPL ratio recorded a moderate increase to 7.3% versus 6.1% in second quarter 2019, following theimplementation of the new definition of regulatory default, which increased the total scope of non-performing
loans. Lastly, underlying net income Group share stood at €147 million, i.e. a -3.9% decrease compared to third
quarter 2019 and a -2.8% decrease excluding CA Consumer Finance NL.
In the first nine months 2020, CA Consumer Finance’s revenues decreased by -8% and by -4.3% excluding
scope effect compared to the first nine months of 2019, as did gross operating income (-8.4% overall versus 6.9% excluding scope effect). The cost/income ratio excluding SRF remained at 49.3%, i.e. an increase of+0.2 percentage points overall, driven by a decrease in expenses excluding SRF (-7.6% overall and -1.4%
excluding scope effect) thanks to strong operational efficiency. The contribution of equity-accounted entities
decreased (-11.4%) due to increased provisioning at Wafasalaf partially offset by the resilience of automobile JV.
Cost of risk increased (+51.7% overall and +53.7% excluding scope effect). CA Consumer Finance’s net
income Group share for the first nine months decreased by -22.8% in underlying and by -21.8% excluding scope
effect. Lastly, the business line's contribution to net income Group share in the first nine months of 2020
was 11%.

Leasing & Factoring
In third quarter 2020, underlying revenues stood at €131 million, down -10.4% compared to third quarter 2019attributable to factoring activities being further penalised this quarter by lower share of turnover subject tofactoring. Underlying costs excluding SRF remained unchanged (-0.9% at €71 million), bringing the drop ingross operating income to -19.4%. The cost/income ratio excluding SRF deteriorated by -5.2 percentage
points to 53.5% but remained lower than in the second quarter (-2.8 percentage points). The cost of riskincreased by +42.6% affected by an uncertain economic environment, but remained two times lower than in thesecond quarter 2020, which is attributable to more moderate provisioning. All in all, CAL&F’s underlying net
income Group share was €34 million, down -28% compared to third quarter 2019, but double compared to theprevious quarter.
CAL&F’s revenues were down compared to the first nine months of 2019 by -9.6% while expenses excluding
SRF remained stable (-0.9% to €214 million). Accordingly, gross operating income decreased by -20.8% andthe cost/income ratio excluding SRF deteriorated (+4.9 percentage points to 56.1%). With double the cost ofrisk compared to the first nine months of 2019, CAL&F’s net income Group share stood at €64 million, down 44.9%.

Large customers
In third quarter 2020, underlying net income Group share for the Large customers business line amounted to€342 million, down -28.4% compared to third quarter 2019. Gross operating income however once again
experienced a sharp increase (+16.9% in third quarter 2020 compared to third quarter 2019) thanks to strong
momentum in all business line sub-divisions. Nevertheless, the business line was impacted by a significant
increase in provisioning (it increased 4.8-fold between the two quarters), particularly in financing activities (a 5.6fold increase to €225 million in third quarter 2020).
Over the first nine months of 2020, underlying net income Group share totalled €986 million, a -15.7%
decrease on the same period in 2019.
The business line contributed 29% to the underlying net income Group share of Crédit Agricole S.A.'s corebusinesses (excluding the Corporate Centre division) in the first nine months of 2020 and 31% to underlying
revenues excluding the Corporate Centre.
At 30 September 2020, own funds allocated to the Specialised financial services business line totalled €11.9
billion and risk weighted assets were €124.9 billion.

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Underlying RoNE (return on normalised equity) of the business line stood at 10.5% in the first nine months of
2020, versus 12.0% in 2019.

Corporate and investment banking
In third quarter 2020, underlying revenues of Corporate and Investment banking rose by +9.7% to€1,288 million, thanks to buoyant capital markets (+24.8% in third quarter 2020 from third quarter 2019),
specifically in the primary bonds business as well as repos, and despite a slowdown in the interest rate andforeign exchange business; financing activities in turn posted a slight decline in revenues (-3.4% between thetwo quarters) due to the slowdown in structured financing activities and despite robust activity levels incommercial banking; it was also impacted by unfavourable base (dividends on Banque Saudi Fransi (BSF)
received in third quarter 2019) and foreign exchange effects this quarter. Excluding these effects, financing
activities posted a +6.6% increase in revenues in third quarter 2020. Underlying operating expenses remained
very well controlled and recorded a slight increase of +2.1% in third quarter 2020 making it possible to post anunderlying cost/income ratio of 50.5%, a +3.7-point improvement year-on-year. Thus, underlying gross operating
income increased strongly this quarter, +18.6% compared to third quarter 2019. Provisioning recorded a sharp
x4.6-fold increase to €220 million, notably as a result of an increase in provisioning of performing loans (Stages
1 & 2 provisioning represents approximately 90% of the provisioning for the quarter), particularly in the aerospaceand hotel industry, which were hit hard by the health crisis. Compared to second quarter 2020, provisioning
decreased by -35.0%. In the end, underlying net income Group share was €307 million in third quarter 2020, a
decline of -28.9% compared to third quarter 2019.
Over the first nine months of 2020, revenues recorded a marked increase of +11.8% on the same period in 2019.
Operating expenses excluding SRF contributions recorded a very slight increase (+2.8%), enabling the
production of a 9 percentage point jaws effect and the posting of cost/income ratio excl. SRF of 49.2%, a +4.3point improvement between the two periods. Gross operating income was sharply up by +19.9%. Risk
provisioning nevertheless increased 7.1-fold. In the end, the contribution to net income Group share was €892
million, down -16.1% compared to the first nine months of 2019.

Asset servicing
In third quarter 2020, underlying revenues increased by +23.1% to €278 million. In addition to the scope effectrelated to the consolidation of Kas Bank and Santander Securities Services (S3) since fourth quarter 2019, it also
benefited from strong activity levels in third quarter 2020. Assets under custody exceeded €4 trillion at
30 September 2020, which was one of the targets of the 2022 Medium-Term Plan. They were up +28% year-onyear including the consolidation of S3 for +€673 billion at end-September 2020 and +6.4% on a like-for-like basis
thanks to the onboarding of new customers (notably Groupama and Candriam) which offset a negative market
impact (approximately -€80 billion year-on-year). Underlying operating expenses increased by +30.6% to €217
million. Excluding scope effect related to the consolidation of Kas Bank and S3, they rose by +12% as a result of
IT developments and investments, including some related to the arrival of new large customers). Underlying
gross operating income rose +2.0% to €61 million and the cost/income ratio was 78.0% in third quarter 2020. Net
income was €52 million, a +13.4% increase. After €17 million of non-controlling interest attributed to Santander,
the business line’s contribution to underlying net income Group share posted a drop of -23.3% year-on-year to€35 million.
Underlying revenues increased by +25.2% in the first nine months 2020 compared to the first nine months 2019,
while underlying operating expenses excluding SRF increased by +25.1%. Underlying gross operating income
increased by +20.1% and the underlying cost/income ratio excluding SRF was 75.1%, unchanged from the same
period in 2019. As a result, underlying net income increased by +30.6%. In the end, the business line’s
contribution to net income Group share was down -11.8% due to the appearance of non-controlling interests infavour of Santander (€95 million).

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Corporate Centre
An analysis of the negative contribution of the Corporate Centre looks at both the “structural” contribution andother items. The “structural” contribution includes three types of activities:-

the activities and the role of the corporate centre of Crédit Agricole S.A. holding. This negative
contribution reached -€118 million in third quarter 2020, a significant improvement compared to third
quarter 2019 (-€243 million) due to improved revenues following lower refinancing costs and temporary
gains related to TLTRO III;-the sub-divisions that are not part of the core businesses, such as CACIF (private equity) andCA Immobilier: their contribution of +€8 million in third quarter 2020 shows a decline compared to third
quarter 2019 (+€10 million), due to the impact of negative valuations in private equity entities;-

the Group’s support functions: the third quarter 2020 recorded a positive impact of +€10 million, slightly
down compared to third quarter 2019 (-€2 million). Their contribution, however, remains essentially nil
over a rolling 12-month period, as their services are reinvoiced to the other Group business lines.

“Other items” recorded a negative contribution of -€5 million this quarter, compared to a contribution of +€30
million in third quarter 2019. This negative variance is due to the impact of the market upturn on intra-grouptransactions.
For first nine months 2020, the negative contribution of the Corporate Centre division was -€548, an improvementof +€194 million compared to first half 2019. The structural component improved significantly over the period(+€194 million), in particular with regard to the activities and functions of the corporate entity Crédit Agricole S.A.’s
corporate centre (+€240 million). The other items of the business line contributed +€67 million over the half year,
an improvement of +€8 million.
As at 30 September 2020, risk weighted assets were €26.9 billion and allocated capital was €2.6 billion.
*

*
*

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Financial solidity
Crédit Agricole GroupOver the quarter, Crédit Agricole Group’s financial strength improved again, with a phased-in Common Equity
Tier 1 (CET1) ratio up by +0.9 percentage point compared to end-June 2020 to 17.0%. The fully loaded ratio, in
other words excluding the impact of the phasing-in of IFRS 9 incorporated in second quarter 2020 as part of the“Quick fix”, was 16.7%. The increase was mainly due to the effect of the stated result (+33 basis points) and tothe methodology and regulatory effects (+24 basis points). The latter reflect for the most part the impact, on
RWAs, of the irrevocable payment commitments (+16 basis points) as well as the application of the new SME
supporting factor and infrastructure financing (+10 basis points). In addition, the decrease in risk-weighted assets
over the period generated a positive effect on the CET1 ratio of +28 basis points. The risk weighted assets in thebusiness lines in fact decreased in Large Customers (-€5,8 billion) and in retail banking (-€3.3 billion), including-€1.8 billion at LCL and -€1.0 billion at the Regional banks, mainly due to the impact of the expiry of the twomonth waiting period for State-guaranteed loans of -€6.1 billion. Risk weighted assets also experienced theimpact of the methodology and regulatory effects in the amount of -€2.6 billion (mainly including the additional
impact on the SME supporting factor and infrastructure financing of -€3.3 billion and the new definition of defaultof €0.3 billion). Lastly, the equity-accounted value of insurance had an upward impact on risk-weighted assets inthe amount of +€2.1 billion. Note that the Group's CET1 ratio includes 16 basis points in dividends on the 2019
results not distributed in 2020.
In the end, the Crédit Agricole Group posted a substantial buffer of 8.1 percentage points between the level of its
CET1 ratio and the 8.9% SREP requirement for Crédit Agricole Group, compared with 7.2 percentage points at
30 June 2020.
The phased-in leverage ratio stood at 5.8%, an increase of +0.5 point in line with the neutralisation of ECB
exposures compared to end-June 2020, and a slight increase at 5.4% compared to end-June 20 before thisneutralisation of ECB exposures. The phased-in Tier 1 ratio stood at 17.9%, the phased-in overall ratio was
20.5% and the phased-in average intra-quarter leverage ratio was 5.2% this quarter, before exclusion of theCentral Bank exposures.

TLAC
The Financial Stability Board (FSB) has defined the calculation of a ratio aimed at estimating the adequacy ofthe bail-in and recapitalisation capacity of Global Systemically Important Banks (G-SIBs). This
Total Loss Absorbing Capacity (TLAC) ratio provides resolution authorities with the means to assess whether GSIBs have sufficient bail-in and recapitalisation capacity before and during resolution. It applies to Global
Systemically Important Banks, and therefore to Crédit Agricole Group.
The elements that could absorb losses consist of equity, subordinated notes and debts to which the Resolution
Authority can apply the bail-in.
The TLAC ratio requirement has been transposed into European Union law via CRR2 and has been applicablesince 27 June 2019. As from that date, Crédit Agricole Group must comply with the following requirements at all
times:-a TLAC ratio above 16% of risk weighted assets (RWA), plus – in accordance with CRD5 – a combined
capital buffer requirement (including, for the Crédit Agricole Group, a 2.5% capital conservation buffer, a 1%
G-SIB buffer and the counter-cyclical buffer). Considering the combined capital buffer requirement, Crédit
Agricole Group will have to adhere to a TLAC ratio of above 19.5% (plus the counter-cyclical buffer)-a TLAC ratio of above 6% of the Leverage Ratio Exposure (LRE).

As from 1 January 2022, the minimum TLAC requirements will increase to 18% of risk weighted assets – plus
the combined buffer requirement at that date – and 6.75% of the leverage ratio exposure.

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At 30 September 2020, the Crédit Agricole Group’s TLAC ratio stood at 24.8% of RWAs and 8.1% ofleverage ratio exposure, excluding eligible senior preferred debt. The TLAC ratio rose +100bp compared to
30 June 2020, hand-in-hand with the increase in regulatory capital during the quarter and supported by the
decline in RWAs. Expressed as a percentage of the leverage ratio exposure (LRE), the TLAC ratio rose 60bp,
taking into account the neutralisation of Central Bank exposures (7.5% before such neutralisation of Central
banks exposures). It exceeded the required 19.5% of RWAs (according to CRR2/CRD5, plus, at 30 September
2020, the counter-cyclical buffer of 0.02%) and 6% of the leverage ratio exposure, respectively, despite the factthat it was possible at that date to include up to 2.5% of RWAs in eligible senior preferred debt.
Achievement of the TLAC ratio is supported by a TLAC debt issuance programme for 2020 of around €6
billion to €8 billion in the wholesale market. At 30 September 2020, €7.4 billion equivalent had been issued
in the market; the amount of the Crédit Agricole Group senior non-preferred debt taken into account in thecomputation of the TLAC ratio was €23.3 billion.

MREL
The MREL (Minimum Requirement for Own Funds and Eligible Liabilities) ratio is defined in the European “Bank
Recovery and Resolution Directive” (BRRD). This Directive establishes a framework for the resolution of banks
throughout the European Union, with the aim of providing the resolution authorities with shared instruments andpowers to pre-emptively tackle banking crises, preserve financial stability and reduce taxpayer exposure tolosses.
The ACPR, the national resolution authority believes that the “single point of entry” resolution strategy is the mostappropriate for the French banking system. The Crédit Agricole Group has adopted the SPE model. As the central
body, Crédit Agricole S.A. would be the single point of entry in a situation of resolution of Crédit Agricole. Given
the solidarity mechanisms that exist within the Group, a member of the Credit Agricole network or an entity
affiliated with it cannot be resolved individually.
The MREL ratio corresponds to the minimum requirement of own funds and eligible liabilities that must be
available in order to absorb losses in the event of resolution. It is calculated as the amount of own funds andeligible liabilities expressed as a percentage of the institution’s total liabilities and own funds, after certain
prudential adjustments (TLOF27), or expressed as risk weighted assets (RWA). Regulatory capital, as well as
subordinated notes, senior non-preferred debt instruments and certain senior preferred debt instruments withresidual maturities of more than one year are eligible for the numerator of the MREL ratio.
In 2020, Crédit Agricole Group was notified of the revision of its total consolidated MREL requirement and of a
new subordinated MREL requirement (from which senior debt will generally be excluded in line with the TLAC
standards). These are already applicable and have been met by the Group since that time. They will be revised
periodically by the Resolution Authorities and will include changes in the European regulatory framework (i.e.
BRRD2).
Crédit Agricole Group’s target is to reach a subordinated MREL ratio (excluding eligible senior preferreddebt) of 24-25% of the RWAs by the end of 2022 and to maintain the subordinated MREL ratio above 8%of TLOF. This level would enable recourse to the Single Resolution Fund (subject to the decision of the resolution
authority) before applying the bail-in to senior preferred debt, creating an additional layer of protection forinvestors in senior preferred debt.
At 30 September 2020, Crédit Agricole Group posted an estimated MREL ratio of approximately 11% of
the TLOF and 8.2% excluding eligible senior preferred debt. Expressed as a percentage of risk weighted
assets, the Crédit Agricole Group’s estimated MREL ratio was approximately 33% at end-September 2020. It
was 24.8% excluding eligible senior preferred debt. The MTP target regarding subordinated MREL is met at
end-September 2020.

27 TLOF – Total Liabilities Own Funds, equivalent to the prudential balance sheet after netting of derivatives

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Maximum Distributable Amount (MDA) trigger
The transposition of Basel regulations into European law (CRD4) has established a restriction mechanism of the
distributions applicable to dividends, AT1 instruments and variable compensation. The Maximum Distributable
Amount (MDA, the maximum sum a bank is allowed to allocate to distributions) principle aims to place limitations
on distributions in the event the latter were to result in non-compliance with combined capital buffer requirements.
The distance to the MDA trigger is the lowest of the respective distances to the SREP requirements in CET1
capital, Tier 1 capital and total capital. As from 12 March 2020 and considering the impact of the COVID-19 crisis,
the European Central Bank brought forward the effective date of application of Article 104a of CRD5 and allowed
institutions under its supervision to use Tier 1 and Tier 2 capital to meet the additional Pillar 2 requirement (P2R).
Overall, the P2R can now be met with 75% Tier 1 capital including as a minimum 75% CET1 capital. The CET1
requirement of Crédit Agricole S.A. and Crédit Agricole Group has thus decreased by -66 basis points since firstquarter 2020.
At 30 September 2020, Crédit Agricole Group posted a buffer of 724 basis points above the MDA trigger,
i.e. €41 billion in CET1 capital.
At 30 September 2020, Crédit Agricole S.A. posted a buffer of 447 basis points above the MDA trigger, i.e.
€15 billion in CET1 capital.

Crédit Agricole S.A.
At end-September 2020, Crédit Agricole S.A.’s solvency remained at a high level, with a phased-in Common
Equity Tier 1 (CET1) ratio of 12.6% (i.e. including the impact of the IFRS 9 phasing-in incorporated in second
quarter 2020 as part of the as part of the “quick fix”), up +0.6 percentage points compared to end-June 2020,
160 basis points above the target, and 470 basis points above the SREP. The fully loaded ratio is 12.4%.
The CET1 ratio benefited this quarter from the effect of the stated result, generating a positive impact of +32
basis points, from the decrease in risk weighted assets of +31 basis points, as well as from the positive impactof the methodology and regulatory effects of +16 basis points, which included notably the deduction of irrevocablepayment commitments to Deposit Guarantee and Resolution Fund and SRF (+12 basis points). The solvency
ratio this quarter included a dividend per share provision of €0.16, i.e. €0.40 for the nine months of 2020, which,coupled with the effect of the AT1 coupons, had a negative impact of -15 basis points. Furthermore, the ratio
included a positive impact of +1 basis point on the “M&A, OCI and other” item, mainly related to the disposal of
Banque Saudi Fransi by Crédit Agricole Corporate and Investment Bank, the reclassification of Crédit Agricole
Consumer Finance NEDERLAND BV to held-for-sale operations, the impact in the increase in OCI reserves, aforeign exchange impact, and prudent valuation. Since 31 March, the ratio includes 60 basis points in dividends
on the 2019 results not distributed in 2020. In the end, Crédit Agricole S.A. had a substantial buffer of
4.7 percentage points between the level of its CET1 ratio and the 7.9% SREP requirement, compared with 4.1
percentage points at 30 June 2020.
The phased-in leverage ratio was 4.5% at end-September 2020, up +0.5 percentage point from end-June 2020,in line with the neutralisation of ECB exposures, but stable at 3.9% compared to end-June 2020, before thisneutralisation. The phased-in average intra-quarter leverage ratio was 3.8% before the neutralisation of ECB
exposures, the phased-in Tier 1 ratio was 14.1% and the phased-in overall ratio was 18.2% this quarter.
Risk weighted assets amounted at €338 billion at end-September 2020, compared with €347 billion at end-June,
a -2.8% decrease. The business lines’ contribution was negative in the amount of -€9.9 billion, (of which -€1.8
billion in foreign exchange impact) due to a decrease in risk weighted assets in the Large customers businessline (-€5.7 billion) and in Retail banking (-€2.2 billion). The change in Large Customers division can be explainedin particular by a trend towards gradual normalisation of the CVA VaR (-€2 billion decrease in market risk andCVA), good control by the business lines and a favourable foreign exchange impact (-€1.5bn), more thanoffsetting the unfavourable impact of rating migrations (+€1.3 billion). The change in Retail banking is mainly due
to the expiry of the State-guaranteed loans’ two-month waiting period (-€1.3 billion). The increase in the equityaccounted value of insurance had an upward impact on risk weighted assets amounting to +€2.0 billion. M&Atransactions had a downward impact on risk weighted assets amounting to -€1.0 billion (linked to the disposal of

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Banque Saudi Fransi by Crédit Agricole Corporate and Investment Bank). The methodology and regulatory
effects also had a downward impact amounting to -€0.9 billion, of which -€1.5 billion for the SME supporting factor
and infrastructure financing, €0.3 billion for the “new definition of default”.

Liquidity and Funding
Liquidity is measured at Crédit Agricole Group level.
In order to provide simple, relevant and auditable information on the Group’s liquidity position, the banking cash
balance sheet’s stable resources surplus is calculated quarterly.
The banking cash balance sheet is derived from Crédit Agricole Group’s IFRS financial statements. It is basedon the definition of a mapping table between the Group’s IFRS financial statements and the sections of the cash
balance sheet as they appear in the next table and whose definition is commonly accepted in the marketplace. It
relates to the banking scope, with insurance activities being managed in accordance with their own specificprudential constraints.
Further to the breakdown of the IFRS financial statements in the sections of the cash balance sheet, netting
calculations are carried out. They relate to certain assets and liabilities that have a symmetrical impact in termsof liquidity risk. Deferred taxes, fair value impacts, collective impairments, short-selling transactions and otherassets and liabilities were netted for a total of €67 billion at end-September 2020. Similarly, €117 billion in
repos/reverse repos were eliminated insofar as these outstandings reflect the activity of the securities desk
carrying out securities borrowing and lending operations that offset each other. Other nettings calculated in orderto build the cash balance sheet—for an amount totalling €178 billion at end-September 2020—relate toderivatives, margin calls, adjustment/settlement/liaison accounts and to non-liquid securities held by the
Corporate and Investment banking division and are included in the “Customer-related trading assets” section.
Note that deposits centralised with Caisse des Dépôts et Consignations are not netted in order to build the cash
balance sheet; the amount of centralised deposits (€63 billion at end-September 2020) is booked to assets under“Customer-related trading assets” and to liabilities under “Customer-related funds”.
In a final stage, other restatements reassign outstandings that accounting standards allocate to one section,
when they are economically related to another. As such, senior issues placed through the banking networks aswell as financing by the European Investment Bank, the Caisse des Dépôts et Consignations and otherrefinancing transactions of the same type backed by customer loans, which accounting standards would classify
as “Medium long-term market funds”, are reclassified as “Customer-related funds”.
Note that for Central Bank refinancing transactions, outstandings related to the TLTRO (Targeted Longer-Term
Refinancing Operation) are included in “Long-term market funds”. Indeed, the TLTRO II and TLTRO III operations
do not allow for early redemption at the ECB’s discretion; given respectively their four-year and three-year
contractual maturity, they are deemed equivalent to long-term secured refinancing, identical in liquidity risk terms
to a secured issue.
Medium-to-long-term repos are also included in “Long-term market funds”.
Finally, the CIB’s counterparties that are banks with which we have a commercial relationship are considered ascustomers in the construction of the cash balance sheet.
Standing at €1,487 billion at 30 September 2020, the Group's banking cash balance sheet shows a surplus of
stable funding resources over stable application of funds of €249 billion, up €8 billion compared to June
2020 and up €131 billion compared to September 2019.
In line with initiatives undertaken during the past two quarters in connection with the Covid-19 crisis, in September
2020 the Group took part once again in the T-LTRO III medium-to-long-term refinancing transactions of theEuropean Central Bank for €7.9 billion, increasing its level of stable resources. (Note that the bonification
applicable to the refinancing rate for these operations is accrued over the drawdown period and the additional
bonification is accrued over one year, as the Group already meets the lending trigger).

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Moreover, the Group once again benefited during the quarter from a nevertheless more modest increase in CIB
and French retail banking inflows. Indeed, over the quarter, deposits were up +€14 billion, while loans were up+€5 billion, also contributing to the improvement of stable resources.
This surplus of €249 billion, known as stable resources position, allows the Group to cover the LCR deficit
generated by long-term assets and stable liabilities (customer, tangible and intangible assets, long-term funds
and own funds). It meets the Medium-Term Plan target of over €100 billion. The ratio of stable resources overlong term applications of funds was 122.2%, up +0.6pp compared to the previous quarter.
Furthermore, given the excess liquidity, the Group remained in a short-term lending position at 30 September
2020 (central bank deposits exceeding the amount of short-term debt).
Medium-to-long-term market resources were €313 billion at 30 September 2020, up +€2 billion compared
to end-June 2020.
They included senior secured debt of €190 billion, senior preferred debt of €80 billion, senior non-preferred debtof €24 billion and Tier 2 securities amounting to €19 billion.
The increase in senior secured debt is explained by the Group taking part in the T-LTRO III transactions of theEuropean Central Bank. The decrease in preferred senior debt is explained by contractual amortisation and the
low amount of unsecured debt issued in the third quarter.
At 30 September 2020, the Group’s liquidity reserves, at market value and after haircuts, amounted to€404 billion, down by -€1 billion from end-June 2020 and up by +€132 billion from 30 September 2019. They
covered short-term debt more than three times over (excluding the replacements with Central Banks).
The high level of central bank deposits was the result of the replacement of significant excess liquidity.
The increase in the Group's asset encumbrance ratio, which stood at 23.2% at end-June 2020, is in line with
Central Bank’s drawings.

At end-September 2020, the numerator of the LCR ratio (including the portfolio of HQLA securities, cash andcentral bank deposits, excluding reserve requirements), calculated as an average over 12 months, stoodrespectively at €285.2 billion for the Crédit Agricole Group and €254.2 billion for Crédit Agricole S.A. The
denominator of the ratio (representing net cash outflows), calculated as an average over 12 months, stoodrespectively at €203.4 billion for the Crédit Agricole Group and at €180.7 billion for Crédit Agricole S.A.
The average LCR ratios over 12 months for Crédit Agricole Group and Crédit Agricole S.A. were respectively
140.2% and 140.7% at end-September 2020. They exceeded the Medium-Term Plan target of around 110%.
Credit Institutions are subject to a threshold for this ratio, set at 100% from 1 January 2018.
In the context of the COVID-19 health crisis, the increase in the level of LCR ratios of Crédit Agricole Group andCrédit Agricole S.A. was in line with the recourse of the Group to T-LTRO III drawings from the central bank.
The Group continues to follow a prudent policy as regards medium-to-long-term refinancing, with a very
diversified access to markets in terms of investor base and products.

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At 30 September 2020, the Group’s main issuers raised the equivalent of €26.3 billion 28 in medium-tolong-term debt on the markets, 44% of which was issued by Crédit Agricole S.A. Note that:

Crédit Agricole Next Bank (Switzerland) completed an inaugural issue in September of CHF 200 million
9-year in Covered bond format ;Crédit Agricole Assurances (CAA) issued a €1 billion 10-year Tier 2 bond in July to refinance intra-groupsubordinated debt.

In addition, €4.0 billion was also borrowed from national and supranational organisations or placed in Crédit
Agricole Group’s retail networks (Regional Banks, LCL and CA Italia) and other external networks at endSeptember 2020.
At end-October 2020, Crédit Agricole S.A. had completed 97% of its €12 billion medium-to-long-term
market funding programme for the year. The bank had raised the equivalent of €11.6 billion28,29, of which€5.2 billion equivalent in senior non-preferred debt and €2.2 billion equivalent in Tier 2 debt, as well as€4.2 billion equivalent in senior preferred debt and in senior secured debt. The funding is diversified with various
segments and currencies: a second 3-year Panda bond (CNY 1 billion) was issued in September 2020.
As a reminder, the target of senior non-preferred and Tier 2 issues had been revised to €6 to €8 billion eq., anincrease from the initial target of €5 to €6 billion eq.
Furthermore, in October 2020 Crédit Agricole S.A. completed a €750 million PNC7.5 AT1 issuance at the initialrate of 4% to allow Crédit Agricole Group to maintain its high flexibility in the management of its Tier 1 capital.

28 Gross amount before buyback (including the public offering on SP debt in June amounting to €3.4bn) and amortisation
29 Excluding AT1 issuance

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Corporate Social and Environmental Responsibility of the Company
Sustainable finance
The Federal Republic of Germany issued its first green bond in September 2020, in the amount of €6.5 billion. It
represents approximately 10% of the volume of sovereign green bonds outstanding and will be used to finance
Germany’s climate and environmental strategy. Crédit Agricole CIB took part in this historic transaction as
associate bookrunner and also acted as exclusive adviser for Germany in the structuring of its Green Bonds
programme published in August 2020.
The annual evaluation of the Principles for Responsible Investment (PRI) resulted in the award of the highest
rating A+ to Amundi for its strategy and its ESG management. These results attest to the international recognitionof Amundi's responsible investment strategy, its commitment and ability to apply ESG criteria to the equities,
bonds and private equity asset classes.
Lastly, Amundi launched during this quarter a bond funds exposed to green financing in emerging countries.

Biodiversity
Faced with the growing need to reduce carbon emissions and to limit the environmental impact of construction,some thirty real estate players — investors, developers, corporate occupiers — have just launched the “Boosterdu réemploi”, an ambitious initiative promoting the reuse of materials. As a signatory to the programme, Crédit
Agricole Immobilier is committed to a low-carbon economy and to working alongside its partners in order tostructure and promote the route towards a circular economy. For 1,000 sq.m of surface, reuse saves 44 tonnesof waste, 67 tonnes of CO2 equivalent and more than 1 million litres of water.

Inclusion
Crédit Agricole is supplementing its initiatives in favour of banking inclusion by launching a new online budget
management platform “Maîtriser son budget” on the credit-agricole.fr website and on the showcase websites of
the Regional banks. The platform provides customers and prospects with content related to budget management,
meant to help them get back on track. The content falls into four categories: • How to manage your budget well •Where to look for help in the event of hardship • The Group's banking offerings at affordable prices. Non-banking
services (food, Internet and mobile, water, mobility, etc.).

As part of a programme developed with the Swedish Cooperation Agency and the United Nations Agency for
Refugees (UNHCR), the Grameen Crédit Agricole Foundation has just granted initial funding to a microfinanceinstitution to promote access to financial and non-financial services for refugees in Uganda. In addition to funding,the Foundation coordinates the programme’s technical assistance aimed at supporting institutions in thedevelopment of products and services suitable for refugees. Uganda is the No. 1 host country in Africa and No.
3 globally, hosting 1.2 million refugees.

34/44

PRESS RELEASE - THIRD QUARTER 2020

Appendix 1 – Specific items, Crédit Agricole Group andCrédit Agricole S.A.
Crédit Agricole Group — Specific items, Q3-20 and Q3-19, 9M-20 and 9M-19
Q3-20

Q3-19

9M-20

9M-19

Gross
impact*Impacton
NetincomeGross
impact*Impacton
NetincomeGross
impact*Impact on
Net
incomeGross
impact*Impact on
Net
incomeDVA (LC)

19

14

(3)

(2)

(7)

(5)

(15)

(11)

Loan portfolio hedges (LC)

(7)

(5)

(1)

(1)

41

28

(28)

(21)

Home Purchase Savings Plans (LCL)

-

-

(8)

(5)

(15)

(10)

(19)

(13)

Home Purchase Savings Plans (CC)

(4)

(3)

(30)

(20)

(50)

(34)

(58)

(38)

Home Purchase Savings Plans (RB)

-

-

(72)

(47)

(133)

(90)

(170)

(111)

Liability management upfront payment (CC)

-

-

-

-

(41)

(28)

-

-

Support to insured clients Covid-19 (AG)

-

-

-

-

(2)

(1)

-

-

Support to insured clients Covid-19 (AG)

-

-

-

-

(143)

(97)

-

-

Support to insured clients Covid-19 (RB)

-

-

-

-

(94)

(64)

-

-

Total impact on revenues

8

7

(115)

(76)

(444)

(303)

(290)

(194)

Covid-19 donation (AG)

-

-

-

-

(38)

(38)

-

-

Covid-19 donation (IRB)

-

-

-

-

(8)

(4)

-

-

Covid-19 donation (CC)

-

-

-

-

(10)

(10)

-

-

Covid-19 donation (RB)

-

-

-

-

(10)

(10)

-

-

S3 / Kas Bank integration costs (LC)

(4)

(2)

-

-

(12)

(6)

-

-

Total impact on operating expenses

(4)

(2)

-

-

(78)

(68)

-

-

Triggering of the Switch2 (AG)

-

-

-

-

65

44

-

-

Triggering of the Switch2 (RB)

-

-

-

-

(65)

(44)

-

-

Adjustement on switch 2 activation (GEA)

(28)

(19)

-

-

(28)

(19)

-

-

Adjustement on switch 2 activation (CR)

28

19

-

-

28

19

-

-

Total impact on cost of credit risk

-

-

-

-

-

-

-

-

Impairment on goodwill (SFS)

-

(55)

-

-

-

(55)

-

-

Reclassification of held-for-sale operations (SFS)

-

(69)

-

-

-

(69)

-

-

Reclassification of held-for-sale operation Bankoa
(IRB)

-

(40)

-

-

-

(40)

-

-

Reclassification of held-for-sale operations (IRB)

-

(5)

-

-

-

(5)

-

-

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

-

(170)

-

-

-

(170)

-

-

Total impact of specific items

4

(165)

(115)

(76)

(523)

(541)

(290)

(194)

Asset gathering

(28)

(19)

-

-

(144)

(110)

-

-

French Retail banking

22

14

(80)

(53)

(298)

(207)

(189)

(124)

International Retail banking

(40)

(40)

-

(48)

(44)

-

-

Specialised financial services

(69)

(69)

-

-

(69)

(69)

-

-

Large customers

8

8

(4)

(3)

22

16

(43)

(32)

Corporate centre

(59)

(58)

(30)

(20)

(156)

(127)

(58)

(38)

€m

* Impact before tax and before minority
interests

35/44

PRESS RELEASE - THIRD QUARTER 2020

Crédit Agricole S.A. - Specific items, Q3-20 and Q3-19, 9M-20 and 9M-19
Q3-20

Q3-19

9M-20

9M-19

Gross
impact*Impacton
NetincomeGross
impact*Impacton
NetincomeGross
impact*Impacton
NetincomeGross
impact*Impacton
NetincomeDVA (LC)

19

14

(3)

(2)

(7)

(5)

(15)

(11)

Loan portfolio hedges (LC)

(7)

(5)

(1)

(1)

41

27

(28)

(20)

Home Purchase Savings Plans (FRB)

-

-

(8)

(5)

(15)

(10)

(19)

(12)

Home Purchase Savings Plans (CC)

(4)

(3)

(30)

(20)

(50)

(34)

(58)

(38)

Liability management upfront payment (CC)

-

-

-

-

(41)

(28)

-

-

Support to insured clients Covid-19 (LCL)

-

-

-

-

(2)

(1)

-

-

Support to insured clients Covid-19 (AG)

-

-

-

-

(143)

(97)

-

-

Total impact on revenues

8

6

(43)

(28)

(217)

(148)

(120)

(81)

Covid-19 donation (AG)

-

-

-

-

(38)

(38)

-

-

Covid-19 donation (IRB)

-

-

-

-

(8)

(4)

-

-

Covid-19 donation (CC)

-

-

-

-

(10)

(10)

-

-

S3 / Kas Bank integration costs (LC)

(4)

(2)

-

-

(12)

(6)

-

-

Total impact on operating expenses

(4)

(2)

-

-

(68)

(58)

-

-

-

-

-

-

65

44

-

-

(28)

(19)

-

-

(28)

(19)

-

-

Total impact on cost of credit risk

(28)

(19)

-

-

38

26

-

-

Reclassification of held-for-sale operations
(SFS)

(69)

(69)

-

-

(69)

(69)

-

-

(55)

(55)

-

-

(55)

(55)

-

-

Total impact on Net income from discounted
or held-for-sale operations

(124)

(124)

-

-

(124)

(124)

-

-

Total impact of specific items

(148)

(139)

(43)

(28)

(372)

(305)

(120)

(81)

Asset gathering

(28)

(19)

-

-

(144)

(110)

-

-

French Retail banking

-

-

(8)

(5)

(17)

(11)

(19)

(12)

International Retail banking

-

-

-

(8)

(4)

Specialised financial services

(69)

(69)

-

-

(69)

(69)

-

-

Large customers

8

7

(4)

(3)

22

16

(43)

(31)

Corporate centre

(59)

(58)

(30)

(20)

(156)

(127)

(58)

(38)

m€

Triggering of the Switch2 (AG)Adjustement on switch 2 activation (GEA)

Impairment on goodwill (CC)-* Impact before tax and before
minority interests

36/44

PRESS RELEASE - THIRD QUARTER 2020

Appendix 2 – Credit Agricole Group: results by business lines
Credit Agricole Group – Contribution by divisions – Q3-20 & Q3-19
Q3-20 (stated)
m€

RB

LCL

IRB

AG

SFS

LC

CC

Total

Revenues

3,308

889

652

1,421

619

1,578

2

8,468

Operating expenses excl. SRF(2,115)

(550)

(414)

(658)

(289)

(871)

(199)

(5,096)

-

-

-

-

-

-

-

-

1,192

339

238

762

330

708

(198)

3,372

Cost of risk

6

(83)

(120)

(41)

(141)

(217)

1

(596)

Cost of legal risk

-

-

-

-

-

-

-

-

Equity-accounted entities

(2)

-

-

17

72

0

(0)

88

Net income on other assets

(2)

1

6

(1)

(11)

1

(1)

(6)

Change in value of goodwill

-

-

-

-

-

-

-

-

Income before tax

1,194

258

124

737

250

492

(197)

2,858

Tax

(398)

(74)

(33)

(173)

(43)

(119)

98

(743)

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

(5)

-

(41)

-

(69)

-

(55)

(170)

Net income

790

184

51

564

138

372

(154)

1,945

Non controlling interests

(2)

(0)

(20)

(112)

(26)

(15)

(1)

(177)

Net income Group Share

789

184

31

452

112

357

(155)

1,769

SRF
Gross operating income

Q3-19 (stated)
En m€

RB

LCL

IRB

AG

SFS

LC

CC

Total

Revenues

3,172

858

1,499

717

676

1,397

(103)

8,216

Operating expenses excl. SRF(2,147)

(576)

(706)

(441)

(341)

(803)

(205)

(5,220)

2

-

-

-

-

-

(2)

-

Gross operating income

1,028

282

793

276

335

594

(310)

2,997

Cost of risk

(48)

(58)

(11)

(85)

(131)

(45)

(6)

(384)

Cost of legal risk

-

-

-

-

-

-

-

-

Equity-accounted entities

0

-

8

-

74

2

-

85

Net income on other assets

1

(0)

21

(0)

(0)

(3)

0

18

Change in value of goodwill

-

-

-

-

-

-

-

-

Income before tax

981

224

810

190

278

547

(316)

2,715

Tax

(340)

(68)

(235)

(54)

(56)

(63)

69

(748)

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

-

-

0

-

-

-

-

0

Net income

641

156

575

136

222

484

(247)

1,968

Non controlling interests

(0)

(0)

(75)

(28)

(21)

0

5

(119)

Net income Group Share

641

156

500

109

201

485

(242)

1,849

SRF

37/44

PRESS RELEASE - THIRD QUARTER 2020

Credit Agricole Group – Contribution by divisions – 9M-20 & 9M-19
9M-20 (stated)
m€

RB

LCL

IRB

AG

SFS

LC

CC

Total

Revenues

9,631

2,617

2,013

4,115

1,873

4,873

(191)

24,930Operating expenses excl. SRF(6,401)(1,678)(1,304)(2,130)(949)(2,612)(607)(15,680)

SRF

(123)

(42)

(25)

(6)

(20)

(260)

(86)

(562)

Gross operating income

3,107

897

684

1,979

904

2,001

(883)

8,688

Cost of risk

(664)

(301)

(436)

4

(579)

(719)

(38)

(2,733)

Cost of legal risk

-

-

-

-

-

-

-

-

Equity-accounted entities

1

-

-

46

204

5

(0)

256

Net income on other assets

(6)

2

72

2

7

1

(1)

78

Change in value of goodwill

(3)

-

-

-

-

-

-

(3)

Income before tax

2,434

598

319

2,032

536

1,288

(922)

6,286

Tax

(862)

(183)

(87)

(501)

(25)

(223)

350

(1,531)

Net income from discontinued orheld-for-sale operations

(5)

-

(41)

-

(69)

-

(55)

(171)

Net income

1,567

415

191

1,531

442

1,065

(627)

4,584

Non controlling interests

(3)

(0)

(60)

(244)

(72)

(41)

(5)

(424)

Net income Group Share

1,564

415

131

1,287

370

1,024

(632)

4,159

9M-19(stated)
m€

RB

LCL

AG

IRB

SFS

LC

CC

Total

Revenues

9,841

2,605

4,439

2,158

2,044

4,200

(390)

24,898Operating expenses excl. SRF(6,560)(1,742)(2,150)(1,335)(1,012)(2,419)(586)(15,805)

SRF

(86)

(32)

(7)

(22)

(18)

(177)

(83)

(426)

Gross operating income

3,195

832

2,281

801

1,013

1,605

(1,060)8,667

Cost of risk

(342)

(153)

(14)

(260)

(370)

(105)

(19)

(1,263)

Cost of legal risk

-

-

-

-

-

-

-

-

Equity-accounted entities

9

-

32

-

231

1

-

273

Net income on other assets

(6)

1

20

(1)

1

(1)

8

21

Change in value of goodwill

-

-

-

-

-

-

-

-

Income before tax

2,855

679

2,320

540

874

1,500

(1,071)

7,698

Tax

(1,050)

(221)

(654)

(153)

(193)

(340)

287

(2,323)

-

-

8

-

-

-

-

8

Net income

1,806

458

1,675

387

681

1,160

(784)

5,383

Non controlling interests

(0)

(0)

(224)

(81)

(79)

1

12

(372)

Net income Group Share

1,805

458

1,450

307

602

1,161

(772)

5,012

Net income from discontinued orheld-for-sale operations

38/44

PRESS RELEASE – THIRD QUARTER 2020

Appendix 3 – Crédit Agricole S.A.: results by business line
Crédit Agricole S.A. - Contribution by divisions – Q3-20 & Q3-19
Q3-20 (stated)m€

AG

FRB (LCL)

IRB

SFS

LC

CC

Total

Revenues

1,411

889

657

619

1,579

(3)

5,151

Operating expenses excl. SRF

(658)

(550)

(415)

(289)

(871)

(209)

(2,991)

SRF

-

-

-

-

-

-

-

Gross operating income

753

339

241

330

708

(212)

2,160

Cost of risk

(41)

(83)

(124)

(141)

(217)

2

(605)

Cost of legal risk

-

-

-

-

-

-

-

Equity-accounted entities

17

-

-

72

0

9

98

Net income on other assets

(1)

1

6

(11)

1

0

(3)

Change in value of goodwill

-

-

-

-

-

-

-

Income before tax

728

258

123

250

492

(201)

1,650

Tax

(172)

(74)

(33)

(43)

(119)

96

(346)

Net income from discontinued or heldfor-sale operations

-

-

(0)

(69)

-

(55)

(125)

Net income

556

184

89

138

372

(160)

1,180

Non controlling interests

(116)

(8)

(26)

(26)

(23)

(4)

(203)

Net income Group Share

440

176

63

112

350

(164)

977

Q3-19 (stated)m€

AG

FRB (LCL)

IRB

SFS

LC

CC

Total

Revenues

1,507

858

692

676

1,397

(100)

5,031

Operating expenses excl. SRF

(706)

(576)

(422)

(341)

(803)

(176)

(3,025)

SRF

-

-

-

-

-

(2)

(2)

Gross operating income

801

282

270

335

594

(278)

2,004

Cost of risk

(11)

(58)

(84)

(131)

(45)

(5)

(335)

Cost of legal risk

-

-

-

-

-

-

-

Equity-accounted entities

8

-

-

74

2

(2)

82

Net income on other assets

21

(0)

(0)

(0)

(3)

0

17

Change in value of goodwill

-

-

-

-

-

-

-

Income before tax

819

224

186

278

547

(285)

1,769

Tax

(238)

(68)

(54)

(56)

(63)

56

(423)

Net income from discontinued or heldfor-sale operations

0

-

-

-

-

-

0

Net income

581

156

132

222

485

(229)

1,346

Non controlling interests

(79)

(7)

(35)

(21)

(10)

4

(147)

Net income Group Share

502

149

97

201

475

(225)

1,199

39/44

PRESS RELEASE – THIRD QUARTER 2020

Crédit Agricole S.A. - Contribution by divisions – 9M-20 & 9M-19
9M-20 (stated)€m

AG

FRB (LCL)

IRB

SFS

LC

CC

Total

Revenues

4,090

2,617

1,967

1,873

4,872

(170)

15,248Operating expenses excl. SRF(2,129)(1,678)(1,263)(949)(2,612)(594)(9,226)

SRF

(6)

(42)

(25)

(20)

(260)

(86)

(439)

Gross operating income

1,954

897

678

904

2,000

(850)

5,583

Cost of risk

4

(301)

(438)

(579)

(719)

(36)

(2,068)

Cost of legal risk

-

-

-

-

-

-

-

Equity-accounted entities

46

-

-

204

5

22

277

Net income on other assets

2

2

72

7

1

0

84

Change in value of goodwill

-

-

-

-

-

-

-

Income before tax

2,007

598

312

536

1,287

(863)

3,876

Tax

(495)

(183)

(86)

(25)

(223)

320

(692)

-

-

(1)

(69)

-

(55)

(125)

Net income

1,512

415

225

442

1,064

(599)

3,059

Non controlling interests

(255)

(19)

(74)

(72)

(62)

(9)

(490)

Net income Group Share

1,257

396

151

370

1,002

(608)

2,568

Net income from discontinued or heldfor-sale operations

9M-19 (stated)m€

AG

FRB (LCL)

IRB

SFS

LC

CC

Total

Revenues

4,455

2,605

2,083

2,044

4,203

(356)

15,034

Operating expenses excl. SRF(2,150)(1,742)(1,278)(1,012)(2,419)(560)(9,161)

SRF

(7)

(32)

(22)

(18)

(177)

(83)

(340)

Gross operating income

2,298

832

783

1,013

1,607

(999)

5,534

Cost of risk

(14)

(153)

(256)

(370)

(105)

(19)

(917)

Cost of legal risk

-

-

-

-

-

-

-

Equity-accounted entities

32

-

-

231

1

11

275

Net income on other assets

20

1

(1)

1

(1)

20

39

Change in value of goodwill

-

-

-

-

-

-

-

Income before tax

2,337

680

526

874

1,502

(987)

4,931

Tax

(658)

(221)

(151)

(193)

(340)

261

(1,302)

8

-

-

-

-

-

8

Net income

1,687

458

375

681

1,162

(726)

3,637

Non controlling interests

(237)

(21)

(101)

(79)

(23)

5

(454)

Net income Group Share

1,451

438

274

602

1,139

(721)

3,183

Net income from discontinued or heldfor-sale operations

40/44

PRESS RELEASE – THIRD QUARTER 2020

Appendix 4 – Methods used to calculate earnings
per share, net asset value per share
Crédit Agricole S.A. – Data per share, net book value per share and ROTE
(€m)

Q3-20

Q3-19

9M-20

9M-19

∆
Q3/Q3

Net income Group share - stated

977

1,199

2,568

3,183

(18.5%) (19.3%)

(65)

(242)

(294)

(482)

(73.2%) (39.0%)

[A]

912

956

2,274

2,701

(4.6%)(15.8%)[B]

2,882.3

2,882.4

2,882.6

2,870.0(0.0%)+0.4%[A]/[B]

0.32 €

0.33 €

0.79 €

0.94 €(4.6%)(16.2%)

1,115

1,226

2,874

3,264

(9.1%)(12.0%)

[C]

1,050

984

2,580

2,782

+6.7%

(7.3%)[C]/[B]

0.36 €

0.34 €

0.89 €

0.97 €+6.7%(7.7%)

30/09/2020

30/09/2019

Shareholder's equity Group share

64,591

62,287- AT1 issuances(5,134)(5,134)- Unrealised gains and losses on OCI - Group share(2,562)(3,576)--56,89453,577(18,301)(18,391)[E]

38,59335,186[F]

2,882.0

2,882.8

NBV per share , after deduction of dividend to pay (€)[D]/[F]19.7 €

18.6 €+ Dividend to pay (€)

[H]

0.0 €

0.0 €

19.7 €

18.6 €- Interests on AT1, including issuancecosts, 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
sharesNet earnings per share - underlying(€m)- Payout assumption on annual results*
Net book value (NBV), not revaluated, attributable toordin. sh.

[D]- Goodwill & intangibles** - Group share
Tangible NBV (TNBV), not revaluated attrib. toordinary sh.
Total shares in issue, excluding treasury shares (period
end, m)NBV per share , before deduction of dividend to pay (€)
TNBV per share, after deduction of dividend to pay (€)[G]=[E]/[F]

13.4€

12.2€

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

13.4 €

12.2 €∆
9M/9M* 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-20

9M-19

[H]

3,033

3,638

[J]

36,102

33,051

8.4%

11.0%

[I]

3,439

3,746

[I] / [J]

9.5%

11.3%

[H]/[J]*** including assumption of dividend for the current exercise

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PRESS RELEASE – THIRD QUARTER 2020

Alternative Performance Indicators
NAVPS Net asset value per share – Net tangible assets per share
One of the methods for calculating the value of a share. NAV per share is net equity Group sharerestated from AT1 issues divided by the number of shares outstanding at the end of the period.
Net tangible assets per share is tangible net equity Group share, i.e. restated for intangible assets andgoodwill, divided by the number of shares outstanding at the end of the period.

NBV Net Book Value
Net book value is net equity Group share, restated for AT1 issues, HTCS hidden reserves and proposed
dividends on annual earnings.

EPS Earnings Per Share
Net income Group share (excluding AT1 issues interests) divided by the average number of shares
outstanding, excluding Treasury shares. EPS indicates the portion of profits attributable to each share(not the portion of earnings paid out to each shareholder, which is the dividend). It may decrease,assuming net income Group share remains unchanged, if the number of shares increases (see Dilution).

Cost/income ratio
The cost/income ratio is calculated by dividing expenses by revenues, indicating the proportion ofrevenues needed to cover expenses.

Cost of risk/outstandings
Calculated by dividing cost of risk (over four quarters on a rolling basis) by outstandings (over an averageof the past four quarters, beginning of the period). The cost of risk on outstandings can also be calculatedby dividing the annualised cost of risk of the quarter by the outstandings as of beginning of the period.
Since the first quarter 2019, loans outstanding considered are only loans to customers, before
impairment

Impaired loans ratio
This ratio compares the gross impaired customer loans to total gross customer loans outstanding.

Coverage ratio
This ratio compares the total loans loss reserves to the gross impaired customer loans outstanding.

Net income Group share attributable to ordinary shares – stated
Net income Group share attributable to ordinary shares is calculated as net income Group share lessinterest on AT1 instruments, including issue costs before tax.

Underlying net income Group share
Underlying net income Group share is calculated as net income Group share restated for specific items(i.e. non-recurring or exceptional items).

ROE Return on Equity
Indicator measuring the return on equity, calculated by dividing a company’s net income by its equity.

RoTE Return on Tangible Equity
Measures the return on tangible equity (the bank’s net assets restated to eliminate intangibles andgoodwill).

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PRESS RELEASE – THIRD QUARTER 2020

Warning
The financial information on Crédit Agricole S.A. and Crédit Agricole Group for the third quarter and thefirst nine months of 2020 comprises this presentation and the attached appendices and press release
which are available on the website: https://www.credit-agricole.com/finance/finance/publicationsfinancieres.
This presentation may include prospective information on the Group, supplied as information on trends.
This data does not represent forecasts within the meaning of EU delegated regulation 2019/980 of 14
March 2019 (chapter 1, article 1, d).
This information was developed from scenarios based on a number of economic assumptions for agiven competitive and regulatory environment. Therefore, these assumptions are by nature subject torandom factors that 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 nine-month period ending 30 September 2020 have been prepared inaccordance with IFRS as adopted in the European Union and applicable at that date, and with prudential
regulations currently in force. This financial information does not constitute a set of financial statements
for an interim period as defined by IAS 34 “Interim Financial Reporting” and has not been audited.
Note: the scopes of consolidation of the Crédit Agricole S.A. and Crédit Agricole Groups have notchanged materially since the Crédit Agricole S.A. 2019 Universal Registration Document and its 2019A.01 update (including all regulatory information about the Crédit Agricole Group) were filed with theAMF (the French Financial Markets Authority).
The sum of values contained in the tables and analyses may differ slightly from the total reported due
to rounding.
Since 30 September 2019, KAS Bank has been included in the scope of consolidation of Crédit Agricole
Group as a subsidiary of CACEIS. SoYou has also been included in the scope of consolidation as a
joint-venture between Crédit Agricole Consumer Finance and Bankia. Historical data have not been
restated on a proforma basis.
Since 23 December 2019, Caceis and Santander Securities Services (S3) have merged their operations.
As of said date, Crédit Agricole S.A. and Santander respectively hold 69.5% and 30.5% of the capital of
CACEIS.
On 30 June 2020, once all necessary regulatory approvals were secured, Amundi acquired the entire
share capital of Sabadell Asset Management.
Since 30 June 2020, Menafinance has been wholly owned by Crédit Agricole Consumer Finance and isfully consolidated by Crédit Agricole S.A..

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PRESS RELEASE – THIRD QUARTER 2020

Financial Agenda
11 February 2021
7 May 2021
12 May 2021
5 August 2021
first half year results
10 November 2021

Publication of the 2020 fourth quarter and full year results
Publication of the 2021 first quarter results
Annual General Meeting in Paris
Publication of the 2021 second quarter and the
Publication of the 2021 third quarter and first 9 months results

Contacts
CREDIT AGRICOLE PRESS CONTACTS
Charlotte de Chavagnac
Olivier Tassain
Bertrand Schaefer+ 33 1 57 72 11 17+ 33 1 43 23 25 41+ 33 1 49 53 43 76

charlotte.dechavagnac@credit-agricole-sa.fr
olivier.tassain@credit-agricole-sa.fr
bertrand.schaefer@ca-fnca.fr

CREDIT AGRICOLE S.A. INVESTOR RELATIONS CONTACTS
Institutional shareholders
Individual shareholders+ 33 1 43 23 04 31+ 33 800 000 777(freephone number –France only)

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

Clotilde L’Angevin
Equity investors:
Toufik Belkhatir
Joséphine Brouard
Oriane Cante
Emilie Gasnier
Ibrahima Konaté
Annabelle Wiriath+ 33 1 43 23 32 45

clotilde.langevin@credit-agricole-sa.fr+ 33 1 57 72 12 01+ 33 1 43 23 48 33+ 33 1 43 23 03 07+ 33 1 43 23 15 67+ 33 1 43 23 51 35+ 33 1 43 23 55 52

toufik.belkhatir@credit-agricole-sa.fr
Joséphine.brouard@credit-agricole-sa.fr
oriane.cante@credit-agricole-sa.fr
emilie.gasnier@credit-agricole-sa.fr
ibrahima.konate@credit-agricole-sa.fr
annabelle.wiriath@credit-agricole-sa.fr

Credit investors and rating agencies:
Caroline Crépin+ 33 1 43 23 83 65
Marie-Laure Malo
+ 33 1 43 23 10 21
Rhita Alami Hassani+ 33 1 43 23 15 27

caroline.crepin@credit-agricole-sa.fr
marielaure.malo@credit-agricole-sa.fr
rhita.alamihassani@credit-agricole-sa.fr

See all our press releases at: www.credit-agricole.com –www.creditagricole.info
Crédit_Agricole

Crédit Agricole Group

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