Results for the fourth quarter and full year 2016

2016: a year of construction, acceleration of growth and good financial performance in all business lines

Crédit Agricole Group*

Results & financial solidity :

• Good level of activity in all components: networks, businesses and large customers
• 2016 NIGS: €5.4bn stated excluding goodwill impairment, €6.4bn underlying
• Financial solidity at top level and further strengthened: fully-loaded CET1 ratio at 14.5%

* Crédit Agricole S.A. and 100% of Regional Banks

Crédit Agricole S.A.

Activity

& revenues:

• Acceleration of growth: strong commercial momentum in all businesses and agreement signed in view of the acquisition of Pioneer Investments by Amundi
• Underlying revenues1: +10.9% Q4/Q4
• Strong increase in Asset gathering and Large customers business lines, first recurring effects of Eureka

Results:

• Q4 NIGS stated excluding goodwill impairment : €782m; underlying €904m, +52.6% Q4/Q4;
• 2016 underlying1 €3,137m, +22.8% 2016/2015
• Strong increase in businesses’ underlying NIGS: +46.4% Q4/Q4, contribution of all businesses up
• Expenses well under control: improvement of -6.6 pts of underlying cost/income ratio1 Q4/Q4 to 65.4%
• Risk well managed in all businesses: cost of credit risk 41 bps
• Significant specific items in Q4: impairment of goodwill (-€491m), deferred tax revaluation (-€161m) and issuer spread (+€103m before tax)

Financial solidity:

• Financial strength confirmed at high level despite rise in interest rates: fully-loaded CET1 ratio 12.1%
• Reminder: target of 11% at end-2019, i.e. 250 bps above the distribution restriction threshold (8.50% at 1/1/19)⁽¹⁾

Dividend:

• Dividend of €0.60 in cash for the year 2016⁽²⁾; from 2017 onwards, pay-out ratio of 50% and intention to maintain the dividend versus 2016

(1) Pro forma Pillar 2 requirement (P2R) as notified by the ECB
(2) To be proposed to the shareholders’ meeting in May 2017, detachment date: 29 May 2017, payment date: 31 May 2017

Press release

Slides