2017 First Quarter Results

Net income up sharply for both Crédit Agricole Group and Crédit Agricole S.A., strong commercial momentum in all business lines

Crédit Agricole Group*

Stated net income Group share:€1,600m +95.6% Q1/Q1
Stated revenues: €8,249m +15.2% Q1/Q1
Fully-loaded CET1 ratio: 14.5% 500bps above the P2R¹

• Good commercial momentum throughout the Group: retail banks, businesses and Large customers
• Underlying² net income Group share: €1,654m, +33.3% Q1/Q1
• Underlying² revenues: €8,334m, +6.7% Q1/Q1
• Cost of risk down: 26bps annualised³
• 70% of 2017 funding programme completed at end-April

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

Crédit Agricole S.A.

Stated net income Group share: €845m x3.7 Q1/Q1
Stated revenues: €4,700m +23.7% Q1/Q1
Fully-loaded CET1 ratio: 11.9% 340 bps above the P2R¹

• Acceleration in growth: continued strong commercial momentum in all business lines
• Underlying² revenues +14% Q1/Q1, +10.0% Q1/Q1 excl. Corporate centre (business lines only)
• Strong growth in Asset gathering, Large customers and Corporate centre driven by recurring benefits of Eureka
• Underlying² NIGS €895m, x2.3 Q1/Q1, underlying2 earnings per share: €0.27, x2.8 Q1/Q1
• Sharp increase in underlying² net income Group share of the business lines: +44% Q1/Q1, increased contribution from all business lines
• Tight cost control: 8.3pp improvement in underlying² cost/income ratio Q1/Q1 to 62.7% excl. SRF
• Firm grip on risk in all business lines: cost of credit risk 37 bps³
• Non-specific provision for legal risk: €40m (non-deductible)
• Note: target CET1 ratio of 11% at end-2019, 250 bps above the P2R1 (8.50% at 01/01/19)

1 Pro forma P2R for 2019 as notified by the ECB
2 See p. 11 for further details on specific items
3 Calculated on an average annualised basis over four rolling quarters