Fourth quarter and full year results 2018

Very good results, solid and balanced

Crédit Agricole S.A.

Stated net income Q4: €1,008m  x2.6 Q4/Q4  2018: €4,400m +20.6% 2018/2017
Stated net revenues Q4: €4,853m +4.3% Q4/Q4 2018: €19,736m +5.9% 2018/2017
Fully-loaded CET1 ratio 11.5% stable in Q4, well above  the MTP target (11%)

• Less favourable environment in Q4, primarily for activities related to financial markets
• High underlying net income with further strong growth: Q4 €1,067m, +21.6% Q4/Q4; 2018: €4,405m, +12.2% 2018/2017
• 2018 ROTE 12.7%; earnings per share: Q4 €0.33, +24.2% Q4/Q4; 2018 €1.39, +13.8% 2018/2017;
• Dividend proposed at the Shareholders’ Meeting increased by +9.5% 2018/2017 to €0.69
• High level of activity and income for all the Group's business divisions in 2018, despite the unfavourable market impact in Q4 on asset management and market activities
• Good cost control: positive jaws effect excluding SRF > 1pp 2018/2017, in most business lines;  C/I ratio improved by 0.7pp 2018/2017 to 62.1%
• Cost of credit risk still very low and declining: 23bp (-6bp Q4/Q4); provision for non-specific legal risk of €75m in Q4
• 2019 MTP objectives already reached for NI, ROTE and CET1; new 2022 MTP to be presented on 6 June 2019

Crédit Agricole Group*

Stated net income Q4: €1,571m +70.3% Q4/Q4 2018: €6,844m +4.7% 2018/2017
Stated net revenues Q4: €8,110m +0.8% Q4/Q4 2018: €32,839m +2.3% 2018/2017
Fully-loaded CET1 ratio 15.0% up 10bp in Q4 550bp above the P2R

• Sharp increase in stated net income linked to a favourable base effect, in particular the tax surcharge in Q4-17
• 2018 underlying net income: €6,849m, -3.8% 2018/2017 after a sharp increase in the SRF, a negative scope effect and a slight increase in the cost of risk ; Q4 : €1,626m, -3.9% Q4/Q4
• Cost of risk still at a very low level, at 18 bp
• Regional Banks (IFRS): negative impact of portfolio valuations in Q4 and a sharp rise in the cost of risk due to collective provision write-backs in 2017, but increase in business revenues and stabilisation of interest revenues

* Crédit Agricole S.A. and Regional banks at 100%