Results for the fourth quarter and full year 2019

Historic level for annual results

Crédit Agricole S.A.

Underlying revenues Q4: €5,184m +7.7% Q4/Q4 2019: €20,339m +3.3% 2019/2018  
Underlying net income Q4: €1,318m  +23.5% Q4/Q4 2019: €4,582m +4.0% 2019/2018
Underlying ROTE 11.9% CET1 ratio  12.1% +0.4 pp Dec./Sept., well above the MTP target

• Stated net income up sharply, in Q4: €1,661m (+64.9% Q4/Q4) and in 2019: €4,844m (+10.1% 2019/2018);
• Favourable decision by the French Council of State on Emporiki (+€1,038m) and partial impairment of goodwill on LCL (-€611m) classified as specific items (for a total of +€343 m in net income Group share Q4-2019, compared to -€59m in Q4-2018);
• Underlying income up in the quarter (+23.5% Q4/Q4) and the year (+4.0% 2019/2018), historic level in 2019;
• High profitability: Underlying ROTE 2019: 11.9%;
• Underlying EPS: Q4 2019: €0.42, +28.1% Q4/Q4, 2019: €1.39 +0.1% 2019/2018 (+2.9% excluding foreign exchange impact on the AT1 coupons in Q3 2019);
• Dividend proposed at the General Meeting up +1.4% 2019/2018 at €0.70;
• Positive contribution of all business lines to the annual growth in results; underlying revenues up (+7.7% Q4/Q4 and +3.3% 2019/2018), in a more positive market context in 2019. Return of the cost of credit risk to a normal level (32 basis points);
• Significantly positive jaws (+5.5 pp Q4/Q4) and improvement in the underlying cost/income ratio excluding ratio SRF (from -3.4 pp to 62.6% in Q4 and from -1.1 pp to 61.0% in 2019);
• CET1 ratio up by +0.4 pp in Q4 to 12.1%, enabling an initial 35% dismantling of the Switch mechanism in Q1-2020, which is anti-dilutive for Crédit Agricole S.A.; Decline in risk-weighted assets in the business lines in Q4-2019.

Crédit Agricole Group*

Underlying revenues Q4: €8,602m +6.7% Q4/Q4 2019: €33,790m +3.0% 2019/2018  
Underlying net income Q4: €1,986m  +22.1% Q4/Q4  2019: €7,191m +5.0% 2019/2018
CET1 ratio  15.9% +0.4 pp Dec./Sept. +6.2 pp above SREP

• Stated net income Group share for Q4: €2,186m, +39.2% Q4/Q4 (2019: €7,198m, +5.2% 2019/2018);
• Regional Banks: increase of the underlying net income Group share (+26.6% Q4/Q4, +8.1% 2019/2018), cost of risk at 10 bp;
• First implementation of the Group project €9 billion in Group revenue synergies (+€0.3 billion), dynamic customer acquisition in France and Italy ( 1 800 000 individuals and entrepreneurs), international development of business lines (Amundi, CACF, CAA, CACEIS) through signing or strengthening of partnerships.

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