Results for the third quarter and first nine months 2017

Q3 & 9M-17: excellent performances

Credit Agricole Group*

Stated net income Group share Q3: €1,907m  +36.8% Q3/Q3  9M: €5,614m +35.1% 9M/9M
Stated revenues Q3: €7,885m +11.1% Q3/Q3 9M: €24,062m +6.8% 9M/9M
Fully-loaded CET1 ratio 14.9% 540bp above the P2R¹

• Continued organic growth in all business lines
• Major refocusing on core businesses: disposal of BSF, consolidation of Pioneer, announced acquisitions of three savings banks in Italy and of Banca Leonardo
• 9M stated NIGS² already greater than FY-16 stated NIGS
• Q3 underlying³ NIGS: €1,759m, -4.5% Q3/Q3 (9M underlying³: €5,430m, +15.3% 9M/9M)
• Cost of credit risk down to 18bp⁴

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

Crédit Agricole S.A.

Stated net income Group share Q3: €1,066m  -42.8% Q3/Q3 (Q3-16 included the Eureka capital gain, €1.27bn)) -  9M: €3,262m +0.4% 9M/9M
Stated revenues Q3: €4,575m +22.4% Q3/Q3 - 9M: €13,983m +13.9% 9M/9M
Fully-loaded CET1 ratio 12.0% +30bp /30.06.17 pro forma  for Pioneer (MTP target of 11%)

• 9M-17 stated NIGS at same level as 9M-16 which included Eureka gain for €1.27bn, improvement of business lines’ profitability
• Q3 underlying³ NIGS: €966m, -5.2% Q3/Q3 (9M³: €3,048m, +36.6% 9M/9M), earnings per share³: €0.31
• Underlying³ revenues +3.5% Q3/Q3 (9M³: +7.9%), positive impact of Pioneer consolidation partly offset by an adverse Q3-16 base for comparison in capital markets
• Underlying³ costs still well under control: +6.8% Q3/Q3 excl. SRF and +2.0% on a constant scope⁵, continued investment in new activities, particularly in insurance
• Positive impact of refocusing operations: non-cash portion of NIGS⁶ down from 32% in 2015 to 6% in 20187
• Cost of credit risk 31bp⁴ down -10bp Q3/Q3, unallocated provision for legal risk of €75m

¹ Pro forma P2R for 2019 as notified by the ECB in 2016
² NIGS: net income Group share
³ In this press release, “underlying” refers to figures adjusted for the specific items described on p. 16 onwards
⁴ Average over last four rolling quarters, annualised
⁵ Aggregating contributions of Amundi and Pioneer Investments to underlying income and taking into account the amortisation of distribution contracts in 2016 and 2017
⁶ Portion of underlying NIGS due to contribution from equity-accounted companies, net of dividends received from them 7 Based on the consensus (compiled by the Group prior to publication of Q3-17 results), restated for the contribution of BSF