Third quarter and first nine months 2018 results

Q3-18: solid and growing results

Crédit Agricole S.A.

Stated net income Q3: €1,101m  +3.2% Q3/Q3  9M: €3,393m +4.0% 9M/9M
Stated net revenues Q3: €4,802m +5.0% Q3/Q3 9M: €14,882m +6.4% 9M/9M
Fully-loaded CET1 ratio 11.5% +11bp in Q3,  well above the MTP target (11%)

• Underlying net profit Q3 €1,133m, +17.3% Q3/Q3 (9M: €3,338m, +9.5% 9M/9M)
• Earnings per share: Q3 €0.36, +18.6% Q3/Q3, 9M €1.06, +10.9% 9M/9M; ROTE1 13.1% 9M annualised
• Contribution by all the business divisions to growth in revenue and results, with a particularly high level of profitability in CIB, and strong growth in CIB/Financing
• Good cost control: jaws effect excluding SRF > 2pp Q3/Q3, 1.7pp 9M/9M, improvement in C/I ratio Q3/Q3 and 9M/9M
• Still a very low cost of credit risk, with further decline: 26bp (-5bp Q3/Q3)
• Fully-loaded CET1 ratio: +11bp in Q3, good management of risk-weighted assets, 9M provision for dividend: €0.53

Crédit Agricole Group*

Stated net income2 Q3: €1,769m  -7.3% Q3/Q3 9M: €5,273m -6.1% 9M/9M
Stated net revenues Q3: €8,043m +2.0% Q3/Q3 9M: €24,729m +2.8% 9M/9M
Fully-loaded CET1 ratio 14.9% +12bp in Q3 540bp above the P2R

• Very strong, good quality activity in all business lines: Retail Banking, Specialised Businesses and the Large Customers division
• Q3 underlying net profit: €1,815m, +3.2% Q3/Q3; 9M: €5,224m, -3.8% 9M/9M after a sharp increase in the SRF and a negative scope effect
• Resumption of revenue growth for the Regional banks
• A positive jaws effect excluding the SRF Q3/Q3 thanks to an increase in revenues across all business divisions,  including Retail Banking France, and good cost control excluding the SRF (+2.8%)
• Decrease in cost of credit risk to 18bp (Regional banks: -€104m in Q3-18, vs. just -51 in Q3-17)
• S&P raised its long-term rating to A+/stable outlook on 19 October; each rating agency has raised its long-term rating over the last three years

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

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