Results for the fourth quarter and full year 2017

Q4 and 2017: very good results despite the tax surcharge

Crédit Agricole Group*

Stated net income Group share Q4: €922m  +37.4% Q4/Q4  2017: €6.536bn +35.5% 2017/2016
Stated revenues Q4: €8.045bn +1.8% Q4/Q4 2017: €32.108bn +5.5% 2017/2016
Fully-loaded CET1 ratio 14.9% 540bp above the P2R¹

• Continued organic growth in all business lines
• Targeted acquisitions finalised in Q4: three Italian banks, private banking business in Asia
• Progress on the Strategic Ambition 2020 plan: early synergies, innovations and operational effectiveness efforts
• Underlying NIGS² Q4: €1.692bn, -7.5% Q4/Q4 (2017 underlying²: €7.123bn, +8.9% 2017/2016)
• Cost of credit risk down to 17 bp³ compared with 28 bp³ in Q4-16

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

Crédit Agricole S.A.

Stated net income Group share Q4: €387m  +32.9% Q4/Q4   2017: €3.649bn +3.1% 2017/2016
Stated revenues Q4: €4.651bn +1.6% Q4/Q4 2017: €18.634bn +10.6% 2017/2016
Fully-loaded CET1 ratio 11.7% (MTP target of 11%)

• Q4 results negatively impacted by the tax surcharge: -€336m “exceptional” corporate tax expense, -€134m from the revaluation of deferred tax assets and liabilities, €384m on NIGS⁴
• Decision to neutralise the tax surcharge in the dividend proposed to the Annual Shareholders’ Meeting: €0.63 per share
• 2017 stated NIGS higher than 2016, which included Eureka gain for €1.27bn; improvement in business lines’ profitability despite the tax surcharge
• Q4 underlying NIGS²: €878m, -8.4% Q4/Q4 (20172: €3.925bn, +23.0% 2017/2016), EPS²: €1.22
• Underlying revenues² +5.4% Q4/Q4 (2017²: +7.2%), integration of Pioneer and organic growth
• Underlying costs² still well under control: +7.5% Q4/Q4, +2.8% on a like-for-like basis^5, cost/income ratio improvement of more than 2 pp² , continued investment in business development
• Simplification of the Group structure: Acquisition of the remaining 15% in CACEIS, cancellation of the loyalty dividend
• Underlying ROTE² : 11.1%

1 Pro forma P2R for 2019 as confirmed by the ECB in December 2017
2 In this press release, “underlying” refers to figures adjusted for the specific items described on p. 18 onwards to the press release
3 Average over last four rolling quarters, annualised
4 Impact after non-controlling interests and the 3% dividend tax refund
5 Aggregate of the contributions to underlying net income of Amundi and Pioneer Investments and taking into account the amortisation of distribution contracts in 2017 and 2016