Credit Agricole S A : Crédit Update - Mai 2024

MAY 2024

CREDIT UPDATE

WORKING EVERY DAY IN THE INTEREST

OF OUR CUSTOMERS AND SOCIETY

Disclaimer

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Summary and key figures

Crédit Agricole Group Q1-24 Highlights

Financial

Management

and Ratings

Asset Quality

Appendices

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CREDIT UPDATE - MAY 2024

Summary and key figures

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CREDIT UPDATE - MAY 2024

THE GROUP CONTINUES TO GROW

• Outlook: 2024 results expected to reach Ambitions MTP target a year in advance
• Strong capital and liquidity position, solid asset quality
• More than 2/3 of the 2024 funding plan already completed
• Highest-everfirst quarter driven by the increase in GOI, excluding SRF
• Progress of strategic operations (ISB(1), creation of JV with Worldline CAWL, Degroof Petercam, Alpha Associates, Victory Capital)
• Increased support for the energy transition

Crédit Agricole Group

€2.4bn

Q1-24 Net income(2)

+42.8% Q1/Q1

(+6.1% excl. SRF)

Crédit Agricole Group

+8.0%

Increase in GOI

excl. SRF

Q1/Q1

Crédit Agricole Group

25 bp

CoR/outstandings 4 rolling quarters

Q1-2024

Crédit Agricole S.A.

11.8%

Phased-in CET1

Q1-2024

Crédit Agricole Group

17.5%

Phased-in CET1

Q1-2024

1. RBC Investor Services in Europe has become CACEIS Investor Services Bank ("ISB") and has been consolidated since Q3-2023.
2. Stated

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CREDIT UPDATE - MAY 2024

KEY FIGURES

CRÉDIT AGRICOLE GROUP

1ST QUARTER 2024

CRÉDIT AGRICOLE S.A.

1ST QUARTER 2024

Net income Group share

stated

Revenues

stated

GOI

stated

Cost / income	58.8%
ratio
-0.2 pp Q1/Q1
underlying(1)
CET 1	17.5%
Phased-in	Stable Q1/Q4

€2,384 m

+42.8% Q1/Q1 (+6.1% excl. SRF)

€9,525 m

+6.7% Q1/Q1

€3,936 m

+30.4% Q1/Q1 (+8.0% excl. SRF)

25 bp	CoR /
outstandings
Stable Q1/Q4
4 rolling quarters
€476bn	Liquidity
reserves
+7.0% Q1/Q4
31/03/2024

Net income Group share

stated

Revenues

stated

GOI

stated

Cost/income	53.7%
ratio
-0.4 pp Q1/Q1
underlying(1)
CET 1	11.8%
Phased-in	Stable Q1/Q4

€1,903m

+55.2% Q1/Q1 (+13.3% excl. SRF)

€6,806m

+11.2% Q1/Q1

€3,137m

+37.6% Q1/Q1 (+12.3% excl. SRF)

33 bp	CoR /
outstandings
Stable Q1/Q4
4 rolling quarters
16.3%	ROTE
+1.9 pp Q1/Q1	Underlying (2)

1. Underlying data, details of specific items available on page 54; Q1/Q1 variation excl. SRF
2. Underlying ROTE calculated on the basis of underlying net income Group share and linearised IFRIC costs over the year

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CREDIT UPDATE - MAY 2024

OUTLOOK: 2024 RESULTS EXPECTED TO REACH 2025 AMBITIONS MTP TARGET A YEAR AHEAD

Crédit Agricole S.A. underlying NIGS vs MTP target

• Continued good business momentum (customer capture, equipment rate, off-balance sheet deposits) resulting in a rise in fees and commissions and in insurance revenues
• Integration of recent acquisitions, sources of synergies (ISB, Degroof Petercam, Alpha Associates)
• Continued growth of the mobility activity
• CIB benefiting from its better positioning with customers
• Structural operating efficiency and a healthy balance sheet
• Continued pressure on margins for French retail banking and consumer finance, NIM ceiling at CA Italia
• Integration costs in 2024 on acquisitions (Degroof Petercam ~ €50m, ISB: €80-100m)

1. Proforma of the capital simplification operation (Eurêka))

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CREDIT UPDATE - MAY 2024

Crédit Agricole Group Q1-24 Highlights

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CREDIT UPDATE - MAY 2024

CRÉDIT AGRICOLE GROUP

CRÉDIT AGRICOLE GROUP Q1-24 HIGHLIGHTS

CRÉDIT AGRICOLE MUTUAL GROUP: CUSTOMER-FOCUSED UNIVERSAL

BANKING MODEL

11.8 m(1) mutual shareholders		Public
			(of which 6.4% employees
2,395(1) Local Credit Co-operatives		and treasury shares 0.01%)
			39.8%(3)
38 Regional Banks
(excl. RB of Corsica)(2)	60.2%(3)	Crédit Agricole S.A.
~25%	100%	via holding	Listed Company
company	Central Body and member of CA network
(through CCI/CCA)
		(SAS La Boétie)	HoldCo of Group subs

Sacam Mutualisation

4 business divisions

Asset gathering

Retail	Egypt
banking	Poland
Ukraine

Specialised financial services

Large customers

27 m(1) retail customers in France - 54 m(1) customers worldwide

The Local Credit Co-operatives form the foundation of the Group and hold nearly all of the share capital of Crédit Agricole's Regional Banks, which in turn are the majority shareholders of Crédit Agricole S.A. through SAS La Boétie

Local Credit Co-operatives: Private law co-operative companies owned by their members, owning 100% of the voting rights and the majority of the share capital of the Regional Banks; no branches

Regional Banks(2): Private law co-operative companies and individually licensed banks, forming France's leading retail banking network; majority owned by Local Credit Co-operatives, Sacam Mutualisation (~25% through CCI/CCA) and, for 13 of them, by retail and institutional investors through non-voting listed shares with rights on net assets

SACAM Mutualisation: An entity wholly owned by the Regional Banks for the purpose of pooling part of their earnings.

SAS La Boétie: The HoldCo managing, on behalf of the Regional Banks, their 60.2% equity interest in Crédit Agricole S.A.

Crédit Agricole S.A.: A listed company of Group subsidiaries company and the Central Body of the Crédit Agricole Network, of which it is a member according to the French Monetary and Financial Code; at the same time, the holding and functionally, the lead institution of the Crédit Agricole Group

1. As of 31 December 2023
2. The Regional Bank of Corsica, which is 99.9% controlled by Crédit Agricole S.A., is also a shareholder of SACAM Mutualisation and SAS La Boétie
3. As of 31 March 2024

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CREDIT UPDATE - MAY 2024

CRÉDIT AGRICOLE GROUP

CRÉDIT AGRICOLE S.A.

CRÉDIT AGRICOLE GROUP Q1-24 HIGHLIGHTS

WELL-DIVERSIFIED BUSINESS MIX ENSURING STEADY AND

HIGH REVENUE GROW

Potential organic growth constantly renewed coupled with bolt-on acquisitions

Underlying revenues(7) by business line

(excluding Corporate Centre) (%)

Equipment

rate

30%

30%

28%

22%

Market share

19% 15%

7% 4%

Household Asset Payment3	Indiv. death	Creditor	Life	P&C	Real Estate	CA	CA Santé et
lending1 Management(2)	& disability4	Insurance4	Insurance4	Insurance4	Transitions
	Territoires
						& Energies

Universal customer capture 1 out of 3	Offer
French citizens5

1. LCL and CR market share in household and similar lending at end-Sept. 23 - Banque de France study
2. Market share in UCITS in France at end-December 2023 for all customer segments;
3. Banque de France OSMP 2023 reports (2022 data)

4. Internal data end-2022

1. 35% of the French population - Sofia 2021 KANTAR
2. €815bn at end-2023 loans outstanding in respect of Regional banks and LCL, market shares in non-financial customer deposits and loans in France: 25.8% and 23.7% respectively at end-Q3-23
3. See slide 54 for details on specific items

#1 The best rated European G-SIB bank #1 Lender to the French economy(6) #1 Bancassurer in France and in Europe

#1 European Asset Manager by AuM and in the Top 10 worldwide #10 Largest bank in the world by assets

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CREDIT UPDATE - MAY 2024