Credit Agricole S A : Amendment A03 to the Universal Registration Document 2021 - Financial review at 30 june 2022

2021

AMENDMENT A03

TO THE UNIVERSAL

REGISTRATION

DOCUMENT

WORKING

EVERY DAY IN THE INTEREST OF

OUR CUSTOMERS AND SOCIETY

Financial review at 30 June 2022

Content

Press Release - Second quarter and first half 2022	3
Crédit Agricole Group	5
Crédit Agricole S.A.	9
Financial strength	28
Liquidity and Funding	31
Economic and Financial Environment	34
Second quarter and first half 2022 results presentation	49
Second quarter and first half 2022 results presentation - Appendices	78
Financial strength	110
Solvency	110
Liquidity and Funding	114
Crédit Agricole S.A. Risk Factors	121
Crédit Agricole S.A. Risk Management	141
Evolution of governance bodies	165
Other recent information	170
Summary Interim Consolidated Financial Statements at 30 June 2022	171
General Framework	174
Consolidated Financial Statements	175
Notes to the consolidated financial statements	184
Statutory auditors' review report on the half-yearly financial information	264
Other informations of Crédit Agricole Group	267
Crédit Agricole Group Risk Factors	267
Exposures subject tomeasures applied in response to the Covid-19 crisis	287
Articles of Association of Crédit Agricole S.A.	290
Person Responsible for the amendment to the Universal Registration Document	309
General information	310
Cross-Reference Tables	314

Crédit Agricole S.A. - Amendment A03 of 2021 URD

1/321

The English version of this present Amendment A03 to the Universal Registration Document was filed on 10th August 2022 with the AMF, as competent authority under Regulation (EU) 2017/1129, without prior approval pursuant to Article 9 of the said regulation.

The Universal Registration Document may be used for the purposes of an offer to the public of securities or admission of securities to trading on a regulated market if completed by a securities note and, if applicable, a summary and any amendments to the Universal Registration Document. The whole is approved by the AMF in accordance with Regulation (EU) 2017/1129.

Crédit Agricole S.A. - Amendment A03 of 2021 URD

2/321

Press release - Second quarter and first half 2022

CAG AND CRÉDIT AGRICOLE S.A. STATED AND UNDERLYING RESULTS Q2-2022

Results: +18.1%; robust activity and stronger capital position

		CRÉDIT AGRICOLE S.A.			CRÉDIT AGRICOLE GROUP
		Stated	Underlying			Stated				Underlying
Revenues		€6,330m	€6,188m			€10,121m				€9,636m
	+8.8% Q2/Q2	+6.2% Q2/Q2			+8.8% Q2/Q2				+3.7% Q2/Q2
Costs excl.		-€3,451m	-€3,388m			-€5,886m				-€5,824m€
SRF		+6.1% Q2/Q2	+5.2% Q2/Q2			+6.3% Q2/Q2				+5.8% Q2/Q2
GOI		€2,869m	€2,789m			€4,227m				€3,805m
	+12.3% Q2/Q2	+7.4% Q2/Q2			+12.5% Q2/Q2				+0.7% Q2/Q2
Cost of risk		-€203m	-€203m			-€615m				-€615m
	-27.5% Q2/Q2	-20.4% Q2/Q2			+30.8% Q2/Q2				+38.2% Q2/Q2
Net income		€1,976m	€1,908m			€2,769m				€2,447m
Group share		+0.4% Q2/Q2	+18.1% Q2/Q2			stable Q2/Q2				+3.4% Q2/Q2
C/I ratio	54.5%	54.8%	58.1%	60.4%
(excl. SRF)		-1.4 pp Q2/Q2	-0.5 pp Q2/Q2			-1.4 pp Q2/Q2				+1.2 pp Q2/Q2

ROBUST COMMERCIAL ACTIVITY

• 1 million new customers in France, Italy and Poland in H1
• Dynamic production in home loans (+2.1% Q2/Q2), consumer finance (+9.0%), factoring (+16.4%) and retail corporate lending (+19.8%); strong momentum in property and casualty insurance (+10.2% revenues Q2/Q2) and personal protection (+7.8%)
• Very robust activity in large customers (financing activities +12.8% Q2/Q2, capital markets and investment banking +28.5% excluding foreign exchange impact)

Crédit Agricole S.A. STATED INCOME Q2-22: €2.0bn

Crédit Agricole S.A. UNDERLYING INCOME Q2-22:€1.9bn (+18.1% Q2/Q2) Steady increase in revenues since 2017 +6.2% Q2/Q2

Positive jaws effect: costs1 +5.2% Q2/Q2, +1.8% excluding CreVal/Lyxor scope and FX impact

Gross operating income: +7.4% Q2/Q2, i.e. +€192m

Cost/income ratio (excl. SRF): 56.8% H1-22(-1.0 pp vs. end-2021);

PROFITABILITY

Underlying H1-22 RoTE 13.9%2, > than 3 pp above the average of 10 major European banks

Strong capital position at Group level

		CRÉDIT AGRICOLE S.A.				CRÉDIT AGRICOLE GROUP
Phased-in
11.3%	+30 bps June/March	17.5%	+50 bps June/March
CET1
		+3.4 pp above SREP requirements				+8.6 pp above SREP requirements
						€19.5bn CAG provisions, Russian

H1 dividend accrual €0.38/share	exposure -€0.4bn June/March

1. Excluding SRF
2. Underlying ROTE calculated on the basis of annualised underlying net income Group share and annualised IFRIC costs

Crédit Agricole S.A. - Amendment A03 of 2021 URD

3/321

Press release - Second quarter and first half 2022

Dominique Lefebvre,

Chairman of SAS Rue La Boétie and Chairman of the Crédit Agricole S.A. Board of Directors

"I would like to thank all the employees of the Group, as well as elected officials, for stepping-up to support our customers, and in particular those hardest hit by the current context. The strength of our results reinforces our capacity to act, locally, in all our regions."

Philippe Brassac,

Chief Executive Officer of Crédit Agricole S.A.

"In an opaque and uncertain environment, the Group continues to grow steadily, thanks to its universal customer-focused banking model."

Crédit Agricole S.A. - Amendment A03 of 2021 URD

4/321