Crédit Agricole S.A.

ACA

FR0000045072

Banks

Real-time Euronext Paris Other stock markets 08:15:59 2024-04-26 am EDT			5-day change	1st Jan Change
14.66 ^EUR	+1.28%		+4.42%	+14.03%

Apr. 25	Mowi Issues New Green Bonds Worth NOK3.5 Billion	MT
Apr. 22	Reway Group buys remaining 30 percent of Gema for EUR27 million	AN

Credit Agricole : Deutsche Bank Conference Presentation

May 26, 2020 at 01:28 am EDT

WORKING EVERY DAY IN THE INTEREST

OF OUR CUSTOMERS AND SOCIETY

Crédit Agricole S.A.

Philippe Brassac, CEO

Deutsche Bank Conference, 26 & 27 May 2020, virtual

1 DEUTSCHE BANK CONFERENCE - MAY 2020

DISCLAIMER

The financial information on Crédit Agricole S.A. and Crédit Agricole Group for first quarter 2020 comprises this presentation and the attached appendices and press release which are available on the website: https://www.credit-agricole.com/en/finance/finance/financial-publications.
This presentation may include prospective information on the Group, supplied as information on trends. This data does not represent forecasts within the meaning of EU delegated regulation 2019/980 of 14 March 2019 (chapter 1, article 1, d).
This information was developed from scenarios based on a number of economic assumptions for a given competitive and regulatory environment. Therefore, these assumptions are by nature subject to random factors that could cause actual results to differ from projections. Likewise, the financial statements are based on estimates, particularly in calculating market value and asset impairment.
Readers must take all these risk factors and uncertainties into consideration before making their own judgement.
The figures presented for the three-month period ending 31 March 2020 have been prepared in accordance with IFRS as adopted in the European Union and applicable at that date, and with prudential regulations currently in force. This financial information does not constitute a set of financial statements for an interim period as defined by IAS 34 "Interim Financial Reporting" and has not been audited.
Note: the scopes of consolidation of the Crédit Agricole S.A. and Crédit Agricole Groups have not changed materially since the Crédit Agricole S.A. 2019 Universal Registration Document and its 2019 A.01 update (including all regulatory information about the Crédit Agricole Group) were filed with the AMF (the French Financial Markets Authority).
The sum of values contained in the tables and analyses may differ slightly from the total reported due to rounding.
Since 30 September 2019, Kas Bank has been included in the scope of consolidation of Crédit Agricole Group as a subsidiary of CACEIS. SoYou has also been included in the scope of consolidation as a joint-venture between Crédit Agricole Consumer Finance and Bankia. Historical data have not been restated on a proforma basis.
Since 23 December 2019, Caceis and Santander Securities Services (S3) have merged their operations. As of said date, Crédit Agricole S.A. and Santander respectively hold 69.5% and 30.5% of the capital of CACEIS.

2 l DEUTSCHE BANK CONFERENCE - MAY 2020

NOTE

The Crédit Agricole Group scope

of consolidation comprises:

the Regional Banks, the Local Banks, Crédit Agricole S.A. and their subsidiaries. This is the scope of consolidation that has been selected by the competent authorities to assess the Group's position, notably in the 2016 and 2018 stress test exercises.

Crédit Agricole S.A.

is the listed entity, which notably owns the subsidiaries of its business lines (Asset gathering, French retail banking, International retail banking, Specialised financial services

and Large Customers)

1	KEY FIGURES	p. 3


2	RISKS	p. 10


3	FINANCIAL STRENGTH	p. 16


4	CONCLUSION	p. 21


5	APPENDICES	p. 28

3 DEUTSCHE BANK CONFERENCE - MAY 2020

A very solid Group

in terms of capital, liquidity and operating efficiency(1)

Solvency 11.4%	Liquidity €338bn	Profitability 11.9%
CET1 ratio at 31/03	at 31/03	2019 underlying RoTE

Q1-20	Q1-20	Q1-20		March-20	March-20
underlying net	underlying gross	underlying		NPL ratio	Coverage ratio
income	operating income	cost/income ratio
			72.4%
€652m	€1,583m	62.2%		3.1%
-18.1%	+7.9%	-1.1pp		-0.1pp	+2.3pp
Q1/Q1	Q1/Q1	Q1/Q1		vs. Dec-19	vs. Dec-19

All figures are for Crédit Agricole S.A. perimeter except liquidity which is on Crédit Agricole Group

4 l DEUTSCHE BANK CONFERENCE - MAY 2020

INTRODUCTION

Key figures

CREDIT AGRICOLE GROUP		CRÉDIT AGRICOLE S.A.


Q1-20		Q1-20


€908m	Net income Group share - stated	€638m


-32.8% Q1/Q1		-16.4% Q1/Q1

€981m	Net income Group share - underlying(1)	€652m


-31.6% Q1/Q1		-18.1% Q1/Q1

	Earnings per share - underlying (1) (2)	€0.17

		-25% Q1/Q1

	Net tangible asset value per share (3)	€13.3

		+0.5€ vs. 31/12/2019

15.5%	CET1 ratio (%)	11.4%

(1)	See slides 42 (Crédit Agricole S.A.) and 45 (Crédit Agricole Group) for further details on specific items	(3) Not revalued (i.e. excl. OCI reserves) and before deduction of the dividend payable - see slide 51
(2)	After deduction of AT1 coupons, charged to net equity - see slide 51

5 l DEUTSCHE BANK CONFERENCE - MAY 2020

INTRODUCTIONCRÉDIT AGRICOLE GROUP

Crédit Agricole absorbs the impact of the Covid-19	CRÉDIT AGRICOLE S.A.
and is mobilized for the economy

Rise in CASA's Gross operating income Q1/Q1

Q1 growth in loans outstanding in Retail (+7% in France and in Italy), in managed loans in consumer finance (+2.1%), in life insurance (+2%), and in asset gathering (+3.5%).
Gross customers capture in Retail France & Italy: 416,000 customers since the beginning of 2020
Gross operating income up Q1/Q1, driven by the resilience of revenues (+4.8%) despite the decline in the fair value of insurance assets, and by cost control excluding IFRIC21 (+2.5%).

Crédit Agricole S.A.	Crédit Agricole S.A.
+7.9%	62.2%
increase in underlying	Underlying cost/income
gross operating income(1)	ratio(1)
Q1/Q1	excl. SRF Q1
	-

Drop in net income due to the rise in cost of risk, driven by a provisioning of performing assets

	NPL ratio unchanged (2.4% CAG, 3.1% CASA), rise in coverage ratio (84.3% CAG, 72.4% CASA)	Crédit Agricole S.A.	Crédit Agricole Group
	56% of the increase for CASA (61% of the increase for CAG) is explained by the provisioning of	61bp	40bp
	Cost of risk CASA at €621m, x2.8 vs Q1 2019 (€930m CAG, x3.3)

performing assets notably in the face of the Covid-19 crisis (€223m CASA, €398m CAG)

Solid solvency, despite the negative market effects as of 31 March

CET1: 11.4% CASA, 15.5% CAG, including, for CASA, the unwinding of 35% of the Switch (-44bp)

Liquidity levels high

€338bn liquidity reserves at end March 2020, up €40bn vs end 2019
Increase in 12-month average LCR: 132.8% CASA, 129.8% CAG
Two benchmark issuances carried out in April despite the tension in credit markets, which attest to the quality of the Crédit Agricole signature

Cost of risk on	Cost of risk on
outstandings (2)	outstandings (2)
Crédit Agricole S.A.	Crédit Agricole Group
3.5pp	6.6pp
Buffer above SREP	Buffer above SREP
requirements.	requirements

See details of specific items slide 42 for Crédit Agricole S.A.
Annualized cost of risk

6 l DEUTSCHE BANK CONFERENCE - MAY 2020

APPENDICES

Impact of the COVID-19 crisis on the macro-economic environment

France, Italy, Eurozone - Real GDP Growth

France - Household and business leaders' confidence

	%																	5,9	5,7
																	4,7

1,8	2,0	2,2	1,7						1,0	2,0	1,0	1,9	2,4	2,7	1,7	1,9
1,7						1,4				1,8
		0,8	0,4	0,6	-0,2	1,0	0,7	1,4				0,7	1,3	1,2
					0,1										0,3
2010	2011	2012	2013	2014	2015	2016		2017	2018	2019	2020	2021
				-0,8
					-1,9
				-3,0
										France		Italy		Euro zone		-7,2

110

100

LT average

-8,2

-9,9

Source: Eurostat, Crédit Agricole S.A./ECO

France, Italy, Eurozone - Unemployment rate

% of labour force

8
7
2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021
			France		Italy		Euro zone

2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020
		Household confidence		Business sentiment

Source: Insee

Manufacturing PMI

70
60
50
40
30
2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020
	World			Euro Zone			France			Italy

Source: Eurostat, Crédit Agricole S.A./ECO

Sources: IHS, Markit, Crédit Agricole S.A.

7 l DEUTSCHE BANK CONFERENCE - MAY 2020

APPENDICES

Impact of the COVID-19 crisis on the market environment

Interest rates, in euros (%)		Credit spreads (1-year iTraxx Main CDS index)

1,9	(% )		Avg. French 10y bond yield Q1-20:-0,077%(-3bp Q1/Q4) Average spread
1,6
		Q1-20:
1,4
		France: 33bp (+3bp Q1/Q4),
1,2
1,0			Italy: 168bp (+11bp Q1/Q4)
0,8
0,5
0,3
0,1
-0,1
-0,4
-0,6
-0,8

12.16 03.17 06.17 09.17 12.17 03.18 06.18 09.18 12.18 03.19 06.19 09.19 12.19 03.20
			France 10y	Germany 10y	Euribor 3m

140
130
120
110
100
90
80
70
60
50
40
03.19	04.19	05.19	06.19	07.19	08.19	09.19	10.19	11.19	12.19	01.20	02.20	03.20	04.20

Equity indexes (base 100 = 31/12/2016)		Currencies (rate for €1)

115

105

Avg. Stoxx: +5,7% Q1/Q1, -3,9% Q1/Q4,

75 Avg. CAC40: +7,4% Q1/Q1; -6% Q1/Q4

65

12.16 03.17 06.17 09.17 12.17 03.18 06.18	09.18 12.18 03.19 06.19 09.19 12.19
		CAC40	Stoxx	Quarterly Avg. CAC40

Source: Refinitiv

1,5

1,4
1,3
1,2										EUR vs. USD Q1-20:
1,1
1,0										Average -2,9% Q1/Q1,
0,9										End of period -1,7% mars/mars

0,8
0,7

12.1603.17 06.17 09.17 12.1703.1806.18 09.18 12.1803.1906.19 09.19 12.1903.20

EUR/USD (lhs)		EUR/GBP (lhs)		EUR/JPY (rhs)

150

140

130

120

110

100

8 l DEUTSCHE BANK CONFERENCE - MAY 2020

BUSINESS

CRÉDIT AGRICOLE GROUP

Commercial momentum over the quarter interrupted mid-March by the start of the health crisis

RETAIL

BANKING

ASSET

GATHERING

SPECIALISED

FINANCIAL SERVICES

LARGE

CUSTOMERS

Sustained commercial momentum

over the quarter...

Customers capture: +416,000 new customers in 2020, Customer base growth:

+25,000 customers in 2020

New loans: +7% increase in retail networks in France and Italy (excl. government guaranteed loans, "PGEs")

Asset gathering: increase in AuM (+3.5%). Life

insurance: growth in outstandings (+€6.5bn, i.e. +2.2%, including +€0.4bn in UL contracts despite the market context); net UL contract inflows up

(+40% Q1/Q1, +69% Q1/Q4).

Property and personal insurance: +7.8% in

premiums

Consumer Finance: Growth in managed loans (+2.1%) despite a decline in new loan production (-13%) related to COVID-19

Strong commercial activity in capital markets

to meet the needs of customers in terms of hedging and bond issuance

...but revenues impacted by COVID-

19 in March.

Resilient net interest margin despite a decline

in new loan production at the end of the quarter, notably in home loans and consumer

finance

Mixed performance: increase in fees and commissions related to financial savings (LCL: +6.3% - specifically transaction fees) offsetting the decline in other types of commissions (insurance and banking commissions)

Depreciations (reversible) linked to the unfavourable market environment: decrease of assets marked at fair value in Insurance and Asset management and decline of the investment portfolio in Asset management and in the Regional Banks.

Net interest

income

Fee and

commission

income

Portfolio revenues

9 l DEUTSCHE BANK CONFERENCE - MAY 2020

1	KEY TOPICS	p. 3


2	RISKS	p. 10


3	FINANCIAL STRENGTH	p. 16


4	CONCLUSION	p. 21


5	APPENDICES	p. 28

10 DEUTSCHE BANK CONFERENCE - MAY 2020

COST OF CREDIT RISK	CRÉDIT AGRICOLE GROUP

CRÉDIT AGRICOLE S.A.
High quality assets and well covered risks

Assets remain very high-quality

	Crédit Agricole S.A. Crédit Agricole Group	Crédit Agricole S.A.(1)	Groupe Crédit Agricole(1)
 NPL ratio:	3.1%	2.4% Coverage ratio:	72.4%	84.3%
	-0.1pp vs Dec. 19	-0.1pp vs. Dec-19	+2.3pp vs. Dec. 19	+1.7pp vs. Dec-19
		Loans loss reserves:	€9.6bn	€19.5bn

The cost of risk is amplified by the anticipation of future risks
In accordance with the rule IFRS9, review of Bucket 1 and 2 provisioning in order to take into account the environment downturn, as well as the expected effect of public measures
Flat rate adjustments for the retail banking portfolios and for corporate portfolios and specific additions for some targeted sectors: tourism, automotive, aerospace, retail textile, energy, supply chain

Crédit Agricole S.A.	Crédit Agricole Group
 Cost of risk on outstandings(2,3): 61bp	40bp
x2.6 Q1/Q1	x3.1 Q1/Q1

Including the full scale of provisions for performing loans due to COVID-19; Loans loss reserves, including collective provisions (2) Cost of risk on outstandings (in annualised basis points). Cost of risk on outstandings in basis points over a rolling four-quarter period at 42bp for CASA and 26bp for GCA;(3) Since Q1-19, loans outstanding included in credit risk indicators are only loans to customers, before impairment

11 l DEUTSCHE BANK CONFERENCE - MAY 2020

COST OF CREDIT RISK													CRÉDIT AGRICOLE GROUP
Cost of risk up due to provisioning of performing loans,					CRÉDIT AGRICOLE S.A.
no significant change on Bucket 3

												Cost of credit risk by bucket (in €m)

																					Crédit Agricole Group		930

					Crédit Agricole S.A.		621									499		598		494	398
													340				398			31
																421							384
																	29
						246		358	335		223			28	323				281
	314

	223	218			225																	5
	29
								0
	273	262	242	316	216	371	331	531	382			372	382	371		505	294	588	420	602	516
																					-64			0	-87
			-30	-40	-59		-26	-7	-184												-33

				B3 CoR*		B1&B2 CoR			Others	Total CoR					B3 CoR*		B1&B2 CoR			Others	Total CoR

		Q1-18		Q2-18	Q3-18		Q4-18	Q1-19	Q2-19	Q3-19	Q4-19	Q1-20
					Q1-18Q2-18Q3-18Q4-18Q1-19Q2-19Q3-19Q4-19Q1-20

		621m€				X2.8 Q1/Q1				930m€				X3.3 Q1/Q1
		cost of risk Q1-20				56% of the rise					cost of risk Q1-20				61% of the rise
				on performing loans					on performing loans

Including non provisioning losses.

12 l DEUTSCHE BANK CONFERENCE - MAY 2020

COST OF CREDIT RISKCRÉDIT AGRICOLE GROUP

Cost of risk up due to provisioning of performing loans	CRÉDIT AGRICOLE S.A.

Cost of credit risk by bucket and by business line (in €m) - Cost of credit risk/outstandings (in bp, annualised)

				Regional Banks		307
				250		238

						26
		176		89				155

		59	104						176
	104
				56

					4			96
							48

	99	120	128	186	78	217	89	70	134

	-1
			-23				-26

		B3 CoR*	B1&B2 CoR	Others	Total CoR
	Q1-18	Q2-18	Q3-18	Q4-18	Q1-19	Q2-19	Q3-19	Q4-19	Q1-20
CoR/outstandings: 23bp;

NPL ratio: 1.9%; coverage ratio: 99.9%

					LCL				101

				63				64
51	56		7		51	58
50		44		40

1				1
			7		16

48	36	39	67	28	46	61	86	55
11

							-2	-22
		B3 CoR*		B1&B2 CoR	Others	Total CoR
	Q1-18	Q2-18Q3-18	Q4-18	Q1-19	Q2-19	Q3-19	Q4-19	Q1-20

CoR/outstandings: 31bp;
NPL ratio: 1.7%; coverage ratio: 79.7%

79			64	CA-Italia			82
2		70		67			62
62			61	62
			0
					0	1		24

	18
68	46	70	93	65	59	57	64	57

		-7	-28				-1

		B3 CoR*	B1&B2 CoR	Others	Total CoR

Q1-18Q2-18Q3-18Q4-18Q1-19Q2-19Q3-19Q4-19Q1-20

CoR/outstandings: 74bp;
NPL ratio: 7.6%; coverage ratio: 60.1%

						CA-CF
				126				164			Financing activities		58
			115				118	121	115	37										137


		90				96
				82
																			54
												55
																39	40

												5				-6
												43	35		9	71	42	219	81
															-18	-15		-3
													-51	40	-29	-38


		97	125	155	86	104	136	123	127 127			-70	-67
					-30
		-7	-13	-29	-6	-9	-27	-3	-8										-159

							B3 CoR*	B1&B2 CoR	Others	Total CoR
				B3 CoR*	B1&B2 CoR	Others	Total CoR

		Q1-18Q2-18Q3-18Q4-18Q1-19Q2-19Q3-19Q4-19Q1-20
		CoR/outstandings: 180bp;					Q1-18	Q2-18	Q3-18	Q4-18	Q1-19	Q2-19	Q3-19	Q4-19	Q1-20
											
	NPL ratio: 6.1%; coverage ratio: 93%		CoR/outstandings: 51bp;

(*) Including non provisioned losses; Cost of credit risk/outstandings (in basis points over a rolling four-quarter period) at 15bp for the RBs; 22bp for LCL, 60bp for CA Italia, 145bp for CACF, 26bp for Fin. activities

13 l DEUTSCHE BANK CONFERENCE - MAY 2020

APPENDICES

CRÉDIT AGRICOLE S.A.

A well-balanced corporate porfolio

Corporate EAD at 31/03/2020 per sector

Total EAD : 321 Bn€

NON BANKING FINANCIAL ACTIVITIES (34 Bn)												10.7%

OIL & GAS** (29 Bn)											8.9%
ENERGY (EXCL. OIL & GAS) (23 Bn)										7.3%
REAL ESTATE (22 Bn)										7.0%
AUTOMOTIVE (20 Bn)										6.2%
HEAVY INDUSTRY (19 Bn)									5.8%
AIR/SPACE (17 Bn)								5.4%
AGRICULTURE AND FOOD PROCESSING (15 Bn)								4.7%
OTHER (15 Bn)								4.7%
SHIPPING (14 Bn)								4.5%
RETAIL/ CONSUMER GOODS INDUSTRIES (14 Bn)								4.5%
TELECOM (12 Bn)							3.7%
OTHER TRANSPORT (12 Bn)							3.6%
MISCALLENEOUS 12 BN)							3.7%
INSURANCE (10 Bn)						3.2%
IT / TECHNOLOGY (10 Bn)						3.1%
BTP (10 Md)						3.0%
HEALTHCARE / PHARMACEUTICALS (9 Bn)						2.7%
OTHER INDUSTRIES (8 Bn)						2.4%
TOURISM / HOTELS / RESTAURANTS (8 Bn)						2.3%
MEDIA / PUBLISHING (3Bn)			0.8%
WOOD / PAPER / PACKAGING (3 Bn)			0.8%
UTILITIES (2 Bn)			0.7%
NON TRADING SERVICES / LOCAL AUTHORITIES…			0.2%
BANKS (0 Bn)		0.1%

0.0%	2.0%	4.0%	6.0%	8.0%	10.0%	12.0%

*internal rating ** including commodity traders *** CACIB perimeter

% of Corporate EAD

Africa	Others
1%	1%
America and
Asia
21%
Europe (Excl.	France
53%
France)

24%

73% of Corporate exposures are Investment Grade*
SME exposure stands at 21 Bn€ as of 31/03/2020
LBO exposure*** stands at €4Bn as of 31/12/2019

14 l DEUTSCHE BANK CONFERENCE - MAY 2020

APPENDICES

Focus CACIB : Oil & Gas and Aeronautics

23.7 Bn€ EAD(1) on Oil & Gas excluding commodity traders as of February	Oil & Gas EAD excl. Commodity Traders : 23.7 Bn€*
2020	5%	Gas companies
	Oil & Gas Services	Integrated Oil &
 4.8 Bn € EAD on commodity traders as of February 2020		15%

Oil & Gas EAD excl Commodity Traders*

Watched list	Defaulted
3%	2%

EAD is gross of Export Credit Agency and Credit Risk Insurance covers : as of 29/02/2020, there were 3.8 Bn$ export credit agencies covers and 0.6Bn$ credit risk insurance covers on the Oil & Gas portfolio

71% of Oil & Gas EAD(1)(2) are Investment Grade(3)

 75% of Oil & Gas gross exposure net of ECA are Investment Grade counterparties

Upstream
E&P
13%	Downstream &

	Refining
Midstream	14%

(Pipeline, LNG,
Storage)
21%	State owned Oil &

	Gas companies
	32%

Sub-

investment

grade

24%

Invesment grade 71%

 Diversified exposure in terms of operators, activity type, commitments and geographies

Oil & Gas gross exposure net of ECA by geography*

82% of Oil & Gas EAD(1)(2) in segments with limited sensitivity to oil prices

18% of EAD(1)(2) in Exploration & Production and Oil services segments, more directly sensitive to oil prices
First-rankingcollateral on the vast majority of counterparties in the Exploration & Production segment

14,8 Bn€ EAD(1) on Aeronautics as of February 2020

A portfolio, essentially secured and composed of major players, mainly focused on Manufacturers/ Suppliers and Air transportation. The share of asset based financing represents 43% of the exposure as of Feb2020
The portfolio is concentrated on Investment Grade clients (74% of the gross exposure net of ECA as of Feb. 2020) and secured by new generation of aircrafts with an average age of the fleet relatively young.
Following Sept-11, total losses recorded on aero amounted to 38 m€

Saudi Arabia	Africa	Other (Latam
2%	2%	FSU,…)
South Korea			5%


3%
India
4% Brazil			United States
5%
		23%
France

5%			United
Gulf countries
		Kingdom
5%			12%
Mexico			Other
		Asia
5%
		China 9%
Other Western
7%
Europe	Russia
6%	*CA CIB perimeter
	7%

CA CIB perimeter . EAD (Exposure At Default) is a regulatory definition used in pillar 3. It corresponds to the exposure in the event of default after risk mitigation factors. It encompasses balance sheet assets plus a proportion of off-balance sheet commitments.. (2) excluding commodity traders (3) Internal rating equivalent.

15 l DEUTSCHE BANK CONFERENCE - MAY 2020

1	INTRODUCTION	p. 3


2	CREDIT AGRICOLE S.A.	p. 10


3	FINANCIAL STRENGTH	p. 16


4	CONCLUSION	p. 21


5	APPENDICES	p. 28

16 DEUTSCHE BANK CONFERENCE - MAY 2020

FINANCIAL STRENGTH

CRÉDIT AGRICOLE S.A.

CET1 ratio at 11.4%, down due to the effect of the dismantling of 35% of the Switch (-0.4pp)

Change in CET1 ratio (bp)

12.1%

+7bp

+60bp

-19bp

-33bp

11.8%

-41bp

-6bp

-44bp

11.4%

3.4pp

8.7%

SREP at

3.5pp

31/12/2019

SREP at

7.9%

02/04/2020(1)

December 19 2019 dividend Regulation

Retained

OCI

RWA change

Others

March 20

Switch

March 20

impacts

earnings

reserves

before

unwind.

Switch unwind.

Change in requirements

SREP at 31/12/2019	8.7%
Art. 104a application	-0.66pp
Countercyclical buffers easing	-0.15pp
SREP at 02/04/2020(1)	7.9%

CET1 ratio: 11.4%, notably impacted by negative market valuations and by drawdown on credit facilities
- Exceptional impacts over the quarter: allocation of the 2019 dividend to reserves following requests from the ECB (+60bp),and regulatory impacts on securitisations (-19bp)
- Retained net income: +7bp, including a dividend per share provision of €0.08 in Q1-20(-7bp)
- OCI reserves on securities portfolios: -33bprelated to negative market effects (fall in equity indexes -14bpand rise in credit spreads -19bp);outstanding stock at 31/03/2020: 20bp
- Change in RWA: -41bp, primarily in the Large Customers business line (26bp)
- Dismantling of 35% of the Switch mechanism (-44bp),accounting for more than half of the decline observed in the quarter

Ratio well above regulatory requirements
- Article 104a: possibility granted by the regulator to fulfil P2R with 75% Tier 1 capital and a minimum 56.25% CET1 vs 100% previously
- Counter-cyclicalbuffer: easing of countercyclical buffers by several national regulators (for France, as from 02/04/2020)
- Before any impact of announced measures by the European Commission on 28/04/20
Phased-inTier 1 ratio: 12.9%; phased-in total ratio: 16.7%
Phased-inleverage ratio: 3.9% at end March 20 vs. 4.2% at end-Dec. 19
- Intra-quarteraverage phased-in leverage ratio(2): 3.7% in Q1-20

(1) Including the removal of France's counter-cyclical buffer, as from 02/04/2020

(2)Intra-quarter leverage refers to the average of the end of month exposures for the first two months of said quarter

17 l DEUTSCHE BANK CONFERENCE - MAY 2020

FINANCIAL STRENGTH

CRÉDIT AGRICOLE GROUP

CET1 ratio of 15.5%, down -0.4pp

Change in CET1 ratio (bp)


15.9%	+16bp	+11bp		-34bp		15.5%

		-15bp	-18bp		-1bp

	6.2pp				6.6pp
	SREP at
9.7%	31/12/2019
				SREP at
					02/04/2020(1)	8.9%

December 19	2019 dividend Regulation impacts Retained earnings	OCI	RWA change	Others	March 20
			reserves

CET1 ratio: 15.5%, impacted by the level of market valuations at 31/03/2020
- Exceptional impacts in the quarter: allocation of CASA's 2019 dividend to reserves following requests from the ECB (+16bp) and regulatory impacts on securitisations (-15bp)
- Retained net income: +11bp, including a dividend per share provision in Q1-20(-3bp)
- OCI reserves on securities portfolios: -18bprelated to negative market
  effects; outstanding stock at 31/03/2020: 12bp
- Change in RWA: -34bp, primarily in the LC business line (-21bp) and RB (-6bp)
Phased-inTier 1 ratio: 16.4%; phased-in total ratio: 19.0%
Phased-inleverage ratio: 5.3% vs. 5.7% at end Dec 19
- Intra-quarteraverage phased-in leverage ratio(2): 5.1% in Q1-20

Including the removal of France's countercyclical buffer as from 02/04/2020; (2)The intra-quarter leverage refers to the average of the end-of-month exposures of the first two months of said quarter

Change in requirements

SREP at 31/12/2019	9.7%
Art. 104a application	-0.66pp
Countercyclical buffers easing	-0.18pp
SREP at 02/04/2020(1)	8.9%

Ratio well above regulatory requirements*
- Distance to the SREP: 6.6pp, up +0.4pp vs. 31/12/2019
- Before any impact of measures announced by the European Commission on 28/04/20
TLAC ratio: 22.6% of risk-weighted assets and 7.3% of leverage exposure, excluding eligible senior preferred debt
- Ratio higher than regulatory requirements(3) by 3.1pp in risk-weighted assets and 1.3pp in leverage, excluding eligible senior preferred debt
MREL ratio: approximately 32% of risk-weighted assets and 22.6% excluding eligible senior preferred debt, i.e. 8.1% of TLOF
- Objective to achieve a subordinated MREL ratio (excluding eligible senior preferred debt) of 24-25% of risk-weighted assets by the end of 2022
- At 31/03: ratio > 8% of TLOF

(3)The Crédit Agricole Group must meet the following TLAC requirements at all times: 16% of the RWA plus the total buffer requirement according to CRDV (including 2.5% for capital conservation buffer, 1% for systemic risk buffer and 0.02% for countercyclical buffer at 2 April 2020); and 6% of leverage exposure

18 l DEUTSCHE BANK CONFERENCE - MAY 2020

FINANCIAL STRENGTH

CRÉDIT AGRICOLE S.A.

RWA increase: good activity level and support of

CRÉDIT AGRICOLE GROUP

customers impacted by the crisis

Change in Crédit Agricole S.A. risk weighted assets (€bn)

Change in Crédit Agricole Group risk-weighted assets (€bn)

+3.7%

348

+2.2%

324

+ 11.2

336

+ 11.9

559

+ 5.5

+ 11.7

572

+ 5.5

12 Market risk

Market risk

-4.8

-4.7

Operational

risk

278

289

301

491

503

Credit risk

Dec. 19

Regulation impacts

Business lines growth Insurance Equity stake

Mar. 20

Dec. 19

Regulation

Business lines

Insurance Equity March 20 before Switch unwinding

Mar. 20

(incl. forex)

impacts

growth (incl. forex)

stake

Switch unwind.

 Moderate increase in risk-weighted assets

 Significant increase in risk-weighted assets over the

quarter, driven by the Large Customers business line

 Exceptional impacts over the quarter: regulatory impacts on

securitisations at CACIB (+€5.5bn)

 Increase in risk-weighted assets in the Large Customers business

securitisations at CACIB (+€5.5bn)

line: +€7.5bn

 Growth in business lines driven primarily by the Large Customers

 Modest growth in risk-weighted assets in Retail banking:

business line, incl. +€6.4bn at CACIB (impact of credit line drawdowns for

€2.0bn, including €1.2bn in the Regional Banks in line with the level of

+€2.1bn, downgraded ratings for +€0.4bn and market effect for +€4.4bn) and

activity at the beginning of the quarter

+€1.0bn at CACEIS (increase in liquidity portfolio investments)

Decline in the equity-accounted value of the contribution of insurance due to market variations
Dismantling of 35% of the Switch mechanism (+€11.9bn)

19 l DEUTSCHE BANK CONFERENCE - MAY 2020

FINANCIAL STRENGTH	CRÉDIT AGRICOLE GROUP

Dynamic management of reserves in order to accommodate client requests and maintain LCR ratios

Liquidity reserves (€bn)

Eligible claims to Central Banks after haircut (immediate access) (1)

Self-securitisations eligible to Central Banks (1) Other non-HQLAsecurities (2)

HQLA (High Quality Liquid Assets) securities portfolio (2)

Central Bank deposits

(excl. cash (4) & mandatory reserves (8))

	+€40bn
	liquidity reserves	338
	Q1-20/Q4-19

298		55
48		21
		18
22
14
		110
108

134

106

Customer requests have been successfully met
- Drawdown on credit facilities (CACIB: ~€9bn at 31/03/20) and set up of
  new facilities (CACIB: ~€2bn at 31/03/20)
- Decrease in CD outstandings and shortening of term deposits
- Simultaneously, increase in deposits (CACIB: high conversion of drawdowns into deposits) and in current accounts balances

- as a result, limited cash impact but liquidity shortening
LCR: management actions taken to maintain ratios at very comfortable levels

 Use of central bank facilities : €38bn in ST drawings + increase of €15bn in

TLTRO at 31/03/20

 Collateral: management actions taken to increase liquidity

reserves

 Pre-positioned reserves up, on top of €53bn drawings at Central Banks

 €76bn of assets eligible to Central Banks, providing access to LCR

compliant resources

 Asset encumbrance ratio increased from 17.5% at 31/12/19 but remaining

(1)	Providing access to LCR compliant resources	31/12/2019	31/03/2020

(2)	Available market securities, at market value and after haircut

low compared to the European average of 28%

Liquidity reserves up to €338bn, + €40bn
Quarterly LCR sharply up at 142.03% for Credit Agricole Group and 146,93% for Credit Agricole S.A.
Stable Resources Position up at €132bn from €126bn

20 l DEUTSCHE BANK CONFERENCE - MAY 2020

1	KEY TOPICS	p. 3


2	RISKS	p. 10


3	FINANCIAL STRENGTH	p. 16


4	CONCLUSION	p. 21


5	APPENDICES	p. 28

21 DEUTSCHE BANK CONFERENCE - MAY 2020

Crédit Agricole Crédit Agricole

S.A.Group

CONCLUSION	CRÉDIT AGRICOLE GROUP
An up and running Group with structural strengths enabling it to	CRÉDIT AGRICOLE S.A.
support clients through the crisis

A balanced and

diversified

business model

Operating efficiency

Conservative

risk management

Strong Group

capital

Strong liquidity

position

 A universal customer-focused banking model based on excellence in customer relationship

 A broad array of specialised and profitable businesses (CASA underlying ROTE 11.9% end 2019)

 Revenues balanced across business lines and geographically diversified (31% of CASA's revenues in 2019 generated outside France/Italy)

 Actions in terms of operating efficiency taken between 2015 and 2019: 7.6 pp improvement in CASA cost to income ratio over this period

 Underlying cost to income ratio excluding SRF at a low level: 62.2% in Q1 2020 for CASA, improved vs Q1 2019

 Low cost of risk in 2019 enabling to fully implement the public measures to support customers : 32bp(1) CASA, 20bp(1)

CAG in Q4-19

 A highly diversified credit portfolio across sectors: no corporate sector accounts for more than 4% of total CASA exposures  Low exposure to market activities. Regulatory VaR (60 days average) of CASA €11m in Q1-20

 High solvency of the Crédit Agricole Group		Current ratio	11.4%	15.5%
 Capital stronger than during previous crises	Common Equity Tier 1 Mar-20
12.9%	16.3%
Tier 1 (phased-in)Mar-20

		Sovereign debt crisis	11.2%	11.9%
		Tier 1 Dec-2011

 Large eligible claim book and low asset encumbrance ratio (17.5% at	Financial crisis	9.1%	9.4%
end 2019 versus European average of 28%)	Tier 1 Dec-2008

€338bn in liquidity reserves at 31/03/20, an increase by €40bn from 31/12/19

 Stable resources position: €132bn

(1) Cost of risk on outstandings (in basis points over a rolling four-quarter period)

22 l DEUTSCHE BANK CONFERENCE - MAY 2020

CONCLUSION	CRÉDIT AGRICOLE GROUP

Voluntarily supporting the public authorities' strategy in the face of the crisis, consistent with our Raison d'être, to help our clients get through the crisis (1/2)

fully
operational
bank

88%(1) of Regional Bank branches are operational, and 93%(1) of LCL branches
7.7 million unique monthly users of apps in France and Italy in Q1-20(+20% vs Q1-19)
Acceleration of technological innovations in the face of the crisis (electronic signature of the state-guaranteedloan, remote management of claims and damages)
Large-scale roll-outof remote working (>50,000 simultaneous connections) with maximum security

All bank and

insurance

services available

bank
consistent
with its societal

commitments

Crédit Agricole Group, 8 April: establishment of a €20m solidarity fund for the elderly and caregivers(2)
Insurance, 23 March: €39.2m paid into the solidarity fund set up by French government authorities for small businesses and independent workers in sectors particularly hard hit by the crisis; Crédit du Maroc, 24 March: €8m contribution to the national COVID-19 solidarity fund; Crédit Agricole Group in Italy, 31 March: €2m donation to the Italian Red Cross and Italian hospitals.
Donations of medical equipment, support for healthcare workers, vulnerable populations and research, creation of "Loop" and "J'Aime Mon Territoire" platforms.

9 out of 10 branches(1) reachable

€70m in donations via

solidarity funds

Branches open and/or advisers contactable remotely
Contribution of Crédit Agricole Group executives via 50% of their variable compensation

23 l DEUTSCHE BANK CONFERENCE - MAY 2020

CONCLUSION	CRÉDIT AGRICOLE GROUP

Voluntarily supporting the public authorities' strategy in the face of the crisis, consistent with our Raison d'être, to help our clients get through the crisis (2/2)

bank
mobilised to
support its customers

Corporates in

France

Professionals,

farmers and

very small

businesses

Individual customers

6 March: six-monthmoratorium for business loans
- Revenues: all accrued interest maintained and interim interest recorded
- Cost of risk: no automatic requalification of debtor at set-up(1)
- RWA: uncalled loan repayments are deferred, RWA impact insignificant
25 March: State-guaranteedloan (limited to 25% of revenues)
- Revenues: interest spread over the term of the loan
- Cost of risk: no automatic requalification of debtor at set-up(1)
- RWA: percentage guaranteed by the State, between 70% and 90%, has a 0% RWA weight
Insurance, 22 April: €210m cooperative support mechanism, calculated on a flat-rate basis for policyholders of a professional multi-risk insurance, with business interruption
CA Italia, 21 April: €6bn dedicated to supporting corporates, including €4bn in loans (max €25k) and €2bn in liquidity provisions.
Leasing: postponement for a period of 6 months of 50,000 installments in France for equipment leasing (i.e. €500m) and 2,000 for property leasing (i.e. €150m)
Moratoria: Italy since 21 April, €4bn moratorium on individual and small business loans for six months, renewable; France included in mortgage agreements (188 600 contracts/€500m);
CACF: loan maturities deferred as of 31 March: €29m (individuals) and €837m (businesses)

default/forbearance or a change in the original Bucket may be applied, pursuant to Group rules
Number of requests

24 l DEUTSCHE BANK CONFERENCE - MAY 2020

335,000 Moratoria

granted (29/04) €3.4bn uncalled maturities

State-guaranteed

loan (30/04)

126,000 requests

€19.5bn

88.5% pro/farmers(2)

11.5% corporates(2)

€10bn aid

program in Italy

ROADSHOW FAQ TO DATE (1/2)	CRÉDIT AGRICOLE GROUP

CRÉDIT AGRICOLE S.A.

How does Covid-19 impact your revenues?

Significant impact since mid-march on commercial production (consumer loans, home loans,

equipment loans), mitigated by the strong growth in SGL; impact on balance sheet and thus NII uncertain.

Mixed impact on commissions: transaction fees up, negative impact of the strong slowdown in payment and insurance activity.
Strong market impact in Q1, potentially reversible (210 M€ net impact on CASA revenues), via assets
valued at fair value in insurance and AM

Will you reduce costs this year?

Good cost control to date, potential to continue digitalisation, cost-income targets set by business line
Significant additional contribution to SRF in Q2 in connection with latest SRB announcements,

penalizing further French banks.

How do you see cost of risk going forward?

Low NPL ratio (3.1% CASA, 2.4% CAG); Strong coverage ratio (72.4% CASA, 84.3% CAG)
Bucket 3: increase limited by strong political support
Buckets 1 and 2: regular reassessment of economic scenarios and thus quarterly B1/B2 outstandings
Good capacity of CASA to absorb the same level of quarterly cost of risk as that of Q1-20 in

coming quarters

25 l DEUTSCHE BANK CONFERENCE - MAY 2020

ROADSHOW FAQ TO DATE (2/2)	CRÉDIT AGRICOLE GROUP

Will you review your CET1 Target?	CRÉDIT AGRICOLE S.A.

Structure of the Group:
- High solvency for CAG : 15.5% in Q1 2020, distance to SREP 6.6 pp;
- CASA, non systemic, benefits from CAG support. Solvency managed with a lower 11% target : 11.4% in Q1 2020, including the accrual of a dividend corresponding to a 50% pay-out policy, distance to SREP 3.5 pp.
Regulatory requirements down (from 9.7% to 8.9% for CASA)
Many moving pieces going forward:
- RWAs should increase in next quarters: downgrading of counterparts, one-off effect in Q2-20 of a 2- month delay in the entry into force of the 70%-90%State-guarantee for loans granted in May and June
- Possible increase in the equity accounted value of insurance contribution if credit spreads
  improve : negative impact on RWA, positive impact on CET1 via OCI reserves (20 bp of stock in CET1 ratio in Q1-20)
- Positive impact of EU commission legislative proposals under review (IFRS9, SME, IT)
Capital is not a constraint for CASA, target can be maintained even with a provisioning remaining at the

same level for the full year 2020.

26 l DEUTSCHE BANK CONFERENCE - MAY 2020

Our Group Project: three pillars

OUR GROUP PROJECT

Customer Project

EXCELLENCE IN CUSTOMER RELATIONS

All business lines committed to customer satisfaction and to a zero-defect culture
An outstanding online customer experience and a best- in-class digital bank
Innovative banking and extra-banking services

#1	in customer satisfaction (NPS1)

Societal Project

COMMITMENT TO SOCIETY

Offers available for all customers (EKO, LCL Essentiel) and a commitment to maintain local societal ties
CA Group climate strategy in line with the Paris Agreement, with certified implementation

Human-centric Project

EMPOWERED TEAMS FOR CUSTOMERS

Always offer customers a direct access to empowered relationship managers
Transform management and organisation to support this Human-centric Project

#1	best company to work for in the French
financial services sector

#1	European leader in responsible investment

(1) Net Promoter Score	27 l DEUTSCHE BANK CONFERENCE - MAY 2020	27

1	KEY FIGURES	p. 3


2	RISKS	p. 10


3	FINANCIAL STRENGTH	p. 16


4	CONCLUSION	p. 21


5	APPENDICES	p. 28

28 DEUTSCHE BANK CONFERENCE - MAY 2020

REVENUES

CRÉDIT AGRICOLE S.A.

Revenues up +4.8% Q1/Q1

Q1/Q1 change in underlying revenues(1), by business line

+4.8%

4,855		4,903			5,137	5,200
	+13	+118	+287	+63

(48)		(149)	(34)

-1.0%

for the business

lines

Q1-19	Specific	Q1-19	Asset	Retail	SFS	Large	Corporate	Q1-20	Specific	Q1-20
stated	items (1)	underlying	gathering	banking		customers	centre	underlying	items (1)	stated

Revenues driven by RB and LC, significant market effect for AG

AG: resilient activity and limited outflows for Amundi; unfavourable market effect for CAA (impact of the fair value through profit and loss, and of regulatory technical provisions)
RB: sustained growth in loans and savings for the quarter, good level of commission income, notably related to transaction fees
SFS: revenues penalised by the slowdown in revolving credit for consumer finance and in factoring activities; upturn in activity in China for GAC in March, equity accounted.
LC: good business momentum in capital markets in a context of high volatility, offsetting the slowdown in financing activities; favourable scope effect for Asset Servicing, despite an unfavourable market effect
CC: further improvement of the structural revenue, and positive effect this quarter of the intragroup transactions

	AG: Asset Gathering, including Insurance; RB: Retail banking;
(1) Underlying: details of specific items on slide 42	SFS: Specialised financial services; LC: Large customers; CC: Corporate Centre
29 l
DEUTSCHE BANK CONFERENCE - MAY 2020

EXPENSES

CRÉDIT AGRICOLE S.A.

Excluding IFRIC 21 impact, expenses up +2.5%

Q1/Q1 change in underlying costs(1), by business line

3,436

+2.9%

3,615

+11

3,194

+360

+60

3,104

+15

+61

+332

+10

(7)

+2.7%

for the business

lines

Q1-19

Specific (1) SRF

Q1-19

Asset

Retail

SFS

Large

Corporate

Q1-20

SRF

Specific

Q1-20

stated

items

underlying

gathering

banking

customers

centre

underlying

items (1)

stated

(1) Underlying cost/income ratio excl. SRF

Cost/income ratio(1) improved 1.1pp Q1/Q1 to 62.2%

AG: good cost control in asset management, insurance expenses unchanged, excluding taxes
RB: positive jaws effect for LCL and CA Italia; improved cost/income ratio for LCL (-2.4pp Q1/Q1) and CA Italia (-0.1pp) due to good cost control
SFS: moderate increase in expenses related primarily to a tax effect in consumer finance
LC: positive jaws effect (+1.9pp) and improved cost/income ratio in CIB (-1.0pp Q1/Q1); scope effect for Asset Servicing

IFRIC21 expenses: €535m, +9.4% Q1/Q1 (vs €489m in Q1-19)

Not recorded on a straight-line basis: affecting only Q1
Increase in the contribution to SRF: +8.6%/+€28m Q1/Q1 (after a +13.9%/+€41m increase last year)
Increase in other IFRIC21 expenses: +11% Q1/Q1 to €175m

AG: Asset Gathering, including Insurance; RB: Retail banking;

SFS: Specialised financial services; LC: Large customers; CC: Corporate Centre

30 l DEUTSCHE BANK CONFERENCE - MAY 2020

NET INCOME

CRÉDIT AGRICOLE S.A.

Net income down -18.1% Q1/Q1

Q1/Q1 change in underlying net income(1), by business line

-18.1%

763	796

(33)	(96)	+106	652	638

(44)	(85)	(14)
	(24)

-23.1%

for the business lines

Q1-19	Specific	Q1-19	Asset	Retail	SFS	Large	Corporate	Q1-20	Specific	Q1-20
stated	items	(1) underlying	gathering	banking		customers	centre	underlying	items (1)	stated

Net income down (-23.1%) for the business lines, due to the increase in the cost of risk

AG: declining net income in Insurance and Asset management mainly as a result of a market effect on insurance revenues
RB: gross operating income up at LCL (+9.4%) due to strong fee and commission income and to operational efficiency efforts
SFS: revenues down in relation to a slowdown of activity
LC: strong revenue growth driven by the business momentum in capital markets and the scope effects in Asset Servicing; good level of operational efficiency with sharply rising gross operating income (+11.7%)

Rise in the Corporate centre net income (improvement of the negative contribution by +€106m): positive effect this quarter of the intragroup transactions in a volatile market environment

	AG: Asset Gathering, including Insurance; RB: Retail banking;
(1) Underlying: details of specific items on slide 42	SFS: Specialised financial services; LC: Large customers; CC: Corporate Centre
31 l
DEUTSCHE BANK CONFERENCE - MAY 2020

ACTIVITY AND RESULTS		CRÉDIT AGRICOLE S.A.


Asset Gathering and Insurance

	Assets under management(1) (€bn)	Contribution to net income of Crédit Agricole S.A.

		€m		Q1-20	Q1-19	∆ Q1/Q1
			underlying	underlying	underlying


		Insurance		204	284	(28.3%)
		Asset management		127	154	(17.6%)
		Wealth management		25	14	+81.9%
		Net income Group Share	356	453	(21.3%)

* Including advised and distributed assets

 Business remained strong with AuM up +2.7%	 Net income(1) down, impacted by market valuations at 31 March
March/March	 Insurance: net income down Q1/Q1 due to the impact on revenues of the
 Asset management: activity still dynamic, despite the crisis, thanks to	valuation of assets at fair value through profit and loss
a diversified customer/geography mix	 Asset management: results impacted notably by the market downturn in
 Insurance: high net UL contract inflows (+39.8% to €1.7bn) in an	March
unfavourable market environment	 Wealth management: strong increase of +81.9% Q1/Q1, despite the crisis,
 Wealth management(1): positive net inflows but assets down, due to a	due to an increase in revenues (driven by transaction revenues, due to high
negative market impact	volatility), costs under control and low income tax (related to the improved

Swiss rate)

(1) Scope: Indosuez Wealth Management Group and LCL Private Banking

32 l DEUTSCHE BANK CONFERENCE - MAY 2020

ACTIVITY AND RESULTS

Insurance

CRÉDIT AGRICOLE S.A.

Activity indicators

Contribution to Crédit Agricole S.A. P&L

Protection of assets and individuals

Savings/Retirement

Q1-20

Q1-19

∆ Q1/Q1

Premium income (€bn)

Net inflows (€bn)

€m

underlying

+7.3% Q1/Q1

+3.3

+2.8

2.76

2.96

+2.4

Revenues

511

629

(18.7%)

+1.5

Operating expenses

(247)

(232)

+6.5%

1.97

+1.2

1.86

1.91

1.87

+0.8

o/w tax expenses*

(90)

(76)

+18.4%

1.74

+1.3

o/w general expenditure*

(157)

(156)

+0.5%

0.97

0.88

0.89

+1.0

+1.6

+1.8

+1.1

+1.7

Gross operating income

263

396

(33.5%)

1.01

0.99

0.98

1.02

1.09

+1.0

Tax

(52)

(112)

(53.4%)

(0.0)

Net income

205

285

(28.3%)

Q1-19

Q2-19

Q3-19

Q4-19

Q1-20

Q1-19

Q2-19Q3-19

Q4-19Q1-20

(1.0)

Net income Group Share

204

284

(28.3%)

Death & disability / Creditor / Group

Property & Casualty

In Euros Unit-linked

Cost/Income ratio (%)

48.4%

37.0%

+11.5 pp

 Savings / retirement: strong pick-up of UL contract net inflows

*management data

 Revenues significantly impacted by the crisis

 High net inflows, driven by UL contracts +39.8%, Q1/Q1 to €1.7bn

 Revenues: impacted by adverse market effects (€246m fair value through profit or loss

 AuM(1): €299bn (+2.2% March/March), UL contract rate down to 21.4%, due to the

impact on results and €60m related to regulatory technical reserves for UL contracts),

effect of market valuation

partly offset by the increase of the financial margin levy; impact of the unwinding, on

 Property and casualty: continued growth momentum

2 March, of 35% of the Switch: +€8m

 Premiums: +7.0% Q1/Q1, including +7.2% in France

 Combined ratio(3) P&C: still well controlled at 95.0% in Q1-20

 Contract portfolio: 14.2 million contracts, +120K in Q1, i.e. +4.2% year-on-year

 Expenses(4): unchanged Q1/Q1 excl. tax effect

 Equipment rate(2): 41.0% for customers of Regional Banks (+1.4pp year-on-year),

	25.2% for LCL customers (+0.8pp) and 15.7% for customers in Italy (+1.6pp)	 Solvency(5): 234%, well above the upper limit of our target
	range 160%-200%
	Personal insurance: premiums +7.8% Q1/Q1

Savings/retirement/death & disability assets under management.
Percentage of customers having at least one contract in automotive, multi-risk household, healthcare, legal or accident insurance.
.

Ratio of (claims + operating expenses + commissions) to premium income, net of reinsurance, Pacifica scope
Underlying: excluding specific items that include the contribution of €38m to Fonds de solidarité de l'Etat (State solidarity fund) (self-employed and very small businesses): (-€38m in expenses, -€38m in net income) vs 0 in Q1-19 - see slide 42(5) Solvency ratio including PPE.

33 l DEUTSCHE BANK CONFERENCE - MAY 2020

ACTIVITY AND RESULTS

Asset management - Amundi

Assets under management(1) (€bn)

1,476	1,653	+ 2.4	+ 9.7				1 527
						- 15.3	- 122.7


	465
								448
435

	522			Net inflows			463
				-€3.2bn
486

105	111								100
128								111
123	194								174
181
234								232
147

Mar.19	Dec. 19	Retail ex. JVs	JVs	Institutionals	Market/Forex	Mar. 20
								effect

JVs Third-party distributors International networks French networks Institutionals and Corporates CA & SG insurers

CRÉDIT AGRICOLE S.A.

Contribution to Crédit Agricole S.A. P&L

€m	Q1-20	Q1-19	∆ Q1/Q1
underlying	underlying	underlying


Revenues	594	638	(7.0%)
Operating expenses excl.SRF	(334)	(341)	(1.9%)
SRF	(4)	(2)	x 2.2
Gross operating income	256	296	(13.5%)
Cost of risk	(13)	5	n.m.
Equity-accounted entities	14	13	+9.1%
Tax	(69)	(86)	(20.4%)
Net income	188	227	(17.3%)
Non controlling interests	(61)	(73)	(16.7%)
Net income Group Share	127	154	(17.6%)
Cost/Income ratio excl.SRF (%)	56.3%	53.4%	+2.9 pp

 High level of AuM: €1,527bn, up (+3.5%) year-on-year,	 Net income remains high
penalised this quarter by the market effect	 Revenues: net management revenues up +5.1% Q1/Q1, driven by higher
	Retail net MLT inflows (ex. JV) : +€2.4bn, only slightly affected by the crisis,	management fees (+1.7% Q1/Q1) and a doubling of performance fees;

	thanks to a good start to the year, driven by UL contracts and discretionary	financial results affected by the market downturn in March (investment
	portfolio MTM and seed money)
	portfolio management
	 Expenses: still under control (-1.9%) due to the synergies related to
	Institutional & Corporates: net outflows (-€15.3bn) related to outflows in
Pioneer, and to the adjustment of variable compensation; C/I ratio at
	cash products and customer de-risking
	53.4% (+2.2pp Q1/Q1)
	JVs inflows: +€9.7bn, with a positive contribution from all entities
 Equity-accountedentities: contribution up (+9.1% Q1/Q1) due to the

		good performance of all the Asian JVs

34 l DEUTSCHE BANK CONFERENCE - MAY 2020

ACTIVITY AND RESULTS

French retail banking - LCL

CRÉDIT AGRICOLE S.A.

Activity indicators (€bn)

	Customer savings					Loans outstanding
		+3.6%
195.5	199.5	202.9	206.4	202.6					+7.8%
80.3	81.4	81.8	82.4	77.8	122.0	124.6	127.8	129.8	131.5
15.8
					14.2	14.6	15.0	15.4
					23.5	24.1	24.5	23.9	24.5
					7.4	7.6	7.8	8.1	7.7
115.2	118.1	121.2	124.0	124.8	76.9	78.3	80.4	82.4	83.4


							Mar. 19	June 19	Sept. 19	Dec. 19	Mar. 20
Mar. 19	June 19	Sept. 19	Dec. 19	Mar. 20
	On-B/S		Off-B/S				Home loan	Consumer credit Corporate Professionals

Contribution to Crédit Agricole S.A. P&L

€m	Q1-20	Q1-19	∆ Q1/Q1
underlying	underlying	underlying


Revenues	889	869	+2.2%
Operating expenses excl.SRF	(585)	(593)	(1.4%)
SRF	(35)	(30)	+13.9%
Gross operating income	269	246	+9.4%
Cost of risk	(101)	(44)	x 2.3
Net income on other assets	0	1	(76.3%)
Income before tax	168	202	(16.7%)
Tax	(60)	(72)	(16.7%)
Net income	108	130	(16.8%)
Net income Group Share	103	124	(16.8%)
Cost/Income ratio excl.SRF (%)	65.8%	68.2%	-2.4 pp

Slowdown in new loans and off-balance sheet savings, but sustained deposit taking and loans outstanding
- Loans: increase in loans outstanding: home loans (+8.5%, Mar./Mar.), corporate and professionals (+7.1%, Mar./Mar.), but new loans down over the quarter (-5.8%, Q1 / Q1)
- Customer savings: on-balance sheet savings up (+8.3%, Mar./Mar.) driven by demand deposits (+15.1%, Mar./Mar.) and passbooks (+4.4%) due to the increase in individual savings; off-balance sheet savings down (-3.1%, Mar./Mar.) driven by the market effect on securities and UCITS (-13.9%)
Continued momentum in customer capture
- Customers capture of +86,000 customers in 2020; Customer base growth: +12,000 new customers in 2020

Gross operating income up due to continued operating efficiency. Significant increase in provisions in relation to COVID-19
- Revenues driven by fees and commissions (+6.3%, Q1/Q1) thanks to buoyant activity on securities; net interest income slightly down Q1/Q1 (-1.3%)
- Decrease in expenses (-1.4%, Q1/Q1), generating a positive jaws effect and a C/I ratio improved by 2.4pp Q1/Q1
- Increase in the cost of risk, including €40m in Bucket 1 and 2 provisioning; cost of risk on outstandings at 31 bp; NPL ratio at 1.7% and coverage ratio at 79.7% at end-March 2020

Underlying: specific items include provisions on Home purchase savings plans (revenues) of -€11m in Q1-20 vs -€8m in Q1-19 - see slide 42. 1 Annualised cost of risk on outstanding

35 l DEUTSCHE BANK CONFERENCE - MAY 2020

ACTIVITY AND RESULTS

International retail banking - Italy

Activity indicators (€bn)

				Customer savings			Loans outstanding
					+3.3%
74.3		75.7	76.7		77.9	76.8
34.5		35.2	35.8		36.7	34.9
39.8		40.6	40.9		41.2	41.8

	Mar. 19	June 19	Sept. 19	Dec. 19	Mar. 20
			On-balance sheet		Off-balance sheet*



	* Excluding assets under custody

CRÉDIT AGRICOLE S.A.

Contribution to Crédit Agricole S.A. P&L

€m	Q1-20	Q1-19	∆ Q1/Q1
underlying	underlying	underlying


Revenues	444	452	(1.8%)
Operating expenses excl.SRF	(279)	(284)	(1.9%)
SRF	(16)	(15)	+4.6%
Gross operating income	150	153	(2.2%)
Cost of risk	(82)	(67)	+23.5%
Income before tax	68	86	(20.6%)
Tax	(21)	(28)	(24.4%)
Net income	48	59	(18.8%)
Non controlling interests	(13)	(16)	(17.4%)
Net income Group Share	34	43	(19.4%)
Cost/Income ratio excl.SRF (%)	62.7%	62.8%	-0.1 pp

The crisis interrupted the commercial momentum of the beginning of the year
- Customer savings: increase in on-balance sheet savings (+5.2% Mar./Mar.), notably for corporates, and off-balance sheet savings (+1.2% Mar./Mar.) despite the unfavourable market effect
- Loans: stable new home loans production (-0.8% in outstanding Q1/Q1) due to the good start of year 2020; sustained growth in loan outstandings to individuals (+4.9% outstandings March/March) and to corporates and SMEs (+4.3% Mar./Mar.), outperforming the market (+1.4%(1))
First issuance of covered bonds in the Italian market in 2020 for €1.25bn

(1)Source Abi, March 2020 ; (2) Annualised cost of risk on outstanding

Underlying: no specific item

Resilient operating income
- Revenues down: decrease in net interest income (-4%) due to loans renegotiations and rates decline; stable commissions with a positive contribution of those on assets under management (+10%) offsetting the banking fees which largely decreased in March
- Expenses under control Q1/Q1, C/I ratio unchanged at 62.7% in Q1-20
- Cost of risk: €24m in provisions allocated to Buckets 1-2 essentially for COVID-19; Cost of risk on outstandings at 74bp(2); NPL ratio at 7.6% (-70bp Mar./Mar.) and coverage ratio stable at 60.1%
Group results in Italy: €109m, down -35% due to the increase in the cost of risk

36 l DEUTSCHE BANK CONFERENCE - MAY 2020

ACTIVITY AND RESULTS

International retail banking - excl. Italy

Activity indicators (€bn)

			Customer savings			Loans outstanding
				+7.3%				+3.9%
					14.8	15.0
			14.3			14.6	11.8	11.9
13.6						11.5
		2.2				11.5
2.1		2.1		2.1	11.0
1.8
11.8	12.2		12.7	12.8		12.5

Mar. 19	June 19	Sept. 19	Dec. 19 Mar. 20	Mar. 19 June 19 Sept. 19	Dec. 19 Mar. 20
		On-balance sheet	Off-balance sheet*

- Excluding assets under custody
- - The impact of COVID-19 on the activity remains limited over the quarter
  - - On balance sheet customer savings(1) (+6% Mar./Mar.) driven by Poland (+5%), Morocco (+5%), Ukraine (+25%);
    - Loans(1): increase in outstanding in Egypt (+10%), Ukraine (+4%), Morocco (+4%), Poland (+3%),
  - Net deposit surplus of +€1.7bn as at 31/03/2020
variation excluding exchange rate impact

Underlying: the specific items include the donation to Morocco's government in relation to COVID-19, impact on expenses -€8m, impact on net income -€4m - see slide 42

CRÉDIT AGRICOLE S.A.

Contribution to Crédit Agricole S.A. P&L

€m	Q1-20	Q1-19	∆ Q1/Q1
underlying	underlying	underlying


Revenues	226	224	+0.8%
Operating expenses	(143)	(136)	+5.0%
Gross operating income	83	88	(5.6%)
Cost of risk	(33)	(22)	+51.3%
Net income on other assets	(0)	0	n.m.
Income before tax	50	66	(24.5%)
Tax	(19)	(17)	+14.2%
Net income	31	50	(38.1%)
Non controlling interests	(9)	(13)	(28.4%)
Net income Group Share	21	37	(41.6%)
Cost/Income ratio excl.SRF (%)	63.2%	60.7%	+2.5 pp

Net income down, conservative management of risk
- Additional provisions allocated this quarter, bringing the cost of risk to €33m (+51% Q1/Q1)
- CA Egypt(1): gross operating income down -19% Q1/Q1 with revenues hit by the decrease in rates and Trade Finance revenues; low NPL ratio at 2.7%, high coverage ratio at 154%
- CA Poland(1): revenues unchanged (-1%) supported by fee and commission income, but gross operating income (-14%) hit by the increase in expenses (regulatory tax, IT and fixed asset amortisation)
- CA Ukraine(1): revenues unchanged, cost of risk is null , improved NPL ratio (3.8%, -290bp Q1/Q1)
- Crédit du Maroc(1): revenues up +4%, coverage ratio high at 93%

37 l DEUTSCHE BANK CONFERENCE - MAY 2020

ACTIVITY AND RESULTS

CRÉDIT AGRICOLE S.A.

Specialised financial services

CACF - Consumer finance

Gross managed loans (€bn)

+2.1%

89.5		90.5		90.6		92.0		91.4
	3.7			3.7			3.8		3.8	3.7
	18.8			19.3			19.5		20.1	20.1
	33.2			33.3			32.9		33.2	32.8

	33.7			34.2			34.4		34.8	34.8

Mar. 19	Jun. 19	Sept. 19	Dec. 19	Mar. 20*
	Consolidated loan book	Car finance partnerships
	Crédit Agricole Group				Other

CAL&F - Leasing

Gross consolidated loans (€bn)

+2.6%

14.7		14.8		14.7	15.1		15.1

	2.7			2.8		2.8		2.9	2.8
	11.9			11.9		11.9		12.1	12.3

Mar. 19	Jun. 19	Sept. 19	Dec. 19	Mar. 20
			Leasing France		Leasing international

Contribution to Crédit Agricole S.A. P&L

€m	Q1-20	Q1-19	∆ Q1/Q1
underlying	underlying	underlying



Revenues	647	681	(5.0%)
o/w CACF	518	541	(4.2%)
o/w CAL&F	129	140	(8.0%)
Operating expenses excl.SRF	(352)	(342)	+2.9%
SRF	(20)	(18)	+7.9%
Gross operating income	275	320	(14.1%)
Cost of risk	(190)	(107)	+76.9%
Equity-accounted entities	72	78	(8.1%)
Income before tax	157	291	(45.9%)
Tax	(29)	(64)	(54.6%)
Net income	128	227	(43.5%)

1. 35.5% in France, 30.3% in Italy and 34.2% in other countries
CA Consumer Finance: increase in managed loans but decrease in new loan production due to the crisis
- Decrease in production (-13%) with solid resistance from the contribution of the Regional Banks and LCL (-4.4% and +0.8% respectively):
- - France/Italy: down -10% and -12% respectively
  - GAC-Sofinco:upturn in activity in March (16.8k policies vs 3.2k in February)
- Increase in managed loans over one year (+2.1%)
CAL&F: increase in leasing and factoring production (+9.2% and +56.2% respectively)

Net income Group Share	109	194	(44.0%)
o/w CACF	97	162	(40.2%)
o/w CAL&F	12	32	(62.6%)
Cost/Income ratio excl.SRF (%)	54.4%	50.2%	+4.2 pp

Increase in cost of risk related to the performing loans provisioning (Buckets 1 & 2 provisions for CA-CF: +€37m)
- CA Consumer Finance (net income(1): -40.2%):revenues down (-4.2%)in a context of a slowdown in revolving loan business and an increase in acquisition costs related to partnership development; increase in cost of risk (+70.3% - Buckets 1 & 2 provisions: +€37m)
- CAL&F (net income(1): -62.6%): increase in cost of risk (x2.3)
- 1. Underlying = stated

38 l DEUTSCHE BANK CONFERENCE - MAY 2020

ACTIVITY AND RESULTS

Large customers

CRÉDIT AGRICOLE S.A.

Underlying revenues of Large Customers (€bn)

		5,366			+7.8%		5,786

							+8.6%
		1,504				1,479		1,423	1,484
						1,401
					1,366
		219	1,318
			233
						281
	Asset servicing			1,178	218	226	260
	107	219	88
				59
				58	70	68

	Investment banking		50	230
Mkts
506
		58		479
		398	472	473	505	544
	Capital markets
			313
	Structured finance*	329	281	259	302	346	298	277	286
Fin

	Commercial banking & other*	343	370	319	315	334	334	312	313

		Q2-18	Q3-18	Q4-18	Q1-19	Q2-19	Q3-19	Q4-19	Q1-20

Solid activity for the entire business line
- Corporate and Investment Banking: commercial momentum across all Capital markets and Investment banking activities under volatile market conditions (+13.7% Q1/Q1); revenues from Financing activities down slightly due to a slowdown in business in the beginning of the year and lack of major deals (-2.9% Q1/Q1).
- Asset Servicing: increase in AuM, as a result of both the consolidation of KAS Bank and S3 (+€845bn in AuC and +€124bn in AuA) and the commercial momentum which offsets a negative market effect in March (-6%

on AuC and -4% on AuA march/march).

Contribution to Crédit Agricole S.A. P&L

€m	Q1-20	Q1-19	∆ Q1/Q1
underlying	underlying	underlying



Revenues	1,484	1,366	+8.6%
Operating expenses excl.SRF	(880)	(819)	+7.5%
SRF	(200)	(186)	+7.6%
Gross operating income	403	361	+11.7%
Cost of risk	(160)	10	n.m.
Net income on other assets	(0)	3	n.m.
Income before tax	245	373	(34.3%)
Tax	(22)	(136)	(83.5%)
Net income	223	237	(5.9%)
Net income Group Share	208	232	(10.4%)
o/w Corporate & Investment Banking	185	214	(13.5%)
o/w Asset servicing	23	18	+27.0%
Cost/Income ratio excl. SRF (%)	59.4%	60.0%	-0.6 pp

Underlying: - specific items: -€2m in S3/Kas Bank integration costs, €81m in loan book hedging and -€14m in DVA and FVA liquidity in net income

Good operating efficiency
- Corporate and Investment Banking: strong operating performance with GOI up +8.1% Q1/Q1; decrease in net income (-13.5%), impacted by the major increase in cost of risk related to the economic environment, whereas Q1-19 saw a sharp upturn (-€157m in Q1-20 vs +€15m in Q1-19).
- Asset Servicing: substantial increase in earnings Q1/Q1 (+27.0%), despite the appearance of non-controlling interests (Santander), thanks to the sharp rise in revenues (integration of KAS Bank and S3 fees and commissions, transaction volumes and treasury); continued increase in expenses to support commercial momentum.

39 l DEUTSCHE BANK CONFERENCE - MAY 2020

ACTIVITY AND RESULTS

CRÉDIT AGRICOLE S.A.

Corporate and investment banking

Corporate and investment banking activity		Contribution to Crédit Agricole S.A. P&L

DEPOSITS ASSOCIATED WITH RCF DRAWDOWN

				8
			6.2	7.7
		5.5	3
	2.3
0	-5.4			-2


		-9.0	-10.6	-10.6

				-7
				-12
16/3	23/3	31/3	16/4	23/4
		RCF Drawdown (€bn)	Re-deposits (€bn)

Relationship-focusedCIB with a limited risk profile
- Financing activities (-2.9% Q1/Q1)
- - Strong activity at the end of the quarter after a less supporting beginning of the year.
  - Reasonable increase, then stabilisation, in credit line drawdown (32% at end March vs 18% at end February), but strong recycling into deposits (over 70% of the €10.6bn drawn on existing lines as of 23/04).
  - Customer support with €6.3bn in new credit lines as of 23/04.
- Capital markets and investment banking & equity (+13.7% Q1/Q1)
- - FICC (+26% excl. CVA, +15,2% incl. CVA) : very strong market activities' performance (low volatility of daily results, strong commercial momentum) illustrating prudent risk management and quality of the customer franchise. Average regulatory VaR up slightly to €11.4m in Q1 vs €9.8m in Q4.
  - Relationship-basedcustomer support in hedging (interest rates, forex and inflation) and secured financing, rebound in bond issuances starting mid-march, driven by RCF customers.

€m	Q1-20	Q1-19	∆ Q1/Q1
underlying	underlying	underlying


Revenues	1,202	1,148	+4.8%
Operating expenses excl.SRF	(668)	(649)	+2.9%
SRF	(178)	(169)	+5.3%
Gross operating income	355	329	+8.1%
Cost of risk	(157)	15	n.m.
Equity-accounted entities	(0)	(0)	+77.1%
Net income on other assets	(0)	3	n.m.
Income before tax	198	346	(42.7%)
Tax	(9)	(127)	(92.9%)
Net income	189	219	(13.7%)
Non controlling interests	(4)	(5)	(20.3%)
Net income Group Share	185	214	(13.5%)
Cost/Income ratio excl. SRF (%)	55.6%	56.6%	-1.0 pp

Positive jaws effect and sharp rise in cost of risk
- Increase in revenues related to highly volatile market conditions (+€54m
  Q1/Q1)
- Expenses under control, and decrease in cost income ratio (-1 pp); sharp rise in cost of risk in a time of crisis
- RWA: €12bn increase in RWA compared to Q4-19, including €5.5bn in regulatory effects expected and €6,4bn notably due to credit line drawdowns, downgraded ratings, and market/forex effects; revenues/average RWA: stable Q1/Q4

Underlying - specific items: €81m in loan book hedges and -€14m in DVA and FVA liquidity in net income - see slide 42.

40 l DEUTSCHE BANK CONFERENCE - MAY 2020

ACTIVITY AND RESULTS

Corporate Centre

Quarterly change in underlying net income(1) (€m)

Q1-18	Q2-18	Q3-18	Q4-18	Q1-19	Q2-19	Q3-19	Q4-19	Q1-20
75	139						( 148)	111

	22			24	30	18
	( 234)
	( 228)		( 278)	( 215)			( 291)
( 288)			( 203)
				( 235)

	(14)			( 130)
( 95)	( 217)	(9)	( 191)	( 205)
( 213)		( 287)		( 181)

( 207)

Structural net income excl. IFRIC21		IFRIC21	Other elements	Underlying net income

"Structural" net income slightly down (-€13m Q1/Q1)
- Crédit Agricole S.A. balance sheet and holding company: slight one-offdecline in contribution (-€5mdue to the effect of expenses and cost of risk, despite improved revenues)
- Other business lines in the division: down (-€13m) related to a negative impact of the market valuations of securities in the private equity entities on revenues and a negative impact on Foncaris cost of risk
- Support functions (CA Payment Services, CAGIP and SCI): +€5m
  Q1/Q1; contribution overall nil over a 12-month rolling period due to re- invoicing to the business lines concerned
Other elements for the division: Q1/Q1 improvement

(+€120m), related to the positive effect this quarter of intragroup eliminations in a volatile market context

CRÉDIT AGRICOLE S.A.

Contribution to Crédit Agricole S.A. P&L

€m	Q1-20	Q1-19	∆ Q1/Q1


Revenues	99	(171)	+270
Operating expenses excl. SRF	(198)	(177)	(21)

SRF	(83)	(78)	(6)

Gross operating income	(182)	(425)	+243
Cost of risk	(36)	2	(38)
Cost of legal risk	-	-	-
Equity-accounted entities	3	(6)	+8
Net income on other assets	0	19	(19)
Change in value of goodwill	-	-	-
Pre-tax income	(216)	(410)	+194
Tax	39	111	(72)
Net income from discontinued or held-for-sale operatio	-	-	-
Net income Group share stated	(210)	(295)	+85
Home Purchase Savings Plans	(20)	(8)	(12)
Solidarity donation Covid-19	(10)	-	(10)

Net income Group share underlying	(181)	(287)	+106

Of which structural net income	(291)	(278)	(13)
- Balance sheet & holding Crédit Agricole S.A.	(293)	(287)	(5)
- Other activities (CACIF, CA Immobilier, etc.)	(2)	11	(13)
- Support functions (CAPS, CAGIP, SCI)	4	(2)	+5

Of which other elements of the division	111	(9)	+120

Details of specific items, cf. slide 42

41 l DEUTSCHE BANK CONFERENCE - MAY 2020

ACTIVITY AND RESULTS

Regional Banks

CRÉDIT AGRICOLE GROUP

Activity indicators (€bn)

	Customer assets*			Loans outstanding
		+3.9%					+7.1%
703	712	720	733	731	493	501	511	520	527

265	266	268	271	260	171	174	177	179	183

					22	21	21	22	21

438	446	452	461	470	300	306	313	320	323
					Mar. 19	Jun. 19	Sept. 19	Dec. 19	Mar. 20
Mar. 19	Jun. 19	Sept. 19	Dec. 19	Mar. 20

	Deposits	Off-balance sheet		SMEs-Smallbusiness.-Farm.-Local auth.	Consumer credit	Home loans

(*) Change in method in March 2019: recognition of life insurance policies purchased from non-Group providers

Contribution to Crédit Agricole Group P&L

€m	Q1-20	Q1-19	∆ Q1/Q1
underlying	underlying	underlying


Revenues	3,235	3,490	(7.3%)
Operating expenses excl.SRF	(2,253)	(2,192)	+2.8%
SRF	(94)	(90)	+4.3%
Gross operating income	887	1,208	(26.5%)
Cost of risk	(307)	(56)	x 5.5
Income before tax	584	1,155	(49.5%)
Tax	(262)	(490)	(46.5%)
Net income Group Share	321	665	(51.7%)
Net Income Group Share - French Gaap	583	750	(22.3%)
Cost/Income ratio excl.SRF (%)	69.7%	62.8%	+6.8 pp

	Commercial momentum at the start of the year interrupted	 Increase in cost of risk: x5.5 of which 69%	of the rise
	related to the performing loans provisioning	(+€176m in
	by the slowdown in business since March
	Q1-20)
		Increase in loan outstandings in Q1 (7.1%), with a sharp rise in home

loans (+7.8%) and business loans (+11.9%)

Decrease in production in March (-12.5% in loans, -39.5% in new non- life policies - IARD)
Increase in demand deposits (+15.1%) and decrease in off-balancesheet inflows (-1.7% - mainly securities) in line with COVID-19, but growth in on-balancesheet deposits (+7.3%)
Gross customers capture of 296,000 customers and growth in customer base of 18,000 customers in 2020

Solid business revenues: increase in commissions (+4.8%) and transactions fees margin
Portfolio revenues: sharp drop related to end-of-quarter valuations based on international standards accounting, more moderate effect on French standards
Cost of risk up (Buckets 1 & 2 provisions: +€176m)
NPL ratio down (1.9% vs 2.0% at end March 2019), coverage ratio still high (99.9%)
Net income based on French standards: €583m (down -22,3%)

42 l DEUTSCHE BANK CONFERENCE - MAY 2020

FINANCIAL STRENGTH

CRÉDIT AGRICOLE GROUP

€8.1bn in MLT market funding issued by Crédit Agricole S.A. at end-April 2020

Crédit Agricole Group - MLT market issues

Breakdown by issuer : €12.1bn* at 31/03/20

CACF 7% EFL 1% CALF 1%

Crédit Agricole S.A. 38%

CACIB 42%

CA Italia 10%

Crédit Agricole Group (end-March)
- €12.1bn equivalent issued on the market by Group issuers
- Highly diversified market funding mix by types of instruments, investor categories and targeted geographic areas
- In addition, €1.5bn borrowed from national and supranational organisations, placed in the Group's retail networks (Regional Banks, LCL, CA Italia) and other external retail networks

* Gross amount before buy back and amortisation

Crédit Agricole S.A. - MLT market issues

Breakdown by segment : €8.1bn* at 30/04/20

	Subordinated
	Tier 2
	15%
	Senior preferred (€0.1bn)	€4.1bn
	& senior secured (€4.0bn)

	Average maturity: 6.5 years
	Senior secured Spread vs 3m Euribor: 33bp
	49%
Senior non-
preferred	Senior non-preferred (€2.8bn)	€4.0bn
34%
& Tier 2 (€1.2bn)

Average maturity: 8.7 years

Spread vs 3m Euribor: 108bp

Senior preferred

Crédit Agricole S.A. (end-April)
- 67% of the €12bn MLT market funding programme completed - diversified format in subordinated, senior non-preferred,senior preferred, senior secured and RMBS:
- - Activity in April : two public benchmark issuances (€2bn senior secured and €1.5bn senior non-preferred)
  - Liability Management: partial repurchase of two Legacy Tier 1 for an aggregated amount of €91m eq. (26% of the residual amount) to optimize the debt management while offering liquidity to investors.

43 l DEUTSCHE BANK CONFERENCE - MAY 2020

APPENDICES	CRÉDIT AGRICOLE GROUP

COVID-19 - Coordinated measures at the international level

Government

measures in

France

Government

measures in

Italy

Central bank

measures

European measures

Prudential measures

€110bn economic support plan for healthcare workers, low-income households, the liberal professions, civil servants and businesses
Individuals: partial unemployment benefit (100% of net wages at minimum wage, 84% of net wages up to 4.5 times the minimum wage). Solidarity fund for self-employed persons.
Businesses: moratorium on taxes and social security contributions as from March.
Guarantee set up by the state via BPI on new loans up to €300bn (i.e. 30% of outstanding bank loans to businesses).
Businesses: postponement for businesses of March 2020 VAT declarations and payments for social security contributions, loans guaranteed by the state up to €400bn (capped at 25% of revenue for 18 months).
ECB: Liquidity - TLTRO III: interest rate reduced by 25bp, lending performance threshold reduced to 0%, borrowing allowance raised to 50%, cap of 10% per draw eliminated, quarterly call possible after one year from the issue date, easing on collateral.
ECB: QE - €750bn asset purchase programme (Pandemic Emergency Purchase
Programme or PEPP), broadening of purchasing to the corporate sector.
FED: Lending plans to provide $2,300bn in support for the economy
The Commission has adopted a banking package that relaxes prudential regulation to facilitate lending to households and businesses in the EU so that banks can continue to lend money to support the economy.
Easing of capital requirements (Art. 104a), easing of liquidity requirements (LCR). Suspension of counter-cyclical buffers by national authorities (UK, Belgium, Germany and France).

€300bn in

loans

guaranteed by

the French

state

€400bn in loans guaranteed by the Italian state

ECB's €750bn

PEPP

programme

Immediate

application of

Art. 104a

44 l DEUTSCHE BANK CONFERENCE - MAY 2020

APPENDICES

CRÉDIT AGRICOLE S.A.

Alternative performance measures - specific items Q1-20

-€14m

net impact of specific items on

Q1-20 net income

		Q1-20		Q1-19
€m	Gross	Impact on	Gross	Impact on
	impact*	Net income	impact*	Net income

DVA (LC)	(19)	(14)	(8)	(6)
Loan portfolio hedges (LC)	123	81	(19)	(14)
Home Purchase Savings Plans (FRB)	(11)	(7)	(8)	(5)
Home Purchase Savings Plans (CC)	(29)	(20)	(13)	(8)

Total impact on revenues	63	40	(48)	(33)

Covid-19 donation (AG)	(38)	(38)	-	-
Covid-19 donation (IRB)	(8)	(4)	-	-
Covid-19 donation (CC)	(10)	(10)	-	-
Santander/Kas Bank integration costs (LC)	(4)	(2)	-	-

Total impact on operating expenses	(60)	(54)	-	-

Total impact of specific items	3	(14)	(48)	(33)
Asset gathering	(38)	(38)	-	-
French Retail banking	(11)	(7)	(8)	(5)
International Retail banking	(8)	(4)		-
Specialised financial services	-	-	-	-
Large customers	100	66	(27)	(20)
Corporate centre	(39)	(30)	(13)	(8)

* Impact before tax and before minority interests

45 l DEUTSCHE BANK CONFERENCE - MAY 2020

APPENDICES

CRÉDIT AGRICOLE S.A.

Specific items in Q1-20:-€14m in net income vs. -€33m in Q1-19

Donations in connection with the COVID-19 crisis: net income impact of -€52m
- Crédit du Maroc: -€8m in operating expenses, -€4m in net income
- CAA: -€38m in operating expenses, -€38m in net income
- CAsa: -€10m in operating expenses, -€10m in net income
Integration costs related to the acquisitions of CACEIS: net income impact of -€2m
- Kas Bank/Santander integration costs: -€4m in operating expenses, -€2m in net income
Recurring specific items: net income impact of +€40m
- DVA and issuer spread portion of FVA: -€19m in revenues, -€14m in net income
- Loan book hedge(1): €123m in revenues, €81m in net income
- Provisions for home purchase savings plans: -€40m in revenues (-€29m in CC and -€11m at LCL), -€27m in net income
- Note: in Q1-19, recurring specific items -€33m in net income

See slide 42 for details on specific items for Crédit Agricole S.A. and slide 45 for Crédit Agricole Group

Hedging of CACIB's loan book in order to adapt it to targeted exposure: sector, geography, etc.

46 l DEUTSCHE BANK CONFERENCE - MAY 2020

APPENDICES

CRÉDIT AGRICOLE S.A.

Reconciliation between stated and underlying income - Q1-20

€m	Q1-20	Specific items	Q1-20	Q1-19	Specific	Q1-19	∆ Q1/Q1	∆ Q1/Q1
stated	underlying	stated	items	underlying	stated	underlying


Revenues	5,200	63	5,137	4,855	(48)	4,903	+7.1%	+4.8%
Operating expenses excl.SRF	(3,254)	(60)	(3,194)	(3,104)	-	(3,104)	+4.8%	+2.9%
SRF	(360)	-	(360)	(332)	-	(332)	+8.6%	+8.6%
Gross operating income	1,586	3	1,583	1,419	(48)	1,467	+11.7%	+7.9%
Cost of risk	(621)	-	(621)	(225)	-	(225)	x 2.8	x 2.8
Cost of legal risk	-	-	-	-	-	-	n.m.	n.m.
Equity-accounted entities	90	-	90	85	-	85	+5.8%	+5.8%
Net income on other assets	5	-	5	23	-	23	(77.4%)	(77.4%)
Change in value of goodwill	-	-	-	-	-	-	n.m.	n.m.
Income before tax	1,060	3	1,057	1,302	(48)	1,350	(18.6%)	(21.7%)
Tax	(261)	(17)	(243)	(394)	14	(409)	(33.9%)	(40.4%)
Net income from discont'd or held-for-sale ope.	(0)	-	(0)	(0)	-	(0)	n.m.	n.m.
Net income	799	(15)	813	908	(34)	941	(12.0%)	(13.6%)
Non controlling interests	(161)	1	(162)	(145)	1	(146)	+10.9%	+10.9%
Net income Group Share	638	(14)	652	763	(33)	796	(16.4%)	(18.1%)
Earnings per share (€)	0.17	(0.00)	0.17	0.22	(0.01)	0.23	(23.2%)	(25.0%)
Cost/Income ratio excl. SRF (%)	62.6%		62.2%	63.9%		63.3%	-1.4 pp	-1.1 pp

Net income Group Share excl. SRF	964	(14)	978	1,070	(33)	1,103	(9.9%)	(11.4%)

€652m	€0.17
underlying net income in Q1-20	underlying earnings per share in Q1-20
47 l DEUTSCHE BANK CONFERENCE - MAY 2020

APPENDICES

Alternative performance measures - specific items Q1-20

	€m


-€73m	DVA (LC)


	Loan portfolio hedges (LC)

impact of specific items	Home Purchase Savings Plans (LCL)
on net income in Q1-20	Home Purchase Savings Plans (CC)

Home Purchase Savings Plans (RB)

Total impact on revenues

Covid-19 donation (AG)

Covid-19 donation (IRB)

Covid-19 donation (RB)

Covid-19 donation (CC)	(1)


Santander/Kas Bank integration costs (LC)


Total impact on operating expenses

Total impact of specific items
Asset gathering
French Retail banking
International Retail banking
Specialised financial services
Large customers
Corporate centre

* Impact before tax and before minority interests

48 l DEUTSCHE BANK CONFERENCE - MAY 2020

CRÉDIT AGRICOLE GROUP

Q1-20		Q1-19
Gross	Impact on	Gross	Impact on
impact*	Net income	impact*	Net income


(19)	(14)	(8)	(6)
123	83	(19)	(14)
(11)	(8)	(8)	(5)
(29)	(20)	(13)	(8)
(75)	(51)	(78)	(51)

(12)	(9)	(126)	(85)

(38)	(38)	-	-
(8)	(4)	-	-
(10)	(10)	-	-
(10)	(10)	-	-
(4)	(2)	-	-

(70)	(64)	-	-

(82)	(73)	(126)	(85)
(38)	(38)	-	-
(96)	(68)	(87)	(57)
(8)	(4)		-
-	-	-	-
100	67	(27)	(20)
(39)	(30)	(13)	(8)

APPENDICES

CRÉDIT AGRICOLE GROUP

Reconciliation between stated and underlying income - Q1-20

€m	Q1-20	Specific items	Q1-20	Q1-19	Specific	Q1-19	∆ Q1/Q1	∆ Q1/Q1
stated	underlying	stated	items	underlying	stated	underlying


Revenues	8,366	(12)	8,378	8,196	(126)	8,323	+2.1%	+0.7%
Operating expenses excl.SRF	(5,548)	(70)	(5,478)	(5,277)	-	(5,277)	+5.1%	+3.8%
SRF	(454)	-	(454)	(422)	-	(422)	+7.7%	+7.7%
Gross operating income	2,363	(82)	2,445	2,497	(126)	2,623	(5.4%)	(6.8%)
Cost of risk	(930)	-	(930)	(281)	-	(281)	x 3.3	x 3.3
Cost of legal risk	-	-	-	-	-	-	n.m.	n.m.
Equity-accounted entities	91	-	91	95	-	95	(4.6%)	(4.6%)
Net income on other assets	5	-	5	10	-	10	(49.4%)	(49.4%)
Change in value of goodwill	-	-	-	-	-	-	n.m.	n.m.
Income before tax	1,530	(82)	1,612	2,321	(126)	2,448	(34.1%)	(34.2%)
Tax	(481)	7	(487)	(848)	41	(889)	(43.3%)	(45.2%)
Net income from discont'd or held-for-sale ope.	(0)	-	(0)	(0)	-	(0)	x 102.2	x 102.2
Net income	1,048	(75)	1,124	1,473	(85)	1,558	(28.8%)	(27.9%)
Non controlling interests	(140)	2	(142)	(123)	-	(123)	+14.2%	+15.8%
Net income Group Share	908	(73)	981	1,350	(85)	1,435	(32.8%)	(31.6%)
Cost/Income ratio excl.SRF (%)	66.3%		65.4%	64.4%		63.4%	+1.9 pp	+2.0 pp

Net income Group Share excl. SRF	1,334	(73)	1,407	1,754	(85)	1,839	(23.9%)	(23.5%)

€981m

Underlying net income Q1-20

49 l DEUTSCHE BANK CONFERENCE - MAY 2020

APPENDICES

CRÉDIT AGRICOLE S.A.

A stable, diversified and profitable business model

Underlying Q1-20 revenues by business line (excluding CC) (%)

Large		Asset			Asset
customers		Insurance
	servicing		gathering
30%		6%	10%	Asset	26%

	CIB
	Underlying	Mngt
	24%	12%
		revenues	Wealth
		excl. CC	Mngt
Leasing &	T1-20:	4%

Factoring	€5bn
	3%	finance		LCL
			18%
Spec. fin. serv.	10%	IRB
		Retail banking
13%		13%
				31%

Underlying Q1-20 net income by business line (excluding CC) (%)

Large

customers		Asset
25%		servicing
	3%	Insurance	Asset
CIB

22%			25%	gathering

		Underlying		43%
Leasing &		Net income
Factoring		excl. CC	Asset
1%		T1-20:
	Mngt
finance	€0.8bn
15%
12%
		Wealth
Spec. fin. serv.	IRB
LCL	Mngt
13%	7%
3%
		12%

Retail

banking

18%

AG: Asset Gathering, including Insurance; RB: Retail banking; SFS: Specialised financial services; LC: Large customers; CC: Corporate Centre

50 l DEUTSCHE BANK CONFERENCE - MAY 2020

APPENDICES

CRÉDIT AGRICOLE S.A.

Risk-weighted assets and allocated capital by business line

Risk-weighted assets by business line at 31/03/2020 (€bn and %)

				Asset gathering
		Corporate			€39.2bn
					11%
		centre 7%	Asset
Large	servicing 8%		Mngt
			Wealth
customers		3%		3%Mngt		Retail
			1%	LCL
€132.5bn				banking
	RWA		15%
38%			€94.3bn
	end-March 2020:
	CIB	€347.5bn			27%
	35%	IRB


				12%
		Consumer
		Leasing &	finance
		Factoring	12%
		4%

Spec. fin. serv.

€54.2bn

16%

Allocated capital by business line at 31/03/2020 (€bn and %)

Large			Asset gathering
	Corporate		€9.2bn
customers			24%
Asset centre
€12.6bn	servicing 7%	Insurance
33%	3%		20%
			Asset
			Mngt
CIB			3%	Mngt
Total allocated capital
30%	end-March 2020:	1%
		€38.5bn	LCL
			13%
	Leasing &	IRB
	Factoring	Retail
Spec. fin. serv.	3%	Consumer	10%
finance	banking
€5.1bn		10%
		€9bn
13%
			23%

AG: Asset Gathering, including Insurance; RB: Retail banking; SFS: Specialised financial services; LC: Large customers; CC: Corporate Centre

51 l DEUTSCHE BANK CONFERENCE - MAY 2020

APPENDICES

CRÉDIT AGRICOLE S.A.

RWA and capital allocated by business line

	Risk-weighted assets
€bn	March 2020	Dec. 2019	March 2019
Asset gathering	39.2	31.1	30.2
- Insurance* **	22.7	15.6	14.5
- Asset management	11.3	10.4	10.7
- Wealth Management	5.2	5.1	5.0
French Retail Banking (LCL)	52.5	51.8	50.4

International retail Banking	41.9	41.6	40.6

Specialised financial services	54.2	54.8	54.1

Large customers	132.5	119.6	122.4
- Financing activities	74.0	69.8	74.4
- Capital markets and investment banking	47.8	40.1	38.2
- Asset servicing	10.8	9.7	9.8
Corporate Centre	27.4	24.9	22.9
TOTAL	347.5	323.7	320.6

	Capital
March 2020	Dec. 2019	March 2019
9.2	8.8	8.9
7.7	7.3	7.4
1.1	1.0	1.0
0.5	0.5	0.5
5.0	4.9	4.8

4.0	4.0	3.9

5.1	5.2	5.1

12.6	11.4	11.6
7.0	6.6	7.1
4.5	3.8	3.6
1.0	0.9	0.9
2.6	2.4	2.2
38.5	36.6	36.5

			+7.4%	348
			324
321	323	330		12
12
10	10	12		34

31	32	32	34			Market risk

						Operational risk


279	281	286	278		301	Credit risk




Mar 19	June 19	Sept 19	Dec. 19		March 20
			52 l	DEUTSCHE BANK CONFERENCE - MAY 2020

APPENDICES

CRÉDIT AGRICOLE S.A.

Distribution of share capital and number of shares

	31/03/2020		31/03/2019
Breakdown of share capital	Number of shares	%	Number of shares	%
SAS Rue La Boétie	1,612,517,290	55.9%	1,612,517,290	56.3%
Treasury shares	2,950,000	0.1%	2,733,564	0.1%
Employees (company investment fund, ESOP)	136,869,377	4.7%	125,370,616	4.4%
Float	1,132,352,045	39.3%	1,125,815,686	39.3%
Total shares in issue (period end)	2,884,688,712		2,866,437,156
Total shares in issue, excluding treasury shares (period end)	2,881,738,712		2,863,703,592
Total shares in issue, excluding treasury shares (average number)	2,883,098,601		2,863,261,762

53 l DEUTSCHE BANK CONFERENCE - MAY 2020

APPENDICES

Data per share

€0.17

Underlying EPS(1) Q1-20,

% Q1/Q1

€13.3

tangible net assets per share(2)

See slide 42 for further details on specific items
Before deduction of dividend to be paid

CRÉDIT AGRICOLE S.A.

(€m)		Q1-20	Q1-19		∆ Q1/Q1
Net income Group share - stated		638	763	-16.4%
- Interests on AT1, including issuance costs, before tax		(157)	(141)		+11.5%
NIGS attributable to ordinary shares - stated	[A]	481	622		-22.7%
Average number shares in issue, excluding treasury shares (m)	[B]	2,883.1	2,863.3	+0.7%
Net earnings per share - stated	[A]/[B]	0.17 €	0.22 €		-23.2%
Underlying net income Group share (NIGS)		652	796		-18.1%
Underlying NIGS attributable to ordinary shares	[C]	495	655	-24.5%
Net earnings per share - underlying	[C]/[B]	0.17 €	0.23 €		-25.0%

(€m)	31/03/2020	31/12/2019	31/03/2019
Shareholder's equity Group share	62,637	62,921	61,800
- AT1 issuances	(5,128)	(5,134)	(6,109)
- Unrealised gains and losses on OCI - Group share	(1,255)	(2,993)	(2,757)
- Payout assumption on annual results*	-	(2,019)	(1,976)

Net book value (NBV), not revaluated, attributable to ordin. sh.	[D]	56,254	52,774	50,958

- Goodwill & intangibles** - Group share		(18,006)	(18,011)	(17,784)
Tangible NBV (TNBV), not revaluated attrib. to ordinary sh.	[E]	38,248	34,764	33,174
Total shares in issue, excluding treasury shares (period end, m)	[F]	2,881.7	2,884.3	2,863.7
NBV per share , after deduction of dividend to pay (€)	[D]/[F]	19.5 €	18.3 €	17.8 €

+ Dividend to pay (€)	[H]	0.00 €	0.70 €	0.69 €
NBV per share , before deduction of dividend to pay (€)		19.5 €	19.0 €	18.5 €
TNBV per share, after deduction of dividend to pay (€)	[G]=[E]/[F]	13.3 €	12.1 €	11.6 €

TNBV per sh., before deduct. of divid. to pay (€)	[G]+[H]	13.3 €	12.8 €	12.3 €

54 l DEUTSCHE BANK CONFERENCE - MAY 2020

This page is intentionally left blank

55 l DEUTSCHE BANK CONFERENCE - MAY 2020

CREDIT AGRICOLE PRESS CONTACTS:
Charlotte de Chavagnac	+ 33 1 57 72 11 17	charlotte.dechavagnac@credit-agricole-sa.fr
Olivier Tassain	+ 33 1 43 23 25 41	olivier.tassain@credit-agricole-sa.fr
Bertrand Schaefer	+ 33 1 49 53 43 76	bertrand.schaefer@ca-fnca.fr
CRÉDIT AGRICOLE S.A. INVESTOR RELATIONS CONTACTS:
Institutional shareholders	+ 33 1 43 23 04 31	investor.relations@credit-agricole-sa.fr
Individual shareholders	+ 33 800 000 777	credit-agricole-sa@relations-actionnaires.com
	(toll-free call in France only)
Clotilde L'Angevin	+ 33 1 43 23 32 45	clotilde.langevin@credit-agricole-sa.fr
Toufik Belkhatir	+ 33 1 57 72 12 01	toufik.belkhatir@credit-agricole-sa.fr
Joséphine Brouard	+ 33 1 43 23 48 33	josephine.brouard@credit-agricole-sa.fr
Oriane Cante	+ 33 1 43 23 03 07	oriane.cante@credit-agricole-sa.fr
Emilie Gasnier	+ 33 1 43 23 15 67	emilie.gasnier@credit-agricole-sa.fr
Ibrahima Konaté	+ 33 1 43 23 51 35	ibrahima.konate@credit-agricole-sa.fr
Vincent Liscia	+ 33 1 57 72 38 48	vincent.liscia@credit-agricole-sa.fr
Annabelle Wiriath	+ 33 1 43 23 55 52	annabelle.wiriath@credit-agricole-sa.fr
See all our press releases at: www.credit-agricole.com - www.creditagricole.info
Crédit_Agricole	Groupe Crédit Agricole	créditagricole_sa

Attachments

Original document
Permalink

Disclaimer

Crédit Agricole SA published this content on 26 May 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 May 2020 05:27:06 UTC

Latest news about Crédit Agricole S.A.

Mowi Issues New Green Bonds Worth NOK3.5 Billion	Apr. 25	MT
Reway Group buys remaining 30 percent of Gema for EUR27 million	Apr. 22	AN
Worldline: changes to the Board of Directors	Apr. 22	CF
Amundi to get 26% stake in Victory in exchange for US business	Apr. 16	RE
Crédit Agricole S.A. acquired unknown minority stake in Cibler SAS.	Apr. 15	CI
Terna increases revolving credit facility to EUR2.26 billion	Apr. 15	AN
Ubisoft: Crédit Agricole CIB exceeds 10% of voting rights	Apr. 10	CF
Belgium Issues EUR7 Billion in New October 2029 Government Bond -- Update	Apr. 09	DJ
Belgium Issues EUR7 Billion in New October 2029 Government Bond	Apr. 09	DJ
Belgium Plans to Launch New October 2029 Government Bond	Apr. 08	DJ
Crédit Agricole: launches CAWL venture with Worldline	Apr. 08	CF
Credit Agricole Teams Up With Worldline for New Merchant Payments JV	Apr. 08	MT
Worldline: joint venture with Crédit Agricole named CAWL	Apr. 08	CF
CAC40: ends with a balanced performance, helped by the banking sector	Mar. 28	CF
Ubisoft: Crédit Agricole CIB below 10% of voting rights	Mar. 27	CF
CRÉDIT AGRICOLE : Deutsche Bank upgrades to 'buy	Mar. 27	CF
Solvay Completes Placement of EUR1.50 Billion Inaugural Bonds	Mar. 27	MT
CAC40: +0.3%, tops out at 8,180, same gap for US indices	Mar. 26	CF
CAC40: records in sight 48 hours before end of 1st quarter	Mar. 26	CF
Crédit Agricole Refuses Funding for LNG Projects in Mozambique, Papua New Guinea	Mar. 26	MT
Credit Agricole says it will not fund Rovuma LNG project	Mar. 25	RE
CAC40: damage limited despite Kering's fall	Mar. 20	CF
Worldline: creation of a joint venture with Crédit Agricole	Mar. 20	CF
Crédit Agricole: joint venture with Worldline	Mar. 20	CF
Credit Agricole, Worldline Launch French Digital Payments JV	Mar. 20	MT

Chart Crédit Agricole S.A.

Duration

Period

More charts

Company Profile

Crédit Agricole S.A. is one of the leading European banking groups and is the leading financial backer of the French economy. Net Banking Product breaks down by activity as follows: - retail banking (30.1%): activities in France (Crédit Lyonnais) and abroad. Furthermore, the group is present in France via its 39 regional networks of branches (making it the biggest French banking network); - finance, investment and market banking (30.1%): standard and specialized bank financing activities (financing for acquisitions, projects, aeronautical and maritime assets, etc.), stock operations, consulting in mergers and acquisitions, investment capital, etc.; - asset management, insurance and private banking (25.9%); - specialized financial services (13.9%): consumer loan, leasing and factoring (No. 1 in France). At the end of 2023, Crédit Agricole S.A. managed EUR 835 billion in current deposits and EUR 516.3 billion in current credits. NBP is distributed geographically as follows: France (46%), Italy (20%), European Union (14.3%), Europe (7.2%), North America (6%), Japan (1.3%), Asia and Oceania (3 .5%), Africa and Middle East (1.3%), Central America and South America (0.4%).

Sector

Banks

Calendar

2024-05-02 - Q1 2024 Earnings Release

Related indices

CAC 40 , STOXX EUROPE 600 (EUR)

More about the company

Income Statement Evolution

More financial data

Analysis / Opinion

CRÉDIT AGRICOLE : Q4: miss on insurance, opex; FY 23 well on track towards 2025 targets

February 09, 2024 at 01:34 pm EST

More Strategies

Ratings for Crédit Agricole S.A.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

14.48 EUR

Average target price

14.4 EUR

Spread / Average Target

-0.50%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Commercial Banks

	1st Jan change	Capi.
CRÉDIT AGRICOLE S.A.	+14.03%	46.9B
AGRICULTURAL BANK OF CHINA LIMITED	+16.61%	214B
PT BANK CENTRAL ASIA TBK	+3.99%	74.34B
ANZ GROUP HOLDINGS LIMITED	+7.99%	55.76B
INDUSTRIAL BANK CO., LTD.	-0.25%	46.37B
CHINA CITIC BANK CO., LTD.	+19.29%	45.3B
JAPAN POST BANK CO., LTD.	+10.93%	36.85B
QATAR NATIONAL BANK (Q.P.S.C.)	-16.21%	35.14B
INVEST BANK	-96.60%	32.24B
FIFTH THIRD BANCORP	+6.76%	25.18B

Commercial Banks

Crédit Agricole S.A.

Equities

ACA

FR0000045072

Banks

Credit Agricole : Deutsche Bank Conference Presentation

EPS Revisions