Credit Agricole : Slides - Press conference

WORKING EVERY DAY IN THE INTEREST

OF OUR CUSTOMERS AND SOCIETY

PRESS CONFERENCE

RESULTS

for the second quarter and first half of 2020

EMBARGOED UNTIL 06/08/2020 AT 6:45 A.M. CET (Paris time)

Working every day in the interest of

our customers and society

Philippe Brassac

RESULTS AS OF 30 JUNE 2020

2	RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2020

Key figures

Net income	€1,483m	Net income	€954m
Group share	-18.2%	Group share	-21.9%
Q2	Q2
Stated	Q2/Q2	Stated	Q2/Q2

Crédit Agricole

Group

Net income	€1,785m	Net income
Group share	-3.3%	Group share
Q2	Q2
Underlying	Q2/Q2	Underlying

€1,107m

-10.9%

Q2/Q2

Crédit Agricole S.A.

Net income		Net income
Group share	€2,767m	Group share	€1,758m
H1		H1
Underlying		Underlying

Provisioning(1)	X 2 Q2/Q2		X 2.5 Q2/Q2

(1)Underlying

3	RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2020

CRÉDIT AGRICOLE S.A.

CRÉDIT AGRICOLE GROUP

Now more than ever: One of Europe's strongest banks

Crédit Agricole Group

Solvency 16.1%

phased-in
CET1		+7.2 pp
		Variance from SREP*

Crédit Agricole S.A.

Solvency	12.0%
phased-in
+4.1 pp
CET1

Variance from SREP*

Liquidity

*Supervisory Review and Evaluation Process, i.e. regulatory demands

NPL ratio

coverage ratio

NPL ratio

coverage ratio

CASA

€405bn

2.4%

unchanged from

31/03

84.5%

+0.2 pp from 31/03

3.2%

+0.1 pp from 31/03

73.4%

+0.9 pp from 31/03

Europe's No. 2

€94.2bn(1) bank(2) in terms of

Tier 1 capital

Sharp increase in the CET1 ratio

NPL ratio among the lowest in Europe

NPL coverage ratio among the highest in Europe

1. Amount of fully loaded Tier 1 capital as at 30/06/20
2. As ranked by The Banker magazine July 2020, 2019 data

4	RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2020

CREDIT AGRICOLE GROUP

France's No. 1 bank, massively committed to supporting the economy

Mobilised on the

front line

Massive mobilisation of all employees at the service of customers 90% of branches are reachable, either in person or remotely

	€28.7bn
Side-by-side	552,000
with the worst

affected

customers €239m

€2bn

State-Guaranteed Loans for 179,500 customers (SMEs and corporates), i.e. 23.7% of applications in France(1) (62% Regional Banks, 30% LCL and 8%

CACIB)

Payment holidays granted, i.e. €4.2bn of deferred maturities(2) in French Retail banking (83% to SMEs and corporates, including 71% Regional Banks and 29% LCL)

Mutualist support for customers insured against business interruption

Payment holidays and State-Guaranteed Loans for CA Italia customers

1. Regional Bank, LCL and CACIB applications as at 24/07/2020; acceptance rate of 97.5%
2. Corresponding to a remaining capital due of €58.5bn, of which €39.9bn on corporates, SMEs and farmers

5	RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2020

A "V" shaped recovery of the Group's activity

Retail banking gross customer acquisition

Crédit Agricole Group

+2.4% from June 2019

170 000	155 000		150 000
		92 000	74 000
			46 000

Jan. 20

Fév. 20

Mars 20

Avr. 20

Mai 20

Juin 20

Number of new savings accounts opened	Home loan simulations (Regional Banks and LCL) -	Crédit Agricole Assurances - Number of new cases in
(Regional Banks)	Consumer finance contracts	property and casualty insurance (in thousands)

													Nombre simulations
		417 074										422 117	de crédits habitat
				327 409									Nombre contrats
										304 272			crédits à la
						260 658							consommation
	180 825		164 678					181 666			176 334
					107 644		68 895		96 246
	Jan. 20	Fév. 20	Mars 20	Avr. 20	Mai 20	Juin 20

228

220

220

135114

59

Jan. 20

Fév. 20

Mars 20

Avr. 20

Mai 20

Juin 20

685,000 new retail banking customers at H1-20

(480,000 Regional Bank customers)

6	RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2020

CRÉDIT AGRICOLE GROUP

A crisis that reveals the full relevance of our Group project

Customer Project	Human-centric Project
Digital and Human	Empowered teams for customers
Societal Project

• Sharp improvement in customer satisfaction(1)

+7 pts	+8
	+7 pts
from
2019			from
			2019
			+2
	Caisses régionales	LCL

• Instant adaptation of the organisation to the lockdown context
• Exceptional delegations in branches

Societal Project

Commitment to Society

Environment

• A continually expanding digitalisation
• • Electronic signature for State-Guaranteed Loans to SMEs
  • Dematerialisation of claims reporting
  • Automated processing of leasing moratoria files
  • Contactless payment limit increased to €50

(1) The national Net Promoter Score (NPS) for individual customers in 2020: difference between promoters and detractors

• CACIB: N°1 worldwide in social/green bonds
• Amundi (CPR AM): First international equity fund focused on reducing inequalities
• LCL: First full range of investments in the fight against global warming
• Creation of a Group-levelnon-financial reporting platform

Inclusion

• 4,000 work-study students in 2020 (Top 2 Figaro/Cadremploi)
• Top 50 2020 awards for feminisation of corporate decisions making bodies (+46 places in 2020)

7 RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2020

CRÉDIT AGRICOLE S.A.

GROUPECRÉDITAGRICOLECRÉDITAGRICOLEGROUP

Our robust performance yet again highlights the power of universality

All divisions

Locally present in all regions

The widest array of customers

8	RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2020

Working every day in the interest

of our customers and society

Jérôme Grivet

RESULTS as of 30 JUNE 2020

9	RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2020

			CRÉDIT AGRICOLE S.A.	GROUPE CRÉDIT AGRICOLE
Key figures published
	Crédit Agricole Group	Crédit Agricole S.A.
	(stated data)	(stated data)
	Net Income	€1,483m	Net Income	€954m
	Group Share	-18.2% Q2/Q2	Group Share	-21.9% Q2/Q2
Revenues(1)	€8,096m	€5,036m	€4,897m	Expenses (2)	€2,980m
	Expenses(2)	Revenues (1)
	-4.6% Q2/Q2	-5.1% Q2/Q2	-4.9% Q2/Q2		-1.7% Q2/Q2

Gross	€2,953m	Provisioning	€1,208m	Gross	€1,838m	Provisioning	€842m
Operating		Operating
		X 2 Q2/Q2	Income	-12.9% Q2/Q2		X 2.4 Q2/Q2
Income	-7.0% Q2/Q2

1. Revenues
2. Excl. SRF

10	RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2020

CRÉDIT AGRICOLE S.A.

CRÉDIT AGRICOLE GROUP

Very robust performance in the Group this half year

• Strong momentum in loans, savings and insurance activity (+5.9% growth in loans outstanding, excluding State-Guaranteed Loans (SGL) June/June)
• Very strong performance of Regional Banks, reflecting the strength of the universal banking model
• Increase in provisioning, 50% of which for performing loans
• At 16.1%, the Group's CET1 has already reached the 2022 in the Group Project objective
• Switch activated, due to tensions this half-year on equities and bond markets

Crédit Agricole S.A.	Crédit Agricole S.A.
57.4%	€3.7bn
C/I ratio Q2-20,	GOI
Underlying
Underlying H1-20
excl. SRF
Crédit Agricole S.A.	Crédit Agricole S.A.
74 bp	8.5%
Cost of risk on	ROTE
outstandings(1)	Underlying
	H1-20, annualised

(1) Cost of risk on outstandings for H1-20, annualised

11	RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2020

CRÉDIT AGRICOLE S.A.

All items in the Crédit Agricole S.A. income statement are strong this quarter

Underlying data, Q2 2020

Revenues(1)

Expenses(2)

GOI

Provisioning

Net income

Group share

1. Revenues
2. Excl. SRF
3. Underlying

€5,185m

+0.1% Q2/Q2

€2,976m

-1.9%Q2/Q2

€2,130m

-0.5%Q2/Q2

€908m

X 2.5 Q2/Q2

€1,107m

-10.9%Q2/Q2

• Revenues: Exceptional half-year for LC, undermined by an adverse market effect in AG

• Retail activities (RB and SFS) were severely penalised by the two months of lockdown
• Very good momentum in Corporate and Institutional activity, generating high revenues in LC
• Detrimental market effect on AG revenues over the six-month period -4.3% H1/H1

• 77% of total Revenues are recurring(1)
• Reduction in Operating expenses excl. SRF:

• -1.9%(-€57m Q2/Q2, including -€23m due to Covid)

• Strong GOI:

• GOI(3) unchanged in Q2: -0.5% Q2/Q2, despite lockdown
• GOI(3) up in H1: €3.7 billion, i.e. +2.9% H1/H1
• GOI(3) excl. SRF: +2.9% Q2/Q2 and +5.3% H1/H1

• Increase in provisioning, 50% of which relates to

provisioning for performing loans

AG: Asset Gathering; RB: Retail Banking; SFS: Specialised Financial Services; LC: Large Customers; CC: Corporate Centre.

1. Recurring revenues: Revenues backed by stocks (loans/inflows outstanding, assets under management) or policies (property and casualty insurance, pension plan); Transactional revenues: Revenues linked to commissions on flows and market activities.

12	RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2020

GROUPECRÉDITAGRICOLECRÉDITAGRICOLEGROUP

Very good performance of the Regional Banks

Strong sales, with sharp increases in GOI and net income Group share

€1.3 billion GOI	(1)	€0.7 billion	Individual NPS(3)	+5.9%
	Net income Group share (2)	at +8	loans outstanding
+19.6% Q2/Q2		+17.9% Q2/Q2	June/June, excl. SGL

1. • Loans: Increase in new loans (+32.6% Q2/Q2, -14.8% excl. SGL), sharp recovery in June: increase in new loans in June 2020
     (+36%, including housing loans: +7%, excl. SGL: +3%) vs. June 2019
   • Inflows: increase in on-balance sheet deposits (demand deposits +25.2%, passbooks +8.7%), off-balance sheet deposits unchanged (-0.5% Q2/Q2)
   • Customer capture: 480,000 new customers in 2020, with a sharp acceleration in June (+110,000 customers, +1.9% June/June)
   • Interbank mobility: Positive balance at +38,500 at end-June 2020
   • Merchant terminal payments/day: €300m in transactions in June vs. €270m before lockdown and €100m during lockdown
2. Underlying
3. Regional Banks' contribution to the Group's underlying Net income Group share
4. Net Promoter Score

13	RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2020

ACTIVITY

RETAIL BANKING

LCL

1. Sharp recovery of new loans in June (+51% June/April 2020)

1. Inflows: Increase in on-balance sheet deposits (+13.6% June/June)

1. Increase in LCL's penetration rate for property & casualty insurance and payments markets

1. Operating expenses:-5.1% Q2/Q2, down every year(1) since 2017

€138.5 billion

in loans outstanding

CRÉDIT AGRICOLE ITALIA

1. Recovery in new housing loans, +26.9% June/April 2020

1. Strong on-balance sheet deposits +4.6% June/June

1. Operating expenses fell by -2.3% Q2/Q2 (3)

+4.9%

in loans outstanding

June/June

CRÉDIT AGRICOLE S.A.

INTERNATIONAL

1. +4% in new loans Q2/Q2(2)

1. Liquidity: surplus of deposits over loans +€1.8 billion as at 30/06/2020

+6%

of on-balance sheet deposits Q2/Q2(2)

(1) AAGR of operating expenses Q2 17/Q2 20 (2) Variation excluding foreign exchange impact(3) excluding SRF and excluding COVID-related expenses

14	RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2020

CRÉDIT AGRICOLE S.A.

ACTIVITY

ASSET GATHERING

CRÉDIT AGRICOLE ASSURANCES

1. Savings/Retirement:
2. • Increase in the rate of UL products in outstandings (22.7%, +0.5 pp June/June)

1. Property and casualty insurance:
2. • New business: increase of +94% June/May 2020
   • 14.2m policies(1) in the portfolio, a steady increase (+3.1% year on year)
   • Equipment rate(2): 41.0% of Regional Banking customers, 25.2% of LCL customers and 15.9% of CA Italia customers

AMUNDI

1. +7.1% in AuM June/June

1. Positive MLT net retail inflows (excluding JVs) in French networks
   +€1.2 billion

1. Significant reduction in operating expenses by -7.3% Q2/Q2, with a reduction in variable compensation and IT costs synergies linked to Pioneer

1. Partnership with Société Générale renewed for a further 5 years

CAIWM

1. Net inflows from private customers of +€1 billion

+13.5% Q2/Q2	+€3.5bn	€125.7bn
Underlying revenues	In MLT assets	of AuM

(1) Change excluding foreign exchange impact (2) Car, home, health, legal or personal accident insurance

15	RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2020

ACTIVITY

SPECIALISED FINANCIAL SERVICES

CA Consumer Finance

1. Recovery of new business in June +€2.3 billion
   June/April 2020

1. Reduction in operating expenses of -7.1%, excluding SRF Q2/Q2

+170%

in new business June/April

CRÉDIT AGRICOLE S.A.

CAL&F

1. Increase in factored revenues, +33% June/April 2020

1. Reduction in operating expenses of -2.9%, excluding SRF Q2/Q2

+90%

in leasing June/April

16	RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2020

ACTIVITY

LARGE CUSTOMERS

CACIB

1. Strong growth in capital markets, +44% revenues Q2/Q2(1)

1. No. 1 in Global Green, Social and Sustainability bonds

1. Maintained prudent risk profile, VaR of €14m at 30/06/20

+27.1%

in underlying GOI Q2/Q2

CRÉDIT AGRICOLE S.A.

CACEIS

1. Increase in assets under custody:
2. • +€826bn with KAS BANK and Santander Securities Services
   • +€173bn in new clients

+35%

assets under custody

(1) including Credit Valuation adjustments

17	RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2020

CRÉDIT AGRICOLE S.A.

CRÉDIT AGRICOLE GROUP

Low NPL ratio and high coverage ratio

Crédit Agricole S.A.Regional Banks

NPL ratio :	3.2%	1.8%
	+0.1 pp from March 20	-0.1 pp from March 20

Crédit Agricole Group

2.4%

Unchanged from March 20

Loan loss reserves: 24% linked to provisioning on performing loans for CASA, 37% for Regional Banks, 30% for GCA

A diversified loan book, skewed towards large corporates (46% CASA, 16% GCA) and housing loans (27% CASA, 46% GCA)

73% of Large corporates EAD(2) for CASA rated investment grade

NPL ratio(1) :

Loan loss reserves :

Crédit Agricole S.A.(1)	Regional Banks(1)
73.4%	99.7%
+0.9 pp from March 20	-0.3 pp from March 20

Crédit Agricole Group(1)

84.5%

+0.2 pp from March 20

Crédit Agricole S.A.	Regional Banks
€10.1bn	€10.0bn

Crédit Agricole Group

€20.1bn

1. Including the full scale of reserves for performing loans due to COVID-19. Loan loss reserves, including collective provisions. Coverage ratios are calculated based on loans and receivables due from customers.
2. 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

18	RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2020

CRÉDIT AGRICOLE S.A.

CRÉDIT AGRICOLE GROUP

Controlled increase in Q2/Q2 provisioning, half of which related to the provisioning of performing loans

Cost of risk broken down by stage/bucket (in €m): S1 & S2 - Prudential provisioning of performing loans; S3 - Provisioning for proven risks

Crédit Agricole S.A.		Crédit Agricole Group
	X2.5

						x2.8			908											X2.0
							621	236										X3.3			1 208
314			246		358	335	340	223				Autres									930	424		Autres
						CDR S1&S2											CDR S1&S2
29	223	218		225											499		598		494
				0								CDR S3*	421	398		31				398			CDR S3*
															384
												29	323		281
273	262	242	316	216	371	331	531	382	667				28
												CDR total					5							CDR total
	-30	-40	-59		-26	-7	-184					372	382	371	505	294	588	420	602	516	785
															-64			0	-33	-87
T1-18	T2-18	T3-18	T4-18	T1-19	T2-19	T3-19	T4-19	T1-20	T2-20				T1-18	T2-18	T3-18	T4-18	T1-19	T2-19	T3-19	T4-19	T1-20	T2-20

Crédit Agricole S.A.	Cost of risk	Crédit Agricole Group
74 bp (1.2)	x 2.5 Q2/Q2	45 bp (1.2)
48% of the increase related
CoR/loan	to performing loans	CoR/loan
Annualised on the basis of H1 2020
		Annualised on the basis of H1 2020

Cost of risk

x 2.0 Q2/Q2

70% of the increase related to performing loans

1. Cost of risk on loans (in basis points, annualised); Cost of risk on loans in basis points over four quarters on a rolling basis at 55 bp on Crédit Agricole SA, 33 bp on Crédit Agricole Group; The CoR on loans is calculated based on the cost of the risk recognised over the annualised half-yearto which is added the average of Q1 and Q2 loans (2), Since Q1-19, the loans taken into account in the credit risk indicators are only loans to customers, before deduction of provisions. *Including non-provisioning losses.

Coverage ratios are calculated based on loans and receivables due from customers

19	RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2020

CRÉDIT AGRICOLE S.A.

CET1 ratios(1) are well above SREP requirements and have already reached the targets set in the 2022 MTP

CREDIT AGRICOLE S.A.	CREDIT AGRICOLE GROUP

+0.6 pp

		+0.6 pp	15,5%
			12,0%
11,4%				+6,6pp
					vs SREP
+3,5pp			+4,1pp
		vs SREP
vs SREP

CRÉDIT AGRICOLE GROUP

16,1%

+7.2 pp vs SREP

Mars 20Juin 20Mars 20Juin 20

Distance to SREP(2): +4.1 pp	Distance to SREP(3) : +7.2 pp
→ Phased-inTier 1 ratio: 13.5% and Phased-in total ratio: 17.6%	Phased-inTier 1 ratio: 17.0% and Phased-in total ratio: 19.7%
→ Phased-inleverage ratio: 3.9%, unchanged from end-March 20	Phased-inleverage ratio: unchanged at 5.3% from end-March 20
→ Phased-in average intra-quarterly leverage ratio(3):3.8% in Q2-20	Phased-in average intra-quarterly leverage ratio: 5.2% in Q2-20

1. Phased-in,the CET pro-forma ratio of two months' waiting period of SGL is at 12% for CASA and 16,3% for GCA(2) Intra- quarter leverage is the average of end-of-month exposures for the first two months of the quarter

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

20	RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2020

Working every day in the interest of

our customers and society

Appendices

RESULTS AS OF 30 JUNE 2020

21	RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2020

Only for the web conference

GROUPECRÉDITAGRICOLECRÉDITAGRICOLEGROUP

DETERMINATION OF NET INCOME FOR THE CRÉDIT AGRICOLE GROUP

UNDERLYING VERSION

Regional and	€610m Q2-20
local banks, and
their subsidiaries	vs €1,539m Q2-19

Corporate income

French standards

Total RB income excluding LB and subsidiaries

Application of IFRS, particularly on the valuation of the Investment Portfolio (Fair Value Measurement) and on Levies (IFRIC 21)

€658m Q2-20

Elimination of IGs (including dividends)

vs €1,735m Q2-19 and other consolidation adjustments

IFRS income

Total RB + LB + own subsidiaries & joint

subsidiaries

€663m Q2-20

vs €563m Q2-19

NET INCOME GROUP

SHARE

€1,785m Q2-20

€1,846m Q2-19

Crédit Agricole S.A. and its subsidiaries

€1,107m Q2-20

€1,242m Q2-19

Elimination of IGs & other consolidation adjustments (o/w incorporation of share of income of LCL, CACIB, CA Italia and Amundi held by SACAM International and SACAM Participations)

€1,122m Q2-20

€1,283m Q2-19

22	RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2020

SHARE PRICE

Based on CASA share price at 31/07/2020

Net asset value per

share

23	RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2020

CRÉDIT AGRICOLE S.A.

Change since 01/01/2020

CASA -37.13%

Stoxx Banks

-37.85%

CAC40 -19.98%