SECOND QUARTER AND FIRST HALF RESULTS

Transcription

1 2018 SECOND QUARTER AND FIRST HALF RESULTS

2 DISCLAIMER Financial information on Crédit Agricole S.A. and Crédit Agricole Group for the second quarter and first half 2018 comprises this presentation and the attached press release and financial report which are available on the website This presentation may include prospective information on the Group, supplied as information on trends. This data does not represent forecasts within the meaning of European Regulation 809/2004 of 29 April 2004 (chapter 1, article 2, 10). 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 six-month period ending 30 June 2018 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 groups Crédit Agricole S.A. and Crédit Agricole have not changed materially since the registration with the French market watchdog AMF of the 2017 Registration Document of Crédit Agricole S.A. on 22 March 2018 under the registration number D and the A.01 update of this 2017 Registration Document including all regulatory information relative to Crédit Agricole Group. The sum of values contained in the tables and analyses may differ slightly from the total reported due to rounding. On 1 January 2017, Calit was transferred from Specialised Financial Services (Crédit Agricole Leasing & Factoring) to Retail Banking in Italy. Historical data have not been restated on a proforma basis. Since 3 July 2017, Pioneer has been included in the scope of consolidation of Crédit Agricole Group as a subsidiary of Amundi. Historical data have not been restated on a proforma basis. Pioneer Investments integration costs in both the first and second quarters have been restated in specific items, contrarily to the treatment applied in both publications made previously. Group net income Group share has been adjusted for both quarters. Since 26 September 2017, Banque Saudi Fransi (BSF) has been excluded from the scope of consolidation of Crédit Agricole Group further to the disposal of a majority of the holding (16.2% out of the 31.1% held prior to disposal). This subsidiary was consolidated using the equity method. Historical data have not been restated on a proforma basis. Since 21 December 2017, Cassa di Risparmio (CR) di Cesena, CR di Rimini and CR di San Miniato have been included in the scope of consolidation of Crédit Agricole Group as subsidiaries of Crédit Agricole Italy. Historical data have not been restated on a proforma basis. Since 26 December 2017, Crédit Agricole S.A.'s stake in CACEIS has increased from 85% to 100%, further to the acquisition of the 15% stake in the company held by Natixis before that date. Since 3 May 2018, Banca Leonardo has been included in the scope of consolidation of Crédit Agricole Group as a subsidiary of Indosuez Wealth Management. Historical data have not been restated on a proforma basis. 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 privileged by the competent authorities to assess the Group s situation, notably in the 2016 stress test exercise. Crédit Agricole S.A. is the listed entity. It notably owns the subsidiaries of its business lines (French Retail Banking, International Retail Banking, Asset Gathering, Specialised Financial Services and Large Customers). 2 l SECOND QUARTER AND FIRST HALF 2018 RESULTS

3 INTRODUCTION CREDIT AGRICOLE S.A. CREDIT AGRICOLE GROUP FINANCIAL SOLIDITY CONCLUSION APPENDIX p. 3 p. 9 p. 25 p. 27 p. 33 p l SECOND QUARTER AND FIRST HALF 2018 RESULTS

4 KEY MESSAGES Highest quarterly profits since IPO CRÉDIT AGRICOLE GROUP CRÉDIT AGRICOLE S.A. Highest quarterly profit since IPO for CASA and for CAG Contribution from all of CASA s business lines and Corporate Centre, in particular high level of profit in Corporate & Investment Banking Very strong and high quality activity across all business lines Positive jaws effect Q2/Q2, significant improvement in C/I ratio Sharp decrease in the cost of risk, fall in the NPL ratio, coverage ratio up Stable in Q2 in a high business momentum, remaining well above the MTP target (CASA), up for CAG Underlying, see details of specific elements on slide p.39 (Crédit Agricole S.A.) and 42 (Crédit Agricole Group) 4 l SECOND QUARTER AND FIRST HALF 2018 RESULTS

5 INTRODUCTION Key figures CREDIT AGRICOLE GROUP CRÉDIT AGRICOLE S.A. Q2-18 H1-18 Q2-18 H1-18 2,076m 3,505m Net income Group share - stated 1,436m 2,292m -1.4% Q2/Q2-5.4% H1/H1 +6.4% Q2/Q2 +4.4% H1/H1 2,056m 3,408m Net income Group share - (2) 1,418m 2,205m +2% Q2/Q2-7.2% H1/H % Q2/Q2 +5.9% H1/H1 +4.1% Q2/Q2-2.1% H1/H1 at constant scope and forex (3) +23.8% Q2/Q % H1/H1 +4.8% Q2/Q2 +3% H1/H1 at constant scope and forex and excl. SRF (3) +23.4% Q2/Q % H1/H1 Earnings per share (2) % Q2/Q2 +7.2% H1/H1 Underlying ROTE (%) 13.1% 14.8% Fully-loaded CET1 ratio (%) 11.4% See slides 39 (Crédit Agricole S.A.) and 42 (Crédit Agricole Group) for further details on specific items (2) After deduction of AT1 coupons, charged to net equity - see slide 45 (3) Combining the contributions to income of Amundi and Pioneer and taking account of the amortisation of distribution agreements in Q1, Q2 and H1-17, excluding the contributions of the three Italian banks in Q2 and H1-18 and those of BSF and Eurazeo in Q1, Q2 and H1-17 and excluding forex effect 5 l SECOND QUARTER AND FIRST HALF 2018 RESULTS

6 INTRODUCTION Key messages ROTE (1, 2) at a high level in the first half Underlying: see slide 39 for further details on specific items, which had a positive impact of + 19m on Q2-18 Net income Group share (+ 165m in Q2-17) for Crédit Agricole S.A. (2) See ROTE calculation p. 45 ; annualisation computed without restatement of IFRIC21 expenses CRÉDIT AGRICOLE GROUP CRÉDIT AGRICOLE S.A. Dynamic growth on Q2/Q2 and H1/H1 despite negative forex and scope effects and sharp rise in SRF Particularly high level of activity for CIB/Financing CACIB no. 2 player in H1 (up 2 places in one year) in syndicated loans in Europe, the Middle East and Africa (EMEA) Several jumbo deals this quarter, with a positive effect on revenues and on RWA Excellent cost control Strong jaws effect at constant scope and forex (3) excl. SRF Q2/Q2 (CASA, >+5pp, CAG +2.6pp) and H1/H1 (CASA,+2.6pp) Significant improvement in the C/I ratio at constant scope and forex excl. SRF (3) Q2/Q2: CASA 2.9pp, CAG 1.6pp Acquisitions and partnerships: good progress in integration, new partnerships announced Pioneer: Amundi s cost/income ratio in line with the business plan target: 53.0% in Q2-18, 53.1% in H Italian banks: positive operating income in Q2 (C/I ratio 80% vs. 118% in Q4-17), start of mergers of legal entities Finalisation on 3 May 2018 of the acquisition of Banca Leonardo ( 5.1bn in assets under management) Partnership agreement in consumer loans with Bankia in Spain (4 th Spanish bank, 8.1m customers) Partnership agreement in bancassurance with Credito Valtellinese (1m customers) Solvency: CET1 ratios at high levels despite strong activity CASA: rise in RWAs (+3%/end-March) illustrating the growth in activity and one-off CIB deals Capital increase reserved for employees closed 01/08: 136m, positive impact of +4bp on CASA s CET1 in Q3 (11.5% pro forma the capital increase), +0.5% increase in the number of shares, no significant effect on tangible net book value per share. 13.1% ROTE in H % cost/income ratio excl. SRF in Q % fully-loaded CET1 ratio (3) Combining the contributions to income of Amundi and Pioneer and taking account of the amortisation of distribution agreements in Q1, Q2 and H1-17, excluding the contributions of the three Italian banks in Q1, Q2 and H1-18 and those of BSF and Eurazeo in Q1, Q2 and H1-17 and excl. forex effect 6 l SECOND QUARTER AND FIRST HALF 2018 RESULTS

7 CRÉDIT AGRICOLE GROUP INTRODUCTION Success of new products and digital services and development of usage New services and digitalisation 50,000 customers since launch, 80% of whom were not previously customers 74% opened in-branch; in 13% of cases the process was started online and completed in-branch Digitalisation rate of all our offerings: 80% end-2018, 100% target by end-2019 Account aggregator: 70K clients in 3 months available to BforBank and Regional Bank customers, in H2 for LCL clients Smart TPE Magasin and Smart TPE Mobilité: 35K target by end-2020 Payment peer-to-peer: launch of Paylib entre amis service scheduled in Q in MaCarte app Rise of new applications 228m connections per month all customer spaces and mobile apps Contactless payments: +88%, a very sharp increase vs. H with 237m payments in the Regional Banks Online insurance policy purchases: 31% vs 27% in 2017 MaCarte app: 760K customers at end-june (vs. 430K at end-june 2017) + 8,000 customers, + 27,000 transactions, 194m financed 100% human, 100% digital 7 l SECOND QUARTER AND FIRST HALF 2018 RESULTS

8 INTRODUCTION Strong dynamics in all activities in Q2-18 CRÉDIT AGRICOLE GROUP RETAIL BANKING ASSET GATHERING & INSURANCE SPECIALISED FINANCIAL SERVICES LARGE CUSTOMERS Strong credit activity: pick-up in corporate and business lending and slowdown in home lending both confirmed Asset gathering: resilience of MLT assets and retail inflows, seasonal outflows on treasury products P&C insurance: continued market share gains in France and growth in equipment rates Strong activity in all businesses Senior positions in several major financing deals Positive effect of rising oil prices on Trade finance +9% to +10% June/June increase in corporate lending for both the Regional Banks and LCL + 8.4bn inflows in MLT assets in Q2 in Asset management +5.6% June/June increase in managed consumer loans outstanding 36% Distribute to originate: 12-month average primary syndication rate 8 l SECOND QUARTER AND FIRST HALF 2018 RESULTS

9 INTRODUCTION CREDIT AGRICOLE S.A. CREDIT AGRICOLE GROUP FINANCIAL SOLIDITY CONCLUSION APPENDIX p. 3 p. 9 p. 25 p. 27 p. 33 p l SECOND QUARTER AND FIRST HALF 2018 RESULTS

10 RESULTS Net income Group share: sharp rises Q2/Q2 and H1/H1 CRÉDIT AGRICOLE S.A. Q2/Q2 and H1/H1 change in Net income Group share, by business line +19.6% 1,350 Q2-17 stated 2, Specific items ,185 < 2, % (41) (7) 1,418 1, Q2-17 Asset gathering Retail banking SFS Large Customers Corporate centre Q2-18 Specific items Q2-18 stated 2,205 2, % Q2/Q2 increase in Net profit at constant scope and forex (2) +16.1% H1/H1 increase in Net profit at constant scope and forex (2) All business lines and CC contributed to Q2/Q2 growth LC: sharp rise in net profit Q2/Q2 (vs. a high base in Q2-17) and Q2/Q1 Q2/Q2 scope effect contribution: Pioneer (AG) equivalent to + 34m, 3 Italian banks (RB) + 7m, BSF (LC) - 57m; forex effect - 27m Significant H1/H1 increase in SRF: net income impact of - 286m in H1-18, or +22.6%/- 53m/H1-17 H1-17 stated Specific items H1-17 Asset Retail SFS Large Corporate H1-18 Specific gathering banking Customers centre items H1-18 stated Underlying: see slide 39 for further details on specific items (2) Q1,Q2 and H1-18: excluding the contributions of the three Italian banks; Q1,Q2 and H2-17: excluding the contributions to Net income of BSF and Eurazeo, combining the contributions to income of Amundi and Pioneer and taking account of the amortisation of distribution agreements and excluding forex effect, see slides 40 & 41 AG: Asset Gathering, including Insurance; RB: Retail Banking; SFS : Specialised Financial Services; LC: Large Customers; CC: Corporate Centre 10 l SECOND QUARTER AND FIRST HALF 2018 RESULTS

11 CRÉDIT AGRICOLE S.A. RESULTS Revenues: up sharply Q2/Q2 despite a challenging market environment Q2/Q2 and H1/H1 change in revenues, by business line 4, ,619 Q2-17 stated 9,408 H1-17 stated Specific items % , ,171 Q2-17 Asset Retail SFS Large Corporate Q2-18 Specific gathering banking Customers centre items +10 9,398 Specific items < H (65) Asset gathering Retail banking +6.9% SFS Large Corporate Customers centre 10,046 H Specific items Q2-18 stated 10,081 H1-18 stated +7.1% Q2/Q2 increase in revenues at constant scope and forex (2) +3.1% H1/H1 increase in revenues at constant scope and forex (2) All business lines and CC contributed to Q2/Q2 growth at constant scope and forex (2) LC: strong Q2/Q2 increase +11% excluding forex effect, vs. a high base in Q2-17 AG and RB: Q2/Q2 growth at constant scope and forex (2) (+3.4% and + 1.0% respectively), amplified by acquisitions Underlying: see slide 39 for further details on specific items (2) constant scope and forex: combining the contributions to income of Amundi and Pioneer and taking account of the amortisation of distribution agreements in Q1, Q2 and H1-17, excluding the contributions of the three Italian banks in Q1, Q2 and H1-18 and excluding forex effect, see slides 40 & 41 AG: Asset Gathering, including Insurance; RB: Retail Banking; SFS : Specialised Financial Services; LC: Large customers; CC: Corporate centre 11 l SECOND QUARTER AND FIRST HALF 2018 RESULTS

12 CRÉDIT AGRICOLE S.A. RESULTS Costs: C/I ratio down 2 points excl. SRF Q2/Q2 despite scope effects Q2/Q2 change in costs, by business line 2,805 2, Q2-17 stated Specific items 6,033 H1-17 stated Specific items % (22) (17) +5.5% 2,974 2, (8) , , (16) (42) SRF H1-17 Asset gathering Retail banking SFS Large Customers Corporate centre H1-18 Specific items SRF +71 SRF Q2-17 Asset gathering Retail banking SFS Large Customers Corporate centre Q2-18 SRF Specific items Q2-18 stated 6,075 6,377 H1-18 stated +1.9% Q2/Q2 increase in costs excl. SRF, at constant scope and forex (2) +0.5% H1/H1 increase in costs, excl. SRF, at constant scope and forex (2) Increase in Gross operating income across all business lines and CC Scope effect contribution: Pioneer - 123m Q2/Q2, - 255m H1/H1, 3 Italian banks - 46m Q2/Q2 and - 97m H1/H1 Q2/Q2 at constant scope and forex (2), RB another sharp fall (-0.6%), AG moderate growth making it possible to finance development (+1.1%) Underlying: see slide 39 for further details on specific items (2) constant scope and forex: combining the contributions to income of Amundi and Pioneer in Q1, Q2 and H1-17, excluding the contributions of the three Italian banks in Q1, Q2 and H1-18 and excluding forex effect, see slides 40 & 41 AG: Asset Gathering, including Insurance; RB: Retail Banking; SFS : Specialised financial services; LC: Large customers; CC: Corporate centre 12 l SECOND QUARTER AND FIRST HALF 2018 RESULTS

13 RESULTS Cost of credit risk: still very low CRÉDIT AGRICOLE GROUP CRÉDIT AGRICOLE S.A. Cost of risk / outstandings (in basis points over a rolling four-quarter period) Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q m Crédit Agricole S.A. cost of risk in Q2-18, down -36.5% Q2/Q2 397m Crédit Agricole Group cost of risk Q2-18, up by +25.0% Q2/Q bp cost of credit risk / outstandings in Q bp cost of credit risk / outstandings in Q2-18 Crédit Agricole S.A. Significant Q2/Q2 decrease: -9bp Q2/Q2 Below MTP assumption of 50bp Charge to B1+B2 provisions: 0m Crédit Agricole Group Low and stable Below MTP assumption of 35bp Regional Banks: 9bp in Q2-18 (charges of - 176m in Q2-18 vs. net reversals of + 35m in Q2-17) Charges to B1+B2 provisions: - 58m Excluding non-specific provisions for legal risk in Q2-16 at 50m, Q3-16 at 50m, Q1-17 at 40m, Q3-17 at 75m and Q2-18 at 5m 13 l SECOND QUARTER AND FIRST HALF 2018 RESULTS

14 RESULTS Cost of risk on a declining trend in all business lines CRÉDIT AGRICOLE S.A. Cost of credit risk / outstandings (in basis points over a rolling four-quarter period) CACF: 115m in Q2-9bp year-on-year Favourable evolution linked to the normalisation of nonperforming loans disposals CA Italia: 62m in Q2, -9bp year-on-year Down considerably 223m cost of risk in Q2-18, down - 128m Q2/Q LCL: 57m in Q2-2bp year-on-year Stable, still at a low level Financing activities : -29bp year-on-year Net reversals of + 51m in Q m cost of risk in H1-18, down - 174m H1/H1 Other entities (2) : 40m in Q2 ( 31m in Q2-17) Excluding additional provision for legal risk in Q2-16 for 25m, Q3-16 for 25m, Q1-17 for 20m and Q3-17 for 38m (2) Asset Gathering, International Retail Banking excluding Italy, Leasing and Factoring, Capital Markets and Investment Banking, Asset Servicing, Corporate Centre 14 l SECOND QUARTER AND FIRST HALF 2018 RESULTS

15 RESULTS A stable, diversified and profitable business model CRÉDIT AGRICOLE S.A. Synergies between business lines are maximising Group ROTE Good level of diversification in terms of business lines' contribution to Group Net income, with no business line accounting for more than 30% of Net income (excl. Corporate Centre), which will provide stability in the future Predominance of business lines related to Retail, notably Asset Gathering (28% of revenues, 37% of H1-18 Net income) More than 92% of Net income in controlled cash, vs. only two-thirds in 2015 Underlying H1-18 revenues by business line (excluding CC) (%) Leasing & Factoring 3% Asset servicing 4% CIB 24% LC 28% SFS 14% AG 28% RB 30% FRB 17% IRB 13% Wealth management 4% 22,8% Annualised H1-18 RONE (2) by business line (%) >25% 25,2% >16% >16% 10,8% 12,3% 9,1% 9,0% >13% 16,0% 14,1% 2019 MTP target 2017 S2-18 annualised >11% >10% 12,8% 11,2% 11,1% 13,1% Asset gathering LCL Cariparma SFS Large customers RoTE CASA Underlying H1-18 Net income by business line (excluding CC) (%) Leasing & Factoring 3% Asset servicing 3% CIB 27% LC 30% SFS 16% RB 17% FRB 11% AG 37% IRB 6% Wealth management 2% Asset management 12% Consumer Finance 11% Asset management 13% Insurance 11% Underlying Net income Group share excluding the contribution of equity-accounted entities, net of dividends received by them (2) Annualised RONE calculated without restatement of IFRIC 21 expenses Consumer Finance 13% Insurance 23% AG: Asset Gathering, including Insurance; RB: Retail Banking; SFS: Specialised financial services; LC: Large customers; CC: Corporate centre 15 l SECOND QUARTER AND FIRST HALF 2018 RESULTS

16 ACTIVITY AND RESULTS Asset Gathering Assets under management (AuM) ( bn) CRÉDIT AGRICOLE S.A. Contribution to Crédit Agricole S.A. s Net Income 1, , % 1, , Asset Life Wealth Market & 283 Scope effect management insurance management forex effects 1,426 1,466 m Q2-18 Q2/Q2 H1-18 H1/H1 Insurance 313 (8.3%) 589 (3.4%) Asset management % % Wealth management 17 (42.3%) 39 (33.1%) Net income Group Share % % June 17 Dec. 17 June 18 * Including advised and distributed assets Asset management* Life insurance Wealth management High-level and high-quality sales momentum: inflows, AuM and cross-selling Asset management: high net inflows driven by Retail, MLT assets and international activity, in a less favourable environment in Q2 Insurance: growth in savings/retirement and expansion of all activities and client equipment rates Wealth management (2) : AuM up +10.5% June/June, driven by the acquisition of Banca Leonardo (+ 5.1bn), CIC Asia (+ 3.4bn) and organic growth (+ 6.7bn) AuM mentioned include the scope impacts related to the integration of Pioneer on 3 July 2017, the Wealth Management activities of CM-CIC Asia in Q4-17 and the acquisition of Banca Leonardo in Q2-18 (2) Scope: Indosuez Wealth Management Group and LCL Private Banking Integration of Pioneer and cost control Asset management: integration of Pioneer and strong organic growth momentum; net income at 100% +11.1% Q2/Q2 at constant scope (3) thanks to excellent cost control Insurance : high base effect in Q2-17 because of the positive impact of disposal of a subsidiary (CARE : + 30m) Wealth management: non-recurring costs related to acquisitions and organic growth and to investments to meet regulatory requirements; increase in the tax rate (3) Combined contributions to income of Amundi and Pioneer taking into account the amortisation of distribution agreements in Q1 and Q2-17 Underlying: specific items include Pioneer integration costs: - 8m (- 4m in Net income) in Q2-18 vs - 32m in Q2-17 and - 18m (- 8m in Net income) in H1-18 vs - 26m in H l SECOND QUARTER AND FIRST HALF 2018 RESULTS

17 ACTIVITY AND RESULTS Insurance CRÉDIT AGRICOLE S.A. Protection of assets and individuals Premium income ( bn) Activity indicators Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Property & Casualty +7.8% Q2/Q2 Death & disability / Creditor / Group Savings/Retirement Net new inflows ( bn) (0.4) (0.2) UL: +10.1% Q2/Q2 (0.1) Q2-16Q3-16Q4-16Q1-17Q2-17Q3-17Q4-17 Q1-18 Q2-18 Unit-linked In Euros Savings/Retirement: 31.5% from UL in Q2 gross inflows AuM: 283bn, +3.1% June/June, UL share: 21.7% Property & Casualty (P&C): further strong growth Premiums +7.4% Q2/Q2, further sustained growth in France among individuals (+7.4% Q2/Q2) and agri/pro clients (+8.0% Q2/Q2) 13m policies outstanding - a steady rise of +5.4% year-on-year Equipment rate :35.5% for Regional Bank customers (+1.5pp year-on-year) and 23.1% for LCL clients (+1.2pp year-on-year) Personal insurance: acceleration of growth Premiums +8.3% Q2/Q2, strong increase in the creditor and group segments Car, home, health, legal and personal accident insurance (2) Of which disposal of CARE subsidiary in Q2-17: + 30m m Contribution to Crédit Agricole S.A. P&L (3) Ratio of (claims + operating expenses + commissions) to premium income, net of reinsurance, Pacifica scope Underlying = stated Q2-18 Q2/Q2 H1-18 H1/H1 Revenues % 1, % Operating expenses (140) (8.3%) (369) (6.2%) Income before tax % % Tax (52) x 4.4 (173) +31.2% Net income from discont'd or held-for-sale ope. (0) n.m. n.m. Net income Group Share 313 (8.3%) 589 (3.4%) Cost/Income ratio excl.srf (%) 27.3% -4.7 pp 32.4% -3.2 pp Net Income +1.8% H1/H1 excl. discontinued operations (2) Life: prudent policy toward the management of financial margin P&C insurance: combined ratio (3) under control at 96.1%, an improvement of 1.9pp H1/H1 despite adverse weather events in 2018 (storms, hail, floods) Expenses: taxes and charges down, recurring expenses stable Prudential ratio of CA Assurances at 30 June 2018 >200% Development of third-party distribution: announcement of a partnership with Creval in Italy 15-year distribution agreement for CA Vita s savings and death & disability products through the Creval network (1m customers) 100% acquisition of Creval s insurance broker for 70-80m Partnership secured through CAA's acquisition of a 5% stake in Creval 17 l SECOND QUARTER AND FIRST HALF 2018 RESULTS

18 ACTIVITY AND RESULTS Asset management - Amundi CRÉDIT AGRICOLE S.A. Assets under management ( bn) Contribution to Crédit Agricole S.A. P&L 1, , , % +7.5% at constant perimeter Institutionals* Retail Market effect 646 Net inflows Treasury Bonds Real, alternative and structured assets Multi-assets Equities m Q2-18 Q2/Q2 H1-18 H1/H1 Revenues % 1, % Operating expenses excl.srf (348) +47.3% (690) +48.4% SRF 0 n.m % Gross operating income % % Cost of risk (6) x 2.6 (10) x 3.1 Equity-accounted entities % % Tax (85) (3.3%) (172) +11.0% Net income % % Net income Group Share % % Cost/Income ratio excl.srf (%) 53.0% +3.4 pp 53.1% +1.9 pp June 17 Dec. 17 June 18 * Institutionals, sovereigns and corporates High net inflows: bn in H1, driven by Retail Retail net inflows: bn, buoyant in the Asian joint ventures (+ 23.5bn) and in the networks in Italy (+ 4.4bn) and in France (+ 3.2bn); strong inflows from sovereign and other institutional clients Q2 net inflows positive: + 2.6bn despite a less favourable environment; good level of inflows on MLT assets (+ 8.4bn) and seasonal outflows in treasury products : (- 5.7bn) Assets managed, advised and distributed including 100% of AuM and inflows of Asian JVs. For Wafa in Morocco, AuM are reported on a proportional consolidation basis. (2) Medium/long-term assets: equities, multi-assets, real, alternative and structured assets, bonds Strong growth related to the integration of Pioneer Revenues: -1.8% Q2/Q2 at constant scope (3) reflecting the fall in financial income (almost zero in Q2-18), but a rise of +2.8% Q2/Q2 (3) in net management revenues Expenses down: -3.1% (3), reflecting synergies from the integration of Pioneer and good cost control Improved profitability of the Asian joint ventures Net income at 100%: +11.1% (3) Q2/Q2 (3) Combined AuM, inflows and contributions to income of Amundi and Pioneer taking account of the amortisation of distribution agreements in Q1 and Q2-17 Underlying: specific items include Pioneer integration costs: - 8m (- 4m in Net income) in Q2-18 vs - 32m in Q2-17 and - 18m (- 8m in Net income) in H1-18 vs - 26m in H l SECOND QUARTER AND FIRST HALF 2018 RESULTS

19 ACTIVITY AND RESULTS Retail banking France LCL Customer savings +2.0% Activity indicators ( bn) Loans outstanding +4.6% m CRÉDIT AGRICOLE S.A. Contribution to Crédit Agricole S.A. P&L Q2-18 Q2/Q2 H1-18 H1/H1 Revenues % 1,734 (1.6%) Operating expenses excl.srf (576) (2.6%) (1,189) (2.5%) SRF (2) n.m. (28) +87.7% Gross operating income % 517 (1.9%) Cost of risk (56) +1.2% (107) +2.7% Income before tax % 412 (2.5%) Tax (73) +41.7% (132) +14.2% Net income % 279 (9.1%) Net income Group Share % 267 (8.7%) Cost/Income ratio excl.srf (%) 65.8% -3.2 pp 68.6% -0.7 pp June 17 Sept. 17 Dec. 17 Mar. 18 June 18 On-B/S Off-B/S June 17 Sept. 17 Dec. 17 Mar. 18 June 18 Home loan Consumer credit Corporates Lending: strong growth in Corporates and professional businesses, normalisation of home loans business Rapid growth in the loan book in corporate (+10.0% June/June) and professionals (+7.9%) businesses; pick-up in new consumer credit loans: +8% Q2/Q2 Home loans +2.6% June/June, 1 million contracts outstanding Increase in cross-selling Property & casualty policies: +6.7% June/June, stock of ca. 1m policies Improving equipment rate in premium cards: +5.3% Increase in revenues and P&L, fall in the C/I ratio Underlying revenues excluding renegotiation fees and early repayment fees : +4.9% Q2/Q2, +2.1% Q2/Q1 Recurring interest revenues back to more normal levels; fees up (+3.0% Q2/Q2), driven by electronic payments and non-life insurance Decrease in expenses (-2.6%) and 3.2pp improvement in the C/I ratio Renegotiation fees and early repayment fees: 4m vs. 27m in Q2-17 Underlying: no special items in Q2-18 and H1-18; + 55m in Q2-17 and H1-17 (home purchase savings plans) 19 l SECOND QUARTER AND FIRST HALF 2018 RESULTS

20 ACTIVITY AND RESULTS International retail banking Italy Activity indicators ( bn) CRÉDIT AGRICOLE S.A. Contribution to Crédit Agricole S.A. P&L Customer savings +19.8% June 17 Sept. 17 Dec. 17 Mar. 18 June 18 On-balance sheet Off-balance sheet* * Excluding assets under custody Loans outstanding +13.6% June Juin 17 Sept. 17 Déc. Dec. 17 Mars Mar. 18 June Juin 18 m Q2-18 Q2/Q2 H1-18 H1/H1 Revenues % % Operating expenses excl.srf (298) +18.7% (586) +22.0% SRF (5) x 17.6 (22) x 2.1 Gross operating income 174 (6.1%) 339 (1.8%) Cost of risk (62) (25.5%) (141) (11.5%) Income before tax % % Tax (34) +3.2% (66) +6.1% Net income % % Non controlling interests (22) +17.1% (37) +10.5% Net income Group Share % % Cost/Income ratio excl.srf (%) 62.5% +5.0 pp 61.9% +4.4 pp Solid growth in home loans and off-balance sheet savings Loans: +5.1% June/June across the historical scope, of which +8.9% for home loans; (vs.+2.7% for the market over the same period) Buoyant off-b/s inflows: +6.6% June/June Customer acquisition: +10K in Q2 total of 2.1m at end-june Strong sales growth in the 3 acquired banks Home loan origination +61% Q2/Q1 Merger of legal entities with Cariparma San Miniato on 23 June, Cesena on 22 July and Rimini scheduled for September Net income growth and integration of the 3 acquired banks Solid economic performance: net income stable at constant scope Sharp reduction in the cost of risk despite the scope effect C/I ratio: strong improvement for the 3 banks, from 118% in Q4-17 to 80% in Q2-18 Improvement of the quality of the portfolio: reduction of the impaired loan ratio (10.3% vs 11.5% at end-march 2018) mainly due to the disposal of non-performing loans ( 445m) Crédit Agricole S.A. group in Italy (*) : Net income 286m in H1-18 * IRB, Large customers, Insurance, Specialised financial services (including FCA Bank at 25%) 20 l SECOND QUARTER AND FIRST HALF 2018 RESULTS

21 ACTIVITY AND RESULTS International retail banking excl. Italy Customer savings +6.7% Activity indicators ( bn) Loans outstanding +4.0% m CRÉDIT AGRICOLE S.A. Contribution to Crédit Agricole S.A. P&L Q2-18 Q2/Q2 H1-18 H1/H1 Revenues % % Operating expenses (127) +5.2% (262) +3.7% Gross operating income % % Cost of risk (23) (3.4%) (38) (28.2%) Income before tax % % Tax (15) +4.7% (30) +2.3% Net income % % Net income Group Share % % Cost/Income ratio excl.srf (%) 60.1% +0.4 pp 62.6% +0.8 pp June 17 Sept. 17 Dec. 17 Mar. 18 June 18 On-balance sheet Off-balance sheet* Buoyant sales activity June 17 Sept. 17 Dec. 17 Mar. 18 June 18 * Excluding assets under custody On-balance sheet customer savings : +5% Q2/Q2, driven by strong increases in Ukraine (11%), Poland (+8%), Serbia (+5%) and Morocco (+3%) Loans : +4% Q2/Q2, growth in Egypt (+11%, including loans in local currency +16%), in Serbia (+11%), Ukraine (+10%) and Morocco (+2%) Surplus of deposits over loans: + 1.4bn at 30/06/2018 Strong Q2/Q2 rise in profit +15% and revenues +7% Egypt (net income +7% Q2/Q2): revenues up +4% Q2/Q2 thanks to local currency loans, expenses contained below the rate of inflation and zero cost of risk Poland (stable net income Q2/Q2): revenues up +5% and the cost of risk continues to fall (-3% Q2/Q2). Ukraine (net income +31% Q2/Q2): continued strong results, thanks to rising revenues (+23% Q2/Q2) and a zero cost of risk Crédit du Maroc (net income +8%Q2/Q2): revenues +4% and sharp decline in the cost of risk (-27% Q2/Q2). Change excluding forex effect 21 l SECOND QUARTER AND FIRST HALF 2018 RESULTS

22 ACTIVITY AND RESULTS Specialised financial services CACF Consumer finance Gross managed loans ( bn) +5.6% ** 83.2 ** June 17 Sept. 17 Dec. 17 Mar. 18 June 18 * Consolidated loan book Car finance partnerships Crédit Agricole Group Other (*) The geographical breakdown was 38% in France, 31% in Italy and 31% in other countries. (**) Disposals of non-performing loans: 260m in Q4-17, 60m in Q1-18 CACF: very good level of activity Gross consolidated loans ( bn) CAL&F Leasing June 17 Sept. 17 Dec. 17 Mar. 18 June 18 Leasing France +3.6% Leasing international Strong activity: Group entities +10.6% and Auto JVs +11.6% New partnerships: Aston Martin (FCA Bank), Bankia(Spanish JV), Ikea (Agos) GAC-Sofinco (China) > 1m clients CAL&F: strong improvement in loans outstanding and factored turnover Leasing: growing loan book in France (+2.8% June/June) and internationally (+7.3%) Factoring: Sharp improvement in factored turnover (+7.4% Q2/Q2) Cash in time : 9k clients; factored turnover 194m; 5.7m in revenues generated in 6 months m CRÉDIT AGRICOLE S.A. Contribution to Crédit Agricole S.A. P&L Q2-18 Q2/Q2 H1-18 Strong Q2/Q2 income growth for both business lines CACF: stabilisation of revenues (+0.4% Q2/Q2) through the preservation of margins and a sharp drop in expenses (-8% Q2/Q2) due to operational gains; cost/income ratio improved by 4.0pp Q2/Q2 ; increase in the cost of risk, but decline in the CoR / outstandings at 114bp (-9bp Q2 / Q2) CAL&F: positive jaw effects prompting an improvement in the cost/income ratio of 1.5pp Q2/Q2 H1/H1 Revenues % 1, % o/w CACF % 1,102 (0.5%) o/w CAL&F % % Operating expenses excl.srf (310) (6.5%) (668) (2.3%) SRF +4.6% (17) +19.9% Gross operating income % % Cost of risk (127) +8.3% (227) +7.9% Equity-accounted entities % % Income before tax % % Tax (76) +8.1% (141) (2.6%) Net income from discont'd or held-for-sale ope. - n.m. - n.m. Net income % % Net income Group Share % % o/w CACF % 314 (2.7%) o/w CAL&F % % Cost/Income ratio excl.srf (%) 44.7% -3.5 pp 48.3% -1.4 pp Calculated over a rolling four-quarter period, cf. slide l SECOND QUARTER AND FIRST HALF 2018 RESULTS

23 ACTIVITY AND RESULTS Large Customers Underlying revenues of Large Customers ( m) CRÉDIT AGRICOLE S.A. Contribution to Crédit Agricole S.A. P&L +7.6% m Q2-18 Q2/Q2 H1-18 H1/H1 Fin Mkts Asset servicing Commercial banking and other Structured finance Investment banking Capital markets 1,493 1,505 1, ,250 1,313 1, Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Revenues 1, % 2,827 (2.3%) Operating expenses excl.srf (801) +9.8% (1,583) +2.7% SRF (2) (70.1%) (170) +21.8% Gross operating income % 1,074 (11.3%) Cost of risk 45 n.m. (19) (89.8%) Cost of legal risk - n.m. - (100.0%) Equity-accounted entities (0) n.m. 1 (99.4%) Net income on other assets 13 n.m. 13 n.m. Income before tax % 1,069 (3.9%) Net income Group Share % 758 (5.2%) o/w Corporate & Investment Banking % 677 (8.4%) o/w Asset servicing % % Cost/Income ratio excl. SRF (%) 53.2% +1.1 pp 56.0% +2.7 pp Underlying revenues: +11% excl. forex effect Capital Markets (FICC) and Investment Banking +7.1% Q2/Q2 : improvement in Capital market activities driven by securitisation, Forex and rates; dynamic business momentum in Investment Banking Financing +17.3% Q2/Q2: increase in Structured Finance and Commercial Banking revenues, with upbeat performance in every product line and a concentration of major deals during the quarter Asset Servicing +4.1% Q2/Q2: solid growth in fees and commissions (+8%) and treasury activities (+13.5%) Excluding forex effect Sharp Q2/Q2 rise in profit, annualised RoNE 12.8% CIB: Net income +27.7%, highest level since Q2-09, positive jaw effect at constant forex: Revenues +12.2% and Expenses excl. SRF +11.6%, cost/income ratio <50%, net reversal in Cost of risk (Buckets 1 and 2) Note: Net income H1/H1; +17.6% at constant forex and excl. BSF Asset servicing: Net income +43%, solid business activity, disposal of CACEIS North America (+ 13m) and increase in the stake from 85% to 100% on 26/12/17 RWA in CIB: 108.7bn (+7% June/March, +1% June/June) Forex effect: + 2bn June/March, +5% excluding forex effect Organic growth in relation with businesses strong activity Profitable new business: annualised Rev/RWA ratio: +50bp Q2/Q1 and +60bp Q2/Q2 Underlying: specific items include + 12m in loan portfolio hedges and + 7m in DVA booked under Net income 23 l SECOND QUARTER AND FIRST HALF 2018 RESULTS

24 ACTIVITY AND RESULTS Corporate Centre Change in Net income ( m) Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 (300) (324) (238) (255) (163) Underlying Net income : - 95m, an improvement of + 68m Q2/Q2 Underlying revenues: improvement of + 110m mainly attributable to non-group dividends and a sustained level in private equity activity Underlying costs excl. SRF improved by + 17m due to continued costcutting efforts at the parent company, Crédit Agricole S.A. (189) (287) Specific items in Q2-18: - 5m in Net income (213) (95) CRÉDIT AGRICOLE S.A. Contribution to Crédit Agricole S.A. P&L m Q2-18 Q2-17 Q2/Q2 (m ) H1-18 H1-17 H1/H1 (m ) Revenues (6) (54) +47 (119) (220) 101 Operating expenses excl. SRF (184) (201) +17 (375) (417) 42 SRF (3) +2 (62) (61) Gross operating income (192) (258) +66 (556) (698) 142 Cost of risk 5 12 (8) 3 4 Cost of legal risk (5) - (5) (5) - (5) Equity-accounted entities (0) 107 (107) (162) Net income on other assets (0) (0) () 16 (0) 17 Pre-tax income (193) (139) (54) (438) (515) 77 Tax (34) (24) Net income Group share stated (99) (2) (98) (247) (260) 13 Issuer spreads - (51) (55) 55 Home Purchase Savings Plans - 79 (79) - 80 (80) BCE fine (5) - (5) (5) - (5) Change in value of goodw ill Net income Group share (95) (163) +68 (308) (418) 110 ECB fine for late notification of capital increases by Crédit Agricole S.A. and 2 of its subsidiaries See slide 39 for further details on specific items 24 l SECOND QUARTER AND FIRST HALF 2018 RESULTS

25 INTRODUCTION CREDIT AGRICOLE S.A. CREDIT AGRICOLE GROUP FINANCIAL SOLIDITY CONCLUSION APPENDIX p. 3 p. 9 p. 25 p. 27 p. 33 p l SECOND QUARTER AND FIRST HALF 2018 RESULTS

26 ACTIVITY AND RESULTS Regional Banks: Activity indicators ( bn) CRÉDIT AGRICOLE GROUP Contribution to Crédit Agricole Group P&L Customer savings +4.3% June 17 Sept 17 Dec. 17 Mar. 18 June 18 Loans outstanding +6.4% June 17 Sept 17 Dec. 17 Mar. 18 June 18 m Q2-18 Q2/Q2 H1-18 H1/H1 Revenues 3, % 6,585 (2.3%) Operating expenses excl.srf (2,145) +1.1% (4,344) +1.1% SRF (19) x 11.4 (87) x 2 Gross operating income 1,063 (2.2%) 2,153 (10.2%) Cost of risk (176) n.m. (280) x 3.5 Income before tax 893 (20.5%) 1,886 (18.7%) Tax (285) (16.3%) (690) (11.8%) Net income 608 (22.3%) 1,195 (22.3%) Net income Group Share 608 (22.2%) 1,195 (22.2%) Cost/Income ratio excl.srf (%) 66.5% +0.4 pp 66.0% +2.2 pp On-B/S Off-B/S Continued buoyant business momentum and growth in the business lines Savings: +4.3% June/June, driven by savings performance (+5.5%) Strong growth in lending June/June: home loans +7.9%, corporate loans +8.9%, consumer loans +9.9% Expanding customer base and growing business +66,400 individual customers over 5 months (from January to May) + 9.9% premium cards June/June + 2.1% property and personal insurance policies Net new customers Stabilisation of revenues Q2/Q2 Underlying Net income : +0.5% Q2/Q2, fees & commissions stable (+1% Q2/Q2); continued impact from past loan renegotiations and further decline in early repayment fees on interest margin Expenses: up slightly +1.1% Q2/Q2 excl. SRF Cost of risk: still very low in Q2 vs. net reversal of 35m in Q2-17, cost of risk relative to outstandings: 9bp (2), NPL rate down 2.0% and coverage ratio 63.6%. See slide 42 for specific items: none in Q2 and H1-18, provisions for home purchase savings plans for + 125m (+ 82m in Net income) and adjustment on liability costs for - 218m (- 148m in Net income) in Q2 and H1-17 (2) Average over a rolling 4-quarter period 26 l SECOND QUARTER AND FIRST HALF 2018 RESULTS

27 INTRODUCTION CREDIT AGRICOLE S.A. CREDIT AGRICOLE GROUP FINANCIAL SOLIDITY CONCLUSION APPENDIX p. 3 p. 9 p. 25 p. 27 p. 33 p l SECOND QUARTER AND FIRST HALF 2018 RESULTS

28 FINANCIAL SOLIDITY Fully-loaded CET1 ratio at 11.4% at 30 June 2018 Change in fully-loaded CET1 ratio (bp) CRÉDIT AGRICOLE S.A. Change in risk-weighted assets ( bn) 11.4% +47bp +4bp 11.4% -25bp -22bp +2.7% Market risk Operational risk Credit risk March 2018 Stated result Distribution (divid., AT1) OCI reserves Others June 2018 June 17 Sept 17 Dec 17 Mar 18 June 18 Fully-loaded CET1 ratio : 11.4%, stable vs. March 2018 Good level of retained earnings +22bp, including a 0.23 dividend provision for Q2-18 ( 0.35 for H1-18) Other items : including RWA -28bp, see next slide To come in Q3: capital increase reserved for employees ( 136m), positive effect of +4bp on the CET1 ratio (CET1 pro forma 11.5%); +0.5% increase in the number of shares in Q3, no significant effect on the net tangible asset value per share CET1 above the MTP target (>11%) Note: the effect of OCI reserves corresponds to the amount of unrealised OCI gains in CET1 capital after deduction of the impact of insurance reserves on risk-weighted assets Including H1-18 retained earnings Phased-in Tier 1 ratio: 13.6% Phased-in total ratio: 17.7% Phased-in leverage ratio (2) : 4.1% (2) The leverage ratio amounts to 4.3% at this date subject to the issue by the ECB of an authorisation to exempt exposures linked to the centralisation of deposits with the Caisse des Dépôts et Consignations to take account of Judgement T-758/16 of the General Court of the European Union of 13 July l SECOND QUARTER AND FIRST HALF 2018 RESULTS

29 CRÉDIT AGRICOLE S.A. FINANCIAL SOLIDITY Change in risk-weighted assets in Q2 reflecting business lines growth Change in risk-weighted assets by business line ( bn) June 17 Sept 17 Dec 17 March 18 LC RB AG CC Forex & Others June 2018 Increase in RWA: + 8bn June/March on the CET1 ratio Organic growth of the business lines: + 5.9bn Forex effect: + 1.6bn Integration of Banca Leonardo: + 0.6bn Others: - 0.1bn Profitable growth: rise in annualised Revenues/RWA ratio CASA group: +20bp Q2/Q1, +60pb Q2/Q2 CIB: +50bp Q2/Q1, +60bp Q2/Q2 AG: Asset Gathering, including Insurance; RB: Retail Banking; SFS: Specialised financial services; LC: Large customers; CC: Corporate centre 29 l SECOND QUARTER AND FIRST HALF 2018 RESULTS

30 FINANCIAL SOLIDITY Fully-loaded CET1 ratio at 14.8% at 30 June 2018 Change in fully-loaded CET1 ratio (bp) CRÉDIT AGRICOLE GROUP Change in risk-weighted assets ( bn) 14.6% +31bp +2bp +3bp 14.8% -19bp +1.6% Market risk Operational risk Credit risk March 2018 Retained earnings OCI reserves Fully-loaded CET1 ratio: 14.8%,+20 bp vs. March 2018 Good level of retained earnings: +31bp Organic growth Other/Currency effect Rise in RWA in Q2: -19bp excluding forex effect Other: integration of Banca Leonardo -2bp, forex effect +2bp CET1 ratio well above the applicable distribution restriction trigger (2) with a 530bp buffer June 2018 Note: the effect of OCI reserves corresponds to the amount of unrealised OCI gains in CET1 capital after deduction of the impact of insurance reserves on risk-weighted assets Including H1-18 retained earnings (2) According to pro forma P2R for 2019 of 9.5% as notified by the ECB (excluding countercyclical buffer) June 17 Sept 17 Dec 17 Mar 18 June 18 Phased-in Tier 1 ratio: 16% / Phased-in total capital ratio: 18.6% Phased-in leverage ratio (3) : 5.4% MREL ratio: ca. 13%, o/w 8.2%, excl. eligible senior preferred debt Notification of the requirement received on 8 June 2018 Requirement already met and therefore immediately applicable TLAC ratio: 21.2%, excl. eligible senior preferred debt 170bp above 2019 requirements excl. eligible senior preferred debt Confirmation of TLAC ratio target of 22% by 2019, excl. eligible senior preferred debt (3) The leverage ratio amounts to 5.6% subject to the issue by the ECB of an authorisation to exempt exposures linked to the centralisation of deposits with the Caisse des Dépôts et Consignations to take account of Judgement T-758/16 of the General Court of the European Union of 13 July l SECOND QUARTER AND FIRST HALF 2018 RESULTS

31 CRÉDIT AGRICOLE GROUP FINANCIAL SOLIDITY 84% of Crédit Agricole S.A. s MLT market funding programme completed at end-july Crédit Agricole Group MLT market issues Breakdown by issuer: 18.4bn at 30/06/18 CACF 20% EFL 2% CACIB 24% CAL&F 1% CAA 5% Subordinated Tier 2 Senior secured 30% 13% CA Italia 3% Crédit Agricole S.A. 45% Senior nonpreferred 54% Crédit Agricole S.A MLT market issues Breakdown by segment: 8.2bn at 30/06/18 Senior preferred 3% Senior preferred and senior secured 2.7bn Average maturity: 6.7 years Spread vs. 3-month Euribor: 15.2bp Senior non-preferred and Tier 2 5.5bn Average maturity: 6.8 years Spread vs. 3-month Euribor: 84.9bp Crédit Agricole Group (at end-june) 18.4bn eq. issued on the market by Group issuers Highly diversified market funding mix by type of instrument, investor base and targeted geographic areas Besides, 1.9bn also placed in the Group s retail networks (Regional Banks, LCL, CA Italia) Crédit Agricole S.A. (at end-july) 84% of the 12bn MLT market funding programme completed ; 10.1bn issued, a well diversified benchmark issuances in EUR, USD, JPY and CHF: - Senior preferred and secured debt: 4.2bn of which covered bonds ( 2.9bn), RMBS ( 1bn), and senior preferred debt ( 0.3bn) - Senior non-preferred and Tier 2 debt: 5.9bn of which SNP ( 4.5bn) and Tier 2 ( 1.5bn) 31 l SECOND QUARTER AND FIRST HALF 2018 RESULTS

32 FINANCIAL SOLIDITY Liquidity and funding CRÉDIT AGRICOLE GROUP Liquidity reserves at 30 June 18 ( bn) Assets eligible to Central Banks after ECB haircut (immediate access) 256bn liquidity reserves at 30/06/18 Reverse repos & other ST Securities portfolio Self-securitisations eligible to Central Banks Other non-hqla securities HQLA (High Quality Liquid Assets) securities portfolio ST debt net of Central Bank deposits Short term debt (net of Central Bank deposits) covered more than 2 times over by HQLA securities LCR: Crédit Agricole Group 135% (2), Crédit Agricole S.A. 136% (2), in line with the MTP target of >110% Surplus of stable funds > 100bn at 30/06/18, in accordance with the MTP target Ratio of stable resources (3) / long term applications of funds stable at 111% Available liquid market securities, at market value and after haircuts (2) Average 12-month LCR (Liquidity Coverage Ratio); the ratio s numerators and denominators respectively total 210bn and 156bn for CAG and 175bn and 129bn for CASA. (3) LT market funds include T-LTRO drawdowns Cash and Central Bank deposits 70 o/w cash 4 o/w mandatory reserves Cash balance sheet assets 58 Central Bank deposits 58 Central Bank deposits (excl. cash & mandatory reserves) (excl. cash & mandatory reserves) Liquidity reserves Short term debt 32 l SECOND QUARTER AND FIRST HALF 2018 RESULTS

33 INTRODUCTION CREDIT AGRICOLE S.A. CREDIT AGRICOLE GROUP FINANCIAL SOLIDITY CONCLUSION APPENDIX p. 3 p. 9 p. 25 p. 27 p. 33 p l SECOND QUARTER AND FIRST HALF 2018 RESULTS

34 CONCLUSION Highest quarterly profits since IPO CRÉDIT AGRICOLE GROUP CRÉDIT AGRICOLE S.A. Highest quarterly profit since IPO for CASA and for CAG Contribution from all of CASA s business lines and Corporate Centre, in particular high level of profit in Corporate & Investment Banking Very strong and high quality activity across all business lines Positive jaws effect Q2/Q2, significant improvement in C/I ratio Sharp decrease in the cost of risk, fall in the NPL ratio, coverage ratio up Stable in Q2 in a high business momentum, remaining well above the MTP target (CASA), up for CAG Underlying, see details of specific elements on slide p.39 (Crédit Agricole S.A.) and 42 (Crédit Agricole Group) 34 l SECOND QUARTER AND FIRST HALF 2018 RESULTS

35 INTRODUCTION CREDIT AGRICOLE S.A. CREDIT AGRICOLE GROUP FINANCIAL SOLIDITY CONCLUSION APPENDIX p. 3 p. 9 p. 25 p. 27 p. 33 p l SECOND QUARTER AND FIRST HALF 2018 RESULTS

36 APPENDIX Economic environment: solid growth France, Italy, Euro zone Real GDP growth % Source: Eurostat, Crédit Agricole S.A. / ECO France Italy Euro zone France, Italy, Euro zone Unemployment rate % of labour force France Italy Euro zone Source: Eurostat, Crédit Agricole S.A. / ECO France Household and business leaders confidence 110 LT average Household confidence Business sentiment Source: Insee YoY change (%) France, Italy, Euro zone Real estate prices France Italy Euro zone Source: Thomson Reuters/Datastream 36 l SECOND QUARTER AND FIRST HALF 2018 RESULTS