Results for the First Quarter 2022

CAG and Crédit Agricole S.A. stated and underlying results Q1-2022

CRÉDIT AGRICOLE GROUP

CRÉDIT AGRICOLE S.A.

Stated

Underlying

Stated

Underlying

Revenues

€9,680m

+7.0% Q1/Q1

€9,601m

+5.7% Q1/Q1

€5,938m

+8.1% Q1/Q1

€5,929m

+7.6% Q1/Q1

Costs excl. SRF

-€5,911m

+7.4% Q1/Q1

-€5,892m

+7.1% Q1/Q1

-€3,518m

+10.0% Q1/Q1

-€3,499m

+9.6% T1/T1

SRF

-€794m

+70.1% Q1/Q1

 -€794m

+21.9% Q1/Q1

-€636m

+67.3% Q1/Q1

-€636m

+24.7% Q1/Q1

GOI

€2,975m

-3.3% Q1/Q1

€2,914m

-0.5% Q1/Q1

€1,784m

-6.9% Q1/Q1

€1,793m

-0.6% Q1/Q1

Cost of risk

-€888m

+65.5% Q1/Q1

-€693m

+29.2% Q1/Q1

-€741m

+93.0% Q1/Q1

-€546m

42.2% Q1/Q1

Net income Group share

€1,331m

-24.1% Q1/Q1

€1,484m

-7.2% Q1/Q1

€552m

-47.2% Q1/Q1

€756m

-18.9% Q1/Q1

C/I ratio (excl. SRF)

61.1%

+0.2 pp Q1/Q1

61.4%

+0.8 pp Q1/Q1

59.2%

+1.0 pp Q1/Q1

59.0%

+1.1 pp Q1/Q1

Crédit Agricole S.A. underlying results Q1-2022

Gross operating income excluding SRF: +4.9% Q1/Q1, or +€114m to €2,429m

Cost/ income ratio (excl. SRF): 59.0% (+1.1 pp Q1/Q1), below the MTP target of 60%

Net income Group share €756m, -€176m Q1/Q1, impacted by

• a new increase in the SRF (+24.7% Q1/Q1 to €636m, contribution -€126m)
• a conservative provisioning of Russian exposures (-€389m)
• provision for Ukraine equity risk accounted for in specific items (-€195m)

Underlying ROTE Q1-2022: 11.6%

Dynamic commercial activity in Q1 in all business lines, macroeconomic impact of conflict yet to come

• 516,000 new customers (France, Italy, Poland) in Q1-22, six million since the launch of the MTP
• RB and LCL loan production +13.8% Q1/Q1
• Insurance equipment +0.3 pp RB year-on-year, +0.6 pp LCL, +1.5 pp CA Italia
• Life insurance and asset management inflows +€6.8bn, assets under management +12.4% yoy

Solid balance sheet and capital position