Press release

PRESS RELEASE - Second quarter and first half 2023

Montrouge, 4 August 2023

EXCELLENT PERFORMANCE OF THE UNIVERSAL BANKING MODEL

CAG AND CASA STATED AND UNDERLYING DATA Q2-2023

		CRÉDIT AGRICOLE S.A.			CRÉDIT AGRICOLE GROUP
		Stated	Underlying			Stated	Underlying
Revenues		€6,676m	€6,329m			€9,546m	€9,159m
	+18.8% Q2/Q2	+15.6% Q2/Q2			+7.9% Q2/Q2	+9.5% Q2/Q2
Costs excl.		-€3,218m	-€3,200m			-€5,233m	-€5,215m
SRF		+3.0% Q2/Q2	+4.5% Q2/Q2			+4.8% Q2/Q2	+5.7% Q2/Q2
Gross		€3,461m	€3,133m			€4,319m	€3,950m
Operating
	+39.3% Q2/Q2	+30.3% Q2/Q2			+12.3% Q2/Q2	+15.4% Q2/Q2
Income
Cost of risk		-€534m	-€450m			-€938m	-€854m
	x2.6 Q2/Q2	x2.2 Q2/Q2			+52.5% Q2/Q2	+38.8% Q2/Q2
Net income		€2,040m	€1,850m			€2,481m	€2,249m
Group share		+24.7% Q2/Q2	+18.0% Q2/Q2			+2.1% Q2/Q2	+6.7% Q2/Q2
C/I ratio	48.2%	50.6%	54.8%	56.9%
(excl. SRF)		-7.4 pp Q2/Q2	-5.3 pp Q2/Q2			-1.6 pp Q2/Q2	-2.0 pp Q2/Q2

QUARTERLY AND HALF-YEAR RESULTS AT AN ALL TIME BEST: CASA REPORTED NET INCOME OF €2,040m IN Q2-23 AND €3,266m IN H1-23.

Underlying figures:

• Revenues at record level, €6,329m Q2-23, +15.6% Q2/Q2 pro-forma IFRS17

1. Revenues driven by dynamic business, notably in Insurance across all business lines, with continued strong net inflows in unit-linked products, Asset Management, Consumer Finance driven by the auto channel (first consolidation of CA Auto Bank), Investment banking with excellent performance in structured finance and financing solutions (repo, primary credit and securitisation).

1. French retail banking impacted by the increase in refinancing costs and the slowdown in loan production

• 1. CA Italia, IRB excluding Italy, CACEIS and CA Indosuez revenues supported by net interest margin
• Costs excl. SRF +4.5% Q2/Q2 pro-forma IFRS17 (first consolidation of CA Auto Bank)
• Cost/income ratio excl. SRF 52.3% H1-23

SOLID CAPITAL AND LIQUIDITY POSITIONS

• Crédit Agricole S.A. phased-in CET1 11.6% (340 bps>SREP)
• CAG phased-in CET1 17.6% (840 bps>SREP)

Within the scenario of strict adverse EBA stress tests, and based upon hypotheses radically contradictory to the French retail market, GCA strength does not waver as shown by CET1 2025 ratio, amongst strongest European banks.

• LCR 157.3% and €334bn in liquidity reserves at Crédit Agricole Group level after June-23TLTRO-3 repayment
• Stock of provisions for performing loans €20.6bn, coverage ratio 83.6% for GCA

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PRESS RELEASE - Second quarter and first half 2023

Montrouge, 4 August 2023

CONTINUED DEVELOPMENT PROJECTS

• Strengthening on Mobility market (start-up of Leasys and CA Auto Bank)
• Integration of European activities of RBC IS by CACEIS completed 03/07/2023
• Signing of an agreement for the acquisition of a majority stake in the capital of Banque Degroof Petercam1

ESG: CRÉDIT AGRICOLE SA RANKED AT TOP OF "DIVERSIFIED BANKS (EUROPE)" CATEGORY

• Crédit Agricole S.A.'s non-financial ratings raised (72/100, +5 pts) by the Moody's Analytics agency

At the meeting of the Board of Directors of Crédit Agricole S.A. on 3 August 2023, SAS

Rue La Boétie informed the company of its intention to purchase Crédit Agricole S.A. shares on the market for a maximum amount of one billion euros in line with the operation announced in November 2022. Details of the transaction are provided in a press release issued today by SAS Rue La Boétie.

Dominique Lefebvre,

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

"These excellent results demonstrate the universal banking model's ability to adjust to a less favorable context and its usefulness towards both society and clients.

I would like to thank our chairmen, mutual shareholders and employees for their unwavering and daily commitment towards our clients."

Philippe Brassac,

Chief Executive Officer of Crédit Agricole S.A.

"Being available everywhere, to everyone, at any given time, to cover all possible needs, is what makes the model universal and safe for both clients and banks."

This press release comments on the results of Crédit Agricole S.A. and those of Crédit Agricole Group, which comprises the Crédit Agricole S.A. entities and the Crédit Agricole Regional Banks, which own 60.2% of Crédit Agricole S.A. Please refer to the appendices of this press release for details of specific items, which are adjusted for the various indicators to calculate underlying income. All 2022 figures are presented on a pro forma basis under IFRS17.

1 It would have an impact of around -30 bps on Crédit Agricole S.A.'s CET1

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PRESS RELEASE - Second quarter and first half 2023

Crédit Agricole Group

Group activity

The Group's commercial activity over the quarter was good across all business lines thanks to the customer focused banking model. In the second quarter of 2023, gross customer capture remained high, with 471,000 new retail banking customers, while the customer base grew by 114,000 customers2. More specifically, over the quarter, the Group recorded +371,000 new Retail banking customers in France and +100,000 new International retai banking customers (Italy and Poland), and the customer base grew respectively by +69,000 and +45,000 customers.

Inflows remained at a good level in the Asset gathering and Large customers division at +€1.1 billion over the quarter, driven by positive net inflows in Asset Management of +€3.7 billion despite customers' risk aversion in uncertain markets, both in MLT assets and in Treasury, with retail and institutional customers and in the JVs in India and Korea. In insurance, net inflows remained positive in France, driven by the success of unit-linked bond insurance, which also boosted the rate of gross inflows into unit-linked products, which remained high at 45.3%. Business also remained buoyant in property and casualty insurance and personal protection, with premium income up by 10.4%3 and 5.2%3 respectively compared with the second quarter of 2022. Insurance product equipment rates continued to rise year-on-year and at end June 2023 stood at 42.8% for the Regional Banks, 27.4% for LCL and 17.9% for CA Italia4

Corporate and Investment Banking posted good performance this quarter, especially in structured financing activities (up 20.4% compared with the second quarter of 2022) and good commercial activity in capital markets, particularly in financing solutions (repo, primary credit and securitization).

In consumer finance, CACF's production was up 9% compared with the second quarter of 2022, driven by the dynamism of the automotive channel (+30%, due in particular to a good start of the CA Autobank's white label business).

In retail banking, loan production was down compared with the second quarter of 2022 in a declining market, but the level of outstanding loans continued to rise across all business lines. Housing production was down in France, as monetary policy was tightened (-45.6% for LCL and -23.7% for the Regional Banks), as well as in Italy (-23.5%). At the same time, the rate at which new home loans were granted continued to rise compared with March 2023, both for retail banking in France and in Italy. Retail banking customer assets were slightly up from the first quarter of 2023. On-balance sheet deposits (+0.5% compared with March 2023 and +3.5% compared with June 2022) were driven mainly by CA Italia (+2.9%) and the Regional Banks (+0.5%) thanks to corporate maturity transactions. Quarterly off-balance sheet customer assets, up 0.7%, were positive across all business lines.

1. Gross customer acquisition for first half 2023 was ~1,026,000 and the customer base was ~267,000.
2. Constant scope excluding La Médicale
3. Change vs. June 2022: +0.5 pp for RBs, +0.5 pp for LCL and +2.3 pp for CA Italia

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PRESS RELEASE - Second quarter and first half 2023

Group results

In the second quarter of 2023, Crédit Agricole Group's stated net income Group share came to €2,481 million, up +2.1% compared to the second quarter of 2022.

Specific items for the quarter had a cumulative impact of +€232 million on net income Group share, and comprised non-recurring accounting items totalling +€244 million, mainly the reorganisation of the SFS division's Mobility business5 (+€140 million) and the reversal of the provision for the Cheque Image Exchange fine provision (+€104 million). Recurring items amounted to -€11 million on net income Group share, and included accounting volatility items under revenues, i.e. the DVA (Debt Valuation Adjustment), the issuer spread portion of the FVA, and secured lending for -€11 million in net income Group share on capital markets and investment banking, and hedging of the Large Customers' loan book for -€1 million in net income Group share.

Excluding these specific items, Crédit Agricole Group's underlying net income Group share6amounted to €2,249 million, up +6.7% compared to second quarter 2022.

Credit Agricole Group - Stated and underlying results, Q2-23 and Q2-22

In the second quarter of 2023, underlying revenues totalled €9,159 million, up +9.5% from the second quarter of 2022, driven by the Asset Management and Insurance Services division (+46.4%), which benefited from a rise in insurance revenues (x3.1 and +42% on an IFRS17 basis7), the Specialised Financial Services division (+26.1%), which includes the first line-by-line integration of CA Auto Bank, International Retail Banking (+21.0%), with a healthy net interest margin, and Corporate and Investment Banking (+1.6%), which also benefited from a higher net interest margin in institutional financial services, with Investment Banking (BFI) revenues slightly lower

1. The reorganisation of the Mobility activities of the CA Consumer Finance Group had a non-recurring impact in Q2 2023 on all intermediate operating totals due to the transfer of business assets, indemnities received and paid, the accounting treatment of the 100% consolidation of CA Auto Bank (formerly FCA Bank) and the reorganisation of the automotive financing activities within the CA Consumer Finance Group (particularly the review of application solutions).
2. See Appendixes for more details on specific items.
3. Q2-22base effect not taking into account investment management decisions implemented at the end of 2022, i.e. ring-fencing of equity and desensitisation of the portfolio.

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PRESS RELEASE - Second quarter and first half 2023

but close to the historical best 2022 Q2;; underlying revenues in the French Retail Banking division (-2.9%) fell as a result of higher refinancing costs and resources.

Underlying operating expenses excluding the Single Resolution Fund (SRF) rose by +5.7% in the second quarter of 2023, to €5,215 million, mainly due to higher compensation in an inflationary context, support for business development and IT expenses. Overall, the Group's underlying cost/income ratio excluding SRF recorded a decrease of-2.0percentage points to 56.9% in the second quarter of 2023. The underlying gross operating income was up +15.4% compared to the second quarter of 2022, reaching €3,950 million.

The underlying cost of credit risk declined to -€854 million, an increase of +39% compared with the second quarter of 2022, when it stood at -€615 million. The expense of -€854 million in the second quarter of 2023 breaks down into a provision for performing loans (stages 1 and 2) of -€154 million (vs. €220 million in the second quarter of 2022), a provision of -€697 million for proven risk (stage 3 - vs. €401 million in the second quarter of 2022), this decline is linked to the default of major French banking operations and the increase in proven risk in retail banking and consumer finance, and lastly a provision of -€3 million for other risks. The provisioning levels were determined by taking into account several weighted economic scenarios, as in previous quarters, and by applying adjustments on sensitive portfolios. The weighted economic scenarios for the second quarter were updated, with a favourable scenario (French GDP at +1% in 2023, +2.4% in 2024) and an unfavourable scenario (French GDP at +0.1% in 2023 and -0.1% in 2024). The cost of credit risk on outstandings8over a rollingfour-quarterperiod stood at 25 basis points, which is in line with the 25 basis point assumption of theMedium-TermPlan. It stands at 29 basis points on a quarterly annualised basis9.

Underlyingpre-taxincome stood at €3,160 million, a year-on-year increase of +7.7%. The underlying pre-tax income included the contribution from equity-accounted entities for €58 million (down -44.0%, mainly due to the line-by-line consolidation of CA Auto Bank, formerly FCA Bank) and net income on other assets, which came to €5 million this quarter. The underlying tax charge was up +6.0% over the period. Underlying net income before non-controlling interests was up +7.2% to €2,460 million. Non-controlling interests rose +12.9%. Lastly, underlying net income Group share was €2,249 million, +6.7% higher than in the second quarter of 2022.

1. The cost of risk relative to outstandings (in basis points) on a four quarter rolling basis is calculated on the cost of risk of the past four quarters divided by the average outstandings at the start of each of the four quarters after reintegration of CA Auto Bank outstandings
2. The cost of risk relative to outstandings (in basis points) on an annualised basis is calculated on the cost of risk of the quarter multiplied by four and divided by the outstandings at the start of the quarter after reintegration of CA Auto Bank outstandings

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