Financial results Credit Agricole Group for the first quarter 2023

Excellent results thanks to the Group’s "multi-universal" bankingmodel

In contrast to overly specialised banking models or banks that arenow in trouble due to not having been able, or not felt the need, tohedge against the impact of rising rates, Crédit Agricolespecialises in transforming in a way that protects customers, through extensive fixed-rate lending and a combination of activeand passive management that is adapted to the fundamentalmission of intermediating between resources and uses, savingsand financing.

Crédit Agricole is a “multi-universal” bank that: 

•operates in every type of market (individuals, professionals, corporates, public authorities etc.); 

•is structured to provide a comprehensive response to itscustomers’ needs through long-term relationships with them, inareas such as: savings, insurance, death and disability, retirement, health, lending or car leasing, property solutions, financing orleasing, remote monitoring and the energy transition;

•operates in all regions, from rural areas to the city centre and

•in the service of as many customers as possible: from therichest to the most vulnerable.

An intrinsically hyper-inclusive model with the potential forconstant development

The Group’s excellent commercial and financial performance area testament to its commercial value, its highly diversified modeland the outstanding commitment of all its teams.

Commercial activity was steady across all business lines. TheGroup’s customer base expanded, reflecting its attractiveness, with a gross customer capture rate of +555,000 new customers inRetail banking.

The equipment rate of its customers continued to increase. TheGroup thus recorded increased equipment rates for property andcasualty insurance (42.9% at the Regional Banks, 27.4% at LCL and 17.3% in Italy), record unit-linked inflows at Crédit AgricoleAssurances (+€2.4 billion) and strong growth in underlyingrevenues in corporate and investment banking (+20.9% Q1/Q1).

A successful universal bank

Thanks to its highly diversified nature, this model also results instrong and steady financial performance, as this quarter’s bestperforming business lines were able to offset the less favourabledevelopments in business lines directly impacted by the sharp risein interest rates.

Moreover, in the first quarter of 2023, Crédit Agricole S.A.’sreported net income Group share was 2.1 times that reported in thefirst quarter of 2022, standing at €1.2 billion. Crédit AgricoleGroup’s reported net income Group share was €1.7 billion, up23.6%. The underlying revenues of Crédit Agricole S.A. were up10.4% at €6.1 billion, a record figure for the first quarter. CréditAgricole Group’s underlying revenues amounted to €8.9 billion(+1.8%) driven by sustained activity across all business lines.

A robust universal bank

At 31 March, the Group’s solvency was among the best in Europefor the sector, well above regulatory requirements, with a phased-in Common Equity Tier 1 (CET1) ratio of 17.6%, stable comparedwith end-December 2022.

Moreover, Crédit Agricole Group’s Non Performing Loans ratiowas low at 2.1%.

The NPL coverage ratio reached a high 83%, among the best inEurope.

A universal bank committed to transitions for the benefit of allits customers

In a context of rapid societal, environmental and technologicalchange, Crédit Agricole is continuing the initiatives announced inits 2025 Ambitions medium-term plan aimed at making thesetransitions accessible to all.

In the first quarter, it strengthened its position as a major player ingreen mobility through two large-scale transactions: the creationof Leasys, a new player in multi-brand operational leasing fromthe partnership between Stellantis and CA CF, and the arrival ofCrédit Agricole Auto Bank, a pan-European leader in multi-brandcar financing, which resulted from CA Consumer Finance’s fulltakeover of FCA Bank and Drivalia (car leasing, car-sharing).

In response to the growing payments needs of all its customers, the Group wanted to enhance its capacity for innovation. Itannounced that it had entered into exclusive negotiations withWorldline in order to create a major player in payment services formerchants in France that would be capable of operating across theentire value chain.

To allow its customers to benefit from a comprehensive propertyoffering for all asset categories and across all regions, the Groupdecided to deepen its expertise in this field with Crédit AgricoleImmobilier’s acquisition of Sudeco, a property managementcompany (syndicate, rental and technical management) and a specialist in commercial property.

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