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CREDIT AGRICOLE SA : CREDIT AGRICOLE SA :Results for the fourth quarter and full year 2012



 CREDIT AGRICOLE SA : CREDIT AGRICOLE SA :Results for the fourth quarter and
                                full year 2012

                                                   Montrouge, 20 February 2013

              Results for the fourth quarter and full year 2012
          Crédit Agricole turns a page and is now in marching order
                     to deliver a sustainable performance

 Risks reduced, swift adjustment to the new environment
            - exit from Greece
            - reduction in funding needs and in risk-weighted assets with
adjustment plan
             targets exceeded
            - refocused operations in Southern Europe
            - enhanced operating efficiency

Reported results reflect accounting impact of exceptional operations and a
modification in the taxation of the disposal of Emporiki
Normalised net income shows business lines' resilience in a difficult climate

Strengthening Group solvency: fully loaded Basel 3 CET 1 ratio: 9.3%^[1] at
31/12/2012; target of > 10% by end-December 2013 confirmed

                             Crédit Agricole S.A.

              Retail banking and related businesses remain solid

  Reported net income Group share: -€3,982 million in Q4-12, -€6,471 million
                                euros in 2012

Normalised net income Group share: +€548 million^1 in Q4-12, +€3,009 million^1
                                   in 2012

        Tier 1 ratio: 11.7%; Core Tier 1: 9.7%^[2] (+110bp  / Dec 11)

                            Crédit Agricole Group*

                  Good performances from the Regional Banks
              Strong improvement in the Group's solvency ratios

              2012 net income Group share: -€3,808million, with
        net income Group share from Regional Banks of +€3,538 million

                 Core Tier 1 ratio: 11.8%^1 (+160bp / Dec 11)

            * Crédit Agricole S.A. and 100% of the Regional Banks

                             Crédit Agricole S.A.

Crédit Agricole S.A.'s Board of  Directors, chaired by Jean-Marie Sander,  met 
on 19 February 2013 to approve the 2012 financial statements.

The fourth  quarter of  2012 saw  a continuation  of the  efforts carried  out 
throughout the year, aimed at reducing the risks facing the Group and  rapidly 
adjusting to the  new environment. The  impact of the  decisions made in  this 
respect is reflected in the results for  the quarter, which showed a net  loss 
of -3,982 million euros (+29.8% compared with the fourth quarter of 2011),  as 
the specific items detailed below obscured  the normalised net income of  +548 
million euros.

According to Jean-Paul  Chifflet, Chief Executive  Officer of Crédit  Agricole 
S.A., "2012 was a year of transformation and refocusing. We are turning a page
and will develop a new  medium-term plan this year. It  will show that we  are 
moving forward on solid foundations".

Jean-Marie Sander,  Chairman  of  Crédit Agricole  S.A.,  stressed  that  "the 
validity of the Group's universal customer-focused banking model relies on the
strength of its retail banking operations and leadership positions in  savings 
management".

Normalised net  income for  the  quarter (excluding  specific items),  at  548 
million euros,  was 10%  higher  than in  the fourth  quarter  of 2011.  In  a 
persistently  sluggish  macroeconomic   climate,  it   chiefly  reflects   the 
resilience of  French  retail  banking  and  a  good  performance  in  Savings 
management, the Group's core  businesses. It also  reflects the adjustment  of 
Corporate and investment banking to a  model that is more modest in  liquidity 
and capital consumption.  Lastly, it  takes into account  the consequences  of 
economic conditions  in Italy,  as well  as  the impact  of the  reduction  of 
outstanding loans in consumer finance.

Specific items  for  the  quarter  (-4,530  million  euros)  include  goodwill 
impairments, impairment of securities, the  impact of the revaluation of  debt 
issues, the  exit tax  and the  effects  of the  final terms  of the  sale  of 
Emporiki.

As indicated  in its  press release  dated 1  February, Crédit  Agricole  S.A. 
carried out tests to measure the fair value of goodwill carried on its balance
sheet and as a result, it recognised total impairment charges of
-2,670 million euros  Group share.  These mainly  reflect the  impact of  more 
stringent prudential requirements as well  as the macroeconomic and  financial 
environment in the countries and businesses concerned. These charges apply  to 
Corporate and investment banking (-832 million euros), Consumer finance  (-923 
million euros) and International retail banking  (-921 million euros).

In addition, an impairment of 267 million was recorded in respect of the value
of the 20.2% equity  interest held by Crédit  Agricole S.A. in the  Portuguese 
bank BES. Moreover, as announced in  the press release dated 25 January  2013, 
the impairment of the carrying value of SAS Rue La Boétie shares recognised in
the consolidated financial  statements of  the Regional Banks  had a  negative 
impact of  165 million  euros on  Crédit Agricole  S.A.'s consolidated  income 
(negative impact reduced by 40 million  euros in recognition of the impact  of 
the merger of Regional Banks on the value of their shares).

The other negative specific items included in the 2012 fourth quarter accounts
are a negative impact on net income of -541 million euros from the revaluation
of own debt (-837 million euros on revenues) due to the improvement of funding
conditions during the quarter and a tax expense of around 128 million euros in
relation to  the exceptional  7%  tax on  the  capitalisation reserve  of  the 
insurance companies.

Lastly, the fourth quarter accounts reflect  the impact of the final terms  of 
the sale  of Emporiki,  which closed  on 1  February 2013,  i.e. -706  million 
euros in net income  Group share. Under  the terms  of the sale,  there is  no 
residual funding and as a result, provisions booked in the third quarter  were 
released. On the  other hand, our  estimation of the  deductibility of  losses 
realised on the disposal of Emporiki has  had to be modified, pursuant to  the 
response of the French Government dated 19 February 2013.

Net income Group sharefor 2012 was -6,471 million euros. In addition to fourth
quarter specific items, it  includes the impact of  decisions made during  the 
previous quarters in connection with the refocusing of Crédit Agricole  S.A.'s 
operations (losses related to Emporiki and its sale, disposal of CA Cheuvreux,
disposal of the stake in Intesa Sanpaolo, deconsolidation of Bankinter, hybrid
debt buyback), as well as the  goodwill impairment in consumer finance  booked 
in the third quarter.

In 2012, the Group undertook a number of major strategic measures. These  were 
carried out  following  in-depth work  to  adjust  to the  new  financial  and 
regulatory environment  and  included  the disposal  of  non-core  businesses, 
valuation adjustments  in  respect  of  balance  sheet  assets  and  operating 
efficiency enhancements.  The  sale  of  the  Greek  subsidiary  Emporiki  was 
completed during the second  half of the year  with no residual funding  line, 
whilst the outstanding amount stood at  4.6 billion euros at end-June. At  the 
same time, the Group stepped up its efforts to refocus its assets in  Southern 
Europe. It  sold its  entire stake  in  Intesa Sanpaolo  and disposed  of  its 
investment in BES Vida while maintaining  its ownership interest in BES  bank; 
it also  reduced  its  investment in  Bankinter  from  more than  20%  at  the 
beginning of 2012 to 15.1% at the end of the year, and to less than 10%  since 
then.

Restated for these specific  items, normalised net  income was +3,009  million 
euros. French retail banking  operations delivered a satisfactory  performance 
despite the sharp economic  slowdown, with rises of  5.6% in on-balance  sheet 
deposits and  of  1.4%  in  loans  outstanding  during  the  year.  In  Italy, 
on-balance sheet customer deposits increased  by 5.5% while loans  outstanding 
contracted by 1.2%. Savings management benefited from solid business  momentum 
in the fourth quarter,  with positive net  new inflows over  the full year  of 
15.2 billion euros  for Amundi and  of 1.9 billion  euros for Crédit  Agricole 
Assurances. In Specialised financial  services, revenues declined, in  keeping 
with adjustment plan targets, while Corporate and investment banking  revenues 
were almost stable (down 3.3%).

In 2012, the adjustment plan announced in September 2011 was fully  completed, 
with debt-reduction and capital consumption optimisation targets exceeded. The
Group reduced its funding needs by 68 billion euros, i.e. 136% of the  initial 
target, and its  risk-weighted assets by  57 billion euros,  i.e. 160% of  the 
target.

In  2012,  several  cost-cutting  programmes  designed  to  enhance  operating 
efficiency were implemented: in addition to the adjustment plan for CACIB  and 
CACF, a workforce optimisation plan at Cariparma, which was fully  provisioned 
in 2012, and  the launch  of the MUST  cost reduction  programme (650  million 
euros by 2016) in  the areas of  IT, procurement and  real estate, across  the 
entire Crédit Agricole S.A. scope.

In terms of solvency, Crédit Agricole S.A.'s Core Tier 1 ratio (Basel 2.5) was
9.7% at end-December 2012, adjusted for the deconsolidation of Emporiki, which
will impact the first  quarter 2013 accounts. It  was 110 basis points  higher 
than at 31 December 2011. Most of  this improvement was due to a reduction  of 
some 40  billion euros  in risk-weighted  assets following  completion of  the 
adjustment plan.

Considering the 2012  results and  short-term solvency targets,  the Board  of 
Directors decided  not  to  submit  to the  General  Shareholders'  Meeting  a 
proposal to pay a dividend in respect of 2012.

As a result of the  set of measures adopted to  adjust to the new banking  and 
financial context,  Crédit  Agricole S.A.  is  well positioned  to  deliver  a 
sustainable financial performance.

                            Crédit Agricole Group

Over the full  year 2012, Crédit  Agricole Group, which  includes 100% of  the 
scope of  the Regional  Banks, registered  net income  Group share  of  -3,808 
million euros. This result, which was naturally affected by the specific items
recorded by  Crédit Agricole  S.A., includes  all  of the  net income  of  the 
Regional Banks, which rose by 3.4% year-on-year to +3,538 million euros.

The Regional  Banks' results  reflect  a solid  performance  in a  climate  of 
economic crisis. Their  aggregate deposits  increased by 4.4%  over the  year, 
including a 5.7% rise in on-balance sheet deposits. They registered growth  of 
1.4% in the loan book and of  2.2% in home loans. Their loan-to-deposit  ratio 
improved, contracting from  129% to  126% at  end-December 2012.  In all,  the 
Regional Banks' revenues were up 2.4% year-on-year.

In terms of solvency, the Group increased its financial strength with a  Basel 
2.5 Core  Tier  1  ratio of  11.8%  at  end-December 2012,  adjusted  for  the 
deconsolidation  of  Emporiki.  The  ratio   improved  by  160  basis   points 
year-on-year, partly due  to a reduction  in risk-weighted assets  of over  42 
billion euros,  notably  following  the completion  of  the  adjustment  plan. 
Without taking into account the deconsolidation  of Emporiki, the Core Tier  1 
ratio was 11.4% at 31 December 2012,  an improvement of 120 basis points  over 
the year. The  Group also  reaffirmed its  target of  a fully  loaded Basel  3 
Common Equity Tier 1 ratio  of over 10% by the  end of 2013, above  regulatory 
requirements and integrating the  required buffer that must  be built-in as  a 
global systemically  important institution  (1%). At  end-December 2012,  this 
ratio stood at 9.3%.

At end-December 2012, available cash  reserves amounted to 230 billion  euros, 
compared with 201 billion euros at 30 September 2012 and 110 billion euros  at 
31 December  2011. They  amply  covered short-term  market funds  (168%).  The 
surplus of long-term funding sources  over long-term applications of funds  at 
31 December 2012 was 47 billion euros. Moreover, Crédit Agricole S.A. exceeded
its medium-  to long-term  market  issuance programme,  which  was set  at  12 
billion euros for 2012, with 18.8  billion euros raised between 1 January  and 
31 December 2012. Issues placed via the Group's networks and additional  funds 
raised since 1 January, amounted to 20.6 billion euros at 31 December 2012.

                   Social and environmental responsibility 

In 2012, Crédit Agricole SA  published for the first  time the results of  its 
"FReD Index",  which  measures  the  Group's  social  performance.  The  index 
obtained a rating of 2.4, which reflects the progress made by the ten entities
participating in the Group's CSR approach: Amundi, Crédit Agricole Assurances,
CACEIS, Crédit Agricole Consumer Finance, Crédit Agricole CIB, Crédit Agricole
Leasing &  Factoring, Crédit  Agricole  Indosuez Private  Banking,  Cariparma, 
Crédit Agricole S.A. and LCL. Nearly 200 action plans were rated on a scale of
1 (choice of plan) to 5 (targets met). The rating of 2.4^[1] was validated  by 
an independent third-party auditor, PricewaterhouseCoopers.

FReD is  a  global initiative  for  continually promoting  and  improving  the 
Group's CSR activities. It  aims to disseminate  CSR practices throughout  the 
Crédit Agricole S.A.  Group by committing  all entities to  it, while  leaving 
them free  to  choose  their  own  priorities  in  the  economic,  social  and 
environmental areas. Two focuses were  nonetheless defined for 2012 and  2013: 
disability management and  promoting gender equality  within the company.  The 
objective is  to  involve  each  of the  Group's  entities  and  to  stimulate 
initiatives, with FReD providing a  common framework that allows the  entities 
to formalise their own CSR policies, and an index for comparing their progress
within the Group.

                              Financial calendar

7 May 2013   2013 first quarter results
23 May 2013   General Shareholders' Meeting
6 August 2013   2013 second quarter results
7 November 2013   2013 third quarter results

Disclaimer
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 values
and asset depreciations. Readers must take all of these risk factors and
uncertainties into consideration before making their own judgement.

Applicable standards and comparability
The figures presented for the twelve-month period ending 31 December 2012 have
been prepared in accordance with IFRS as adopted in the European Union and
applicable at that date.

                  CRÉDIT AGRICOLE S.A. CONSOLIDATED RESULTS

(in millions of euros)                    Q4-12  Change   2012*     Change
                                                 Q4/Q4*           2012*/2011*
Revenues                                  3,326  (23.0%)  16,315    (15.8%)
Operating expenses                       (3,120) (8.5%)  (12,037)   (2.9%)
Gross operating income                     206   (77.4%)  4 ,278    (38.8%)
Cost of risk                             (1,041) (29.6%) (3,736)    (12.1%)
Operating income                          (835)   47.0%    542      (80.2%)
Equity affiliates                         (156)  (78.5%)   503       x2.2
Net income on other assets                 111     x14     188        nm
Change in value of goodwill              (2,823)  79.2%  (3,395)     x2.2
Income before tax                        (3,703)  29.5%  (2,162)      nm
Tax                                        255    48.2%   (360)     (59.3%)
Net income from held-for-sale operations  (717)  +89.3%  (3,991)     x2.3
Net income                               (4,165) +35.8%  (6,513)     x5.4
Minority interests                        (183)    nm      (42)       nm
Net income Group share                   (3,982) +29.8%  (6,471)     x4.4

*FY 2011 and FY 2012 have been restated for the recording of Emporiki,
Cheuvreux and CLSA under IFRS 5.

Crédit Agricole S.A.'s revenues amounted to 3,326 million euros in the  fourth 
quarter of 2012. They include  a negative impact of  837 million euros in  the 
quarter for revaluation of  debt issues related to  the improvement in  Crédit 
Agricole S.A.'s spreads. Excluding this impact and the unfavourable impact  of 
19 million euros resulting from portfolio disposals under the adjustment plan,
normalised revenues were  6.4% lower than  in the fourth  quarter of 2011.  In 
full year 2012, revenues were 16,315  million euros, down 15.8% by  comparison 
with 2011. Before  specific items  (revaluation of debt  issues and  portfolio 
disposals under the adjustment plan), the decline was 5.7% over the year.

Operating expenses fell by  8.5% in the fourth  quarter of 2012 by  comparison 
with the fourth  quarter of 2011.  Over the  full the year,  they amounted  to 
12,037 million euros,  down 2.9% on  2011, owing to  effort to control  costs. 
Excluding the costs booked in 2011 for the adjustment plan, operating expenses
were down 0.2%.

Gross operating income  fell by 77.4%  year-on-year in the  fourth quarter  of 
2012 to 206
million euros. The decline was 23.5% excluding specific items (revaluation  of 
debt issues and adjustment plan impact on Corporate and investment Banking and
Specialised financial services in 2011).  Over the full year, gross  operating 
income was 4,278  million euros, 38.8%  lower than in  the previous year,  and 
down 15% excluding specific items.

The cost  of risk  was 1,041  million euros  in the  fourth quarter  of  2012, 
compared with 1,480 million euros in the fourth quarter of 2011. Over the full
year, it came to 3,736 million euros.

At end-December  2012, impaired  loans outstanding  (excluding finance  leases 
with customers) were 15.6 billion euros, or nearly  the same as at the end  of 
2011 (+0.5%).  The  cost  of risk  amounted  to  3.5% of  gross  customer  and 
interbank loans outstanding, compared with  3.3% at end-September 2012 and  at 
end-December 2011. The coverage  rate of impaired  loans by specific  reserves 
continued to increase, rising to 57.3% at end-December 2012 from 56.9%^[1]  at 
end-September 2012  and  55.4%^1 at  31  December 2011.  Including  collective 
reserves, the impaired loan coverage rate was 75.7%.

Income from equity  affiliates amounted to  -156 million euros  in the  fourth 
quarter of 2012  and +503 million  euros for  the full year.  It includes  the 
impact  of  impairment  of  the  shares  in  SAS  Rue  La  Boétie  and   SACAM 
International as well as the adjustment  to the valuation of shares  following 
the merger of Regional  Banks. In total, these  elements reduced the  Regional 
Banks' contribution to Crédit  Agricole's income by 141  million euros in  the 
fourth quarter and by  208 million euros respectively  over the full year.  It 
also includes the  267 million euro  impairment charge for  BES in the  fourth 
quarter and the impact  from the deconsolidation of  Bankinter in August  2012 
(-193 million euros).

The change  in  the  value of  goodwill  was  -3,395 million  euros  in  2012, 
including -2,823  million euros  registered in  the fourth  quarter  following 
impairment testing and taking into account the impact of reinforced prudential
requirements as well  as the  macroeconomic and financial  environment in  the 
relevant countries  and  business lines.  The  impairment charges  applied  to 
Corporate and  investment banking  (-826  million euros  in net  income  Group 
share), Consumer finance. (-923 million euros  in net income Group share)  and 
International retail banking (-921 million euros in net income Group share).

In the fourth  quarter of 2012,  pre-tax income was  -3,703 million euros,  or 
+486 million euros excluding specific items. For the full year, it was  -2,162 
million euros or +3,934 million euros excluding specific items.

Net income on discontinuing or  held-for-sale operations came to -717  million 
euros in the fourth quarter of  2012 (including +127 million euros related  to 
the final conditions of the sale of Emporiki and -838 million euros to the tax
treatment of the transaction),  and -3,991 million euros  over the full  year, 
reflecting progress made on the disposals of Emporiki, Cheuvreux and CLSA.

Crédit Agricole S.A.'s net income Group share was -3,982 million euros in  the 
fourth quarter  of 2012.  Excluding specific  items (revaluation  of own  debt 
issues, goodwill impairment,  impairment of shares  in SAS Rue  La Boétie  and 
BES, sale of Emporiki and exit tax), it  was 548 million euros, a rise of  10% 
by comparison with the fourth quarter of 2011 on a normalised basis.

  Adjustment plan completed: funding needs and risk weighted assets sharply
                                   reduced

The Group actively continued to implement the adjustment plan announced on  14 
December 2011  and  exceeded  its  initial targets,  in  terms  of  both  debt 
reduction and  optimisation of  capital  consumption. Accordingly,  the  Group 
reduced its liquidity  requirements by  68 billion euros  at current  exchange 
rates between  June 2011  and December  2012,  i.e. achieved  136% of  its  50 
billion euros target. Over the same period, risk-weighted assets were  reduced 
by 57  billion euros  at constant  exchange rates  (representing 160%  of  the 
target), including Basel 3 impacts as well as the Marylebone transaction which
cut risk-weighted assets by 14 billion euros.

These reductions reflect measures taken within three business lines. In Retail
banking, the  loan-to-deposit ratio  improved considerably,  contracting  from 
129% in June 2011 to 122% at end-December 2012. Specialised financial services
reduced its  requirements and  successfully carried  out external  refinancing 
actions through the collecting of retail deposits in Germany,  securitisations 
and bond issues, which  generated 7 billion of  deposits over the duration  of 
the plan, including 2 billion euros in the fourth quarter of 2012. Lastly,  in 
addition to implementing its new model, Crédit Agricole CIB sold 10.3  billion 
euros of loan portfolios (at an average discount of only 2.3%), including  0.4 
billion euros  in  the  fourth quarter  of  2012,  as well  as  CDO  and  RMBS 
portfolios and the market risk of its correlation portfolio.

                                       
 

 1. At current exchange rates 

 2. At constant exchange rates, including impact under Basel 3 

FINANCIAL STRUCTURE

Crédit Agricole S.A. further enhanced its financial strength in 2012,  lifting 
its Core  Tier  1  ratio  to  9.2%  at  31  December  2012  from  8.6%  at  31 
December 2011.

Over the period, Crédit  Agricole S.A. registered the  positive effect of  the 
increase in  unrealised  gains (50  basis  points), the  continuation  of  the 
adjustment plan in Corporate and investment banking and Specialised  financial 
services (54 basis points), and the  completion of the disposal of the  market 
risk of the correlation book of CACIB (49 basis points). Conversely, the  loss 
on the sale of  Emporiki contributed significantly to  the negative change  of 
93 basis points in retained earnings (excluding goodwill impairment). Of this,
approximately 50 basis points will be offset  in the first quarter of 2013  by 
the deconsolidation of the Greek subsidiary's risk-weighted assets.

In 2012,  risk-weighted  assets fell  by  40.6 billion  euros  (including  5.2 
billion euros in the  fourth quarter), mostly due  to the adjustment plan  and 
the transfer of market risk of the correlation book. They declined from  333.7 
billion euros at 31 December 2011 to 293.1 billion euros at 31 December 2012.

In the fourth  quarter alone,  the Core  Tier 1  ratio decreased  by 10  basis 
points. Anticipating the deconsolidation  of Emporiki's risk-weighted  assets, 
which will occur at transaction closing in the first quarter of 2013, the Core
Tier 1 ratio would be 9.7% pro forma.

LIQUIDITY

Crédit Agricole Group's  cash balance  sheet totalled 1,032  billion euros  at 
end-December 2012, 2 billion euros more than at end-December 2011.

Short-term debt, corresponding to outstanding debt due within 370 days  raised 
by the Group from  market counterparties (excluding the  netting of repos  and 
reverse repos  and excluding  Central Bank  refinancing totalling  34  billion 
euros), amounted to 137 billion euros  at 31 December 2012, compared with  136 
billion euros at 31 December 2011. Short-term market funds and repos  declined 
by 12 billion euros over the year while liquid assets, primarily deposits with
Central Banks, interbank assets and the securities portfolio, increased by  36 
billion euros over the year.

The surplus of long-term funding sources over long-term applications of  funds 
at 31 December 2012 was 47  billion euros. Long-term funding sources  totalled 
861 billion euros at  31 December 2012 and  comprised long-term market  funds, 
customer-related funds  and capital  (and  similar items).  Long-term  funding 
sources increased by 14 billion euros between 31 December 2011 and 31 December
2012. Financing requirements in respect of customer related assets as well  as 
tangible and intangible assets  amounted to 814 billion  euros at 31  December 
2012, 34 billion euros less than at 31 December 2011.

The 68  billion euro  reduction  in funding  requirements achieved  under  the 
adjustment plan consists of the 21 billion euro reduction recorded at end-2011
and of a  47 billion  euro reduction in  2012. These  47 billion euros  result 
mainly from an increase in customer-related  funding (23 billion euros) and  a 
reduction in customer assets  and customer-related trading assets  (27 billion 
euros).

Reserves of  available  assets  (after  haircut)  eligible  for  Central  Bank 
refinancing or that can be turned  into cash in the market, including  Central 
Bank deposits, totalled 230 billion euros  at end-December 2012. They were  29 
billion euros higher than at end-September 2012. They amply covered short-term
market funds (168%), which amounted to 137 billion euros at end-2012.

Available reserves consisted of 95  billion euros in liquid market  securities 
also eligible for Central Bank refinancing (41% of total reserves), 15 billion
euros in liquid  market securities  (7%), 53  billion euros  in deposits  with 
Central Banks (23%),  58 billion  euros in  assets eligible  for Central  Bank 
refinancing   (25%)   and    9   billion   euros    in   securitisation    and 
self-securitisation tranches (4%) eligible for Central Bank refinancing.

As concerns medium/long-term funding, Crédit Agricole S.A. exceeded its market
issuance programme  which was  set at  12 billion  euros for  2012, with  18.8 
billion euros raised between 1 January and 31 December 2012. The average  term 
of the issues is 6.3 years and the average spread is 121.9 basis points versus
mid-swap. Crédit Agricole S.A.'s 2013 medium/long-term funding programme is 12
billion euros, at the level same as the 2012 programme.

Concurrently, the Group is developing its access to additional funding sources
via its retail  bank networks and  its specialised subsidiaries,  particularly 
through debt issuance. At 31 December 2012, 3.7 billion euros had been  raised 
through the Regional Bank network, 4.9 billion euros via the LCL and Cariparma
networks, 7.6  billion euros  via Crédit  Agricole CIB  (mainly in  structured 
private placements) and 4.4 billion euros via Crédit Agricole Consumer Finance
(mainly issues  and  securitisations).  Total  medium-  and  long-term  issues 
carried  out  via  the  Group's   retail  networks  and  in  the   specialised 
subsidiaries amounted to 20.6 billion euros in 2012.

RESULTS BY BUSINESS LINE

 1. FRENCH RETAIL BANKING  

In the fourth  quarter of 2012,  French retail banking  proved resilient in  a 
persistently sluggish French economy. The  branch networks continued to  enjoy 
strong momentum, with on-balance sheet deposits rising by 5.6% year-on-year to
413.7 billion euros at 31 December  2012. This good performance is due  partly 
to the  change in  the mix  in favour  of regulated  passbook accounts,  which 
attracted deposits of 12.0  billion euros in the  fourth quarter alone due  to 
the higher ceilings for  Livret A and LDD  passbook accounts. The  significant 
growth in interest-bearing  deposits was also  driven by an  increase in  term 
accounts and deposits,  which rose  by 18.7%  by comparison  with 31  December 
2011.

At the same time, off-balance sheet  deposits continued to recover, rising  by 
2.6% year-on-year, due  to a positive  market effect and  renewed interest  in 
life insurance. They amounted to 317.3 billion euros at 31 December 2012.

Loans outstanding  rose by  1.4% year-on-year  to 485.2  billion euros  at  31 
December 2012.

The loan-to-deposit ratio stood at 124% at 31 December 2012 compared with 130%
at 30  June  2011,  improving  by six  percentage  points  compared  with  the 
beginning of the adjustment plan. This ratio was 126% at end-December 2011.

The operating income contribution of the Regional Banks was 210 million  euros 
in the fourth  quarter of  2012. The contribution  was reduced  to 69  million 
euros after the impairment of SAS  Rue La Boétie shares (-165 million  euros), 
the valuation adjustment on shares following the merger of Regional Banks (+40
million euros) and the impairment  of SACAM International shares (-16  million 
euros). LCL's contribution was  123 million euros,  down 5.8% year-on-year  in 
the fourth quarter of 2012.

In all, the business line's operating  net income Group share was 333  million 
euros in the fourth quarter and 1,695 million euros over the year, up 0.7%  on 
2011.

1.1. CRÉDIT AGRICOLE REGIONAL BANKS

(in millions of euros)                            Q4-12 Change  2012  Change
                                                         Q4/Q4       2012/2011
Net income accounted for under the equity method   72   (66.7%) 674   (21.1%)
(at about 25%)
Change in share of reserves                        (3)    nm    150   (2.6%)
Equity affiliates                                  69   (68.3%) 824   (18.4%)

In the fourth quarter  of 2012, the Regional  Banks continued to follow  their 
strategy of achieving balanced growth in their business.

They delivered a  solid overall  performance in deposits,  which increased  by 
4.4% year-on-year to  574.3 billion euros. On-balance  sheet deposits rose  by 
5.7% year-on-year to  333.7 billion euros.  Growth was driven  mainly by  time 
accounts and deposits (+18.1%) and passbook accounts (+10.8%), mostly Livret A
and LDD  regulated passbook  accounts, which  benefited from  the increase  in 
their ceilings as of 1 October 2012. These attracted deposits of 10.5  billion 
euros in the fourth quarter alone, or 21.6% more than in the third quarter  of 
2012. At the same time, the Regional Banks sustained solid momentum driven  by 
a positive market effect  on off-balance sheet deposits,  which moved up  2.6% 
year-on-year to 240.6 billion euros at end-December 2012. In securities, their
performance was notable, with customer  assets growing by 13.3%  year-on-year. 
Life insurance also benefited from a positive effect (+2.0% year-on-year).

Loans outstanding amounted to 396.0 billion euros at 31 December 2012, up 1.4%
by comparison with 31 December 2011. Growth in home loans slowed yet  remained 
satisfactory at +2.2% year-on-year.
As a result, the loan-to-deposit ratio  improved to 126% at end-December  2012 
from 129% at end-December 2011.

The Regional Banks'  revenues (restated for  intragroup transactions) came  to 
2,915 billion euros in the  fourth quarter of 2012,  down 12.2% on the  fourth 
quarter of  2011. The  decline  reflects recognition  in the  Regional  Banks' 
accounts of the impairment of SAS Rue La Boétie shares following the change in
the share  valuation  method  (-650  million euros),  less  an  adjustment  of 
161 million euros for the write-back of entries cancelling the revaluation  of 
the "CNCA" shares at the time of the merger of certain Regional Banks. Lastly,
revenues reflected the  impairment of SACAM  International shares (62  million 
euros). Excluding these items and the  impact of home purchase savings  plans, 
revenues would have risen by 4.1%  year-on-year in the fourth quarter of  2012 
and 1.5% over the full year.

Expenses were 6.5%  higher in  the fourth  quarter of  2012 than  in the  same 
period in the previous year. They include new taxes enacted in 2012 as part of
the Amended Finance Act and the  Social Security Funding Act, and an  increase 
of 223 million euros due to the NICE project, slightly above the level of  209 
million euros registered in 2011. Before impact of the new taxes voted in 2012
in the framework of Amended Finance Act and the rise in investments due to the
NICE project (+14 million euros in the  fourth quarter of 2012), they were  up 
by 3.9% compared to the fourth quarter of 2011.

Operating income was 735  million euros in the  fourth quarter of 2012  taking 
into account cost of risk of 150 million euros, i.e. 15 basis points of  loans 
outstanding in the fourth  quarter of 2012  compared with a  very low 4  basis 
points in the  fourth quarter of  2011. The  impaired loan ratio  was 2.4%  at 
end-December 2012 and it has been stable  since the end of 2010. The  coverage 
ratio (including collective reserves) remained high at 107.6% at  end-December 
2012 compared with 108.8% at end-December 2011.

Consequently, the Regional Banks' contribution  to Crédit Agricole S.A.'s  net 
income Group share was 69 million euros  in the fourth quarter of 2012,  68.3% 
lower than in the  fourth quarter of 2011.  Excluding the negative effects  of 
impairments  and  after  share  valuation  adjustment,  it  would  have   been 
210 million euros.  For  2012,  the Regional  Banks'  contribution  to  Crédit 
Agricole S.A.'s net income Group share amounted to 824 million euros. It would
amount to  1,032 million  euros restated  for  the same  impacts, up  by  1.9% 
compared with 2011.

1.2. LCL

 

(in millions of euros)     Q4-12 Change   2012    Change
                                  Q4/Q4          2012/2011
Revenues                    919  (0.2%)   3,891   + 1.8%
Operating expenses         (639) (0.4%)  (2,522)  + 1.0%
Gross operating income      280  + 0.1%   1,369   + 3.3%
Cost of risk               (77)  + 10.5%  (311)   + 8.6%
Operating income            203  (3.4%)   1,058   + 1.8%
Net income on other assets   2     nm       1       nm
Income before tax           205  (3.2%)   1,059   + 1.8%
Tax                        (75)  + 1.5%   (361)   + 9.5%
Net income                  130  (5.7%)    698    (1.8%)
Minority interests           7   (4.4%)    35     (1.4%)
Net income Group share      123  (5.8%)    663    (1.8%)

 
 

During the fourth  quarter, LCL  continued to provide  support to  individual, 
corporate and small business customers.  Home loans outstanding moved up  0.9% 
quarter-on-quarter in the fourth quarter of 2012, despite weaker demand,  with 
a year-on-year increase of  3.0%, driving total loans  outstanding up 1.6%  to 
89.2 billion euros.

Concurrently, balanced  growth  was  restored in  on-  and  off-balance  sheet 
customer deposits  over  the year,  with  positive  net new  inflows  in  life 
insurance continuing in the  fourth quarter. Owing to  this solid momentum  at 
the end of  the year  coupled with a  positive market  effect, life  insurance 
funds under management moved up 5.4% year-on-year. Total deposits amounted  to 
156.7 billion euros at 31 December 2012, up 3.9% year-on-year, with  increases 
of 5.0% in on-balance sheet deposits and of 2.8% in off-balance sheet deposits
over the same period.

The loan-to-deposit ratio was 116% at end-December 2012, stable over the  full 
year despite the new higher ceilings on Livret A and LDD passbook accounts  in 
the fourth quarter of 2012. Since the end of June 2011 and the  implementation 
of the adjustment plan, the loan-to-deposit ratio has improved by 13 points.

Revenues for the fourth quarter were 919  million euros, about the same as  in 
the fourth quarter of 2011 (-0.2%), owing to resilient margins, which rose  by 
2.3% year-on-year in the fourth  quarter of 2012. Conversely, commissions  and 
fee income  were adversely  affected  by the  decline in  customer  securities 
transactions volume and receded by 3.4% year-on-year in the fourth quarter.

Operating expenses in the fourth quarter of 2012, excluding the impact of  the 
new taxes enacted as part of the  Amended Finance Act and the Social  Security 
Funding Act,  were  3.4%  lower than  in  the  fourth quarter  of  2011.  Even 
including this unfavourable impact, they  remained tightly controlled, with  a 
decline of 0.4% over the same period.

Gross operating income moved up by 0.1% year-on-year in the fourth quarter  of 
2012 and by 3.3%  over the full year.  As a result of  these two factors,  the 
cost/income ratio improved, contracting  by 0.1 percentage point  year-on-year 
in the fourth quarter of 2012 to 69.6%.

The cost of risk was up 10.5% year-on-year in the fourth quarter of 2012. Even
so, the impaired loan ratio remained stable at 2.4%, while the coverage ratio,
including collective reserves, increased to  76.8% from 75.5% at  end-December 
2011.

In all, net income, Group share was 123 million euros in the fourth quarter of
2012, down 5.8% by comparison with the  fourth quarter of 2011. For 2012,  net 
income Group share was 663 million euros, down by only 1.8%.

 2. INTERNATIONAL RETAIL BANKING  

The sale of  Emporiki, which was  announced in October,  closed on 1  February 
2013. At 31 December 2012, Emporiki remained on Crédit Agricole S.A.'s  books, 
recorded under IFRS 5 under the same conditions as at 30 September 2012.

 

 (in millions of euros)                   Q4-12  Change   2012*  Change
                                                 Q4/Q4*          12/11*
Revenues                                   611    +5.5%   2,472   +3.9%
Operating expenses                        (478)  +14.7%  (1,707)  +8.9%
Gross operating income                     133   (18.2%)   765   (5.8%)
Cost of risk                              (162)  +20.4%   (522)  +18.4%
Operating income                          (29)     Nm      243   (34.5%)
Equity affiliates                         (257)  (73.7%)  (393)  (56.9%)
Net income on other assets                 (1)     Nm      (3)     nm
Change in value of goodwill              (1,066)  x3.9   (1,066)  x3.9
Income before tax                        (1,353) +10.6%  (1,219)  49.6%
Tax                                        22    (48.5%)  (50)   (40.2%)
Net income from held-for-sale operations  (709)    nm    (3,742)  x2.3
Net income                               (2,040)  36.4%  (5,011) +99.7%
Minority interests                        (145)   x7.5     131    x2.6
Net income Group share                   (1,895)  28.3%  (4,880) +98.5%

 
 

*FY 2011 and FY 2012  have been restated for  the recording of Emporiki  under 
IFRS 5

In Italy,  Cariparma  stood  up  well in  a  persistently  difficult  economic 
climate.

Loans outstanding amounted to 33.4 billion euros at 31 December 2012, down  by 
1.2% by comparison with  31 December 2011, or  less than the 2.9%^[1]  average 
market decline. Total deposits increased by 5.5% year-on-year to 35.6  billion 
euros, while  the market  registered a  3.5%^1 fall.  As a  result,  Cariparma 
generated a liquidity surplus  that contributes to  funding the Group's  other 
businesses in Italy.

Revenues rose  by  4.5% year-on-year  in  the fourth  quarter  of 2012,  on  a 
favourable basis of comparison in the fourth quarter of 2011. This performance
is also  due to  resilient commissions  and  fee income.  Over the  year,  the 
increase revenues rose by 2.6 %.

The fourth quarter was  affected by the extension  of the voluntary  departure 
plan instituted in the  first half of  2012, with 64  million euros booked  to 
provisions for  the cost  of  this plan  in the  fourth  quarter of  2012,  in 
addition to the 54 million euros booked  in the second quarter of 2012.  Under 
the plan, a  total of 720  employees are expected  to leave by  2015. In  all, 
operating expenses^[2] rose by 2.2% year-on-year in the fourth quarter of 2012
and by 0.9% over the full year.

The cost of risk continued to be adversely affected by deteriorating  economic 
conditions. It increased  by 123 million  euros year-on-year to  32.1% in  the 
fourth quarter of 2012. The ratio of non-performing loans to outstandings  was 
8.1%, with a  coverage ratio  of 45.4% (compared  with 43.3%  at 30  September 
2012).
In addition, a provision of 35 million euros was recorded within a  collective 
provision booked in the  Corporate Centre which could  in the future meet  the 
requirements of an  audit by  the Bank of  Italy which  is currently  underway 
across the whole banking sector.

The fourth quarter was also affected by impairment charges following  goodwill 
impairment tests, which resulted in a  charge of 852 million euros for  retail 
banking in Italy.

In all,  net  income  Group  share,  excluding  the  impairment  of  Cariparma 
goodwill, was a loss of 10 million euros for the fourth quarter and a gain  of 
89 million euros over the year.

In Greece, on 16  October, Crédit Agricole S.A.  announced the signature of  a 
contract for the sale of 100% of Emporiki's share capital to Alpha Bank. After
securing the  approval of  the competent  authorities, the  sale closed  on  1 
February 2013.

Completion of this transaction resulted in recording net income Group share of
-706 million euros in Crédit Agricole S.A.'s consolidated financial statements
for the  fourth quarter  of 2012.  This result  is due  to the  write-back  of 
provisions for funding, which  are no longer  applicable. Crédit Agricole  CIB 
acquired assets in Emporiki's  shipping portfolio for  1.4 billion US  dollars 
and Emporiki reimbursed the residual funding to Crédit Agricole S.A. After the
sale, Emporiki no longer receives any funding from Crédit Agricole S.A. On the
other hand, the tax effects which were  forecast in the third quarter of  2012 
were modified pursuant  to the response  of the French  Government on the  tax 
deductibility of the the realised losses.

Excluding Italy  and  Greece,  the  Group's  other  entities  had  a  balanced 
loan-to-deposit ratio  at  31  December  2012,  with  10.2  billion  euros  of 
on-balance sheet deposits and 9.8 billion euros of gross loans. Excluding  the 
impairment of BES shares  and the impairment of  goodwill for Crédit  Agricole 
Egypt (69 million euros),  the contribution to net  income Group share of  the 
business line's other entities  was 9 million euros  in the fourth quarter  of 
2012 and 115 million euros over 2012.

 3. SPECIALISED FINANCIAL SERVICES 

 

(in millions of euros)       Q4-12  Change   2012   Change
                                     Q4/Q4           12/11
Revenues                      819   (14.4%)  3,445  (12.3%)
Operating expenses           (412)  (14.3%) (1,601) (8.2%)
Gross operating income        407   (14.5%)  1,844  (15.5%)
Cost of risk                 (613)  + 1.2%  (2,105) + 31.1%
Operating income             (206)  + 58.4%  (261)    nm
Equity affiliates              5    + 28.7%   19    + 37.9%
Change in value of goodwill  (923)   x3.7   (1,495)  x6.0
Income before tax           (1,124)  x3.0   (1,737)   nm
Tax                          (38)     nm     (101)  (58.5%)
Net income                  (1,162)  x3.3   (1,838)   nm
Minority interests            85     x4.4     225     nm
Net income Group share*     (1,077)  x3.2   (1,613)   nm

 
 

In 2012,  Specialised financial  services  achieved its  targets in  terms  of 
liquidity under the  adjustment plan, by  pursuing in the  fourth quarter  the 
managed down-sizing of  its business  and the diversification  of its  funding 
sources. The  consolidated outstandings  of Crédit  Agricole Consumer  Finance 
(CACF) stood at  47.6 billion euros  at 31  December 2012, a  decrease of  4.6 
billion euros since June 2011, including almost 1 billion euros in the  fourth 
quarter. Agos-Ducato  accounted for  1.4  billion euros  of the  reduction  in 
outstandings between June 2011 and  December 2012. The organic contraction  in 
outstandings amounted to  some 3.6  billion euros over  the period,  due to  a 
slowdown in  the consumer  credit  market in  Europe coupled  with  deliberate 
efforts to  tighten  credit  approval  criteria  and  the  discontinuation  of 
insufficiently profitable  partnerships. In  addition,  1.1 billion  euros  of 
non-performing  loans  were  sold  over  the  plan  duration,  including   one 
transaction carried out by Agos-Ducato during the fourth quarter  representing 
a portfolio of 0.5 billion euros which was fully provisioned. The managed loan
book fell by  0.6 billion  euros from its  June 2011  level, and  outstandings 
managed on behalf  of Crédit Agricole  Group remained stable.  The total  loan 
book managed by CACF was 73.2 billion euros at 31 December 2012, a decline  of 
5.2 billion since  June 2011.  The geographical breakdown  is quasi  unchanged 
compared with the previous quarter, with 38% of outstandings in France, 34% in
Italy (down 1 percentage point by  comparison with the third quarter of  2012) 
and 28% in other countries (up 1 percentage point).

CACF pursued its efforts to diversify external sources of funding and  secured 
over  7  billion  euros  of  additional  refinancing  between  June  2011  and 
end-December 2012, including  2 billion euros  in the fourth  quarter of  2012 
alone.

Crédit Agricole Leasing and Factoring (CAL&F) also intensified its efforts  in 
keeping with the adjustment plan, both  to shrink its loan book and  diversify 
its external funding. As a result, at 31 December 2012, funds under management
in lease finance were 6.5% lower than at 31 December 2011 and amounted to 18.6
billion euros. In  France, they  declined by  8.2% over  the period.  Factored 
receivables amounted to 56.3 billion euros  at 31 December 2012, down 6.0%  by 
comparison with 31 December 2011, with nearly half of the decline coming  from 
international operations.

In 2012,  the business  line's  results were  adversely affected  by  goodwill 
impairment, the deterioration  in macro-economic conditions  in Italy and  the 
cost  of  the  adjustment  plan.  Revenues  were  also  hurt  by  unfavourable 
regulatory trends in France  (Consumer Finance Act)  and in Italy  (borrowers' 
insurance reform), by the fall in  business, which was partially offset by  an 
increase in margins, and by the  increase in refinancing costs resulting  from 
the lengthening of maturities. Thus, revenues were 3,445 million over the full
year, including 819 million euros in  the fourth quarter of 2012. To  mitigate 
these effects, CACF and CAL&F both  initiated vigorous measures to cut  costs, 
which  declined  by  8.2%  year-on-year  over  the  full  year  and  by  14.3% 
year-on-year in the fourth quarter of 2012. The cost-income ratio was 46.5% in
2012 and 50.3% in the fourth quarter. The cost of risk was stable year-on-year
in the fourth quarter of 2012 but rose by 31.1% over the full year. This trend
reflects mixed situations, with a steady  improvement in cost of risk at  CACF 
France, where it fell to  its lowest since the third  quarter of 2008, and  at 
all the  international  subsidiaries  other than  Agos,  which  lowered  their 
overall cost of risk by 1.8% between the fourth quarter of 2011 and the fourth
quarter of 2012. Conversely, the  cost of risk remained  high at Agos, at  416 
million euros in the fourth quarter of 2012, taking into account, with  regard 
to the specific context in Italy, the reinforcement of the nonperforming  loan 
coverage ratio from 90.2% to 96.4%  between the third and the fourth  quarters 
of 2012 (including  collective reserves). This  contributed to increasing  the 
total cost of  risk for  the SFS  business line to  613 million  euros in  the 
fourth quarter of 2012 and  to 2,105 million euros over  the full year. At  31 
December 2012, Agos's impaired loans stood at 13.5% of its total outstandings.

All in all, net income Group share in Specialised Financial Services  amounted 
to -1,613 million euros in 2012 and to
-1,077 million euros in the fourth  quarter of 2012, including -1,495  million 
euros in goodwill impairment  for consumer finance (923  million euros in  the 
final quarter) and 30 million euros  in impairment of deferred tax assets  for 
CAL&F in the fourth quarter of 2012.

 4. SAVINGS MANAGEMENT 

This business line  encompasses asset management,  insurance, private  banking 
and asset servicing.
In 2012,  the business  line's funds  under management  rose by  83.3  billion 
euros, with positive net new inflows over  the year of 15.2 billion euros  for 
Amundi and  of 1.9  billion euros  for CA  Assurances. In  addition to  strong 
business momentum  across all  segments, the  business line  benefited from  a 
highly positive market and currency impact (+68.9 billion euros). Total  funds 
under management were 1,084.4 billion euros at 31 December 2012.
In the fourth quarter of 2012, net income Group share from Savings  management 
registered strong growth in all segments, despite higher tax charges, on a low
basis of  comparison with  the fourth  quarter  of 2011.  It amounted  to  446 
million euros, benefiting from growth in funds under management and the  solid 
level of business overall, which offset the downtrend in margins.
In full year 2012, net income Group share was 1,720 million euros, up 80.9% on
the previous  year, which  reflected  the negative  impact  from the  PSI  for 
Greece.

 

(in millions of euros)     Q4-12 Change   2012    Change
                                  Q4/Q4          2012/2011
Revenues                   1,304 + 4.6%   5,160   (1.6%)
Operating expenses         (617) (8.5%)  (2,401)  (4.3%)
Gross operating income      687  + 20.1%  2,759    +0.9%
Cost of risk                (3)    nm     (55)    (94.9%)
Operating income            684  +81.6%   2,704   + 62.9%
Equity affiliates            2   (10.1%)   10     (3.7%)
Net income on other assets   -     nm      28       nm
Income before tax           686  + 81.3%  2,742   + 64.2%
Tax                        (197) + 9.2%   (848)   + 36.8%
Net income                  489   x2.5    1,894   + 80.4%
Minority interests          43    x3.2     174    + 75.4%
Net income Group share      446   x2.4    1,720   + 80.9%

 
 

In Asset management, Amundi registered a solid level of business with net  new 
inflows of 15.2 billion  driven by institutional  customers, employee  savings 
and third-party  distributors.  Amundi ranks  second  in Europe  in  terms  of 
inflows (source: Lipper FMI FundFile - figures at 30 November 2012, open-ended
funds domiciled in Europe, excluding mandates and dedicated funds).

New inflows excluding branch networks were 26 billion euros in 2012, with 18.8
billion euros in the institutional and corporate segment, and 2 billion  euros 
in the third-party  distributor segment, primarily  in Europe outside  France. 
Inflows into employee savings schemes came to 5.2 billion euros. Outflows from
branch networks (-10.8  billion euros  over the  year) slowed  sharply in  the 
fourth quarter, confirming the reversal in the trend that began in the summer.
After a  market and  currency  impact of  +53.6  billion euros,  assets  under 
management amounted to  727.4 billion  euros at 31  December 2012,  a rise  of 
10.4% by comparison with end-December 2011.

Amundi continued to strengthen its competitive position and boosted its market
shares appreciably. Its  market share  in mutual funds  distributed in  France 
rose by 1.9 points over 2012  to 26.1% (source: Europerformance NMO -  figures 
at 31 December 2012).  In Europe, Amundi  is No. 1  in money market  products, 
where it controls 12.2% of the market, and in guaranteed products, with  15.5% 
of the  market (source  Lipper FMI  FundFile -  figures at  30 November  2012, 
open-ended funds). It  has also confirmed  its position as  No. 1 in  employee 
savings schemes in France with over 40% of the market (AFG figures at 30  June 
2012).
Amundi's results remained high in 2012. Over the year, its net income rose  by 
16.2% to 480  million euros. High  performance-based commissions  (166 million 
euros compared  with 72  million  euros in  2011)  offset the  contraction  in 
margins. Expenses  remained tightly  controlled: they  fell by  1.4% over  the 
year, and  by 2.3%  excluding the  effect of  the latest  tax measures.  Gross 
operating income rose by 12.2% to 689 million euros, or by 2.4% excluding  the 
disposal of Hamilton Lane at the beginning of the year. The cost/income  ratio 
improved, contracting by 0.9 percentage point to 55.0%.

In  the  fourth  quarter  of  2012,  gross  operating  income  moved  up  4.5% 
year-on-year to 161 million euros and net income rose by 30.3% to 111  million 
euros. Revenues  grew by  6.8% owing  to a  high level  of performance-  based 
commissions. Expenses  increased by  8.9%, due  mainly to  the effect  of  tax 
measures.

In asset  servicing,  CACEIS  continued  to show  strong  momentum  since  the 
beginning of  the  year,  with  organic growth  based  on  genuine  commercial 
successes in its two segments, custody and administration. In addition, CACEIS
benefited from  a  favourable market  effect,  in both  fixed-income  business 
(trends in  long rates)  and equity  business (CAC  40 up  15% since  December 
2011). Consequently, assets under custody rose by 10.3% over the year to 2,491
billion euros, while assets under  administration increased by 20.3% to  1,251 
billion euros over the same period.
Net income Group share declined by 36.4% year-on-year in the fourth quarter of
2012 to 25.9 million  euros under the combined  effect of pressure on  margins 
and tightening spreads  on cash. Over  the full year,  net income Group  share 
rose by 7.6% to 148 million euros.

Private Banking  proved resilient  in a  climate of  financial crisis.  Assets 
under management in  private banking  were 132  billion euros  at 31  December 
2012, up 4.7% on  31 December 2011,  owing to a  positive market and  currency 
impact. Outflows amounted to  2.7 billion euros  over the year,  in a  general 
climate unfavourable to off-balance sheet  deposits and following the sale  of 
non-core assets in  Latin America. However,  over the past  year, the pace  of 
these outflows  has  slowed  in  every quarter.  As  a  result,  assets  under 
management rose by 5.6% in  France over the full  year to 60.4 billion  euros. 
Internationally, they increased by 3.9% over  the same period to 71.8  billion 
euros.
Net income Group share for the year amounted to 139.2 million euros, including
52 million euros  in the fourth  quarter of 2012,  when it surged  by 160%  by 
comparison with the fourth quarter of 2011 and by 23% excluding  non-recurring 
items (gains on cash management and write-back of provisions).

In Insurance, premium income  was 6.6 billion euros  in the fourth quarter  of 
2012 and 23.2 billion in full year 2012.

Life insurance (restated  for BES Vida  which was  sold to BES  in the  second 
quarter of  2012) delivered  very good  results in  the fourth  quarter  after 
weathering difficult  market  conditions at  the  beginning of  the  year.  In 
France, business  was  25% higher  than  in the  fourth  quarter of  2011;  it 
declined by  11%  over the  year,  in line  with  the market  (source:  FFSA). 
Internationally, business grew by 80% in the fourth quarter and by 7% over the
year. All in all, owing primarily to  positive net new inflows of 1.9  billion 
euros  in  2012,  funds  under  management  in  life  insurance  rose  by   4% 
year-on-year to nearly 225 billion euros at end-December 2012. At 31  December 
2012, 18.5% of these funds were in unit linked accounts.

Property  &  casualty  insurance  continued   to  grow,  both  in   France and 
internationally, where premium  income moved up  6% between end-December  2011 
and end-December  2012.  In France,  premium  income amounted  to  almost  2.5 
billion euros in full year  2012, up 7% while the  market grew by 4% over  the 
same period (source: FFSA). In the fourth quarter of 2012, premium income rose
by 7% year-on-year  to 493 million  euros. The claims  ratio for the  business 
(net of reinsurance) remained controlled, at 70.1% in 2012.

Creditor insurance business declined by 6% between December 2011 and  December 
2012, due to the  slowdown in the consumer  credit market. Premium income  was 
964 million euros in 2012, including  244 million euros in the fourth  quarter 
alone.

In international  business,  total  premium  income  (in  life  insurance  and 
Property &  Casualty but  excluding creditor  insurance and  restated for  BES 
Vida) continued to recover. It rose  by 7% between December 2011 and  December 
2012 to 3.5 billion euros, with a significant surge in life insurance.

Revenues for the  insurance business  segment were  551 million  euros in  the 
fourth quarter of 2012, up 2.0% on  the fourth quarter of 2011, but down  8.9% 
between end-December 2011 and  end-December 2012 due  to an unfavourable  base 
effect. Operating expenses remained under  control and were stable,  excluding 
one-off effects  of  the  treatment  of  Greek  sovereign  securities  on  the 
calculation basis of  certain taxes (negative  impact of 69  million euros  in 
2011 followed by a positive impact of 45 million euros in 2012).

Net income Group share for the insurance business segment was 1,081 million in
full year 2012, including 284 million euros in the fourth quarter, up  sharply 
year-on-year following the  effects of  the European support  plan to  Greece, 
which adversely affected the insurance business segment in 2011.

Investments  are  conservatively  managed.  As  such,  7.4  billion  euros  of 
sovereign debt  in  peripheral countries  was  sold in  2012.  At the  end  of 
December 2012, Crédit Agricole Assurance's aggregate exposure to Italy, Spain,
Ireland and Portugal was less than 8 billion euros compared with 15.3  billion 
euros at  end-December 2011.  Exposure  to Greek  sovereign  debt was  nil  at 
end-2012 (1.9  billion  euros  a  year  earlier).  In  addition,  fixed-income 
products continue to account for a  predominant share of investments in  euros 
(79.4% of the total at  end-2012). Short-term investments accounted for  6.9%, 
real estate for 4.9%  (buildings, shares in  property and property  investment 
companies, etc.), alternative investments for 1.6%, other shares (adjusted for
hedging) for  5.5%, and  other products  (private equity,  convertible  bonds, 
etc.) for 1.7%. Lastly,  in 2012, Crédit  Agricole Assurances (CAA)  confirmed 
its major role in financing of the French economy alongside the Group's  banks 
by offering  financing  solutions  to  large  corporate  customers  and  local 
community institutions. CAA has invested a  total of over 10 billion euros  in 
the French economy, including 3 billion euros in innovative financing,  mainly 
in the form of loans to  local community institutions (1.0 billion euros)  and 
underwriting of bond issues of unrated companies (1.7 billion euros).

 5. CORPORATE AND INVESTMENT BANKING 

Note: All figures for 2011 and 2012  are presented pro forma of the  transfers 
from Financing  activities  and  Capital markets  and  investment  banking  to 
discontinuing operations effected in the third quarter of 2012. They are  also 
pro forma of the recording under IFRS  5 of CA Cheuvreux in the third  quarter 
of 2012 and of CL Securities Asia (CLSA) in the fourth quarter of 2012.

Net income Group share in Corporate and investment banking amounted to  -1,002 
million euros in the fourth quarter of 2012 and to -880 million euros over the
year.

Net income Group share  for ongoing activities was  -949 million euros in  the 
fourth quarter of 2012,  owing to the huge  negative impact of revaluation  of 
debt issues and loan hedges (-308 million euros) and goodwill impairment
(- 826 million euros), which is broken down as follows:

  * Corporate and investment banking (excluding brokerage)        466  million 
    euros 

  * Brokerage (Newedge)                                           360  million 
    euros 

Restated for these  items, of  adjustment plan  costs (-6  million euros)  and 
gains or losses on the ongoing disposals of CA Cheuvreux and CLSA (-8  million 
euros), net income Group share from ongoing activities was + 199 million euros
in the  fourth quarter  of  2012, up  73.4% on  the  fourth quarter  of  2011, 
reflecting good resilience and the relevance of the new model.

Ongoing activities

 

(in millions of euros)       Q4-12  Q4-12*  Change   12M-12  12M-12*  Change
                                            Q4*/Q4*                  12M*/12M*
Revenues                      458    949     +8.7%    3,389   4,358   (3.3%)
Operating expenses           (662)  (662)  +18.3%**  (2,596) (2,596)  +2.8%**
Gross operating income       (204)   287    (9.7%)     793    1,762   (14.8%)
Cost of risk                 (108)  (108)   (50.0%)   (292)   (292)   (11.0%)
Operating income             (312)   179    +73.7%     501    1,470   (15.5%)
Equity affiliates             49      49    + 55.5%    165     165    +22.7%
Net income on other assets    26      26     x3.6      37      37       nm
Change in value of goodwill  (834)    -       nm      (834)     -       nm
Income before tax           (1,071)  254    +78.8%    (131)   1,672   (10.9%)
Tax                           119    (50)    x2.1     (94)    (428)   +23.4%
Net income from               (8)     -       nm      (249)     -       nm
held-for-sale operations
Net income                   (960)   204    +72.9%    (474)   1,244   (5.6%)
Minority interests           (11)     5     +54.7%      4      33     (2.1%)
Net income Group share       (949)   199    +73.4%    (478)   1,211   (5.7%)

 
 

** At constant exchange rates

These results reflect  the recovery  in capital  market activities  in a  more 
favourable environment in 2012 and  a limited decline in financing  activities 
in a climate  of tight  liquidity. In the  fourth quarter  of 2012,  operating 
expenses were hit by costs associated with the rationalisation of the property
portfolio (24 million euros) and by the negative impact of the tax and  social 
measures enacted  in the  summer (doubling  of  the systemic  tax and  tax  on 
salaries), which added 20 million euros between the fourth quarter of 2011 and
the fourth quarter of 2012. In addition, the fourth quarter of 2011  reflected 
the 20% fall in variable compensation in full year 2011, thereby generating  a 
base effect. Including these  items and at  constant exchange rates,  expenses 
rose by 18.3% year-on-year in the fourth quarter of 2012 and by 2.8% over  the 
full year. The cost  of risk was  108 million euros in  the fourth quarter  of 
2012, down 50% on the fourth quarter of 2011.

The cost of discontinuing  operations remained limited  over the quarter  (+17 
million euros in net income Group share, restated for adjustment plan costs of
70 million euros).

Net income on other assets amounted to +26 million euros in the fourth quarter
of 2012 following the  disposal of the  head office in  La Défense (7  million 
euros) and of the Turkish subsidiary CA Yatirim Bankasi Turk AS.

The final cost  of the adjustment  plan was  392 million euros  in net  income 
Group share  over the  full year,  including 76  million euros  in the  fourth 
quarter of 2012, mainly in discontinuing operations.

Financing activities

 

(in millions of euros)    Q4-12 Q4-12* Change Q4*/Q4* 12M-12 12M-12*  Change
                                                                     12M*/12M*
Revenues                   499   478      (16.7%)     2,092   2,128   (16.2%)
Operating expenses        (253) (253)     +28.8%**    (947)   (947)   +6.6%**
Gross operating income     246   225      (40.6%)     1,145   1,181   (29.3%)
Cost of risk              (119) (119)     (42.7%)     (293)   (293)   (8.2%)
Operating income           127   106      (38.0%)      852     888    (34.2%)
Equity affiliates          48     48       +60,3%      164     164    +22.6%
Net income on other        25     25        x2.2        26     26      x12.8
assets
Change in value of          -     -          nm         -       -       nm
goodwill
Income before tax          200   179      (16.0%)     1,042   1,078   (27.5%)
Tax                       (10)   (2)      (96.8%)     (278)   (291)   (40.0%)
Net income from             -     -          nm         -       -       nm
held-for-sale operations
Net income                 190   177       +27.5%      764     787    (21.4%)
Minority interests          3     3        +14.7%       15     16     (29.3%)
Net income Group share     187   174       +27.7%      749     771    (21.3%)

 
 

**At constant exchange rates

During the fourth  quarter of  2012, revenues from  Financing activities  were 
affected by the adjustment plan and  the implementation of the new  Distribute 
to Originate model. Revenues were 478  million euros restated for loan  hedges 
and adjustment  plan impacts.  Disposals of  loans under  the adjustment  plan 
continued during the fourth quarter, with 0.4 billion euros sold, for a  total 
of 10.3 billion euros of loans sold (including in 2011) at an average discount
rate of  2.3%.  In  addition,  as  announced on  14  December  2011,  the  new 
Distribute to Originate model was rolled out gradually over the year.

In a  difficult market  environment  and a  climate of  falling  outstandings, 
structured finance registered  lower revenues but  maintained its  competitive 
positions. Crédit  Agricole  CIB maintained  its  No. 2  position  in  project 
finance in the EMEA region and moved up to fourth place in project finance  in 
the Americas  region (source:  Thomson  Financial). Revenues  from  structured 
finance were 267 million euros in the fourth quarter of 2012 compared with 330
million euros in  the fourth  quarter of 2011  (restated for  loan hedges  and 
impact of adjustment plan).

In commercial  banking, revenues  fell  to 211  million  euros in  the  fourth 
quarter of 2012 from 244 million euros in the fourth quarter of 2011 (restated
for loan  hedges and  impact  of the  adjustment  plan). Crédit  Agricole  CIB 
remained No. 1 in syndication business in France (source: Thomson Financial).

Revenues, which amounted to 499 million  euros in the fourth quarter of  2012, 
also include the  cost of loans  sold under the  adjustment plan (-11  million 
euros), while loan  hedges produced  a positive  impact of  32 million  euros, 
compared with a negative impact of 36 million euros in the previous quarter.

The cost of risk in the fourth quarter  of 2012 reflected a net charge of  119 
million euros, a drop of 42.7% by comparison with the fourth quarter of  2011. 
This reflects non-material charges to  specific reserves for a limited  number 
of loans.

In all, net income Group share  from Financing activities came to 174  million 
euros in the fourth quarter of 2012,  restated for loan hedges and the  impact 
of the adjustment plan, up 27.7% on  the fourth quarter of the previous  year, 
reflecting the good resilience of this business despite the constraints of the
adjustment plan.

Capital markets and investment banking

 

(in millions of euros)       Q4-12  Q4-12*  Change   12M-12  12M-12*  Change
                                            Q4*/Q4*                  12M*/12M*
Revenues                     (41)    471    +57.5%    1,297   2,230   +13.2%
Operating expenses           (409)  (409)  +12.6%**  (1,649) (1,649)  +0.7%**
Gross operating income       (450)    62      nm      (352)    581    +45.9%
Cost of risk                  11      11      nm        1       1       nm
Operating income             (439)    73      nm      (351)    582    +49.4%
Equity affiliates              1      1       nm        1       1       nm
Net income on other assets     1      1       nm       11      11       nm
Change in value of goodwill  (834)    -       nm      (834)     -       nm
Income before tax           (1,271)   75      nm     (1,173)   594    +52.7%
Tax                           129    (48)     nm       184    (137)   +86.4%
Net income from               (8)     -       nm      (249)     -       nm
held-for-sale operations
Net income                  (1,150)   27      nm     (1,238)   457    +44.9%
Minority interests           (14)     2      x3.8     (11)     17     +56.1%
Net income Group share      (1,136)   25      nm     (1,227)   440    + 44.5%

*        Restated for revaluation of own debt issues, loan hedges,  adjustment 
plan impacts, recording of  CA Cheuvreux and CL  Securities Asia (CLSA)  under 
IFRS 5, and changes in the value of goodwill
 
 

**At constant exchange rates

Revenues in Capital markets and investment  banking were -41 million euros  in 
the fourth quarter  due to the  negative impact from  the revaluation of  debt 
issues (-512 million euros).  This impact reflects  the improvement in  Crédit 
Agricole S.A.'s refinancing conditions in the fourth quarter of 2012. Restated
for this impact,  revenues were  471 million euros,  an increase  of 57.5%  by 
comparison with the fourth quarter of the previous year.

In the fourth quarter, business was  driven by a solid performance in  capital 
market activities in a climate of easing credit spreads and falling  long-term 
interest rates. Revenues from capital market activities were 322 million euros
before revaluation of debt  issues and the impact  of the adjustment plan,  up 
sharply by comparison with the fourth quarter of 2011 (133 million euros).  As 
a result, in the fourth quarter of 2012, Crédit Agricole CIB delivered a  good 
performance in  fixed-income  business,  where revenues  doubled  between  the 
fourth quarter of  2011 and the  fourth quarter of  2012. Crédit Agricole  CIB 
ranks second worldwide for euro issues by financial institutions and  remained 
No. 4 worldwide for all euro  issues combined (source: Thomson Financial).  In 
addition, fixed-income and credit derivatives benefited from good business  in 
the fourth quarter with revenues rising  by 87% between the fourth quarter  of 
2011 and the fourth quarter of 2012.

In equity business, which is now composed of investment banking and the broker
Newedge (after the recording under IFRS 5 of Cheuvreux in the third quarter of
2012 and of CL Securities Asia in  the fourth quarter of 2012), revenues  were 
149 million euros in the fourth quarter  of 2012, down slightly on the  fourth 
quarter of 2011. Volumes were persistently low in brokerage activities.

The estimated impact of the ongoing  disposal of CA Cheuvreux, recorded  under 
IFRS 5 in the third quarter of 2012, was -192 million euros in net income over
the year. Likewise, operating net income for CLSA, recorded under IFRS 5 at 31
December 2012, was -57 million euros  over the year, including -11 million  in 
the fourth quarter of 2012.

VaR was 10 million euros at 31 December 2012, down 34% year-on-year.

Discontinuing operations

 

(in millions of euros)          Q4-12 Q4-12*  Change  12M-12 12M-12*  Change
                                             Q4*/Q4*                 12M*/12M*
Revenues                         20     20      nm    (201)    162      nm
Operating expenses              (58)   (58)  (24.2%)  (294)   (294)   (22.8%)
Gross operating income          (38)   (38)  (74.4%)  (495)   (132)   (72.6%)
Cost of risk                    (72)    40    x13.2   (176)   (25)    (85.6%)
Operating income                (110)   2       nm    (671)   (157)   (76.1%)
Equity affiliates                 -     -       nm      -       -       nm
Net income on other assets        1     1       nm      2       2       nm
Change in value of goodwill       -     -       nm      -       -       nm
Income before tax               (109)   3       nm    (669)   (155)   (76.5%)
Tax                              56     15   (75.3%)   240     54     (73.6%)
Net income from held-for-sale     -     -       nm      -       -       nm
operations
Net income                      (53)    18      nm    (429)   (101)   (77.8%)
Minority interests                -     1       nm     (27)   (20)    (42.8%)
Net income Group share          (53)    17      nm    (402)   (81)    (80.7%)

*Restated for adjustment plan impacts
 
 

Net income Group share from  discontinuing operations was again negligible  in 
the fourth  quarter. It  was 17 million  euros  restated for  a charge  of  70 
million euros for the direct costs of the adjustment plan, compared with  -114 
million euros in the fourth quarter of 2011.

Disposals and impairment of the  CDO and RMBS portfolios continued  throughout 
2012, with a negative impact of 321  million euros in net income Group  share, 
including -70  million euros  in the  fourth quarter  of 2012,  following  the 
review of impairment assumptions for CDOs classified in the banking book.

In the fourth quarter of 2012, revenues from discontinuing operations amounted
to +20 million euros. Over the year, restated for the impact of the adjustment
plan, they  were +162  million  euros, including  +14  million euros  for  new 
discontinuing operations.

 6. CORPORATE CENTRE 

(in millions of euros)      Q4-12  Change   2012    Change
                                    Q4/Q4          2012/2011
Revenues                    (805)   x4.7   (1,841)   x2.2
Operating expenses          (254)  (12.9%)  (916)   (6.7%)
Gross operating income     (1,059)  x2.3   (2,757)  +50.8%
Cost of risk                 (6)     nm     (275)   (19.1%)
Operating income           (1,065) +46.7%  (3,032)  +39.9%
Equity affiliates           (24)     nm     (122)    x4.6
Net income on other assets   83      nm      123      nm
Income before tax          (1,006) +38.1%  (3,031)  +37.9%
Tax                          368   +63.3%    854     +7.2%
Net income                  (638)  +26.9%  (2,177)  +54.5%
Minority interests            8    (80.1%)   128    (28.9%)
Net income Group share      (646)  +18.6%  (2,305)  +45.0%

In the  fourth  quarter of  2012,  revenues  amounted to  -805  million  euros 
compared with -172 million euros in the fourth quarter of 2011. Revenues  were 
impacted during  the  quarter  by  the  intragroup  elimination  of  the  debt 
instruments issued by Crédit  Agricole S.A. and held  by Predica on behalf  of 
policyholders under unit-linked  contracts. This generated  an impact of  -325 
million euros over the quarter  and of -618 million  euros over the year.  The 
nominal value  of  the securities  eliminated  was  8.1 billion  euros  at  31 
December 2012.

Operating expenses fell by  12.9% year-on-year in the  fourth quarter of  2012 
and by 6.7% over the full year.

Tax includes 128 million euros for the impact of the exceptional 7% tax on the
capitalisation reserve of insurance companies.

In all, restated from  the issuer spread  and the exit  tax, net income  Group 
share was -305 million euros in the fourth quarter of 2012.

                  CRÉDIT AGRICOLE GROUP CONSOLIDATED RESULTS

(in millions of euros)                    Q4-12  Change    2012    Change
                                                 Q4/Q4*           12M*/12M*
Revenues                                  7,131  (9.8%)   31,044   (8.0%)
Operating expenses                       (5,329) (3.0%)  (20,420)   +0.1%
Gross operating income                    1,802  +25.1%   10,624   (20.2%)
Cost of risk                             (1,211) (20.8%) (4,643)   (12.4%)
Operating income                           591   (32.7%)  5,981    (25.4%)
Equity affiliates                         (201)  (78.8%)  (233)    (70.4%)
Net income on other assets                 116    x11.3    205       nm
Change in value of goodwill              (2,892) +73.1%  (3,470)    x2.1
Income before tax                        (2,386) +38.0%   2,483    (55.4%)
Tax                                       (250)  (33.2%) (2,247)   (17.1%)
Net income from held-for-sale operations  (718)    nm    (3,991)    x2.3
Net income                               (3,354) +35,0%  (3,755)     nm
Net income Group share                   (3,269) +29.4%  (3,808)     nm

* 2011 and 2012 figures have been restated for the recording of Emporiki,
Cheuvreux and CLSA under IFRS 5.

The fourth quarter of  2012 was marked by  completion of the adjustment  plan, 
whose targets had already been exceeded at 30 September 2012, by the continued
refocusing  of  Crédit  Agricole  S.A.'s  businesses  and  by  total  goodwill 
impairment of 2,803 million euros recognised in net income Group share.

While this goodwill impairment produced a negative impact in a like amount on
net income Group share, it does not affect either the Group's solvency or its
liquidity. In fact, goodwill is fully deducted in the calculation of solvency
ratios and has no impact on cash position, as related disbursements were made
at the time of the acquisition of the relevant companies. Against this
backdrop, the Group's financial strength increased, with a Core Tier 1 ratio
(Basel 2.5) of 11.4%, a rise of 10 basis points on 30 September 2012 and of
120 basis points on 31 December 2011. Pro forma of the disposal of Emporiki,
the Core Tier 1 ratio is 11.8% at 31 December 2012.

The Regional Banks sustained a solid performance. Deposits were up 4.4% on the
end of December 2011, while loans increased by 1.4% over the same period.  The 
loan-to-deposit ratio has improved by 3 percentage points since December  2011 
to reach 126% at 31 December 2012.  Net income Group share at 100% under  IFRS 
amounted to 851 million euros in the fourth quarter of 2012, a rise of 5.1% by
comparison with the  fourth quarter of  2011, and  close to the  level in  the 
third quarter of 2012.  In full year  2012, net income  Group share was  3,538 
million euros, up 3.4% on full year 2011.

In the fourth  quarter of 2012,  Crédit Agricole Group's  revenues were  7,131 
million euros, down 9.8% by comparison  with the fourth quarter of 2011.  This 
figure includes a negative impact of  837 million euros due to revaluation  of 
debt issues,  compared with  a positive  impact of  228 million  euros in  the 
fourth quarter of 2011.

Expenses were kept  under control  over the year  (+0.1%) and  were down  3.0% 
year-on-year in the fourth quarter of 2012.

The cost of risk  was 20.8% lower  than in the fourth  quarter of 2011,  which 
included 186 million euros  for participation in the  support plan to  Greece. 
The cost of  risk represented 55  basis points of  credit outstandings in  the 
fourth quarter of 2012 compared with 60 basis points in the fourth quarter  of 
2011, restated for Emporiki's cost of risk.

After the exceptional tax  on the capitalisation  reserve created tax-free  by 
insurance companies and after goodwill impairment, net income Group share  was 
-3,269 million euros in the fourth quarter of 2012.

Crédit Agricole Group's net income, Group share was -3,808 million euros  over 
the full year 2012. In addition to  the specific items in the fourth  quarter, 
it includes the impact  from decisions taken during  the previous quarters  on 
the refocusing of Crédit Agricole S.A.'s businesses (estimated losses  related 
to Emporiki and its sale, disposal of  CA Cheuvreux, disposal of the stake  in 
Intesa Sanpaolo, deconsolidation of Bankinter), plus the negative impact  from 
revaluation of own debt.

Restated from the revaluation of  debt issue, goodwill impairment,  impairment 
of BES, adjustment  plan impacts, effect  of the  final terms of  the sale  of 
Emporiki, estimated impact  of the ongoing  disposal of CA  Cheuvreux and  the 
exit tax  in insurance,  net  income Group  share  for Crédit  Agricole  Group 
amounted 5,677 million euros, down 7% compared with the full year of 2011.

                                    *****

Crédit Agricole  S.A.'s  financial  information for  the  fourth  quarter  and 
full-year 2012 consists of this  press release and the attached  presentation. 
All regulated information, including  the registration document, is  available 
on   the   website   www.credit-agricole.com/Finance-and-Shareholders    under 
"Financial reporting" and is published by Crédit Agricole S.A. pursuant to the
provisions of  article L.  451-1-2  of the  Code  Monétaire et  Financier  and 
articles 222-1 et seq. of the AMF General Regulation.

Press relations                           Investor relations +33 (0) 1 43 23
Crédit Agricole S.A.                      04 31
Anne-Sophie Gentil  +33 (0)1 43 23 37 51
Charlotte de Chavagnac  +33 (0)1 57 72 11 Denis Kleiber  +33 (0)1 43 23 26 78
17                                        Nathalie Auzenat  +33 (0)1 57 72 37
                                          81
M: Communication                          Sébastien Chavane  +33 (0)1 57 72 23
Louise Tingström  +44 20 71 53 15 37      46
Charlotte Mc Mullen  +44 20 71 53 15 49   Fabienne Heureux  +33 (0)1 43 23 06
                                          38
                                          Marie-Agnès Huguenin  +33 (0)1 43 23
                                          15 99
                                          Laurence Gascon   +33 (0)1 57 72 38
                                          63

[1] Before revaluation of debt issues, Emporiki, Chevreux, adjustment plan,
goodwill impairments, impairment of securities and exit tax on Insurance
[2] Adjusted for the deconsolidation of Emporiki
[1] For Cariparma, calculation realised on an 18-month period to take into
account a delay in the launching of the process in Italy: impact: ~ +5% on the
calculation of the Group index

 

[1] Pro forma excluding Emporiki, CA Cheuvreux and CLSA reclassified under
IFRS5
[1] Source : Associazione Bancaria Italiana
[2] Excluding cost of voluntary departure plan (PDV) in Q2-12, and in Q4-12,
effect of changes in scope and an integration-related costs in 2011

CASA Q4 and annual results 2012

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This announcement is distributed by Thomson Reuters on behalf of Thomson
Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
the
information contained therein.

Source: CREDIT AGRICOLE SA via Thomson Reuters ONE
HUG#1679487
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