CREDIT AGRICOLE SA : First half 2009 and Q2-09

PARIS, Aug 27 (MARKET WIRE) --
Credit Agricole Group*

Second quarter 2009

Net income - Group share: EUR 663 million (up 55.3 % on Q1-09; up 2.4x on
Q2-08)

First half 2009

Net income - Group share: EUR 1,090 million (down 31.7% on H1-08)

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

Credit Agricole S.A.

Second quarter 2009

- Solid growth in business line revenues: + 12.3% / Q1-09

- Risk-related costs stable: + 3.9% / Q1-09

Net income - Group share: EUR 201 million

(stable on Q1-09, up 2.6x on Q2-08)

First half 2009

- Revenues up sharply: +17.1% / H1-08

- Expenses tightly controlled: - 6.3% / H1-08

- Gross operating income up sharply: 2.7x / H1-08

- Equivalent rise in risk-related costs: 2.7x / H1-08

Net income - Group share: EUR 403 million.

- Net income per share for the first half: EUR 0.18

- A solid financial position: Tier One ratio: 9.2%

Credit Agricole S.A.'s Board of Directors, chaired by Rene Carron, met on
26 August to review the accounts for the first half of 2009. Net income -
Group share was EUR 403 million in the first half and EUR 201 million in
the second quarter.

In a persistently difficult world economic climate, these results reflect
the initial effects of the business model that the Group adopted a year
ago.

This model is based on a powerful retail bank that encompasses all banking
and insurance businesses and on a corporate and investment bank that
focuses on its core areas of expertise to serve the Group and its
customers.

The first step of the implementation of this business model was to refocus
the Corporate and Investment bank with a strategy of significantly reduced
risk profile. Structured credit operations and toxic products are being
run off and their negative impact on earnings will gradually reduce in the
future. As a result of these efforts, market risk declined by EUR 8
billion in the first half to less than EUR 20 billion at 30 June 2009.

Credit Agricole S.A. has taken a number of measures to underpin its
business model, to enhance the effectiveness of the businesses by
achieving economies of scale and optimising management through stringent
cost controls across all entities. These include combining the life,
Property & Casualty and creditor insurance lines into the recently
created Credit Agricole Assurances; the combination of Sofinco and
Finaref, after the one of Agos and Ducato in Italy; signature of the
final CAAM-SGAM agreement to create the No. 4 asset manager in Europe,
75/25 owned by Credit Agricole S.A. and Societe Generale; the acquisition
of an 85% controlling interest in CACEIS and the centralisation of
Cariparma and FriulAdria's general services.

All business lines sustained their momentum. Business for the Regional
Banks and LCL remained high despite the economic downturn, with a 3.7%
year- on-year rise in aggregate loans outstanding for the two entities in
the first half of 2009. Business was also robust for the Consumer finance
subsidiaries. Likewise, momentum was brisk in asset management operations,
as reflected primarily in the performance of the Insurance and Asset
management lines, where inflows benefited from the market rebound.
International retail banking registered a substantial increase in revenues
in the second quarter 2009, reflecting good resilience year-on-year,
excluding Emporiki.

This momentum increased Credit Agricole S.A.'s net banking income sharply,
with a 17.1% year-on-year jump in the first half of 2009, following the
acceleration of this trend during the second quarter. Gross operating
income was multiplied by 2.7 on tightly controlled operating expenses,
which declined by 6.3%. This offset an equivalent increase in risk-related
costs, which were also multiplied by 2.7 and stabilised at a high level in
the second quarter. Operating income improved appreciably as a result of
our new business model, which places the priority on generating solid,
recurrent earnings.

Lastly, the Group confirmed its financial strength. Core capital remained
high at EUR 63.1 billion. Risk-weighted assets were down 4.1%, owing
primarily to the reduced risk profile of Corporate and investment banking.
Credit Agricole S.A.'s Tier 1 ratio is at 9.2% with a Core Tier 1 ratio of
8.6%, up from 8% at 1 January 2009.

*

* *

After the Board of Directors' meeting, Rene Carron, Chairman of Credit
Agricole S.A., commented:

"The new model that Credit Agricole S.A. adopted nearly a year ago now
fully reflects our Group's original values: taking account of the human
dimension of a situation; dedicating our resources to provide financing to
the economy and support to our individual and business customers in this
time of crisis".

Georges Pauget, Chief Executive Officer of Credit Agricole S.A., added:

"Credit Agricole S.A. has fully integrated the lessons learnt from the
crisis and has adapted its business model to meet the needs of the real
economy. This is not only a relevant but sound strategy for the Group. All
our historic business lines are producing good results which allows us to
deal with the impact of the current crisis. Retail banking, insurance,
asset management and consumer finance delivered very good performances,
despite the adverse economic climate. "

This information is provided by HUGIN

Contact :

Investor relations
Denis Kleiber +33 (0) 1 43 23 26 78
Philippe Poeydomenge de Bettignies +33 (0) 1 43 23 23 81
Annabelle Wiriath +33 (0) 1 43 23 40 42
Colette Canciani+33 (0) 1 57 72 38 63
Brigitte Lefebvre-Hebert +33 (0) 1 43 23 27 56

Copyright 2009, Market Wire, All rights reserved.

-0-