Credit Agricole SA: Consolidated Results at 30 September 2003.

Business Editors

PARIS--(BUSINESS WIRE)--Nov. 19, 2003

Credit Agricole S.A. (Sicovam : 004507; Isin : FR0000045072; Reuters : CAGR.PA; Bloomberg : ACA:FP)

                         Proforma results (*)


                        First nine months 2003

    --  Net income group share: EUR 1.116 billion (+35.3%)

    --  Net income group share before goodwill amortisation: EUR 1.644
        billion (+26.6%)


                          Third quarter 2003

    --  Net income group share: EUR 382 million (x 2.8)

    --  Net income group share before goodwill amortisation: EUR 577
        million (+94.9%)


             First nine months 2003 - Consolidated results

    --  Net income group share(**): EUR 1.002 billion (+39%)

    --  Net income group share before goodwill amortisation:
        EUR 1.389bn (+46.8%)

Credit Agricole S.A.' s Board of Directors, chaired by Rene Carron, met on 19 November and, after having been informed of the excellent outcome of the rights issue, approved the results for the nine months ended 30 September 2003. These results confirm and bring one step further the improvement in operating performance seen in the first half year. Gross operating income came in at EUR 2.697 billion, up 22.8% relative to the year-earlier period, while ordinary income (before tax) was EUR 2.438 billion, an increase of 35.6%(***).

This performance is supported by a good third quarter, when net banking income rose by 16.1% year-on-year, gross operating income by 70.5% and ordinary income by a factor of 2.3.

All business segments contributed to this strong growth:

-- Both retail networks maintained their very strong commercial

impetus

-- The consumer credit business continued to grow strongly

-- New money inflows grew firmly in asset management

-- The financing and investment banking business saw a strong

rise in operating income, with risk-related costs remaining

stable.

Jean Laurent, Chief Executive Officer, emphasised the quality of these results. "Each of our business lines improved its operating performance. This trend shows the group's capability to maintain its growth, whilst implementing the integration of Credit Lyonnais."

(*) Credit Lyonnais consolidated at 92.55% in the first half of 2003 and at 94.82% as of 1 July 2003

(**) Credit Lyonnais accounted for by the equity method during the first half of 2003 at 24.96% (weighted average ownership interest during the period) and consolidated at 94.82% as of 1 July 2003

(***) Proforma figures are used throughout this press release

Further information on our website: www.credit-agricole-sa.fr/documentation/communiques.php?langue_site=2