2023 performance

A strong financial position

The Group’s financial strength stems from a high level of equity, which is a safety cushion in case of difficulties. The Group also has a significant level of liquidity reserves that it can draw on at any time, especially from the ECB.

Phased-in solvency ratios

At 31 December 2023, Crédit Agricole Group’s solvency level remained very high, with a phased Common Equity Tier 1 (CET1) ratio of 17.5%. The Group benefits from a comfortable 8.2 percentage point margin compared with the Supervisory Review and Evaluation Process (SREP) requirement set at 9.3% by the regulator. Likewise for Crédit Agricole S.A., the CET1 ratio stood at 11.8%, greater than the regulatory requirement of 3.6 percentage points. The ratio integrates the impact of the dividend payment of €1.05 per share for the financial year 2023.

Crédit Agricole Group

  • CET1 ratio: 17.5%
  • Total solvency ratio: 21.1%
  • Regulatory minimum under SREP at 31/12/2023: 9.3%

Crédit Agricole S.A.

  • CET1 ratio: 11.8%
  • Total solvency ratio: 17.2%
  • Regulatory minimum under SREP at 31/12/2023: 8.2%

Equity
in €bn

Crédit Agricole Group

  • Group share: 135.1
  • Non-controlling interests: 7.2
  • Total: 142.3

Crédit Agricole S.A.

  • Group share: 71.1
  • Non-controlling interests: 8.8
  • Total: 79.9

Group liquidity reserves

Liquidity is measured at Crédit Agricole Group level. The Group’s liquidity reserves, at market value, totalled €445 billion at 31 December 2023, and cover short-term net debt more than two times over (excluding the replacements with Central Banks).

€445bn
Group liquidity reserves at 31 December 2023
144.3%
Crédit Agricole Group’s short-term LCR* at end-2023

* Liquidity Coverage Ratio average over 12 months (= unencumbered High-Quality Liquid Assets/net cash outflows over the next 30 calendar days ≥100%)

The internal solidarity mechanism
In accordance with the French Monetary and Financial Code, Crédit Agricole S.A., as the corporate centre of the Crédit Agricole network, is responsible for taking all necessary measures to ensure the solvency and liquidity of each member of the Crédit Agricole network, chief among them the Regional Banks and Crédit Agricole CIB. Crédit Agricole S.A. also acts as the central bank for the Regional Banks and in this capacity can intervene when refinancing is necessary.

Financial ratings

At 31 December 2023

S&P Global Ratings A+
Stable outlook
Moody’s Aa3
Stable outlook
Fitch Ratings A+
Stable outlook
DBRS AA (low)
Stable outlook