4 REVIEW OF THE 2023 FINANCIAL POSITION AND PERFORMANCE

Activities and financial information

UNDERLYING RoTE (%)

12.6% 12.6%

2022 IFRS 9 2023 IFRS 17

CRÉDIT AGRICOLE S.A. CONSOLIDATED BALANCE SHEET

CRÉDIT AGRICOLE S.A. – CONSOLIDATED BALANCE SHEET

31/12/2022 01/01/2022
(in millions of euros) Notes 31/12/2023 restated (1) restated (1)
Cash, Central Banks 6.1 177,320 207,648 237,757
Financial assets at fair value through profit or loss 3.1-3.2-6.2-6.6 523,572 446,472 445,166
Held for trading financial assets 301,925 249,249 237,335
Other financial instruments at fair value through profit or loss 221,647 197,223 207,831
Hedging derivative instruments 3.3-3.5 20,453 31,867 14,130
Financial assets at fair value through other comprehensive income 3.1-3.2-6.4-6.6 215,476 208,860 260,286
Debt instruments at fair value through other comprehensive income
that may be reclassified to profit or loss 209,352 206,093 257,867
Equity instruments at fair value through other comprehensive income
that will not be reclassified to profit or loss 6,124 2,767 2,419
Financial assets at amortised cost 3.1-3.2-3.4-6.5-6.6 1,151,020 1,143,290 1,044,247
Loans and receivables due from credit institutions 554,928 567,512 501,295
Loans and receivables due from customers 516,281 488,571 458,877
Debt securities 79,811 87,206 84,075
Revaluation adjustment on interest rate hedged portfolios (2) (6,241) (16,115) 3,194
Current and deferred tax assets 6.9 6,303 6,379 5,753
Accruals, prepayments and sundry assets 6.10 59,313 67,504 34,841
Non-current assets held for sale and discontinued operations 6.11 9 134 2,909
Insurance contracts issued that are assets 5.3 - - 78
Reinsurance contracts held that are assets 5.3 1,093 977 855
Investments in equity-accounted entities 6.12 2,599 4,300 3,850
Investment property 6.13 10,824 11,974 11,305
Property, plant and equipment 6.14 8,586 6,020 6,093
Intangible assets 6.14 3,142 3,094 3,180
Goodwill 6.15 15,929 15,682 15,632
TOTAL ASSETS (2) 2,189,398 2,138,086 2,089,275
(1) (1) The data at 31 December 2022 and 1 January 2022 was restated following the entry into force of IFRS 17. The impacts are presented in Note 12 “Impacts of accounting changes or
other events”.
(2) (2) The balance sheet presentation of the revaluation adjustment on interest rate hedged portfolios was reclassified between assets and liabilities on 31 December 2022. Its net
amount was unchanged, amounting to -€455 million at 31 December 2022.

336 CRÉDIT AGRICOLE S.A. | Universal Registration Document 2023 REFER TO THE GLOSSARY ON PAGE 868 FOR THE DEFINITION OF TECHNICAL TERMS.
 REVIEW OF THE 2023 FINANCIAL POSITION AND PERFORMANCE
4
Activities and financial information

31/12/2022 01/01/2022
(in millions of euros) Notes 31/12/2023 restated (1) restated (1)
Central Banks 6.1 274 59 1,276
Financial liabilities at fair value through profit or loss 6.2 357,937 292,639 259,986
Held for trading financial liabilities 267,860 238,700 207,726
Financial liabilities designated at fair value through profit or loss 90,077 53,939 52,260
Hedging derivative Instruments 3.3-3.5 30,992 45,644 12,358
Financial liabilities at amortised cost 1,290,822 1,324,553 1,269,634
Due to credit institutions 3.4-6.7 202,623 284,232 314,845
Due to customers 3.1-3.4-6.7 834,998 825,607 778,845
Debt securities 3.4-6.7 253,201 214,715 175,944
Revaluation adjustment on interest rate hedged portfolios (11,586) (15,660) 4,984
Current and deferred tax liabilities 6.9 3,090 2,207 2,260
Accruals, prepayments and sundry liabilities 6.10 60,568 54,708 52,530
Liabilities associated with non-current assets held for sale and
discontinued operations 6.11 21 205 2,502
Insurance contracts issued that are liabilities 5.3 348,452 331,268 377,218
Reinsurance contracts held that are liabilities 5.3 76 92 67
Provisions 6.16 3,516 3,521 4,537
Subordinated debt 6.17 25,317 23,370 26,101
TOTAL LIABILITIES 2,109,478 2,062,606 2,013,455
EQUITY 79,919 75,480 75,818
Equity – Group share 71,086 66,519 66,978
Share capital and reserves 30,907 29,603 28,495
Consolidated reserves 36,265 34,865 38,440
Other comprehensive income (2,434) (3,255) 69
Other comprehensive income on discontinued operations - - (26)
Net income (loss) for the year 6,348 5,306 -
Non-controlling interests 8,833 8,961 8,842
TOTAL LIABILITIES AND EQUITY (2) 2,189,398 2,138,086 2,089,275
(1) The data at 31 December 2022 and 1 January 2022 was restated following the entry into force of IFRS 17. The impacts are presented in Note 12 “Impacts of accounting changes or other
events”.
(2) The balance sheet presentation of the revaluation adjustment on interest rate hedged portfolios was reclassified between assets and liabilities on 31 December 2022. Its net amount
was unchanged, amounting to -€455 million at 31 December 2022.

MAIN CHANGES IN THE CONSOLIDATED BALANCE SHEET
At 31 December 2023, the consolidated balance sheet of Crédit
Agricole S.A. amounted to €2,189 billion, up +€51 billion, i.e. 2.4%
compared to the 2022 balance sheet.
This increase mainly stemmed from:
• the €77.1 billion increase in financial assets at fair value through
profit or loss;
• the €15.1 billion increase in loans and receivables due from
customers and from credit institutions;
• offset by a decrease in the cash and Central Banks item of -
€30.3 billion.
ANALYSIS OF THE MAIN ITEMS
Loans and receivables due from customers and credit institutions
totalled €1,071.2 billion at end-December 2023, an increase of
+1.43% compared to 2022, i.e. +€15.1 billion.
Loans and receivables due from customers (including lease
financing operations) totalled €516.3 billion at 31 December 2023,
compared with €488.6 billion a year earlier, i.e. an increase of 5.7%.
This increase was mainly attributable to the consolidation of
CA Auto Bank (+€26 billion), as well as the rise in customer
transactions at LCL (+€4 billion, including €3.2 billion in home
loans), offset by a €9 billion decrease at Crédit Agricole CIB
relating to various outstandings.
Loans and receivables due from credit institutions dropped to
€554.9 billion (-2.2%) at 31 December 2023 compared with
€567.5 billion at end-2022. The decrease was mainly attributable to
a reduction in TLTRO III loans, following repayments made over
the financial year, which were not offset by loans from the Regional
Banks.
Amounts due to credit institutions and customers totalled
€1,038 billion at end-2023, down -6.5% or -€72.2 billion.
This drop was primarily attributable to amounts due to credit
institutions, which fell by -€81.6 billion to €202.6 billion (-28.7%),
reflecting the early repayment of TLTRO III loans in the year (-
€59.6 billion) and the reduction in deposits and borrowings with
the Regional Banks.

REFER TO THE GLOSSARY ON PAGE 868 FOR THE DEFINITION OF TECHNICAL TERMS.
CRÉDIT AGRICOLE S.A. | Universal Registration Document 2023 337