In a period marked by economic, political and geopolitical uncertainties, Crédit Mutuel Alliance Fédérale achieved solid results in the first half of the year, with net revenue reaching €8.3 billion (+3.4%). Retail banking was stable, with net revenue of €6.1 billion (+0.5%). The specialized business lines held up well (+2.4%). The insurance business was buoyant, with net insurance income up +9.3%.
As a universal local bancassurer, the mutualist group demonstrated the performance of its business model with net income of over €2 billion (+3.5%). It confirmed the pace of its strategic investments and stayed on course in this first year of the launch of its 2024‑2027 strategic plan Togetherness, Performance, Solidarity (Ensemble Performant Solidaire). The increase in its investments was partially offset by the end of contributions to the Single Resolution Fund (SRF). General operating expenses totaled €4.7 billion (+1.3%).
The cost of risk rose sharply to €957 million, up +41.1% from the first half of 2023, continuing a trend seen for several quarters in an uncertain economic climate in France and a tight interest rate environment.
With €64.1 billion in shareholders' equity and a CET1 of 18.5% at June 30, 2024, Crédit Mutuel Alliance Fédérale remains one of the strongest banks in the Eurozone.
Crédit Mutuel Alliance Fédérale, the first bank to adopt the status of benefit corporation, continues to put its performance at the service of its members, customers and society, and to share value through the societal dividend.
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1 Unaudited financial statements – limited review currently being conducted by the statutory auditors. The Board of Directors met on July 31, 2024 to approve the financial statements. All financial communications are available at: www.bfcm.creditmutuel.fr and are published by Crédit Mutuel Alliance Fédérale in accordance with the provisions of Article L. 451-1-2 of the French Monetary and Financial Code and Articles 222-1 et seq. of the General Regulation of the French Financial Markets Authority (Autorité des Marchés Financiers - AMF). 2 Year-on-year growth. 3 Estimated at June 30, 2024, the inclusion of the result. in shareholders' equity is subject to the approval of the ECB.