Crédit Mutuel Alliance Fédérale turned in solid first-half results, with net revenue nearly €8 billion (+4%). These results reflect the resilience of the retail banking activities, for which net revenue grew by 1.9% to more than €6 billion, strong commercial momentum in insurance (+13%) and the specialized businesses (+18.4%).
Despite a period of inflation, economic slowdown, and monetary policy upheaval, the group's financial results confirm the relevance and solidity of its diversified mutualist model. Net income for the first half of the year remained high at nearly €2 billion (down 7.3%). After three years of post-Covid recovery, the cost of risk, up 44.4%, returned to a normative level (€679 million, i.e. 24 basis points of total loans versus 27 basis points in 2019), while expenses increased by 6.7%, mainly due to strong wage measures and significant technological investments for the transformation of our business lines.
These first six months reflect the effectiveness of the locally-focused relationship-based model serving individual, business and corporate customers and the collective dedication of our 77,500 employees and 15,500 mutualist elected directors.