Crédit Mutuel Alliance Fédérale 2024 half-year results
July 31 2024 - 10:49AM
UK Regulatory
Crédit Mutuel Alliance Fédérale 2024 half-year results
Results for the period ended June 30, 20241
Press Release
Strasbourg, July 31, 2024
Performance and solidity of the diversified mutualist
model:
half-year net income of €2 billion in an uncertain
environment
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 €958 million
(+41.1%), reflecting a significant rise in the number of business
failures.
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.
Results for the period ended June 30, 20241 |
1st half 20241 |
Change1
H1 2024 / H1 20233 |
NET REVENUE UP |
€8.257bn |
+3.4% |
of which retail banking
of which insurance
of which specialized business lines |
€6.094bn
€701m
€1.491bn |
+0.5%
+9.3%
+2.4% |
STABLE GENERAL OPERATING EXPENSES
INCLUDING STRATEGIC PLAN INVESTMENTS |
-€4.712bn |
+1.3% |
INCREASE IN COST OF RISK
LINKED TO THE ECONOMIC ENVIRONMENT |
-€957m |
+41.1% |
SOLID NET INCOME |
€2.032bn |
+3.5% |
GROWTH IN
FINANCING2 |
Home loans
€264.1bn
+2.3% |
Equipment loans and leasing
€142.7bn
+3.4% |
Consumer credit
€55.0bn
+2.8% |
A SOLID FINANCIAL STRUCTURE |
CET1 Ratio3
18.5% |
Shareholders' equity
€64.1bn |
“Crédit Mutuel Alliance Fédérale is an
increasingly efficient, innovative and solidarity-based benefit
corporation. Our results are solid, confirming the
relevance of our strategic choices and our universal bancassurance
model. They are the foundation on which we are
building the future." Daniel Baal,
Chairman
"With our strategic plan, Togetherness,
Performance, Solidarity (Ensemble Performant Solidaire).
we have set a clear course: to conquer all markets and
territories to increase our growth in the service of our members,
customers and society as a whole. The results for
the first half of 2024 are proof of our performance and remarkable
collective momentum." Éric Petitgand, Chief Executive
Officer
1 Unaudited financial statements –
limited review currently being conducted by the statutory auditors.
Since 2023, Crédit Mutuel Alliance Fédérale applies IFRS 17
“Insurance Contracts” at the group level as well as IFRS 9
“Financial Instruments” for its insurance entities. 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.
- Press release - Crédit Mutuel Alliance Fédérale