Crédit Mutuel Alliance Fédérale 2023 annual results press release

Posted By: Redazione Web 7 Febbraio 2024

2023 RESULTS 

2023(proforma)WITH THE INVESTMENT STRATEGY€264.9bn+4.1%€141.4bn+4.9%€54.6bn+6.9%57.1%18.5%€62.4bn15%12.5%soit €439m8.6%collective increases over two yearsRevenue from retail banking remained stable at €8.4 billion (-0.4 %). Net income came to €1.8 billion (-18.9 %) amid a slowdown in new home loans, more limited debt capacity among households, a narrowing of interest margins (on the portfolio of existing loans) and an increase in the cost of risk.Amid an acceleration of claims related to climate change, an increase in vehicle repair costs and home reconstruction costs, the results of Groupe des Assurances du Crédit Mutuel (GACM) remained solid. Its net revenue reached a high of €1.2 billion (-1.5%) and its net income remained stable at €822 million (+0.9%).Crédit Mutuel Alliance Fédérale’s specialized business lines (corporate banking, capital markets, private equity, asset management and private banking activities) demonstrated agility in supplying tailored services and supporting the projects of its corporate, business and professional customers that create value and jobs. In 2023, net revenue surpassed €2.77 billion while net income reached €860 million (21% of group net income).These results stem from a decentralized organization and technological investment that give it complete autonomy and remarkable solidity.In an inflationary environment, operating expenses reached €9.2 billion (+6.5%), in line with the development targets set by the group. This level results from the efficiency of its decentralized business model, that upholds the fundamental mutualist principles of freedom, responsibility and solidarity.In order to speed up its development, Crédit Mutuel Alliance Fédérale, as an industrial bank, invests massively via its technology subsidiary Euro-Information, combining the best in technology with the best in human resources.The cost of risk was €1.3 billion (+68.7%). It reflects in particular the number of bankruptcies in 2023, close to the pre-health-crisis level (+9% versus 2019 according to the INSEE). This increase in the cost of risk is largely the result of the end of the massive aid measures deployed during the health crisis. The overall cost of customer risk related to the outstanding loans was only 0.24% (0.28% in 2019).In 2023, the Environmental and Solidarity Revolution Fund allocated €363 million to entrepreneurial projects with a high environmental and societal impact without any goal of financial return.In terms of sponsorship, 2023 saw a change of scale with the volume of sponsorship increasing five-fold. In order to meet its solidarity commitments, several projects were financed in 2023 totaling €68 million (from local projects supported by Caisse de Crédit Mutuel to transformative action supported by the Crédit Mutuel Alliance Fédérale Foundation). €17.5 million was mobilized to support associations that offer food aid which were heavily impacted by inflation. Additionally, a call for “Biodiversity” projects led to €2.5 million being earmarked for associations working to preserve ecosystems in France.Crédit Mutuel Alliance Fédérale has been a pioneer on the creditor insurance market by going over and above its legal requirements in the terms it offers patients and former patients when purchasing a main residence.

1 The annual audit of the financial statements for the year ended 12/31/2023 is under way
2 Estimé au 31/12/2023.
3 Montant de l’intéressement, de la participation, de l’abondement et de la prime de partage de la valeur attribué aux salariés du socle social commun en France par rapport au résultat net 2022.
4 Part du résultat net consolidé 2022 consacré au dividende sociétal en 2023
5 Augmentations collectives depuis le 01/01/2022 sur le périmètre socle social France hors augmentations individuelles et hors prime de partage de la valeur
6 More than 95% for retail customers
(GlobeNewsWire)

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