Crédit Mutuel Alliance Fédérale, a diversified universal banking and insurance provider, announced its best-ever fiscal year in 2024, achieving €4.1 billion in net income despite a challenging environment. The results mark the successful completion of the first year of its strategic plan, Togetherness Performance Solidarity (Ensemble Performant Solidaire).
The Group reported net revenue of €16.6 billion, a 3.4% increase from the previous year. This growth was driven by strong performances across its main business segments, including retail banking, specialised business lines, and insurance. The insurance business, in particular, saw historic net income of €983 million, while specialised business lines achieved €1.1 billion in net income, a 30% increase.
General operating expenses were kept under control, totalling €9.3 billion, a 0.9% increase. This was achieved through strategic investments and a strong social pact, resulting in an improved cost/income ratio of 55.7%, compared to 57.1% in 2023.
Within retail banking, the supporting business lines – i.e. leasing, factoring, real estate – generated net revenue of €754 million, up significantly (+7.3%), and net income of €178 million (vs. €167 million in 2023), after payment of commissions to the networks.
Crédit Mutuel Alliance Fédérale’s leasing division – Crédit Mutuel Leasing – reported net revenue of €175 million, up 29% from the previous year.
Daniel Baal, Chairman of Crédit Mutuel Alliance Fédérale, emphasised the relevance of the Group’s diversified and decentralised model, stating:
“Crédit Mutuel Alliance Fédérale has once again achieved a very high level of financial performance. This demonstrates the relevance of our diversified and decentralised banking and insurance model and our strategic priorities, as well as the skills and commitment of our employees.
“As a benefit corporation, we are moving the boundaries in all our business lines, and we continue to create ever more value, to share with our members, employees and society as a whole, with the ambition of helping to build a fairer, more sustainable world.”
Éric Petitgand, CEO of Crédit Mutuel Alliance Fédérale, highlighted the success of the Togetherness Performance Solidarity strategic plan, saying:
“This vision will guide us through to 2027, as we seek to increase and diversify our revenues, particularly in insurance, corporate banking, private equity, asset management, and private banking.”
