2025 half-year results : very strong business activity and solid results, 
penalized by the non-recurring income tax surcharge

The mutualist group's operating results reached record levels, with net revenue of €8.8 billion (+6.2%) and income before tax of €2.9 billion (+8.4%). Net income came to €1.8 billion, (-10.1%), penalized by €314 million due to the non-recurring income tax surcharge introduced by the French 2025 Finance Act.

All business lines delivered solid performances. The banking networks were buoyed by improved net interest margin and a rebound in new business. The insurance and specialized business lines remain solid, despite being particularly hard hit by the surcharge.

Total cost of risk stabilized at €902 million (-5.8%). It remains high due to the difficulties faced by companies in the current economic climate. With €67.7 billion in shareholders' equity and a CET1 ratio of 19.5% estimated at June 30, 2025, the group ranks among the most solid banks in the Eurozone.

General operating expenses amounted to €5 billion (+6.7%). They reflect Crédit Mutuel Alliance Federale's investments to maintain its technological lead, expand in France and Europe with the planned acquisition of German bank OLB, and maintain a strong social pact. 

Crédit Mutuel Alliance Fédérale, the first bank to adopt the “benefit corporation” approach, has stepped up its efforts to promote the common good.  Twenty strong commitments have been adopted by the Chambre Syndicale et interfédérale, its mutualist parliament. These include the Societal Dividend, which allocates 15% of its consolidated net income each year to building a fairer, more sustainable world.