Crédit Mutuel Alliance Fédérale had an excellent half-year, fueled by the acceleration of its 2019-2023 strategic plan

At €7.962 billion, Crédit Mutuel Alliance Fédérale’s net banking income (NBI) was up by 16.1 % relative to the first half of 2020. Retail banking and insurance activities rose by 9.7 %, while the specialized businesses lines (private banking, corporate & investment banking, capital markets and private equity) contributed 42 % of the growth in net banking income over the half-year.

Half-yearly net profit was up sharply (x2.4) at €2.087 billion. Performance in all business lines outstripped pre-health crisis levels, with an overall increase in net profit of 28.1 % compared with the first half of 2019.

These results attest to the successful transformation of the mutual group, which began in 2019 and was stepped up with the revision of its 2019-2023 strategic plan in September 2020. The plan involves enhancing omnichannel local relations, stepping up diversification, maintaining the sustained pace of technology investments, simplifying processes, and increasing resource pooling and synergies among business lines.