Half-year results 2020: resilience in retail banking and insurance increased provisions for loan losses
Published on 10/12/2020
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Crédit Mutuel Alliance Fédérale earned net banking income of €6.8 billion in the first half of 2020, a decrease of 9.8 %. In the face of an unprecedented crisis, it has proved fiercely resilient, particularly in retail banking ( €5.2 billion, -2.5 %).
Amid economic and social uncertainty, Crédit Mutuel Alliance Fédérale opted for prudence, making substantial additions to its provisions for non-proven risks (+ €464 million) and increasing provisions for proven risks (+ €119 million). This large increase in loan loss provisions (+ €584 million) inevitably affected net profit, which was €857 million (-47.7 %).