| Results for the period ended June 30, 20251 | Press release |
| Strasbourg, July 30, 2025 |
First half of 2025:
very strong business activity and solid results,
penalized by the non-recurring income tax surcharge
| Results for the period ended June 30, 2025 | 06/30/2025 | 06/30/2024 | Change |
| Record net revenue | €6.549bn | €6.178bn | +6.0% |
| of which retail banking | €4.427bn | €4.159bn | +6.4% |
| of which insurance | €822m | €711m | +15.7% |
| of which specialized business lines 2 | €1.532bn | €1.491bn | +2.8% |
| General operating expenses reflecting investments | -€3.405bn | -€3.208bn | +6.1% |
| Stabilized cost of risk | -€782m | -€799m | -2.1% |
| Record income before tax | €2.402bn | €2.210bn | +8.7% |
| Net income down due to the corporate tax surcharge effect | €1.638bn | €1.714bn | -4.4% |
| of which income tax surcharge | €192m | N/A | N/A |
| RENEWED GROWTH IN FINANCING3: +1,8% | ||
| Home loans | Equipment loans | Consumer credit |
| €119.8bn | €119.4bn | €49.1bn |
| A SOLID FINANCIAL STRUCTURE | |
| CET1 ratio4 | Shareholders' equity |
| 19.5% | €46.7bn |
Press contacts:
Aziz Ridouan - +33 (0)6 01 10 31 69 - aziz.ridouan@creditmutuel.fr
Press relations - +33 (0)3 88 14 84 00 - com-alliancefederale@creditmutuel.fr
Investor contact:
Banque Fédérative du Crédit Mutuel – bfcm-web@creditmutuel.fr
1.1. Financial results
| (in € millions) | 06/30/2025 | 06/30/2024 | Change |
| Net revenue | 6,549 | 6,178 | +6.0 % |
| General operating expenses | -3,405 | -3,208 | +6.1 % |
| Gross operating income/(loss) | 3,144 | 2,970 | +5.9 % |
| Cost of risk | -782 | -799 | -2.1 % |
| cost of proven risk | -733 | -782 | -6.3 % |
| cost of non-proven risk | -49 | -17 | n.s |
| Operating income | 2,363 | 2,171 | +8.8 % |
| Net gains and losses on other assets and ECC (1) | 39 | 39 | +0.8 % |
| Income before tax | 2,402 | 2,210 | +8.7 % |
| Income tax | -764 | -496 | +54.0 % |
| Net income | 1,638 | 1,714 | -4.4 % |
| Non-controlling interests | 191 | 189 | +1.0 % |
| GROUP NET INCOME | 1,447 | 1,524 | -5.1 % |
(1)ECC = equity consolidated companies = share of net profit/(loss) of equity consolidated companies.
Net revenue
At June 30, 2025, the net revenue of Banque Fédérative du Crédit Mutuel amounted to €6.5 billion, up +6.0% compared with the first half of 2024, driven by strong momentum in the banking and insurance networks.
Revenues from retail banking were up by +6.4%, driven by the good performance of the banking networks (+6.7%) and consumer finance (including Cofidis Group +12.4%).
The contribution of the insurance business to net revenue, at €822 million, was up +15.7%, with growth driven by all business lines (property & casualty insurance, life insurance).
Asset management and private banking posted an overall increase in net revenue of +5.1%, with both activities making a positive contribution: asset management, +6.5% thanks to positive inflows and private banking, +3.9% thanks to good growth in commissions.
Corporate banking posted a decline in net revenue of -3.7% compared with the first half of 2024, which was particularly favorable in terms of net interest margin.
Net revenue from capital markets posted good growth of +11.0%, due in particular to the sharp increase in revenues from the commercial business line.
Total income generated by the private equity business remained high at €211 million, albeit down slightly on the first half of 2024.
General operating expenses and gross operating income
General operating expenses increased by +6.1% to -€3,405 million in the first half of 2025.
To keep pace with growth, employee benefits expenses (54% of general operating expenses) increased by +7.5%, while other operating expenses were kept under control at +4.6%.
The scissors effect was slightly negative at 0.1 percentage point and the cost/income ratio remained low at 52.0%.
Gross operating income rose by +5.9% to €3,144 million.
Cost of risk and operating income
In the first half of 2025, the cost of risk was -€782 million compared with -€799 million, a slight decrease of -2.1%.
It breaks down into a -€733 million provision for the cost of proven risk (stage 3) and a -€49 million provision for the cost of non-proven risk (prudential provisioning) on performing loans (stages 1 and 2).
The cost of proven risk was down by -6.3% at June 30, 2025. It was down in the banking networks, which represent 24% of the cost of proven risk (vs. 35% in June 2024). Consumer finance still accounts for a significant proportion of the cost of proven risk (71%). The specialized business lines (2% of the cost of proven risk) had a low level of cost of proven risk at -€17 million.
In line with fiscal year 2024, the provisioning for future risks is recorded as a net expense in a context of uncertainty (particularly economic and related to international trade) in the short and medium term.
Given the sustained level of business and operational efficiency, operating income rose by 8.8% year-on-year to €2,363 million.
Other
Net gains/(losses) on other assets and ECC amounted to €39 million.
Income before tax
Thanks to higher revenues and controlled risks, income before tax was up +8.7% year-on-year to €2,402 million.
Net income
Income tax (-€764 million in the first half of 2025 compared with -€496 million in the first half of 2024) is impacted by the exceptional contribution introduced by the French 2025 Finance Act on the profits of large companies generating profits in excess of €1 billion in France. Banque Fédérative, a subsidiary of Crédit Mutuel Alliance Fédérale, remains a bank and an employer with strong roots in France. The group is therefore liable for €192 million in surcharge at June 30, 2025.
Net income fell by -4.4% to €1,638 billion. Excluding the surcharge, it would be up by +6.8%.
1.2. Financial structure
Banque Fédérative de Crédit Mutuel’s shareholders’ equity totaled €46.7 billion at the end of June 2025 compared with €45.2 billion at the end of 2024.
BFCM is a subsidiary of Crédit Mutuel Alliance Fédérale. At end-June 2025, the latter’s estimated Common Equity Tier 1 (CET1) ratio was 19.5%2.
The three rating agencies that issue ratings for Crédit Mutuel Alliance Fédérale and the Crédit Mutuel group all recognize their financial stability and the validity of the business model:
| LT/ST Counterparty** | Issuer/LT preferred senior debt | Outlook | ST preferred senior debt | Stand-alone rating*** | Date of last publication | |
| Standard & Poor’s (1) | AA-/A-1+ | A+ | Stable | A-1 | a | 11/07/2024 |
| Moody’s (2) | Aa3/P-1 | A1 | Stable | P-1 | a3 | 12/19/2024 |
| Fitch Ratings * (3) | AA- | AA- | Stable | F1+ | a+ | 06/17/2025 |
* The Issuer Default Rating is stable at A+.
** The counterparty ratings correspond to the following agency ratings: Resolution Counterparty Rating for Standard & Poor’s, Counterparty Risk Rating for Moody’s and Derivative Counterparty Rating for Fitch Ratings.
*** The stand-alone rating is the Stand Alone Credit Profile (SACP) for Standard & Poor’s, the Adjusted Baseline Credit Assessment (Adj. BCA) for Moody’s and the Viability Rating for Fitch Ratings.
(1) Standard & Poor’s: Crédit Mutuel group rating.
(2) Moody’s: Crédit Mutuel Alliance Fédérale/BFCM and CIC ratings.
In terms of Moody's ratings, certain group instruments were downgraded on December 17, 2024, namely: Counterparty Risk Rating (to Aa3), Counterparty Risk Assessment (to Aa3(cr)), junior deposits (to A1) and preferred senior debt (to A1).
(3) Fitch Ratings: Crédit Mutuel Alliance Fédérale rating (as the dominant entity of the Crédit Mutuel Group).
Despite a start to 2025 still marked by action on France's sovereign rating (outlook downgraded to “negative” on February 28, 2025 for S&P), these agencies confirmed, in 2024 (on November 7, 2024 for S&P and December 19, 2024 for Moody's), in 2025 (on June 17, 2025 for Fitch Ratings) the external ratings and stable outlooks assigned to Crédit Mutuel Alliance Fédérale and the Crédit Mutuel group. This reflects operating efficiency, recurring earnings based on a diversified business model and strong financial fundamentals.
As a reminder, Moody's downgraded France's sovereign rating on December 14, 2024, with mechanical consequences for the highest-rated French banks (loss of support from the country rating that they had benefited from according to the agency's methodology).
The announcement of the acquisition of OLB (Oldenburgische Landesbank AG) on March 20, 2025, was welcomed by the three rating agencies. The completion of this acquisition is subject to approval by regulatory authorities, in particular the European Central Bank (ECB) and the European Commission. This transaction would further strengthen Crédit Mutuel Alliance Fédérale's diversification, with an impact on CET1 that would not alter the agencies' assessment of the capital scores of Crédit Mutuel Alliance Fédérale or the Crédit Mutuel group.
1.3. Results by business line
Retail banking
Net revenue from retail banking increased by €6.4% to €4.4 billion. General operating expenses, at -€2.6 billion, grew at a slower pace than net revenue, i.e. 4.9%. The cost of risk rose to -€801 million, of which -€716 million for proven risk (decrease of -1.8%) and -€85 million for non-proven risk. Retail banking posted a slight increase in net income to €643 million.
Insurance
Net insurance income increased by +15.7%, driven by the increase in income from health, protection & creditor insurance and life insurance as well as by the increase in financial income (increase in dividends received from Desjardins Group, Crédit Mutuel Alliance Fédérale's long-standing partner in Canada).
General operating expenses totaled -€92 million, corresponding solely to expenses not attributable to contracts.
Net income was €495 million, up +0.5% compared with end-June 2024.
Asset management and private banking
Overall net revenue for both activities increased by +5.1% to €667 million. Private banking net revenue was up by 3.9% to €365 million; asset management net revenue increased by +6.5% (to €302 million) due to gains on commissions. General operating expenses rose by +9.0% to -€498 million, of which +8.2% for private banking and +9.9% for asset management.
Net income was €129 million, up by 14.3% compared with the first half of 2024.
Corporate banking
Net revenue was down by -3.7% to €323 million at the end of June 2025, in a context of falling interest rates, despite higher commissions (+9.8%). The cost of risk (+€15 million compared with -€40 million at June 2024) was up, with a significant reversal effect on non-proven OEL provisions. Net income was stable at €158 million in the first half of 2025, versus €156 million in the first half of 2024.
Capital markets
The investment and commercial business lines continued to grow, with total net revenue up +11.0% to €331 million. General operating expenses increased by +5.5% to -€150 million. Net income increased by 3.1% to €124 million.
Private equity
In financial terms, €174 million was invested in the first half of 2025 in around 20 deals in France and abroad. The pace of disposals slowed compared with the exceptionally high level in 2024. Total income remained solid at €211 million in the first half of 2025, two-thirds of which was made up of capital gains generated by the portfolio, supplemented by recurring income.
In the first half of 2025, the contribution to net income was €169 million, close to that of the first half of 2024
1.4. Key figures
Banque Fédérative du Crédit Mutuel3
| (in € millions) | 06/30/2025 | 12/31/2024 |
| Financial structure and business activity | ||
| Balance sheet total | 732,747 | 734,840 |
| Shareholders' equity (including net income for the period before dividend pay-outs) | 46,698 | 45,203 |
| Customer loans | 343,888 | 342,285 |
| Total savings | 670,633 | 665,478 |
| - of which customer deposits | 287,627 | 295,099 |
| - of which insurance savings | 55,168 | 53,650 |
| - of which financial savings (under management and in custody) | 327,838 | 316,730 |
| 06/30/2025 | 12/31/2024 | |
| Key figures | ||
| Number of branches | 2 | 2 |
| Number of customers (in millions) | 22.4 | 22.2 |
| Key ratios | ||
| Cost/income ratio (at 06/30/2025 vs 06/30/2024) | 52.0% | 51.9% |
| Loan-to-deposit ratio | 119.6% | 116.0% |
| Overall solvency ratio2 (estimated for 06/2025) | 21.8% | 21.0% |
| CET1 ratio2 (estimated for 06/2025) | 19.5% | 18.8% |
1.5 Banque Fédérative du Crédit Mutuel financial statements
Balance sheet (assets)
| (in € millions) | 06/30/2025 | 12/31/2024 |
| Cash and central banks | 75,012 | 86,190 |
| Financial assets at fair value through profit or loss | 41,077 | 39,653 |
| Hedging derivatives | 1,588 | 1,701 |
| Financial assets at fair value through equity | 46,814 | 44,421 |
| Securities at amortized cost | 5,952 | 5,680 |
| Loans and receivables due from credit institutions and similar at amortized cost | 61,836 | 61,897 |
| Loans and receivables due from customers at amortized cost | 343,888 | 342,285 |
| Revaluation adjustment on rate-hedged books | 284 | 209 |
| Financial investments of insurance activities | 140,977 | 135,472 |
| Insurance contracts issued - Assets | 8 | 10 |
| Reinsurance contracts held - Assets | 247 | 284 |
| Current tax assets | 780 | 1,002 |
| Deferred tax assets | 858 | 1,005 |
| Accruals and miscellaneous assets | 7,077 | 8,682 |
| Non-current assets held for sale | 0 | 0 |
| Investments in equity consolidated companies | 929 | 911 |
| Investment property | 56 | 36 |
| Property, plant and equipment | 2,556 | 2,606 |
| Intangible assets | 494 | 483 |
| Goodwill | 2,315 | 2,315 |
| TOTAL ASSETS | 732,747 | 734,840 |
Balance Sheet - Liabilities and shareholders' equity
| (in € millions) | 06/30/2025 | 12/31/2024 |
| Central banks | 15 | 18 |
| Financial liabilities at fair value through profit or loss | 26,847 | 26,643 |
| Hedging derivatives | 2,660 | 3,261 |
| Debt securities at amortized cost | 158,853 | 163,710 |
| Due to credit and similar institutions at amortized cost | 50,404 | 46,031 |
| Due to customers at amortized cost | 287,627 | 295,099 |
| Revaluation adjustment on rate-hedged books | -16 | -15 |
| Current tax liabilities | 425 | 450 |
| Deferred tax liabilities | 478 | 481 |
| Accruals and miscellaneous liabilities | 12,010 | 12,671 |
| Debt related to non-current assets held for sale | 0 | 0 |
| Insurance contracts issued - liabilities | 129,868 | 125,195 |
| Provisions | 3,285 | 2,913 |
| Subordinated debt at amortized cost | 13,593 | 13,180 |
| Total shareholders’ equity | 46,698 | 45,203 |
| Shareholders’ equity – Attributable to the group | 41,997 | 40,737 |
| Capital and related reserves | 6,568 | 6,568 |
| Consolidated reserves | 33,822 | 30,959 |
| Gains and losses recognized directly in equity | 161 | 195 |
| Profit (loss) for the period | 1,447 | 3,015 |
| Shareholders’ equity – Non-controlling interests | 4,701 | 4,466 |
| TOTAL LIABILITIES | 732,747 | 734,840 |
At December 31, 2024, CIC London reclassified £2,030 million (€2,448 million) from “Debt securities at amortized cost” to “Financial liabilities at fair value through profit or loss”.
Income statement
| (in € millions) | 06/30/2025 | 06/30/2024 |
| Interest and similar income | 14,617 | 17,055 |
| Interest and similar expenses | -11,235 | -13,787 |
| Commissions (income) | 2,389 | 2,332 |
| Commissions (expenses) | -743 | -698 |
| Net gains on financial instruments at fair value through profit or loss | 839 | 497 |
| Net gains or losses on financial assets at fair value through shareholders’ equity | 16 | -13 |
| Net gains or losses resulting from derecognition of financial assets at amortized cost | 2 | 0 |
| Income from insurance contracts issued | 3,901 | 3,712 |
| Expenses related to insurance contracts issued | -3,170 | -3,085 |
| Income and expenses related to reinsurance contracts held | -67 | -51 |
| Financial income or financial expenses from insurance contracts issued | -2,992 | -3,073 |
| Financial income or expenses related to reinsurance contracts held | 3 | 4 |
| Net income from financial investments related to insurance activities | 3,115 | 3,189 |
| Income from other activities | 659 | 371 |
| Expenses on other activities | -784 | -275 |
| Net revenue | 6,549 | 6,178 |
| of which Net income from insurance activities | 789 | 695 |
| General operating expenses | -3,231 | -3,041 |
| Movements in depreciation, amortization and provisions for property, plant and equipment and intangible assets | -174 | -166 |
| Gross operating income | 3,144 | 2,970 |
| Cost of counterparty risk | -782 | -799 |
| Operating income | 2,363 | 2,171 |
| Share of net income of equity consolidated companies | 37 | 40 |
| Net gains and losses on other assets | 0 | -2 |
| Changes in the value of goodwill | 1 | 0 |
| Income before tax | 2,402 | 2,210 |
| Income taxes | -764 | -496 |
| Net income | 1,638 | 1,714 |
| Net income – Non-controlling interests | 191 | 189 |
| NET INCOME ATTRIBUTABLE TO THE GROUP | 1,447 | 1,524 |
At June 30, 2024, an expense of €244 million was reclassified from “Net gains on financial instruments at fair value through profit or loss” to “Interest and similar expenses”.
1Unaudited financial statements – limited review currently being conducted by the statutory auditors. The Board of Directors met on July 30, 2025 to approve the financial statements. All financial communications are available at www.bfcm.creditmutuel.fr and are published by Crédit Mutuel Alliance Fédérale in accordance with the provisions of Article L. 451-1-2 of the French Monetary and Financial Code and Articles 222-1 et seq. of the General Regulation of the French Financial Markets Authority (Autorité des marchés financiers - AMF).
2 Specialized business lines include corporate banking, capital markets, private equity, asset management and private banking.
3 Change in outstandings calculated over twelve months.
4 Ratio estimated at June 30, 2025 for Crédit Mutuel Alliance Fédérale, which includes BFCM in its scope of consolidation.
2Ratio estimated at June 30, 2025 for Crédit Mutuel Alliance Fédérale which includes BFCM in its scope of consolidation.
3Consolidated results of Banque Fédérative du Crédit Mutuel and its main subsidiaries: CIC, ACM, BECM, TARGOBANK, Cofidis Group, IT, etc.
2 Estimate as of June 30, 2025 for Crédit Mutuel Alliance Fédérale, the integration of earnings into shareholders’ equity is subject to approval by the ECB.
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