Strong retail banking activity and good earnings resilience
Published on 28/07/2016
The Crédit Mutuel-CM11 Group posted a 1.8% increase in operating income in the first half of 2016 despite an environment of persistently low interest rates and strong volatility in the financial markets.
With the aim of providing its 23.9 million members and customers with a service suited exactly to their needs, CM11 has continued to expand its retail banking and insurance business and implement its policy of diversification (telephony, remote surveillance, payment instruments, etc.). This resulted in growth of respectively +6.8% and +2.8% in outstanding loans and savings and a substantial increase in insurance contracts (+6.3%).
Net income amounted to €1,226 million thereby strengthening the group's equity (€38.7 billion). At 15.0% at end-March 2016, the Group's CET1 capital adequacy ratio remains far above (+6.63%) the regulatory requirement.