2020 Full-year results press release

Despite strong sales activity, an increase in the number of customers (+1.3%) and growth in deposits (+26.3%) and outstanding loans (+10.7%), CIC’s net profit was down 54.9% to €662 million at the end of 2020.It suffered the combined effects of the crisis and the high level of uncertainty caused by the Covid-19 pandemic. Net additions to/reversals from provisions for loan losses (€1.074 billion) tripled, as a result of the cost of non proven risk. This strategy, shared by its parent company, Crédit Mutuel Alliance Fédérale, attests to its desire to remain cautious in anticipation of a possible worsening of risk in the future. Under these unprecedented circumstances, CIC, a leading provider of corporate financing, continued to affirm its commitment to regional economies and its support for all its customers through diversified services that meet their needs.