Results for the year ended June 30, 2023
Published on 27/07/2023
CIC turns in a solid performance in a period of upheaval of monetary policies.
CIC turned in a solid first-half performance, with record net revenues of €3.4 billion (+5.8 %). These results reflect the strong resilience of retail banking activities, with a net revenue of €1.9 billion, a slight increase of +0.4 %, and the commercial momentum of specialized businesses (+20.4 %).
In a period of inflation and upheaval in monetary policies, CIC is posting financial results at an all-time high, confirming the relevance and strength of its diversified model. The net income for the first half ofthe year, showing a slight increase, remains at its highest level, at 1 billion euros (+0.4 %).
After three years of post-Covid recovery, the cost of risk, up 60.2 %, returned to a normative level ( €159 million), while expenses increased by 6.3 % mainly due to strong wage measures and significant technological investments for the transformation of our business lines.
These first six months reflect the effectiveness of the relationship-focused model serving individual, business and corporate customers and the dedication of CIC’s employees, its regional banks and its specialized business lines.