CIC reports solid first-half 2024 results in a period of economic, political and geopolitical uncertainty

CIC posted solid results at June 30, 2024, with net revenue of almost €3.3 billion, close to the level achieved in the first half of 2023, despite the unfavorable economic climate in the first half of the year. Net income came to €844 million, down -16.9%, and shareholders' equity to €20.2 billion.

Negatively affected by the squeeze on interest margins and an uncertain environment, retail banking net revenues fell by -3.8%. The specialized business lines were virtually stable (-0.8%), driven by growth in corporate banking (+13%), capital markets (+1.9%) and private equity (+1.3%).

At €267 million, the cost of proven and non-proven risk was up sharply by +68.2% compared with the first half of 2023. This increase reflects the catch-up effect of business failures following the end of government support measures for economic activity.

General operating expenses were kept under control and showed a slight decline of -2.4% compared with June 30, 2023, to €1.9 billion. The increase in its investments was partly offset by the end of contributions to the Single Resolution Fund (SRF).

As a benefit corporation, CIC confirmed the strength and effectiveness of its diversified business model, serving its customers and society as a whole.