Results as of December 31, 2023: CIC achieves a net result of nearly two billion euros marked by the excellent results of specialized businesses and the resilience of the networks
Published on 07/02/2024
CIC turned in a good performance in 2023 with net revenue reaching a record €6.46 billion (+2.1%). Its net income of nearly €2 billion, down 13.2%, was impacted by a total cost of risk of €468 million. Despite a deterioration reflecting an increase in corporate defaults, the cost of risk nevertheless remained on a par with the level seen before the massive aid provided during the health crisis.
CIC maintained very high operating results, with a cost/income ratio of 58.7 %. The growth in operating expenses was in line with CIC’s strategy to prioritize a strong social contract, significant technological investment and an acceleration of its sponsorship policy linked to its adoption of the status of a benefit corporation.
Retail banking, impacted by a lower level of loan releases, the rise in the cost of funding and constraints around the usury rate, remained resilient, with a fall in revenues of 4.2 %. The specialized businesses turned in excellent performances, in particular asset management and private banking (+15 %), corporate and investment banking (+34.2 %) and the capital markets activities (+36 %).
The solidity of CIC's financial results demonstrates the relevance of its diversification strategy, with the specialized businesses contributing nearly half of its income.