IBOS memberCrédit Mutuel Alliance Fédérale (CIC) had a record year in 2019. The first year of CIC’s ensemble#nouveaumonde strategy plan produced a rise in both net banking income (+3.5%) and net profit (+5.1%), affirming the strength of the close relationships of CIC, its banking networks and its subsidiaries with the Bank’s customers and members.
CIC’s net profit, ended 31 December 2019, was €3.145 billion, an increase of +5.1% from 2018.
In 2019, CIC achieved net banking income of €14.569 billion, a rise of 3.5% which is in line with the target of the strategy plan.
CIC’s commitment to business was reflected in private equity. The Bank’s private equity subsidiary, Crédit Mutuel Equity, which manages a portfolio of €2.6 billion, invested €422 million in start-ups and SMEs across France through growth capital, buyout capital and venture capital investments.
These results are proof of the strength and effectiveness of a nationwide network of 4,400 branches. They represent a positive choice for locally based relationships and the retention of a dense branch network.
Read the full financial results via CIC here.