Results for the period ended June 30, 20241

Press Release
Strasbourg, July 31, 2024

Performance and solidity of the diversified mutualist model:
half-year net income of €2 billion in an uncertain environment

In a period marked by economic, political and geopolitical uncertainties, Crédit Mutuel Alliance Fédérale achieved solid results in the first half of the year, with net revenue reaching €8.3 billion (+3.4%). Retail banking was stable, with net revenue of €6.1 billion (+0.5%). The specialized business lines held up well (+2.4%). The insurance business was buoyant, with net insurance income up +9.3%.

As a universal local bancassurer, the mutualist group demonstrated the performance of its business model with net income of over €2 billion (+3.5%). It confirmed the pace of its strategic investments and stayed on course in this first year of the launch of its 2024‑2027 strategic plan Togetherness, Performance, Solidarity (Ensemble Performant Solidaire). The increase in its investments was partially offset by the end of contributions to the Single Resolution Fund (SRF). General operating expenses totaled €4.7 billion (+1.3%).

The cost of risk rose sharply to €958 million (+41.1%), reflecting a significant rise in the number of business failures.

With €64.1 billion in shareholders' equity and a CET1 of 18.5% at June 30, 2024, Crédit Mutuel Alliance Fédérale remains one of the strongest banks in the Eurozone.

Crédit Mutuel Alliance Fédérale, the first bank to adopt the status of benefit corporation, continues to put its performance at the service of its members, customers and society, and to share value through the societal dividend.

“Crédit Mutuel Alliance Fédérale is an increasingly efficient, innovative and solidarity-based benefit corporation. Our results are solid, confirming the relevance of our strategic choices and our universal bancassurance model. They are the foundation on which we are building the future." Daniel Baal, Chairman

"With our strategic plan, Togetherness, Performance, Solidarity (Ensemble Performant Solidaire). we have set a clear course: to conquer all markets and territories to increase our growth in the service of our members, customers and society as a whole. The results for the first half of 2024 are proof of our performance and remarkable collective momentum." Éric Petitgand, Chief Executive Officer

¹ Unaudited financial statements – limited review currently being conducted by the statutory auditors. Since 2023, Crédit Mutuel Alliance Fédérale applies IFRS 17 “Insurance Contracts” at the group level as well as IFRS 9 “Financial Instruments” for its insurance entities. The Board of Directors met on July 31, 2024 to approve the financial statements. All financial communications are available at: www.bfcm.creditmutuel.fr and are published by Crédit Mutuel Alliance Fédérale in accordance with the provisions of Article L. 451-1-2 of the French Monetary and Financial Code and Articles 222-1 et seq. of the General Regulation of the French Financial Markets Authority (Autorité des Marchés Financiers - AMF). ² Year-on-year growth. ³ Estimated at June 30, 2024, the inclusion of the result.

Attachment

• Press release - Crédit Mutuel Alliance Fédérale