CIC - 2024 Half-year results

31 Jul 2024 18:12 CEST

July 31, 2024

Press release
Results for the period ended June 30, 2024
        
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.

Results for the six-month period ended June 30, 20241st half 2024Change over 1 year
NET REVENUE DOWN SLIGHTLY€3,274m-2.7 %
of which the banking network
of which specialized business lines		€1,846m
€1,290m		-5.0 %
-0.8 %
FRA WELL-MANAGED GENERAL OPERATING EXPENSES€1,925m-2.4 %
INCREASE IN COST OF RISK
LINKED TO THE ECONOMIC ENVIRONMENT		€267m+68.2 %
DROP IN NET INCOME€844m-16.9 %


STRONG BUSINESS MOMENTUM IN CUSTOMER SERVICES


Customer loans

€251.8bn

+3.4% year-on-year change		Customer deposits

€224.5bn

+1.6% year-on-year change		Insurance1

6.7 million

+250,000 year-on-year change		Remote surveillance 1

125,600

+4,700 year-on-year change

Unaudited financial statements – limited review currently being conducted by the statutory auditors.
The Board of Directors met on July 31, 2024 to approve the financial statements. All financial communications are available at: https:// www.cic.fr/fr/banques/institutionnel/actionnaires-et-investisseurs/index.html under the heading “Regulated Information” and are published by CIC 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)

1 By number of contracts

Attachment


Source

Crédit Industriel et Commercial

Provider

GlobeNewswire

Company Name

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