After Crédit Agricole and BPCE, Crédit Mutuel published last week its consolidated results for the year 2016. Once again, those excellent results show the solidity of the co-operative banks business model.
The Crédit Mutuel-CM11 Group recorded strong results in 2016. To best serve its 23.8 million customers and members, the group successfully combined growth, efficiency and effective risk management. It strengthened its positions in banking, insurance and technological services with telephone, remote surveillance and e-wallet solutions. New home sales via the group's real estate agency were also very strong.
In an environment marked by low interest rates and greater competition, the group's net income rose by 2.7% to €2.624 billion, its shareholders'equity reached €39.6 billion and its Common Equity Tier 1 (CET1) ratio was 15.0%, attesting to its solid financial position.
The year 2016 was also marked by a major external growth operation with the acquisition of General Electric's factoring and lease financing activities in France and Germany.
The Crédit Mutuel-CM11 Group attributes this strong performance to the strength of its cooperative model and the competence and involvement of employees and directors to whom it provides regular training, and to its ability to innovate and plan ahead to ensure that its customers and members receive the best possible service.
The group's results earned it recognition throughout 2016: it received top prize in the banking sector at the BearingPoint TNS Sofres 'Podium de la Relation Client' awards and was named top French bank by the US magazine Global Finance and best French banking group by the UK magazine World Finance.
Source : Crédit Mutuel's website