IBOS member Crédit Mutuel Alliance Fédérale announces record net income in the first half of 2019

Six months into the implementation of its ensemble#nouveaumonde (2019-2023) strategic plan, IBOS member Crédit Mutuel Alliance Fédérale has recorded half-year net income of €1.6 billion, a year-on-year increase of 5.2%.

The Bank’s revenues also grew strongly (up 6.4%), resulting in net banking income of €7.537 billion. These are the best half-year results in its history.

This sales performance was underpinned by complementarities between Crédit Mutuel Alliance Fédérale’s businesses, with a particularly strong NBI growth in insurance (+10.9%), private banking (+9.3%) and capital markets (+25.8%).

The multiservice strategy is also reflected in the significant expansion in the mobile phone and remote surveillance activities, which gained 139,000 and 29,528 customers respectively, and continuing sales of new housing units (4,395 units in contract). The diversification process continued with the successful launch of a very high-speed broadband box at the beginning of the year, which attracted 19,250 subscribers in the first six months of business. The electric-assisted cycle offering, currently in the test phase, is expanding with the aim of achieving nationwide coverage in the first half of 2020. The hybrid and electric vehicles offer is also generating a lot of interest from customers and members.

With 25.4 million customers (an increase of 640,000) including 4.7 million members and net income up by 5.2% to €1.629 billion, Crédit Mutuel Alliance Fédérale recorded solid growth across all its activities in the first half of 2019.

The development of approaches based on categories of needs (“Housing”, “Mobility”, “Enterprise”, etc.), will enable Crédit Mutuel Alliance Fédérale to continue to diversify by providing ever more effective responses to the needs of its customers and members.

Operational efficiency has also been increased by the ongoing rollout of artificial intelligence (AI) solutions and other technologies that help to save time and improve management of customer portfolios for an enhanced customer relationship. The introduction of Factory – consisting of a number of cross-functional teams – has considerably reduced the cost and time involved in developing technological aids for all customer advisors, particularly with regard to character recognition with OCR Factory or artificial intelligence with Cognitive Factory.

The forthcoming ramp-up of Innovation Factory and Data Factory is expected to accelerate future digital developments, while the deployment of cognitive solutions will be extended to compliance activities in the second half of 2019 for use in fraud detection, risk management and monitoring

Read the full press release via Crédit Mutuel Alliance Fédérale here