Banque Fédérative du Crédit Mutuel - 2025 full-year results press release
| Results for the year ended December 31, 20251 | Press release |
| Strasbourg, February 5, 2026 |
Net income reached €3.5 billion in 2025,
driven by net revenue growth
| Results for the year ended December 31, 2025 | 12/31/2025 | 12/31/2024 | Change |
| Diversified net revenue | €13.137bn | €12.370bn | +6.2% |
| of which retail banking | €9.038bn | €8.413bn | +7.4% |
| of which insurance | €1.558bn | €1.449bn | +7.5% |
| of which specialized business lines2 | €2.932bn | €2.916bn | +0.5% |
| Well-managed general operating expenses | -€6.629bn | -€6.268bn | +5.8% |
| Stabilized cost of risk | -€1.685bn | -€1.807bn | -6.8% |
| Strong growth in income before tax | €4.811bn | €4.338bn | +10.9% |
| Rising net profit | €3.461bn | €3.412bn | +1.4% |
| of which income tax surcharge | €220m | N/A | N/A |
| INCREASE IN FINANCING3: +2.9% | ||
| Home loans | Equipment loans | Consumer credit |
| €121.9bn | €122.6bn | €50.4bn |
| +1.0% | +4.6% | +4.5% |
| A VERY SOLID FINANCIAL STRUCTURE | |
| CET1 ratio4 | Shareholders ' equity |
| 19.7% | €48.8bn |
Press contacts:
Aziz Ridouan- +33(0)6 01 10 31 69 - aziz.ridouan@creditmutuel.fr
Press relations - +33(0)3 88 14 84 00 - com-alliancefederale@creditmutuel.fr
Investor contact:
Banque Fédérative du Crédit Mutuel – bfcm-web@creditmutuel.fr
1.1. Financial results
| (in € millions) | 12/31/2025 | 12/31/2024 | Change |
| Net revenue | 13,137 | 12,370 | +6.2% |
| General operating expenses | -6,629 | -6,268 | +5.8% |
| Gross operating income/(loss) | 6,508 | 6,103 | +6.6% |
| Cost of risk | -1,685 | -1,807 | -6.8% |
| cost of proven risk | -1,789 | -1,637 | +9.3% |
| cost of non-proven risk | 104 | -170 | n.s |
| Operating income | 4,823 | 4,296 | +12.3% |
| Net gains and losses on other assets and ECC (1) | -12 | 43 | n.s |
| Income before tax | 4,811 | 4,338 | +10.9% |
| Income tax | -1,351 | -926 | +45.8% |
| Net income | 3,461 | 3,412 | +1.4% |
| Non-controlling interests | 401 | 397 | +1.0% |
| GROUP NET INCOME | 3,060 | 3,015 | +1.5% |
(1) ECC = equity consolidated companies = share of net profit/(loss) of equity consolidated companies.
Strong growth in diversified revenues
Revenues from retail banking were up by +7.4%, with most business lines benefiting from improved net interest margin and strong momentum in the fourth quarter. The banking networks (+€310 million) and consumer finance (+€328 million) grew as a result of higher average lending rates combined with a reduction in the average cost of customer deposits (particularly regulated passbook accounts) and funding costs.
The contribution of the insurance business to net revenue, at €1,558 million, was up by +7.5%, with growth driven by all business lines (property & casualty insurance, life insurance).
Asset Management and private banking recorded stable net revenue of €1,342 million, the growth in private banking of +3.0%, driven by higher commissions, offsetting the decline in net revenue from asset management (-3.5%).
Corporate banking posted a decline in revenue to €628 million due to lower short-term interest rates impacting the net interest margin.
Net revenue from capital markets activities showed a sharp increase of +12.9%, driven by the commercial capital markets business carrying out market transactions for corporate customers and financial institutions.
Total income generated by the private equity business amounted to €370 million, a slight increase of +2.4% compared with the end of December 2024.
General operating expenses and gross operating income
General operating expenses rose by +5.8% to -€6,629 million at December 31, 2025, reflecting Crédit Mutuel Alliance Fédérale’s strategy of investing in people, technological tools and development in France and Europe.
To keep pace with growth, employee benefits expenses (54% of general operating expenses) increased by +6.0%. The increase in operating expenses of +4.8% includes investment costs under the 2024-2027 strategic plan.
The scissors effect was positive and the cost/income ratio improved by 0.2 pp to 50.5%.
Gross operating income rose by +6.6% to €6,508 million.
Stabilized cost of risk
At December 31, 2025, the cost of risk was -€1,685 million compared with -€1,807 million.
It breaks down into a -€1,789 million provision for the cost of proven risk (stage 3) and a €104 million reversal for the cost of non-proven risk (provisioning for future risks) on performing loans (stages 1 and 2).
The cost of proven risk rose by 9.3% at the end of December 2025, impacted by consumer finance, which accounted for the largest share of the cost of proven risk (63%). It fell in the banking networks, which represent 28% of the cost of proven risk (vs. 36% in December 2024). The specialized business lines (6% of the cost of proven risk) had a low level of cost of proven risk at -€111 million.
The cost of non-proven risk showed a net reversal due to adjustments to parameters in the IFRS 9 provisioning model outside France. In addition, as the model has reached a satisfactory level of reliability for certain types of customers (individuals, professionals, and SMEs) in France, the stock of post-model provisions has been revised downward (via reversals). It nevertheless includes provisions related to statistical provisioning that accompanies the growth of the loan portfolio and prudent post-model adjustments that take into account, in particular, macroeconomic uncertainties and specific sector risks.
Given the improvement in the cost of risk, operating income was up 12.3% year-on-year to €4,823 million.
Income before tax
Thanks to higher revenues, tight control over operating costs and stabilization of risks, income before tax was up +10.9% year-on-year to €4,811 million.
Net income
Income tax (-€1,351 million in 2025 compared with -€926 million at December 1, 2024) was impacted by the exceptional contribution introduced by the French 2025 Finance Act on the profits of large companies generating profits in excess of €1 billion in France. Banque Fédérative du Crédit Mutuel, a subsidiary of Crédit Mutuel Alliance Fédérale, remains a bank and an employer with strong roots in France. The group is therefore liable for €220 million in surcharge at December 31, 2025.
Despite the surcharge, net income rose by +1.4% to €3,461 billion.
1.2. Financial structure
Banque Fédérative de Crédit Mutuel (BFCM)’s shareholders’ equity totaled €48.8 billion at the end of December 2025, compared with €45.2 billion at the end of 2024.
BFCM is a subsidiary of Crédit Mutuel Alliance Fédérale, for which the estimated Common Equity Tier 1 (CET1) ratio was 19.7%2 at the end of 2025.
The three rating agencies that issue ratings for Crédit Mutuel Alliance Fédérale and the Crédit Mutuel group all recognize their financial stability and the validity of the business model:
| LT/ST Counterparty** | Issuer/LT preferred senior debt | Outlook | ST preferred senior debt | Stand-alone rating*** | Date of last publication | |
| Standard & Poor’s(1) | AA-/A-1+ | A+ | Stable | A-1 | a | 12/08/2025 |
| Moody’s(2) | Aa3/P-1 | A1 | Stable | P-1 | a3 | 12/18/2025 |
| Fitch Ratings *(3) | AA- | AA- | Negative | F1+ | a+ | 12/22/2025 |
* The Issuer Default Rating is stable at A+.
** The counterparty ratings correspond to the following agency ratings: Resolution Counterparty Rating for Standard & Poor’s, Counterparty Risk Rating for Moody’s and Derivative Counterparty Rating for Fitch Ratings.
*** The stand-alone rating is the Stand Alone Credit Profile (SACP) for Standard & Poor’s, the Adjusted Baseline Credit Assessment (Adj. BCA) for Moody’s and the Viability Rating for Fitch Ratings.
(1) Standard & Poor’s: Crédit Mutuel group rating.
(2) Moody’s: Crédit Mutuel Alliance Fédérale/BFCM and CIC ratings.
In terms of Moody 's ratings, certain group instruments were downgraded on December 17, 2024, namely: Counterparty Risk Rating (to Aa3), Counterparty Risk Assessment (to Aa3(cr)), junior deposits (to A1) and preferred senior debt (to A1).
(3) Fitch Ratings: Crédit Mutuel Alliance Fédérale rating (as the dominant entity of the Crédit Mutuel Group).
2025 was heavily marked by actions on France 's sovereign rating (outlook lowered to “negative” on October 24, 2025 for Moody 's and two downgrades to A+/Stable on September 12, 2025 for Fitch Ratings and October 17, 2025 for Standard & Poor 's). Against this backdrop, two of the agencies confirmed in 2025 the external ratings and stable outlooks assigned to Crédit Mutuel Alliance Fédérale and the Crédit Mutuel group (on December 18, 2025 for Moody’s, and on September 19, 2025 and December 8, 2025 for Standard & Poor 's). This reflects operating efficiency, recurring earnings based on a diversified business model and strong financial fundamentals. Fitch Ratings, meanwhile, decided on December 4, 2025 to confirm the ratings but revise the outlook from “stable” to “negative.” This follows the downgrade of the operating environment rating for French banks from aa- to a+, as well as the tightening of the performance levels expected by Fitch Ratings ' methodology in order to maintain the same rating level.
The announcement of the acquisition of OLB (Oldenburgische Landesbank AG) on March 20, 2025, was welcomed by the three rating agencies. The deal was closed on January 2, 2026, after all necessary approvals had been obtained. With TARGOBANK, ACM Deutschland and OLB, Crédit Mutuel Alliance Fédérale covers all the universal banking and insurance business lines in Germany. This transaction will further strengthen Crédit Mutuel Alliance Fédérale 's diversification with an impact on CET1, which would not alter the agencies ' assessment of the capital scores of Crédit Mutuel Alliance Fédérale or the Crédit Mutuel group.
1.3. Results by business line
Retail banking
Net revenue from retail banking increased by €7.4% to €9.0 billion. General operating expenses, at -€5.2 billion, grew at a slower pace than net revenue, i.e. 5.2%. The cost of risk fell to -€1,605 million. This change was characterized by an increase in proven risk of +8.2% to -€1,678 million and a reversal of non-proven risk of €74 million.
Retail banking posted a sharp increase in net income (+19.0%) to €1,519 million.
Insurance
Net insurance income rose by +7.5%, with property & casualty insurance posting a marked improvement.
General operating expenses totaled €-158 million, corresponding solely to expenses not attributable to contracts.
The exceptional contribution introduced by the French 2025 Finance Act on the profits of large companies amounted to nearly €126 million for Groupe des Assurances de Crédit Mutuel (GACM), leading to a contribution to net income of €997 million, stable year-on-year.
Asset management and private banking
Overall net revenue for the two activities stabilized at €1,342 million,
The increase in private banking net revenue (+3.0%) to €723 million, thanks to increased commissions, offset the decline in asset management (-3.5%) to €618 million.
General operating expenses were stable at -€944 million and the cost of risk improved with a +€64 million decrease in private banking and asset management.
Net income was €298 million, up by +22.5% compared with December 31, 2024.
Corporate banking
Net revenue fell by -8.7% to €628 million, despite the increase in commissions (+11.6%), impacted by the decline in average interest rates on loans and investments.
The cost of risk improved by -6.0% to -€78 million.
Income before tax therefore fell to €281 million in 2025, compared with €396 million in 2024.
Capital markets
The investment and commercial business lines continued to grow, with total net revenue up +12.9% to €593 million. General operating expenses increased by +8.4% to -€295 million.
Net income increased by +16.5% to €224 million.
Private equity
Total income increased by +2.4% to €370 million in 2025, two-thirds of which was made up of capital gains generated by the portfolio, supplemented by recurring income. The contribution to net income was €283 million, close to that of 2024.
1.4. Key figures
Banque Fédérative du Crédit Mutuel3
| (in € millions) | 12/31/2025 | 12/31/2024 |
| Financial structure and business activity | ||
| Balance sheet total | 741,473 | 734,840 |
| Shareholders ' equity (including net income for the period before dividend pay-outs) | 48,825 | 45,203 |
| Customer loans | 352,115 | 342,285 |
| Total savings | 686,375 | 665,478 |
| - of which customer deposits | 295,688 | 295,099 |
| - of which insurance savings | 56,467 | 53,650 |
| - of which financial savings (under management and in custody) | 334,220 | 316,730 |
| 12/31/2025 | 12/31/2024 | |
| Key figures | ||
| Number of branches | 2,051 | 2,123 |
| Number of customers (in millions) | 22.8 | 22.2 |
| Key ratios | ||
| Cost/income ratio (at 12/31/2025 vs 12/31/2024) | 50.5% | 50.7% |
| Loan-to-deposit ratio | 119.1% | 116.0% |
| Overall solvency ratio2 (estimated for 12/2025) | 22.1% | 21.0% |
| CET1 ratio2 (estimated for 12/2025) | 19.7% | 18.8% |
1.5 Banque Fédérative du Crédit Mutuel financial statements
Balance sheet (assets)
| (in € millions) | 12/31/2025 | 12/31/2024 |
| Cash and central banks | 73,812 | 86,190 |
| Financial assets at fair value through profit or loss | 36,975 | 39,653 |
| Hedging derivatives | 1,079 | 1,701 |
| Financial assets at fair value through equity | 46,536 | 44,421 |
| Securities at amortized cost | 6,153 | 5,680 |
| Loans and receivables due from credit institutions and similar at amortized cost | 62,360 | 61,897 |
| Loans and receivables due from customers at amortized cost | 352,115 | 342,285 |
| Revaluation adjustment on rate-hedged books | -400 | 209 |
| Financial investments of insurance activities | 145,248 | 135,472 |
| Insurance contracts issued - Assets | 5 | 10 |
| Reinsurance contracts held - Assets | 245 | 284 |
| Current tax assets | 1,214 | 1,002 |
| Deferred tax assets | 787 | 1,005 |
| Accruals and miscellaneous assets | 9,055 | 8,682 |
| Non-current assets held for sale | 0 | 0 |
| Investments in equity consolidated companies | 951 | 911 |
| Investment property | 56 | 36 |
| Property, plant and equipment | 2,558 | 2,606 |
| Intangible assets | 480 | 483 |
| Goodwill | 2,242 | 2,315 |
| TOTAL ASSETS | 741,473 | 734,840 |
Balance Sheet - Liabilities and shareholders ' equity
| (in € millions) | 12/31/2025 | 12/31/2024 |
| Central banks | 12 | 18 |
| Financial liabilities at fair value through profit or loss | 21,686 | 26,643 |
| Hedging derivatives | 2,733 | 3,261 |
| Debt securities at amortized cost | 162,398 | 163,710 |
| Due to credit and similar institutions at amortized cost | 43,477 | 46,031 |
| Due to customers at amortized cost | 295,688 | 295,099 |
| Revaluation adjustment on rate-hedged books | -17 | -15 |
| Current tax liabilities | 375 | 450 |
| Deferred tax liabilities | 610 | 481 |
| Accruals and miscellaneous liabilities | 14,734 | 12,671 |
| Debt related to non-current assets held for sale | 0 | 0 |
| Insurance contracts issued - liabilities | 134,535 | 125,195 |
| Provisions | 3,058 | 2,913 |
| Subordinated debt at amortized cost | 13,357 | 13,180 |
| Total shareholders’ equity | 48,825 | 45,203 |
| Shareholders’ equity – Attributable to the group | 43,850 | 40,737 |
| Capital and related reserves | 6,568 | 6,568 |
| Consolidated reserves | 33,788 | 30,959 |
| Gains and losses recognized directly in equity | 434 | 195 |
| Profit (loss) for the period | 3,060 | 3,015 |
| Shareholders’ equity – Non-controlling interests | 4,976 | 4,466 |
| TOTAL LIABILITIES | 741,473 | 734,840 |
At December 31, 2024, CIC London reclassified £2,030 million (€2,448 million) from “Debt securities at amortized cost” to “Financial liabilities at fair value through profit or loss”.
Income statement
| (in € millions) | 12/31/2025 | 12/31/2024 |
| Interest and similar income | 28,422 | 33,311 |
| Interest and similar expenses | -21,403 | -26,852 |
| Commissions (income) | 4,894 | 4,771 |
| Commissions (expenses) | -1,493 | -1,435 |
| Net gains on financial instruments at fair value through profit or loss | 856 | 911 |
| Net gains or losses on financial assets at fair value through shareholders’ equity | 50 | 35 |
| Net gains or losses resulting from derecognition of financial assets at amortized cost | 2 | 0 |
| Income from insurance contracts issued | 7,905 | 7,498 |
| Expenses related to insurance contracts issued | -6,504 | -6,234 |
| Income and expenses related to reinsurance contracts held | -77 | -74 |
| Financial income or financial expenses from insurance contracts issued | -6,757 | -4,335 |
| Financial income or expenses related to reinsurance contracts held | 6 | 7 |
| Net income from financial investments related to insurance activities | 6,916 | 4,509 |
| Income from other activities | 1,189 | 850 |
| Expenses on other activities | -870 | -591 |
| Net revenue | 13,137 | 12,370 |
| of which Net income from insurance activities | 1,488 | 1,370 |
| General operating expenses | -6,258 | -5,926 |
| Movements in depreciation, amortization and provisions for property, plant and equipment and intangible assets | -372 | -342 |
| Gross operating income | 6,508 | 6,103 |
| Cost of counterparty risk | -1,685 | -1,807 |
| Operating income | 4,823 | 4,296 |
| Share of net income of equity consolidated companies | 60 | 56 |
| Net gains and losses on other assets | -1 | -11 |
| Changes in the value of goodwill | -71 | -2 |
| Income before tax | 4,811 | 4,338 |
| Income taxes | -1,351 | -926 |
| Net income | 3,461 | 3,412 |
| Net income – Non-controlling interests | 401 | 397 |
| NET INCOME ATTRIBUTABLE TO THE GROUP | 3,060 | 3,015 |
At December 31, 2024, an expense of €504 million was reclassified from “Net gains on financial instruments at fair value through profit or loss” to “Interest and similar expenses”
1Unaudited financial statements, the audit of the financial statements as of December 31, 2025 is currently being conducted by the statutory auditors. The Board of Directors met on February 5, 2026 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 Specialized business lines include corporate banking, capital markets, private equity, asset management and private banking.
3Change in outstandings calculated over 12 months.
4 Ratio estimated at December 31, 2025 for Crédit Mutuel Alliance Fédérale, which includes BFCM in its scope of consolidation. The inclusion of net income in shareholders’ equity is subject to approval by the ECB.
2Ratio estimated at December 31, 2025 for Crédit Mutuel Alliance Fédérale which includes BFCM in its scope of consolidation.
3Consolidated results of Banque Fédérative du Crédit Mutuel and its main subsidiaries: CIC, ACM, BECM, TARGOBANK, Cofidis Group, IT, etc.
2Estimate as of December 31, 2025 for Crédit Mutuel Alliance Fédérale, the integration of earnings into shareholders’ equity is subject to approval by the ECB.
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