CIC - 2024 Half-year results
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, 2024 | 1st half 2024 | Change 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:// 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
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