Crédit Mutuel Alliance Fédérale reports record €4.2bn net income

Crédit Mutuel Alliance Fédérale reported record net income of €4.2 billion for 2025, driven by higher revenues and stable risk costs, as the group continued to invest in technology and expand its activities in Germany.

Net income rose by 2.3% year on year, or 11.4% excluding the impact of an income tax surcharge. Net revenue increased by 6.7% to a record €17.7 billion, in line with the group’s 2024–2027 strategic plan targets. The cost/income ratio improved to 55.3%, reflecting positive operating leverage as revenue growth outpaced growth in operating expenses.

The group said customer numbers continued to rise in France, with 14.7 million banking customers, up by 166,000, and 7.6 million insured customers, an increase of 3.4%.

Crédit Mutuel Alliance Fédérale reported a stabilisation in the cost of risk at €1.8 billion, down 11.8% year on year. Its Common Equity Tier 1 (CET1) ratio stood at 19.7%, among the highest reported by European banks.

Leasing, factoring and real estate finance

Within retail banking, the group’s supporting business lines – including leasing, factoring and real estate finance – generated net revenue of €741 million, down 1.8% year-on-year, and net income of €162 million, compared with €178 million in 2024, after commissions paid to the branch networks.

Factoring and receivables management activities recorded higher volumes but lower revenue. The volume of receivables purchased by Crédit Mutuel Factoring and Factofrance rose by 4.9% to €111.6 billion, with international business accounting for 40% of total revenues. Factoring receivables at year-end increased by 3.9% to €14.9 billion. Net revenue from factoring fell by 8.6% to €306 million, reflecting lower indexation rates, while income before tax declined to €108 million.

Equipment leasing showed a recovery in profitability despite weaker market conditions. Crédit Mutuel Alliance Fédérale’s leasing division, a major player in equipment lease financing, for over 60 years, maintained its market share in France at 17.1% in a market that declined by -8.3% compared with 2024.

Crédit Mutuel Leasing and its subsidiary CCLS reported production of €6.3 billion in 2025, down 5% in a French market that contracted by 8.3%. Average outstandings were stable at €15.5 billion, with international business accounting for 14% of total production. Net revenue from equipment leasing rose by 8% to €188 million, while net income improved to €18 million, compared with a loss of €9 million in 2024. The group said it had rolled out a new digital platform for vehicle leasing products for individuals and professionals during the year.

Crédit Mutuel Real Estate Lease reported a strong increase in new business, with total financing granted rising by 41% to €765 million. Outstandings were broadly stable at €6.0 billion at the end of 2025. The unit said demand was supported by projects linked to energy-efficient construction and the renovation of existing buildings.

Strategic investments and expansion

The group said revenue growth continued to finance planned investments under its strategic plan, including the development of in-house technology capabilities and the rollout of its banking and insurance model in Germany. German lender OLB joined the group on 2 January 2026.

Daniel Baal, chairman of Crédit Mutuel Alliance Fédérale, said the results reflected the progress of the group’s strategic plan.

“Visionary and proactive, it requires us to invest in our strengths to make an even greater difference: people, technology, the banking and insurance model, benefit corporation status, and value sharing. These are demanding and bold choices that enable us to be one of Europe’s most solid and innovative banks.”

Chief executive Éric Petitgand said 2025 marked progress in geographic diversification, particularly in Germany, alongside investments in technology and digital distribution.

“2025 was marked by the success of a number of key projects to further strengthen our model. With TARGOBANK, OLB and ACM Deutschland, we have chosen Germany and Europe to diversify our revenues. With our investments in people and technology, we are strengthening our assets to increase our growth with all our customers and prospects, including purely digital audiences.”

The group also reported continued value sharing with employees and society, including a societal dividend of €622 million for 2025 and a planned €633 million for 2026.