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The Crédit Mutuel group is playing it safe for 2021

2021-03-04T19:37:39.570Z

Its results plummeted 18.7% last year, mainly due to a sharp increase in provisions. Like all French and European banks, Crédit Mutuel was shaken by the storm of 2020. Like its competitors, the mutual banking group, which brings together 19 federations, significantly increased the amount of provisions (multiplied by 2.2 ) to face the risk of unpaid debts. At the end of the year, they reached 2.6 billion euros. The group has been cautious, the increase in provisions mainly concerni



Like all French and European banks, Crédit Mutuel was shaken by the storm of 2020. Like its competitors, the mutual banking group, which brings together 19 federations, significantly increased the amount of provisions (multiplied by 2.2 ) to face the risk of unpaid debts.

At the end of the year, they reached 2.6 billion euros.

The group has been cautious, the increase in provisions mainly concerning healthy loans outstanding (for which the risk of default is not proven).

This situation weighed on its profits which fell by 18.7% to 3.07 billion euros (for 17.5 billion euros in net banking income).

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However, this decrease is less significant than that recorded by many of its French competitors (Crédit Agricole, BPCE and Société Générale), with the exception of BNP Paribas.

Despite an increase in its number of customers, Crédit mutuel Arkéa, which brings together the federations of Brittany and the South-West, has paid the heaviest price to

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Source: lefigaro

All business articles on 2021-03-04

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