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Crédit Mutuel Group's 2018 net profit rises 17.2%

Crédit Mutuel Group's 2018 net profit rose 17.2%, helped by a strong rise in revenues, cost control and a favorable comparison with 2017 when it took an exceptional tax charge.

The cooperative banking group, which derives most of its profits from retail banking at its regional banks, said net profit rose to €3.58 billion from €3.05 billion in 2017.

Excluding exceptional items, net banking income was up 0.3% to €17.53 billion, and retail banking revenues were 1.8% higher. Deposits grew 6.1% to €396.7 billion, while lending rose 8% to €467.4 billion.

Crédit Mutuel Group's common equity Tier 1 ratio, a measure of capital strength, stood at 17.5% at the end of December 2018, up from 17.3% a year earlier.