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Crédit Mutuel's CM11 Group books 11.6% YOY drop in FY'17 profit

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Crédit Mutuel's CM11 Group books 11.6% YOY drop in FY'17 profit

Crédit Mutuel Group's CM11 Group reported full-year 2017 net income attributable to owners of the company of €2.21 billion, an 11.6% drop from €2.41 billion in 2016.

CM11 Group's net banking income totaled €14.01 billion, up from €13.30 billion a year earlier. The company attributed the result to its two core retail banking and insurance businesses, which represent 80% of its net banking income.

Net reversals from provisions for loan losses increased 4.4% on a yearly basis to €871 million from €826 million, while losses on other assets and contributions by associates totaled €346 million, up 11.7% from €310 million in 2016.

CM11 Group's common equity Tier 1 ratio, excluding transitional provisions, stood at 16.5% as of Dec. 31, 2017, compared to 15.0% at the end of 2016. The group noted that it expects the new IFRS 9 accounting standards to have an impact of 15 basis points on the CET1 ratio.

The liquidity coverage ratio for CM11 Group stood at 131% at 2017-end, and the leverage ratio was 5.9%, up from 5.7% at the end of 2016.