The Crédito Agrícola group added a first-quarter profit of €35.7 million, which compares with earnings of €72.5 million in the same period last year.

Crédito Agrícola posted a net profit of €35.7 million in the first quarter of this year, 50.7% less than in the same period last year, the group led by Licínio Pina said in a statement.

Net interest income fell 12.3% to €75.3 million, but the bank’s net commissions rose 23.3% to €33.2 million euros, the financial institution said.

Operating income ultimately fell 27% year-on-year to €132.2 million.

According to Crédito Agrícola, the fall in first quarter profit was influenced by the results, non-recurring, obtained in the first quarter of 2021, related to net gains from financial operations, amounting to €51.3 million, and retroactive interest, relating to 2020, received under the ECB – European Central Bank financing programme.

Included in the result of the Crédito Agrícola group are contributions from the insurance business in the amounts of €2.7 million in the case of CA Vida and €3.4 million via CA Seguros.

In the first quarter the loans and advances to customers portfolio grew 3.5%, to €11.5 billion.

The NPL (non-performing loans) ratio improved from 7.2% at the end of 2021 to 6.7% at the end of March.

“At the end of the first quarter of 2022, the Crédito Agrícola Group’s solidity and liquidity levels remain above the recommended minimum levels,” indicates the group, which reports CET1 and total equity ratios of 18.8% (including net income for the 2021 financial year), a leverage ratio of 8.2%, a liquidity coverage ratio (LCR) of 429% and a stable funding ratio (NSFR) of 155.2%.

Original Story:  Expresso | Miguel Prado 
Photo: Crédito Agricola Website
Edition & Translation: Prime Yield