Portuguese banking group Caixa de Crédito Agrícola ended the first quarter of 2019 with a consolidated net result of € 43.5 million, recording a 18% y-o-y growth.

From these, € 36.6 million were generated by the banking business, while the other € 4.2 million came from the insurance business. The real estate investment vehicles, however, hit the results negatively in € -5.3 million, partly because of the participation units depreciation.

Bank deposits reached €14 billion, 10.2% more (equivalent to € 1,297 million) than in the first quarter of 2018. The gross credit portfolio reached €10 billion, recording a y-o-y growth of 6.2%.  As for the Non-Performing Loans (NPL) ratio there was a downward compared to the 13.7% recorded in the end of March 2018, standing now at 9.8%.

«The group has continued its sound and prudent management, reflected in accumulated credit impairments of € 465 million as March 2019, a figure that assures a NPL coverage ratio of 45.3%», adds Crédito Agrícola, in a statement.

Original Story: Expresso | Maria João Bourbon
Photo: Site Crédito Agrícola
Edition & Translation:Prime Yield