Grupo Crédito Agrícola performance in 1Q22

Main highlights

  • In the first quarter of 2022, Grupo Crédito Agrícola reached a Net Income amounting to 35.7 million euros, which compares with 72.5 million euros in the same period of last year. This decline is influenced by non-recurring net gains in the amount of 51.3 million euros, obtained in the first quarter of 2021, linked to financial operations, and by retroactive interest income from 2020, received during 1Q21, within the scope of the ECB’s funding program – TLTRO – in the amount of 8.0 million euros.
  • The Group’s Return on Equity (ROE) in 2021 was 7.1%, reflecting the performance of its business units, also including the contribution of 3.4 million euros of Net Income from CA Seguros and of 2.7 million euros from CA Vida.
  • The Group’s (gross) loans and advances to customers portfolio1 grew by 3.5% YoY to 11.7 billion euros, corresponding to an increase of 396 million euros, reflecting the continued support lent by Grupo Crédito Agrícola to the Portuguese economy and its commercial dynamics in an uncertain macroeconomic context, further amplified by the Russian invasion of Ukraine. In terms of gross loans granted to customers, Grupo Crédito Agrícola increased its market share by 5 basis points YoY, to 5.84%.
  • The gross Non-Performing Loans (NPL) ratio stood at 6.7%, with a positive evolution of 0.5 p.p. in comparison to 7.2% at the end of 2021, an outcome that reflects the continued improvement in quality of the Group’s credit portfolio. NPL coverage by NPL impairments and collateral (FINREP) increased to 88.9%, or 1.3 p.p. above the level of December 2021.
  • The strength and liquidity levels of Grupo Crédito Agrícola in 1Q22 comply with the minimum recommended levels, with CET1 and total own funds ratios of 18.8% (excluding net income for the period), a leverage ratio of 8.2%, a LCR ratio of 429.0% and a NSFR ratio of 155.2%.
  • In January 2022, Crédito Agrícola was voted by “Escolha do Consumidor 2022” (Consumer’s Choice 2022) as the best Bank, in the Small and Medium-Sized Banks category, earning the preference of Portuguese consumers.

1 Including commercial paper in the amount of 404 million euros in the end of March 2022, which compares with 362 million euros in March 2021.


To read the full Press Release, please click here.