Main highlights
- In 2021, Grupo Crédito Agrícola reached a Net Income amounting to 158.8 million euros, representing y.o.y. growth of 82.9% and of 20.8% in comparison to 2019 (pre-pandemic). The banking business1 contribution in 2021 increased by 109.1% to 143.3 million euros.
- The Group’s Return on Equity (ROE) in 2021 was 8.1%, reflecting the performance of its different components, including the contribution of 6.1 million euros of Net Income from CA Vida and of 5.8 million euros from CA Seguros.
- The Group’s (gross) loans and advances to customers portfolio1 grew by 4.8% y.o.y. to 11.7 billion euros, corresponding to an increase of 537 million euros, reflecting the continued support lent by Grupo Crédito Agrícola to the Portuguese economy and also its commercial dynamics in a challenging social and economic context. In terms of gross loans granted to customers, Grupo Crédito Agrícola increased its market share by 10 basis points to 5.8%.
- The gross Non-Performing Loans (NPL) ratio stood at 7.2%, with a positive evolution of 0.9 p.p. in comparison to 8.1% at the end of 2020, an outcome that reflects the improved quality of the Group’s credit portfolio. NPL coverage by NPL impairments and collateral (FINREP) increased to 87.6%, or 0.8 p.p. above the level of 2020.
- At the end of 2021, out of the total moratoria expired, in the amount of 2,892 milion euros, 93.7% are back on the original payment plan, while 87.9% are performing (stages 1 and 2).
- The strength and liquidity levels of Grupo Crédito Agrícola in 2021 comply with the minimum recommended levels, with CET1 and total own funds ratios of 17.6% (excluding net income for the period), a leverage ratio of 8.0%, an LCR ratio of 477.2% and a NSFR ratio of 173.1%.
- In July 2021, Moody’s rating agency attributed to Caixa Central de Crédito Agrícola its first credit rating (baseline credit assessment, BCA), of Ba1. The BCA rating is complemented by the following ratings: Baa3 Stable Outlook / P-3 deposits, Counterparty Risk Rating (CRR) of Baa2/P-2, Counterparty Risk Assessment of Baa1(cr)/P-2(cr).
- In October 2021, Caixa Central carried out its inaugural bond issuance in the international market, in the amount of 300 million euros, through senior preferred debt securities linked to Social Sustainability, rated by Moody’s at “Ba2” (Stable Outlook). This transaction enabled the Group to meet the binding intermediate target of the MREL TREA+CBR requirement on 1 January 2022, with a gap of 303 b.p.
- In October 2021, Crédito Agrícola was considered, by The Banker’s magazine, as the Best Performer Bank in Portugal, particularly in parameters such as growth, profitability, asset quality and liquidity.
1 Including comercial paper in the amount of 406 million euros in 2021, which compares with 350 million euros in 2020.
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