Main highlights
- The Net Income of Grupo Crédito Agrícola in the first half of 2022 amounted to 64.4 million euros, corresponding to a Return on Equity (ROE) 6.5% and reflecting the positive performance of its business units (banking, life and non-life insurance and assets management).
- The YoY change in Net Income is influenced by non-recurring net gains in the amount of 55.2 million euros, obtained in the first half of 2021 (51.3 million euros in 1Q21), 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 continued support lent by Grupo Crédito Agrícola to the Portuguese economy is reflected in the 3.0% YoY growth in the Group’s (gross) loans and advances to customers portfolio1 to 11.9 billion euros, corresponding to an increase of 341 million euros to non-financial institutions, entrepreneurs, households, social sector and public sector. During 1H22, new mortgages production increased by 9.5% YoY. Grupo Crédito Agrícola‘s market share in terms of gross loans granted to customers, was stable YoY, at 5.6% 2.
- The gross Non-Performing Loans (NPL) ratio continued its downward trend, standing at 6.1% of the loan book (704 million euros), with a positive evolution of 1.1 p.p. in comparison to 7.2% at the end of 2021 (819 million euros), evidence of the continued improvement in quality of the Group’s credit portfolio. NPL coverage by NPL impairments and collateral (FINREP) increased to 89.1%, or 1.5 p.p. above the level of December 2021. At the end of 1H22, real estate held for sale by the CA Group had declined by 12.8% to 336.8 million euros (direct and indirect exposure).
- The strength and liquidity levels of Grupo Crédito Agrícola in 1H22 comply with the minimum recommended levels, with CET1 and total own funds ratios of 18.7% (excluding net income for the period), a leverage ratio of 6.8%, a LCR ratio of 481.6% and a NSFR ratio of 154.9%.
- 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, a clear indication of the preference of Portuguese consumers.
- In the 1H22, Grupo Crédito Agrícola (Banking and Insurance Companies) was recognized as “leader in BECX - Best European Customer Experience 2021” in the respective categories, for the 2nd time in Banking, for the 4th consecutive time in CA Seguros, and for 4th time in CA Vida.
- During 1H22, Bank of Portugal disclosed its 2021 Behavioural Supervision Report, where Crédito Agrícola stands out as the entity with the least complaints in both demand deposits and consumer loans, as well as the second institution with the fewest complaints in mortgage loans.
- In June 2022, o Grupo Crédito Agrícola launched the sustainable label (“selo sustentável”) enabling the identification of sustainable activities and, as such, strengthening the Group’s positioning as a financial institution focused on its social role and environmental concerns.
1 Including commercial paper in the amount of 402 million euros in the end of June 2022, which compares with 359 million euros in June 2021.
2 Including the public sector.
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