Crédito Agrícola increases profits to €64 million
In the first half of 2018 the Crédito Agrícola Group registered a net result of €64.2 million.
Commissions and increased banking services business all contributed towards the base result of €58.4 million including from an increase in bank loan credit and bank charges.
According to information released by the bank, the bank’s business increased 34.1% in the first six months of the year like-for-like on 2017.
Its insurance arm also showed improved results but at 3.4% while “results registered real estate funds penalised the overall results of the group by €8.3 million”.
However, growth in credit concession was largely behind the positive performance with its customer credit portfolio reaching €9.6Bn by 30 June. This positive variation of 6.3% over the past 12 months contrasts with the “negative variation of 1.3% registered by a number of financial institutions in Portugal for the same period.”
At the same time customer bank deposits also climbed to €13Bn , a growth of 9.4%, corresponding to €1.118 million. The bank has 1,200,000 customers.