Crédit Agrícola profits at €96.5 million

 In Banks, News

The bank Crédito Agrícola closed the first half of 2021 with a net result of €96.5 million, up 92.5% YoY on 2020.

The bank’s business contributed to the result by €84.5 million which corresponds to an increase of 110.6% on H1 2020.
“The first six months of the year were marked by a “strong recovery in economic activity reminiscent of the pre-pandemic period, with the market giving clear signs of confidence,” says Licínio Pina. This profit of €96.5 million, well above the €50.1 million for the same period last year exceed the net consolidated result of €74.4 million seen in the first half of 2019.
“Growth on financial margin and technical insurance margin contributed to the increase of the bank’s results, with structural cost control and risk cost stabilisation also contributing and which were not sufficiently prudent to stop Crédito Agrícola from posting a growth of 92.5% YoY for the same period,” says the bank’s CEO.
Contributing towards the bank’s gross operating income (up €14.0 million like-for-like) was the growth on financial margin by €4.4 million (+2.8%).
The technical margin of the business recorded a like-for-like variation of +€10.2 million (up 48.4%), and other results (up €11.2 million).
Regarding profits from bank charges, these increased €0.4 million to €54.1 million while the costs of financial operations were reduced by €12.3 million (-18.5%) to a total of €54.4 million”.
The bank also highlights the “reduction in structural costs by €2.1 million on H1 2020 and an increase in gross operating income which resulted in a 3.6 percentage point improvement in the efficiency ratio which in June 2021 stood at 58.8%.