Crédito Agrícola triples profits to €95.8M in Q1
Bank Crédito Agrícola published its first quarter results on Friday announcing profits of €95.8 million.
The bank enjoyed an increase in own capital profitability of 18.4% while its net profits were 2.6 times higher than the amount achieved a year ago.
A growth of 59.5% in its core banking product to €215.5 million sustained this growth, which was above all generated from an increase by 103.6% on the financial margin to €153.4 million.
Moreover, the accounts of the bank led by Licínio Pina saw an increase of 16.7% on net bank charges to €38.8 million (interbank charges, loans and account management) revealed the bank in a communiqué.
“It is important to note that the net results obtained in Q1 of 2023 reflect the current economic situation and market conditions which were more positive than expected and quickly boosted the sustainable growth levels that we have presented year-on-year”, states the banker in the same results note.
Crédito Agrícola also revealed that between January and March the portfolio of total customer loans in the group saw an 0.7% reduction on December 2022 to €11.9Bn which “represents a market share on approved loans of 5.65%.
In terms of customer resources the bank states that in March it lost €666 million in deposits from a total of €19.7Bn. (down 3.3% on December.
However, it did better in terms of customer resources in capitalisation insurance products and investment fund products that were sold by the group and increased 0.4% on December to around €2Bn.