CGD profits up 34% to €1.735Bn with €850 million dividend payout to the State
Portugal public bank Caixa Geral de Depósitos has posted net profits of over €1.7Bn for 2024 and paid the State out €850 million in dividends; more than had been factored for in the State Budget 2025.
It was the bank’s best results ever and topped the €835 million dividend paid out in 2023, and exceeded the €671 million expected by the government in the State Budget 2025.
The bank also said it would pay €840 million in IRC tax and €44 million in regulatory costs, handing the State over an equivalent of €1.7Bn or €4.5 million per day.
The annual result for 2024 increased 34% on 2023, particularly since the 2023 result had been down because of credit provisions and because of some non-recurrent costs borne by Caixa from its pension funds.
In addition, although it decreased slightly, the bank’s financial margin totalled €2.779Bn (€2.866Bn the previous year), which represents the difference between what the bank pays to finance itself (deposits, above all) and the interest on the loans it grants. Domestic activity contributed €1.534Bn to the group’s result while international activity resulted in profits of about €201million.
The bank also obtained €581 million in results from services and bank charges, more than the €565 million of the previous year. Of this €581 million, €461 million was bank charges charged in Portugal, “mainly due to the increase in the amount of bank charges received on payments and the sale of insurance and investment funds.
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