A number of extraordinary factors weighed on the results of state-owned bank in particular the recognition of impairment costs associated with Place the Espírito Santo Group (GES), the provisioning effort arose from the tests to the sector made by the European Central Bank (ECB), and the net impact of the cancellation of taxes deferred due to the reduction in the corporate tax rate, which amounted to EUR 85 million .
“Despite the significant effort of provisioning, the costs associated with provisions and impairments recorded in 2014 a decrease of 15.6% over the previous year, totaling 949.6 million euros,” said the bank.
The gross operating income grew by 32% to 410.8 million euros, with CGD to highlight “the contributions of international activity and investment banking”, which grew 59% and 40%, respectively.
The cost of credit risk stood at 1.18% in 2014, compared with 1.06% in 2013, below the peak of 1.24% recorded in 2012.
Now the credit coverage won by impairment was increased 99.9% (2013) to 102.3% (2014).
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