The Caixa Geral de Depósitos (CGD) recorded a net profit of 47.1 million euros in the first half of this year, which represents a decline of 57% from the profit of 110.1 million euros in the same period of 2014.
However, as in the first half of last year the profit of the state-owned bank was due to the capital gains recorded on the sale of more than 80% of the capital of its insurers to Chinese Fosun, CGD said in a statement this Thursday it was in the first half of this year, “an improvement of 216.4 million euros compared to the same period last year.”
That is, in adjusted terms, without extraordinary factors, the net result of CGD have risen from a loss of 169.3 million euros to profit of 47.1 million euros.
International operations had a great contribution to the consolidated half-yearly profit of 47.1 million released today, while representing a net profit of 44.7 million euros. Best foreign market is Macau, with EUR 28.5 million (9% on the same period of 2014). The public bank has also invested in Mozambique and Angola. In the case of Mozambique, CGD is the largest shareholder of Banco Comercial e de Investimentos (BCI), which made a capital increase in June.
In the case of Angola CGD recently secured 100% of the capital the Partang, holding which, in turn, owns 51% of Banco Totta Caixa Geral de Angola (BCGTA). So far, Partang was 51% owned by CGD and 49% by Santander. Among the shareholders of BCGTA are Sonangol (25%) and António Mosquito (owner of Soares da Costa and shareholder of media group that owns the TSF, “Daily News” and “Jornal de Notícias”).
About the overall results, CGD points out that net interest income rose 14.3% in the period under review, “continuing to benefit from the reduction of the cost” of financing, especially “the cost of deposits, higher than the reduction also We felt the advantage of active operations. ” The public bank led by José de Matos also pointed out that there was a reduction in the allocation to provisions and impairments related to claims, which fell 23% to 322 million euros.
At the same time, there was ” an increase in new production credit “to Small and Medium Enterprises (SMEs) and the” new mortgage loans productions have registered a growing trend “this year. According to data of CGD, the value of the first six months was 380 million, 58% more than in the same period last year. In the case of non-performing loan ratio rose from 7.6% to 7.9% of the total granted.
The data on the first half of behavior were released on the same day the “Journal of Business “published prime minister’s statements, where he showed annoyance over the fact that CGD has not yet begun to repay the amount borrowed by the State. In addition to the capital increase, the State has implemented EUR 900 million in contingent capital (so-called CoCo), for which it receives interest. “It was supposed that the CGD had already been able to achieve results that would allow to make a part of that refund,” said Pedro Passos Coelho, adding that the subject causes him “concern.” With Portuguese
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