The Crédito Agrícola group obtained profits of 95.8 million euros in the first quarter, almost triple the 35.7 million euros in the first three months of 2022, it says in a press release.
The financial margin (difference between what you receive in interest on loans and what you pay in interest on deposits) doubled to 153.4 million eurosthat the bank justifies with “the positive impact of the evolution of the Euribor rates on the profitability of the securities portfolio and the group’s credit portfolio”, although “partially penalized by the increase in the cost of customer deposits”.
Net commissions grew 16.7% to 38.8 million euros. Extraordinary results from financial operations of €6.5 million also contributed to earnings, which compares with negative €5.8 million in the first quarter of 2022.
On the spending side, the structural costs increased by 11.9% to 101.6 million euroswith an increase in personnel costs of 15.3% to 62.7 million euros, which according to the banking group is “partly justified by the impact of the salary table updates made in June 2022 (including retroactive to 2021) and in February 2023 [de 4%, com retroativos a janeiro]”.
The Crédito Agrícola group had 4,117 workers in March, 45 more than in the same month of 2022. There were 617 bank branches, less three.
Source: Observadora
