The CrĂ©dito AgrĂcola group recorded a profit of 96.5 million euros in the first semester, an increase of 92.5% compared to the same period in 2020, according to the statement sent this Thursday, August 19.
The banking business contributed 84.5 million euros to this result (+ 110.6% compared to the first half of 2020). Before the start of the pandemic (first half of 2019), the group had obtained a net profit of 74.4 million euros.
As of June 30, 2021, the (gross) portfolio of customer loans amounted to 11,500 million euros, a positive variation of 6.2% in the last 12 months. The portfolio of loans in arrears amounts to 2,789 million euros, supporting the Agricultural Credit to 4,489 national companies with the granting of 335.8 million euros under the Covid-19 credit lines, with State guarantee.
Net commissions increased by 0.4 million euros to 54.1 million euros and income from financial operations decreased by 12.3 million euros (-18.5%) to a total of 54.4 million euros .
On the other hand, the reduction in structural costs of 2.1 million euros compared to the same period of the previous year and the increase in bank income led to an improvement of 3.6 percentage points in the efficiency ratio, which, with reference to June 2021, it stood at 58.8%.
LicĂnio Pina, president of Grupo CrĂ©dito AgrĂcola, says that the entity saw âin these first six months of the year, a strong resumption of activity, in reference to the pre-pandemic period, with the market showing clear signs of confidence.
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