Caixa Geral de Depósitos (CGD) investor relations material

Executive summary

• Net profit reached €889 million in H1 2024, up 46% year-on-year, driven by business volume growth, higher net interest income, and lower cost of risk.

• Full cash reimbursement of the 2017 public recapitalization completed, with €825 million in dividends distributed and €1,665 million total payments to the Portuguese State in 2024.

• Maintained leadership in deposits, mortgage lending, and digital banking, with 2.3 million digital customers and a 25.1% market share in new mortgage loans.

• Fitch and DBRS upgraded outlook to Positive, citing strong profitability, asset quality, and capital buffers.

• Achieved an A rating in MSCI ESG and received multiple awards for brand, digital, ESG, and asset management excellence.

Financial highlights

• Net income rose 46.3% year-over-year to €889 million; domestic activity contributed €791 million, international €100 million.

• Net interest income increased 8.3% to €1,426 million, mainly from domestic activity.

• Operating costs decreased 4.1% to €534 million, aided by non-recurrent effects from employee restructuring.

• Cost-to-income ratio improved to 29.3%, among the lowest in national and European banking.

• Customer resources grew 3.1% in six months, with deposits as the main driver.

Outlook and guidance

• Capital ratios remain robust post-dividend: CET1 at 21.0%, Total at 21.3%, expected to stay above 20% after additional dividend.

• Continued focus on digital transformation, ESG initiatives, and supporting economic growth through lending.

• Plans to continue supporting families and businesses with competitive products and digital innovation.