1Q2024 Results

16 May 2024

Caixa Geral de Depósitos releases its 1Q2024 consolidated results

CGD achieves net income of €394.5M in the first quarter of 2024, a 38.4% growth compared to the same quarter last year. ~€770 million to be delivered to the Portuguese State in dividends to be paid in second quarter, taxes, regulatory costs and lease of head office building
Net income of international entities held reaches €51M this quarter
Decrease in commissions by 7% in Portugal reflects the non-increase in prices and the application of exemptions
In March 2024, the buyer of CGD's shareholding in Banco Comercial do Atlântico, S.A. was selected. The completion of the sale is now subject to the authorization process being processed by local authorities.

CGD continues to lead in business volume in the domestic market
Deposits exceed €70B in Portugal (+2% compared to the same period) supporting leadership in attracting customer resources
Mortgage Loans production registers an increase compared to the same period last year; CGD leads with a 25.7% share
Credit portfolio for corporates and public sector records a market share of 16.9%, with emphasis on the 0.2 p.p. increase in the share of the microenterprise segment since the end of 2023
Digital customers reach 3.1M, of which 1.8M on mobile, representing growth compared to December 2023 of, respectively, +54 thousand and +50 thousand, maintaining digital leadership in Portugal

Equity surpasses the €10B mark for the first time through the generation of organic capital
The capital generated since 2017, in the amount of €5,231M, exceeds by 1.33 times the €3,944M of public investment of the Recapitalization Plan
Dividend of €525M in accordance with the proposed application of results for the 2023 financial year, already deducted from regulatory funds, contributes to the reimbursement of ~90% of the public recapitalization in cash, after payment of 100% of the private debt
Capital ratios reach 20.5% (CET1) and 20.7% (Total), deducted of dividend payment to occur in the second semester. Capital exceeds regulatory requirement by 50%
O-SII requirement for 2024 lower than 2023 by 25 b.p., being the fourth reduction in requirements since 2017
CGD is the only Portuguese bank included in the list of the 200 largest banks in the world by Tier 1 capital - The Banker 2023

Non-core assets reduce €37M in the quarter
Consolidated NPL1 ratio of 1.6%, the lowest value in national banks and below the European average
Negative credit risk cost (-29 bps) reflects favourable evolution of credit quality and improvement in macroeconomic scenarios

CGD maintained proactive support for families in the 1st quarter, by reducing the spread of 1,143 mortgage loan operations and switching 6,070 contracts to a fixed rate worth €662M, after having renegotiated around 38,400 mortgage loans in 2023
Additionally, proceeded to the implementation of fixing instalments for 2 years under Decree-Law No. 91/2023, covering 886 operations worth €97.5M
In 2024, as in 2023, CGD did not increase the commission price and exempted its application in several operations in Portugal

CGD is among the 600 corporates at European level that are leading the fight against climate change according to the Financial Times' Europe's Climate Leaders 2024 ranking
CGD won the National Sustainability Award - Jornal de Negócios 2024, in the Sustainable Finance category, with the ESG Rating Model

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¹ NPL – Non-Performing Loans: Ratios according to EBA Risk Dashboard

The financial statements have been prepared based on the International Financial Reporting Standards (IFRS) as adopted in the European Union in accordance with Regulation (EC) No. 1606/2002 of the European Council and of the Parliament of July 19 and provisions of Decree-Law No. 35/2005 of February 17. The financial information reported is unaudited.
The shareholding in Flitptrel IV SA and Flitptrel Porto Santo SA were classified under "Non-current assets held for sale" in June 2023. Therefore, and for comparative purposes only, the amounts related to the consolidated balance sheet as of March 31, 2023 disclosed in this document were restated, as IFRS 5 “Non-Current Assets Held for Sale and Discontinued Operations” only requires the restatement of the income statement.
The financial metrics in this presentation refer to March 31,2024, unless otherwise stated. Solvency ratios include the net income for the period, excluding the maximum distributable amount according to dividend policy, unless where otherwise noted.
This document is only intended to provide general information and does not constitute investment advice or professional advice, nor can it be interpreted as such.
This document is an English translation of the Portuguese language document “Resultados Consolidados 1T 2024”. In the event of any inconsistency, the original version prevails.