9M2025 Results

6 Nov 2025

Caixa Geral de Depósitos releases its 9M2025 consolidated results

(unaudited accounts)

Business volume in Portugal increased by €10 billion, driven by growth in the credit portfolio and customer savings across various segments. Capital ratios remained above 21%. CGD completes its 4th ESG bond issuance in five years, achieving the best pricing among Portuguese banks in 2025 and across its own issuance history.

Net income of €1.4 billion driven by a €10 billion increase in business volume in Portugal

In the first nine months of 2025, CGD recorded a net income of €1.4 billion (+2% year-on-year).
• Business volume in Portugal grew by €10 billion compared to September 2024, reaching €172 billion in consolidated activity (+6%).
Net interest income decreased by €200 million year-on-year, reflecting the impact of falling interest rates.
Total customer funds in Portugal remained above €100 billion, growing by €5 billion compared to September 2024, reinforcing leadership in deposits and off-balance sheet products.
The customer loan portfolio in Portugal increased by €3.3 billion during the period, with robust growth across both Corporate & Institutional (+€1.2 billion) and Retail segments (over €2 billion), including approximately €1.9 billion in mortgage lending and more than €100 million in
consumer credit.
New mortgage loans exceeded €4 billion in the first nine months of 2025 (+49%), with monthly production above €450 million, reaffirming CGD’s market leadership. CGD was recognised as the “Best Bank for Buying a Home” and “Bank Closest to Customers”, highlighting its ongoing commitment to service excellence. In the corporate segment, new investment financing reached €2.7 billion in September 2025.
In Portugal, fee income showed little variation despite a 7% increase in Business Volume, reflecting the maintenance of the pricing for the third consecutive year and the application of exemptions.
Recurring efficiency ratio (Cost-to-Income) remained below 30%, outperforming the European average.
In 2024 and 2025, CGD paid over €1.5 billion in corporate income tax (IRC) to the State and will additionally contribute around €200 million in advance payments for the current fiscal year, exceeding €1.75 billion in total.

CGD reaffirms its strong ability to meet regulatory requirements

Leading banking group among ECB-supervised institutions, achieving the best result in the EBA 2025 EU-Wide Stress Test, repeating its performance from 2023.
Most resilient bank in the Eurozone, with no capital reduction under the adverse scenario, evidencing CGD’s financial strength.
Over the 10 years of the Single Resolution Mechanism, CGD has contributed to the stability of the European financial system through the development of a corporate Resolution Plan and the implementation of the required resolution mechanisms.

CGD marks a historic milestone with the launch of its latest debt issuance

CGD successfully completed a €500 million Green Bond issuance with the lowest spread ever achieved.
With demand 7 times higher than supply, this issuance confirms market confidence in the institution’s strength.
CGD’s fourth ESG issuance in five years, bringing the total to €1.8 billion and consolidating its position as the leading Portuguese bank in ESG financing.
Success supported by the consolidation of its long-term debt rating in the “A” category, with upgrades in 2025 by S&P and DBRS.

CGD leads the Portuguese banking sector in digital growth, card market dominance and overall brand value

In Portugal, the number of digital customers reached 2.5 million, while mobile customers exceed 2.1 million, driving growth in digital transactions, which increased by 9% and surpassed 700 million. Transactions carried out through digital channels account for 98.8% of the total.
CGD maintained its leadership in the cards business with around 4.8 million bank cards. Card purchases grew by 10% compared to 2024 and 23% compared to 2023, with increases in online purchases (+8%) and contactless transactions (+9%).
CGD is the bank with the highest reputation, following an improvement in its rating in 2025, remaining above the sector average for the sixth consecutive year.

Prudential ratios remain above 21% following the distribution of a record €850 million dividend

Capital ratios show positive progress, with a CET1 ratio of 21.3% and a Total Capital ratio of 21.4%, following the payment of a record €850 million dividend and the deduction of the maximum distributable amount calculated for the first nine months.
Organic capital generation of €7.4 billion since the recapitalisation, approaching twice the amount received from the shareholder.
The only Portuguese bank that continues to feature in The Banker 2025 ranking of the world’s 200 largest banks by Tier 1 capital, occupying the 190th position.

Asset quality compares favourably with both national and European peers

NPL (Non-Performing Loans) ratio stood at 1.55%, remaining below both the national and European averages.
Credit risk cost was -0.33%, reflecting the favourable evolution of credit quality.
Exposure to non-core assets – NPLs, real estate, and restructuring funds – decreased by €57 million in the first nine months of the year

CGD maintains its active contribution to sustainable development and social support

Green bond issuance reinforces CGD’s environmental commitments.
7th edition of the Caixa Mais Mundo Awards covers 600 students, with an increase in both the number and value of scholarships granted.
Recognition in Europe’s Climate Leaders 2025 as one of the 600 companies leading the fight against climate change (Financial Times and Statista).
CGD improves its Sustainalytics rating (12.1), consolidating its “low risk” category

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

DISCLAIMER

The financial statements were prepared on the basis of International Financial Reporting Standards (IFRS) as adopted in the European Union, following Regulation (EC) No. 1606/2002 of the European Parliament and of the Council of 19 July and the provisions of Decree-Law No.35/2005 of 17 February. The financial information reported is unaudited.
The values and ratios presented refer to September 30, 2025, unless otherwise mentioned. They may be estimated values, subject to change when they are definitively determined. Solvency ratios include the net profit for the period, deducted from the maximum distributable amount calculated for the first nine months of 2025.
High degrees of uncertainty, both economically and geopolitically, remained in the first nine months of 2025. Protracted tensions in several regions, including Eastern Europe and the Middle East, continue to affect energy markets, supply chain stability and global confidence, with direct impacts on growth projections and fiscal balances in several European countries. The risk of further geopolitical, tariff or climate shocks remains high, which may trigger episodes of increased volatility in financial markets and condition decision-making by companies and investors.
In view of this scenario and taking into account the best information available on this date, it is the understanding of the Board of Directors that Caixa Geral de Depósitos is adequately prepared in terms of capital and liquidity to absorb any negative impacts arising from the new global economic framework that may arise and to maintain the necessary support to its customers and the national economy.
This document is intended to provide general information only and does not constitute investment advice or professional advice, nor may it be construed as such.
This document is an English translation of the Portuguese language document “Resultados Consolidados 9M 2025”. In the event of any inconsistency, the original version prevails.

Press Release - Read or Download here the full version.
Presentation - Read or Download CGD Consolidated Results presentation.

Caixadirecta

Caixadirecta

9M2025 Results

Caixa Geral de Depósitos releases its 9M2025 consolidated results

(unaudited accounts)