2024 Full Year Results

27 Feb 2025

In 2024, CGD paid €825M in dividends, €840M in income tax and €44M in regulatory costs, paying the Portuguese State a total of €1,709M, more than €4.5M per day, with the expectation that a similarly significant delivery will continue in 2025
Dividends and taxes paid from 2022 to 2025 exceed €4.3B
Proposed dividend for approval by the General Meeting of €850M, the highest ever
Dividends paid in 2023, 2024 and to be distributed in 2025 exceed €2.3B
The payment of dividends in 2024 allowed for the full repayment of the €2.5B capital increase, in cash, carried out in 2017
Performance of international entities generates a contribution to the net result of over €200M for the second consecutive year

Level of achievement demonstrates CGD 's commitment to sustainability and the integration of responsible practices into its activity

Consolidated business volume reaches €165B, an increase of €9.5B compared to the same period last year, driven by strong support for the economy and families in Portugal, where there was an increase in Customer Credit (~€2.3B) and Customer Resources (~€6.0B)
Mortgage Loan portfolio grows with production exceeding €4B. Market share reaches 23.3% in portfolio and 24.5% in production
Corporate and Institutional Loan portfolio grows by over €1.2B in 2024 (+6.2%), evidence of CGD's strong support for the economy

The salary table increase agreed with the Unions for 2024 exceeds what was negotiated by the rest of the banking sector. CGD was also the first bank to revise the salary table for 2025 with an increase of 2.5%, resulting in a total projected variation of 3.6% in the Fixed Salary Mass and 5.5% in the Global Wage Mass
CGD hires 255 new employees in 2024 and admits 172 interns

DBRS raises its rating to A (low) for the first time, a step higher than the initial BBB rating it had held since 2011. Outlook remains “positive”
Moody's upgrades the intrinsic rating to "a3", returning to the "A" category for the first time since 2009, being the same level as Portuguese Republic and the highest in the national banking sector
In January 2025, S&P assigns an A- rating, with a "positive" outlook

Capital ratios reach 20.3% (CET1) and 20.5% (Total), after deducting the proposed dividend distribution of €850M
Equity reaches €10.6B through organic capital generation, growing by €3.6B since the recapitalization.
CGD is the only Portuguese bank included in the list of the 200 largest banks worldwide in Tier 1 capital, by The Banker magazine 2024

NPL ratio of 1.48% at the end of December, a reduction compared to 1.65% in the same period, and below the European average of 1.9%
Credit risk cost is -0.50%, reflecting the favourable evolution of credit quality and the improvement of the macroeconomic scenario
Exposure to non-core assets – NPL (Non-Performing Loans), real estate, and restructuring funds – records a reduction of €262M in the fiscal year

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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 financial metrics in this presentation refer to December 31, 2024, unless otherwise stated. They may be estimated values, subject to change when they are definitively determined. Solvency ratios include the net income for the period, excluding the dividend proposed for approval at the General Meeting.
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 2024”. In the event of any inconsistency, the original version prevails.

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