In a statement on the unaudited cumulative results in March 2024, Crédito Agrícola states that the financial margin (difference between interest charged on loans and interest paid on deposits) was 205.2 million euros from January to March, up 51.8 million euros compared to the first three months of 2023. On the other hand, there was a negative change in the result of financial operations of 9.2 million euros, to 2.8 million euros negative, compared to a positive result of 6.5 million euros in the first quarter of last year, as well as a deterioration in other results, which were negative by 600 thousand euros, compared to 4.8 million euros in the same period (year-on-year change of -5.4 million euros). The Crédito Agrícola group also says that the net result from January to March was penalised by the growth of structural costs by 4.8%, to 106.4 million euros (+4.9 million euros compared to the same period), the increase in impairments and provisions to five million euros (+2.2 million euros year-on-year) and the increase of 20.1% in taxes, which amounted to 32.3 million euros in the first quarter. The CA group's insurers represented a contribution to the consolidated net result of 4.3 million euros -- CA Seguros presented a net result of 3.5 million euros and CA Vida of 0.8 million euros --, which represents a year-on-year growth of 9.6%. Until March, the core banking product amounted to 264.6 million euros, a year-on-year growth of 23.3% (+50.1 million euros), and Crédito Agrícola's return on equity was 18.3%. The loan portfolio to customers (gross) increased by 49.8 million euros compared to December 2023 (+0.4%), to 12,108 million euros, in line with the market trend, stabilising Crédito Agrícola's market share at 5.79%. Customer deposits amounted to 20,373 million euros at the end of March, up 1.8% compared to 20,004 million euros at the end of 2023, with Crédito Agrícola's market share reaching 8.03%, up 0.01 percentage points compared to December. The average rate of loans to customers increased by 2.04 percentage points, to 5.70%, having been "partially attenuated" by the increase of 0.85 percentage points in the average rate of customer deposits, to 0.89%, justified in part by the reduction in the weight of demand deposits (unpaid) in total customer deposits and by the increase in the average rate of new time deposits. As for net commissions, they reached 38.0 million euros in the first quarter, a year-on-year decrease of 800 thousand euros (-2.2%) justified by the suspension of the collection of commissions under the measures applicable to housing loans until the end of 2024 and by the non-increase in the price list. In absolute terms, the NPL portfolio (non-performing loans or bad debt) registered an increase of 12.9 million euros (+1.8%) compared to the end of 2023, to 741.8 million euros, and the gross NPL ratio was 6.4%, an increase of 0.2 percentage points. Accumulated credit impairments amounted to 391.7 million euros at the end of March, resulting in an NPL coverage by credit impairments of 52.8%. At 31 March 2024, the Crédito Agrícola group's CET1 and total equity ratios amounted to 22.8% (including net income for the period), the leverage ratio was 9.6% (including net income for the period), the liquidity coverage ratio (LCR) reached 674.4% and the stable funding ratio (NSFR) 173.8%. The total assets of the Crédito Agrícola group amounted to 25,600 million euros at the end of the first quarter, up 298.2 million euros compared to December 2023, with around 12,108 million euros of the total assets corresponding to the loan portfolio (gross) to customers, up 0.4% compared to the end of 2023. Quoted in the statement, the chairman of the CA group, Licínio Pina, highlights that the institution "has been solidifying its financial robustness year after year", as a result of "the good financial performance of the bank, life and non-life insurance and asset management". Also emphasising "the commitment to providing stability and security to employees", Licínio Pina notes that personnel costs increased by 5.4% compared to the same period, "mainly due to the growth in the number of employees in the group, which was 4.4%, and also to the salary update of 4.6% that occurred in 2023". [News updated at 12:39] Read Also: These are the places where it is healthier to work in Portugal (Portuguese version)