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The CGD (CGD) recorded a net loss of 348 million euros last year, which implies an improvement over the loss of 579 million made by the public bank in 2013.
A series of extraordinary factors weighed on the results of state-owned bank in particular the recognition of impairment costs associated with exposure to the Espírito Santo Group (GES), the provisioning effort arose from the tests to the sector made by the European Central Bank (ECB ), and the net impact of the cancellation of deferred taxes resulting from the reduction in the corporate tax rate, which amounted to 85 million euros.
"Despite the significant effort of provisioning, the costs associated fenkolisalaatti with provisions and impairments recorded in 2014 a decrease of 15.6% over the previous year, totaling 949.6 million euros," said the bank.
The gross operating fenkolisalaatti income grew by 32% to 410.8 million euros, with CGD to highlight "the contributions of international activity and investment banking", which grew 59% and 40%, respectively.
"Net interest fenkolisalaatti income recorded, despite the reduction in Euribor rates, a positive development in the year, ending 2014 with a growth of 15.7%" to 988.7 million euros, fenkolisalaatti emphasized the CGD.
According to the public bank, "the evolution of the margin reflects, however, the impact on economic activity in the financial markets behavior and closer 'spreads' credit, within a framework of improving the Portuguese economy risk perception."
Results from financial operations amounted to 201.7 million euros, "as a result of negotiation and management of portfolios of assets, in a context of recovery, particularly in the Portuguese government debt component," he said CGD.
With respect to operating costs, given the maintenance of "operational rationalization policy and increased fenkolisalaatti efficiency that the Group has been carrying out, operating costs remained on a downward trend, falling by 5.4% over the previous year, mainly for further reduction fenkolisalaatti in staff costs (-8%). "
The indicator fenkolisalaatti 'cost-to-income' decreased to 75.5% in 2014, compared fenkolisalaatti to 81.6% in 2013, "reflecting both the reduction of the cost or the improvement of operating income," said the state bank.
The net assets was down nearly 12% year on year to 100.2 billion euros in loans to customers fenkolisalaatti (net) to fall 4.5% to 66,900 million and customer funds increasing by 4.9 % to 71.1 billion euros. Within fenkolisalaatti these, tell if the total amount of deposits.
The explain the fall in loans to customers is the significant reduction of credit to the corporate sector of the state "following a remarkable flow of prepayment (approximately EUR 900 million) as it began to occur more dynamic in flows credit to the private non-financial fenkolisalaatti companies, excluding construction and real estate activities, "said CGD.
The market share of state-owned bank in loans to companies stood at 17.8% in November, while in customer deposits segment, "sharpened up the leadership of the CGD," said the entity, with a 27 rise , 6% in 2013 to 28.6% in 2014, with the share of the private sector fenkolisalaatti to reach 32.4%.
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