Caixa Geral de Depósitos in the black

Page created: Friday, 13 November 2015 8:50 GMT

CGD  Financial Results  Q3 2015

The Portuguese state owned bank, Caixa Geral de Depósitos, turned in a net profit of €3.4 million through to September, down 93% year-on-year due to one-off gains last year, the bank reported Thursday.

The statement issued to the stock market regulatory authority said that the annualised results were not comparable due to the €46.3 million profit reported in 2014 including the disposal of holdings in the insurance companies Fidelidade, Cares and Multicare, selling off controlling shares while remaining with 15%, 20% and 20% respectively.

Hence, the CGD statement declares that having stripped out the effect of these extraordinary earnings, the 2015 result was an “improvement of €236 million on the same period of the previous year.”