CGD rakes in €893 million in 1H

Caixa Geral de Depósitos (CGD) closed the first half of 2025 with a net profit of €893 million, up €4 million on the same period in 2024.

The profits made corresponded to a gain of almost €204,000 per hour and occurred when the State-owned bank also handed over the biggest dividend ever to the State worth €850 million.

In terms of business turnover, CGD increased it by €9Bn to €169Bn on 20024 in what the bank said in a note to the Portuguese securities market commission (CMVM) was “a balance with less risk”.

However, the fall in interest rates led to the bank’s financial margin shrinking by 10% in like-for-like terms, but was stable compared to 1Q, 2025.

CGD’s client portfolio rose in the first half with more pronounced increases in personal loans, mortgages, and institutional clients.

New contract signings for mortgages increased €2.6Bn, up 63% on the same period last year. The bank’s margins fell 10% to €1.28Bn while structural costs increased 4% to €556 million leading to a modest fall in the operating result (-1.1%) to €1.29Bn.