In the first six months of the year, Crédito Agrícola posted consolidated results of 168.5 million euros, representing a 2.2% decline compared to the same period last year. Return on equity stood at 10.5%.
The drop in results was mainly due to the reduction in the net interest margin, i.e., the revenue earned from interest. Additionally, claims costs increased significantly due to the adverse weather conditions that occurred in the first quarter of the year in Portugal.
The performance of the insurance segment was particularly affected, with insurance results down 57%, making a significant contribution to the deterioration of the group's overall results.
Crédito Agrícola is a Portuguese bank focused on the agricultural sector and the rural world, being one of the main financial institutions operating in this segment in Portugal.
