Credem closed the first quarter of 2024 with remarkably positive financial results, recording a consolidated net profit of 160.9 million euros, marking an increase of 19.4% compared to the same period of 2023. This notable result was achieved despite the bank had to incur expenses of over 32 million euros relating to contributions to funds for the management of banks in difficulty, as officially communicated by the group.
The customer loan portfolio saw an increase, reaching 34.6 billion euros, with an annual growth of 2.2%. In terms of customers, Credem achieved an important milestone by acquiring over 45 thousand new customers. Total customer deposits reached 98.2 billion euros, with an increase of 6.3%.
The intermediation margin at the end of the quarter stood at 525.3 million euros, an increase of 11.3% compared to the previous period. This increase is divided between a financial margin of 285.6 million euros, up 21.6%, and a service margin of 239.7 million euros, with a slight increase of 1%. Net commissions totaled 184.4 million euros, marking an increase of 6.9%.