Caixa Geral de Depósitos SA reported a full-year 2017 consolidated net income of €51.9 million, compared to a year-ago loss of €1.86 billion.
The Portuguese lender attributed the result to the successful implementation of its strategic plan that improved its efficiency and profitability. CGD noted that the result was also impacted by nonrecurring costs of €609 million.
Net interest income amounted to €1.24 billion, up from €1.04 billion for 2016. Net income from fees and commissions rose year over year to €464.9 million from €449.9 million.
Provisions and impairments declined 77.4% in the same period to €677.1 million from €3.00 billion.
The bank's phased-in common equity Tier ratio stood at 14.0% as of Dec. 31, 2017, up from a pro forma ratio of 12.1% a year ago. The fully implemented CET1 ratio also stood at 14.0% at 2017-end, up from 11.8% at the end of 2016.
