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PRESS RELEASE CAIXA GERAL DE DEPÓSITOS CONSOLIDATED RESULTS 1Q 2021 5 " S Net income for the quarter , the quarter , in spite of the pandemic , amounted to € 80.7 million . DG Comp notifies CGD of the successful completion of the 2017-2020 strategic plan With its activity still conditioned by the restrictive measures resulting from Covid - 19 pandemic and in a challenging and , as yet , uncertain context , Caixa Geral de Depósitos Group earned consolidated net income of € 80.7 million in the first three months of 2021 ( down 6.5 % over the same period 2020 ) . This is equivalent to a return on equity ( ROE ) of 4.2 % . This result already includes the accounting of all regulatory costs and specific contributions on the banking sector for the year 2021 , which has been a consistent practice at CGD , which had an impact on the net result of € 52.7 million ( an increase of 5.8 million compared to the same period of the previous year ) . This impact , annualised is translated into a return on equity of around 6.2 % in the first quarter . Credit impairment , net of recoveries totaled € 35.9 million , an increase of € 26.5 million over the same quarter of the preceding year , translating into a cost of credit risk indicator of 29 bps in comparison to 7 bps , in the first three months of 2020. This reinforcement of credit impairments is a preventive measure for the economic impacts on the quality of the credit portfolio ( namely with the end of the moratorium ) , taking into account that so far , there are no signs of deterioration . Thus , and considering the reinforcement already made in 2020 , CGD has on its balance sheet approximately € 370 million of preventive impairments to face the potential impacts on the quality of the credit portfolio . Operating costs were down 14.8 % , compared to the first three months of 2020 to 231.2 million . In recurring terms , the reduction in these costs was 6.2 % , which reflected into a recurring cost - to - income ratio of 50.6 % , stabilized over the first quarter 2020 ratio . Customer deposits were up € 6.5 billion compared to the first quarter of 2020. This was essentially on account of the resources taken by CGD Portugal , fuelled by higher levels of household savings and showing customers ' loyalty to Caixa . The 4.4 % growth of corporate credit stock in Portugal ( excluding the construction and real estate sectors in which the reduction of NPLs is concentrated ) strengthened support for companies . CGD's mortgage lending agreements continued to outpace the sector's average growth and were accompanied by an increase in market share . In comparison to first quarter 2020 , growth of new mortgage lending agreements was up 34.8 % by number and 42.9 % by value of operations , resulting in market leadership with a market share of 25.0 % share in new production . A continued improvement in asset quality , with a reduction of the non - performing loans ratio to 3.6 % , in conjunction with the preventive higher levels of impairment represent an NPL ratio of 0 % ( considering all impaired credit ) ; The ratios of 18.0 % for core capital ( CET1 ) and 20.6 % for the total ratio , excluding the dividend on the 2020 result complied comfortably with the capital requirements in force for CGD . These capital ratios , which were higher than the Portuguese and European averages , are indicative of CGD's robust capitalisation . In April 2021 DG Comp notified CGD of its closure of the monitoring process of the Strategic Plan 2017-2020 , which was agreed between the Portuguese State and the European Commission in 2017. Thus , it can be concluded that the implementation of the assumed commitments was carried out successfully . This monitoring by DG Comp was initiated in June of 2012 with the issuance by CGD and underwriting by the Portuguese State of Capital Contingent Bonds ( CoCo's ) and the succeeding state aid process which led to the Restructuring Plan 2013-2017 , followed by the recapitalization process in 2017 with its Strategic Plan 2017-2020 . This notification concludes a long period of monitoring of CGD's activity by the European authorities . PRESS RELEASE CAIXA GERAL DE DEPÓSITOS 1 5