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PRESS RELEASE CAIXA GERAL DE DEPÓSITOS CONSOLIDATED RESULTS 9M 2021 5 " & CGD reaches a net profit of 429 M € and approves an extraordinary dividend of 300 M € . New upgrade from Moody's while Fitch's change of the outlook to " positive " prospects further improvement In the first nine months of 2021 , CGD Group's consolidated net income reached € 429 million euros ( up 9.4 % over the same period in 2020 ) , equivalent to a return on equity ( ROE ) of 6.9 % , with economic activity in Portugal continuing the recovery process started in the second half of 2020 , despite the longer lasting impact in certain sectors and companies . Prospects of a less severe impact of the pandemic on the economy compared to the past , with lesser effects on credit asset quality , together with a robust capital position , allowed the bank to make an extraordinary dividend payment of € 300 million . Core operating income shows relative stabilisation , due to the recovery of net interest income for the second consecutive quarter . Income from financial operations performed well in achieving € 92.5 million on a current basis . Net income also included extraordinary profit of € 32.7 million ( after tax ) on the revaluation of liabilities on post employment benefits and provisions for the pre- retirement programme . Current net income of € 394 million was therefore up 15.2 % over current income for first half 2020 , largely due to the good evolution of net trading income . New credit impairments at the end of the first nine months of 2021 stood at € 180.4 million , as opposed to the € 90.2 million recorded in the end of the first half year , which , net of recoveries ( - € 138 million ) , resulted in a cost of credit risk of 11 bps . These new credit impairments were mostly preventive of the impact from the end of moratoria . Operating costs on a recurring basis were down 1.6 % over the same period 2020 to € 606 million . This translated into a recurring cost - to - income ratio of 47.3 % , as opposed to 49.5 % in first nine months of 2020 . Customer deposits were up 8.0 % by € 5.8 billion in first nine months of 2021. This essentially derived from resources taken by CGD Portugal , fuelled by higher levels of household savings and customers ' trust and loyalty to Caixa . Credit to companies in Portugal ( excluding the construction and real estate sectors , in which the reduction of NPLs is concentrated ) was up 5.9 % , reflecting greater commercial support to companies . The amount of new mortgage loans was up 56 % over the same period of 2020. This resulted in a leading market position with a new sales share of 24.2 % up to August 2021. CGD continued to trend to higher than sector growth and strengthened its market share in comparison to 2020 . Asset quality continued to improve . The non - performing loans ratio was down to 2.8 % and , together with a preventive increase of impairment , made it possible to achieve an NPL ratio net of impairment of 0 % ( taking all impaired credit into account ) . This has been the case since the first quarter . Considering only specific impairments , CGD's net ratio already compares favorably with the average for European banks . Capital ratios were strengthened , allowing them to reach , after the extraordinary dividend payment , 18.2 % for core capital ( CET1 ) and 20.8 % for total capital , levels similar to those at the end of 2020 and comfortably complying with the capital requirements in force for CGD . These capital ratios , higher than the Portuguese and European averages , are indicative of CGD's robust solvency . In September , Moody's once again upgraded CGD's rating , to Baa2 , and Fitch , already in October , affirmed the BB + rating , complemented by a change in outlook to positive , leaving continued expectations of an upwards movement . At the end of the third quarter , CGD became the first Portuguese bank to issue a sustainable bond . The funds raised will finance a series of projects ranging from energy efficiency to job creation in less developed areas . This € 500 million senior preferred issue with a 6 year maturity and a coupon rate of 0.375 % - the lowest ever PRESS RELEASE CAIXA GERAL DE DEPÓSITOS 1 S