Grupo Cooperativo Cajamar closed the semester with a net profit of 177,6 million (around 178 million), in line with expectations, driven by commercial activity and the increase in commission income, despite the pressure on the margin caused by the interest rate environment.
The managed business reaches 108.370 million and total assets stand at 64.540 billion. The entity maintains a profitability (ROE) of 8,03% and an efficiency of 50,7%, with a delinquency rate of 1,78%, one of the lowest among large Spanish entities.
Results and profitability
El interest margin stepped back a 11,9%., in a context of changing rates. Commission income from products and services grew by 9,1% and disintermediation income (insurance, funds, pensions and consumer) increased by 18,6%, raising the total commission income by almost 11,8%..
El gross margin sumo 733,2 million, down 7,1% year-on-year, while operating margin reached 361,7 million, with a efficiency ratio 50,7% thanks to cost control.
After allocating 72,7 million to losses due to impairment of assets and 56,6 million to provisions and results, the earnings before taxes increased by 11,7% to 232,5 million.
The impact of banking tax (IMIC) rose to 6,9 million. However, consolidated net profit He stood at 177,6 million, supported by the resilience of recurring revenues. In addition, financial income and interest expenses stood at around 947,9 and 407 million, respectively, reflecting the normalization of the price of savings and credit.
Commercial activity and credit
La investment credit grew by 7,6% to 40.475 million, raising the market share in credit at 3,1%. Credit to companies advanced by 14,4%., with special focus on the productive fabric.
Of the new business financing, the 40,9%. was allocated to food industry, 30,2% to big enterprises, 18,2% to Small business and 10,6% to SMEsIn the agricultural sector, Cajamar consolidates a 15,4% share.
The retail managed resources increased by 10,6% to approximately 60.427 million, supported by on-balance-sheet deposits (+7,6%) and off-balance-sheet funds (+24,2%).
Notable are the Investment funds, which grew by 35,7%, well above the 12,6% of the sector. deposit rate rises to 2,9%, reflecting solid uptake.
Solvency and liquidity
The increase in computable own resources (+8,9%) places the phased-in solvency ratio in 16,3% and CET1 in 14,1%, with a excess capital of 883 million over the requirements.
La MREL ratio reaches 24,5%, above the minimum requirements. In liquidity, the LCR stands at 226,4%, NSFR in 149,7% and the LTD in 81,5%, levels that show a loose cushion.
In June, the group placed 500 million en senior preferred debt over six years, an operation that received a demand of 1.600 billion (3,2 times), diversifying sources and strengthening the treasury position.
Additionally, Cajamar maintains a emission capacity of mortgage bonds of 3.833 billion, which increases the margin of maneuver for future financing needs.
Asset quality and risk management
La default rate is reduced to 1,78%, among the lowest in the system, with a coverage of 75,2% and a cost of risk content in 0,34%.
The foreclosed assets Net profits decreased by 28,2%, which improved the ratio of awarded up to 0,48% and places the net non-performing asset ratio at 0,95%. Prudent management and risk discipline favor the quality of the balance sheet and stable results.
The group serves about 3,9 million customers through 952 offices and counters, with the support of 5.129 professionalsDuring the semester, he added four mobile offices (up to 12), serving in 78 municipalities of low density. They also opened four new offices In Pollença, Los Palacios y Villafranca, San Sebastián and VilagarcÃa de Arousa, strengthening in-person service and digital channels (app, digital and electronic banking).
According to Stiga, Cajamar remains the second highest-rated entity in customer satisfaction among significant Spanish entities, an indication of the weight of the proximity and service in his proposal.
In sustainability, the entity granted more than 520 million in green financing and revalidated recognitions of Morningstar Sustainalytics y CDP. He published his Sustainability Report and promoted a guide to incorporate criteria ASG in agri-food SMEs.
The 'Las Palmerillas' Experimental Station celebrated its 50th anniversary with the inauguration of new facilities: a laboratory of biotechnology of 400 m², spaces for Cajamar Innova and an auditorium for 160 people, reinforcing its vocation of knowledge transfer to the sector.
With stable profitability, comfortable solvency and a contained delinquency, Cajamar faces the second half of the year with a solid commercial base, greater presence in savings and investment and a clear focus in support of the business and agricultural sector.