Grupo Cooperativo Cajamar closed the semester with a net profit of 177,6 million (close to 178 million), in line with expectations, driven by commercial activity and the advance of commission income, despite the pressure on the margin that has marked the interest rate environment.
The bank's managed business amounts to €108.370 billion and total assets stand at €64.540 billion. The institution maintains a return on equity (ROE) of 8,03% and an efficiency ratio of 50,7%, with a non-performing loan ratio of 1,78% , among the lowest of the major Spanish banks.
Results and profitability
Net interest income fell by 11,9% amid fluctuating interest rates. Fee income from products and services grew by 9,1%, while disintermediation fees (insurance, funds, pensions, and consumer products) increased by 18,6%, bringing total fee income up by approximately 11,8%.
Gross margin totaled 733,2 million , down 7,1% year-on-year, while operating margin reached 361,7 million, with an efficiency ratio of 50,7% thanks to cost control.
After allocating 72,7 million to losses due to asset impairment and 56,6 million to provisions and results, the result before tax increased by 11,7% to 232,5 million.
The impact of the banking tax (IMIC) amounted to €6,9 million. Nevertheless, consolidated net profit reached €177,6 million , supported by the resilience of recurring income. Furthermore, financial income and interest expenses totaled approximately €947,9 million and €407 million , respectively, reflecting the normalization of savings and credit prices.
Commercial activity and credit
Credit investment grew by 7,6% to €40.475 billion , increasing the market share in credit to 3,1%. Credit to businesses advanced by 14,4% , with a particular focus on the productive sector.
Of the new business financing, 40,9% went to the agri-food sector , 30,2% to large companies , 18,2% to small businesses , and 10,6% to SMEs . In the agricultural sector, Cajamar maintains a 15,4% market share.
Retail managed assets increased by 10,6% to approximately 60.427 million , supported by balance sheet deposits (+7,6%) and off-balance sheet assets (+24,2%).
Investment funds stand out , growing by 35,7%, well above the sector's 12,6%. The deposit share reached 2,9%, reflecting solid fundraising.
Solvency and liquidity
The increase in eligible own resources (+8,9%) puts the phased-in solvency ratio at 16,3% and the CET1 at 14,1%, with an excess of capital of 883 million over the requirements.
The MREL ratio reaches 24,5%, above the minimum requirements. In terms of liquidity, the LCR stands at 226,4%, the NSFR at 149,7%, and the LTD at 81,5%, levels that demonstrate a comfortable buffer.
In June, the group placed 500 million in six-year senior preferred debt , an operation that received a demand of 1.600 billion (3,2 times), diversifying sources and strengthening the treasury position.
Additionally, Cajamar maintains a mortgage bond issuance capacity of 3.833 billion, which expands its room for maneuver in the face of future financing needs.
Asset quality and risk management
The default rate falls to 1,78%, among the lowest in the system, with a coverage of 75,2% and a contained risk cost of 0,34%.
Net foreclosed assets decreased by 28,2%, improving the foreclosed asset ratio to 0,48% and bringing the net non-performing asset ratio to 0,95%. Prudent management and risk discipline contribute to balance sheet quality and earnings stability.
The group serves approximately 3,9 million customers through 952 branches and service counters , supported by 5.129 professionals . During the first half of the year, it added four mobile branches (bringing the total to 12), which serve 78 low-density municipalities . Four new branches were also opened in Pollença, Los Palacios y Villafranca, San Sebastián, and VilagarcÃa de Arousa, strengthening both in-person service and digital channels (app, online banking, and electronic banking).
According to Stiga, Cajamar remains the second highest-rated entity in customer satisfaction among significant Spanish entities, an indication of the importance of proximity and service in its offering.
In sustainability, the organization granted over €520 million in green financing and renewed its recognition from Morningstar Sustainalytics and CDP . It published its Sustainability Report and promoted a guide for incorporating ESG criteria in agri-food SMEs.
The 'Las Palmerillas' Experimental Station celebrated its 50th anniversary with the inauguration of new facilities: a 400 m² biotechnology laboratory, spaces for Cajamar Innova and an auditorium for 160 people, reinforcing its commitment to knowledge transfer to the sector.
With stable profitability, ample solvency and contained delinquency, Cajamar faces the second half of the year with a solid commercial base , a greater presence in savings and investment and a clear focus on supporting the business fabric and agriculture.