Cajamar earns almost 7% more until September and exceeds 260 million profit
The Cooperative Group Cajamar obtained a net profit of 263 million during the first nine months of the year, which represents an increase of almost 7%, which allows it to increase the solvency and boost profitability to levels close to 8%. As can be seen from the quarterly accounts, the income totals (gross margin) of the bank amounted to 1,239 million, 3.8% more compared to the same period of the previous year.
However, the entity is already noticing the lower interest rates, suffering a cut in the interest income of 810 million, 12.5% less. The entity has compensated for this decrease with higher commissions, which rose 7.5%, to 247.9 million, as well as gains on financial assets and liabilities, which soared above 153 million.
Of the total loan portfolio, the bank records almost 770 million in doubtful loans, 5.5% less, so the delinquency rate improves by 30 basis points, to 1.76%, “one of the lowest” among the main Spanish entities. The group highlights the diversification of the portfolio, with a managed business volume that rises to 109,622 million, while Total assets add up to 63,364 million (+3.6%).
Financing to companies stands out, which grew by double digits, up to 17.6%. From this new production, 40.3% went to the agri-food sector, 30.8% to large companies, 17.5% to small businesses and 11.5% to SMEs. The first nine months are marked by lower operating expenses and boost the efficiency ratio, which measures the expenditure necessary to generate income and, therefore, the lower it is, the better it is, at 45.3%, four tenths less.
