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Almería, Nov 6 (EFECOM).- Cajamar earned 93.3 million euros at the end of the third quarter of this year, 18.3% more than that obtained in the same period in 2022, according to the consolidated results as of September 30 that This cooperative group published this Monday.
The entity, reported in a statement, has prioritized “prudent” management of credit risk over obtaining profits, and has allocated 376 million euros of its income to provisions and sanitation and impairment of financial and non-financial assets.
In this way, the pre-tax result stood at 106.4 million and the net consolidated profit at 93.3 million euros, 18.3% higher than that obtained in the third quarter of 2022.
Cajamar, which has increased its provisions and improved its solvency and liquidity, has indicated that the typical income of the banking business has once again gained prominence with a “significant growth” of the main magnitudes of its income statement, together with a scenario of ” continuous improvement” of credit quality.
The interest margin increased by 54.9% in the third quarter to 768.7 million and, additionally, net commissions increased by 1.7%, to 201.7 million, which, together with the containment of Operating expenses raised the gross margin to 968.7 million, 15.8% more than the same period of the previous year.
The more intense growth rate of revenues compared to operating expenses has also improved the recurring efficiency ratio, which stands at 49.3%, which improves by 13.9 percentage points compared to the same quarter from the previous year.
The default rate decreases by 0.7 percentage points and stands at 2.2% as of September 30, below the sector average, the result of good management of irregular assets, the result of a decrease of 237 million euros in total doubtful risks, which represents a 21.5% less year-on-year reduction.
Likewise, net foreclosed assets have been cut by 277 million euros, 39.8% less compared to the third quarter of 2022, while the coverage ratio of foreclosed assets rises and stands at 51.6%.
Total assets stand at 60,965 million euros and the total volume of business managed reaches 97,202 million.
Managed retail resources rose by 7.7% year-on-year, to 50,609 million euros, largely due to the advance of both on-balance sheet retail resources, which grew by 4.8%, and off-balance sheet funds, which increased 26.3%.
Grupo Cajamar’s healthy credit investment grows by 1,126 million euros, 3.2% more compared to the same period of the previous year, and reaches 36,708 million.
The new business financing has been allocated mainly to the agri-food sector, with 52.4%, to SMEs and small businesses, 25.6%, and to large companies, 22%.
According to Cajamar, all of this results in a new increase in the national market share in investment to 3%, and places the national market share in the primary sector (agriculture, fishing and livestock) at 15.8%.
The solvency ratio improves by 0.5 percentage points and rises to 15.8%, and the group has highlighted the year-on-year growth of eligible own funds of 4.6%. EFECOM
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