Grupo Cajamar increases profit by 9.9% to €289 million and surpasses 4 million customers
- Customer funds under management rise 12.1% and lending grows 8.7% year-on-year.
- The Group’s strategic alliances drive gross income to €1,090 million, with income from joint ventures up 16.3%.
- Maintains strong eligible capital, supporting a phased-in total capital ratio of 16.4% and a phased-in CET1 ratio of 14%.
- Total business volume under management stands at €119,494 million, up 9.1%, while total assets grow 7.3%.
- Grupo Cajamar surpasses 4 million customers and continues to strengthen a close, specialised, multichannel service model.
Results
Grupo Cajamar’s third-quarter results confirm the institution’s ability to grow steadily, strengthen its commercial activity and expand its member base without giving up the hallmarks of cooperative banking: closeness, specialisation and commitment to local communities. This is borne out by the rise in profit after tax to €289 million, up 9.9%, together with the passing of the 4 million customer mark, consolidating a trajectory built on customer trust and organic growth.
Grupo Cajamar thus continues to drive its commercial activity in the third quarter of this year, underpinned by growth in customer funds under management and lending, which are up 12.1% and 8.7% year-on-year respectively. As a result, total business volume under management reaches €119,494 million, up 9.1%, and total assets stand at €68,010 million, an increase of 7.3%.
Against this positive backdrop, Grupo Cooperativo Cajamar, which has held investment-grade ratings from all three agencies that rate it (S&P, Fitch Ratings and DBRS Morningstar) since 2024, has continued to improve its ratings further, and in September DBRS Morningstar upgraded Grupo Cooperativo Cajamar’s long-term rating to BBB (high) from BBB.
Turning to the income statement, net interest income stands at €791.8 million, down 2.3% year-on-year, while fee and commission income and foreign exchange gains amount to €259.9 million, up 3.6%. Gross income continues to show resilience, reaching €1,090 million, supported by core banking income and driven by the performance of the strategic alliances, as reflected in the 16.3% year-on-year rise in income from joint ventures.
After covering operating expenses of €629.9 million, pre-provision profit rises to €459.8 million. Once impairment losses on assets and provisions of €80.2 million have been accounted for, profit before tax comes to €379.6 million, 10.2% higher than in the same period of the previous year. After deducting taxes, including the tax on net interest and fee income, consolidated net profit reaches €289 million, up 9.9% year-on-year. As a result, return on equity (ROE) stands at 8%.
Commercial Activity
Customer funds under management rise 12.1% year-on-year, driven by the strong momentum in both on-balance-sheet retail funds, which are up 10.2%, and off-balance-sheet funds, up 19.3%. Within the latter, investment funds grow 24.4%, well above the 9.3% average increase recorded across the sector.
Lending increased by 8.7% year-on-year to €44,477 million, improving market share and maintaining the diversification of the loan portfolio. Lending to businesses grows 9.1%. At the same time, the Cajamar cooperative bank keeps the agri-food sector as a strategic pillar of business financing, where it holds a national market share of 14.6% in financing of the primary sector.
Of all new corporate lending, 41.3% goes to the agri-food sector, 30.2% to large corporates, 17.7% to small businesses and 10.8% to SMEs.
More than 4 Million Customers
Grupo Cooperativo Cajamar continues to attract new customers, reaching 4 million, a milestone that reflects the trust placed in the institution and the performance of its commercial activity. In turn, the strategic alliances reached with Crédit Agricole and Generali to drive long-term growth will make it possible to offer a broader, more diversified and higher-quality range of products. In addition, the Group continues to hold the top positions among the 10 significant Spanish institutions in customer satisfaction, according to the "National Customer Satisfaction Benchmarking Report for the Financial Sector" produced by Stiga.
The 5,336 professionals employed by the entities of Grupo Cooperativo Cajamar provide specialised advice and close service through 935 branches and rural offices. In the third quarter Cajamar continued its national expansion and opened three new branches in Mairena de Aljarafe (Seville), Zaragoza and Pozuelo de Alarcón (Madrid). To prevent financial exclusion, the institution has 12 mobile branches serving 88 towns and villages with populations of between 170 and 1,500. It also complements its personalised service with its digital channels: mobile app, online banking and electronic banking.
Asset Quality and Capital Strength
The Group’s capital strength is maintained at the end of September. Eligible capital rises 10.6% year-on-year, taking the phased-in total capital ratio to 16.4% and the phased-in CET1 ratio to 14%. The surplus over required capital buffers stands at €905 million, with comfortable compliance with regulatory capital requirements, while the MREL ratio reaches 25.2%, exceeding by 2.3 percentage points the requirement in force as of 26 February 2026.
The institution maintains a comfortable liquidity position and a diversified funding structure. The liquidity coverage ratio (LCR) stands at 205.7%, the net stable funding ratio (NSFR) at 144.3% and the loan-to-deposit (LTD) ratio at 81.9%. It also has covered bond issuance capacity of €5,827 million.
Balance sheet quality continues to improve, with non-performing assets remaining at normalised levels. The NPL ratio falls to 1.53% and remains among the best of the significant institutions. The NPL coverage ratio rises to 86.1% and the cost of credit risk falls to 0.23%.
Sustainable Finance
Grupo Cooperativo Cajamar continues to develop its sustainability and sustainable finance strategy, which is integrated into its cooperative model and its commitment to people, the environment, the climate transition and good governance. In this regard, in July the Board of Directors of Banco de Crédito Social Cooperativo, the parent of Grupo Cajamar, unanimously approved the update of the "Human Rights Policy", which integrates due diligence into risk management and internal control in order to identify, prevent, mitigate and, where appropriate, remedy impacts on operations and the value chain, while also strengthening the monitoring of measures and communication channels with confidentiality and protection against retaliation, together with staff training.
In addition, the Group voluntarily published its "Disclosure on Nature-related Risks" report, within the framework of the "Taskforce on Nature-related Financial Disclosures" (TNFD), which aims to identify, measure and manage the nature-related risks and opportunities that impact its activity.
The Group also continues to receive recognition from international evaluators in environmental, social and governance matters. Morningstar Sustainalytics rates its management of ESG risks, while CDP awards it the highest score, an ‘A’, for its corporate transparency and climate change performance.