Grupo Cajamar posts profit of €97 million in first quarter, driven by income from banking business
- Consolidated profit after tax rose to €97 million, up 6.6%, underpinned by growth in the Group’s core banking income, with total volume of business undermanaged reaching €113,647 million, up 8.5% year-on-year.
- With a consolidated and diversified portfolio, performing loans grew by 11%, while Grupo Cajamar continues to position itself as one of the significant institutions with a lowest NPL ratio, at 1.69%, well below the sector average.
- Customer funds under management rose 9.5% year-on-year, with on-balance-sheet retail funds up 6.1% and off-balance-sheet resources up 23.5%.
- Eligible capital rose to 13.3%, while the phased-in total capital ratio stood at 16.6% and the phased-in CET1 ratio at 14.1%.
Results
In the first quarter of the year, Grupo Cooperativo Cajamar continued to record strong performance in core banking income, underpinned by the solid performance of performing loans and customer funds under management. As a result, Grupo Cajamar increased total volume of business undermanaged to €113,647 million, up 8.5% year-on-year, while continuing to consolidate the diversification of its loan portfolio and the quality of its assets, further reducing its NPL ratio, which stood at 1.69%, one of the lowest among Spain’s major financial institutions.
Net interest income totalled €262 million for the quarter, down 4.6% compared to the first quarter of the previous year, due to the current interest rate environment. This was partly offset by a 7% increase in income from profit of strategic alliances, driven by the performance of strategic alliances. Accordingly, gross income continued to show resilience and ended the quarter at €364 million, down 4.3% year-on-year, in line with the Group’s forecasts.
The difference between income and expenses brought pre-provision profit to €157 million. After deducting impairment losses on assets, provisions and tax, consolidated net profit amounted to €97 million, up 6.6% on the same quarter of the previous year, while return on equity (ROE) remained stable above 8%, specifically at 8.26%.
Commercial Activity
The Group’s total assets increased to €64,678 million, up 2.6% compared to the same period of 2025, while total volume of business undermanaged rose to €113,647 million, a gain of 8.5% year-on-year.
These advances were buoyed by the strong numbers in performing loans, which increased by 11% to €42,871 million and boosted the Group’s market share to 3.2%. The well-diversified loan portfolio posted year-on-year growth of 15.8% in lending to businesses and underpins the Group’s leadership in agri-food financing—a strategic segment for the Group—where it holds a 15.4% market share. Of all new corporate lending, 42.2% was allocated to the agri-food sector; 27.3% to large corporates; 18.3% to small businesses; and 12.2% to SMEs.
On the other hand, the favourable performance in commercial activity led to 9.5% year-on-year growth in customer funds under management, to €63,930 million. This was driven by both the growth in on-balance-sheet retail funds, up 6.1%, and off-balance-sheet resources, which grew 23.5%, thanks to strong momentum in investment fund sales, which rose by 32.8%, well above the 11.2% recorded by the sector average.
Customer Service
Grupo Cooperativo Cajamar has continued to achieve very strong customer satisfaction and engagement scores and was the second-best rated institution in this area among Spain’s significant institutions over the past 12 months. This is made possible by its close, professional service, according to the National Customer Satisfaction Benchmarking Report for the Financial Sector by consultancy firm Stiga, which specialises in measuring, analysing and improving customer experience.
In this regard, the 5,243 professionals employed by the entities that form Grupo Cooperativo Cajamar provide advice and close, personalised service to more than 3.9 million customers through 944 branches and rural offices. Notably, 12 mobile branches provide financial services to 83 small towns and villages with populations ranging from 170 to 1,500. Customers also have access to the Group’s digital channels: mobile app, online banking and electronic banking.
Asset Quality and Capital Strength
Eligible capital increased by 13.3% year-on-year, taking the phased-in total capital ratio to 16.6% and the phased-in CET1 ratio to 14.1%. With these figures, Grupo Cajamar maintains a comfortable level of compliance with regulatory capital requirements, with a surplus of €925 million over the required capital buffers. The MREL ratio rose to 24.1%, up 1.2 percentage points, exceeding the requirement in force as of 26 February 2026.
Grupo Cajamar thus has a comfortable liquidity position, with a liquidity coverage ratio (LCR) of 199.4%, and duly diversified funding sources, with a net stable funding ratio (NSFR) of 142.9% and a loan-to-deposit (LTD) ratio of 84.1%. In addition, the Group has covered bond issuance capacity of €5,147 million.
Non-performing total risks stood at €770 million, while the NPL ratio fell to 1.69%, one of the lowest among significant institutions and well below the sector average. At the same time, the NPL coverage ratio increased by 7.6 percentage points to 82%. Non-performing assets also continued their steady decline, remaining at ordinary management levels. Net foreclosed assets fell by 48.9%, improving the net foreclosed assets ratio by 0.3 percentage points to 0.26%, while the net non-performing asset ratio declined 0.48 percentage points to 0.58%.
Sustainable Finance
Grupo Cooperativo Cajamar continues to promote financing aligned with environmental and social criteria. Accordingly, during the first quarter of 2026, the Group formalised €83 million in social financing, mainly aimed at supporting the social economy and initiatives in low-income areas, in line with its Sustainable Bond Framework, and €118 million in green financing to support sustainable agriculture, sustainable construction, renewable energy, sustainable mobility and responsible water management.
In addition, as part of its commitment as an ‘early adopter’ institution, Grupo Cajamar has published its second report on nature-related risks, following the guidelines of the Taskforce on Nature-related Financial Disclosures (TNFD). This reinforces the integration of natural capital into its business model and positions Grupo Cajamar as an agent of transformation towards a more resilient and inclusive economy. The Group is also one of the top-rated companies in Morningstar Sustainalytics’ ESG Industry ranking, having received sector recognition for its management of environmental, social and corporate governance risks. In the same vein, Grupo Cooperativo Cajamar has reaffirmed its leadership in climate change and corporate transparency as reflected in its recognition by CDP as one of just 346 companies worldwide to receive the highest ‘A’ score, placing it in the Leadership category for its corporate transparency and performance on climate change.