Corporate

The recovery in recurring income and progressive reduction of non-performing assets contributed to a strengthened balance sheet and lower NPL ratio, allowing comfortable capital adequacy levels and ratios in the third quarter of 2022.

Grupo Cooperativo Cajamar has further expanded its commitment to sustainability by joining the Net-Zero Banking Alliance (NZBA), convened by the United Nations Environment Programme Finance Initiative (UNEP FI), of which the Group is a founding signatory. Under the NZBA, Grupo Cajamar undertakes to achieve net-zero operational greenhouse gas emissions by 2050 as a consequence of their activity; and will align its lending and investment portfolios with pathways to net-zero, while prioritising client engagement and offering products and services that will support clients’ transition towards a low-carbon economy.

As a result of Grupo Cajamar’s prudent management approach, in which balance sheet quality improvement takes priority and a substantial proportion of revenue from the business, specifically €238 million, has been used to fund provisions and write-downs and impairment of financial and non-financial assets, consolidated net profit, amounting to €50.1 million, is down 12.3% year-on-year in the second quarter of this year.

Growth of commercial activity and reduction of non-performing assets at 31 of March, 2022 contribute to improvement in the balance sheet and increases in coverage and provisions, and in solvency.

Financial activity, in terms of contribution to public coffers in the form of taxes and Social Security contributions, represents an impact of €3,854.2 million.

Income generation and a paring back of non-performing assets (NPA) contribute to boosting coverage, provisions and solvency.

Grupo Cooperativo Cajamar has received the ‘Top Rated’ distinction that accredits it among the 50 companies with the best global rating for its management of environmental, social and corporate governance (ESG) risks, granted by the Sustainalytics agency after having rated more than 14,000 companies from 42 sectors. In turn, this recognition has allowed it to obtain three differentiating seals that place it as a reference entity at a Global level (ESG Global 50), at a regional level (ESG Regional) -European- and at an industrial level (ESG Industry) -banking industry-.

Revenue generation and a decrease in non-performing assets key to the successful management of the organisation this year, while higher provisions and coverage were set aside and solvency also improved.

Banco de Crédito Social Cooperativo-Grupo Cajamar today placed its first issue of senior preferred debt in a total amount of 500 million euros, maturing in March 2028, with demand reaching 1.6 billion euros. In view of the enthusiastic market reception, the coupon was finally set at 1.75%, lower than originally planned.

Decent business performance and extraordinary transactions in the first half of the year allow group to bolster provisions and coverage, continue to pare back non-performing assets and boost solvency.