Corporate

The rating agency explains that the improvement "reflects the Group's success in the sustained and accelerated reduction of problem assets in the last three years, which has also contributed to an improvement in its capitalisation".

The cooperative bank, Cajamar, has improved its margins, increased lending to businesses and the agri-food sector, pared back its problem assets, bolstered coverage and increased its solvency, based on consolidated earnings at 31 December 2019. Also, it demonstrated its commitment to the sustainable economy having signed up to the United Nations Principles for Responsible Banking, being declared 'carbon neutral', and establishing new 'green' finance.

Turnover growth and a reduction in non-performing assets and foreclosed assets, and lower operating expenses combine to drive up the bottom line, boost efficiency and bolster solvency in the third quarter of the year.

Grupo Cooperativo Cajamar entities agree to align their business model with Sustainable Development Goals and Paris Agreement

Growth in turnover and revenue, the reduction of non-performing risks and foreclosed assets, and the containment of operating expenses raised capital adequacy and improved the cost-to-income ratio in the first half of the year

In the first quarter of this year, Grupo Cooperativo Cajamar, the leader in cooperative banking in Spain, increased its lending to businesses and the agri-food sector and expanded its sales of retail savings and investment products, while improving its solvency and the quality of its balance sheet.

Luis Rodríguez, chairman of Banco de Crédito Social Cooperativo-Grupo Cajamar, said today that the United Nation Environment Programme's Principles for Responsible Banking are in line with the business model and ethical management system of the Grupo Cooperativo Cajamar.

Solvency and asset quality have improved over the last year, as have business fundamentals and efficiency and recurring net income before provisions deriving from higher net interest income and lower administrative expenses

The EIB Group, BCC-Grupo Cajamar and ICO are joining forces to ensure that SMEs working in rural areas and agri-food companies can access the credit they need to invest

Lending up 10.4%, especially to companies, the self-employed and the agri-food sector in the first nine months of the year than in the same period of the previous year