Results
Grupo Cajamar’s positive commercial activity, with double-digit growth in customer funds under management (+12.1%) and lending (+10.2%), sustained the Group’s consistent generation of results from the banking business, driving total business volume under management to €118,527 million, up 9.6% on the same period of the previous year, and total assets to €67,582 million, up 4.7%. At the same time, the Group continues to consolidate the diversification of its loan portfolio and the quality of its assets, further reducing its NPL ratio, which stood at 1.57%, one of the lowest among Spain’s significant institutions, and maintains a solid phased-in total capital ratio of 16.6%.
The breakdown of the income statement shows that net interest income stood at €525.4 million, down 2.8% on the first half of the previous year due to the interest rate environment, together with €167 million in fee and commission income and foreign exchange gains/losses (down 1.8%), partly offset by an 11.6% increase in income from joint ventures, driven by the performance of strategic alliances. Gross income remained strong, reaching €728 million, down 0.7% year-on-year, in line with the Group’s forecasts.
The difference between income and expenses brought pre-provision profit to €309.1 million; after deducting impairment losses on assets and provisions totalling €52.4 million, profit before tax rose to €256.7 million, up 10.4% on the same half of the previous year. After deducting taxes of €64 million, including €6.7 million relating to the tax on net interest and fee income (IMIC), better known as the banking tax, consolidated net profit came to €192.7 million, up 8.5% on the same period of the previous year. Return on equity (ROE) remained stable above 8%, specifically at 8.1%.
Commercial Activity
Customer funds under management grew 12.1% year-on-year, driven by a 9% increase in on-balance-sheet retail funds and strong momentum in off-balance-sheet funds, up 24.3%, thanks to robust growth in investment fund sales, which rose 31.3%, significantly outpacing the sector average of 13.8%.
On the asset side, lending performed positively throughout the first half, rising 10.2% to €44,347 million, maintaining a well-diversified loan portfolio. Corporate lending grew 10.5% year-on-year, underpinning Grupo Cajamar’s leadership in agri-food sector financing—a strategic sector for the Group—with a 14.9% national market share. Of all new corporate lending, 41.5% was allocated to the agri-food sector; 29.7% to large corporates; 18% to small businesses; and 10.8% to SMEs.
Customer Service
Grupo Cooperativo Cajamar has continued to consolidate its position in customer satisfaction, remaining the second-best rated institution in this area among Spain’s significant institutions, according to the National Customer Satisfaction Benchmarking Report for the Financial Sector published by consultancy firm Stiga, which specialises in the measurement, analysis and improvement of customer experience.
The 5,297 professionals employed by the entities that form Grupo Cooperativo Cajamar provide advice and community-based, personalised service to more than 3.9 million customers through 944 branches and rural offices, including 12 mobile branches serving 88 towns and villages with populations ranging from 170 to 1,500, complemented by service through the Group’s digital channels: mobile app, online banking and electronic banking.
Asset Quality and Capital Strength
The 12.7% year-on-year increase in eligible capital took 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 €933 million over the required capital buffers. The MREL ratio, meanwhile, stood at 25.5%, exceeding by 2.6 percentage points the requirement in force as of 26 February 2026.
The €500 million green senior preferred bond issue, completed in late May with a six-year maturity and demand reaching €1.8 billion—3.6 times the offer—demonstrates the Group’s ready access to wholesale markets, underpinning its strong liquidity position with diversified funding sources. The liquidity coverage ratio (LCR) stands at 228%, the net stable funding ratio (NSFR) at 145%, and the loan-to-deposit ratio (LTD) at 82.4%. In addition, the Group has covered bond issuance capacity of €5,476 million.
Regarding asset quality, Grupo Cajamar reduced total non-performing exposures, bringing the NPL ratio to 1.57%, one of the lowest among Spain’s significant institutions. The NPL coverage ratio also increased by 7.5 percentage points to 82.6%, while the cost of credit risk fell to 0.23%.
Sustainable Finance
Grupo Cooperativo Cajamar has voluntarily published its 2025 Annual Sustainability Report, which sets out the Group’s vision, strategy and performance on environmental, social and governance matters. The report, which includes the Group’s key objectives, figures and indicators, explores the Group’s cooperative model and governance, its commitment to and track record on people, the environment and the climate transition, and sustainable finance, concluding with a forward-looking outlook.
The Group is also one of the top-rated companies for ESG by Morningstar Sustainalytics, having been recognised for its management of environmental, social and governance risks. In addition, for the fourth year running, it has renewed the highest ‘A’ rating awarded by CDP, a recognition that places it among the world’s leading organisations for corporate transparency and climate change performance, within the ‘Leadership’ category.
950 21 03 86 | comunicacion@grupocooperativocajamar.com | @PrensaCajamar
