Grupo Cajamar posts a profit of €263 million up to the third quarter, up 6.9%

The growth in gross income and moderate increase in operating expenses support a strong set of results, enabling the Group to strengthen its capital position, maintain profitability and improve efficiency.

• With a consolidated and diversified loan book, performing loans increased by 10.6%. Grupo Cajamar continues to position itself as one of Spain’s significant institutions with the lowest NPL ratio, which has fallen to 1.76%.
• Diversification of income sources has helped grow total business volume under management to €109,622 million. Customer funds under management rose by 9.9% year-on-year, underpinned by solid growth in on-balance-sheet retail funds, up 6.5%, and off-balance-sheet funds, which increased by 24.9%.
• Business growth has also been driven by the acquisition of new customers, which rose by 2.4% year-on-year to over 3.9 million.
• The phased-in total capital ratio increased to 16.4%, while the phased-in CET1 ratio rose to 14.2%, boosted by a 10.2% increase in eligible capital.

Results

In the third quarter of the year, the growth in gross income and the moderate increase in operating expenses supported a strong set of results, enabling the Group to strengthen its capital position, maintain profitability and improve efficiency. Grupo Cajamar also continues to diversify its loan portfolio, while further reducing its non-performing loan (NPL) ratio, which now stands at 1.76%—one of the lowest among Spain’s significant institutions.

This positive backdrop prompted DBRS Morningstar to upgrade Grupo Cooperativo Cajamar’s long-term credit rating to BBB, reaffirming the upward trend in all its credit ratings. Since 2024, Grupo Cajamar has held investment-grade ratings from all three rating agencies that assess it: S&P, Fitch Ratings and DBRS Morningstar.
 
Despite the current interest rate environment, gross income remains strong, growing by 3.8% year-on-year to €1,239 million, driven by an 8.2% increase in fee and commission income and foreign exchange gains, as well as an 11.5% rise in profits from strategic alliance. Meanwhile, the moderate 2.9% increase in operating expenses contributed to a 4.5% rise in pre-provision profit, which reached €678.5 million, improving the cost-to-income ratio to 45.3%.

Profit before tax rose to €344.5 million, up 17.6% year-on-year. After deducting taxes, consolidated net profit amounted to €263 million, representing year-on-year growth of 6.9%. Return on equity (ROE) stood at 7.8% in the third quarter.

Commercial activity

Total business volume under management continued to grow, reaching €109,622 million, while total assets rose by 3.6% to €63,364 million. Grupo Cooperativo Cajamar’s commercial activity remains on an upward path, with performing loans up 10.6%, driven by a 17.6% increase in corporate performing loans. Customer funds under management grew by 9.9%, fuelled by a 6.5% increase in on-balance-sheet retail funds and a 24.9% rise in off-balance-sheet funds. Investment funds stood out with a 36.5% increase in sales—well above the sector average of 12.7%. As a result, the Group’s credit market share rose to 3.1%, while its deposit market share reached 2.88%.

The Group’s consolidated and diversified loan book underpins its leadership in agri-food financing—a strategic sector for the Group—with a credit market share of 15.1%. Of all new corporate lending, 40.3% was allocated to the agri-food sector, 30.8% to large corporates, 17.5% to small businesses and 11.5% to SMEs.

More than 3.9 million customers

Business growth has also been driven by the acquisition of new customers, which rose by 2.4% compared to the end of September last year, taking the total to over 3.9 million. These customers receive close, personalised service from the 5,141 professionals employed by the entities within Grupo Cooperativo Cajamar, through a network of 952 branches and rural offices. Notably, 12 mobile branches provide financial services to 78 towns and villages with populations ranging from 170 to 1,500. In addition, customers also have access to the Group’s digital channels: mobile app, online banking and electronic banking.

Over the past 12 months, Grupo Cooperativo Cajamar has continued to achieve very strong customer satisfaction results and is the second-best rated significant institution in Spain, 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.
 
Asset quality and capital strength

A 10.2% year-on-year increase in eligible capital has strengthened the Group’s capital position, with the phased-in total capital ratio standing at 16.4% and the phased-in CET1 ratio at 14.2%. These figures enable Grupo Cajamar to maintain comfortable buffers above regulatory capital requirements, with a surplus of €930 million. The MREL ratio stands at 24.4%, providing a cushion of +1.8 percentage points above the requirement in force as of 26 February 2025.

At the end of September, the NPL ratio stood at 1.76%—one of the lowest among Spain’s major financial institutions—thanks to a 5.5% reduction in non-performing total risks. The NPL coverage ratio increased by 15.4 percentage points to 85.5%, while net foreclosed assets fell by 45.4%, improving the foreclosed assets ratio to 0.34% and bringing the net non-performing asset ratio down to 0.62%.

Growth in customer funds under management and continued access to wholesale markets have enabled Grupo Cajamar to maintain a strong liquidity position. As a result, the Group’s liquidity coverage ratio (LCR) stands at 206.1%, the net stable funding ratio (NSFR) at 144.4%, and the loan-to-deposit ratio (LTD) at 82.8%. In addition, it has €4,079 million in available covered bond issuance capacity.

Sustainable finance

Committed to the economic, social and environmental sustainability of the regions in which it operates, Grupo Cooperativo Cajamar is one of the highest-rated companies in Morningstar Sustainalytics’ ESG Industry ranking, having received sector recognition for its management of environmental, social and corporate governance risks.

The Group has reaffirmed its leadership position on climate change and corporate transparency through recognition by CDP as one of the few companies worldwide to receive the highest score, an ‘A’. This places the Group in the ‘Leadership’ category for its corporate transparency and performance on climate change. Additionally, it has been included in CDP’s 2024 Supplier Engagement Rating (SER) ‘A List’, which assesses companies’ initiatives in governance, target-setting, scope 3 emissions and value chain engagement.

Grupo Cajamar has also updated and published its 2025–2027 Eco-efficiency Plan—a tool for improving the Group’s energy and water resource management. Furthermore, it has revised its Environmental and Social Policy, combining its environmental, sustainability and financial inclusion policies into a single document. This outlines commitments in areas such as climate and environmental action, energy efficiency, social responsibility, support for employees, development of the agri-food sector, and the strengthening of the value chain.