HE Cajamar Group closed the third quarter with a record 93.3 million net consolidated profit The euro is 18.3% higher than in the same period last year, driven by the rise in interest rates, which increased the profitability of the entire sector and enabled the improvement in business activity.
This was stated by the organization itself in a statement made this Monday. 0.7 point decrease in default rateIt reached 2.2%, below the industry average.
In this way, total assets where the group is located 60.965 million euro and total business volume managed reaches 97.202 million euros. Retail managed resources increased by 7.7% increased on an annual basis to €50,609 million, largely due to an increase in both on-balance sheet retail sources (accounts, deposits), which grew by 4.8%, and off-balance sheet sources (investment funds), which increased. 26.3%.
For your part, Grupo Cajamar’s healthy loan investment increased by 1,126 million euros, It reached 36 billion 708 million euros, an increase of 3.2% compared to the same period last year. New business financing is mainly allocated to: food industrywith 52.4%; 25.6% to SMEs and small businesses; and large corporations 22%. A development that represents a new increase in the organisation’s market share in investment to 3% and places its national market share in the primary sector (agriculture, fisheries and livestock) at 15.8%.
This positive development in commercial activity recurring revenue and with it the margins of the income statement. Especially, Interest margin increased by 54.9% to 768.7 million euros. Additionally, net commissions increased by 1.7% to €201.7 million as a result of greater customer engagement; This, together with controlling operating expenses, increased the gross margin to €968.7 million, 15.8% higher than in the same period the previous year. year.
The fact that the growth rate in revenues was more intense than in operating expenses also improved the recurring productivity rate, reaching 49.3%. This rate represents an improvement of 13.9 points compared to the same quarter of the previous year.
The default rate decreased by 0.7 points to 2.2% as of September 30 The result of a reduction in total doubtful exposures of €237 million – below the industry average; This represents an annual decrease of -21.5%. Similarly, while net seized assets decreased by 277 million euros, or 39.8%, compared to the third quarter of 2022, the coverage rate of seized assets also increased and stood at 51.6%.
Alternative use of digital channels among many 3.7 million customers continues to grow and Grupo Cooperativo Cajamar currently has close to 1.1 million digital customers operating through electronic banking and App channels. In particular, the number of operations increased by 6.4% compared to the same period last year, and 56 million of them were carried out via mobile. 31 million transactions stand out in application and electronic banking.