Grupo Cajamar closed the third quarter with a record net consolidated profit of 93.3 million euros, marking an 18.3 percent rise from the same period a year earlier. The growth stems from higher interest rates that boosted profitability across the sector and supported stronger business activity, the group reported in a Monday statement.
The report notes a 0.7 point drop in the default rate, which now stands at 2.2 percent, well below industry averages. Total assets under Cajamar’s footprint reached 60.965 billion euros, while total managed business volume stood at 97.202 billion euros. Retail resources rose 7.7 percent year over year to 50.609 billion euros, driven by on balance sheet retail sources such as accounts and deposits, which grew by 4.8 percent, and off balance sheet sources like investment funds, which expanded markedly by 26.3 percent.
Healthy loan investments also increased, rising by 1.126 billion euros to 36.708 billion euros, a 3.2 percent year over year gain. New business financing allocations were led by the food industry at 52.4 percent, followed by small and medium sized enterprises at 25.6 percent, and large corporations at 22 percent. This shift contributed to a higher market share in investment to 3 percent and positioned Cajamar’s national market share in the primary sector agriculture fisheries and livestock at 15.8 percent.
Customer service at Cajamar offices remains a focus, with continued growth in recurring revenue and stronger income margins. The interest margin surged 54.9 percent to 768.7 million euros, while net commissions rose 1.7 percent to 201.7 million euros thanks to higher customer engagement. When combined with controlled operating expenses, the gross margin reached 968.7 million euros, an increase of 15.8 percent from the prior year. Revenue growth outpaced operating costs, improving the recurring productivity rate to 49.3 percent, a gain of 13.9 points from the same quarter last year.
The default rate decreased to 2.2 percent as of September 30 after a reduction in total doubtful exposures of 237 million euros, a figure below industry averages. This improvement came with a 21.5 percent annual decline in doubtful exposures. Net seized assets fell by 277 million euros, or 39.8 percent, compared with the third quarter of 2022, while the coverage rate for seized assets rose to 51.6 percent.
Anticipating strong performance, Cajamar posted a profit of 80 million euros, up 27.7 percent, reflecting ongoing growth in core operations and disciplined risk management. The cooperative group continues to broaden digital adoption. It now serves nearly 1.1 million digital customers through electronic banking and mobile apps. Digital activity is rising, with operations increasing by 6.4 percent year over year and 56 million transactions conducted via mobile devices. Notably, 31 million transactions occurred through the application and online banking platforms.
Enduring momentum in commercial activity and earnings quality underscores Cajamar’s position in Spain and its ability to sustain profitability through prudent growth, strong balance sheet metrics, and expanding digital penetration, according to the latest quarterly update from the group.