Cajamar has reduced its lower performing assets. / SUR

Cajamar bank increases quarterly profits to 78.9m euros, 26.5% more than a year ago

Its improved performance was down to the reduction of non performing assets

SUR MALAGA.

The Cajamar banking group made a profit of 78.9 million euros in the period July to September this year, 26.5% more than in the same period last year.

The Andalucía bank which has many customers among foreign residents on the Costa del Sol said that its performance had been improved by reducing non performing assets it holds, down 22% on a year ago.

Retail funds under management increased by 2.6 billion euros.

In Cajamar's loan portfolio, households account for 36.5%, the agri-food sector for 18.6% and companies for 28.4%; its exposure to Russia is not significant, as it only represents 0.03% of credit.

The positive evolution of commercial activity enabled the bank to continue to increase its market share in Spain, which in lending reached 2.9% and in deposits 2.6%.

The number of customers has increased to 3.7 million and the number of members totals more than 1.6 million. The group has a staff of 5,500.