Cajamar closed the first quarter of the fiscal year with a net profit of 96.9 million euros, representing an increase of 6.6% compared to the 90.9 million registered in the same period of 2025, as the entity communicated this Tuesday.
The group's gross margin stood at 363.7 million euros, 4.3% less year-on-year. Within this item, net interest income reached 261.5 million, 4.6% less, while net commissions fell 2.4%, to 83.4 million euros.
In the other income chapter, the bank incorporated the result of entities valued at 11.4 million euros (+6.4%). On the other hand, dividends received were sharply reduced to 649 million euros, 69.5% less than in the first three months of the previous year.
The entity also registered 10.1 million euros in results from financial assets and liabilities, which represents an increase of 182% compared to March 2025. However, the gross margin was penalized, in addition to the slight decrease in interest and commission income, by exchange rate differences and other operating expenses, which deducted 771,000 euros and 2.5 million euros, respectively.
Between January and March, personnel expenses amounted to 118.2 million euros, 14% more, while the rest of general administrative expenses totaled 66.9 million, 13.5% more. Amortizations stood at 21.87 million euros, 8% above those accounted for a year earlier.
The income statement also reflected losses from asset impairment for 24.1 million euros, 39% lower, and provisions that were reduced by 87%, to 2.7 million.
BALANCE AND SOLVENCY
The new financing to companies formalized in the quarter reached 4,226 million euros. Of that volume, 42.2% went to the agri-food sector; 27.3% to large companies; 18.3% to small businesses and 12.2% to small and medium-sized enterprises.
Within the total credit, Cajamar accounted for non-performing loans on its balance sheet of 769.7 million euros, 0.7% more than a year earlier. This trend allowed the delinquency rate to be reduced by 17 basis points compared to March 2025, to 1.69%.
On the liabilities side, the bank recorded resources of 59,864 million euros, 2.2% more year-on-year, of which 49,795 million corresponded to customer deposits, 6.1% more.
Out of balance, the entity managed 14,135 million euros of its clients, 23.5% more than at the end of the first quarter of 2025. Investment funds increased by 32.8%, to 10,857 million euros; pension plans grew by 6.8%, to 1,167 million, and savings insurance stood at 383 million, 7.9% less.
Likewise, the bank managed 1.726 billion euros (-1.7%) in fixed and variable income products for its clients.
The CET1 capital ratio, the main solvency indicator, stood at 14.11% as of March 31, 2026, which implies a decrease of 14 basis points compared to a year earlier.
Cajamar's return on equity (RoE) stood at 8.26%, 10 basis points below that recorded in the first quarter of 2025.