Cajamar has published data on its performance in the first six months of 2008 showing that the savings and credit cooperative doesn't seem to be suffering as a result of the economic slowdown. In the first half of the year they showed a balance of 24,500 million euros, a figure which gives a year on year growth of 17.8 per cent. After discounting the 5 million euro contribution to the Cajamar Foundation, a non profit organisation dedicated to the promotion of social economy and technological research and investigation, and different obligatory and voluntary provisions, including an extra provision of about 25 million to offset potential loan losses, their net result for the semester comes to 62 million euros, 12.5 per cent more than the previous year.
The total amount of loans, including mortgages and loans to small and medium sized businesses, rose to 23,913 million euros, an increase of 17.1 per cent on the same time last year. The percentage of bad loans rose by 0.71 percent to 1.8 percent although this figure is still below the sector average. Customer capital managed by the bank rose 10 per cent to 15,712 million euros mostly due to an increase in customer deposits especially in fixed term deposits.
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