Furthermore, most of the non-performing loan book (67.2%) is less than five years old. This is due to the YOY reduction in non-performing total risk of -19.4% (231 million euros). This is in line with the forecasts for this quarter.Īsset quality thus continues to improve thanks to the successful management of non-performing assets, with the NPL ratio dropping by 0.7 pp to 2.5%, below the industry average. Therefore, consolidated net profit is down 18.5% compared to the first three months of 2022 at 24 million euros. The Group’s prudent management approach sees it giving priority to allocating much of its income to offset losses on financial and non-financial assets, 68.4 million euros, rather than boosting profits. The faster growth in income compared to that of expenses has led to a 6.3pp improvement in the recurring efficiency ratio versus the same quarter a year earlier to 55.8%. This is -21.5% lower versus the same quarter in the previous year. This quarter, NTI has fallen by -97.2% compared to the same period a year earlier, given that this income statement item only contributes 3.4 million euros to gross income, taking it to 281.4 million euros. In addition, the 4.2% growth in net fee and commission income to 70.1 million euros, thanks to increased disintermediation activity and customer loyalty, helps lift the gross income (without net trading income, NTI) by 16.7% compared to the same period of the previous year. Thus, the yield on loans is up 71% YOY, facilitating a 29% increase in i nterest income to 208 million euros. Recurring income statement margins grew in the first quarter of 2023, driven by the core banking business, thanks to the favourable trend in interest rates and the increase in sales activity. This, combined with the continuing improvement in asset quality, has helped further clean up the balance sheet and bolster provisions while boosting liquidity and solvency. Buoyant core banking business revenues in the first quarter of the year fuelled the growth of Grupo Cooperativo Cajamar’s recurring margins.
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