Tuesday, 05 January 2010

Results

The group Cajastur achieved in the first half of 2008 net income allocated 95.3 million euros, representing an increase of 7.2 percent. In a time of economic slowdown, the tensions in financial markets and the rapid increase in defaults, the Group has achieved some results Cajastur defined by a diversified and balanced growth of traditional business, actively managing the portfolio and extreme caution in terms of risks. At this time the turnover increased by 12.7 percent to 21.914 million euros, an increase in the uptake of customer funds by 10.2 percent. Moreover, the default rate reached 0.85 percent, remaining among the lowest in the industry and the ordinary and operating margins grew at rates above 20 percent.The operating margin Cajastur to June stood at 147.1 million euros, a growth of 26.2 percent, due to cost containment and improved productivity. Despite significant investments in computer systems for improving business management, Cajastur managed to maintain a good ratio of financial efficiency of 38.5 percent, improving by 3 points over the first half of 2007. Cajastur Group has achieved a net profit attributable to group of 95.3 million euros, with growth of 7.2 percent, an improvement that has been consistent with the consolidation of its prudent provisioning policy, which increased 125 percent to over 29 million euros. High risk coverage and low arrears Cajastur held during the first half of its policy of prudence and strict risk management.The entity has established maximum cr losses provision of generic, regulated by Circular 4 / 2004 Bank of Spain, and associated risks are not equivocal. This prudent policy is reflected in the coverage rate, which stood at 207.8 percent of doubtful loans. In a fast-rising delinquencies, Cajastur concluded the first half of the year with a ratio of 0.85 percent, which is among the lowest in the sector at the end of the semester. Cajastur also presents a balanced financial structure, which is reflected in the high rate of retail core funding, liquidity situation to maintain a stable growth of the Group and be less dependent on capital markets, currently subject to intense restriction . Growth in turnover during the first half of the year, Cajastur reached a turnover of 21.914 million euros, an increase of 12.7 percent.Lending grew more moderate than in previous quarters, following the slowdown of the market with an outstanding gross 10,780 million and an annual increase of 15.5 percent. Cajastur has maintained its policy of prudent risk management while contributing to enterprise development. This strategy frames the increased investment in the financing of productive activities in the order of 20 percent. Customer funds increased during the first half to 11.134 million euros, representing an increase of 10.2 percent and the fund all loans. Rising interest rates has encouraged the growth of term impositions, which have become the most demanded savings product and is concentrated in the more competitive pressure will accentuate the trend noticed in the first quarter.Cajastur has continued in this period the implementation of the Strategic Plan 2008-2010, which aims to consolidate and intensify the growth of the institution in terms of turnover, market share and profits under the new economic and market. The Strategic Plan focuses its activities and initiatives in segments of middle and upper income, and companies (with particular attention to SMEs and retail sectors) as well as the development and evolution of the network expansion, mainly in Madrid, Catalonia and Levante. Investment securities and remote banking portfolio values Cajastur market reached a value of 3.475 million euros, of which 47 percent are fixed income securities and the remaining shares in companies listed on the most part, with solid fundamentals and generate recurring revenue for the Group as dividends. The unrealized gains on securities portfolio exceeds EUR 800 million.Cajastur continued to expand and improve its multichannel offering, through enhancement of services through new channels of online banking, Internet, telephone or WAP.

Jan 5, 2010 7:15:25 AM

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