Results

Jamie Tisch The group Cajastur achievement in the first half of 2008 net profits attributable to 95.3 million, representing an increase of 7.2 percent.
In a period marked by economic slowdown, the tensions in financial markets and the rapid increase in delinquencies, the Group has achieved some results Cajastur defined by a diversified and balanced growth of the traditional business, an active management of the securities portfolio and maximum restraint regarding risks.
At this time the turnover grew 12.7 percent to 21.914 million euros, an increase of funding for clients of 10.2 percent. In addition, the delinquency rate reached 0.85 percent, remaining among the lowest margins in the industry and ordinary farm grew at rates above 20 percent.
The operating margin of Cajastur until June stood at 147.1 million euros, an increase of 26.2 percent, due to cost containment and improving productivity.
Despite significant investments in Ernst systems to improve business management, maintain good Cajastur achieving financial efficiency ratio of 38.5 percent, improving by 3 points over the first half of 2007.
Cajastur The Group has achieved a net profit attributed to the group of 95.3 million euros, an increase of 7.2 percent, an improvement which has been consistent with the consolidation of its prudent provisioning policy, which registered an increase 125 percent to over 29 million euros.
Coverage of high risk and low delinquency
Cajastur held during the first half of the year its policy of caution and rigorous risk management. The institution has established the maximum provision for credit losses generica regulated by Circular 4 / 2004 of Banco de Espana, and risks associated with no doubt. The prudent policy is reflected in the coverage rate, which stood at 207.8 percent of the doubtful assets. In a fast increase in delinquencies, Cajastur conclude the first half of the year with a ratio of 0.85 percent, a figure that ranks among the lowest values in the sector at end of semester. Cajastur also provided a balanced financial structure, which is reflected in the high rate of retail funding, liquidity position 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 Ernst moderate than in previous quarters, following the trend of slowdown in the market, with a gross amount of 10,780 million and an increase of 15.5 percent. Cajastur has maintained its policy of prudent risk management while contributing to enterprise development. This strategy is part of increased investment in the financing of productive activities of around 20 percent.
The customers in the first half rose to 11.134 million euros, representing an increase of 10.2 percent, and fund all loans. Rising interest rates has encouraged the growth of time constraints, which have become more the product of savings and the defendant that there is a greater competitive pressure, accentuated the trend recorded in the first quarter of the year. Cajastur has continued during this period in implementing 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 scenario and market. The Strategic Plan focuses its activities and initiatives in segments of middle and high incomes and corporations (with specialattention to SMEs and retail sectors), as well as in the development and evolution of the network expansion, mainly in Madrid, Catalonia and Levante.
Investment securities and banking distance
The securities portfolio of Cajastur reached a market value of 3.475 million euros, of which 47 percent are fixed income securities and the remaining shareholdings in companies listed on the most part, with solid fundamentals and for generating Group recurring earnings as dividends. Hidden in the securities portfolio exceeding 800 million euros. Cajastur continuously expanding and improving its offer multichannel, through the empowerment of services through new channels of banking remotely, via Internet, telephone or WAP.

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