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Grupo Cajamar's Financing and Activity Generate an Economic Impact of €12.588 Billion and 185,917 Jobs

The report “Impacto económico-social del Grupo Cooperativo Cajamar 2024” (2024 Economic and Social Impact of Grupo Cooperativo Cajamar), prepared by the Ivie and coordinated by Ivie’s Deputy Director, Joaquín Maudos, shows that Grupo Cajamar’s activity generates an economic impact of €12.588 billion (equivalent to 0.79% of Spain’s GDP) and 185,917 jobs (0.93% of national employment). This impact stems from Grupo Cooperativo Cajamar’s operating expenses and from the financing it provides to companies and families, which translates into increased consumption and investment. Compared to 2023, this represents a 13.2% increase in income and a 7.4% rise in employment.

In disaggregated terms, Cajamar’s operating expenses generated a gross added value of €1.316 billion and 13,922 jobs, contributing directly to national economic growth. Meanwhile, the financing granted in 2024 through credits and loans to businesses and families had a significant impact on the Spanish economy, amounting to €11.272 billion in income and 171,995 jobs. Compared to 2023, the economic impact of its core activity grew by 32.9%, while the impact on employment increased by 11.3%. This means that for every euro spent on operating expenses, 1.7 euros of income is generated, and for every million euros spent, 18 jobs are created. In the case of loans granted, the impact on income has increased by 11.3% and in the case of employment, the growth is 7.1%. Thus, for every euro of loans granted to the private sector, 1 euro of income is generated, and every million euros in loans results in 15.3 jobs.

Added to this are direct and indirect contributions to the public coffers through taxes and Social Security contributions, totaling €5.9416 billion, of which €449.2 million is from its own activity and €5.4924 billion comes from the fiscal impact of financing granted to businesses and households. This means that for every euro of operating expenditure, €0.59 of public revenue is generated, and for every euro of loans granted, €0.5 of tax revenue is generated.

From a social perspective, Grupo  Cajamar plays a key role in promoting financial inclusion. It provides the population with access to financial services through its network of branches and rural service points in 116 municipalities where no other institution has bank branches and where 184,290 people reside. As a result, 1.4% of Spanish municipalities and 0.4% of the population have access to banking services that would otherwise be unavailable.