Caixa Econômica Federal announced on Thursday morning, the 21st, a recurring net profit of R $ 3 billion in the first quarter of the year, a figure 7.5% lower than in the same interval of 2019. In comparison with the previous three months, however, there was an increase of 21.5%.
With a strong presence in actions to combat the crisis triggered by the new coronavirus, Caixa managed to reverse the trajectory of its credit portfolio, which was declining. The bank’s loan balance rose 2.0% in the first quarter compared to a year, totaling R $ 699.6 billion. In the quarter, the increase was 0.9%.
The public bank reports that it has made more than R $ 154 billion available to support the economy in the midst of the pandemic. Of the total, R $ 60 billion went to working capital of micro, small and medium-sized companies, R $ 43 billion to real estate credit; R $ 40 billion for the purchase of portfolios, R $ 6 billion for agricultural credit and R $ 5 billion for credit to Santas Casas.
The gross result of Caixa’s financial intermediation reached R $ 8.6 billion in the first quarter. Here, the highlight, according to Caixa, was the 12.1% reduction in funding costs in relation to the same period of the previous year, reflecting the behavior of the basic interest rate and the management strategy of the sources of funds.
The public bank’s return on equity (ROE) was 14.40% at the end of March, with growth of 2.0 percentage points in one year.
Its Basel index, which measures how much a bank can lend without compromising its capital, reached 18.7% at the end of March, compared to 19.0% at the end of December, down 0.3 percentage points. The main capital index, that is, the shareholders’ own, totaled 12.6%, while the level I, the one with the best quality, was 12.9%. Both remained above the regulatory minimum of 8.0% and 9.5%, respectively.
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