Brasília – Caixa Econômica Federal had net profit of R$ 4.197 billion (US$ 2.011 billion) from January to September this year, growth of 17.7% over the same period in 2011. According to the bank, this is the greatest profit recorded in the first nine months of the year. The financial institution also informed that its participation in the credit market rose to 14.5%, growth of 2.7 percentage points in 12 months.
According to the bank, the result was boosted by the Caixa Melhor Crédito Programme, a strategy for reduction of interest rates released in April this year. According to Caixa, the total level of default remained stable at 2.06%.
Despite the good result accumulated in 2012, there was 19.7% reduction in net profit in the third quarter of the year, as against the second quarter. With regard to the same period last year, the growth was 4.6%. The bank ended the third quarter of 2012 with a balance of R$ 324.5 billion (US$ 155.5 billion) in its credit portfolio, 43% more than in the same period last year.
Caixa’s net assets totalled R$ 22.5 billion (US$ 10.8 billion), evolution of 24.6% in 12 months, with average profitability of 27.5%. In September, the referential assets totalled R$ 49.1 billion (US$ 23.5 billion), while the Basel Index (own capital for coverage of credit risk) reached 12.6%.
*Translated by Mark Ament
