Caixa Econômica Federal recorded net income of R$ 3.2 billion in the third quarter of 2021, an increase of 69.7% compared to the same period last year, but a drop of 48.8% compared to the immediately previous quarter.
From January to September, the profit of the public bank was R$ 14.1 billion, an increase of 87.4% year on year.
“The growth [do lucro] in relation to the third quarter of 2020, it was possible through the 27.8% increase in the financial margin and the 19% reduction in expenses with the Allowance for Loan Losses. The PCLD reduction is due to improvements in the quality of the portfolios”, informs the bank, in the performance report released this Thursday (18th).
Caixa’s expanded credit portfolio ended the quarter with a balance of R$842.3 billion, up 11.3% over the same period in 2020, and 3.2% in the quarter.
According to the bank, the increase in the portfolio was influenced by growth in 12 months of 79.4% in agribusiness; 28.5% in commercial credit to legal entities, mainly for micro and small companies; 18.4% in payroll loans; 8.7% in housing; and 5.8% in sanitation and infrastructure.
The real estate portfolio is the most representative in the composition of total credit, with a 64.3% share and a balance of R$542 billion, an increase of 8.7% on an annual basis, and a 2.4% increase in the margin.
The ROE (return on equity) indicator, which measures the level of profitability of the operation, reached 19.78% in the third quarter, compared to 14.20% in the same period of 2020, and 19.01% in June 2021.
In the third quarter, service and fee revenues totaled R$ 6 billion, down 1.1% year-on-year and up 3.2% in the quarter, with an 87.1% increase in product revenues 16.5% with checking account and bank fees, 9.5% with investment funds and 2% with debit and credit cards.
The delinquency rate ended September at 2.16%, up 0.28 percentage points year-on-year, and down 0.3 percentage points at the margin.
Provision for bad debt, in turn, reached R$2.9 billion in September, down 19% year-on-year, but up 15% compared to the second quarter of 2021.
In the results report, the bank also informs that in September 2021 the authorization and qualification processes with the regulatory bodies were completed, allowing Caixa DTVM to be able to act.
According to the financial institution, after approval by its internal governance bodies, Caixa DTVM was granted the exclusive right to provide asset management services in investment vehicles in which Caixa is a trustee and distributor.
Caixa has approximately 460 funds under management, totaling R$721 billion in assets under management. The exclusivity right does not cover the FI-FGTS.
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