Caixa Econômica’s real estate loan revenue was R $ 9 billion in the first 3 months of the year, an increase of 10.5% over the first quarter of last year. This operation represents 52.3% of all revenues from bank credit operations.
In terms of revenues, the bank’s activity in agribusiness also increased (23.8%), and commercial credit to legal entities also increased (6.3%). Caixa’s total credit portfolio reached R $ 799.6 billion.
Caixa Econômica also recorded a mortgage credit balance of R $ 518.4 billion in the first quarter of this year, with 5.7 million contracts and 68.2% market share. From the beginning of January to the end of March, the bank signed 134.8 thousand new real estate financing contracts.
In addition, Caixa’s lottery raised 3.8 billion reais in the first quarter of 2021. Among them, approximately 1.9 billion reais were transferred to government social programs, including social security, sports, culture, public security , education and sport. health.
In the first quarter of this year, revenue from services and fees was 5.7 billion reais, down 1.9% over the same period last year.
The biggest decreases were in agreements and collections (25.1%), investment funds (7.2%) and current account income (7%). On the other hand, insurance revenues increased by 376.3%. The bank also pointed out that the return on equity as a profitability indicator reached 16.33%, while the return on equity in the last quarter of 2020 reached 15.18%.
Caixa Econômica’s balance sheet shows that the bank set aside 2.54 billion reais for bad debts. This reserve fund is used to pay for possible damages paid. This number fell 3.4% in relation to the previous quarter, but increased 26.5% in relation to the first three months of last year.
Highlights of Caixa Econômica’s balance sheet
- Financial profit was 11 billion reais, an increase of 4.1% over the fourth quarter of last year and reached 6.8% in the first three months of 2020.
- At the end of the first quarter of 21, the balance of the expanded credit portfolio was 799.6 billion reais, an increase of 14.3% in relation to the 20th quarter, and its market share was 19.3%.
- In comparison with the previous quarter, personnel expenses decreased 17.1%, to 5.412 billion reais in the first quarter of this year. Compared to the first quarter of last year, this figure increased by 3.5%.
- It employed 12.9 billion reais in salary loans, the highest value in the first quarter in 10 years.
- The credit business is expected to recover from the FGTS Anniversary (Service Guarantee Fund), resulting in a contractual amount of R $ 1.8 billion and an allocation of 993.7 thousand installments. Administrative expenses were R $ 2.633 billion, a reduction of 25.1% in relation to the fourth quarter of last year and 1.1% in relation to the first quarter of 2020.