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Caixa encourages savings to secure real estate credit and avoid higher funding costs

Written by Bruno Teles
Published 13/05/2023 às 14:07
real estate credit
PHOTO: Caixa Econômica Federal

Caixa encourages savings to avoid a threat to real estate credit, according to the president of the bank, Maria Rita Serrano.

The notebook, together with the Severance Indemnity Fund (FGTS), is one of the main sources of funding that supports the financial institution's real estate financing. With the strong outflow of resources from savings, the search for other sources of financing may increase the cost of funding, affecting real estate credit.

In March of this year, net savings withdrawals totaled BRL 6,087 billion, leading to an accumulation of redemptions of more than BRL 51 billion in the first quarter. Despite the low profitability of savings (which remains at 6,17% per year, plus the Referential Rate), Caixa launched a campaign to encourage savings among Brazilians. On the other hand, the bank increased mortgage rates by 0,5 percentage points, with the SBPE modality changing to a range between 8,99% and 9,99% per year plus the TR.

The search for the optimal financing rate for the greatest number of loans at the lowest possible rate is the bank's goal.

Whose current strategy is to stimulate the growth of government policies to expand credit in the market, without losing the ability to compete within the sector. In addition, the government has discussed with public banks ways to expand the supply of credit at a time of high interest rates that reduce families' consumption power.

The ongoing discussions in Supreme Court (STF) about a possible change in the remuneration of the FGTS are also of concern to the president of Caixa. Although there may be a greater gain for individual workers, as the change can harm the promotion of public policies, the impacts on public investments need to be evaluated carefully.

Caixa's ROE, which measures the profitability of the operation, fell to 7,08% in March of this year, against 11,02% in the same period of the previous year.

According to the bank's finance vice president, Brasiliano Rosa, profitability was affected by the high Selic rate, which squeezed the bank's margins, but can be recovered as the Selic rate drops.

A Caixa's strategy is to increase its protagonism in government policies, but without losing its ability to compete within the sector, remaining as one of the main sources of funding to support the real estate financing. The institution also encourages the culture of savings, with a view to guaranteeing the maintenance of funds in the account to prevent real estate credit from being threatened by other more expensive sources of financing.

Bruno Teles

I talk about technology, innovation, oil and gas. I update daily about opportunities in the Brazilian market. With more than 2.300 articles published in CPG. Agenda suggestion? Send it to brunotelesredator@gmail.com

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