Caixa Econômica Federal's Net Profit Falls Nearly 24% in First Quarter of 2023, but Loan Portfolio Exceeds R$ 1 Trillion Mark

Caixa Econômica Federal’s Net Profit Falls Nearly 24% in First Quarter of 2023, but Loan Portfolio Exceeds R$ 1 Trillion Mark

Written by Bruno Teles

Published on 12/05/2023 at 14:08

foto: Caixa Econômica Federal

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The Caixa Econômica Federal Announced This Thursday (11) the Results of the First Quarter of 2023. According to the Bank, the Recurring Net Profit Was R$ 1.9 Billion, a Decrease of 23.9% in Relation to the Same Period Last Year.

The Caixa’s credit portfolio showed a significant increase of 16.6% compared to the first quarter of 2022 and surpassed the mark of R$ 1 trillion. In addition, the bank’s financial margin grew 30.4%, totaling R$ 13.9 billion. The expansion was primarily influenced by the increase in revenue from credit operations and the issuance of derivative securities.

In the first quarter of 2023, the revenues from the credit portfolio totaled R$ 29.3 billion. Real estate credit for individuals and legal entities, sanitation and infrastructure, and agribusiness were the sectors that showed an increase compared to the same period last year.

The delinquency rate in the quarter rose 0.4 percentage points compared to the last 12 months, reaching 2.73%. However, Caixa reported that this increase was influenced by a specific client from the sanitation/infrastructure sector. Excluding this client, the delinquency rate would be 2.38%.

ARTICLE CONTINUES BELOW

The Bank’s Equity Reached R$ 124.5 Billion, an Increase of 5.4% Compared to the Last 12 Months.

The results presented by the Caixa Econômica Federal in the first quarter of 2023 show the bank’s solidity in relation to its assets and credit portfolio. Even in a challenging economic scenario, the institution continues to present positive numbers and generate results for its customers and shareholders.

It is worth noting that Caixa is an important agent of the Brazilian government in financing social and infrastructure programs. The institution plays a fundamental role in offering credit to the low-income population and is responsible, for example, for programs like Bolsa Família and Minha Casa Minha Vida.

Caixa Econômica Federal’s Net Profit Falls Nearly 24% in First Quarter of 2023, but Loan Portfolio Exceeds R$ 1 Trillion Mark

The Caixa Econômica Federal Announced This Thursday (11) the Results of the First Quarter of 2023. According to the Bank, the Recurring Net Profit Was R$ 1.9 Billion, a Decrease of 23.9% in Relation to the Same Period Last Year.

The Bank’s Equity Reached R$ 124.5 Billion, an Increase of 5.4% Compared to the Last 12 Months.

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A Chinese factory in Guangdong is assembling a humanoid robot every 30 minutes while Tesla, Figure, and Boston Dynamics still struggle to deliver 10 thousand per year.

While Brazil has been discussing bullet trains for 16 years, China delivers 5 new high-speed lines in 2026, surpasses 50,000 km of HSR, and moves 1 billion passengers in a single year.

With a wingspan of 152 meters, 76 tires, and a capacity to carry 1,270 tons, the Boeing Pelican was the giant “flying ship” that promised to cross oceans close to the water on an invisible air cushion beneath its wings.

While countries spend billions to draw water from the sea, a Nobel-winning scientist creates a container-sized machine that extracts up to 1,000 liters per day from dry air and uses ultrasound to release water in minutes, even in the middle of the desert.

Belgium will sink 23 giant concrete caissons, each weighing 22,000 tons, in the North Sea to build the world’s first artificial energy island 45 km off the coast, forming offshore electrical walls.

While Belo Monte progressed slowly in Brazil, China is building in Tibet 5 cascade hydropower plants on the Yarlung Tsangpo that will generate 3 times the energy of the Three Gorges.

While Ferrogrão has been stalled for 16 years in Brazil, Chinese engineers are drilling 34.5 km of rock under Gaoligong Mountain to open Asia’s largest railway tunnel.

Chinese probe Tianwen-2 is traveling 45 million kilometers to touch Earth’s quasi-satellite Kamoʻoalewa and bring 100 grams of sample back home.

Researchers are excavating in Morocco the world’s oldest ankylosaur, dating back 165 million years, with nearly 1-meter long spines protruding from its neck.

Caixa Econômica Federal’s Net Profit Falls Nearly 24% in First Quarter of 2023, but Loan Portfolio Exceeds R$ 1 Trillion Mark

The Caixa Econômica Federal Announced This Thursday (11) the Results of the First Quarter of 2023. According to the Bank, the Recurring Net Profit Was R$ 1.9 Billion, a Decrease of 23.9% in Relation to the Same Period Last Year.

The Bank’s Equity Reached R$ 124.5 Billion, an Increase of 5.4% Compared to the Last 12 Months.

Seven world powers including the US, China, and Russia are spending €22 billion on a reactor in the south of France that aims to confine plasma at 150 million degrees Celsius, ten times the temperature of the Sun’s core, using a magnetic field capable of lifting an entire aircraft carrier.

Elon Musk’s internet comes to mobile: Starlink technology connects smartphones without an antenna via satellite, works even without carrier signal, already costs just US$10 extra in the US, and could arrive in Brazil as an included benefit.

A Chinese factory in Guangdong is assembling a humanoid robot every 30 minutes while Tesla, Figure, and Boston Dynamics still struggle to deliver 10 thousand per year.

While Brazil has been discussing bullet trains for 16 years, China delivers 5 new high-speed lines in 2026, surpasses 50,000 km of HSR, and moves 1 billion passengers in a single year.

With a wingspan of 152 meters, 76 tires, and a capacity to carry 1,270 tons, the Boeing Pelican was the giant “flying ship” that promised to cross oceans close to the water on an invisible air cushion beneath its wings.

While countries spend billions to draw water from the sea, a Nobel-winning scientist creates a container-sized machine that extracts up to 1,000 liters per day from dry air and uses ultrasound to release water in minutes, even in the middle of the desert.

Belgium will sink 23 giant concrete caissons, each weighing 22,000 tons, in the North Sea to build the world’s first artificial energy island 45 km off the coast, forming offshore electrical walls.

New credit for Uber, 99, and taxi drivers can pave the way for car ownership, reduce the burden of car rental costs in their budget, and change the math for those who make a living from traffic every day.

Canadians are disappearing from the United States: The US feels the absence of Canada financially, while hotels, casinos, and tourist destinations try to attract visitors back with promotions.

Unclaimed funds will enter a new phase this Tuesday: banks must send funds to the government, while R$ 10.5 billion in idle funds could help finance Desenrola 2.0 and ensure debt renegotiation within the financial system.

Lula scraps the blouse tax, and international purchases up to US$50 are exempt from federal tax, but ICMS is still on the radar.

While Belo Monte progressed slowly in Brazil, China is building in Tibet 5 cascade hydropower plants on the Yarlung Tsangpo that will generate 3 times the energy of the Three Gorges.

While Ferrogrão has been stalled for 16 years in Brazil, Chinese engineers are drilling 34.5 km of rock under Gaoligong Mountain to open Asia’s largest railway tunnel.

Chinese probe Tianwen-2 is traveling 45 million kilometers to touch Earth’s quasi-satellite Kamoʻoalewa and bring 100 grams of sample back home.

Researchers are excavating in Morocco the world’s oldest ankylosaur, dating back 165 million years, with nearly 1-meter long spines protruding from its neck.