Caixa aims to expand personal credit by more than 40%.
The loan portfolio is expected to end 2013 with a balance of R$ 78,3 billion, according to the bank, headed by Jorge Hereda.
Stênio Ribeiro
Reporter from Agência Brasil
Brasilia – Caixa Econômica Federal contracted R$ 17,5 billion in personal loans in the first two months of this year, equivalent to a 51% increase compared to the same period last year, according to the national superintendent of Individual Clients at Caixa, Humberto José Magalhães. This is a strong indication, he said, that the state-owned bank could achieve the estimated 41,2% expansion in its personal loan portfolio, which should reach a balance of R$ 78,3 billion by the end of 2013.
Magalhães says the goal is perfectly achievable considering that the loan portfolio for individuals has shown consistent growth over the last five years. Caixa's figures show that the portfolio ended 2012 with a balance of R$ 55,5 billion, or 51,63% more than the R$ 36,6 billion of 2011, and the increases in previous years were also strong: 36,06% (2011), 25,70% (2010) and 56,20% (2009).
The expansion recorded in 2009 occurred largely due to the credit crunch in 2008, at the height of the international financial crisis, and the growth slowed down in 2010 and 2011. Last year, however, loan approvals intensified with the significant reduction in interest rates, starting in April, and adjustments to contractual conditions, which has facilitated access to credit for families, according to Magalhães.
The sharp growth in the loan portfolio, mainly in real estate and vehicle financing, caused Caixa's share of the consumer credit segment to increase from 3,51% in 2007 to 7,89% last year. If Magalhães' projections are confirmed, the market share could reach 9,60% by the end of the year.
"This significant growth is supported by a healthy loan portfolio, with low default rates and a broad portfolio to meet customer needs," he said. One example is the Caixa Aporte Credit, secured by real estate, which has interest rates between 0,98% and 1,35% per month, plus the reference rate (TR), depending on the customer's relationship with the bank, and a repayment term of up to 360 months.
Editing: Fabio Massalli