Caixa reports profit of R$ 1,9 billion in the second quarter.
The net profit of Caixa Econômica Federal registered a 16,8% drop compared to the previous quarter, when the profit was R$ 1,9 billion; in the first half of the year, the institution recorded a profit of approximately R$ 2,4 billion; according to the institution's president, Gilberto Occchi, Caixa – which in recent years has sought to expand its market share – now intends to improve its loan portfolio and reduce delinquency.
247 - Caixa Econômica Federal's net profit reached R$ 1,6 billion in the second quarter, a 16,8% decrease compared to the previous quarter, when the profit was R$ 1,9 billion. For the first half of the year, the institution recorded a profit of approximately R$ 2,4 billion.
The expanded loan portfolio totaled R$ 691,6 billion at the end of June, an increase of 6,7% in 12 months. Housing credit accounted for R$ 393,7 billion of this volume. The commercial portfolio for legal entities and individuals totaled R$ 195,5 billion. Provisions for doubtful debtors reached R$ 10,1 billion, an increase of 5,1% compared to the first half of 2015.
The default rate recorded by Caixa, however, was 3,20% at the end of June, a decrease of 0,31 percentage points over the quarter. According to the institution's president, Gilberto Occhi, Caixa – which in recent years has sought to expand its market share – now intends to improve its loan portfolio and reduce default rates.
"This quarter, we formed a large team, spearheaded by all vice presidents, with the creation of a [renegotiation] directorate to handle the largest clients in the corporate housing and infrastructure segment. And the directorate has already shown very positive results," said Occhi.