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Brazil: Caixa reports usd 580 billion profit in Q1 2024

2 minutos de lectura

(Brasilia).- On Wednesday 15th, Caixa announced its results for the 1st quarter of 2024. In the 1st quarter of 2024, usd279 billion in total credit was granted, an increase of 13.3 per cent compared to the same period last year and 0.7 per cent compared to the 4th quarter of 2023.

Brazil: Caixa reports usd 580 billion profit in Q1 2024

The state-owned bank's credit portfolio totalled usd 22 trillion, up 2.2% in the quarter and 10.4% in one year. The 12-month increases of 14.4% in the property sector, 31.7% in agribusiness for individuals and 2.9% in sanitation and infrastructure stand out. CAIXA's president, Carlos Vieira, celebrated the result. 

Revenues from the credit portfolio totalled usd570 billion, with a 12-month increase of 3.0% in commercial corporate revenues and 26.6% in agribusiness. 

According to the bank, recurring profit - revenue generated in a constant and predictable way through the sale of a product or service for continuous use, i.e. those that the client is always paying to use - totalled usd 56 billion in the first quarter of 2024, according to data published in the financial institution's balance sheet. This result in the first quarter was 49 per cent higher than in 2023 and 0.5 per cent higher than in the fourth quarter of the previous year.

Financial margin

The financial margin reached usd 2.98 billion in the 1st quarter of 2024, an increase of 9.9% compared to the 1st quarter of 2023 and a reduction of 12.9% compared to the 4th quarter of 2023. The increase over 12 months is influenced by the 0.2 per cent growth in revenues from the credit portfolio and the 18.1 per cent reduction in expenses with resources from Financial and Official Institutions, says the balance sheet released.


Funding expenses totalled usd 5.93 billion in the first quarter of this year, down 3.3% on the previous year and 0.4% compared to the fourth quarter of 2023. Administrative expenses (personnel expenses and other administrative expenses) totalled usd 2.22 billion, up 14.8% on 1Q23 and down 0.8% on 4Q23.

 Provisions for bad debts totalled usd 960 billion in 1Q24, down 0.8% on 1Q23 and 0.8% on 4Q23.

1Q24, down 0.9 per cent on 1Q23 and up 13.6 per cent on 4Q23.

4T23. Revenues from services rendered (RPS) totalled usd 1.29 billion in 1Q24, an increase of 6.9 per cent compared to 1Q23 and a decrease of 1.2 per cent compared to 4Q23.

The 12-month increase of 15.0 per cent in credit operations services stands out, as well as 8.9 per cent growth in income from insurance products and 8.2 per cent in current account and bank fees.

Lotteries collect usd 1.20 Billion, boosting social development funds 

In the 1st quarter of 2024, CAIXA Lotteries collected usd 1.20 billion, 22% more than in the same period in 2023. The total net prize pool handed out to players in the period was usd 390 billion.

In addition, according to the balance sheet, ‘Caixa Lotteries are an important source of funds for fostering social development in Brazil’. In the first quarter of 2024, usd 470 billion was allocated, equivalent to 38.4% of the total collected, to the Federal Government's social programmes in the areas of social security, sport, culture, public safety, education and health. ‘The amount is 19.7 per cent higher than in the first quarter of 2023, in addition to the return to society via income tax payments.’ 

Caixa Econômica Federal has proposed that the government allocate a prize from the +Millionaire lottery to help with the climate tragedy in Rio Grande do Sul. This action alone could earmark usd 195 million for the state, the president of the public bank Carlos Vieira told journalists on Thursday (16).

‘Everything has been resolved on Caixa's part,’ he said, pointing out that the government's authorisation is still needed for the action to go ahead. ‘It's another arm of the possibilities that Caixa has,’ he said. +Milionária was launched two years ago with the proposal to pay out double-digit million prizes.

The public bank has already taken action, such as allowing the suspension of loan repayments, which has so far had an impact of usd13 billion on the portfolio.

Regarding the impact of the tragedy on the bank's balance sheet, Vieira said that he thinks more about the investment and financing opportunities that the reconstruction of the state will generate, with the need to rebuild entire neighbourhoods, which will require financing.


Tags: CAIXA,

País: Brazil

Región: South America


PGS, Perú Gaming Show 2024

12 de June 2024

Gambling regulation in Peru: evolution towards stability and legal certainty

(Lima, Exclusive SoloAzar) - From the repeal of the 20% tax by the Constitutional Court to the implementation of the Reorganisation and Formalisation Law, the regulation of gambling in Peru has undergone multiple changes. In this article, SoloAzar summarises the presentation by Dr. Constante Traverso, lawyer and head of APEJA, during the PGS, who underlines the need for a stable and fair public policy.

Wednesday 19 Jun 2024 / 12:00

Win Systems concludes a successful participation in Peru Gaming Show 2024

(Barcelona).- Win Systems, a leading technology provider for the gaming and entertainment industry, celebrates a successful participation in the recent edition of the Peru Gaming Show (PGS), which took place on June 12th and 13th at the Jockey Convention Center in Lima, Peru. The event was a perfect platform to showcase the company’s innovative solutions and cutting-edge products, specifically designed for the Peruvian market.

Wednesday 19 Jun 2024 / 12:00

The impact of AI on marketing campaigns, a featured topic at PGS 2024 conferences

(Lima, SoloAzar Exclusive).- Rony Vexelman, Marketing Manager of Optimove, presented the conference “Maximizing AI, the evolution of roles in iGaming”, within PGS event, held last week in Peru. From SoloAzar we share the highlights of the talk that shows how AI impacts online gaming and sports betting marketing campaigns.

Tuesday 18 Jun 2024 / 12:00


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