The net profit of Caixa Econômica Federal (Caixa) in the first nine months of 2024 reached R$9.4 billion, an amount 21.6% higher than that recorded by the bank in the same period last year. The data was released this Wednesday (13) by the bank.
Caixa’s personnel and administrative expenses totaled R$33 billion in the first nine months of 2024, an increase of 10.1% compared to the same period of the previous year. The result, according to the bank, was influenced by the Voluntary Dismissal Program (PDV) opened by the institution. Disregarding the effect of the ongoing PDV, the increase in expenses would be 7.2% for the period.
In the third quarter of 2024 (July, August and September), the institution’s net profit was R$3.3 billion, 0.7% above that recorded in the same months last year and 0.7% below the second quarter’s profit. quarter of 2024 (April, May, June). During this period, personnel and administrative expenses reached R$10.8 billion, an increase of 6.3% compared to the same period last year and 0.3% when compared to the second quarter of 2024.
Credit portfolio
Caixa’s credit portfolio ended September 2024 with a balance of R$1.2 trillion, growth of 10.8% compared to September 2023 and 3% when compared to June 2024. The highlight, according to the bank, were the increases, in the last twelve months, of 14.7% in the real estate sector, 13.8% in agribusiness, and 3.9% in sanitation and infrastructure.
In the first nine months of 2024, R$465.5 billion in total credits were granted by the bank, an increase of 15.3% compared to the same period in 2023. In the third quarter of 2024, R$163.4 were granted billion, an increase of 12.8% compared to the same period of the previous year, and 2.7% compared to the second quarter of 2024.
The default rate of Caixa’s credit portfolio ended September 2024 at 2.27%, a reduction of 0.40 percentage points (pp) compared to September 2023 and an increase of 0.07 pp when compared to June 2024.
Real estate credit
Caixa’s real estate credit is the most representative in the composition of the bank’s total credit, with a 67.2% share and a balance of R$812.2 billion in September 2024, growth of 14.7% compared to September 2023 and 3.6% compared to June 2024.
Of this balance, R$474.9 billion used resources from the Service Time Guarantee Fund (FGTS), an increase of 17.3% compared to September 2023 and 4% when compared to June 2024. Other R$337 .3 billion used resources from the Brazilian Savings and Loan System (SBPE), growth of 11.3% compared to September 2023 and 3.1% compared to June 2024.
In the first nine months of 2024, housing contracts totaled R$176 billion, an increase of 28.6% compared to the same period in 2023. In the third quarter, there were R$63.4 billion in contracts, an increase of 23 .4% compared to the same period in 2023 and 3.5% compared to the second quarter of 2024.
