Caixa Econômica Federal Thursday morning reported net income of R$3.207 billion in the third quarter of 2021, an increase of 69.7% over the same period in 2020, but a decrease of 48.8% compared to the second quarter of this year. As a result, the period between April and July was affected by the initial public offering of the insurance arm of Public Bank, which generated a gain of R$3.3 billion. In the first nine months of 2021, the total result was R$14.1 billion, an increase of 87.4%.
The bank’s expanded credit portfolio ended the year in the third quarter at R$842.3 billion, a growth of 11.3% in one year. In the income statement, the bank highlights that between July and September it granted R$118.1 billion in credit to the population, with a growth rate of 8.5% compared to the second quarter.
Among the most prominent advantages of the loan portfolio are the increase in agricultural commercial credit by 79.4% in 12 months, in addition to the increase in credit to legal entities by 28.5%, especially for micro and small companies, and the expansion by 8, 7% in the housing sector.
In the third quarter, Caixa recorded 429.1% growth in loans to the sanitation and infrastructure sector and 201.0% in corporate trade credit, especially to small businesses, which highlights the bank on its balance sheet.
By default, the 90-day arrears rate closed the third quarter at 2.16%, down from 2.46% in the second quarter, but higher than last year’s level of 1.87%. Total expenses with provisions for doubtful accounts amounted to R$2.975 billion in the first quarter, an increase of 15% over the end of July.
Caixa closed September with R$2.675 trillion in assets under management, a 5% expansion in one year, including FGTS resources. Subtracting these figures, the total assets came to R$1.488 trillion.
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