Le Lézard
Classified in: Business
Subjects: ERN, CCA, ERP

Caixa Reports Recurrent Net Income Record of R$12.7 Billion in 2018, 40% Over 2017


BRASILIA, Brazil, March 29, 2019 /PRNewswire/ -- CAIXA ECONOMICA FEDERAL ("CAIXA" or "Bank"), the largest Brazilian bank in terms of number of clients, announces its consolidated results for the fourth quarter of 2018 (4Q18) and for the full year of 2018 (12M18).

Financial and Operational Highlights:

Recurrent net income of R$12,7 billion in 2018, a 40,4% increase from last year´s. The result is a consequence of measures taken place along 2018, like improvement of operational efficiency and growth of revenue, in particular from financial intermediation and services lines.

Gross financial intermediation was R$36.0 billion in 2018, up 15.5% in 12 months, driven by a 22.5% reduction in expenses with allowance for doubtful accounts and by a growth of 1.0% in net interest income.

Expenses with provision for doubtful accounts came to R$14.9 billion in 2018, a decreasing of R$4.3 billion in 12 months, reflecting the decline of R$11.8 billion in the loan portfolio and the changing in its composition, with a higher concentration in low risk loans.

Revenues from services rendering increased by 7.2% in 12 months, reaching R$26.8 billion in December 2018, influenced by revenues from checking account, investment funds and cards.

Operating income was R$16.9 billion, an increase of 16.4% compared to the accumulated results up to December 2017.

Return on equity (ROE) was 16.1% in 2018, up 2.45% that obtained in 2017. The return on average assets reached 1.0%, an increase of 0.29% in 12 months.

The Basel Index reached 19.6%, higher than the minimum of 11.0% regulated by National Monetary Council Resolutions, which regulate the recommendations of the Basel Committee on Banking Supervision regarding the capital structure of financial institutions.

The Net Income for 2018 was R$10.4 billion, a decrease of 17.1% over the year 2017.

Access to 2018 and 4Q18 earnings release, management presentation and full financials already available on: www.caixa.gov.br/sobre-a-caixa/relacoes-com-investidores/

2018 and 4Q18 Earnings Call: March 29, 2019, 12:00 p.m. (US EDT), Phone: +1 (412) 317-6346, Code: CAIXA

Investor Relations: [email protected]

About Caixa Economica Federal (www.caixa.gov.br): CAIXA is the largest Brazilian bank in terms of number of clients totaling 93 million, with 96 million debit cards, accounting for 37% of national savings and 69% of housing loans.

SOURCE CAIXA ECONOMICA FEDERAL


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