Caixa Econômica Federal announced on Monday (20) that it had a net income of R $ 3.464 billion in the second quarter of this year. The result is 33.9% higher than in the same period of 2017. Compared with the first quarter (R $ 3.2 billion), the increase was 8.6%.
In the first half, the federal bank recorded a profit of R $ 6.655 billion, an increase of 63.3% compared to last year.
The return on average equity, the profitability thermometer, reached 15.4% in the first half of 2018, an increase of 6.3 percentage points compared to a year earlier.
According to Caixa, the result was caused by lower costs with provisions for bad debts and an increase in revenues from telephony by 6.5%.
Expenditure with a fee for bad debts amounted to R $ 7.1 billion in June, a decrease of R $ 3.2 billion compared to the first half of 2017.
Comparison with other banks
Caixa's earnings in the second quarter exceeded those of Banco do Brasil and Santander.
The biggest gain in the period between the banks was Itaú, with R $ 6.24 billion, a result that was 3.8% higher than the same period last year.