CEF lifts Q1 net profits 17.6%
Bnamericas Published: Thursday, May 06, 2004
Brazilian bank Caixa Economica Federal (CEF) boosted its first quarter net profits 17.6% over first quarter 2003 to 404mn reais (US$135mn), the bank said in an earnings release. "The strong performance in the quarter was backed by the 8.76% growth in the loan portfolio," the bank said. CEF's loan portfolio stood at 25.7bn reais at the end of March. CEF's assets grew 15.2% quarter on quarter to 159bn reais while its net equity expanded 16.9% to 6.07bn reais during the same period. Total deposits were up 5.88% during the first quarter to 82bn reais, compared to the same quarter in the previous year. The bank also improved its Basel ratio to 19.4% in the first quarter, compared to 17.2% in the same quarter 2003. The Brazilian central bank demands a minimum Basel ratio of 11% from banks operating in Brazil. CEF is Brazil's second largest bank in terms of overall market share.
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