May 24, 2017 / 10:52 AM / 2 months ago

Brazil's Caixa reports jump in Q1 profit as defaults fall

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SAO PAULO, May 24 (Reuters) - State-controlled Caixa Econômica Federal, Brazil's largest mortgage lender, reported a sharp jump in first-quarter profit on Wednesday as loan delinquencies continued to drop.

Brasilia-based Caixa posted a net income of 1.5 billion reais ($458.77 million), up 81.8 percent from a year earlier. Delinquencies for 90 days or more fell to the equivalent of 2.8 percent of outstanding loans, down 0.7 percentage point.

$1 = 3.2696 reais Reporting by Aluísio Alves; writing by Silvio Cascione; editing by Jason Neely

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