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3 years ago
Brazil's Caixa posts 70 pct profit drop in fourth quarter
February 12, 2015 / 1:56 PM / 3 years ago

Brazil's Caixa posts 70 pct profit drop in fourth quarter

SAO PAULO, Feb 12 (Reuters) - State-controlled Caixa Econômica Federal, Brazil's largest mortgage lender, posted on Thursday a 70 percent plunge in fourth-quarter profit after loan-loss provisions and non-interest expenses jumped.

In a statement, Caixa said recurring net income, or profit excluding one-time items, was 675 million reais ($236 million) in the quarter, compared with 2.22 billion reais in the prior three months.

Accumulated return on equity for the past four quarters ended at 15.2 percent, the lowest since at least 2009. Return on equity is a widely followed gauge of profitability for banks.

$1 = 2.86 reais Reporting by Guillermo Parra-Bernal; Editing by Chizu Nomiyama

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