August 20, 2018 / 12:42 PM / a month ago

Brazil state bank Caixa posts higher profit on reduced loan losses

SAO PAULO, Aug 20 (Reuters) - Brazilian state bank Caixa Economica Federal on Monday reported that its second quarter net income rose 34 percent to 3.464 billion reais ($885.44 million) as loan-loss provisions fell.

In a statement, Caixa said its loan book shrank 0.7 percent in the quarter to 695.3 billion reais due to a contraction in both corporate and individual loans.

$1 = 3.9122 reais Reporting by Aluisio Alves; Writing by Carolina Mandl; Editing by Christian Plumb

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