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Earnings of Brazil's second biggest state-owned bank up 62.3% in 2008
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13:11, February 13, 2009

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Caixa Economica Federal (Caixa), Brazil's second largest state-owned bank, said Thursday its net earnings reached about 3.9 billion reais (1.7 billion U.S. dollars) in 2008, up 62.3 percent from the previous year.

Despite the global financial crisis, the bank registered growth in almost all sectors last year, especially in credit operations, whose value totaled 80 billion reais (34.9 billion dollars), up 43.3 percent from 2007.

Its corporate credit grew by 87.2 percent in 2008, reaching 15.1 billion reais (6.6 billion dollars).

"The figures show that...there was no crisis for Caixa," said Marcos Roberto Vasconcelos, Caixa's Vice-President for Risk and Control.

Over 579,000 housing loans were contracted in 2008, producing a record loan volume of 23.2 billion reais (10.1 billion dollars), up 54.6 percent from 2007, said the bank.

Caixa also registered a 39 percent increase in the number of checking accounts. The number of clients was also up 8.8 percent in 2008, standing at 46.9 million.

However, Caixa's net earnings in the fourth quarter of 2008 have declined by 14.5 percent compared with the previous quarter due to the global financial crisis.

Source: Xinhua

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