BRASILIA, Brazil, Sept. 3, 2019 /PRNewswire/ -- CAIXA ECONOMICA FEDERAL ("CAIXA" or "Bank"), the largest Brazilian bank in terms of number of clients, announces its consolidated results for the second quarter of 2019 (2Q19). 2Q19 net income is the highest among the Bank's 2Qs. 1H19 net income of R$8.1 billion is CAIXA's record for the period.
2Q19 FINANCIAL AND OPERATIONAL HIGHLIGHTS:
- Net income of R$4.2 billion, up 21.6 % compared to 2Q18.
- 1H19 net income of R$8.1 billion, up 22.2% compared to 1H18.
- Balance sheet disclaimer removal: with the new management in place and the completion of the internal investigations, the balance disclaimer was removed. It is noteworthy that there were no adjustments to CAIXA's financial statements arising from the investigative process.
- IHCD payment of R$10.35 billion, with R$3 billion transferred in July and R$7.35 billion pending BACEN's authorization.
- Basel ratio of 20.3%, 1.2 p.p. improvement compared to 2Q18.
- Follow on of Petrobras' shares, selling all shares held by CAIXA (R$7.3 billion) and removing this asset from the Bank's balance sheet. The Bank obtained a gain of around R$2.3 billion before taxes in this operation.
- Banco Pan's value appreciated by 482%, with CAIXA's position rising from R$0.7 billion in December 2018 to R$4.3 billion in June 2019, after the exercising the stock option for 101 million shares (R$242 million).
- Financial margin totaled R$14.1 billion, up 12% compared to 2Q18.
- Delinquency rate of 2.46%, down 0.04 p.p. compared to 2Q18, significantly lower than the market average (3.05%).
- Recurring efficiency index of 24.8%, up 1.7 p.p. compared to 2Q18.
- Rating "10" in IGSEST: 1st time that CAIXA reaches four maximum marks in the semiannual evaluation.
2Q19 EARNINGS CALL AND WEBCAST: September 3, 2019, 11:30 a.m. (US EDT), Phone: +1 (412) 317-6346, Code: CAIXA and/or webcast on https://webcastlite.mziq.com/cover.html?webcastId=eac6823a-f108-4fe6-ab08-34fd99e9e250
2Q19 DISCLOSURE DOCUMENTS: 1Q19 earnings release, presentation and full financials already available: www.caixa.gov.br/sobre-a-caixa/relacoes-com-investidores/
About Caixa Econômica Federal (www.caixa.gov.br): CAIXA is the largest Brazilian bank in terms of number of clients totaling 93 million, with 96 million debit cards, accounting for 37% of national savings and 69% of housing loans.
SOURCE CAIXA ECONOMICA FEDERAL