The Brazilian federal bank Caixa Econômica Federal has shared its financial results for the first quarter of 2021, where it experienced a 50.3% growth to 4.6bn reais in net profits when compared to the same period in 2020. Additionally, the lottery sector recorded revenues of 3.8bn reais.
Despite the overall positive results, Caixa experienced a 19.2% fall when compared to the last quarter of 2020, when it recorded revenues of 5.6bn reais, as BNL Data reported.
The Q1 results were sustained by a 4.1% increase in the financial margin, a reduction of 17.1% in personal expenses, 25.1% in administrative expenses and around 1.5bn reais received from strategic partnerships in consortiums and capitalization branches from Caixa Seguridade.
Loterías Caixa raised 3.8bn in the three month period between January 1 and March 31. Of the revenue collected, approximately 1.9bn were transferred to the Federal Government’s social programs, specifically in areas such as security, culture, public safety, education and health.
On the other hand, lotteries also distributed 1.5bn in prizes, which is 14% higher than what they had shared in the same period in 2020.
In regards to digital payments, the digital platform CAIXA Tem reached a record of 107 accounts opened by the end of March 2021. The app focuses on social and individual micro-entrepreneurs and on basic income segments, where people can carry out transactions such as payments, receipts, invoices, use of virtual debit cards and QR codes to make purchases.
Between January and the end of March, 2.9 million users were registered in the app and 607 million electronic and financial transactions had been carried out.
