The Brazilian bank Caixa Econômica Federal has revealed that its lottery operations have registered $703.7m in revenues in the second quarter of 2021, a 33.9% increase when compared to the same period in 2020.
Of the $703.7m from lotteries, half of that figure was transferred to the Federal Government’s social programs, specifically to areas of social security, sports, culture, public safety, education and health.
Caixa’s net income totalled $1.1bn and $2bn in the second quarter and first six months of the year, respectively, the best results of those periods historically.
Brazil’s largest bank reported a financial margin that reached $2.05bn in the second quarter, an increase of 19.7% compared to the same period in 2020. According to Caixa, the rise is due to an 8.2% increase in income from credit operations and a 10% reduction in expenses related to clients.
The Caixa Tem digital platform received a record of more than 107 million free digital social savings accounts created at the end of June 2021. In the first semester, the app also registered 5.4 million users and 1.1 billion electronic and financial transactions were carried out, in addition to 51.9 million downloads.
Additionally, in terms of social benefits, Caixa reported 158 paid quotes, for a total amount of $13.5bn, including payments for Emergency Aid, Benefit, Family Fund, Unemployment Insurance, Salary Payment, social security benefits and other federal, state and municipal revenue transfer programs.
In the first quarter of the year, the entity experienced a 50.3% growth to $851m in net profits when compared to 2020, in a period where the lottery sector recorded revenues of $703.7m.
On the other hand, lotteries also distributed $277.7m in prizes in the first quarter, which is 14% higher than what they had shared in the same period in 2020.