Lottery income for Brazilian banking institution Caixa Econômica Federal remained steady in the first half of 2023, being largely unchanged from corresponding figures in 2022.
The company – the fourth largest financial institution in Brazil – detailed total lottery revenue of USD$2.1bn, down marginally by 0.3% from $2.2bn the year prior.
In addition to revenue, the bank also detailed that $641.7m were returned to customers in total net bonuses, whilst $802m was allocated to Federal Government social programmes, covering areas such as social security, sports, culture, public safety, education and health.
“Caixa Lotteries are an important source of resources to promote social development in Brazil,” a Caixa statement read.
“This amount is 1.4% higher than that assigned in the first half of 2022, in addition to the return to the population through the payment of income tax.”
As with previous quarters, Q2 2023 proved to be highly profitable for the bank’s lottery operations, with $521.3m net profit recorded this time period and $902.3m in Q1.
These figures were 40.9% and 3.2% higher than respective figures during the same time period last year, when Q1 profit stood at $592m, derived from revenues of $987m.
Meanwhile, the Q1 financial margin was $5.8bn, an increase of 22.9% corresponding to the Q1 2022 margin of $4.8bn.