Brazil's Caixa posts 70 pct profit drop in fourth quarter

jueves 12 de febrero de 2015 09:55 GYT
 

SAO PAULO Feb 12 (Reuters) - State-controlled Caixa Econômica Federal, Brazil's largest mortgage lender, posted on Thursday a 70 percent plunge in fourth-quarter profit after loan-loss provisions and non-interest expenses jumped.

In a statement, Caixa said recurring net income, or profit excluding one-time items, was 675 million reais ($236 million) in the quarter, compared with 2.22 billion reais in the prior three months.

Accumulated return on equity for the past four quarters ended at 15.2 percent, the lowest since at least 2009. Return on equity is a widely followed gauge of profitability for banks.

($1 = 2.86 reais) (Reporting by Guillermo Parra-Bernal; Editing by Chizu Nomiyama)