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SAO PAULO, June 3 (Reuters) - State-controlled Caixa Econômica Federal, Brazil's largest mortgage lender, on Wednesday posted net income of 1.5 billion reais ($479 million) in the first quarter, down from 1.8 billion reais in the prior three months.
Annualized return on equity for the quarter was 13.7 percent. Return on equity is a widely followed gauge of profitability for banks.
$1 = 3.13 reais Reporting by Aluisio Alves; Writing by Brad Haynes and Caroline Stauffer