By Richard Mann

RIO DE JANEIRO, BRAZIL - State-owned Caixa Econômica Federal's recurring profit grew six percent in the first quarter of 2019, compared with 2018, to R$3.87 billion (US$968 million), with an increase in revenue from services rendered and a reduction in provisions for default, despite a two percent drop in the bank's loan portfolio.

Recurring profit excludes the effects of extraordinary or non-recurring income or expense items. The accounting profit grew 23 percent to R$3.9 billion, also in comparison to the first quarter of 2018.

According to Pedro Guimar . . .

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