Earnings

Caixa Financial Margin Falls as Loan Growth Slows

The Tip Desk · November 13, 2026 · 2 min read

Recurring net income was BRL 3.5 billion and recurring ROE compressed 39 bps to 8.77% as the loan book grew only 2.4%.

Caixa Econômica Federal (CEF) reported financial margin of BRL 18.3 billion in the third quarter of 2026, down 6.7% from the prior quarter, as financial intermediation income was roughly stable while financial intermediation expenses rose 2.7%.

Recurring net income declined 10.6% to BRL 3.5 billion. Recurring return on equity compressed 39 bps to 8.77%.

The loan book grew 2.4% to BRL 1.482 trillion, and originations slipped 1.4% to BRL 182.8 billion. Mortgage loans still rose 3.8% to BRL 1.043 trillion, 70.4% of the book, but new housing contracts slipped 1.1% to BRL 72.5 billion.

Corporate commercial loans fell a further 2.4% quarter over quarter to BRL 111.1 billion. Agribusiness fell 2.7% to BRL 60.6 billion on greater selectivity in new contracts.

Delinquency over 90 days rose 37 bps to 4.01%. Free corporate delinquency increased 83 bps to 14.88% and agribusiness 470 bps to 25.44%. Coverage of >90-day delinquency fell 1,304 bps to 118.00% as the allowance balance rose only 1.5% to BRL 70.0 billion.

Allowance for loan losses dropped 14.9% to BRL 5.9 billion after a BRL 7.0 billion charge in the second quarter.

Revenue from services and banking fees declined 2.1% to BRL 7.4 billion. Administrative expenses rose 5.1% to BRL 12.0 billion, lifting the recurring operating efficiency index 49 bps to 52.77%.

Total funding grew 2.5% to BRL 2.103 trillion. Term deposits rose 1.7% to BRL 367.7 billion while demand deposits fell 2.0% to BRL 54.5 billion. The Basel ratio rose 8 bps to 15.53% and the core capital ratio fell 15 bps to 13.28%.

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