Brasília, February 12, 2004 (Agência Brasil - ABr) - Last year the Federal Savings Bank (CEF) registered R$ 1.616 billion in net profits, 49.49% more than in 2002, which "itself was a positive year." The announcement was made by CEF president Jorge Mattoso, who rejoiced that the balance was "extraordinary from every viewpoint" and conveys a good idea of the institution's "financial health."

This result, according to Mattoso, is a consequence of positive performances in the different areas in which the Bank operates, especially the R$ 25.051 billion in revenues from transactions in which it acted as an intermediary. This amount was more than enough to cover the R$ 16.486 billion it spent on these transactions, generating a positive balance of R$ 8.565 billion (25.71% more than in 2002).

The CEF also obtained R$ 4.594 billion in revenues in 2003 from services rendered (an 8.50% increase) and an operational result of R$ 2.199 billion (up 40.91%). Profits from services rendered (bank fees, lotteries, and fund management) were sufficient to pay all personnel expenses, which came to R$ 4.030 for the year, an increase of only 4.38%, despite a salary readjustment after a strike by Bank employees in September. (DAS)