Investor Presentaiton
Capital Adequacy Ratios (continued)
Track record in generating organic capital and, when necessary, reducing dividend payments and/or raising capital from the market
and its shareholder
CAIXA reduced its dividend payout ratio from 87% in 2012 to 16.5% in 2016.
Dividend Payout - Accrual Basis
In R$ billion
88.3%
86.2%
87.5%
87.1%
81.0%
56.9%
34.5%
16.5%
7.1
7.2
6.7
0.0%
3.0
2.6
3.8
3.2
5.2
4.5
6.1
5.3
5.4
4.0
2009
2010
2011
2012
2013
2014
Net Income
Dividends
Source: Caixa Econômica Federal
2.5
2015
4.1
4.1
Capital Injections by the Brazilian National Treasury and Tier 2 Issuances
In R$ billion
6,900
13,0
2,400
2,700
8,0
8,300
0.7
4,0
0.0
2,0
3,00
3,00
3,00
4,00
4,00
2016
1H17
2009
2010
2011
2012
2013
2014
2015
2016
1H17
―% Dividends
Common Shares increase Hybrid Instruments (subscribed by the Shareholder) Tier 2 Instruments
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