Friday, February 24, 2006

 

Brazilian banks have record profits

The major Brazilian banks had had record profits in 2004. In 2005, they all set new records. The state-run Caixa Econômica Federal and Banco do Brasil, along with private banks Bradesco, Itaú and Unibanco (in this order, the three largest private banks), all reported record gains in financial operations, fees and interest charges.

Bradesco, Brazil's biggest bank, had the biggest profits in Latin America: US$2.566 billion (R$5,514 billion), an increase of 80% over 2004. Bradesco's loan portfolio was worth US$37.7 billion (R$81.1 billion), up 29.2% for the year.

Itau had profits of US$2.444 billion (R$5.251 billion), up 39%. Itau's loan portfolio rose to US$31.511 billion (R$67.7 billion). Unibanco had profits of US$851.8 million (R$1.83 billion).

As for the big state-run banks, Banco do Brasil's profits were up 37.4% to US$1.95 billion (R$4.2 billion) and the CEF had its biggest profits ever at US$1.256 billion (R$2.07 billion), up 46%. Banco do Brasil is a mixed capital corporation (with shares traded in the Stocks, but the government keeps control), whereas CEF is entirely owned by the government.



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