The three largest private Brazilian banks (Itaú, Bradesco and Santander) earned R$ 29.2 billion in 2011, up 7.3% compared to 2010.

The greatest profits came from Itaú, which announced today a gain of R$14.6 billion in 2011. Next came Bradesco, with a net income of R$11 billion, while the Spanish bank booked R$3.6 billion in 2011. The extraordinary results were driven mainly by loans (mortgage and businesses), which grew on average 19% in 2011. Santander‘s loan portfolio had the highest growth, at 21%.

Revenues from banking services totaled R$ 41.6 billion for the three banks last year, up 11.5% compared to 2010. The rates charged on loans and credit card transactions ensured their revenue growth in 2011.

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