André Deak and Aloisio Milani
Reporters - Agência Brasil

Brasília - After a very good year in 2004, the biggest banks in Brazil have done it again: turning in record profits in 2005, as well. The state-run Caixa Econômica Federal and Banco do Brasil, along with private banks Unibanco, Itaú and Bradesco, 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%.

Translation: Allen Bennett