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Brazil's largest banks recorded combined recurring net profits of 14.7bn reais (US$8.82bn) in 4Q10, up 17.1% year-on-year, said local banking association Febraban in a new survey of 11 banks.
When compared with the previous quarter, earnings were up 28.5%.
The banks' profit growth was driven by federally controlled Banco do Brasil's strong Q4 performance, a reduction in loan loss provisions and an increase in fee income.
The average ROE for the banks in the survey was 25.2%, the highest figure since 3Q08.
To read the full Febraban survey in Portuguese, go to this link