Brazil's biggest private bank posts record profits

SAO PAULO (AP) -- Brazil's biggest private bank says its net profits for 2011 were nearly 10 percent higher than in 2010.

Itau Unibanco Banco Multiplo SA says on its website that last year's net profits amounted to 14.62 billion reals ($8.46 billion), or 9.7 percent more than its 2010 profits of 13.32 billion reals.

The Economatica investment analysis firm said in a statement that the bank's 2011 profits were the highest ever posted by a Brazilian bank.

In the last quarter of 2011, the bank registered net profits 3.68 billion reals ($2.13 billion). That's 5.4 percent less than the 3.89 billion reals posted in the fourth quarter of 2010.