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O tempo todo com o Brasil

O tempo todo com o Brasil. 4Q03 Earnings. Highlights. R$ 230.1 bi. Largest Bank in Brazil in Total Assets. R$ 102.7 bi. Leadership in Assets Under Management. R$ 77.6 bi. Leadership in Credit Operations. R$ 150.1 bi. Leadership in Total Funding. 18.8 million. Customer Base. 6 million.

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O tempo todo com o Brasil

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  1. O tempo todo com oBrasil 4Q03 Earnings

  2. Highlights R$ 230.1 bi Largest Bank in Brazil in Total Assets R$ 102.7 bi Leadership in Assets Under Management R$ 77.6 bi Leadership in Credit Operations R$ 150.1 bi Leadership in Total Funding 18.8 million Customer Base 6 million Customers in BB’s Internet 37,018 Largest ATM Network in Latin America 13,220 Largest network service in the country 2

  3. efficiency reflected in numbers Highlights R$ million Change % 4Q02 3Q03 4Q03 s/4Q02 s/3Q03 Total Assets 204,595 215,134 230,144 12.5 7.0 1 Credit Operations 62,900 72,601 77,636 23.4 6.9 Security Portfolio 70,943 74,055 69,590 -1.9 -6.0 2 Deposits 97,253 103,071 110,014 13.1 6.7 Asset Management - R$ bi 66.2 91.8 102.7 55.1 11.9 Shareholders’ Equity 9,197 11,687 12,172 32.3 4.1 Market Capitalization 6,699 11,712 17,568 162.2 50.0 Net Income 600 665 637 6.2 -4.2 3 ROE % 30.2 25.7 23.1 Earnings Per Share - R$ 0.82 0.91 0.87 1- Credit operations, Leasing operations and others credits, according Res. 2682/99 2 - Demand, Time, Savings and Interbank 3 - Net Income included 4 - Annualized 3

  4. adding value to shareholders... Net Profit and Return On Equity 22.6 R$ million 22.3 30.2 25.7 24.8 23.1 21.3 665 2,381 637 600 600 2,028 479 4Q02 1Q03 2Q03 3Q03 4Q03 Net Profit ROE % The result of the year allowed a R$ 745.7 millions remuneration to shareholders in the form of Interests on Equity, as dividends. This amount is 28.7% higher than the amount paid in the year of 2002. 2002 2003 4

  5. result building up Increase in Credit Operations Expansion in Service Fees “Other Administrative Expenses” under control Pricing increase in the security portfolio Reduction in the delinquency ratios Overall enhancement in Credit Global Risk 5 5

  6. 4Q02 3Q03 4Q03 s/4Q02 s/3Q03 2002 2003 Change Gross Financial Margin 4,148 3,888 3,977 -4.1% 2.3% 13,575 15,318 12.8% Provision for NPL (855) (747) (827) -3.3% 10.7% (2,876) (3,073) 6.9% Net Financial Margin 3,293 3,141 3,150 -4.4% 0.3% 10,699 12,245 14.4% Service Fees 1,159 1,412 1,511 30.3% 7.0% 4,454 5,491 23.3% Turnover Tax Expenses (249) (242) (289) 15.9% 19.6% (703) (1,004) 42.8% Contribution Margin 4,203 4,312 4,372 4,0% 1,4% 14,450 16,732 15.8% Administrative Expenses (2,728) (2,931) (3,149) 15.4% 7.4% (9,761) (11,298) 15.7% Commercial Income 1,476 1,381 1,223 -17.1% -11.4% 4,689 5,435 15.9% Operating Income 893 1,213 1,335 49.5% 10.0% 3,322 4,811 44.8% Income before Profit Sh.Taxes Ext. Items 995 solid results Income Statement with Reallocations Quarterly Flow Annual Flow R$ million 1,231 1,374 38.1% 11.6% 3,493 4,959 42.0% Income Tax and Social Contribution (352) (516) (453) 28.8% -12.2% (1,188) (2,067) 74.0% Profit sharing (43) (50) (155) 258.9% 210.9% (145) (273) 88.7% Recurrent Result 600 665 765 27.6% 15.1% 2,160 2,619 21.2% Extraordinary items - - (128) (132) (238) 79.7% Net Income 600 665 637 6.2% -4.1% 2,028 2,381 17.4% 6

  7. ready to a new environment Analysis of volume and spread Quarterly Flow Annual Flow R$ million 4Q02 3Q03 4Q03 s/4Q02 s/3Q03 2002 2003 Year Gross Financial Margin 4,148 3,888 3,977 -4.1% 2.3% 13,575 15,318 12.8% Asset (-) Permanent 207,918 209,072 221,377 6.5% 5.9% 181,237 208,198 14.9% Spread Annualized 8.2 7.6 7.4 7.5 7.4 * average Loss due to spread and volume increase Loss due to spread decrease Spread - % 2002 - 7.490365 (241) (36) 2003 - 7.357317 Gain due to volume increase 13,575 2,019 Volume - R$ million 2003 - 208,198 2002 - 181,237 7

  8. asset quality preserved Quarterly Flow Annual Flow 4Q02 3Q03 4Q03 s/4Q02 s/3Q03 2002 2003 Year R$ million Gross Financial Margin 4,148 3,888 3,977 -4.1% 2.3% 13,575 15,318 12.8% Provision for NPL (855) (747) (827) -3.3% 10.7% (2,876) (3,073) 6.9% Net Financial Margin 3,293 3,141 3,150 -4.4% 0.3% 10,699 12,245 14.4% Delinquency ratio % Loss Ratio - Annualized % 6.0 5.6 5.4 5.3 5.9 5.0 4.6 5.5 4.7 4.3 4.1 4.0 5.1 4.8 4.6 2.4 2.1 1.6 1.4 3.3 3.2 3.2 3.0 3.0 0.1 4Q02 3Q03 4Q03 2002 2003 4Q02 1Q03 2Q03 3Q03 4Q03 Loss / Portfolio Expenses with Provisions/Portfolio Overdue Loans/Total Credit Portfolio Overdue more than 15 days/Total Credit Portfolio Overdue more than 60 days/Total Credit Portfolio 8

  9. margin growth guaranteed by business diversification Quarterly Flow Annual Flow 4Q02 3Q03 4Q03 s/4Q02 s/3Q03 2002 2003 Year R$ million Net Financial Margin 3,293 3,141 3,150 -4.4% 0.3% 10,699 12,245 14.4% Service Fees 1,159 1,412 1,511 30.3% 7.0% 4,454 5,491 23.3% Turnover Tax Expenses (249) (242) (289) 15.9% 19.6% (703) (1,004) 42.8% Contribution Margin 4,203 4,312 4,372 4.0% 1.4% 14,450 16,732 15.8% Quarterly Flow Annual Flow 4Q02 3Q03 4Q03 s/4Q02 s/3Q03 2002 2003 Year Receitas de Prestação de Serviços 1,159 1,412 1,511 30.3% 7.0% 4,454 5,491 23.3% Customers Relations Fees 336 407 451 34.0% 10.7% 1,280 1,647 28.7% Management of Investment Funds 155 214 220 42.5% 3.0% 700 784 12.0% Loan Operations 96 142 148 54.3% 4.5% 358 538 50.4% Collection 107 130 143 34.0% 10.3% 401 500 24.8% Services to Related Companies 22 34 27 18.8% -22.4% 92 121 31.2% Third Revenue and Payments 95 104 106 12.0% 2.4% 349 392 12.2% Credit Cards 111 109 130 17.3% 20.0% 380 461 21.2% Others 237 273 285 20.3% 4.5% 894 1,049 17.3% 9

  10. customers’ loyalty and asset management leadership Customer Base - in thousands 1,217 1,112 1,073 1,005 992 17,534 15,937 15,645 14,905 14,399 Asset Management 4Q02 1Q03 2Q03 3Q03 4Q03 R$ billion Individuals Companies 18.6 18.7 18.8 19.0 17.4 102.7 91.8 83.2 78.0 66.2 4Q02 1Q03 2Q03 3Q03 4Q03 Asset Management Market Share % 10

  11. cost structure suitable with business generation Quarterly Flow Annual Flow 4Q02 3Q03 4Q03 s/4Q02 s/3Q03 2002 2003 Year R$ million Contribution Margin 4,203 4,312 4,372 4.0% 1.4% 14,450 16,732 15.8% Administrative Expenses (2,728) (2,931) (3,149) 15.4% 7.4% (9,761) (11,298) 15.7% Commercial Income 1,476 1,381 1,223 -17.1% -11.4% 4,689 5,435 15.9% Quarterly Flow Annual Flow 4Q02 3Q03 4Q03 s/4Q02 s/3Q03 2002 2003 Year R$ million Administrative Expenses (2,728) (2,931) (3,149) 15.4% 7.4% (9,761) (11,298) 15.7% Other Administrative Expenses (1,197) (1,221) (1,165) -2.7% -4.6% (4,097) (4,514) 10.2% Employees Expenses (1,504) (1,681) (1,949) 29.6% 15.9% (5,548) (6,660) 20.0% Salaries (802) (802) (779) -2.8% -2.8% (2,782) (2,992) 7.6% Social Charges and Benefits (466) (495) (493) 5.7% -0.5% (1,604) (1,881) 17.2% Training (11) (10) (17) 53.7% 70.9% (31) (41) 33.7% Labor Suits (86) (80) (435) 406.2% 442.3% (373) (881) 136.5% Provisions for vacation/leaves (137) (292) (222) 62.7% -24.0% (753) (860) 14.3% 11

  12. 10.2 10.8 10.6 10.8 9.5 80.6 79.5 79.5 79.7 78.6 4Q02 1Q03 2Q03 3Q03 4Q03 Employees Interns cost structure suitable with business generation Points of Service - in thousands 3,241 3,218 3,209 3,183 3,164 9,979 9,712 9,546 9,362 9,169 Human Resources- in thousands 4Q02 1Q03 2Q03 3Q03 4Q03 Others Branch 12

  13. productivity equation completed by technology % 2.1 2.3 Automatization 13.6 15.9 86.4% 5.6 4.8 85.2% 85.0% 84.6% 84.1% 16.3 14.8 82.5% 82.4% 81.4% 9.0 10.7 79.6% 77.6% 76.9% 74.6% 53.4 51.5 Electronic Transition / Operating Income - % dec/02 dec/03 Internet Financial Manager POS Cashier ATM Charge/01 JUN/01 SEP/01 DEC/01 MAR/02 JUN/02 SEP/02 DEC/02 MAR/03 JUN/03 SEP/03 DEC/03 Efficiency Ratio - % Coverage Ratio - % Administrative Expenses / Operational Income Service Income/Personnel Expenses 90.7 84.0 82.5 80.7 80.3 77.5 59.0 77.1 58.0 57.6 56.7 56.5 56.3 54.0 4Q02 1Q03 2Q03 3Q03 4Q03 2002 2003 4Q02 1Q03 2Q03 3Q03 4Q03 2002 2003 13

  14. BB - the bank that most invests in Brazil R$ million dec/02 sep/03 dec/03 s/dec/02 s/sep/03 Total Assets 204,595 215,134 230,144 12,5% 7.0% Liquid Assets 90,343 91,627 102,439 13.4% 11.8% Credit Operations 51,470 60,442 65,604 27.5% 8.5% Tax Credit 11,847 9,897 9,406 -20.6% -5.0% Other Assets 50,935 53,168 52,695 3.5% -0.9% Total Liabilities 204,595 215,134 230,144 12.5% 7.0% Deposits 97,253 103,071 110,014 13.1% 6.7% Other Liabilities 98,145 100,376 107,959 10.0% 7.6% Stockholders Equity 9,197 11,687 12,172 32.3% 4.1% 150.1 149.5 Asset Composition - % Market Funding - R$ billion 145.6 22.9 24.9 24.7 27.0 28.8 4.1 5.8 4.6 5.2 5.1 28.5 25.2 28.1 25.6 27.5 49.6 48.2 48.3 46.5 42.1 40.1 27.1 27.4 26.9 26.6 24.3 20.5 44.5 44.2 42.2 42.6 38.6 7.3 6.4 3.9 Interbank Demand Savings Time Open Market Total dec-02 mar-03 jun-03 sep-03 dec-03 Deposits Deposits Deposits Deposits Funds Liquidity assets Credit Operations dec/02 sep/03 dec/03 Tax Credit Other Assets 14

  15. liquidity preserved Securities Portfolio R$ million 4Q02 3Q03 4Q03 Cost Market V. Cost Market V. Cost Market V. Securities Portfolio 72,958 70,943 74,043 74,055 69,210 69,590 Available for trading 3,584 3,585 5,372 5,393 16,054 16,095 Available for sale 43,274 41,303 43,159 43,158 27,924 28,307 Held to Maturity 25,763 25,763 25,109 25,109 24,821 24,821 Derivatives 337 292 403 396 411 368 Securities Portfolio Maturity - % 1.7 1.7 1.8 2.1 3.0 12.6 9.3 13.3 8.7 13.2 58.2 70.5 64.1 61.0 72.0 26.8 22.8 21.6 18.9 16.7 dec/02 mar/03 jun/03 sep/03 dec/03 Up to 1 year Up 5 to 1 years Up 10 to 5 years Over 10 years 15

  16. well balanced credit portfolio Credit Portfolio - R$77.6 billions - R$62.9 billions Dec/03 Dec/02 2.5% 1.9% 12.2% 20.0% 20.6% 16.4% 9.5% 12.1% 20.9% 22.3% 35.0% 26.7% Retail Commercial Agribusiness International Abroad Others 16

  17. strong position in retail portfolio Retail Portfolio by Risk Level BB NFS Shares % - December/03 7.8 4.6 2.2 1.2 0.9 11.5 10.2 11.6 10.3 13.6 17.4 6.3 87.5 87.2 82.2 81.7 85.2 78.6 Retail Commercial Agribusiness International SFN BB 17

  18. dec/02 sep/03 dec/03 s/dec/02 s/sep/03 Risk weighted Assets 103,859 109,121 120,973 16.5% 10.9% PLE 12,024 12,705 13,772 14.5% 8.4% Required on weighted assets 11,424 12,003 13,307 16.5% 10.9% Required on swap 142 173 152 6.5% -12.5% Required on exchange exp - - - Required on Interest rate exp 457 529 313 -31.5% -40.8% Required Shareholder’s Equity 13.377 16,520 17,162 28.3% 3.9% Level I 9,172 11,663 12,147 32.4% 4.2% Capital Social 7,436 8,366 8,366 12.5% 0.0% Capital Reserve 5 5 5 0.0% 0.0% Profit Reserve 2,969 2,796 3,674 23.8% 31.4% Detached Account (1,111) (43) 228 -120.5% -624.7% Treasury Stocks (126) (126) (126) 0.0% 0.0% Income Account - 665 - Level II 4,205 4,858 5,015 19.3% 3.2% Surplus / shareholders equity deficit 1,353 3,815 3,391 150.6% -11.1% Surplus / leverage deficit 12,302 ability to increase businesses with customers Capital Adequacy R$ million BIS Ratio -% 34,680 30,825 150.6% -11.1% Coefficient K % 12.24 14.30 13.71 14.3 13.8 13.7 13.4 12.2 4.2 4.1 4.0 4.1 3.8 10.1 9.7 9.7 9.3 8.4 dec/02 mar/03 jun/03 sep/03 dec/03 18 Level I Level II

  19. insurance and private pension Insurance Revenue Insurance / Net Aggregated Value R$ million 3.2% 2.7% 2002 2003 16.6% 21.4% 54 Manag. Insur. Funds 24 4 Health 4 75.3% 80.6% 72 27,0% 1,9% Private Pension 71,1% 37 GFM Others Insurance 172 Capitalization PLans 110 277 Life and Others 203 76 Auto 77 655 Total 456 2002 2003 19

  20. Market recognition Price X Book Value 1.4 24.0 1.0 0.9 0.7 0.7 16.0 16.0 14.9 13.9 12.7 12.6 11.5 10.2 9.1 dec/02 mar/03 jun/03 sep/03 dec/03 Price Book Value Price/BV - x 20

  21. Strategies lined up with the future To add value to shareholders Adequacy between revenue and cost structures To keep BB as the main bank in foreign trade To establish BB as one of the main Banks in Capital Markets To enhance Corporate Governance practices To strength BB’s performance as a socially responsible company To stimulate banking throughout Banco Popular To strength customers relationship To keep the position of the most reminded Bank among Brazilians 21

  22. Strategies lined up with the future Return on equity 15% Efficiency ratio 61% Service Revenues / Administrative Expenses 49% Customers ( Banco Popular) 1 million Average customer product 4 Customers 20 million Electronic transactions 88% 22

  23. new site of IR

  24. For further information access www.bb.com.br/ri or: MD&A Investor Relations Division SBS - Quadra 1 - Bloco C - Ed. Sede III - 17° floor 70073-901 - Brasília (DF) Phone: 55 (61) 310.5920 Fax: 55 (61) 310.3735 www.bb.com.br ri@bb.com.br Disclaimer- This presentation contains references and statements, planned synergies, increasing estimates, projections of results and future strategy for Banco do Brasil, it’s Associated and Affiliated Companies and Subsidiaries. Although these references and statements reflect the management’s belief, it also involves imprecision and high difficult risks to be foreseen, consequently, it may conduct to a different result than the one anticipated here. These expectations are highly depended on market conditions, on the Brazilian economic performance, on the sector and the international market. Banco do Brasil is not responsible for bringing up to date any estimate in this presentation.

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