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Financial Results
2002
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Net Income
R$ million
304
778 823
1,205
1H01 2H01 1H02 2H02
1,082
2,028
2001 2002
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Net Income
R$ million
137 167
446
332 349
474
605 600
1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02
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12.9
16.6
20.622.8 22.6
2001 Jan-Mar/02 Jan-Jun/02 Jan-Sept/02 2002
Return on Equity
Annualized (%)
15%*
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Chg, %
2001 2002 2001
4,866 8,025 64.9
3,760 4,444 18.2-5,575 -5,533 -0.8-3,586 -4,081 13.81,905 330 -0.81,370 3,185 132.5
79 172 117.71,449 3,357 131.7-301 -1,184 293.4-66 -145 119.7
1,082 2,028 87.4
Income StatementCorporate Legislation - R$ million Year Flow
Gross Result from Fin, Brokerage
Service Income Personnel Expenses Other Administrative Expenses Other Operating ItemsOperating Income
Non-Operating Income
Income Before Taxes
Income Tax and Social Contribution Statutory Profit Sharing
Net Income
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8,747
Dec/01 Dec/02 Chg.%
165,120 204,595 23.974,364 90,343 21.540,298 51,470 27.750,458 62,782 24.4
165,120 204,595 23.973,436 97,253 32.418,831 24,342 29.321,242 26,918 26.7
4,220 3,876 -8.229,142 42,117 44.543,753 48,327 10.539,184 49,817 27.1
9,197 5.1
Balance SheetR$ million
Assets
Liquidity AssetsLoan and Leasing OperationsOther Assets
Liabilities
Deposits
Savings DepositsInterbank DepositsTime DepositsOpen Market FundsOther Liabilities
Shareholders’ Equity
Demand Deposits
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13.8 14.1 14.5 15.0 15.4
Dec/01 Mar/02 Jun/02 Sept/02 Dec/02
61.4 66.8 64.557.3
66.2
16.2 17.1 17.515.7
17.4
Dec/01 Mar/02 Jun/02 Sept/02 Dec/02
Asset ManagementR$ billion
Customer Basemillion
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67.4
80.3
2001 2002
82.0
Coverage Ratio - Accumulated (%)(Service Income /Personnel Expenses)
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Points of Service
5,015 5,185 5,483 5,675 5,773
3,453 3,460 3,485 3,545 3,582
2001 1T02 2T02 3T02 2002
Others Branches
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7.2%
24.2%
11.4%
37.0%
20.2%
Variation %Region Dec/01 to Dec/02
Southeast 13.8Others 8.6Brazil 10.5
Distribution Network
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32,28732,810 32,936 33,002
33,645
Dec/01 Mar/02 Jun/02 Sept/02 Dec/02
Automated Teller Machines - ATMs
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2001 2002
69.2
59.1
65.0
Cost/Income Ratio - Accumulated (%)
(Administrative Expenses/Operating Income)
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Jun/02 Part, % Sept/02 Part, % Dec/02 Part, %3,325 4.8 3,710 4.9 3,585 5.1
40,377 58.9 45,991 60.7 41,303 58.2 24,542 35.8 25,670 33.9 25,763 36.3
346 0.5 400 0.5 292 0.4 Total 68,590 100,0 75,770 100,0 70,943 100,0
Securities PortfolioR$ millions
Available for TradingAvailable for Sale
Held to Maturity Derivatives
Balance
87.6%until 30 from 31 to 180 from 181 to 360 over 360
74.6%
6.4%8.5%
10.6%
7.6%
2.4% 2.4%
77.2%
5.4%2.2%
15.2%
Dec/02Dec/01 Sept/02
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Credit Portfolio Profile(Multiple Bank Balances and Subsidiaries in the Country)
Commercial26,6%
Others3,3% Retail
23,8%
Agribusiness31,9%
Internacional14,4%
20022002
20012001
Commercial29,4%
Others3,0%Internacional
14,6%
Agribusiness28,4%
Retail24,6%
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Main Retail OperationsR$ billions
6.4 6.7 6.9
1.8 2.0 2.0
1.3 1.4 1.4
6.76.8
1.92.1
1.51.5
Dec/01 Mar/02 Jun/02 Sep/02 Dec/02
Consumer Credit Overdraft Account Working Capital
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Main Wholesale OperationsR$ billions
5.15.6 5.8
1.6 1.72.0
2.2 2.4 2.6
6.06.4
1.9 1.9
2.6 2.7
Dec/01 Mar/02 Jun/02 Sept/02 Dec/02
Receivables Investments Working Capital
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Agribusinees OperationsR$ billion
50.0% 50.6% 50.5% 51.3% 50.5%
49.5%48.7%49.5%49.4%50.0%
dec/01 mar/02 june /02 sept /02 dec/02
Defrayal Others
11.7 12.4 13.1 13.8
16.8
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Credit Risk
C and D14.6%
AA, A and B76.9%
E,F,G and H8.5%
C and D9.7%
AA, A and B84.8%
E,F,G and H5.5%
BBBB
SFNSFN
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Credit RiskR$ million
2001 2002
49,894 63,0513,675 3,801
7.4 6.0
2,206 2,1054.4 3.3
2,034 2,030877 722
1,158 1,3092.3 2.1
5.3 5.9
120.4 177.0Provisions / Credit Portfolio from risk C to H
Provisions / Credit Portfolio from risk E to H
2,394 2,897
2,183 2,604
Total Credit PortfolioNon Performing LoansNPL / Total Credit Portfolio - %
NPL more than 60 daysNPL more than 60 days / Total Credit Portfolio- %
Write offsCredit RecoveryLosses BalanceLosses Balance / Total Credit Portfolio - %
Provisions / Total Credit Portfolio - %Provisions / NPL more than 60 days - %
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Market FundingR$ billion
4.2 18
.8
21.2
29.1 43
.8
117.
2
5.6 21
.4
26.3 43
.0
49.7
145.
9
3.9 24
.3
26.9 42
.1
48.3
145.
6
InterbankDeposits
DemandDeposits
SavingsDeposits
TimeDeposits
Open MarketFunds
Total
Dec/01 Sept/02 Dec/02
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Capital Adequacy
R$ millions
Dec/01 Sept/02 Dec/02
88,826 107,797 103,859
10,471 12,472 12,024
12,062 12,389 13,377
1,591 -82 1,353
14,463 -749 12,302
12.7 10.9 12.2
Risk weighted assets
Required Shareholders’ equity
Referential Equity
Leverage surplus/deficit
K coefficient %
Shareholders’ equity surplus/deficit
Balances
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Dec/01 Sept/02 Dec/02
Referential Equity 12,062 12,389 13,377
Tier I 8,714 8,375 9,172 Capital 7,435 7,435 7,435 Capital Reserves 5 5 5 Revenue Reserves 1,274 2,180 2,969 Detattached Account - (1,724) (1,111) Treasure Stocks - (126) (126) Income Accounts - 605 -
Tier II 3,348 4,014 4,205 Subordinated Debt 3,314 3,979 4,180 Revaluation Reserves 33 35 25
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13.1
Capital Adequacy Ratio- %
9.2 9.37.8 7.4 8.4
12.210.911.6
12.7
11.0
Dec/01 Mar/02 Jun/02 Sept/02 Dec/02
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12.211.9 11.8
12.5
11.8
Dec/01 Mar/02 Jun/02 Sept/02 Dec/02
Tax CreditR$ billion
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1º in Assets - R$ 204.6 billions; 1º in Asset Management - R$ 66.6 billions - 17.4% market share;
1º in deposits - R$ 97.2 billions;
Leader in FX - 22% market share;
Largest Distribution Network in Brazil - 9,355 points of service; Largest customer base - 15,4 million customers.
Highlights
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Investor Relations Division
SBS - Quadra 1 - Bloco C - Ed. Sede III - 17° andar70073-901 - Brasília (DF)Phone: 55 61 310 5920
Fax: 55 61 310 3735