Conference Call - August, 28th

Financial ResultFinancial Result

2Q022Q02

Net Income R$ million

137

167

446

332349

474

1Q01 2Q01 3Q01 4Q01 1Q02 2Q02

Income before Taxes R$ million 800

137

88

167

90 446

46

332

228

349

451

474

290

1Q01 2Q01 3Q01 4Q01 1Q02 2Q02

Net Profit Tax and Statutory Profit Sharing

225257

492560

764

7,0 8,5

22,9

16,2 16,6

21,8*

24,1

1ºtrim/01 2ºtrim/01 3ºtrim/01 4ºtrim/01 1ºtrim/02 2ºtrim/02

*Shareholders’ Equiy without excluding the effects of the securities portfolio marking to market - “Circular 3.068 and 3.082 - BCB”

ROE - Return on EquityAnnualized (%)

Gross Financial Margin R$ million

2Q/01 1Q/02 2Q/02 2Q/01 1Q/02Income from financial intermediation 5,711 6,068 10,191 78.4 67.9Expenses with financial intermediation -3,334 -3,246 -7,315 119.4 125.4

Gross financial margin 2,377 2,822 2,876 21.0 1.9

Provisions for NPL -586 -593 -591 0.9 -0.3

Net financial margin 1,791 2,229 2,285 27.6 2.5

In the quarter Change (%)

Analysis of the Financial Margin’s Change 2Q01/2Q02

2,377 368

114 181.68326

1.763752Q02

2Q01

141,231 163,072

2Q022Q01

Gain: increase on the rate Gain: combination of theincrease on the rate and theincrease in the volume

Gain: increase in the volume

%

R$ million

Contribuition Margin R$ million

13.8 14.114.5

Dec/01 Mar/02 Jun/02

Clientsmillion

Asset ManagementR$ billion

61.467.0 64.5

16.2

17.1 17.2

Dec/01 Mar/02 Jun /02

Assets Market Share (%)

2Q/01 1Q/02 2Q/02 2Q/01 1Q/02

Net financial margin 1,791 2,229 2,285 27.6 2.5

Service fees 919 1,029 1,138 23.8 10.6Turnover tax expenses -133 -166 -152 14.3 -8.4

Contribution margin 2,578 3,091 3,272 26.9 5.9

In the quarter Change (%)

Commercial Income R$ million

Coverage Ratio - %(Service Fees / Personnel Expenses) 69.9 67.9 69.2

63.8

79.486.0

1Q01 2Q01 3Q01 4Q01 1Q02 2Q02

2Q/01 1Q/02 2Q/02 2Q/01 1Q/02

Contribution margin 2,578 3,091 3,272 26.9 5.9

Administrative expenses -2,262 -2,211 -2,288 1.1 3.5

Personnel expenses -1,354 -1,296 -1,324 -2.2 2.2Other administrative expenses -884 -887 -936 5.9 5.5Other tax expenses -24 -28 -28 16.7 0.0

Commercial income 316 881 983 211.1 11.6

In the quarter Change (%)

Operating Income R$ million

70.7 69.7 69.2 67.7

59.6 60.9

1Q01 2Q01 3Q01 4Q01 1Q02 2Q02

Cost/Income Ratio - %(Administrative Expenses / Operating Income)

2Q/01 1Q/02 2Q/02 2Q/01 1Q/02

Commercial income 316 881 983 211.1 11.6

Other Operating Income -70 -111 -230 228.6 107.2

Other operating income 390 257 323 -17.2 25.7Other operating expenses -440 -399 -580 31.8 45.4

Equity income from affiliated and Subsidiaries -20 31 27 -235.0 -12.9

Operating income 245 769 753 207.3 -2.1

In the quarter Change (%)

Income Statement R$ million

Tax CreditR$ billion 12.3 12.4 12.4

12.2

11.9 11.8

22.3%

12.5% 9.4%

32.2%

49.1%

29.2%

1Q01 2Q01 3Q01 4Q01 1Q02 2Q02

Tax Credit IR + CSLL/ Income before Taxes

2Q/01 1Q/02 2Q/02 2Q/01 1Q/02

Income before profit sharing, income taxes and extraordinary items 258 800 764 196.1 -4.5

Statutory profit sharing -19 0 -77 305.3Income and social contribution taxes -24 -337 -195 712.5 -42.1Extraordinary items -47 -114 -18 -61.7 -84.2

Net income 167 349 474 183.8 35.8

In the quarter Change (%)

jun/01 mar/02 jun/02 jun/01 mar/02

Assets 146,743 168,591 169,910 15.8 0.8Liquidity Assets 53,913 73,439 72,245 34.0 -1.6Credit 36,493 42,865 46,542 27.5 8.6Other Assets 56,337 52,287 51,123 -9.3 -2.2

Liabilities 146,743 168,591 169,910 15.8 0.8Demand deposits 15,060 17,237 18,319 21.6 6.3Savings 20,609 21,614 22,639 9.9 4.7Interbank deposits 4,249 4,454 5,165 21.6 16.0Time deposits 31,345 35,322 33,588 7.2 -4.9Open market funds 29,520 39,341 37,508 27.1 -4.7Others liabilities 37,768 41,874 44,707 18.4 6.8

Shareholders’ Equity 8,192 8,749 7,984 -2.5 -8.7

Change %Balance Sheet R$ million

Retail

25.9%

Commercial25.2%

Agribusiness

29.8%

International

15,2%

Others

4.0%

1H01

1H02

Retail25.7%

Commercial28.8%

Agribusiness27.6%

International15.2%

Others2.8%

Credit Portfolio Profile(Multiple Bank Balances and Subsidiaries in the Country)

Credit Risk

BBBB

E,F,G & H7.4%

C & D13.8%

AA, A & B78.8%

E,F,G & H5.1%C & D

8.1%

AA, A & B86.8%

NFS*NFS*

*National Financial System

R$ million Mar/02 Jun/02

Total Credit Portfolio 52,831 57,031Non Performing Loans 3,583 3,202NPL / Total Credit Portfolio - % 6.8 5.6

NPL more than 60 days 2.240 1.973NPL more than 60 days / Total Credit Portfolio- % 4,2 3,5

Write offs 547 447Credit Recovery 187 171Losses Balance 360 277Losses Balance / Total Credit Portfolio - % 2.8 2

Provisions / Total Credit Portfolio - % 5.5 5.2Provisions / NPL more than 60 days - % 128.7 150.9

Credit Risk

BIS Ratio - %

8.0 8.8 9.0 9.2 9.37.8

Mar/01 Jun/01 Sep/01 Dec/01 Mar/02 Jun/02

Tier I Tier I e II

8.0

12.1 12.4 12.7 13.1

11.0

11.6

R$ millionBalances

jun/01 dec/01 jun/02

Risk Weighted Assets 85,044 88,826 95,374

Required Capital 10,278 10,471 11,179

Referencial Equity 11,169 12,062 11,780

Equity Excess/Insufficiency 891 1.591 601

Leverage Excess/Insufficiency 8,102 14,463 5,468

Coefficient "K" % 12.1 13.1 11.6

BIS Ratio - %

Foreign Exchange Exposure

US$ million

Assets Liabilities

Foreign Investment 1.726,51 RES. 2770 1.709,05

- in US$ 1.632,22

- Invest. Max Blue 94,29

Foreign Securities 1.123,91

CURRENCY SWAP 436,14

ASSUMPTION OF LIABILITIES 278,10

Others Multiple Bank 151,47 SPOT DOLLAR 51,50FUTURE DOLLAR 73,82

DDI 321,27

TOTAL 3.001,89 TOTAL 2.869,88 Foreign Exchange Exposure US$ 132,01 Foreign Exchange Exposure OC 48,85

Securities PortfolioR$ millions

Balance in June/2002 %

Available for Trading 3,325 4.8

Available for Sale 40,377 58.9

Held to Maturity 24,542 35.,8

Derivatives 346 0.5

Total 68,590 100.0

Shareholders’ Equity Adjustment R$ million

Shareholders’ Equity Dec/01 8,747

Net Profit - 1H02 823

Dividends -307

Adjustments in Marketable Securities -1,670

Retained Earnings 390

Net Adjustment -1,280

7,984Shareholders’ Equity Jun/02

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

www.bb.com.brri@bb.com.br