0 Banco Itaú Holding Financeira S.A. Presentation to: Silvio de Carvalho Executive Director...

1

Banco Itaú Holding Financeira S.A.

Presentation to:

Silvio de CarvalhoExecutive Director

September 2-5, 2003

New York

2

Earnings per Share

Stock Market

Opportunities

Agenda

Sensitivity Analysis - Retail

Results

Balance Sheet

Statement of Income

Brazilian Banking System

Dynamics

Consolidation

Regulations

3

Earnings per Share

Stock Market

Opportunities

Agenda


Results

Balance Sheet

Statement of Income


Dynamics

Consolidation

Regulations

4

Technology have to advance in Credit Concessions and Risk Analysis

Main Characteristics of theFinancial System

High Spread

High Fixed Expenses

High Capitalization

High Default Level

Satisfatory Provisions Level

High Services Fees

Advanced Technology for Payments, Collection and Transfers

Small Financial Desintermediation

5

Oriented to servicesOriented to services

All bills are paid in the BankAll bills are paid in the Bank

Highly automatedHighly automated

Many Points of SaleMany Points of Sale

Huge volumes of transactionsHuge volumes of transactions

Main Characteristics

Retail Banks:Retail Banks:

6

Tier One Capital / Assets (%)

Source: THE BANKER - Top 1000 – July, 2003

9.2%

14.2%

12.3%11.4% 11.7%

9.1%9.9%

9.1%10.2%

12.0% 11.9%11.1%

9.1%

4.3% 4.4% 4.5% 4.7% 4.7% 4.6% 4.6% 4.5% 4.7% 4.9% 4.7% 4.6% 4.5%

0%

2%

4%

6%

8%

10%

12%

14%

16%

90 91 92 93 94 95 96 97 98 99 00 01 02

Brazilian Financial System 1,000 Largest Banks in the World

7

Bank´s Ranking by Stockholders’ EquityDecember, 2002December, 2002

Brazilian Banks

Bradesco

Banco do Brasil

Itaú

Unibanco

ABN Amro / Real

Nossa Caixa

Banespa

Banco Safra

Sudameris

HSBC

SE(*)

10,846

9,197

9,036

6,559

4,729

4,628

4,306

2,298

1,324

1,277

Assets

142,773

204,595

111,141

75,375

36,952

128,418

28,642

25,096

16,020

25,286

Net Income

2,023

2,028

2,377

1,010

1,208

1,081

2,818

465

220

185

ROE (%)

18.6

22.0

26.3

15.4

25.5

23.4

65.5

20.2

16.6

14.5

ROA (%)

1.4

1.0

2.1

1.3

3.3

0.8

9.8

1.9

1.4

0.7Source: Statements Released.(*) Stockholders´ Equity

R$ Million

8Source: Austin Asis.

20.5

23.7

31.2

23.7

36.7

63.3

86.2

113.4

169.9

22.9

23.7

28.5

30.3

41.2

66.1

106.8

205.8

124.5

134.3

154.5

HSBC

Nossa Caixa

Banespa

Safra

ABN-AMRO

Unibanco

Itaú

CEF

Bradesco

BB 21,1

24,1

18,4

23,8

4,3

12,3

28,1

-8,5

0,0

11,6

Jun 2002Jun 2003

R$ Billion Variation (%)

Bank´s Ranking by Total AssetsJune, 2003June, 2003

9

1. Citigroup2. Bank of America Corp.3. HSBC Holdings4. JP Morgan Chase & Co.5. Crédit Agricole Group6. Mizuho Financial Group7. Royal Bank of Scotland8. Sumitomo Mitsui9. Mitsubishi Tokyo12. Deutsche Bank23. ABN AMRO Bank115. Hamburgische Landesbank118. Banco Itaú119. Woori Bank122. Banco Bradesco139. Banco do Brasil190. Unibanco

December, 2002

Ranking by Stockholder’ EquityAssets

1,097660759759609

1,081649845781795583913175405821

US$Billion

1st

12nd

7th

8th

16th

2nd

13rd

4th

6th

5th

17th

90th

209th

104th

170th

125th

279th

Rank

BIS

11.2 %12.4 %13.3 %11.9 %11.7 %9.5 %

11.7 %10.1 %11.0 %12.6 %11.5 %

n.a.19.1 %11.6 %17.9 %12.2 %

n.a.

Index

5943393836292727262418333332

SE(1)

US$ Billion

ROA

103rd

68th

48th

78th

84th

165th

85th

148th

118th

60th

94th

n.a.16th

91st

19th

74th

n.a.

%

156th

179th3

361st

725th

584th

966th

379th

930th

919th

654th

562nd

709th

25th

561st

219th

251st

301st

Rank (*)

11.2 %12.4 %13.3 %11.9 %11.7 %9.5 %

11.7 %10.1 %11.0 %12.6 %11.5 %

n.a.19.1 %11.6 %17.9 %12.2 %

n.a.

Rank (*)

Source: The Banker Top 1000 - July/03 (*) BIS ranking extracted from the largest 200 banks by SE(1).(1) Stockholder´ Equity

10

Financial Statistics - Banking System

US$ Million

124,390

160,464

108,629

17,88232,192

304,824

70,662

46,130

4,961

115,196

39,901

100,366

50

100

150

200

250

300

350

Total Assets Total Deposits Total Equity Total Loans

BrazilChileMexico

Source: Felaban – Latin America Banks Association

December, 2002

11

Earnings per Share

Stock Market

Opportunities

Agenda


Results

Balance Sheet

Statement of Income


Dynamics

Consolidation

Regulations

12

The 10 largest Private BanksBefore and After the Real Plan, by assetsBefore and After the Real Plan, by assets

R$ Billion

(*) Foreign participation in the 10 largest private banks.

BradescoItaúBamerindusNacionalUnibancoRealSafraBCNLloydsEconômico

TotalForeign Banks (*)

Dez. 94

19.314.412.011.2

9.67.66.56.05.45.1

97.15.6%

BradescoItaúUnibancoSantander BanespaABN Amro Safra CitibankHSBC Bank BostonVotorantim

TotalForeign Banks (*)

Mar. 03

124.6109.5

65.151.941.630.025.925.723.422.3

520.032.4%

13

Consolidation, the search for scale...

1994 2002

Source: Brazilian Central Bank

BradescoBanebBanco PontualBCRBCNCredirealBoavistaMercantilBanco CidadeBEABBV

Bradesco

ItaúBemgeBanerjBFBBanestadoBEGBBA CreditanstaltBanco Fiat

Itaú

UnibancoDibensFininvestNacionalBandeirantesBanco FordBanco 1.net

Unibanco

1994 2002

SantanderBozano MeridionalBanespa

Santander

ABN AmroBandepeRealSudameris

ABN Amro

HSBCRepublicCCF

HSBC

14

1994 2002

Source: Brazilian Central Bank

BradescoBanebBanco PontualBCRBCNCredirealBoavistaMercantilBanco CidadeBEABBV

Bradesco

ItaúBemgeBanerjBFBBanestadoBEGBBA CreditanstaltBanco Fiat

Itaú

UnibancoDibensFininvestNacionalBandeirantesBanco FordBanco 1.net

Unibanco

1994 2002

SantanderBozano MeridionalBanespa

Santander

ABN AmroBandepeRealSudameris

ABN Amro

HSBCRepublicCCF

HSBC

In Dec,1994 the 20 largest banks accounted for 74% of total asssets. In

Dec, 2002 the 20 largest banks accounted for 88% of total assets.

Consolidation, the search for scale...

15(*) Source: Febraban - Brazilian Banks Association

Banking Sector (*)

Trend - Cost EfficiencyTrend - Cost EfficiencyQuantity of Employees – Brazilian Financial SystemQuantity of Employees – Brazilian Financial System

Itaú Holding824

754700 682 672

638

559

483447

420 406 400402 401

433736

77

60

4942 43 45

47

3941

3631

0

100

200

300

400

500

600

700

800

900

Dec-89 Dec-90 Dec-91 Dec-92 Dec-93 Dec-94 Dec-95 Dec-96 Dec-97 Dec-98 Dec-99 Dec-00 Dec-01 Dec-02

0

10

20

30

40

50

60

70

80

90

CAGR 1989-2002

Sector = -5.41%

In thousands

Itaú Holding = -4.41%

16

• New consolidation period / Reduction in number of

banks;

• Increase in number of synergistic institutions;

• Higher competition – decrease of margin;

• Increase in Loans and Insurance;

• Raise in number of banking customers.

Perspectives

• Interest Rate Reduction• Spread Reduction• Enhancement of Brazilian Economy

17

Earnings per Share

Stock Market

Opportunities

Agenda


Results

Balance Sheet

Statement of Income


Dynamics

Consolidation

Regulations

18

• Securities and derivatives Marked to Market.

• Central of credit risk:

database for Central Bank Supervision and

informs the banks about the credit risk in consolidated

customer base

• Prevention and actions against money laundering

•Minimum Capital Base required : 11 %

•Compliance and Internal controls procedures since 09/06/2000

•Fixed Assets Reduction

Strengthen of the Financial SystemMain Iniciatives of Brazilian Central Bank

19

Earnings per Share

Stock Market

Opportunities

Agenda


Results

Balance Sheet

Statement of Income


Dynamics

Consolidation

Regulations

20


• Largest Market Capitalization of the Brazilian Banking System: R$ 25.6 Billion (08/21/03);

• Financial Holding Company status, granted by FED;

• Member of the Dow Jones Sustainability World Index since 1999;

• Largest participation in BOVESPA’s Corporate Governance Index (IGC): 23.7% (08/18/03);

• Most Valuable Brand in Brazil: US$ 1.1 billion (Interbrand – June 2003).

21

HighlightsR$ Million

(Except were indicated)

Net Income

Stockholders’ Equity

ROE (%)

Financial Margin

Market Capitalization

Solvency Ratio (%)

Efficiency Ratio (%)

NPL (%)

2nd Q./03

776

10,772

32.1%

2,356

21,149

18.5%

46.0%

4.65%

1st Q./03

714

9,983

31.8%

2,894

20,906

19.7%

40.1%

4.16%

Variation

8.7%

7.9%

30 b.p.

-18.5%

1.2%

-120 b.p.

590 b.p.

49 b.p.

22

2.40%2.80%

1st Sem 2002 1st Sem 2003

26.90%

29.60%


Annualized ROEAnnualized ROE

Efficiency RatioEfficiency Ratio

Credit Operations Credit Operations NonperformingNonperforming

5.90%4.65%


55.20%

42.90%


Highlights – 1st Semester of 2003 and 2002

2.7 p.p.

0.4 p.p. -12.3 p.p.

-1.2 p.p.

Annualized ROAAnnualized ROA

23

10,772

2,229

9,036

7,578

6,6425,907

4,198

3,3372,857

880

181

2,377

2,389

1,8411,869

721592

3433923820

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

11,000

12,000

90 91 92 93 94 95 96 97 98 99 00 01 02 03(*)

0

250

500

750

1,000

1,250

1,500

1,750

2,000

2,250

2,500

2,750

3,000

3,250

3,500

3,750

4,000

Stockholders' Equity

Net Income

R$ Million

CAGR)(90-03) = 13.4%

1st Semester of 2003Net Income:

R$ 1,490 Million

(*) June 30, 2003

CAGR(90-02) = 23.9%

Sustained Results GrowthEvolution of Stockholders’ Equity and Net IncomeEvolution of Stockholders’ Equity and Net Income

24

Sustained Results GrowthEvolution of Stockholders’ Equity and Net IncomeEvolution of Stockholders’ Equity and Net Income

10,772

2,229

9,036

7,578

6,6425,907

4,198

3,3372,857

880

181

2,377

2,389

1,8411,869

721592

3433923820

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

11,000

12,000

90 91 92 93 94 95 96 97 98 99 00 01 02 03(*)

0

250

500

750

1,000

1,250

1,500

1,750

2,000

2,250

2,500

2,750

3,000

3,250

3,500

3,750

4,000

Stockholders' Equity

Net Income

R$ Million

CAGR)(90-03) = 13.4%

1st Semester of 2003Net Income:

R$ 1,490 Million

(*) June 30, 2003

CAGR(90-02) = 23.9%

Jan/90 a Jun/03Dividends:

R$ 4.6 BillionCapital Increase (1):

R$ 0.1 Billion

Adaptability to Scenarios

Real Plan

Mexican Crisis

Asian Crisis

Russian Crisis

Real Devaluation Argentine

Crisis

Collor Plan

25

Earnings per Share

Stock Market

Opportunities

Agenda


Results

Balance Sheet

Statement of Income


Dynamics

Consolidation

Regulations

26

R$ Million

Consolidated Balance Sheet

Liabilities

Total Liabilities

Mutual Funds

Deposits

Open Market and others

Accept./Issue - Securities

Foreign Exchange

Borrowings/On-Lending

Tech. Prov Ins/Cap/Pens.

Other Liabilities

Minority Interest

Stockholders` Equity

06/30/03with BBA

and FIAT

106,79

9

67,142

34,826

14,560

5,085

5,356

28,806

5,388

1,058

948

10,772

94,265

without BBA

and FIAT

62,391

30,929

14,015

3,623

5,153

23,071

5,388

199

865

10,772

06/30/02

86,247

56,243

28,754

16,478

3,852

3,370

20,625

3,459

673

748

8,288

Assets

Total Assets

Guarantees

Cash + Liquidity

Securities

(Additional Allowance)

Interbank Relations

Net Credit Operations

(Additional Allowance)

Foreign Exchange

Others

Permanent Assets

06/30/03with BBA and

FIAT

106,799

6,232

16,315

26,052

(545)

9,917

36,120

(848)

7,270

9,238

3,280

without BBA

and FIAT

94,265

4,778

16,385

21,874

(545)

9,741

26,501

(792)

6,737

8,706

5,658

06/30/02

86,247

4,681

15,517

20,414

(597)

7,138

27,962

(715)

4,722

8,309

3,497

27

Credit Operations

Credit Operations Credit Operations + Guarantees

R$ Million

16,890

23,674

29,61519,596

27,253

38,419 38,35434,282

44,58645,414

0

10,000

20,000

30,000

40,000

50,000

1999 2000 2001 2002 2003 (*)

28,30233,080

06/30/2003Itaú Holding without BBA and FIAT

Credit OperationsCredit Operations + Guarantees

31,50637,020

12/31/2002

(*) On June 30, 2003

CAGR = 26.5%

28

Loan Operations (*)

By Currency

Foreign Currency

Local Currency

Total

13,412

31,174

44,586

(*) Includes Guarantees

15,187

31,203

46,390

10,962

23,877

34,839

-11.7%

-0.1%

-3.9%

22.3%

30.6%

28.0%

R$ Million

By Segment

Large Companies

Very Small, Small and Medium

Companies

Individuals

Credit Card

Real Estate Indiv.

Comp.

TOTAL

06/30/03

25,830

4,077

9,672

2,809

2,096

102

44,586

03/31/03

27,492

4,262

9,751

2,618

2,154

113

46,390

06/30/02

19,172

3,400

6,924

2,758

2,411

175

34,839

Variation %Jun/03 – Mar/03

-6.0%

-4.3%

-0.8%

7.3%

-2.7%

-9.7%

-3.9%

Variation %Jun/03 – Jun/02

34.7%

19.9%

39.7%

1.9%

-13.0%

-41.4%

28.0%

R$ Million

06/30/03 03/31/03 06/30/03Variation %

Jun/03 – Mar/03Variation %

Jun/03 – Jun/02

29

5.90 5.60

4.17 4.16 4.65

12.67 12.90

8.94

1.73 1.66 1.461.99 2.35

8.46

10.66

jun-02 sep-02 dec-02 mar-03 jun-03

Credit Operations

Global

IndividualsCompanies

Nonperforming Loans Ratio (%)Nonperforming Loans Ratio (%)

Coverage Ratio (*)Coverage Ratio (*)

164% 172%198% 189% 173%

Provision for Loan LossesProvision for Loan Losses R$ Million

Total Provision (A)

Portfolio overdue over 14 days (B)

(A) – (B)

jun/01 (223)

dec/01 (118)

jun/02 (231)

dec/02 607

jun/03

2.413

2.686

3.142

2.565

2.834

2,190

2,568

2,911

3.172

3.082 248

(*) Provision for Loan Losses / Total Nonperforming Loans

30

Provision for Loan Losses

R$ Million

Minimum Provision

Additional Provision

Total Provision

1,406 1,5101,692 1,853 1,953

2,1962,515

2,332 2,285 2,234

630680

680715

715

715

747841 843 848

3,172 3,128 3,0822,911

3,262

2,6682,568

2,3722,190

2,036

Mar.01 Jun.01 Sep.01 Dec.01 Mar.02 Jun.02 Sep.02 Dec.02 Mar.03 Jun.03

31

Financial Instruments – Market Value

In Net Income

1,076

54553123

395

55

77

238

-

1,864

Market Value

26,051

30,655

6,745

15,976

1,824

4,405

353

- Securities and Derivatives

Additional Provision Adjust of Available for Sale Securities- Credit Operations

- Other Assets-Time and Interbank Deposits and Funds

from Acceptance and Issuance of Securities- Other Liabilities from trading and

intermediation amounts-Subordinated Debts

-Other

Total Unrealized

In Stockholders’Equity

545

545-

23

395

55

77

238

106

1,439

Book Value

26,051

30,632

6,350

16,032

1,901

4,643

248

Unrealized Income/(Loss) (1) (2)

R$ Million

(1) Do not consider the corresponding tax effects.(2) Includes unrealized gains to minority interest amounting to R$ 159 million.

June 30, 2003

32

Total

Trading Securities

Available for Sale Securities

Held to Maturity Securities

Derivatives – Assets

R$ Million

26,051

Market Value

9,312

14,015

900

1,825

25,415

Cost

9,298

13,484

900

1,734

Jun. 30, 2003

26,537

Market Value

8,844

14,522

1,016

2,155

26,513

Cost

8,830

14,261

1,016

2,406

Mar. 31, 2003

25,694

Market Value

8,853

13,481

1,072

2,288

26,522

Cost

8,801

13,680

1,072

2,969

Dec. 31, 2002

531

–

261

–

(199)

–

Marked to Market Adjustment –Stockholders’ Equity (A)

545 545 760

1,076 806 561

Additional Provision (B)

Unrealized Results (A) + (B)

Securities

33

Deposits and Assets under Management

R$ Million

Jun 30, 02(C)

Mar 31, 03(B)

Jun 30, 03(A)

Deposits

Demand Deposits Saving Accounts Interbank Deposits Time DepositsAssets under Management

Mutual Funds Portfolio under Management

Total

Variation %(A/C)

Variation %(A/B)

28,754

6,35616,019

6495,730

56,243

49,8196,424

84,997

37,991

7,56117,3581,042

12,03062,852

57,9874,865

100,843

21.1%

10.9%5.0%

12.1%78.3%19.4%

24.9%-23.6%

20.0%

34,826

7,05116,828

72810,21967,142

62,2334,909

101,968

-8.3%

-6.7%-3.1%

-30.2%-15.1%

6.8%

7.3%0.9%

1.1%

34

Funds Raised and Managed

R$ Million

23,22527,875 28,331 28,754

34,826

31,994

41,664

55,796 56,243

67,142

55,219

69,539

84,127 84,997

101,968

0

20,000

40,000

60,000

80,000

100,000

120,000

1999 2000 2001 2002 2003(*)

(*) On June 30, 2003.

Assets under Management

Total Resources

Total Deposits CAGR = 19.2%

35

BFB (1995) 281Banerj (1997) 25Bemge (1998) 297Banco del Buen Ayre (1998) 123Banestado (2000) 1,089BEG (2001) 364Lloyds Asset Management (2001) 160BBA(2002) 1,343BBA-Icatu (2002) 51Fiat (2002) 462Total 4,195

Goodwill on AcquisitionsR$ Million

Completely Amortized in the Consolidated

36

Conservative Accounting Practices

Total (*) R$ 2.8 billion

• Additional Provision for Loan Losses R$ 848 million

•Financial Instruments: Market x Recorded Value (Net of Additional Securities Provision) R$ 894 million

• SecuritiesR$ 531 millionMarket to Market

Additional Provision R$ 545 million

Unrealized Amounts June 30, 2003

(*) Explanatory Note 16 (R$ 1,864 million) + Additional Provision for Loan Losses

37

Earnings per Share

Stock Market

Opportunities

Agenda


Results

Balance Sheet

Statement of Income


Dynamics

Consolidation

Regulations

38

Statement of IncomeR$ Million

Total Assets 106,799 94,265 86,247

Financial Margin

Provision for Loan and Lease Losses

Banking Service Fees

Personnel + Other Administrative Expenses

Equity share from subsidiaries and affiliates

Extraordinary Result

Net Income

5,472

(932)

2,449

(3,554)

(62)

(548)

1,490

1st Semester

4,615

(785)

2,381

(3,350)

128

(545)

1,490

3,885

(943)

2,010

(3,366)

200

(23)

1,048

2003

With BBA and FIAT

2002Without BBA and FIAT

23.8% 9.3%

42.2% 42.2%

39

Statement of Income (*)

Financial Margin

Provision for Loan Losses

Credits Recovered

Banking Service Fees

Administrative Expenses

Recurring Income

Extraordinary Income

Net Income

Total Assets

BancoItaú

1,893

(381)

119

1,203

(1,678)

793

(17)

776

94,265

2nd Quarter of 2003Banco

Itaú-BBA

391

(91)

11

21

(83)

49

-

49

16,578

R$ Million (Except were indicated)

(*) Banco Itaú Holding includes the eliminations of the operations existing between Banco Itaú, Banco Itaú-BBA and Banco Fiat, due to the consolidation.

BancoFiat

51

(12)

6

22

(52)

13

-

13

2,973

BancoItaú

Holding (*)

2,356

(484)

136

1,246

(1,813)

793

(17)

776

106,799

40

SustainabilityIncome Diversification Income Diversification (1)(1)

Year Base: 2002

(1) Income: Financial Margin (Expenses with Provision for Loan Losses not Included) + Banking Services Fees + Income from Insurance, Cap. and Pension Plans and Equity income from unconsolidated investments.

(2) Credit Cards not included. (3) Own Working Capital included

Individuals – 73%

Tax Collection – 3%Treasury(3) – 13%

Ins./Pension Plans/Cap.– 6%Current Account Services – 6%

Funds – 6%

Credit Cards – 10%

Financial Intermediation (2)

- 53% Other – 6% Services

Credit Cards – 10%

Financial Intermediation (2)

- 50%

Companies – 27%

41

Net Foreign Exchange Position

R$ Million

- Permanent Foreign Investment

- Net balance of other assets and

liabilities indexed to foreign currency,

including derivatives

- Net Foreign Exchange Position

Jun 30, 03

7,083

(7,308)

(225)

Mar 31, 03

7,745

(5,194)

2,551

42

Result Affected by Foreign Exchange Variation

TaxEffect

Before Tax

Foreign Exchange Variation on

Investments Abroad

Results of Local Operations Affected by

Foreign Exchange Variation

Marked to Market effects of Trading

Securities

Results of Securities Selling

Result Affected by FX

-

(44)

7

(46)

(83)

(769)

686

(21)

135

32

AfterTax

(769)

642

(14)

89

(51)

2nd Quarter of 2003

TaxEffect

BeforeTax

-

(97)

(172)

22

(246)

(229)

332

505

(65)

543

AfterTax

(229)

235

333

(43)

297

1st Quarter of 2003

R$ Million

43

1st Semester 2002With BBAand FIAT

590

150

468

85

100

266

470

56

16

248

2,449

Without BBAand FIAT

580

150

468

85

100

266

470

42

2

218

2,381

Mutual Funds Management Fees

Collection

Current Account Services

Tax Collection

Interbank Fees

Credit Operations

Credit Cards

Income from Guarantees Provided

Income from Administration of Consortium

Other

Total

501

142

414

78

97

219

332

31

-

195

2,011

2003

Banking Service FeesR$ Million

18.4%21.8%

Banco Fiat contributed with

R$ 15 million

44Source: Published Financial Statements

(*) Banking Revenues: Financial Margin + Banking Services Fees + Income from Insurance Premiums, Pension Plans and Capitalization + Equity in Income of Affiliates

Quantity of Shares Adjusted by splits and subscriptions and Excluding Shares in Treasury

440

210

243

0

50

100

150

200

250

300

350

400

450

500

550

600

1995 1996 1997 1998 1999 2000 2001 2002

Itaú

Bradesco

Unibanco

Comparative: Banking Revenues/Share(*) Base: 1995 = 100Base: 1995 = 100

270

152

163

45

Efficiency Ratio(¹)

Great efforts to optimize the operational expenses and increase the efficiency

79%

43%49%

55%58%58%58%64%

58%57%

70%72%70%

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

(*)

(*) 1st Semester 2003

46


R$ Million

2nd Q./03

733

40212111496

1,080

1,813

1st Q./03

733

379114105136

1,008

1,741

Personnel Expenses

Remuneration Social Charges Social Benefits / Training ReorganizationOther Administrative Expenses

Total

Variation %

0%

6.1%6.8%8.4%

-29.6%7.2%

4.1%

40.1%46.0% Efficiency Ratio

The Administrative Expenses of Banco Fiat corresponds to R$ 52 million in

second quarter.

47

Administrative ExpensesR$ Million

1,234

2,088

1,165

1,954

1,161

1,850

1st Semester 2002

Personnel Expenses

Other Administrative Expenses

2003S/ BBAe FIAT

2003C/ BBAe FIAT

3,322 3,119 3,011Sub-Total

232 231 355Restructuring

3,554 3,350 3,366Total

48

R$ Million

1st Semester

Personnel Expenses


Sub-Total

Restructuring

Total (Without BBA and FIAT)

Salaries.......7%

Dollar.........45%IPCA*.........17%

Indices

Salaries.......7%

Total (With BBA and FIAT)

1,165

1,954

2003

3,119

231

3,350

3,554

204• BBA + FIAT

(58)

(344)

Variation

(402)

(149)

(551)

(347)

-

1,223

2,298

2002 Adjusted

3,521

380

3,901

3,901

-

Adjusted Administrative Expenses

(*) IPCA = Consumer Prices Index

49

Payments/Provisioning of Interest on Own Capital

1st Half 2003

1st Half 2002

Paid / Prepaid

Provisioned

TOTAL

61

346

407

43

110

153

R$ Million

Evolution (%)

41.9%

214.5%

166.0%

(*) Amounts net of taxes.

50

Earnings per Share

Stock Market

Opportunities

Agenda


Results

Balance Sheet

Statement of Income


Dynamics

Consolidation

Regulations

51

187 267 345 476 559 8001,232 1,071

2,038535

-548-23-82

225

-1,000

-500

0

500

1,000

1,500

2,000

2,500

3,000

3,500

1995 1996 1997 1998 1999 2000 2001 2002 2003*


Recurring Result 1st Sem.

Evolution of Net Income - Semesters

(*) On June 30, 2003

R$ Million

CAGR Recurring = 37.5%

1.490

52

347 610939 1,128

1,5181,918

2,353

3,080

-218 -248

351

-703-77

36

-18

-1,000

-500

0

500

1,000

1,500

2,000

2,500

3,000

3,500

1995 1996 1997 1998 1999 2000 2001 2002 2003*


Recurring Result

R$ Million

(*) On June 30, 2003


2.377

Evolution of Net Income - Annual

53

1.57 2.23 2.89 4.04 4.74 6.9511.04 9.63

17.824.54

-4.79-0.7 -0.21

2.02

-10

-5

0

5

10

15

20

25

30

1995 1996 1997 1998 1999 2000 2001 2002 2003*

Extraordinary EPS

Recurring EPS

Evolution of EPS - Semesters

(*) On June 30, 2003

13.03


Decr. Number of Shares (%) = -0.6%

R$

54

2.91 5.097.86 9.57

12.8716.66

21.08

27.69

-1.83

2.98

-2.1-6.32

-0.67

0.32

-0.15

-10

-5

0

5

10

15

20

25

30

1995 1996 1997 1998 1999 2000 2001 2002 2003*

Extraordinary EPS

Recurring EPS

(*) On June 30, 2003

21.37


Decr. Number of Shares (%) = -1.0%

R$

Evolution of EPS - Annual

55

906

268

439

0

100

200

300

400

500

600

700

800

900

1000

1995 1996 1997 1998 1999 2000 2001 2002 2003

Itaú (*)

Bradesco

Unibanco

Source: Published Financial Statements

Just for comparison purposes the half-yearly net incomes were multiplied by 2 (EPS Base: 1995 = 100)

Market Comparison – EPSBase: 1995 = 100Base: 1995 = 100

556

258

324

743

293

449

56

906

268

439

0

100

200

300

400

500

600

700

800

900

1000

1995 1996 1997 1998 1999 2000 2001 2002 2003

Itaú (*)

Bradesco

Unibanco

Source: Published Financial Statements

Just for comparison purposes the half-yearly net incomes were multiplied by 2 (EPS Base: 1995 = 100)

Market Comparison – EPSBase: 1995 = 100Base: 1995 = 100

556

258

324

743

293

449Results consistent with

the Shareholder

Value

57

Earnings per Share

Stock Market

Opportunities

Agenda


Results

Balance Sheet

Statement of Income


Dynamics

Consolidation

Regulations

58

2,218 2,233 2,971 3,437 3,247

5,8387,184

18,550

21,81120,056

25,575

19,122

7,056

0

5,000

10,000

15,000

20,000

25,000

30,000

91 92 93 94 95 96 97 98 99 00 01 02 03(*)

R$ Million

(*) – August 21, 2003

Market CapitalizationBanco Itaú Holding Financeira S.A.Banco Itaú Holding Financeira S.A.

CAGR = 23.7%

59

10,896

18,915

23,341

7,056

18,141

20,05618,550

21,811

19,122

25,575

22,148

9,269

17,119 16,969

3,185

6,0367,185

5,6354,861

6,382

15,120

18,06817,49020,345

15,451

6,901

15,847

19,808

6,901 6,963

2,439

7,5377,460

0

5,000

10,000

15,000

20,000

25,000

dez/98

mar/99

jun/99se

t/99

dez/99

mar/00

jun/00se

t/00

dez/00

mar/01

jun/01se

t/01

dez/01

mar/02

jun/02se

t/02

dez/02

mar/03

jun/03

ago/03

R$ Million

Source: Economática. Period : Dec/98 until Aug. 21 2003

Itaú

Bradesco

Unibanco

The largest banks in Brazil

BradescoItaú HoldingUnibanco

Stockholders’ Equity Jun/2003

12,62910,772

7,601

Consistently the largest Market Capitalization in Brazilian banking sector

60

32,520,887

30,415,020

16,617,34916,617,349

21,071,420

21,986,065

11,449,467

8,428,955

0

5,000,000

10,000,000

15,000,000

20,000,000

25,000,000

30,000,000

35,000,000

2001 2002 2003(**)

Total Bovespa NYSE

R$

Daily Average Traded Volume - LiquidityBovespa + NYSE(*)Bovespa + NYSE(*)

(*) – Common, Preferred Shares and ADRs

(**) – Daily Average until August 21, 2003

CAGR = 47.9%

CAGR = 14.9%

61

32,520,887

30,415,020

16,617,34916,617,349

21,071,420

21,986,065

11,449,467

8,428,955

0

5,000,000

10,000,000

15,000,000

20,000,000

25,000,000

30,000,000

35,000,000

2001 2002 2003(**)

Total Bovespa NYSE

R$CAGR = 47.9%

CAGR = 14.9%

Equivalent to US$ 11 million

Aug/03 :Over 10 million

ADRs Issued

Daily Average Traded Volume - LiquidityBovespa + NYSE(*)Bovespa + NYSE(*)

(*) – Common, Preferred Shares and ADRs

(**) – Daily Average until August 21, 2003

62

0

200

400

600

800

1,000

1,200

93 94 95 96 97 98 99 00 01 02 03

Itaú (1)Itaú (2)Bovespa

US$

100

748

321

1,094Itaú(1) Itaú(2) Ibov.

10 years 25.19% 20.80% 11.57%

5 years 20.76% 16.14% -2.32%

2003 74.20% 71.17% 57.35%

Annual Average Appreciation in US$

Real Plan

Russian Crisis

Real Devaluation

Mexican Crisis

Asian Crisis

Argentine Crisis

Attack to WTC

(1) With reinvestment of dividends(2) Without reinvestment of dividends

Preferred Shares AppreciationEvolution of US$ 100 Invested from Dec. 1992 to August 21, 2003Evolution of US$ 100 Invested from Dec. 1992 to August 21, 2003

63(*) APIMEC – Brazilian Association of Analysts and Investment Professionals of the Capital Markets.

Focus on Corporate Governance

Apr-00 – Creation of the IR website

May-01 – APIMEC* Meeting – 10 hours

Jun-01 – Adherence to Bovespa´s Level 1

Jun-02 – Trading and Disclosure Committees

2002 – 11 APIMEC Meetings (Pioneership in Brazil)

Transparency

Apr-00 – Independent Fiscal Council

Apr-01 – Independent Members in the Board

of Directors

Apr-02 - Tag Along and Reinforcement of the

Independence of the Board

Jul-02 – Trading and Disclosure Committees

Respect to the Minority Shareholders

Member of the Dow Jones Sustainability Index since 1999

Feb. 2002 – Listing of ADR Level II at NYSE + Financial Holding Company status by FED

Effective creation of Value to the Shareholders

64

Earnings per Share

Stock Market

Opportunities

Agenda


Results

Balance Sheet

Statement of Income


Dynamics

Consolidation

Regulations

65

OpportunitiesBrazilian Banking SystemBrazilian Banking System

Increase and diversification of the market

Customers

66

2002

2.8

4.2

6.2

9.8

31.4

36.2

25.6

16.6

Brazil

Chile

Mexico

South Korea

Spain

UK

Japan

USA

Room for

Growth

Trend - CustomersTrend - CustomersGDP per capita (US$’000)GDP per capita (US$’000)

Source: International Financial Statistics / IMF –Preliminary Data

67

Million

Itaú´s Positioning - CustomersItaú´s Positioning - CustomersConsistent growth in number of customersConsistent growth in number of customers

Through:•Acquisitions•Organic Growth

3.6

5.5

6.5

7.4

8.8 9.1

Dec-94

Dec-95

Dec-96

Dec-97

Dec-98

Dec-99

Dec-00

Dec-01

Dec-02

BFB

Jun-03

68

159.1

209.3190.7

336.5

395.6

452.7

257.7

0

100

200

300

400

500

1996 1997 1998 1999 2000 2001 2002

CAGR = 19.0%

R$ Million

(*) Includes: Electronic Bank, Computers and Peripherals and Telecommunications.

Investments in Infrastructure (*)...

1st Sem/2003 = R$ 151.8 million

Total in the period:R$ 2.2 billion

Accounting Value R$ 469 million

(06/30/03)

69

1 154 340923

13,777

8,876

27

6,558

11,714

2,976

18,533

795866 913

1,071

1,8532,017

1,826

2,597

1,905

1,479

582

3,175

1,304

2,995

400

1,100

1,800

2,500

3,200

75 77 79 81 83 85 87 89 91 93 95 97 99 01 03(*)

0

5,000

10,000

15,000

20,000

ATMs

Quantity

Branches + CSBs(**)

(*) June 30, 2003 (**) – Customer Site Branch

CAGRBranches + CSBs = 6.4%

Distribution Network Evolution

Obs.: 308 Points of Sale in 1972

70

5,051 5,2475,524 5,587

6,060

8,411

13,892

10,764

13,462

4,2894,800

4,000

6,000

8,000

10,000

12,000

14,000

85 87 89 91 93 95 97 99 01 03(*)

Checking Accounts(**)

Checking AccountsThousand

(*) June 30, 2003

CAGR = 6.0%

(**) – 1990, 1991 and 1992 : excluded the checking accounts in NCz$ and DER / VOBC

71

41,630

47,524

42,262

31,368

87,436

54,300

41,911

32,750

25,000

66,922

37,119

49,433

60,865

77,692

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

75 77 79 81 83 85 87 89 91 93 95 97 99 01 03(*)

Employees

Employees

(*) June 30, 2003

CAGR = 1.9%

72

154

344

111

79514142

222

1,998

1,427

1,121

813

477284141

2,598

0

40

80

120

160

200

240

280

320

360

1995 1996 1997 1998 1999 2000 2001 2002

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

2,200

2,400

2,600

Transactions (milllion)

Customers (million)

1st Semester 2003Transactions: 204 Million

Customers: 2.9 Million

… Creating Efficiency to our Customers Internet BankingInternet Banking

73


Customers

Credit Operations


74

2001

Source: International Financial Statistics / IMF

19

24

67

126

140

153

30

114

109

Mexico

Argentina

Brazil

Chile

Spain

Japan

Germany

UK

USA

Trend – Credit OperationsTrend – Credit OperationsLoans / GDP (%)Loans / GDP (%)

Room for

Growth

75


Customers

Credit Operations

Vehicles Financing


76

4.5 5.0 5.6 5.6 5.6

3.5 3.5

7.0

1Q/00 1Q/01 1Q/02 Dec 2002(1) Mar 2003(2)

Itaú Fináustria Fiat

Source : Banco Itaú estimates based on Bacen , Abel , Itaú, Fiat and Fináustria data

In %

9.0

16.0

(1) Acquisition of Fináustria CFI(2) Acquisição of Banco Fiat

Itaú’s Market Share Consumer Credit and Vehicle Leasing MarketConsumer Credit and Vehicle Leasing Market

77Source : Banco Itaú, Fiat and Fináustria

Distribution of Financing by Vehicle Age

88%

7% 5%

53%

20%27%

37%

21%

42%

0km to 3 years 4 to 6 years > 6 years

Fiat Itaú Fináustria

Also complementary in different kinds of

market

78Source : Banco Itaú, Fiat e Fináustria

Distribution of Financing by Rate

95%

5%

56%

44%

26%

74%

2.0 to 3.0 % > 3.0 %

Fiat Itaú Fináustria

79Source : Banco Itaú, Fiat and Fináustria

Customer Vehicle Financing Portfolio

ITAÚ

Fináustria

Banco Fiat

TOTAL

325 thousand

225 thousand

350 thousand

895 thousand

80

Proposals Examined (*)

ITAÚ

Fináustria

Banco Fiat

TOTAL

16 thousand

17 thousand

13 thousand

46 thousand

(*) Monthly Average – 2nd Half 2002Source : Banco Itaú, Fiat andFináustria

81

(*) Monthly Average – 2nd Half 2002Source : Banco Itaú, Fiat and Fináustria

Number of Monthly Financing Operations (*)

ITAÚ

Fináustria

Banco Fiat

TOTAL

7,500

5,700

7,400

20,600

82Source : Bacen

Ranking of Vehicle Finance Companies May 2003May 2003

ManagerRanking byParticipants

Number ofParticipants

Market Share

Volkswagen 1st 109,357 12%

Fiat + Itaú 2nd 95,803 11%

Fiat 2nd 89,257 10%

GM 3rd 67,832 8%

Disal 4th 47,441 5%

Unibanco Rodobens 5th 31,646 4%

CNF 6th 23,724 3%

Novaterra 7th 21,589 2%

Servopa 8th 21,078 2%

Rodobens Administradora e Promoções Ltda 9th 16,381 2%

União 10th 13,888 2%

83(*)variation in funding rate (p.m.) half year average for Fiat/FináustriaSource: Banco Itaú

107

105

108 108109

104

101

105104

101

1 Sem 01 2 Sem 01 1 Sem 02 2 Sem 02 1 Sem 03

Fiat Fináustria

Itaú FundingItaú = base hundreds per periodItaú = base hundreds per period

84

R$ 100 million

8.5% 29% 37%... ...

18% ...

......

......

29% ...

17% (2%)... ...

51%6.7% 1.3% 2%

Commercial Credit Operational Systems Cost

reductionFináustria

Commercial

Credit Operational

Systems

Cost reduction

FIAT

Costreduction

TOTAL

Fináustria Fiat

Source : Banco Itaú

Estimated Cost Reduction for 2004After I.T. and Social ContributionAfter I.T. and Social Contribution

85

135 ..... 306

71 ....

100 ....

Itaú Fináustria Fiat Total

Source : Banco Itaú

Estimated Growth in Annual Total RevenuesItaú = base hundredsItaú = base hundreds

(*) Total Revenues: Financial Margin + Banking Service Fees + Insurance Revenues, Pension Plan and Capitalization + Equity Income from Afilliates

86



Customers

Credit Operations

Vehicles Financing

Large Corporations

5

2

553

22

6

-

25

1

3

300

-

4

12

50

3

2

620

34*

11

-

43

Vice-Presidents

Management levelsto Client

Nº of Employees

Executive Share-holders

Regional Directors

Commercial Superintendents

Officers

(73% of the total)

CorporateBank

Itaú BBA – Structuring the Bank

(*) 12 executiv(*) 12 executives invited to become shareholderses invited to become shareholders

Name / Reputation

Solid Capital Base

Ability to Attract and Retain the Best Talents

Being independent enables differentiated HR policies to

generate motivation

Streamlined and informal structure makes for versatility and

responsiveness

Broad range of products

Focus on creating value for shareholders

Summary of Structure and Market Position

Challenge overcome

Minimal loss of staff

Readily accepted by clients

Principal Challenge: Integration

Lacks the inertia of retail results

Builds its results anew each quarter

Ability to adapt to circumstances

Competitive in all market segments

Wholesale Bank

Challenges and Opportunities

Improvement in credit quality Lower losses and provisions

Higher volumes

Increase in Capital Markets operations

Compensating Factors

Falling spreads

Lower volatility reduces Treasury gains

Falling interest rates

Adverse Factors


Maintain the high return on equity

Responsibilities

To fully exploit the potential for cross-selling

To multiply volumes and processing capacity

To apply creativity to undifferentiated products

Capital Market and M&A Well positioned to grow with the market

Well developed structure for origination and distribution of

securities

Opportunities


Pro-Forma Balance Sheet

The operations of Itaucorp were incorporated on a preliminary basis in order to demonstrate approximately what Banco Itaú-BBA will be after all the migrations between segments have terminated. There are still adjustments to be made.Forecasts based on this exercise should therefore bear in mind the already mentioned risks and uncertainties as well as those that are beyond the control of the companies comprising the Itaú conglomerate (political and economic change, volatility in interest and exchange rates, technological change, inflation, financial disintermediation, competitive pressures on products and prices and changes in tax law).

R$ Million

LIABILITIESBanco Itaú-BBA

Pro FormaDeposits

Open market liabilities

Loan liabilities

Pass-through loan liabilities

Other liabilities

Deferred income

Capital

Balance Sheet at June 30 2003 ASSETS Banco Itaú-BBA

Pro Forma

Cash, Interbank placements and securities

Loans

Bad Debt Provision

Other Assets

Fixed Assets

TOTAL ASSETS

9,290

17,637

(574)

1,428

95

27,876

15,565

2,368

2,848

1,204

2,248

13

3,630 TOTAL LIABILITIES 27,876

The operations of Itaucorp were incorporated on a preliminary basis in order to demonstrate approximately what Banco Itaú-BB A will be after all the migrations between segments have terminated. There are still adjustments to be made.Forecasts based on this exercise should therefore bear in mind the already mentioned risks and uncertainties as well as those that are beyond the control of the companies comprising the Itaú conglomerate (political and economic change, volatility in interest and exchange rates, technological change, inflation, financial disintermediation, competitive pressure on products and prices and changes in tax law).

R$ Million

INCOME STATEMENT 1st Half of 2003Banco Itaú-BBA

Pro Forma

1,252

(174)

1,078

120

(276)

922

(415)

507

3,630

29.9%

Financial margin

Bad debt provision

Gross income from Financial Intermediation

Fee income


Income before tax and participations

Income Tax and Social Contribution

Net Income

Net Worth

ROE (%)

Pro-Forma Income Statement

94


Credit Cards

Customers

Credit Operations

Vehicles Financing

Large Corporations


95Source: ABECS – Brazilian Associacion of Credit Cards and Services Industry

41.5

17.2

35.3

7.9

72.2

5.2

62.9

25.5

0

10

20

30

40

50

60

70

80

1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002

Trend – Credit CardsTrend – Credit CardsEvolution in Credit Cards - BrazilEvolution in Credit Cards - Brazil

1st Semester 2003Vol. of Transactions: R$ 40.3 Billion

44.5 Million Credit Cards

Number of Cards (million) CAGR: 16.2%

CAGR : from 1996 to 2003*

Volume of Transactions (R$ Billion) CAGR: 19.5%

(*) June 2003

96

Trend – Credit CardsTrend – Credit CardsEvolution in Credit Cards - ItaúEvolution in Credit Cards - Itaú

CAGR = 25.9%

1,000 1,104

1,829 1,799

2,279

3,321

4,590

5,579 5,616

0

1,000

2,000

3,000

4,000

5,000

6,000

1995 1996 1997 1998 1999 2000 2001 2002 2003*

In Million

(*) On June 30, 2003.

97

Credit CardsMarket Share by Sales (%)Market Share by Sales (%)

Itaucard

Credicard

Bradesco

Banco do Brasil

Unibanco

1997

9.7%

n.d.

10.2%

8.8%

9.7%

1998

9.4%

n.d.

9.5%

10.1%

9.2%

1999

10.3%

27.0%

11.1%

10.5%

8.3%

2000

11.4%

24.8%

11.5%

11.5%

8.1%

2001

12.2%

23.4%

11.5%

12.1%

8.7%

2002

12.7%

20.8%

11.7%

13.1%

8.6%

2003*

12.8%

18.3%

11.9%

13.8%

7.9%

Itaú’s Share in Credicard: 33%

(*) On June 30, 2003.

98


Credit Cards

Insurance and Others

Customers

Credit Operations

Vehicles Financing

Large Corporations


99

Trend – Diversification - InsuranceTrend – Diversification - InsuranceInsurance Premiums / GDP (%)Insurance Premiums / GDP (%)

Source: Swiss Reinsurance Company Economic Research and Consulting

2001

14.2

11.1

9.0

6.3

6.3

4.2

2.6

2.1

1.8

UK

Japan

USA

Spain

Hong Kong

Chile

Argentina

Brazil

Mexico World Average = 7.83%

Room for

Growth

Trend – Insurance and OthersTrend – Insurance and OthersEvolution of Technical Provisions – BrazilEvolution of Technical Provisions – Brazil

17,624

7,863

26,754

31,211

14,443

4,436

7,203

683

1,231

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

Dec/9

4

Dec/9

5

Dec/9

6

Dec/9

7

Dec/9

8

Dec/9

9

Dec/0

0

Dec/0

1

Dec/0

2

Jun-

03

Pension Plans

Insurance

Capitalization

R$ Million

Source: FENASEG – National Insirance Association

101

R$ Million

98.3%Combined Ratio (without health insurance segment) 97.1%

55.3%Claims Ratio (without health insurance segment) 56.9%

1,431

(494)

(110)

(539)

25

Insurance Premiums, Pension Plans Contributions and Premium Bonds

Revenues

Changes in Technical Provisions

Selling Expenses

Insurance Claims, Pension Plans Benefits and Premium Bonds

Redemption

Other Operating Results

2,133

(972)

(129)

(702)

36

366Operating Margin 313

1st Semester 2002

16.9%

2003

Itaú´s Positioning – Insurance and OthersItaú´s Positioning – Insurance and OthersEvolution of the ResultsEvolution of the Results

102

R$ Million

157

13

2 246

(234) (28) 27

170

7 177

(60) (3)

Financial Margin

Other Revenues / Operating Expenses

Banking Service FeesPartial Results of Insurance, Capitalization and Pension PlansAdministrative ExpensesTax ExpensesOther Operating Income / Operating ExpensesOperating Income

Non-Operating IncomeIncome before Income Tax

Income Tax / Social ContributionProfit Sharing

309

56 20

322 (203)

(45) (38) 365

7 372

(127) (3)

242Net Income 114

112%

1st Semester 20022003

Itaú´s Positioning – Insurance and OthersItaú´s Positioning – Insurance and OthersEvolution of the ResultsEvolution of the Results

103

Earnings per Share

Stock Market

Opportunities

Agenda


Results

Balance Sheet

Statement of Income


Dynamics

Consolidation

Regulations

104

Variables

Inflation

Interest Rate (SELIC)

Compulsory over Current Deposits

Compulsory over Saving Dep. (TR** + 6% p.a.)

Reduction of Spreads

Growth in Volumes

Controlled Expenses

Scenario (*)

9.2% p.a.

26.2% p.a.

45.0%

20.0%

Current

5.0% p.a.

12.0% p.a.

25.0%

20.0%

(*) Future expectations derived from this sensitivity analysis must consider the risks and uncertainties that involve any activities and are away from the control of the companies of the conglomerate (politic and economic changes, volatility in interest rates and exchange, technology changes, inflation, financial disintermediation, competitive pressures over the products and prices and changes in the applicable regulations).

Sensitivity Analysis – Retail (*)

(**) Interest Reference Rate

105

• Retail Funds

• Branches

• Personnalité

• Small and Middle Companies

• Credit Cards

• Vehicles Financing

• Insurance, Pension Plans and

Capitalization

Sensitivity Analysis – Retail

106

R$ Million

Resources 100 100 100 130 91 70

Current Situation Scenario (*)

Average Balance

Financial Margin

Spread Average Balance

Financial Margin

Spread

Loans - Individuals 100 100 100 154 96 58

Loans - Businesses 100 100 100 149 98 62

Real Estate Credit 100 100 100 152 130 85

Banking Service Fees 100 123

Total Revenues 100 101

Insurance Products 100 166

Provisions 100 94

Expenses 100 120

Net Income before tax 100 87(*) Future expectations derived from this sensitivity analysis must consider the risks and uncertainties that involve any activities and are

away from the control of the companies of the conglomerate (politic and economic changes, volatility in interest rates and exchange, technology changes, inflation, financial disintermediation, competitive pressures over the products and prices and changes in the applicable regulations).


107

R$ Million

Resources 100 100 100 130 91 70

Current Situation Scenario (*)

Average Balance

Financial Margin

Spread Average Balance

Financial Margin

Spread

Loans - Individuals 100 100 100 154 96 58

Loans - Businesses 100 100 100 149 98 62

Real Estate Credit 100 100 100 152 130 85

Banking Service Fees 100 123

Total Revenues 100 101

Insurance Products 100 166

Provisions 100 94

Expenses 100 120

Net Income before tax 100 87

Return on Capital maintained over

20%

(*) Future expectations derived from this sensitivity analysis must consider the risks and uncertainties that involve any activities and are away from the control of the companies of the conglomerate (politic and economic changes, volatility in interest rates and exchange, technology changes, inflation, financial disintermediation, competitive pressures over the products and prices and changes in the applicable regulations).


108


Presentation to:

Silvio de CarvalhoExecutive Director

September 2-5, 2003

New York

0 Banco Itaú Holding Financeira S.A. Presentation to: Silvio de Carvalho Executive Director...

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Transcript of 0 Banco Itaú Holding Financeira S.A. Presentation to: Silvio de Carvalho Executive Director...