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Banco Itaú Holding Financeira S.A. YE 2003 Results February 19, 2004 - 3:00 p.m. Alfredo Egydio Setubal Investor Relations Director Silvio de Carvalho.

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Presentation on theme: "Banco Itaú Holding Financeira S.A. YE 2003 Results February 19, 2004 - 3:00 p.m. Alfredo Egydio Setubal Investor Relations Director Silvio de Carvalho."— Presentation transcript:

1 Banco Itaú Holding Financeira S.A. YE 2003 Results February 19, :00 p.m. Alfredo Egydio Setubal Investor Relations Director Silvio de Carvalho Executive Director Video Conference Presentation to:

2 1 Banco Itaú Holding Financeira S.A. Banco Itaú S.A.Banco Itaú-BBA S.A. Important Facts Banco Itaú Holding Financeira

3 2 Banco Itaú Holding Financeira Highlights , % 2,754 30, % 49.5% 4.1% Net Income Net Income per 1,000 shares Stockholders’ Equity ROE (%) Net Interest Margin Market Capitalization BIS Ratio (%) Efficiency Ratio (%) NPL (%) 3 rd Q./ , % 2,765 25, % 47.6% 4.7% 3, , % 10,998 30, % 46.1% 4.1% 2, , % 9,511 17, % 50.0% 4.2% 4 th Q./ R$ Million (Except where indicated)

4 3 Banco Itaú Holding Financeira Financial Ratios

5 4 Banco Itaú Holding Financeira Efficiency Ratio (%) 59.5% 55.0% 47.9% 54.1% Not considering the 4th Q./02 and 1st Q./03, since we consider this criteria indicates better the recurrent efficiency.

6 5 Banco Itaú Holding Financeira Asset Evolution R$ Million

7 6 Credit OperationsCredit Operations and Guarantees R$ Million Banco Itaú Holding Financeira Credit Operations

8 7 R$ Million Corporate Small and Medium Sized Companies Individuals Mortgage Loans Total 28,219 4,376 10,467 2,352 45,414 Var Dec/03 x Sep/03 0.3% 22.1% 7.5% -3.2% 4.4% Dec 31, 03 24,115 5,317 13,083 2,067 44,581 Dec 31, 02 Banco Itaú Holding Financeira Credit Operations (*) (*) Endorsements and Sureties included. Sep 30, 03 24,036 4,353 12,175 2,135 42,699 Var Dec/03 x Dec/ % 21.5% 25.0% -12.1% -1.8%

9 8 Banco Itaú Holding Financeira Credit Operations by Currency (*) R$ 45.4 R$ 46.4 R$ 44.6 R$ 42.7 R$ 44.4 In Billion (US$ 4.6) (US$ 4.5) (US$ 4.7) (US$ 4.3) (US$ 4.2) (*) Endorsements and Sureties included.

10 9 Banco Itaú Holding Financeira Provision for Loan Losses R$ Million Minimum Provision Additional Provision Total Provision

11 10 Banco Itaú Holding Financeira Nonperforming Loans and Coverage Ratio Coverage Ratio (*) Nonperforming Loans Ratio – Total Nonperforming Loans Ratio – Individuals Nonperforming Loans Ratio – Businesses (*) Provision Balance / Total Nonperforming Loans Nonperforming Loans Ratio (%)

12 11 R$ Million , , , , ,466 Mutual Fund Management Fees Consortium Administration Collection Checking Account Services Tax Collection Interbank Fees Credit Operation Fees Credit Card Income from Guarantees Provided Other Total Variation % 23.0% 10.3% 9.9% -7.1% 6.7% 19.3% 0.3% 51.5% 42.3% 14.7% Banco Itaú Holding Financeira Banking Service Fees

13 12 R$ Million Personnel Expenses Other Administrative Expenses Reorganization Total without BBA and Fiat BBA and Fiat Total ,577 4, , ,800 Banco Itaú Holding Financeira Administrative Expenses ,488 4, ,244 Variation (286)

14 13 Banco Itaú Holding Financeira Financial Instruments – Market Value Total Unrealized Interbank Deposits Securities and Derivatives Reclassification of Additional Provision Additional Provision Adjustment of Securities Available for Sale Adjustment of Securities Held to Maturity Credit Operations Investments (basically in BPI) Time and interbank deposits and funds from acceptance and Issuance of securities abroad Securitization of payment orders abroad Subordinated Debt and Treasury shares R$ Million Unrealized Income / (Loss) (1) (2) IncomeEquity December/2003 2,6772, , IncomeEquity December/2002 1,7651, (168) (49) (89) 285 1, (255) (49) (89) (1) Tax effects not considered. (2) Includes unrealized gains to minority interest amounting to R$ 307,036 (R$ 156,751 at 12/31/2002) on income and R$ 257,229 (R$ 116,966 at 12/31/2002) on stockholders' equity.

15 14. The following slides show the pro forma information about Banco Itaú and Banco Itaú BBA operations.. In 2003, it was considered as if the integration process between Itaú BBA and the corporate segment of Itaú occurred in the beginning of the year.. In the year of 2002, it was considered the sum of net income and other accounts of Itaú BBA to the corporate segment of Banco Itaú, as well as the required capital allocation.. The balances and incomes of credit operations, private bank and asset management of Itaú BBA in 2002 and 2003 were allocated to Banco Itaú. Banco Itaú Holding Financeira Pro Forma

16 15 Banco Itaú Holding Financeira Pro Forma Banco Itaú 2,420 8, % 22, ,516 Banco Itaú-BBA 732 3, % 22,468 29,693 R$ Million Net Income Stockholders’ Equity ROE (%) Credit Operations (*) Total Assets Banco Itaú 2,214 7, % 19,629 81,763 Banco Itaú-BBA 591 2, % 25,786 33, (*) Endorsements and Sureties included.

17 16 Banco Itaú Holding Financeira S.A. Banco Itaú S.A.Banco Itaú-BBA S.A. Important Facts Banco Itaú Holding Financeira

18 17 Banco Itaú Pro Forma ,021 (1,115) 4,895 (7,438) (1,232) (1,711) 2,420 8, % ,195 (2,091) 4,324 (7,108) (476) (1,630) 2,214 7, % R$ Million Financial Margin Result from Loan Losses Banking Service Fees Administrative Expenses Income Tax and Social Contribution Other Net Income Stockholders’ Equity ROE (%) 4 th Q./03 2,369 (269) 1,289 (2,015) (259) (400) 715 8, % 3 rd Q./03 2,279 (315) 1,261 (1,935) (319) (331) 640 8, %

19 18 Banco Itaú Pro Forma Consolidated Net Income Diversification of income sources Not only restricted to interest rates 4 th Quarter

20 19 Banco Itaú – Pro Forma Credit Operations (*) R$ Million Corporate Small and Medium Sized Companies Individuals Mortgage Loans Total 2,433 4,376 10,467 2,353 19,629 Var Dec/03 x Sep/ % 22.2% 7.5% -3.2% 10.3% Dec 31, 03 1,647 5,317 13,083 2,066 22,113 Dec 31, 02 (*) Endorsements and Sureties included. Sep 30, 03 1,377 4,353 12,175 2,135 20,040 Var Dec/03 x Sep/ % 21.5% 25.0% -12.2% 12.7%

21 20 Banco Itaú – Credit Cards Number of Credit Cards (thousand) Turnover Itaucard Net Income Participation in Net Income of Credicard ,780 10, ,579 8, R$ Million Variation 201 1, (36) 3.6% 20.6% 329.1% -20.5%

22 21 Banco Itaú - Technical Provisions of Insurance, Capitalization and Pension Plans R$ Million 7,689 4,403 4,808 5,388 6,086 Growth of 75% in nd Largest in Pension Plans Market

23 22 Banco Itaú - Insurance, Capitalization and Pension Plans rd Q./034 th Q./ Result of Ins., Cap. and Pension Plans %Combined Ratio97.2%95.4%94.7% 54.6%Claim Ratio54.5%52.9%52.8% 5,008 (2,578) (358) (1,508) 80 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 Income/(Expenses) 3,311 (1,385) (306) (1,121) 40 1,253 (638) (92) (395) 27 1,622 (968) (93) (412) Operating Margin (643) (241) 5 Financial Income Administrative Expenses Income Tax and Social Contribution Other 391 (534) (136) (5) 207 (157) (71) (201) (56) (1) R$ Million

24 23 Banco Itaú – Mutual Funds and Managed Portfolios Assets under Management R$ Billion R$ Million Net Income Growth of 33% in volume of Mutual Funds and Managed Portfolios in relation to 2002

25 24 Banco Itaú 2004 Growth in Small and Medium Sized Companies Credit Portfolio – higher than the market average Growth in Individuals Credit Portfolio – close to the market average Expectation of lower default and lower margin Emphasis on Insurance, Capitalization and Pension Plans segment – growth higher than the market average Strict cost control

26 25 Banco Itaú Holding Financeira S.A. Banco Itaú S.A. Banco Itaú-BBA S.A. Important Facts Banco Itaú Holding Financeira

27 26 Banco Itaú-BBA Pro Forma 4 th Q./ (172) 54 (92) 59 (67) 139 3, % 3 rd Q./ (172) 62 (92) (58) (59) 167 3, % R$ Million Financial Margin Result from Loan Losses Banking Service Fees Administrative Expenses Income Tax and Social Contribution Other Net Income Stockholders’ Equity ROE (%) ,977 (523) 226 (362) (354) (232) 732 3, % ,353 (401) 248 (400) (96) (113) 591 2, %

28 27 Banco Itaú-BBA Pro Forma Nonperforming Loans R$ Million Dec 31, ,2% Nonperforming Loans Credit Operations NPL Ratio (%) Sep 30, ,1% Variation 13 (260) 0,1% Itaú BBA has a high quality credit portfolio with 93.8% of volume classified as “AA”, “A” and “B”.

29 28 Banco Itaú BBA 2004 Maximization of synergies identified by the association, through the use of businesses opportunities. Increase of operations in Capital Markets. Increase the offer of structured products/derivatives focused on the needs of each corporate customer.

30 29 Banco Itaú-BBA S.A. Banco Itaú Holding Financeira S.A. Banco Itaú S.A. Important Facts Banco Itaú Holding Financeira

31 30 Banco Itaú Holding Financeira Important Facts Cancellation of listed company registration of Banestado, Bemge and Beg. Election of Tereza Grossi to the Board of Directors as the Financial Expert of the Audit Committee (to be approved in the next General Ordinary Shareholders Meeting). Stock Grouping approved by the Administrative Council: Bovespa – 1000 shares to 1 share Nyse –2 ADRs to 1 ADR Acquisition of AGF.

32 31 Banco Itaú Holding Financeira AGF Operation (*) Not consolidated in December 31, Total Life Insurance Portfolio AGF Vida e Previdência R$ Million (Except where indicated) Goodwill Equity Business Value AGF Vida e Previdência Banco AGF (*) Life Insurance Portfolio TOTAL Total Assets Technical Reserves Number of Pension Plan Clients (Thousand) Number of Life Insurance Policy (Thousand) Insured Lives (Thousand)

33 32 CAGR = 27.9% R$ Banco Itaú Holding Financeira Evolution of Net Income per Thousand Shares

34 Banco Itaú Holding Financeira S.A. YE 2003 Results February 19, :00 p.m. Alfredo Egydio Setubal Investor Relations Director Silvio de Carvalho Executive Director Video Conference Presentation to:


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