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Conference Call about the Results of the 1 st Quarter of 2004 May 05, 2004 Conference Call about the Results of the 1 st Quarter of 2004 Banco Itaú Holding.

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Presentation on theme: "Conference Call about the Results of the 1 st Quarter of 2004 May 05, 2004 Conference Call about the Results of the 1 st Quarter of 2004 Banco Itaú Holding."— Presentation transcript:

1 Conference Call about the Results of the 1 st Quarter of 2004 May 05, 2004 Conference Call about the Results of the 1 st Quarter of 2004 Banco Itaú Holding Financeira S.A.

2 Conference Call about the Results of the 1 st Quarter of 2004 1 Banco Itaú Holding Financeira S.A. 1. Sustainable result in the quarter (diversification of income sources), with little influence of non-recurrent items: – Efficiency Ratio below 50% for the 6 th consecutive quarter (strict cost control); – Consistent growth of banking service fee revenue above IGP-M. 2. Conservative Account Practices: –Additional Provision for Loan Losses: R$ 1 billion (Mar. 31, 04); –Market x Recorded Value: R$ 2.9 billion (Mar. 31, 04), mainly Securities (R$ 1.5 billion) and BPI (R$ 700 million); –Unrecognized tax credits amounted to the limit (R$ 234 million). 3. Growth in credit portfolio: companies (micro, small and medium-sized companies) and retail: 4. Reduction in credit portfolio non-performing loan ratio (4%) 5. Solvency Ratio above minimum required (19.8%- March 31 2004) 6. Largest Market Capitalization among Latin American banks (R$ 31.2 billion) 7. Growth in Monthly Dividends: R$ 0.13 to R$ 0.17 per one thousand shares Results

3 Conference Call about the Results of the 1 st Quarter of 2004 2 R$ Million (Except where indicated) 854 7.49 11,879 32.0% 118,738 2.9% 2,754 30,453 19.8% 49.5% 4.1% Net Income Net Income per 1,000 shares (R$) Stockholders’ Equity ROE (%) Total Assets ROA (%) Net Interest Margin Market Capitalization BIS Ratio (%) Efficiency Ratio (%) NPL (%) 1 st Q./04 876 7.68 12,478 31.2% 126,979 2.8% 2,426 31,277 19.8% 48.8% 4.0% 714 6.26 9,983 31.8% 113,098 2.5% 2,965 19,998 19.7% 40.8% 4.2% 4 th Q./03 1 st Q./03 Banco Itaú Holding Financeira S.A. Highlights

4 Conference Call about the Results of the 1 st Quarter of 2004 3 Credit OperationsCredit Operations and Guarantees R$ Million (*) March 31, 2004. Banco Itaú Holding Financeira S.A. Credit Operations Loan Operations Lease Operations Credit Cards AEC Other Sub-total Guarantees Total 32,418 1,294 3,171 1,622 153 38,689 5,923 44,581 Dec.03 32,698 1,571 2,959 1,509 134 38,871 5,885 44,756 Mar.04

5 Conference Call about the Results of the 1 st Quarter of 2004 4 Banco Itaú Holding Financeira S.A. R$ Million Corporate Sub-Total Small / Medium Sized Companies Individuals Sub-Total Mortgage Loans Total 24,442 7,312 12,369 19,681 2,267 46,390 Var Mar/04 x Dec/03 -2.6% 11.7% 4.2% 6.9% -3.4% 1.6% Dec 31, 03 22,357 7,074 (**) 12,563 19,637 2,066 (**) 44,061 Mar 31, 03 (*) Endorsements and Sureties included. Mar 31, 04 21,771 7,900 13,089 20,989 1,997 44,756 Var Mar/04 x Mar/03 -10.9% 8.0% 5.8% 6.6% -11.9% -3.5% Credit Operations (*) (**) The values of Dec 31, 03 were adjusted excluding R$ 520 million in loans made on 12/18/2003 to Rio de Janeiro’s public employees, that were totally settled on 01/05/2004.

6 Conference Call about the Results of the 1 st Quarter of 2004 5 R$ 46.4 R$ 44.6 R$ 42.7 R$ 44.6 In Billion (US$ 4.5)(US$ 4.7) (US$ 4.3) (US$ 4.2) (*) Endorsements and sureties included (US$ 4.1) R$ 44.8 Banco Itaú Holding Financeira S.A. Credit Operations by Currency (*)

7 Conference Call about the Results of the 1 st Quarter of 2004 6 R$ Million Minimum Provision Excess Provision Total Provision 1,406 2,103 Banco Itaú Holding Financeira S.A. Provision for Loan Losses

8 Conference Call about the Results of the 1 st Quarter of 2004 7 Nonperforming Loans and Coverage Ratio Coverage Ratio (*) Nonperforming Loans ratio – Total Nonperforming Loans ratio – Individuals Nonperforming Loans ratio – Companies (*) Provision Balance / Total Nonperforming Loans Nonperforming Loans Ratio (%) Banco Itaú Holding Financeira S.A.

9 Conference Call about the Results of the 1 st Quarter of 2004 8 R$ Million 1 st Q./04 328 17 92 289 62 57 164 244 24 129 1,405 4 th Q./03 335 18 88 259 37 59 144 250 24 128 1,343 Mutual Funds Management Fees Consortium Administration Collection Checking Account Services Tax Collection Interbank Fees Credit Operation Fees Credit Card Income from Guarantees Provided Other Total 1 st Q./03 282 1 73 247 46 49 133 236 29 116 1,212 Banking Service Fees Banco Itaú Holding Financeira S.A.

10 Conference Call about the Results of the 1 st Quarter of 2004 9 R$ Million Personnel Expenses Other Administrative Expenses Reorganization Total 1 st Q./04 694 1,235 79 2,009 Administrative Expenses 4 th Q./03 725 1,277 104 2,107 Administrative Expenses under Strict Control Banco Itaú Holding Financeira S.A.

11 Conference Call about the Results of the 1 st Quarter of 2004 10 Financial Instruments – Market Value Total Unrealized Interbank Deposits Securities and derivatives Additional Provision Adjustment of Securities Available for Sale Adjustment of Securities Held to Maturity Credit Operations Investments (basically BPI) Time and Interbank Deposits and Funds from acceptance and issuance of securities abroad Securitization and Payment Orders Abroad Subordinated Debt and Treasury Shares R$ Million Unrealized Income/(Loss) (1) (2) IncomeEquity December/2004 2,6772,048 10 1,556 545 758 253 319 627 33 74 58 10 688 545 - 143 319 627 33 74 297 IncomeEquity March/2004 2,9192,279 9 1,512 545 712 255 399 697 75 109 119 9 693 545 - 148 399 697 75 109 298 (1) Tax effects not considered. (2) Includes unrealized gains to minority interest amounting to R$ 336 millions in March and R$ 307 millions in December and R$ 286 millions in March and R$ 257 millions in December on Stockholders’ Equity. Banco Itaú Holding Financeira S.A.

12 Conference Call about the Results of the 1 st Quarter of 2004 11. The following slides show the pro forma information about Banco Itaú and Banco Itaú BBA operations, using internal data for a better disclosure of the managerial performance of the business units.. In 2003, it was considered as if the integration process between Banco Itaú BBA and the corporate segment of Banco Itaú occurred in the beginning of the year. Pro Forma Banco Itaú Holding Financeira S.A.

13 Conference Call about the Results of the 1 st Quarter of 2004 12 R$ Million (*) Endorsements and sureties included. Pro Forma Banco Itaú Holding Financeira S.A. Banco Itaú 601 7,213 37.7% 22,985 101,881 Banco Itaú-BBA 215 3,104 30.7% 22,030 31,130 Net Income Allocated Capital Tier I ROE (%) Credit Operations (*) Total Assets Banco Itaú 651 6,479 46.7% 22,224 95,079 Banco Itaú-BBA 48 2,924 6.7% 22,468 30,233 March / 2004December / 2003 Corpo- ration 60 2,162 11.6% - 4,620 Corpo- ration 155 2,477 27.4% - 5,680 Note: The Consolidated doesn’t represent the sum of the parts since there are operations among related parties, eliminated only in the Consolidated

14 Conference Call about the Results of the 1 st Quarter of 2004 13 Variation -9.6% 30.9% 5.2% -4.3% 30.8% -39.0% -7.7% 11.3% - R$ Million Net Interest Margin Result from Loan Losses Banking Service Fees Administrative Expenses Income Tax and Social Contribution Other Net Income Allocated Capital Tier I ROE (%) 1 st Q./04 2,047 (352) 1,356 (1,928) (272) (250) 601 7,213 37.7% 4 th Q./03 2,264 (269) 1,289 (2,015) (208) (410) 651 6,479 46.7% Banco Itaú S.A. Pro Forma

15 Conference Call about the Results of the 1 st Quarter of 2004 14 Diversification of income sources Not only restricted to interest rates 1 st Quarter 2004 4 th Quarter 2003 Banco Itaú S.A. Consolidated Net Income

16 Conference Call about the Results of the 1 st Quarter of 2004 15 Technical Provisions of Insurance, Capitalization and Pension Plans R$ Million 7,689 4,403 4,804 5,388 6,086 Technical Provisions of Pension Plans – growth of 96% from March 2003 to March 2004 8,320 Banco Itaú S.A.

17 Conference Call about the Results of the 1 st Quarter of 2004 16 1 st Q./034 th Q./03 Result of Ins., Cap. And Pension Plans 102 Combined Ratio94.7% Claim Ratio52.8% Insurance Premiums, Pension Plan Contributions and Premiums Bonds Revenues Chances in Technical Provisions Selling Expenses Insurance Claims, Pension Plan Benefits and Premium Bonds Redemption Other Operating Income/(Expenses) 1,622 (968) (93) (412) 34 Operating Margin 184 Financial Income Administrative Expenses Income Tax and Social Contribution Other 176 (201) (56) (1) R$ Million 1 st Q./04 124 94.8% 55.0% 1,373 (593) (96) (529) 30 186 165 (165) (64) 2 136 97.8% 56.8% 893 (345) (78) (336) 11 144 185 (125) (71) 3 Insurance, Capitalization And Pension Plans Banco Itaú S.A.

18 Conference Call about the Results of the 1 st Quarter of 2004 17 Mutual Funds and Managed Portfolios Assets Under Management R$ Billion Growth of 37% in volume of Mutual Funds and Managed Portfolios in relation to March 2003 Banco Itaú S.A.

19 Conference Call about the Results of the 1 st Quarter of 2004 18 1 st Q./04 256 150 49 (79) (88) (72) 215 3,104 30.7% 4 th Q./03 340 (172) 54 (92) (15) (67) 48 2,924 6.7% R$ Million Net Interest Margin Result from Loan Losses (*) Banking Service Fees Administrative Expenses Income Tax and Social Contribution Other Net Income Allocated Capital Tier I ROE (%) Variation -24.7% -187.2% -9.3% -14.1% 486.7% 7.5% 347.9% 6.2% - Banco Itaú BBA Pro Forma Net Income (*) Provisions constituted in 4th Q/03 and reverted in 1st Q/ 04, net of taxes Adjusted Net Income ROE 215 (46) 169 23.6% 48 46 94 13.5% 347.9% - 79.8% Adjusted Net Income

20 Conference Call about the Results of the 1 st Quarter of 2004 19 Nonperforming Loans R$ Million Dec 31, 03 211 17,864 1.2% Nonperforming Loans (NPL) Credit Operations NPL Ratio (%) Mar 31, 04 Variation Itaú BBA has a high quality portfolio with 95.3% of volume classified as “AA”, “A” and “B”. 245 17,361 1.4% 34 (503) Banco Itaú BBA

21 Conference Call about the Results of the 1 st Quarter of 2004 20 CAGR = 30.4% R$ Evolution of Net Income per Thousand Shares Banco Itaú Holding Financeira S.A.

22 Conference Call about the Results of the 1 st Quarter of 2004 21 Preferred Shares Appreciation Evolution of US$ 100 Invested from April 1994 to April 2004 Banco Itaú Holding Financeira S.A. Real Plan Russian Crisis Real Devaluation US$ Mexican Crisis Asian Crisis 100 580 185 834 Argentine Crisis Attack to WTC Itaú (1) Itaú (2) Ibov. 10 years 23.63%19.22%6.35% 5 years 16.80%12.50%-0.52% 2004 -16.33%-18.34%-13.49% Annual Average Appreciation in US$ (1)With reinvestment of dividends (2)Without reinvestment of dividends

23 Conference Call about the Results of the 1 st Quarter of 2004 May 05, 2004 Conference Call about the Results of the 1 st Quarter of 2004 Banco Itaú Holding Financeira S.A.


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