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Banco Itaú Holding Financeira S.A.
September 08-10, 2004
Presentation to:
3rd Annual Global Markets One-on-one Conference
New York
Banco Itaú Holding Financeira S.A.
Alfredo SetubalInvestor Relations Director
Silvio de CarvalhoExecutive Director
2Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
Agenda
Results – 2nd Quarter 2004
Focus on consumer credit segments
Corporate Governance
Corporate Responsibility
Peers comparison
3Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
Agenda
Results – 2nd Quarter 2004
Focus on consumer credit segments
Corporate Governance
Corporate Responsibility
Peers comparison
4Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.Banco Itaú Holding Financeira S.A.
Results – 2nd Q./04
2. Growth of Credit Portfolio in the Quarter: Corporate 8.9%, small and medium sized companies 12.6% and individuals 8.1%;
5. Technical Provisions of Insurance, Capitalization and Pension Plans: R$ 7.0 billion – Growth of 326% over past 24 months against 153% for market as a whole;
8. Preferred Shares Buyback: total of 929,740 thousand, average price R$ 253.12 per thousand shares, representing 1.7% of total preferred shares.
6. Efficiency Ratio below 50% for the 7th quarter in a row: 47.3% in the quarter (Strong Cost Control);
7. Solvency Ratio above minimum required: 19.5% at 06/30/04;
3. Net Interest Margin Maintained at 12.7% in 2nd Q./04, same as 1st Q./04;
4. Conservative Accounting Practices: Additional provision of R$ 600 million for securities, with an increase of R$ 55 million in the quarter; Excess provision for loan losses: R$ 1,000 million;
1. Results: Net income of R$ 949 million, 8.3% above previous quarter; ROE 33.1%; net income of R$ 8.38 per thousand shares;
5Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
R$ million (except where indicated)
949
8.38
12,787
33.1%
122,760
3.1%
2,501
30,485
19.5%
47.3%
3.5%
12.7%
Net Income
Net Income / thousand shares
Stockholders’ Equity
ROE Annualized (%)
Total Assets
ROA Annualized (%)
Net Interest Margin
Market Capitalization
Solvency Ratio (%)
Efficiency Ratio (%)
NPL (%)
NIM (%)
1st Q/04
876
7.68
12,478
31.2%
126,979
2.8%
2,426
31,277
19.8%
48.8%
4.0%
12.7%
776
6.79
10,772
32.1%
106,799
2.9%
2,535
22,605
18.5%
46.7%
4.7%
13.8%
2nd Q/04 2nd Q/03
Banco Itaú Holding Financeira S.A.
Highlights
6Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.Banco Itaú Holding Financeira S.A.
Credit Operations
16,890
42,381
19,596
27,253
34,282
44,58148,713
14,058
23,674
29,615
38,65938,419
45,414
16,916
0
10,000
20,000
30,000
40,000
50,000
60,000
1998 1999 2000 2001 2002 2003 2004 (*)
Credit Operations Credit Operations and Guarantees
R$ million
CAGR: 21.2%
CAGR: 22.2%
(*) On June 30, 2004.
7Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
Corporate
Small and Medium Sized Companies
Individuals
Subtotal
Mortgages
Total
Debentures**
22,357
7,074
*12,563
19,637
2,067
*44,061
1,026
8.9%
12.6%
8.0%
9.8%
-2.0%
8.8%
2.7%
23,597
9,226
13,934
23,159
1,957
48,713
1,092
21,660
8,195
12,904
21,099
1,997
44,756
1,063
5.5%
30.4%
10.9%
17.9%
-5.3%
10.6%
6.4%
Var Jun 30, 04 X Mar 31, 04 Jun 30, 04 Dec 31, 03Mar 31, 04
Var Jun 30, 04 X Dec 31, 03
(1) Endorsements and Sureties included.
(*) The amounts outstanding at Dec/2003 were adjusted to exclude loans granted on 12/18/03 to Rio de Janeiro state civil servants and totally settled on 01/05/04.
(**) The portfolio of Debentures are 68.4% classsified as AA and A level.
Banco Itaú Holding Financeira S.A.
Credit Operations 1R$ million
8Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
R$ 30.2 R$ 32.3 R$ 32.7 R$ 35.0
R$ 12.5 R$ 12.2 R$ 12.1R$ 13.7
R$ 31.2
R$ 13.4
Jun-03 Sep-03 Dec-03 Mar-04 Jun-04
Local Currency Foreign Currency
R$ 44.6 R$ 42.7 R$ 44.6 R$ 44.8R$ 48.7
(US$ 4.7) (US$ 4.3) (US$ 4.2) (US$ 4.1)(US$ 4.4)
(*) Endorsements and Sureties included.
Banco Itaú Holding Financeira S.A.
Credit Portfolio by Currency (*)R$ billion
9Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
1,5101,692
1,853 1,9532,196
2,5152,332 2,285 2,234
2,3782,257
2,103 2,065
680
680
715715
715
747841 843 848
913906
1,000 1,000
3,128 3,082
3,2903,163 3,103 3,065
3,2623,172
2,911
2,6682,568
2,372
2,190
Jun.01 Sep.01 Dec.01 Mar.02 Jun.02 Sep.02 Dec.02 Mar.03 Jun.03 Sep.03 Dec.03 Mar.04 Jun.04
Provision for Loan Losses
Total Provision Excess Provision Minimum Provision
Banco Itaú Holding Financeira S.A.
R$ million
10Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
Non-performing Loans Ratio (1)
1.8
3.5
4.04.14.74.7
4.2
8.58.9
7.3
6.5
8.37.3
2.02.4 2.5
2.2 1.9
Mar-03 Jun-03 Sep-03 Dec-03 Mar-04 Jun-04
Global Individuals Businesses
Coverage Ratio (2)
189
173
189198 202 204
Mar-03 Jun-03 Sep-03 Dec-03 Mar-04 Jun-04
(2) Provision for Loan and Lease Losses/ Total Non-performing Loans
Non-performing Loans and Coverage Ratios (%)
Banco Itaú Holding Financeira S.A.
(1) Loans overdue for more than 60 days/ Credit Portfolio
11Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
Securities Portfolio
Banco Itaú Holding Financeira S.A.
Overnight (**)
Private Securities – Financial Inst.
Private Securities – Companies
Public Securities – Brazilian: Domestic
Public Securities – Brazilian: External
Public Securities – Other Countries
Total
EconomicFinancial
Conglomerate
Assets Guaranteeing
Technical Provisions (*)
Consolidated
(*) Does not include PGBL/VGBL private pension funds amounting R$ 5,499 million.(**) Includes Short Term Interbank Deposits net of Deposits Received under Securities Repurchase Agreements.
3,393
6,313
2,983
7,342
2,083
907
23,021
761
1,140
309
1,314
-
-
3,524
4,154
7,453
3,292
8,656
2,083
907
26,545
R$ million
12Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.Banco Itaú Holding Financeira S.A.
Service Fees
1,244
1,323
1,343
1,404
1,455
2nd Q/03
3rd Q/03
4th Q/03
1st Q/04
2nd Q/04 2nd Q/04
333
312
266
219
183
142
1,455
1st Q/04
345
289
244
195
202
129
1,404
Resources Management (*)
Current Account Services
Credit Cards
Sureties and Credits Granted
Collection Services
Other
Total
2nd Q/03
323
247
237
161
167
109
1,244
(*) Mutual Funds and Consortium.
R$ million
13Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
Personnel Expenses
Other Administrative Expenses
Reorganization
Total
725
1,211
66
2,002
694
1,235
79
2,009
Banco Itaú Holding Financeira S.A.
Administrative Expenses
2nd Q/04 1st Q/04
Strong Cost Control
646
1,127
96
1,869
2nd Q/03
Personnel Expenses 36%Other Admin. 60%Reorganization 4%
R$ million
14Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
Total Unrealized
Interbank Deposits
Securities and Derivatives
Additional provision
Adjustment – Securities Held to Maturity
Credit Operations
Investment on BPI
Time and Interbank Deposits and Funds from Acceptance and Issuance of Securities Abroad
Securitization of Payment Orders Abroad
Subordinated Debt and Treasury Shares
2,265
3
663
600
63
276
672
-------------------------------
80
129
441
2,275
9
693
545
148
399
697
--------------------------------
71
109
298
(1) Corresponding tax impact not considered.(2) Includes unrealized minority interest in gains on Equity of R$ 276 million in Jun/04, R$ 286 million in Mar/04 and R$ 159 million in
Jun/03.
Financial Instruments – Market Value
Banco Itaú Holding Financeira S.A.
1,425
8
531
545
(14)
23
387
--------------------------------
56
77
343
Unrealized Income/ (Loss) (1) (2)Stockholders’ Equity
R$ million
Jun 30, 04 Jun 30, 03Mar 31, 04
15Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
Basel Ratio
Tier I
Tier II
Referential Equity (1)
Basel Ratio
13,568
4,573
June 30, 04 June 30, 03
(1) Equity before exclusions used to calculate the Basel Ratio for the consolidated economic-financial position.
14.0%
5.5%
19.5%
18,141
13,246
4,403
14.0%
5.8%
19.8%
17,649
March 31, 04
12,718
4,645
12.2%
6.3%
18.5%
17,364
R$ million
16Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
• The following slides show the Pro Forma information on the operations of
Banco Itaú and Banco Itaú BBA, using internal data for better disclosure of the
managerial performance of the business units.
Pro Forma
Banco Itaú Holding Financeira S.A.
17Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
Banco
Itaú
875
7,462
55.8%
25,116
97,819
Banco
Itaú BBA
195
3,543
24.0%
23,597
36,191
Net Income
Tier I Allocated Capital
ROE Annualized (%)
Credit Portfolio (*)
Total Assets
Banco
Itaú
623
7,970
35.1%
23,096
101,738
Banco
Itaú BBA
226
3,394
29.4%
21,660
31,130
2nd Q/04 1st Q/04
(*) Endorsements and Sureties included.
Banco Itaú Holding Financeira S.A.
R$ million
Pro Forma
Corpo-
ration
27
1,115
10.1%
-
4,764
Corpo-
ration
(122)
1,783
-24.6%
-
5,732
Note: The Consolidated figures do not represent the sum of the parts because certain intercompany transactions were excluded from the consolidated financial statements only.
Corporate results are basically affected by the non accounting of tax credits.
18
Banco Itaú S.A.
Roadshow – Results of the 2nd Quarter of 2004
Variation
-1.06%
-39.8%
2.8%
-0.6%
-11.6%
-21.2%
40.5%
-6.4%
-
Net Interest Margin
Results from Loans Losses
Service Fees
Administrative Expenses
Income Tax and Social Contribution
Other
Net Income
Tier I Allocated Capital
ROE Annualized (%)
2nd Q/04
2,054
(212)
1,379
(1,905)
(244)
(197)
875
7,462
55.8%
2,076
(352)
1,343
(1,917)
(276)
(250)
623
7,970
35.1%
R$ million
Pro Forma
1st Q/04
19
Banco Itaú S.A.
Roadshow – Results of the 2nd Quarter of 2004
2nd Quarter of 2004
64%
4%
15%
17%
Diversification of income sourcesNot dependent only on interest rates
Consolidated Net Income
Banco Itaú - Banking
Credit Cards
Ins., Cap. and Pension Pl.
Funds and Managed. Port.
Total
562
151
127
35
875
342
126
120
35
623
2nd Q/04 1st Q/04
R$ million
20
Banco Itaú S.A.
Roadshow – Results of the 2nd Quarter of 2004
3,3523,991
5,4766,138
6,987906902
927
977957
976
1,0771,134
1,168
1,2361,225
1,304
2,821
Mar-03 Jun-03 Sep-03 Dec-03 Mar-04 Jun-04
Technical Provisions - Pension Plans Technical Provisions - Capitalization Technical Provisions - Insurance
4,8045,388
6,086
7,6898,320
Technical Provisions for Pension Plans – growth
of 108% from Jun/2003 to Jun/2004
R$ million
Technical Provisions of Insurance,Capitalization and Pension Plans
9,267
21
Banco Itaú S.A.
Roadshow – Results of the 2nd Quarter of 2004
Variation 1st Q/04 2nd Q/04
120Result of Ins., Cap. and Pension Plans 5.8%127
94.8%Combined Ratio 94.0%
55.0%Claim Ratio 51.1%
24.0%
49.0%
-
4.3%
-10.0%
•Insurance Premiums, Pension Plan
Contributions and Premium Bond Revenues•Changes in Technical Provisions •Selling Expenses•Insurance Claims, Pension Plan Benefits and
Premium Bond Redemption•Other Operating Income/(Expenses)
1,373
(593)
(96)
(529)
30
1,700
(885)
(96)
(552)
27
186Operating Margin 4.3%193
-5.7%
-8.5%
8.1%
50.0%
Financial Income
Administrative and Tax Expenses
Income Tax and Social Contribution
Other
158
(165)
(62)
2
149
(151)
(67)
3
R$ million (except where indicated)
Insurance, Capitalization and Pension Plans
22
Banco Itaú S.A.
Roadshow – Results of the 2nd Quarter of 2004
Mutual Fund and Managed Portfolio Volume
68.1 72.881.1
87.1 89.6
Jun-03 Sep-03 Dec-03 Mar-04 Jun-04
Growth of 31.6% in the volume of Mutual Funds and Managed Portfolios in relation to June/2003
R$ billion
23
Banco Itaú BBA S.A.
Roadshow – Results of the 2nd Quarter of 2004
2nd Q/04
329
(6)
76
(92)
(27)
(85)
195
3,543
24.0%
1st Q/04
269
150
63
(91)
(91)
(74)
226
3,394
29.4%
Net Interest Margin
Result from Loan Losses
Service Fees
Administrative Expenses
Tax Income and Social Contribution
Other
Net Income
Tier I Allocated Capital
ROE Annualized(%)
Variation
22.6%
-104.0%
20.6%
1.1%
-70.7%
14.9%
-13.6%
4.4%
-
R$ million
Pro Forma
24
Banco Itaú BBA S.A.
Roadshow – Results of the 2nd Quarter of 2004
Jun 30, 04
226
18,954
1.2%
Non-performing Loans (NPL)
Credit Portfolio (*)
NPL Ratio1 (%)
Mar 31, 04
245
17,361
1.4%
Variation
-7.8%
9.2%
Itaú BBA has a high quality corporate portfolio with 96.6% of its volume
classified as “AA”, “A” and “B”.
R$ million
Non-performing Loans 1
(*) Endorsements and Sureties not included.
(1) Loans overdue for more than 60 days
25Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
Capital Excess
Banco Itaú Holding Financeira S.A.
1. Increase in Interest on Own Capital (JCP):
a) Monthly JCP: from R$ 0.13 to R$ 0.17 per thousand shares (gross of taxes);
b) Provisioned complementary JCP of R$ 2.04 per thousand shares (gross of taxes) paid
in 08/23/04 with an increase of 31% in relation to 06/30/03.
2. Share Buyback:
• Preferred share buyback to be held as treasury stock
3. Investments
• Pão de Açúcar: R$ 455 million
2nd Q/04
929,740
1st Q/04
73,070Quantity (in thousands)
Total
1,002,810
Average Cost (R$ / thousand shares)
% of Total Preferred Shares (*)
253.12 260.06 253.62
1.7% 0.1% 1.8%
(*) Preferred shares representative of Capital
26Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
Agenda
Results – 2nd Quarter 2004
Focus on consumer credit segments
Corporate Governance
Corporate Responsibility
Peers comparison
27Roadshow – Results of the 2nd Quarter of 2004
3.0 4.57.4 8.3 9.6 10.02.3
2.7
4.0 3.44.1
3.9 4.0
Dec/02 (1) Mar/03 (2) Jun-03 Sep-03 Dec-03 Jun-04
Itaú Fináustria Fiat* CDC: Consumer Credit(1) Acquisition of Fináustria CFI(2) Acquisition of Banco FiatIn June 2003, the Fináustria Portfolio was incorporated by Itaú. Source :Banco Itaú estimate based on Central Bank, Abel, Itaú, Fiat and Fináustria.
5.3
Market Share (%)New CDC* and Vehicle Leasing
11.2 10.812.4
13.5 14.0
Fináustria and Fiat
28Roadshow – Results of the 2nd Quarter of 2004
Consumer Credit
29Roadshow – Results of the 2nd Quarter of 2004
New Brand Name (related to Itaú)
Focus on low income consumers (not Itaú current account holders)
Own platform
Highlights
30Roadshow – Results of the 2nd Quarter of 2004
Picture of a Point of Sale
Three different points of sale models: Independent, Annex and Corner.
31Roadshow – Results of the 2nd Quarter of 2004
New Brand Name (related to Itaú)
Focus on low income consumers (not Itaú current account holders)
Own platform
Operation started in June with three stores in São Paulo
Forecast is to open one store every 15 days until October
Revenue diversification in the specific financing segment
Credit using magnetic card and electronic banking facilities
Operating agility
Highlights
32Roadshow – Results of the 2nd Quarter of 2004
Initial Performance
3,649 Customers
0
200
400
600
800
1,000
1,200
1,400
8-Jun 30-Jun
26-Jul(*)
R$ thousands
1,119
(*) Credit Granted / Credit Limit = 91%
CAGR = 16.9%
CAGR = 17.9%
Total Credit Limit
Total Credit Granted
1,221
768
386
139661
310105
Roadshow – Results of the 2nd Quarter of 2004
COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO
Banco Itaú Holding Financeira S.A.
Itaú-CBD Partnership
32
34Roadshow – Results of the 2nd Quarter of 2004
Main Purpose
Founding a “New Company” (Financial
Institution), responsible for structuring and
selling products, financial services and the
like, exclusively to CBD customers.
Itaú-CBD Partnership
35Roadshow – Results of the 2nd Quarter of 2004
“New Company ”50% 50%
“New Company” Structure
Improving and expanding services and products offered to CBD Customers
Initial Capital Base: R$ 150 million.
Itaú-CBD Partnership
36Roadshow – Results of the 2nd Quarter of 2004
Estimated Expansion “New Company”
Consumer Credit Contracts
Own Credit Cards (Private Label)
Credit Cards3
Personal Loan Contracts
580 thousand
3.3 million
480 thousand
-
Quantities CAGR2
Year 10
Quantities
Current1
3,519 thousand
9.3 million
2,646 thousand
1,600 thousand
22.2%
12.2%
20.9%
(1) As of March 31, 2004
(2) Compound Annual Growth Rate
(3) Widely accepted credit card brands
Itaú-CBD Partnership
37Roadshow – Results of the 2nd Quarter of 2004
Operation Features
Operating synergy gains
Expansion and improvement of current products and services offered to CBD customers
Private Label credit cards
Widely accepted credit card brands
Direct consumer credit
Personal loans
Installation of financial service units in the 555 existing stores and at those which may come to be established by CBD
Itaú-CBD Partnership
38Roadshow – Results of the 2nd Quarter of 2004
Location of CBD Stores
209
71
160
55
555
60
Piauí
3Ceará
20 2
Paraíba
6
Comprebem
Bahia
3
Rio de Janeiro
11
17 18
60São Paulo
136 39
142
55
Paraná
2 11
Mato Grosso do Sul
1
Minas Gerais
3
Distrito Federal
12 3
1
Goiás
40 million transactions per month
Gross revenues in 2003: R$ 15 billion (*)
(*) Source: ABRAS (Brazilian Supermarket Industry) – including Sendas S.A. Data of 2003
Itaú-CBD Partnership
Number of Points of SaleJul/04
39Roadshow – Results of the 2nd Quarter of 2004
“New Company” Management
Board of Directors and Operations Support Committee, comprised equally by the shareholders
Chairman of the Board of Directors and the “New Company” appointed by Itaú
Executive Board made up of market professionals, with broad experience in the area
Operating Management under the responsibility of Itaú
Own structure and personnel
Itaú-CBD Partnership
40Roadshow – Results of the 2nd Quarter of 2004
Strategy of the Operation
Expansion of Focus on direct consumer credit
Long term partnership: 20 years, and renewal option
Exclusivity in exploitation of financial products and
services to CBD customers
Strong partnership = greater commercial relationship
Itaú-CBD Partnership
41Roadshow – Results of the 2nd Quarter of 2004
Investment of R$ 455 million, which include goodwill in the amount of R$ 380 million, determined on the basis of forecast future profitability of the New Company
Strengthening of position in the retail financial market
Development of new relationships with the CBD store customers as well as prospecting of new current account customers
Results without any major impact during the first three years of operations.
Main implications on Itaú
Itaú-CBD Partnership
42Roadshow – Results of the 2nd Quarter of 2004
Itaú-CBD Partnership
Business Plan – Distribution Network
Lay-Out of the Point of Sale (*)
(*) Schematic and illustrative drawing used only as an example.
43Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
Agenda
Results – 2nd Quarter 2004
Focus on consumer credit segments
Corporate Governance
Corporate Responsibility
Peers comparison
44Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
Jun-99 – Publication of the MD&A begins
2000 – Corporate Code of Ethics
Apr-00 – Creation of the IR Website
May-01 - 10h long APIMEC meeting
Jun-01 – Compliance to Bovespa’s Level 1
Jul-02 – Disclosure and Trading Committees
2002 - 11 Apimec meetings (pioneership in Brazil)
Sep-03 – The Best Corporate Governance in emerging markets (Euromoney)
2003 – Best worldwide On-line Annual Report
Feb-04 – Publication of Annual Report on the same day as the Financial Statements
Aug-04 – Adherence to Equator Principles
TransparencyApr-00 – Installation of totally independent Fiscal CouncilApr-01 – Independent Members elected to Board of DirectorsApr-02 - Tag Along and enhanced independence of the councilsJul-02 – Disclosure and Trading ComitteesSep-03 – Conclusion of PSO for acquisition of shares of Banestado, BEG and Bemge shareholdersSep-03 – Share Buyback Program –Acquisition period increased to one yearMar-04 – New vehicle for communicating with stockholders (Itaú’s Share in Focus)Apr-04 – Audit Committee with three councilors, among 2 independent
Respect for Minority Shareholder
Member of the Dow Jones Sustainability Index since 1999 (5th consecutive year)
February 2002 – NYSE ADR Level II – FHC Status
45Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
Audit Committee installed in April 2004;
All three members also sit on the Board of Directors;
Independent Board member Tereza Grossi appointed “Financial Expert” of the Audit Committee.
Audit Committee
2 Independent Board members and one external*;
Fully Compliant with Central Bank Res. 3.081 and Sarbanes-Oxley Act;
(*) According to the definition contained in the Best Practice Code of the IBGC – Brazilian Institute of Corporate Governance, as of March 2004.
46Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
Agenda
Results – 2nd Quarter 2004
Focus on consumer credit segments
Corporate Governance
Corporate Responsibility
Peers comparison
47Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
Corporate Responsibility
Creation of the Instituto Itaú Cultural;
2004 - R$ 20 million forecasted;
2003 – 427,000 visitors + 1,653 groups from 495
institutions totaling 30,000 people;
Over 220 events in Brazil and 9 abroad;
Permanent collection, specialized in Brazilian
artistic and cultural themes, has over 31,000
pieces;
Eco Award 2003, category Culture.
1987 – Cultural Performance
www.itaucultural.org.br
48Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
Creation of the Itaú Social Program;
2000 - Itaú Social Foundation;
2004 - R$ 23 million forecasted;
1987 – Cultural Performance
1993 – Social Performance
Participation in Bovespa’s Social Stock Exchange project.
Itaú - 59 years of committment to society and Brazilian social-economic development.
Foundation’s partnerships: Futura Channel, Solidarity Skills Training Program, Volunteer School Award, Literacy Solidarity Program;
Corporate Responsibility
49Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
Focus: improvement in the quality of elementary public education:
Stockholders’ Equity R$ 302 million
(Dec/2003)Direct action in
schools
Own Programs
Complementary actions to school performed by NGO´s
• Itaú – Unicef Award• Regional Educators’ Meetings• Apprenticeship Managers
Urban Youth Program
50Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
1999 – Dow Jones Sustainability World Index
World benchmark;
Component since the creation of the index (1999);
Only 3 Brazilian companies;
5th consecutive year – Last revision published on 09/02/2004
The only Latin American bank;
Sustainable growth;
Social, Cultural and Environmental Dimensions;
Sustainability in creating stockholders’ value.
1987 – Cultural Performance
1993 – Social Performance
Corporate Responsibility
51Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
Itaú BBA´s long-term environmental finance policy for large corporations, approved by IFC (International Finance Corporation), a member of the World Bank Group;
1987 – Cultural Performance
1993 – Social Performance
1999 – Dow Jones Sustainability World Index
2000 – Environmental Management System
August 2004: Itaú and Itaú BBA adherence to the Equator Principles.
Methodology used as criteria of credit approval through assessment and evaluation of environmental risks of the projects;
Transfer of more than US$ 200 million from multilateral bodies to customers between 2000 and 2004;
Corporate Responsibility
52Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
Agenda
Results – 2nd Quarter 2004
Focus on consumer credit segments
Corporate Governance
Corporate Responsibility
Peers comparisonBrand
53Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
The Most Valuable Brands in Brazil“Dinheiro” Magazine – June 2004
Company
BradescoNaturaBanco do BrasilSkolPetrobrasBrahmaUnibancoAntarcticaRealEmbraerSadia
Value in 2001
697-
308---
303--
196128
Value in 2003
809-
427421286294208184133193106
Itaú 970 1,093Value in 2004
828536520512485352223192171159156
1,204
US$ millionUS$ millionSurvey conducted by the British Consultancy, Interbrand
54Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
Itaú HoldingBradesco
Banco do Brasil
BankBoston
Real ABN Amro
Citibank
Unibanco
HSBC
Santander
CEF
13.21
11.05
11.01
10.41
9.27
8.45
7.29
4.00
3.31
The Most Admired Companies*Banking Sector
(*) Source: Carta Capital Magazine / Interscience
1st
2nd
8th
4th
3rd
5th
6th
9th
12th
n.d.
2001
1st
2nd
7th
4th
5th
3rd
6th
8th
9th
15th
2002
16.062nd
1st
7th
3rd
5th
4th
8th
9th
12th
n.d.
2000
1st
2nd
7th
3rd
5th
4th
8th
14th
13th
n.d.
1999
1st
2nd
3rd
4th
5th
6th
7th
8th
9th
10th
200 Ranking in 2003
55Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
Agenda
Results – 2nd Quarter 2004
Focus in the consumer credit segments
Corporate Governance
Corporate Responsibility
Peers comparisonBrandProductivity with Efficiency
56Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
19
32
28
32
26 27
31
16 16
22 22
1917
18
1312 12 12
22
20
23
15151516
1315
16
1998 1999 2000 2001 2002 2003 2004(*)
Profitability Indicators (%)ROE – return on equity
Itaú Bradesco Unibanco Banco do Brasil
(*) Annualized indices – 1st semester 2004.Source: Published Financial Statements.
57Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
1.8
3.6
2.6
2.9
2.1
2.7
3.0
1.5 1.4
1.82.0
1.4 1.3
1.6 1.71.5 1.51.4 1.5
1.31.41.3
1.01.0
0.7 0.7 0.7 0.7
1998 1999 2000 2001 2002 2003 2004(*)
Itaú Bradesco Unibanco Banco do Brasil
Profitability Indicators (%)ROA – return on assets
(*) Annualized indices – 1st semester 2004.Source: Published Financial Statements.
58Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
Net Income
1,841
2,389 2,377
3,152
3,650
591739
972843
9741,082
2,028
2,381
2,842
1,869
2,5002,306
1,7402,023
1,105
2,170
1,010 1,052 1,162
1999 2000 2001 2002 2003 2004(*)
R$ million
Itaú Bradesco Unibanco Banco do Brasil
(*) Annualized (1st semester 2004 results doubled). Source: Published Financial Statements.
59Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
Number of Branches + CSBs1
3,192 3,172
7,155 7,4988,468
12,33313,220
13,908
3,0743,184
2,9952,545
5,2635,1143,807
4,800
3,4343,994
1,080 1,2651,2791,3141,3831,559
1999 2000 2001 2002 2003 2004
quantity
Itaú Bradesco Unibanco Banco do Brasil
(1) CSB: Customer-Site BranchSource: Published Financial Statements.
60Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
Number of Employees
19
28 3027 28 29
82
90 90 8891 93
4242434548
39
7576
66
74
64 66
1999 2000 2001 2002 2003 2004Itaú Bradesco Unibanco Banco do Brasil
Source: Published Financial Statements.
thousands
61Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
48
39
53 55
74
87
17
2633
2730
3330
26
3338 38 40
10 11 12
2326
31
1999 2000 2001 2002 2003 2004(*)
Net Income per Employee R$ thousands
Itaú Bradesco Unibanco Banco do Brasil
(*) Annualized (1st semester 2004 results doubled). Source: Published Financial Statements.
62Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
734
615
750 745
994
1,187
457
543
421 451 473547
474
703769
823
918
118 130 128164 180 204
322
1999 2000 2001 2002 2003 2004(*)
R$ thousands
Net Income per Branch (Branches + CSBs1)
Itaú Bradesco Unibanco Banco do Brasil
(*) Annualized (1st semester 2004 results doubled). (1) CSB: Customer-Site BranchSource: Published Financial Statements.
63Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
Banking Service Fees
3.5
2.7
4.5
5.1
5.7
1.6
2.22.6 2.8
3.12.8
3.2
3.8
4.5
6.4
3.23.5
2.1
3.7
3.0
4.6
5.4
1.5
5.5
1999 2000 2001 2002 2003 2004(*)
R$ billion
Itaú Bradesco Unibanco Banco do Brasil(*) Annualized (1st semester 2004 results doubled). Source: Published Financial Statements.
64Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
8173
81
103
121
135
33
4653 50
60
7274
58
74
98103 106
34 3542
5160
69
1999 2000 2001 2002 2003 2004(*)
Itaú Bradesco Unibanco Banco do Brasil
Banking Service Fees per EmployeeR$ thousands
(*) Annualized (1st semester 2004 results doubled). Source: Published Financial Statements.
65Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
1,2411,157 1,162
1,399
1,615
1,860
612
799 869773
891
1,342
1,052
1,580
1,991
2,219
2,468
392 425 444361 415 459
1,020
1999 2000 2001 2002 2003 2004(*)
Itaú Bradesco Unibanco Banco do Brasil
R$ thousandsBanking Service Fees per Point of Sales (Branches + CSBs1)
(*) Annualized (1st semester 2004 results doubled). (1) CSB: Customer-Site BranchSource: Published Financial Statements.
66Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
Personnel Expenses
5,036
5,623
5,575
5,548
6,812
7,053
1,165
1,603
1,647
1,772
1,886
2,680
3,109
3,389
3,936
4,609
4,654
2,129
2,311
2,750
3,204
3,174
3,129
1,0531999
2000
2001
2002
2003
2004(*)
R$ million
Itaú Bradesco Unibanco Banco do Brasil
(*) Annualized (1st semester 2004 results doubled).
Source: Published Financial Statements.
67Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
62
62
62
63
75
76
54
41
54
62
64
64
42
47
52
53
61
62
55
49
61
74
75
74
1999
2000
2001
2002
2003
2004(*)
Personnel Expenses per Employee R$ thousands
Itaú Bradesco Unibanco Banco do Brasil
(*) Annualized (1st semester 2004 results doubled). Source: Published Financial Statements.
68Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
R$ thousands
704
750
658
450
515
507
975
747
1,159
1,253
1,386
1,491
780
817
849
837
771
864
1,004
1,001
1,018
901
881
820
1999
2000
2001
2002
2003
2004(*)
Personnel Expenses per Point of Sales (Branches + CSBs1)
Itaú
Bradesco
Unibanco
Banco do Brasil
(*) Annualized (1st semester 2004 results doubled). (1) CSB: Customer-Site Branch
Source: Published Financial Statements.
69Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
Total Expenses (Personnel + Administrative)
7,609
8,505
9,160
9,644
11,326
12,067
3,002
3,964
4,770
4,611
5,183
6,430
7,244
7,800
8,022
4,578
4,233
2,727
9,501
9,423
6,087
7,964
5,247
6,825
1999
2000
2001
2002
2003
2004(*)
R$ millions
Itaú
Bradesco
Unibanco
Banco do Brasil
(*) Annualized (1st semester 2004 results doubled). Source: Published Financial Statements.
70Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
93
94
102
109
125
130
140
106
133
158
166
163
83
93
104
107
124
127
118
109
142
168
184
190
1999
2000
2001
2002
2003
2004(*)
Total Expenses per Employee R$ thousands
Itaú
Bradesco
Unibanco
Banco do Brasil
(*) Annualized (1st semester 2004 results doubled). Source: Published Financial Statements.
71Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
1.1
1.1
0.8
0.9
0.9
2.5
1.9
2.9
3.2
3.6
3.8
1.5
1.6
1.7
1.7
1.8
1.8
1.8
1.7
2.0
2.3
2.5
2.6
1.1
1999
2000
2001
2002
2003
2004(*)
Total Expenses per Point of Sale (Branches + CSBs1) R$ million
Itaú
Bradesco
Unibanco
Banco do Brasil
(*) Annualized (1st semester 2004 results doubled). (1) CSB: Customer-Site BranchSource: Published Financial Statements.
72Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
Excess Loan Loss Provions
Additional Provision for Securities
Market Value
Subtotal (A)
Labor
Civil
Tax
Others
Subtotal (B)
Total (A) + (B)
Provisions / Assets (%)
Provisions as at June 30th, 2004R$ million
1,000
600
1,665
3,265
1,059
643
2,266
279
4,247
7,512
6.1
Itaú
973
nd
nd
973
1,891
686
124
-
2,702
3,675
1.6
905
-
935
1,840
882
563
3,002
-
4,448
6,288
3.6
Banco do Brasil
Bradesco
267
-
633
899
804
500
799
-
2,103
3,002
4.5
Unibanco
73Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
30
50
70
90
110
130
150
170
190
210
dez-
98
fev-
99
mai
-99
jul-9
9
out-9
9
dez-
99
mar
-00
mai
-00
ago-
00
out-0
0
jan-
01
mar
-01
jun-
01
ago-
01
nov-
01
jan-
02
abr-
02
jul-0
2
set-0
2
dez-
02
fev-
03
mai
-03
jul-0
3
out-0
3
dez-
03
mar
-04
mai
-04
ago-
04
EMBI Br + ITAU4 (US$)
Relation Between EMBI Brazil + and Itaú Holding Preferred Shares in US$
Banco Itaú Holding Financeira S.A.
Correlation Between EMBI Br + and ITAU4 = (0.83)
Correlation Between EMBI Br + and Ibovespa = (0.73)
74Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
200.4%
344.9%325.7%
274.1%
227.2%250.0%
142.1%
67.7%107.7%109.1%
137.8%
234.8%
156.1%
110.5%95.8%
110.2%
167.9%154.1% 125.3%
507.7%
454.3%
534.1%
687.5% 697.4%
483.5%522.5%
50%
150%
250%
350%
450%
550%
650%
750%
1998 1999 2000 2001 2002 2003 2004(*)
Exposition in Public Securities of Brazilian Government - Country In % over the Stockholders´ Equity
(*) On June 30th, 2004.
Itaú Bradesco Unibanco Banco do Brasil
75Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
15.7%19.2%
42.0%
48.1%
13.2%
16.3%18.8%
8.0%
16.3%
6.4%
3.6% 13.7%6.0%
2.2%
19.0%
5.2%0.5%
15.7%
30.0%
19.2%19.9%19.6%
0.0%
77.8%83.2%
64.5%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
1998 1999 2000 2001 2002 2003 2004(*)
Exposition in Public Securities of Brazilian Government - Foreign In % over the Stockholders´ Equity
(*) On June 30th, 2004.
Itaú Bradesco Unibanco Banco do Brasil
76Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
348.5%332.0%
298.1%
183.6%155.3%
84.0%
219.6%
157.8%
151.0% 126.5%
251.1%
117.1%
269.3%287.9%
278.4%
199.8%
96.2%
158.2%
115.7%
160.1%129.2%
503.1%
541.7%
717.3%687.5%
611.9%
537.5%
572.2%
50%
150%
250%
350%
450%
550%
650%
750%
1998 1999 2000 2001 2002 2003 2004(*)
Exposition in Public Securities of Brazilian Government - Total In % over the Stockholders´ Equity
(*) On June 30th, 2004.
Itaú Bradesco Unibanco Banco do Brasil
77Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.Banco Itaú Holding Financeira S.A.
(2) Includes non-exclusive funds administered by the group, in the amount of R$ 446,919, which do not include public securities.
(3) Portfolios of PGBL and VGBL pension plans owned by customers and recorded as marektable securities in compliance with SUSEP requirements, in contra entry against liabilities in Technical Provision for Pension Plans.
(1) Includes securities restricted to guarantees in the amount of R$ 5,872,343, being: Guarantor Resources of Technical Provisions R$ 2,763,119, Securities Subject to BACEN R$ 917,492 and Securities Subject to stock exchange and clearing house for the custody and financial settlement of securities amount of R$ 2,191,732.
Public Securities - Domestic (1)
Public – Foreign
Private Securities (2)
Euro Bonds and Others
PGBL/VGBL Funds Quotas (3)
Subtotal - Marketable Securities
Derivative Financial Instruments
Total
325
15
1,966
83
5,499
7,888
150
8,039
27.8%
94
98
1,592
82
-
1,866
247
2,113
7.3%
553
2
933
144
-
1,632
191
1,822
6.3%
2,154
88
899
177
-
3,318
226
3,544
12.2%
2,475
103
604
652
-
3,834
160
3,995
13.8%
5,137
601
1,771
1,842
-
9,352
132
9,483
32.7%
10,738
907
7,766
2,979
5,499
27,890
1,106
28,997
100.0%
(600)
13,857
876
897
2,168
2,459
24,226
1,825
26,051
(545)
0 - 30 31 - 90 91 - 180 181 - 365 366 - 720 Over 72006/30/03
06/30/04
Additional allowance (exceeding minimum required)
Maturity of Portfolio Securities and DerivativesR$ thousand
Total
78Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
Banking Service Fees / Total Expenses (%)
67
5862
6671
40
5047 48
5753 55 55
62 626569
51 5348
46
37 3841
1999 2000 2001 2002 2003 2004(*)
Itaú Bradesco Unibanco Banco do Brasil
(*) Annualized (1st semester 2004 results doubled). Source: Published Financial Statements.
79Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
Efficiency Ratio1 (%)
4955 55
58
484650
5859 60
575762
555353
5754 54
69
81 82
67
55
1999 2000 2001 2002 2003 2004(*)
Itaú Bradesco Unibanco Banco do Brasil
(*) Annualized (1st semester 2004 results doubled). (1) Total Expenses over Total IncomeSource: Published Financial Statements..
80Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
Total Deposits *
72,214
69,070
73,436
97,253
110,014
115,795
9,266
13,350
18,932
25,988
25,357
29,328
23,226
27,875
28,331
38,997
36,698
36,041
41,084
34,724
56,363
36,469
58,024
64,133
Dec-99
Dec-00
Dec-01
Dec-02
Dec-03
Jun-04
R$ million
Itaú
Bradesco
Unibanco
Banco do Brasil
(*) Includes Demand, Savings, Long-term and Interbank DepositsSource: Published Financial Statements.
81Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
1,211
1,250
476
470
637
918
1,000
547
554
625
758
766
858
595
587
624
902
864
854
816
763
884
1,103972
Dec-99
Dec-00
Dec-01
Dec-02
Dec-03
Jun-04
Total Deposits per EmployeeR$ thousands
Itaú
Bradesco
Unibanco
Banco do Brasil
Source: Published Financial Statements.
82Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
8.3
8.3
8.6
8.6
13.7
19.8
23.2
10.1
9.6
10.3
11.7
11.3
12.1
9.1
9.3
8.9
12.2
11.6
11.7
8.7
9.2
10.1
7.919.8
Dec-99
Dec-00
Dec-01
Dec-02
Dec-03
Jun-04
Itaú
Bradesco
Unibanco
Banco do Brasil
Total Deposits per Point of Sale (Branches + CSBs1)
R$ million
Source: Published Financial Statements (1) CSB: Customer-Site Branch
83Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
Assets under Management
33,500
48,000
61,400
66,200
102,700
116,900
13,441
20,467
20,398
18,384
26,945
40,238
52,997
59,042
54,259
81,527
31,994
41,665
55,796
59,167
80,097
89,565
30,50386,816
Dec-99 (*)
Dec-00 (*)
Dec-01 (*)
Dec-02
Dec-03
Jun-04
Itaú
Bradesco
Unibanco
Banco do Brasil
(*) In Bradesco, is referred to the figures with double accounting.
R$ million
Source: Published Financial Statements
84Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
Asset Management Income
413
542
633
700
784
951
247
219
248
245
314
374
445
531
541
460
609
903
831
847
1,031
1,269
1,284847
1999
2000
2001
2002
2003
2004(*)
R$ million
Itaú
Bradesco
Unibanco
Banco do Brasil
(*) Annualized (1st semester 2004 results doubled). Source: Published Financial Statements
85Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
Asset Management Income / Assets under Management (%)
1.2
1.1
1.0
1.1
0.8
0.8
1.8
1.1
1.2
1.3
1.2
1.2
1.1
1.0
0.9
0.8
0.7
2.8
2.0
1.5
1.7
1.6
1.41.0
1999
2000
2001
2002
2003
2004(*)Itaú
Bradesco
Unibanco
Banco do Brasil
(*) Annualized (1st semester 2004 results doubled)Source: Published Financial Statements
86Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
Agenda
Results – 2nd Quarter 2004
Focus on consumer credit segments
Corporate Governance
Corporate Responsibility
Peers comparisonBrandProductivity with EfficiencyStock Market Performance
87Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
10,732
18,652
22,796
32,43932,781
32,048
21,794
23,828
18,751
21,287
18,26719,634
17,796
6,949
9,228
17,119 16,969
3,175
6,036 5,542 4,7806,234
7,5406,344
21,81022,381
24,097
18,238
15,841
6,901
15,365
20,34517,469 18,007
15,016
7,9587,748
7,068
8,3677,443
7,637
2,431
6,9446,883
17,72016,470
9,582
7,174
17,568
6,835
11,712
4,9844,2514,592
5,9814,984
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
Dec-98
Mar-99
Jun-99
Sep-99
Dec-99
Mar-00
Jun-00
Sep-00
Dec-00
Mar-01
Jun-01
Sep-01
Dec-01
Mar-02
Jun-02
Sep-02
Dec-02
Mar-03
Jun-03
Sep-03
Dec-03
Mar-04
Jun-04
ago/04
(*)
Consistently the Largest Market Capitalization in the Brazilian Banking Sector
R$ million
Source: Economática (*) – Until August 13,2004
Banco do Brasil
Itaú
Bradesco
Unibanco
Banco Itaú Holding Financeira S.A.
CAGR Queterly = 7.31%
CAGR Quarterly = 5.49%
CAGR Querterly = 5.58%
CAGR Quarterly = 5.41%
88Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
432
185184
318
100
200
300
400
500
1998 1999 2000 2001 2002 2003 2004
ItaúBradescoUnibancoBanco do Brasil
Source: Published Financial Statements
For the sake of comparation, first half net income has been doubled
Market Comparison – EPSBasis: 1998 = 100
287
177
371
171
167
153124
266
89Roadshow – Results of the 2nd Quarter of 2004
Banco Itaú Holding Financeira S.A.
0
200
400
600
800
1,000
1,200
94 95 96 97 98 99 00 01 02 03 04
Itaú (*)
Bradesco (*)
Unibanco (*)
Banco do Brasil (*)
Ibovespa
US$
793
187
322Real Plan
Russian Crisis
Real Devaluation
Mexican Crisis
Asian Crisis
100
Argentine Crisis
Attack to WTC
10 years
5 years
2004
Itaú
22.98%
16.92%
-4.24%
Unibanco
9.52%
5.01%
-12.64%
Average Annual Appreciation in US$
(*) Without dividends reinvestment.
Preferred Shares AppreciationEvolution of US$ 100 invested on June 30th, 1994 to June 30th, 2004
Bradesco
12.40%
11.35%
-13.07%
Bco. Brasil
-6.85%
12.85%
-12.84%
249
Ibov.
6.50%
0.71%
-11.57%
49
Banco Itaú Holding Financeira S.A.
September 08-10, 2004
Presentation to:
3rd Annual Global Markets One-on-one Conference
New York
Banco Itaú Holding Financeira S.A.
Alfredo SetubalInvestor Relations Director
Silvio de CarvalhoExecutive Director
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