1

Banco Itaú S.A.Conference Call

2nd Quarter of 2002

2

Income StatementR$ Million

(Except where shown)

Total Assets

1st Q./02

1,831

(431)

996

(1,633)

504

-

504

79,913

Var. (%)

11.4

18.8

0.8

6.2

12.5

-

7.9

2nd Q./02

2,040

(512)

1,004

(1,734)

567

(23)

544

87,022

Financial Margin

Provisions for Loan Losses

Service Fee Income

Administrative Expenses

Recurrent Income

Extraordinary Results

Net Income

3

Credit Operations

14,05816,890

23,67416,077

19,596

27,253

29,615

14,414

16,916

34,282

1997 1998 1999 2000 2001

34,839

30,158

2002*

(*) In June 30, 2002

R$ Million

Credit Operations Credit Operations and Guarantees

4

Credit Portfolio by Currency (*)

Indexed in Foreign Currency In Foreign CurrencySubtotal

In Local Currency Total

Jun 30, 02

3,193 5,241

8,434

21,724

30,158

(*) Not including Endorsements and Sureties

Mar 31, 02

2,611 3,636

6,246

21,819

28,066

Dec 31, 01Variation

Jun/02 – Mar/02

22.3 % 44.1 %

35.0 %

-0.4 %

7.5 %

VariationJun/02 – Dec/01

R$ Million

3,093 4,203

7,296

22,319

29,615

3.2 % 24.7 %

15.6 %

-2.7 %

1.8 %

5

Credit Operations – June 2002

AA – A

B - D

E - H

Total

RiskLevels

0.5%

2.7%

67.7%

0.2%

2.1%

56.4%

13.7% 3.1%

Individuals Companies

Coverage

14

193

1,441

27

95

427

1,648 548

Provision BalanceIndividuals Companies

2,765

7,193

2,128

12,731

4,584

757

12,086 18,072

PortfolioIndividuals Companies

R$ Million

6

164%

Jun/02

190%

Mar/01

189%

Jun/01

186%

Sep/01

173%

Dec/01

168%

Mar/02

9.9311.1011.62 12.67

1.501.21 1.55 1.73

5.665.014.394.254.214.45

5.90

0.0

2.4

4.8

7.2

9.6

12.0

14.4

Jun/02Mar/01 Jun/01 Sep/01 Dec/01 Mar/02Dec/00

Non Accrual and Coverage Ratios

Coverage Ratio (*)Coverage Ratio (*)

Total Non Accrual

Individuals Non Accrual

Companies Non Accrual

(*) Provision for Loan Losses / Non Accrual

Non Accrual Ratio %Non Accrual Ratio %

7

Securities

Constituted Provision to Market Value

(145)

-

-

(320)

(119)-

(26)(320)

(465)

Market Value

9,232 46%

10,522 51%

131 1%

528 3%

11,131 55%714 3%

8,042 39%528 3%

20,415 100%

Securities Trading

Securities Available for Sale

Securities Held up to their Maturity

Derivative Financial Instruments

Public Securities - Brazil Public Securities – Other Countries Private Securities Derivative Financial Instruments

Total

Constituted Provision to Market Value

In Equity

-

(609)

-

-

(533)23

(99)-

(609)

Cost

9,378

11,131

131

849

11,778692

8,170849

21,489

Minimum Allowance Required (1,074)Additional Allowance Reclassification 550Additional Allowance (1,147)

8

Funding and Fund Management

R$ Million

Dec 31, 01(C)

Jun 30, 02(A)

Mar 31, 02(B)

Evolution %(A/C)

Evolution %(A/B)

27,817

7,04716,171

4,59955,796

49,7116,085

83,613

28,105

6,35616,019

5,75056,243

49,8196,424

84,348

Deposits

Demand Deposits Savings Deposits Time DepositsManaged Funds

Investment Funds Managed Portfolio

Total Funds

1.0

(9.8)(0.9)24.6

0.8

0.25.6

0.9

26,474

5,98115,636

4,85757,274

51,2606,014

83,748

6.2

6.32.4

18.0(1.8)

(2.8)6.8

0.7

9

1st Q./02

(9) 1

(8)

(135)

(144)

Foreign Exchange Variation on Investments AbroadEffect Foreign Exchange Risk Management on Investments AbroadResults Abroad

Funding Expenses (CDI) Results derived from Investments Abroad

2nd Q./02

913 (93)

820

(128)

692

Investments Abroad

Foreign Exchange Variation onInvestments Abroad - Considering the Funding Cost

R$ Million

1st Q./02

(144) -

- -

-(7)

-(14)

(165)

Results of Investments Abroad Reversal/(Constitution) of Valuation Allowance – Sudameris Operation Reversal/(Constitution) of Valuation Allowance – AOLAReversal/(Constitution) of Valuation Allowance – Market VolatilityMarked to Market - SwapIncome from Trade Finance and Foreign Exchange PortfolioFinancial Margin of Local Operations affected by Exchange RateOtherResult affected by Exchange Rate

2nd Q./02

692 (608)

(260) (130)

(95)374142

30 145

10

AOLA

• On Jun/00 a strategic alliance with America Online Latin America Inc. (AOLA) was established for acquiring 12% of AOLA capital in exchange for providing interactive and marketing services. • The acquisition of shares did not imply a monetary disbursement, once a payment related to the service rendering agreement was received at the time of the subscription, at an equal amount. •In this quarter, taking into account the volatility affecting the US Market, an allowance totaling R$ 260,000 was formed so that the net assets related to the strategic alliance be at the most equal to its market value.

Cost of Shares Portfolio (35.938 thousand shares)Value of the Service Rendering AgreementSubtotal

Allowance Constituted Net Asset

R$ Million

701 (377)

324

(260)

64

Market Value of the Shares: 35,938 (Number. of shares) x US$ 0.64 (Market Price - 06/28/02) x 2.8444 (R$/US$) 65

11

R$ Million

1st Q./02

717

916

10333

22644

11250

13365

150

1,633

2nd Q./02

800

934

10832

20447

10183

13569

155

1,734

Personnel Expenses

Other Administrative Expenses

Premises Materials Data Processing and Telecom Transportation Third Party Services Marketing Depreciation and Amortization Financial System Services Other

Total

Variation

83

18

5(1)

(22)3

(11)33

245

101

1,518 1,493 Total without Dismissals/Labor Suits 25

(216) (140) (-) Dismissals/Labor Suits (76)

55.0 % 55.4 % Efficiency Ratio

Administrative Expenses