Banco Bradesco totaled 15.3 million checking accounts, comprising 14.3 million individual and 1 million companies. Bradesco also held a number of 32.1 million savings accounts.

The Bradesco Insurance Group has more than 10.3 million policyholders, 2.8 million savings bond customers and 1.5 million private pension plan participants.

Our base comprises 45.2 million cards: 38 million debit and 7.2 million credit cards.

At the end of September, Bradesco Asset Management had more than 2.7 million investment quotaholders.

Total assets amounted to R$ 179.7 billion, up by 9.3% in a year-over-year analysis and by 2% quarter-over-quarter.

Comparing the first nine months periods of 2004 and 2003, securities and credit portfolios presented the most significant increases. This growth was due to the increase in funding and higher demand for financing to individuals and SMEs.

On a quarterly basis, interbank investments grew as a result of the increase in open market investments and interbank deposits.

The credit portfolio totaled R$ 60 billion, up by R$ 7.2 billion compared to September 2003 (+ 13.6%). This increase was mainly due to the higher demand for Real denominated operations, comprising respectively 75.9% of the portfolio (R$ 40 billion) in September 2003 and 76.9% (R$ 44.9 billion) in June 2004, and 78.1% (R$ 46.8 billion) for September 2004.

The quarterly portfolio variation of 2.7% (R$ 58.4 billion in June 2004) reflects the increasing demand for credits, mainly to SMEs (+ R$ 1.1 billion) and to individuals (+ R$ 860 million). Significant increases were directed to the sectors, of commerce with growth of R$ 846 million and services, which grew by R$ 215 million.

In the corporate finance, the higher demand in the third quarter occurred in transactions for discounting of checks and receivables, as well as in auto financing, leasing and agricultural loans, partially mitigating the decrease in the volume of export financing, following the appreciation of the real.

In the individual segment, we noted increasing credit demand, focused especially on direct lending and auto financing.

In September 2004, AA-to-C rated credit operations comprised 91.6% of our credit portfolio, compared to 91.3% in June 2004.

Regarding asset quality, transfers of new D-to-H and E-to-H-rated operations decreased, confirming the portfolio improvement and its expected maintenance in future periods.

The balance of provisions in September 2004 totaled R$ 4.2 billion, or 7% of the total portfolio, comprising R$ 3.3 billion of required provision and R$ 913 million of additional provision, compared to R$ 905 million of additional provision, in June 2004.

As a proof of asset quality improvement, expenses for provisions for the first nine months of 2004, totaled R$ 1.5 billion, compared to approximately R$ 2 billion in 2003. On a quarterly basis, the same expenses totaled R$ 478 million for the 3Q04, vis-à-vis R$ 514 million for the 2Q04.

Comparing the first 9 months of 2004 and 2003, we highlight the following growth (1) total deposits by R$ 6.7 billion and (ii) technical reserves for insurance, savings bonds and private pension plans by R$ 5.2 billion, fuelled by increasing sales of PGBL and VGBL products.

Demand deposits grew by more than R$ 1.2 billion for the quarter and savings deposits by R$ 730 million, offset by a decrease of R$ 1.3 billion in time deposits.

On a quarterly basis, the most significant impact occurred in the (i) deposits received under security repurchase agreements line, as a result of the increase in own and third-party portfolios, in the amount of 4.8 billion, and in (ii) technical reserves for insurance, private pension plans and savings bonds.

By the end of the quarter, Banco Bradesco’s stockholders’ equity totaled R$ 14.7 billion, with a BIS Ratio of 17% on a consolidated economic and financial basis, considering that the minimum for Brazil is 11%.

Based on our present capital adequacy ratio, our credit portfolio could be increased by R$ 65 billion.

The 3Q04 was marked by an improvement in this sector as compared to the prior quarter. Accordingly, assets under management by Bradesco Asset Management grew by more than R$ 3.3 billion, comprising R$ 2.8 billion in mutual funds and approximately R$ 500 million in managed portfolios. The R$ 90.2 billion in funds under management comprise a market share of 14.7%. Investments continued for the most part in fixed income products, in a total of R$ 84.9 billion in September, compared to R$ 5.3 billion in equity, comprising 5.9% of total funds managed, compared to 5.4% in 2Q04. Moreover, the profitability of our equity products was 13% for the quarter compared to average IBOVESPA of 9.9%.

We also highlight the ongoing improvement in our fee mix, as a result of our strong sales focus, as well as the segmentation of Funds designed to meet the needs of each type of customer, which is evidenced in the growth in fee income.

In addition, we highlight that BRAM won (i) for the 3^rd year in a row, Brazil’s “”Best Fund Manager” award given by Guia Exame magazine in partnership with Fundação Getulio Vargas, and (ii) the 2004 Market’s “Best Fund Manager”, according to the Invest Tracker-Estadão ranking, based on a study conducted by Thomson Financial Brazil.

Compared to the 9 months period in 2003, 2004’s net interest income increased by R$ 580 million, as a result of: (1) the growth in volume; (2) the stronger appreciation of the real vis-à-vis the US$ in the 2003 period (17.3%) compared to 2004 (1.1%), which motivated a R$1,024 million increase on interest income; (3) by a reduction in non-interest income due to lower securities income and trading gains in the amount of R$ 273 million; and (4) interest expenses of R$ 171 million previously not accounted in the NIM but in technical reserves variations.

On a quarterly basis, the increment of R$ 223 million occurred as a result of: (1) the increase on interest income of R$ 14 million, (comprised by the R$ 111 million gain driven by average volume growth and by the R$ 97 million decrease in spread); (2) the increase in expenses of R$ 171 million previously not accounted in the NIM but in technical reserves variations; and (3) the increase of R$ 380 million on non-interest income due to higher securities and trading gains and credit recoveries.

Fee Income continued to grow for the 9-month period and for the quarter, as a result of the increase in the number of customers and volume of transactions. The income growth totaled R$ 867 million, i.e. 26.4% between September 2004 and September 2003. On a quarterly basis, income was up by more than 5.8% (R$ 80 million).

We highlight that fee income was up for the 11^th consecutive quarter.

The growth of approximately 5% in personnel expenses for the first 9 months compared to the same period in 2003, was due to provisions recorded for the proposed collective bargaining agreement (R$ 69 million), increased expenses with labor claims (R$ 40 million) and finally consolidation of expenses relating to BBV Banco, Zogbi and BEM (R$ 186 million). On a quarterly basis, the increase of R$ 39 million comprises the aforementioned provision (R$ 69 million), partially offset by the decrease in payroll.

Comparing the two 9-month periods for 2003 and 2004, administrative expenses were up by 4.7% (below inflation), mainly as a result of expenses relating to the consolidation of BBV Banco, Zogbi and BEM, impacting R$ 208 million and by the readjustment of the tariffs and cost. On a quarterly basis, the variation was only R$ 9 million (R$ 1,216 million for the 2Q04 compared to R$ 1,225 million for the 3Q04).

Deferred tax assets were recorded in the amount of R$ 93 million for 3Q04, and R$ 89 million for 2Q04, offsetting extraordinary amortization of goodwill of respectively R$ 102 million, and R$ 135 million.

The Bradesco Insurance Group reported net income of R$ 201 million for the 3Q04, compared to R$ 211 million for the 2Q04.

In the insurance area, the auto line is characterized by tough competition between the various insurance companies. During the period, we maintained our technically appropriate pricing strategy, guaranteeing balanced portfolio results. Emphasis should be given to the launching of our customer profile based price policy now offered in the major cities and the maintenance of value-added product services. Our market share grew to 16.3%.

The company maintained its competitive status in Property and Casualty (fire, aircrafts, etc. ), focused primarily on mass insurance (residential) characterized by a low claims ratio. We highlight, in particular, Bradesco Bilhete Residencial, which surpassed a record of 600 thousand insured homes. We also launched Bradesco Aircraft Insurance, focused on executive aircraft. Our market share increased to 10.6%.

In the Health Insurance area, Bradesco Saúde continued to focus on the sale of corporate health insurance which comprises around 86% of the total portfolio.

The increase in the number of policyholders in this segment reflects the company’s high level of specialization and customization in corporate insurance products, a distinguishing feature in the current supplementary healthcare market. In Brazil, around 12 thousand companies offer Bradesco Saúde insurance products to their employees and amongst the 100 largest companies in Brazil, 33 of them operate with Bradesco Saúde in the Health/Dental line.

In Life Insurance, the offer of lower priced products continues, designed to attend C and D income bracket consumers, particularly, "Vida Máxima Mulher Bradesco" for women and " Vida Segura Bradesco". Bradesco maintains its leadership with a 16.7% market share.

Regarding, supplementary retirement pension plans, Bradesco Vida e Previdência maintains its strategy to increase PGBL and VGBL sales. Market share increased to 34.7%, guaranteeing absolute leadership.

Bradesco Capitalização maintained its portfolio profile, increasing the proportion of monthly payment products.

Technical reserves for insurance, private pension plans and savings bonds totaled an amount of R$ 31.6 billion, representing a 40% market share.

Bradesco’s Investor Relations Executive General Manager, Jean Philippe Leroy, was named “Investor Relations Professional of the Year” in 2004 by ABAMEC (the Brazilian Association of Capital Market Analysts), for his excellence in meeting the requirements of analysts in terms of objectivity and transparency, providing fair disclosure of information to the market and in furnishing basic information regarding the company and its sector whenever required. Another requirement regards the company’s respect of respecting all Brazilian Securities Commission obligations.