---

---

---

---

Index	Main Indicators (%)
	2003	2004		2005
	4th Qtr.	1st Qtr.	4th Qtr.	1st Qtr.	Accumulated 12 months
CDI	4.40	3.76	3.99	4.18	16.64
IBOVESPA	38.88	(0.42)	12.70	1.58	20.18
USD – Commercial Rate	(1.17)	0.67	(7.14)	0.43	(8.33)
IGP-M	1.49	2.72	1.96	1.55	11.14
IPCA – IBGE	1.15	1.85	2.00	1.79	7.54
TJLP	2.63	2.41	2.35	2.36	9.75
TR	0.69	0.35	0.47	0.55	2.02
Savings deposits	2.21	1.86	1.98	2.06	8.32
Business days	64	62	62	61	251
	Closing Price
USD – Commercial rate – sell (R$)	2.8892	2.9086	2.6544	2.6662	2.6662
Euro – (R$)	3.6506	3.5829	3.6195	3.4603	3.4603
Peso Argentine – (R$)	0.9847	1.0173	0.8955	0.9141	0.9141
Sovereign risk (Points)	463	557	383	456	456
SELIC – Central Bank Reference Rate COPOM (% p.a.)	16.50	16.25	17.75	19.25	19.25
Prefixed BM&F rate – 1 yr. (% p.a.)	15.88	15.24	17.85	19.17	19.17
Deposits		Compulsory Deposits Rates (%)
		2003	2004		2005
		4th Qtr.	1st Qtr.	4th Qtr.	1st Qtr.
Demand deposits (1)		45	45	45	45
Additional (2)		8	8	8	8
Time deposits (3)		15	15	15	15
Additional (2)		8	8	8	8
Saving deposits (4)		20	20	20	20
Additional (2)		10	10	10	10

(1)	Cash deposit – No remuneration.
(2)	Cash deposit – SELIC rate.
(3)	Deposit in Government Securities. From the amount calculated at 15%, R$ 300 million may be deducted as per Brazilian Central Bank instructions, effective from November 8, 2004.
(4)	Cash deposit – Reference Rate (TR) + interest of 6.17% p.a.

Items	Rates and Limits (%)
	2003	2004		2005
	4th Qtr.	1st Qtr.	4th Qtr.	1st Qtr.
Income Tax	25	25	25	25
Social Contribution	9	9	9	9
PIS (1)	0.65	0.65	0.65	0.65
COFINS (2)	4	4	4	4
Legal Reserve on Net Income	5	5	5	5
Maximum Fixed Assets (3)	50	50	50	50
Capital Adequacy Ratio Basel (4)	11	11	11	11

(1)	The rate applicable to non-financial and similar companies is 1.65% (non-cumulative PIS).
(2)	The rate applicable to financial and similar companies. For other companies, the rate is of 7.60% since February 2004 (non-cumulative COFINS).
(3)	Over Reference Equity.
(4)	Reference Equity may not be lower than 11% of weighted assets.

Forward-Looking Statements

This Report on Economic and Financial Analysis contains forward-looking statements relating to our business which are based on management’s current expectations, estimates and projections about future events and financial trends which could affect our business. Words such as: “believes”, “anticipates”, “plans”, “expects”, “intends”, “aims”, “evaluates”, “predicts”, “foresees”, “projects”, “guidelines”, “should” and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and involve risks and uncertainties which are difficult to predict and which could be beyond our control. Furthermore, certain forward-looking statements are based on assumptions which future events may prove to be inaccurate. Therefore, actual results may differ materially from the plans, objectives, expectations, projections and intentions expressed or implied in such forward-looking statements.

Factors which could cause actual results to differ materially include, among others, changes in regional, national and international commercial and economic conditions; inflation rates, increases in customer default and any other delays in credit operations; increases in the allowance for loan loss; loss of funding capacity; loss of clientele or revenues; our capacity to sustain and improve performance; changes in interest rates which could, among others, have an adverse effect on our margins; competition in the banking sector, in financial services, credit card services, insurance, asset management and other related sectors; government regulations and fiscal matters; disputes or adverse legal proceedings or ruling; as well as credit risks and other loan and investment activity risks.

Accordingly, the reader should not place undue reliance on these forward-looking statements. In all cases, these forward-looking statements are valid only as at the date they are made. Except as required under applicable legislation, we assume no obligation whatsoever to update these statements, whether as a result of new information, future events or any other motive.

Risk Factors

Reaffirming Bradesco’s adherence to best international practices for transparency and corporate governance, we transcribe below the text extracted from the “Risk Factors” section of Form 20-F, the annual report filed at the Securities and Exchange Commission – SEC, describing the risk factors which we consider most significant and which could affect our daily business, the results of our operations or our financial position. We stress that Bradesco addresses the management of all risks inherent to its activities in a complete and integrated manner. This integrated approach facilitates the improvement of risk management models and avoids the existence lacunas that could jeopardize the correct identification and assessment of these risks.

Risks Relating to Brazil

1) Brazilian political and economic conditions may have direct impact on our business and on the market price of our preferred shares and ADSs

All of our operations and clients are mainly located in Brazil. Accordingly, our financial condition and results of operations are substantially dependent on Brazil’s economy, which in the past has been characterized by frequent and occasionally drastic intervention by the Brazilian government and volatile economic cycles. In addition, our operations, financial condition and the market price of the preferred shares and ADSs may also be adversely affected by changes in policy involving exchange controls, tax and other matters, as well as factors such as: fluctuations in exchange rates; base interest rate fluctuations, inflation; and other political, diplomatic, social and economic developments within and outside of Brazil that affect the Country.

In the past, the Brazilian Government has often changed monetary, fiscal, taxation and other policies to influence the course of Brazil’s economy. We have no control over, and cannot predict, what measures or policies the Brazilian government may take in response to the current or future situation of the Brazilian economy or how the Brazilian government intervention and government policies will affect the Brazilian economy and, both directly and indirectly, our operations and revenues.

2) If Brazil experiences substantial inflation in the future, our revenues and the market price of our preferred shares and ADSs may be reduced

Brazil has experienced extremely high inflation rates in the past, with annual rates (IGP – DI from Fundação Getúlio Vargas) during the last fifteen years reaching as high as 1,158% in 1992, 2,708% in 1993 and 1,093% in 1994. More recently, Brazil’s inflation rates were 26.4% in 2002, 7.7% in 2003 and 12.1% in 2004. Inflation itself and governmental measures to combat it have had in past years significant negative effects on the Brazilian economy. Inflation, actions taken to combat inflation and public speculation about possible future actions have also contributed to economic uncertainty in Brazil and to heightened volatility in the Brazilian securities markets. If Brazil experiences substantial inflation in the future, our costs (if not accompanied by an increase in interest rates) may increase, our operating and net margins may decrease and, if investor confidence lags, the price of our preferred shares and ADSs may fall. Inflationary pressures may also curtail our ability to access foreign financial markets and may lead to further government intervention in the economy, including the introduction of government policies that may adversely affect the overall performance of the Brazilian economy.

3) Access to international capital markets for Brazilian companies is influenced by the perception of risk in emerging economies,which may hurt our ability to finance our operations

Since the end of 1997, and in particular during the last four years, as a result of economic problems in various emerging market countries, including the economic crisis in Argentina, investors have had a heightened risk perception for investments in emerging markets. As a result, in some periods, Brazil has experienced a significant outflow of U.S. dollars and Brazilian companies have faced higher costs for raising funds, both domestically and abroad, and have been impeded from accessing international capital markets. We cannot assure you that international capital markets will remain open to Brazilian companies or that prevailing interest rates in these markets will be advantageous to us.

4) Developments in other emerging markets may adversely affect the market price of the preferred shares and ADSs

The market price of the preferred shares and ADSs may be adversely affected by declines in the international financial markets and world economic conditions. Brazilian securities markets are, to varying degrees, influenced by economic and market conditions in other emerging market countries, especially those in Latin America, including Argentina, which is one of Brazil’s principal trading partners. Although economic conditions are different in each Country, investors’ reaction to developments in one Country can affect the securities markets and the securities of issuers in other countries, including Brazil. Since the fourth quarter of 1997, the international financial markets have experienced significant volatility, and a large number of market indices, including those in Brazil, have declined significantly.

Developments in other countries have also at times adversely affected the market price of our and other Brazilian companies’ preferred shares, as investors’ perceptions of increased risk due to crises in other emerging markets can lead to reduced levels of investment in Brazil and, in addition, may hurt our ability to finance our operations through the international capital markets. If the current economic situation in Argentina and Latin America deteriorates, or if similar developments occur in the international financial markets in the future, the market price of the preferred shares and ADSs may be adversely affected.

Risks Relating to Bradesco and the Brazilian Banking and Insurance Industries

1) The Brazilian government regulates the operations of Brazilian banks and insurance companies, and changes in existing laws and regulations or the imposition of new ones may negatively affect our operations and income

Brazilian banks and insurance companies, including our banking and insurance operations, are subject to extensive and continuous regulatory review by the Brazilian Government. We have no control over government regulations, which govern all facets of our operations, including the imposition of minimum capital requirements, compulsory reserve requirements, lending limits and other credit restrictions.

The regulatory structure governing Brazilian banks and insurance companies is continuously evolving. Existing laws and regulations could be amended, the manner in which laws and regulations are enforced or interpreted could change, and new laws or regulations could be adopted. Such changes could materially adversely affect our operations and our income.

Regulatory changes affecting other businesses in which we are engaged, including our broker dealer, consortium and leasing operations, could also have an adverse effect on our operations and our income.

2) The increasingly competitive environment in the Brazilian bank and insurance industries may negatively affect our business prospects

We face significant competition in all of our principal areas of operation from other large Brazilian banks and insurance companies, public and private. Brazilian regulations raise limited barriers to market entry and do not differentiate between local or foreign commercial and investment banks and insurance companies. As a result, the presence of foreign banks and insurance companies in Brazil, some of which have greater resources than we do, has grown and competition both in the banking and insurance sectors. The privatization of publicly owned banks has also made the Brazilian markets for banking and other financial services more competitive. The increased competition may negatively affect our business results and prospects by, among other things, limiting our ability to increase our client base and expand our operations, reducing our profit margins on the banking, insurance, leasing and other services and products we offer; and increasing competition for foreign investment opportunities.

Furthermore, additional publicly-owned banks and insurance companies may be privatized in the future. The acquisition of a bank or insurance company in a privatization process or otherwise by one of our competitors would generally add to the acquirers’ market share, and as a result we may face increased competition from the acquirer.

3) A majority of our common shares are held by two shareholders, whose interests may conflict with other investors’ interests

On March 31, 2005 Cidade de Deus – Companhia Comercial de Participações, which we call “Cidade de Deus Participações,” directly held 48.00% of March 31, 2005 our common shares and Fundação Bradesco directly and indirectly held 45.16% of our common shares. As a result, these shareholders have the power to prevent a change in control of our company, even if a transaction of that nature would be beneficial to our other shareholders, as well as to approve related-party transactions or corporate reorganizations.

Contents
List of Abbreviations					4
1 – Bradesco – Line by Line					5
Highlights		6		Analysis of the Statement of Income	10
Profitability		7		Comparative Balance Sheet	26
Comparative Statement of Income		9		Equity Analysis	27
2 – Main Statement of Income Information					37
Consolidated Statement of Income		38		Allowance for Loan Losses	47
Results by Business Segment		40		Revenues from Services Rendered	48
Increase in the Main Statement of Income Items		40		Administrative and Personnel Expenses	49
Increase in Financial Margin Items plus Exchange				Operating Efficiency	50
Adjustment		41		Other Indicators	51
Analysis of the Adjusted Financial Margin and
Average Rates		42
3 – Main Balance Sheet Information					53
Consolidated Balance Sheet		54		Funding	66
Balance Sheet by Currency and Exchange Exposure		56		Checking Accounts	66
Balance Sheet by Maturity		57		Savings Accounts	67
Securities		58		Asset Management	69
Credit Operations		60
4 – Operating Companies					71
Bradesco Insurance Group		72		Leasing Companies	88
– Insurance Companies		72		Bradesco Consórcios (Consortium Purchase Plans)	90
– Vida e Previdência (Private Pension Plans Companies)		78		Bradesco S.A. Corretora de Títulos e
– Savings Bonds Companies		82		Valores Mobiliários	94
Banco Finasa		86		Bradesco Securities, Inc.	96
5 – Operating Structure					97
Corporate Organization Chart		98		Risk Management and Compliance	115
Administrative Body		100		– Credit Risks, Operating Risks, Market Risks, Internal
Risk Ratings		101		Controls and Compliance	115
Ranking		102		– Liquidity Risk Management	121
Market Segmentation		103		– Capital Risk Management	121
Retail Bradesco		103		Cards	124
Bradesco Corporate Banking		104		International Area	127
Bradesco Empresas (Middle Market)		105		Capital Market	131
Bradesco Private Banking		105		Collection and Tax and Utility Collections	132
Bradesco Prime		106		Bookkeeping of Assets and
Customer Service Network		106		Qualified Custody Services	134
Bradesco Day and Night Customer Service Channels		109		Business Processes	135
Banco Postal		114		Recognition	137
Investments in Infrastructure, Information
Technology and Telecommunications		115
6 – Social Responsibility					139
Human Resources		140		Fundação Bradesco	147
Sociocultural Events		146		Social Report	152
Finasa Sports Program		146
7 – Independent Auditors’ Report on special review					153
Independent Auditors’ Report on Special Review of Supplementary Accounting Information presented in the
Report on Economic and Financial Analysis and in the Social Report					154
8 – Financial Statements, Independent Auditors' Report and Report of the Fiscal Council					155
Directors’ Report		156		Notes to the Financial Statements	166
Balance Sheet		159		Board of Directors, Board of Executive Officers and Disclosure Committee	216
Consolidated Statement of Income		163		Independent Auditors’ Report	217
Statement of Changes in Financial Position		164		Report of the Fiscal Council	218
Index of Notes to the Financial Statements		165
Glossary of Technical Terms					219
Cross Reference Index					222

     Certain figures included in this document have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables may not be an arithmetic aggregation of the figures which precede them.

List of Abbreviations

ABC	–     Activity-Based Costing	FxRN	–     Fixed Rate Note
ABEL	–     Brazilian Association of Leasing Companies	GARP	–     Global Association of Research Professionals
ABM	–     Activity-Based Management	GDAD	–     Management of Performance and
ACM	–     Automated Consulting and Contract Machine		Support to Decisions
ADR	–     American Depositary Receipt	IBA	–     Brazilian Actuarial Institute
ADS	–     American Depositary Share	IBMEC	–     Brazilian Capital Market Institute
ADVB	–     Association of Sales and Marketing Managers of	IBNR	–     Claims Incurred But Not Reported
	Brazil	IBOVESPA	–     São Paulo Stock Exchange Index
AGE	–     Special Stockholders’ Meeting	IFC	–     International Finance Corporation
ANAPP	–     National Association of Private Pension	IGP-DI	–     General Price Index –Internal Availability
	Plans Companies	IGP-M	–     General Price Index –Market
ANBID	–     National Association of Investment Banks	IPCA	–     Extended Consumer Price Index
ANS	–     National Agency for Supplementary Healthcare	IR	–     Income Tax
AP	–     Personal Accident	ISO	–     International Organization for Standardization
ATM	–     Automated Teller’s Machine	ISS	–     Tax on Services
BACEN	–     Brazilian Central Bank	JCP	–     Interest on Own Capital
BDR	–     Brazilian Depositary Receipt	LATIBEX	–     Latin American Stock Exchange Market in Euros (Spain)
BM&F	–     Mercantile and Futures Exchange	MBA	–     Master in Business Administration
BNDES	–     National Bank for Economic and Social Development	MP	–     Provisional Measure
BOVESPA	–     São Paulo Stock Exchange	NBR	–     Registered Brazilian Rule
CDB	–     Certificate of Bank Deposit	NYSE	–     New York Stock Exchange
CDC	–     Consumer Sales Financing	OIT	–     International Labor Organization
CDI	–     Certificate of Interbank Deposit	ON	–     Common Stock
CEF	–     Federal Savings Bank	PDD	–     Allowance for Loan Losses
CESP	–     Companhia Energética de São Paulo	PGBL	–     Unrestricted Benefits Generating Plan
	(São Paulo Electric Power Company)	PIB	–     Gross Domestic Product (GDP)
CETIP	–     Custody and Settlement Chamber	PIS	–     Social Integration Program
CID	–     Digital Inclusion Center	PL	–     Stockholders’ Equity
CIPA	–     Internal Accident Prevention Committee	PLR	–     Employee Profit Sharing
CMN	–     National Monetary Council	PN	–     Preferred Stock
COFINS	–     Social Contribution on Billings	PTRB	–     Online Tax Payment
COPOM	–     Monetary Policy Committee	RCF	–     Optional Third-Party Liability
COSIF	–     Chart of Accounts for National Financial	RE	–     Basiclines (of Insurance Products)
	System Institutions	ROA	–     Return on Assets
COSO	–     Committee of Sponsoring Organizations	ROE	–     Return on Equity
CPMF	–     Provisory Contribution on Financial Transactions	SAP	–     Systems Applications and Products
CRI	–     Certificate of Real Estate Receivables	SBPE	–     Brazilian Savings and Loan System
CS	–     Social Contribution	SEBRAE	–     Brazilian Micro and Small Business Support Service
CVM	–     Brazilian Securities Commission	SEC	–     U.S. Securities and Exchange Commission
DPVAT	–     Compulsory Vehicle Insurance	SELIC	–     Special Clearance and Custody System
DR	–     Depositary Receipt	SESI	–     National Industry Social Service
DTVM	–     Securities Dealer	SFH	–     National Housing System
DVA	–     Value-Added Distribution	SFN	–     National Financial System
EPE	–     Specific Purpose Entities	SIGA	–     Integrated Policy Management System of
ERP	–     Enterprise Resource Planning		the Insurance Group
EXIM	–     Export and Import –     BNDES Financing Line	SIPAT	–     Internal Week of Work Accident Prevention
FGV	–     Fundação Getulio Vargas	SPB	–     Brazilian Payment System
FIA	–     Fundação Instituto de Administração	SPE	–     Specific Purpose Entity
FIDC	–     Credit Assignment Funds	SUSEP	–     Superintendence of Private Insurance
FIFE	–     Exclusive Financial Investment Fund	TED	–     Instant Online Transfer
FINAME	–     Fund for Financing the Acquisition of	TJLP	–     Long-term Interest Rate
	Industrial Machinery and Equipment	TR	–     Reference Rate
FIPE	–     Economic Research Institute Foundation	TVM	–     Securities
FIPECAFI	–     Accounting, Actuarial and Financial	USCP	–     United States Commercial Paper
	Research Institute Foundation	V@R	–     Value at Risk
FlRN	–     Floating Rate Note	VGBL	–     Long-term Life Insurance

1 – Bradesco – Line by Line

---

---

	1st Qtr.		Variation	4th Qtr.	1st Qtr.	Variation
	2004	2005	%	2004	2005	%
Financial Margin	3,330	3,999	20.1	3,516	3,999	13.7
Allowance for Loan Losses	561	635	13.2	489	635	29.9
Revenues from Services Rendered	1,319	1,661	25.9	1,675	1,661	(0.8)
Insurance, Private Pension Plans and Savings Bonds Premiums Retained	2,994	2,796	(6.6)	3,836	2,796	(27.1)
Personnel Expenses	1,177	1,221	3.7	1,284	1,221	(4.9)
Other Administrative Expenses	1,208	1,192	(1.3)	1,289	1,192	(7.5)
Operating Income	799	1,584	98.2	1,534	1,584	3.3
Net Income	609	1,205	97.9	1,058	1,205	13.9

---

	March		Variation	December	March	Variation
	2004	2005	%	2004	2005	%
Total Assets	160,971	191,299	18.8	184,926	191,299	3.4
Securities	53,152	64,842	22.0	62,422	64,842	3.9
Credit Operations	54,894	65,979	20.2	62,788	65,979	5.1
Permanent Assets	5,381	4,765	(11.4)	4,946	4,765	(3.7)
Total Deposits	59,186	71,372	20.6	68,643	71,372	4.0
Borrowings and Onlendings	15,816	15,634	(1.2)	15,960	15,634	(2.0)
Technical Reserves	27,947	35,328	26.4	33,669	35,328	4.9
Stockholders’ Equity	13,625	16,538	21.4	15,215	16,538	8.7

---

	Common stock	Preferred stock	Total
Number of Stocks Held on December 31, 2004	238,351,329	236,081,796	474,433,125
Capital increase through subscription	8,791,857	8,708,143	17,500,000
Capital increase through merge	182,504	180,767	363,271
Stocks acquired and not cancelled for the year	(423,800)	–	(423,800)
Number of Stocks Held on March 31, 2005	246,901,890	244,970,706	491,872,596

---

	1st Qtr.		Variation	4th Qtr.	1st Qtr.	Variation
	2004	2005	%	2004	2005	%
Net Income per Share	1.28	2.45	91.4	2.23	2.45	9.9
Dividends/JCP per Share – ON (Net of Income Tax)	0.555	0.607	9.4	0.584	0.607	4.0
Dividends/JCP Per Share – PN (Net of Income Tax)	0.611	0.668	9.4	0.642	0.668	4.0
Net Book Value (ON and PN)	28.71	33.62	17.1	32.07	33.62	4.8
Average Last Day Price – ON	39.25	67.15	71.1	55.63	67.15	20.7
Average Last Day Price – PN	46.32	77.33	66.9	64.88	77.33	19.2
Market Value of Stockholders’ Equity  (R$ million) (**)	20,295	35,523	75.0	28,576	35,523	24.3

(*) For comparison purposes, in the 1Q04, the amounts were adjusted in 200% due to the stock split.
(**) Number of shares x average last day quotation for the period.

---

	2003	2004		2005
	4th Qtr.	1st Qtr.	4th Qtr.	1st Qtr.
Net Income	715	609	1,058	1,205
Equity in the Income of Associated Companies	(31)	–	(44)	5
Allowance for Loan Losses	453	561	489	635
Technical Reserves	1,844	1,530	2,239	1,358
Reversal of/Allowance for Mark-To-Market	(11)	(4)	(3)	7
Depreciation and Amortization	153	144	128	135
Amortization of Goodwill	173	87	212	96
Other	2	6	(12)	11
Total	3,298	2,933	4,067	3,452

---

	2003	2004		2005
	4th Qtr.	1st Qtr.	4th Qtr.	1st Qtr.
Added Value (A+B+C)	2,172	2,382	2,812	3,153
A – Gross Profit from Financial Intermediation	3,192	2,769	3,027	3,364
B – Revenues from Services Rendered	1,275	1,319	1,675	1,661
C – Other Operating Income/Expenses	(2,295)	(1,706)	(1,890)	(1,872)
Distribution of Added Value (D+E+F+G)	2,172	2,382	2,812	3,153
D – Employees	1,013	940	1,027	979
E – Government	444	833	727	969
F – JCP/Dividends to Stockholders (paid and accrued)	347	326	340	366
G – Reinvestment of Profits	368	283	718	839

---

	2003	2004		2005
	4th Qtr.	1st Qtr.	4th Qtr.	1st Qtr.
Return on Stockholders’ Equity (total)	22.8	19.1	30.9	32.5
Return on Stockholders’ Equity (average)	23.6	19.3	31.7	34.7
Return on Total Assets (total)	1.6	1.5	2.3	2.5
Stockholders’ Equity to Total Assets	7.7	8.5	8.2	8.6
Capital Adequacy Ratio (Basel) – Financial Consolidated	19.9	18.9	18.8	17.1
Capital Adequacy Ratio (Basel) – Total Consolidated	17.2	16.4	16.1	15.0
Permanent Assets to Stockholders' Equity – Financial Consolidated	40.8	43.8	38.0	43.8
Permanent Assets to Stockholders' Equity – Total Consolidated	26.4	28.0	23.3	21.1
Efficiency Ratio (Accumulated over the prior 12-month period)	56.6	59.0	55.5	52.7

---

	December	March	Variation	March		Variation
	2004	2005	%	2004	2005	%
Assets under Management – R$ million	256,383	276,767	4.3	229,682	276,767	20.5
Number of Employees	73,644	72,619	(1.4)	76,190	72,619	(4.7)
Number of Branches	3,004	2,959	(1.5)	3,058	2,959	(3.2)
Checking Account Holders – in millions	15.7	16.1	2.5	15.4	16.1	4.5
Debit And Credit Card Base – in millions	46.4	46.9	1.1	42.7	46.9	9.8

---

In 1Q05, Bradesco reported consolidated net income of R$ 1,205 million, compared to R$ 609 million for the same period in 2004, which corresponds to a growth of 97.9%. When compared to 4Q04`s net income, there was a positive increase of R$ 147 million, or 13.9%. On March 31, 2005 the stockholders’ equity totaled R$ 16,538 million, up 21.4% and 8.7% when compared to the balances for March 31, 2004 and December 31, 2004, respectively. As a result, the return on stockholders’ equity (ROE) reached 32.5%. Assets totaled R$ 191,299 million at the end of 1Q05, a growth rate of 18.8% and 3.4% compared to the balances for March 31, 2004 and December 31, 2005, respectively. Return on total assets (ROA) for 1Q05 was 2.5%. Earnings per stock reached R$ 2.45.

1Q05 was marked by the maintenance of the good performance of revenues comprising the Financial Margin, which grew 13.7% when compared to the previous quarter, essentially due to the expansion in business volumes, in particular the Credit Portfolio, up by 5.1% in the quarter, influenced by the economic growth retake started in 2H04, and also by higher gains from securities, in which we highlight the positive result recorded with the sale of part of our stake in Belgo Mineira’s capital stock, amouting to R$ 327 million.

The current scenario of continuous credit portfolio improvement, in sync with our ongoing preoccupation with the selective credit granting policy, reflected an improved portfolio of risk ratings, with AA-to-C rated credits reaching 92.5% of the total portfolio, against 92.3% in 4Q04. This performance, related to the evolution observed in credit portfolio’s volume, coupled with the R$ 166 million preventive PDD constitution linked to the operations of a large utilities concessionaire

which is under a debt restructuring process, resulted in the constitution of Allowance for Loan Losses in the amount of R$ 635 million in 1Q05, with Allowance for Loan Losses reaching the level of R$ 4,301 million on March 31, 2005.

It is worth highlighting that was recorded extraordinary reserve of R$ 324 million in the Individual Health portfolio, to bring to the same level the premiums for insurance holders over 60 years old and for fully settled plans whose holders are still entitled to their benefits (planos remidos).

Operating Efficiency Ratio in the 12-month period comprised between April 1st, 2004 until March 31, 2005 was of 52.7%, improving by 2.8 points when compared to 2004, mainly as a result of the combination of strict expense control with the revenue growth in this quarter. As a consequence of all those efforts, the Expanded Coverage Ratio (revenues from services rendered/personnel expenses + administrative expenses) increased from 65.1% in 4Q04 to 68.8% in 1Q05.

Bradesco - Line by Line

---

	1st Qtr.		Variation	2004	2005	Variation
	2004	2005	%	4th Qtr.	1st Qtr.	%
Income from Financial Intermediation	6,756	8,109	20.0	6,202	8,109	30.7
Credit Operations	3,100	3,709	19.6	3,102	3,709	19.6
Leasing Operations	85	87	2.4	86	87	1.2
Securities Transactions	1,680	1,655	(1.5)	758	1,655	118.3
Financial Income on Insurance, Private Pension Plans
and Savings Bonds	1,245	1,769	42.1	1,379	1,769	28.3
Derivative Financial Instruments	196	365	86.2	530	365	(31.1)
Foreign Exchange Transactions	161	172	6.8	29	172	493.1
Compulsory Deposits	289	352	21.8	318	352	10.7
Expenses from Financial Intermediation
(not including PDD)	3,426	4,110	20.0	2,686	4,110	53.0
Funds obtained in the open market	2,454	2,810	14.5	1,710	2,810	64.3
Price-Level Restatement and Interest on Technical
Reserves for Insurance, Private Pension Plans and
Savings Bonds	652	939	44.0	922	939	1.8
Borrowings and Onlendings	316	358	13.3	50	358	616.0
Leasing Operations	4	3	(25.0)	4	3	(25.0)
Financial Margin	3,330	3,999	20.1	3,516	3,999	13.7
Allowance for Loan Losses	561	635	13.2	489	635	29.9
Gross Income from Financial Intermediation	2,769	3,364	21.5	3,027	3,364	11.1
Other Operating Income (Expenses)	(1,970)	(1,780)	(9.6)	(1,493)	(1,780)	19.2
Revenues from Services Rendered	1,319	1,661	25.9	1,675	1,661	(0.8)
Operating income from insurance, private
pension plans and savings bonds	(134)	(214)	59.7	165	(214)	(229.7)
(+) Net premiums written	3,431	3,616	5.4	4,471	3,616	(19.1)
(-) Reinsurance premiums and redeemed premiums	(437)	(820)	87.6	(635)	(820)	29.1
(=) Income on Insurance Premiums, Private
Pension Plans and Savings Bonds	2,994	2,796	(6.6)	3,836	2,796	(27.1)
Insurance Premiums Retained	1,464	1,786	22.0	1,770	1,786	0.9
Private Pension Plans Contributions	1,224	726	(40.7)	1,748	726	(58.5)
Income on Savings Bonds	306	284	(7.2)	318	284	(10.7)
Variation in Technical Reserves for Insurance,
Pension Plans and Savings Bonds	(878)	(418)	(52.4)	(1,317)	(418)	(68.3)
Variation in Technical Reserves for Insurance	22	(392)	–	(127)	(392)	(208.7)
Variation in Technical Reserves for Pension Plans	(850)	(11)	(98.7)	(1,200)	(11)	(99.1)
Variation in Technical Reserves for Savings Bonds	(50)	(15)	(70.0)	10	(15)	–
Retained Claims	(1,232)	(1,372)	11.4	(1,317)	(1,372)	4.2
Savings Bonds Draws and Redemptions	(273)	(246)	(9.9)	(292)	(246)	(15.8)
Insurance, Pension Plans and Savings Bonds
Selling Expenses	(212)	(229)	8.0	(234)	(229)	(2.1)
Insurance Product Selling Expenses	(173)	(183)	5.8	(189)	(183)	(3.2)
Pension Plans and Savings Bonds Selling Expenses	(39)	(46)	17.9	(45)	(46)	2.2
Expenses with Pension Plans Benefits and
redemptions	(533)	(745)	39.8	(511)	(745)	45.8
Personnel Expenses	(1,177)	(1,221)	3.7	(1,284)	(1,221)	(4.9)
Other Administrative Expenses	(1,208)	(1,192)	(1.3)	(1,289)	(1,192)	(7.5)
Tax Expenses	(336)	(405)	20.5	(411)	(405)	(1.5)
Equity in the Earnings of Associated Companies	–	(5)	–	44	(5)	–
Other Operating Income	257	300	16.7	311	300	(3.5)
Other Operating Expenses	(691)	(704)	1.9	(704)	(704)	–
Operating Income	799	1,584	98.2	1,534	1,584	3.3
Non-Operating Income	(11)	(6)	(45.5)	(148)	(6)	(95.9)
Income Before Taxes and Profit Sharing	788	1,578	100.3	1,386	1,578	13.9
Provision for Income Tax and Social Contribution	(179)	(373)	108.4	(321)	(373)	16.2
Minority Interest in Subsidiaries	–	–	–	(7)	–	(100.0)
Net Income	609	1,205	97.9	1,058	1,205	13.9
Return on Stockholders’ Equity (%) Annualized	19.1	32.5	–	30.9	32.5	–

---

---

1stQtr./2004	1stQtr./2005	Variation %		4thQtr./2004	1stQtr./2005	Variation %
3,181	3,793	19.2		3,184	3,793	19.1
Income was up mostly as a result of: (i) the increase in the volume of the credit portfolio, which totaled R$ 65,979 in March/05 against R$ 54,894 in March/04, particularly in the individual customer portfolio, up by 44.2%, highlighting “Personal Credit” and “Auto CDC products”, which revenues are higher. The corporate portfolio was up by 9.9%, highlighting “Working Capital” and “Overdraft” products.				The variation was mainly due to: (i) positive exchange variation of 0.4% in 1Q05, against negative exchange variation of 7.1% in 4Q04, with impact on foreign-currency indexed and/or denominated operations, comprising 10.2% of the portfolio; and (ii) the increase in the average volume of the credit portfolio, especially the 11.9% increase for the quarter in the individuals portfolio, particularly the “Personal Credit” and “Auto CDC” products, which produced higher average revenues.

---

1stQtr./2004	1stQtr./2005	Variation %		4thQtr./2004	1stQtr./2005	Variation %
1,876	2,020	7.7		1,288	2,020	56.8
The variation for the period is mainly due to: (i) rising average interest rates in line with the variation in CDI of 4.2% for 1Q05 as compared to 3.8% for 1Q04; and (ii) increase (non-interest income) of R$ 348 in 1Q05 against R$ 287 in 1Q04, as a result of increased gains with securities and treasury operations.				This increase for the quarter mainly reflects: (i) positive exchange variation of 0.4% in 1Q05, against negative exchange variation of 7.1% in 4Q04, with impact on foreign-currency indexed and/or denominated operations, comprising 13.8% of the portfolio; (ii) increase in the average volume of the securities (TVM) portfolio, particularly federal government securities; (iii) rising average interest rates in line with the variation in CDI of 4.2% for 1Q05 as compared to 4.0% for 4Q04; partially offset by (iv) decreased result (non-interest income) of R$ 348 in 1Q05 against R$ 416 in 4Q04, as a result of increased gains with securities and treasury operations.

---

1stQtr./2004	1stQtr./2005	Variation %		4thQtr./2004	1stQtr./2005	Variation %
1,245	1,769	42.1		1,379	1,769	28.3
The variation for the period was mainly due to: (i) the increase in the average volume of the securities’ portfolio, comprising federal government securities, related to technical reserves, especially PGBL and VGBL products; (ii) rising average interest rates in line with the variation in CDI of 4.2% for 1Q05, as compared to 3.8% for 1Q04; (iii) the increase (non-interest income) of R$ 408 in 1Q05 against R$ 125 in 1Q04, as a result of increased gains with securities, in which we highlight the positive result of R$ 327 recorded with the sale of part of our stake in Belgo-Mineira’s capital stock, partially offset by: (iv) less variation in the IGP-M index, of 1.5% in 1Q05 against 2.7% in 1Q04.				The variation for the quarter was substantially due to: (i) rising average interest rates in line with the variation in CDI of 4.2% for 1Q05 as compared to 4.0% for 4Q04; (ii) the increase (non-interest income) of R$ 408 in 1Q05 against R$ 34 in 4Q04, as a result of increased gains with securities, in which we highlight the positive result of R$ 327 recorded with the sale of part of our stake in Belgo-Mineira’s capital stock, partially offset by: (iii) less variation in the IGP-M index, of 1.5% in 1Q05, against 2.0% in 4Q04.

---

1stQtr./2004	1stQtr./2005	Variation %		4thQtr./2004	1stQtr./2005	Variation %
161	172	6.8		29	172	493.1
This item should be analyzed deducted from foreign funding expenses used for import/export financing in accordance with Note 13a to the financial statements. After the deductions, the result would be of R$ 63 in 1Q04 and of R$ 56 in 1Q05, mainly influenced by the increase in average interest rates of the foreign exchange portfolio.				This item should be analyzed deducted from foreign funding expenses used for import/export financing in accordance with Note 13a to the financial statements. After the deductions, the result would be of R$ 79 in 4Q04 and of R$ 56 in 1Q05, mainly influenced by the decrease in the average foreign exchange portfolio in the quarter.

1stQtr./2004	1stQtr./2005	Variation %		4thQtr./2004	1stQtr./2005	Variation %
289	352	21.8		318	352	10.7
The variation for the period mainly reflects: (i) increase in the SELIC rate, used to remunerate the additional compulsory deposit, from 3.8% for 1Q04 to 4.2% for 1Q05; (ii) increase in the TR reference rate used to remunerate compulsory savings account deposits, from 0.4% in 1Q04 to 0.6% for 1Q05; and (iii) the growth in the average volume of deposits for the period.				This increase in the quarter was mainly due to: (i) increase in the SELIC rate, used to remunerate the additional compulsory deposit, from 4.0% in 4Q04 to 4.2% in 1Q05; and (ii) increase in the TR reference rate used to remunerate compulsory savings account deposits, from 0.5% in 4Q04 to 0.6% for 1Q05.

---

1stQtr./2004	1stQtr./2005	Variation %		4thQtr./2004	1stQtr./2005	Variation %
2,454	2,810	14.5		1,710	2,810	64.3
The variation for the period is mainly due to: (i) rising average interest rates in line with the variation in CDI of 4.2% for 1Q05 as compared to 3.8% for 1Q04; (ii) increase in the TR reference rate, from 0.4% in 1Q04 to 0.6% for 1Q05, with impact on savings account deposits expenses; and (iii) growth in the average balance of funding during the period.				The increase in this expense mainly reflects: (i) positive exchange variation of 0.4% in 1Q05, compared to negative exchange variation of 7.1% in 4Q04, with impact on foreign-currency indexed and/or denominated operations; (ii) increase in average interest rates, in line with the variation in the CDI from 4.0% in 4Q04 to 4.2% in 1Q05; and (iii) growth in the average volume of funding in 1Q05.

---

1stQtr./2004	1stQtr./2005	Variation %		4thQtr./2004	1stQtr./2005	Variation %
652	939	44.0		922	939	1.8
The increase is mainly due to: (i) the increase in the average volume of technical reserves for insurance, private pension plans and premium bonds, particularly PGBL and VGBL products; (ii) rising average interest rates in line with the variation in CDI of 4.2% for 1Q05 as compared to 3.8% for 1Q04; and partially offset by: (iii) less variation in the IGP-M, of 2.7% in 1Q04 against 1.5% in 1Q05, one of the indexes used to remunerate Technical Reserves for Insurance, Private Pension Plans and Savings Bonds.				The variation was mainly due to: (ii) rising average interest rates in line with the variation in CDI of 4.2% for 1Q05 as compared to 4.0% for 4Q04; and partially offset by (ii) less variation in the IGP-M, from 2.0% in 4Q04 to 1.5% in 1Q05, one of the indexes used to remunerate Technical Reserves for Insurance, Private Pension Plans and Savings Bonds.

---

1stQtr./2004	1stQtr./2005	Variation %		4thQtr./2004	1stQtr./2005	Variation %
316	358	13.3		50	358	616.0
The increase is, in large part, resulted from: (i) the increase in the average volume of domestic funding through FINAME onlendings, coupled with rising average interest rates in line with the variation in CDI of 4.2% for 1Q05 as compared to 3.8% for 1Q04; and (ii) the raise from expenses payables to foreign bankers in 1Q05.				This increase reflects the positive exchange variation of 0.4% in 1Q05 against negative exchange variation of 7.1% in 4Q04, with impact on borrowings and onlendings indexed and/or denominated in foreign currency, which represent 50.2% of the Borrowings and Onlendings Portfolio.

---

1stQtr./2004	1stQtr./2005	Variation %		4thQtr./2004	1stQtr./2005	Variation %
3,330	3,999	20.1		3,516	3,999	13.7
The variation was mainly due to: (i) increase in interest income – R$ 348, comprising basically growth in the average volume of business; and (ii) increase in non-interest income – R$ 321, mainly as a result of increased gains with securities, in which we highlight the positive result of R$ 327 recorded with the sale of our stake in Belgo-Mineira’s capital stock.				The variation for the quarter was mainly due to: (i) increase in interest income – R$ 211, comprising basically growth in the average volume of business; and (ii) increase in non-interest income – R$ 272, mainly as a result of increased gains with securities, in which we highlight the positive result of R$ 327 recorded with the sale of our stake in Belgo-Mineira’s capital stock.

---

1stQtr./2004	1stQtr./2005	Variation %		4thQtr./2004	1stQtr./2005	Variation %
561	635	13.2		489	635	29.9
The increase of R$ 74 in these expenses includes the preventive PDD constitution in 1Q05 of R$ 166, linked to the operations of a large utilities concessionaire, which is under a debt restructuring process. Excluding this effect, these expenses would drop R$ 92, even with the 20.2% increase in the loan portfolio.This performance evidences the constant selectivity and ongoing enhancement of tools/instruments used to grant, recover and monitor the loan portfolio, in line with the continuing recovery of the Brazilian economy, reflecting in the quality of our loan portfolio. In March 2004 and March 2005, our AA – C rated portfolio comprised 90.4% and 92.5%, respectively, of our total loan portfolio.				The increase of R$ 146 in these expenses includes the preventive PDD constitution in 1Q05 of R$ 166, linked to the operations of a large utilities concessionaire, which is under a debt restructuring process. Excluding this effect, these expenses would drop R$ 20, even with the 5.1% increase in the loan portfolio.This performance evidences the constant selectivity and ongoing enhancement of tools/instruments used to grant, recover and monitor the credit portfolio, in line with the continuing recovery of the Brazilian economy, reflected in the quality of our loan portfolio. In December 2004 and March 2005, our AA to C rated portfolio comprised 92.3% and 92.5%, respectively, of our total loan portfolio.

---

1stQtr./2004	1stQtr./2005	Variation %		4thQtr./2004	1stQtr./2005	Variation %
1,319	1,661	25.9		1,675	1,661	(0.8)
Growth for the period is derived substantially from the increase in the average volume of transactions coupled with the increase in the client base and with the improvement in the partnership ratio (cross-selling) related to the segmentation process, especially: (i) credit operations – R$ 118; (ii) checking accounts – R$ 80; (iii) income on cards – R$ 48; (iv) asset management – R$ 40; and (v) consortium purchase plan management – R$ 15.				Variation for the quarter was mainly due to the effect of the elimination in a gap of dates in the consolidation of our stake in the affiliated company VISANET in 4Q04, which had an impact on “Income on Cards”– R$ 47. Excluding this effect, we highlight higher revenues from: (i) credit operations – R$ 35: (ii) checking accounts – R$ 22.

---

1stQtr./2004	1stQtr./2005	Variation %		4thQtr./2004	1stQtr./2005	Variation %
2,994	2,796	(6.6)		3,836	2,796	(27.1)
The variation is detailed in the charts below:				The variation is detailed in the charts below:

---

1stQtr./2004	1stQtr./2005	Variation %		4thQtr./2004	1stQtr./2005	Variation %
1,464	1,786	22.0		1,770	1,786	0.9
The variation in insurance operations were mainey driven by Health and Auto portfolios. The increase in Health is due to the collective plan – R$ 116, and the expansion in Auto – R$ 148 relates to the launching of a profile which raised in 20% the number of insured clients.				Retained premiums from insurance remained practically stable in 1Q05 when compared to 4Q04.

---

1stQtr./2004	1stQtr./2005	Variation %		4thQtr./2004	1stQtr./2005	Variation %
1,224	726	(40.7)		1,748	726	(58.5)
The variation in the quarter is mainly explained by the increase in redemptions in 2005, in the amount of R$ 366; and to the drop of 8.5% in VGBL/PGBL product sales if compared to 1Q04, both due to the uncertainties raised by the changes in the tax regulation, affecting on a temporary basis the 1Q05’s businesses.				The variation in the quarter is explained by the increase in VGBL redemptions in the amount of R$ 121, and to the drop of 40.0% in VGBL/PGBL product sales if compared to 1Q04, both due to the uncertainties raised by the changes in the tax regulation, affecting on a temporary basis the 1Q05’s businesses, coupled with the 4Q04 seasonal effect.

---

1stQtr./2004	1stQtr./2005	Variation %		4thQtr./2004	1stQtr./2005	Variation %
306	284	(7.2)		318	284	(10.7)
The decrease is a result of the products` commercial strategy, which led to the postponement of the Sales Compaign lauching for 2005.				The decrease is a result, in part, of the products` commercial strategy, which led to the postponement of the Sales Compaign lauching for 2005.

---

1stQtr./2004	1stQtr./2005	Variation %		4thQtr./2004	1stQtr./2005	Variation %
(878)	(418)	(52.4)		(1,317)	(418)	(68.3)
The variation is detailed in the charts below:				The variation is detailed in the charts below:

---

1stQtr./2004	1stQtr./2005	Variation %		4thQtr./2004	1stQtr./2005	Variation %
22	(392)	-		(127)	(392)	208.7
Variations in technical reserves for insurance are directly related to the production of premiums in their respective effective periods. The most significant variation occurred in the Auto line. In 1Q05, we recorded an extraordinary reserve in the amount of R$ 324 in the Individual Health portfolio, to bring to the same level the premiums for insurance holders over 60 years old whose health insurance plans are prior to the law 9,656/98 and for benefits related to fully settled plans whose holders are still entitled to their benefits (planos remidos).				Variations in technical reserves for insurance are directly related to the production of premiums in their respective effective periods. The most significant variation occurred in the Auto line. In 1Q05, we recorded an extraordinary reserve in the amount of R$ 324 in the Individual Health portfolio, to bring to the same level the premiums for insurance holders over 60 years old whose health insurance plans are prior to the law 9,656/98 and for benefits related to fully settled plans whose holders are still entitled to their benefits (planos remidos).

---

1stQtr./2004	1stQtr./2005	Variation %		4thQtr./2004	1stQtr./2005	Variation %
(850)	(11)	(98.7)		(1,200)	(11)	(99.1)
Variations in technical reserves are directly related to new sales, combined with the adjustments carried out in reservestor benefits and redemptions.				Variations in technical reserves are directly related to new sales, combined with the adjustments carried out in reservestor benefits and redemptions.

---

1stQtr./2004	1stQtr./2005	Variation %		4thQtr./2004	1stQtr./2005	Variation %
(50)	(15)	(70.0)		10	(15)	-
The variation in technical reserves results from the new criteria established by SUSEP for the constitution of techinical reserves for contingencies.				In the 4Q04 a reversion of the technical reserve for contingencies was carried out, due to the new criteria established by SUSEP.

---

1stQtr./2004	1stQtr./2005	Variation %		4thQtr./2004	1stQtr./2005	Variation %
(1,232)	(1,372)	11.4		(1,317)	(1,372)	4.2
The increase in this item is mainly due to the raise in reported Health line claims due to the increase in frequency and in hospital costs.				There was no significant variation in the period, being the growth in line with the evolution of premiums earned.

---

1stQtr./2004	1stQtr./2005	Variation %		4thQtr./2004	1stQtr./2005	Variation %
(273)	(246)	(9.9)		(292)	(246)	(15.8)
In 1Q04, there was a large redemption volume of the single payment maturing bond of R$ 5 thousand.				The variation is essentially due to the decreased redemption volume of the single payment bond named “Réveillon 2001”, matured in 4Q04.

---

1stQtr./2004	1stQtr./2005	Variation %		4thQtr./2004	1stQtr./2005	Variation %
(212)	(229)	8.0		(234)	(229)	(2.1)
The variation is detailed in the charts below:				The variation is detailed in the charts below:

---

1stQtr./2004	1stQtr./2005	Variation %		4thQtr./2004	1stQtr./2005	Variation %
(173)	(183)	5.8		(189)	(183)	(3.2)
The increase results, basically, from the growth in insurance sales, as the ratio of selling expenses to premiums earned remained in compatible levels in both periods, especially taking into consideration the changes in sales policy held by Bradesco Vida e Previdência.				Selling expenses from insurance products remained virtually stable in 1Q05 when compared to 4Q04.

---

1stQtr./2004	1stQtr./2005	Variation %		4thQtr./2004	1stQtr./2005	Variation %
(39)	(46)	17.9		(45)	(46)	2.2
The increase in expenses during the period in substantially due to the payment of commissions related to the portfolio growth.				Selling expenses from pension plans and savings bonds products remained virtually stable in 1Q05 when compared to 4Q04.

---

1stQtr./2004	1stQtr./2005	Variation %		4thQtr./2004	1stQtr./2005	Variation %
(533)	(745)	39.8		(511)	(745)	45.8
The variation was due to the increase in pension plans redemptions and also to the characteristics of PGBL plans, which allow the participant to redeem at anytime, since observed the grace period, in addition to the change in redemption tax rate from 27.5% in 2004 to 15% in 2005, which led to a concentrated raise in redemption volumes in 1Q05.				The variation was due to the increase in pension plans redemptions and also to the characteristics of PGBL plans, which allow the participant to redeem at anytime, since observed the grace period, in addition to the change in redemption tax rate from 27.5% in 2004 to 15% in 2005, which led to a concentrated raise in redemption volumes in 1Q05.

---

1stQtr./2004	1stQtr./2005	Variation %		4thQtr./2004	1stQtr./2005	Variation %
(1,177)	(1,221)	3.7		(1,284)	(1,221)	(4.9)
The variation for the period was mainly due to: (i) payroll increase, as a result of the collective bargaining agreement (8.5%) in September/04 – R$ 109; (ii) higher employee profit sharing expenses – R$ 20; offset by: (iii) decrease in personnel expenses as a result of the synergy in administrative activities.				The variation for the quarter was influenced by extraordinary effects, such as: (i) single payment bonus in 4Q04 – R$ 29; and (ii) concentration of vacation period in 1Q05 – R$ 37. In addition, 1Q05 was impacted by: (iii) higher employee profit sharing expenses – R$ 10 million; and (iv) higher expenses from dismissals – R$ 16 million. If these effects are excluded, a R$ 15 million recurring decrease in expenses is observed.

---

1stQtr./2004	1stQtr./2005	Variation %		4thQtr./2004	1stQtr./2005	Variation %
(1,208)	(1,192)	(1.3)		(1,289)	(1,192)	(7.5)
The nominal change in this item presents a R$ 16 decrease. However, if such expenses were adjusted by the average inflation of the period, of 9.3%, a R$ 127 real decrease would have been achieved.				If the seasonal effects of advertising and marketing expenses in 4Q04 were excluded, other administrative expenses in 1Q05 would have remained practically stable when compared to 4Q04.

---

1stQtr./2004	1stQtr./2005	Variation %		4thQtr./2004	1stQtr./2005	Variation %
(336)	(405)	20.5		(411)	(405)	(1.5)
This variation was generated by: (i) the increase in expenses for OFINS – R$ 49, as a result of the rise in taxable income; (ii) the increase in xpenses for ISS – R$ 16, as a result of a change in legislation; and (iii) increased expense for CPMF – R$ 4.				The increase for the quarter was mainly generated by the decrease in expenses for ISS – R$ 5, which is compatible with the growth in taxable income during the quarter.

---

1stQtr./2004	1stQtr./2005	Variation %		4thQtr./2004	1stQtr./2005	Variation %
-	(5)	-		44	(5)	-
The variation was mainly derived from decreased results achieved by associated companies for the 1Q05 when compared to 1Q04.				The variation was mainly derived from decreased results in associated companies for the 1Q05 when compared to 4Q04, principally Marlim Participações – R$ 3 and IRB-Brasil Resseguros – R$ 20.

---

1stQtr./2004	1stQtr./2005	Variation %		4thQtr./2004	1stQtr./2005	Variation %
257	300	16.7		311	300	(3.5)
The variation for the period was mainly derived from: (i) the reversal of other operating provisions in 1Q05 – R$ 79; mitigated by: (ii) decrease in financial revenues – R$ 21; and (iii) reduction in charges recovery revenues – R$ 13.				The variation for the quarter mainly reflects the reversal of other operating provisions carried out in 4Q04.

---

1stQtr./2004	1stQtr./2005	Variation %		4thQtr./2004	1stQtr./2005	Variation %
(691)	(704)	1.9		(704)	(704)	-
The growth was generated substantially by increased expenses for goodwill amortization, as a result of the acquisition of Zogbi/Promovel – R$ 10.				Other operating expenses remained stable in 1Q05 when compared to 4Q04.

---

1stQtr./2004	1stQtr./2005	Variation %		4thQtr./2004	1stQtr./2005	Variation %
799	1,584	98.2		1,534	1,584	3.3
The variation was derived from: (i) increased financial margin – R$ 669; (ii) increase in revenues from services rendered – R$ 342; partially offset by: (iii) decrease in the contribution margin of insurance, private pension plans and savings bonds operations – R$ 80; (iv) increased expenses with allowance for loan losses – R$ 74; and (v) increased tax expenses – R$ 69. For a further detailed variation analysis, the reading of each specific item is recommended.				The variation was derived from: (i) increase in financial margin – R$ 483; (ii) decreased personnel and administrative expenses – R$ 160; partially offset by:(iii) decrease in the contribution margin of insurance, private pension plans and savings bonds operations – R$ 379; (iv) increased expenses with allowance for loan losses – R$ 146; (v) decreased equity in the earnings of associated companies – R$ 50; and (vi) decreased revenues from services rendered – R$ 14. For a further detailed variation analysis, the reading of each specific item is recommended.

---

1stQtr./2004	1stQtr./2005	Variation %		4thQtr./2004	1stQtr./2005	Variation %
(11)	(6)	(45.5)		(148)	(6)	(95.9)
The variation for the period substantially reflects decreased results in the sale of assets and investments.				The variation for the quarter basically reflects the R$ 132 extraordinary goodwill amortization which was carried out in 4Q04.

---

1stQtr./2004	1stQtr./2005	Variation %		4thQtr./2004	1stQtr./2005	Variation %
(179)	(373)	108.4		(321)	(373)	16.2
The variation in the expense for income tax and social contribution for the period reflects tax charges on pre-tax income, after additions and exclusions, as described in Note 35 to the financial statements.				The variation in the expense for income tax and social contribution for the period reflects tax charges on pre-tax income, after additions and exclusions, as described in Note 35 to the financial statements.

Comparative Balance Sheet – R$ million

---

	March		Variation	December	March	Variation
Assets
	2004	2005	%	2004	2005	%
Current Assets and Long-Term Receivables	155,590	186,534	19.9	179,980	186,534	3.6
Funds Available	2,285	3,058	33.8	2,639	3,058	15.9
Interbank Investments	19,232	21,613	12.4	22,347	21,613	(3.3)
Securities and Derivative Financial
Instruments	53,152	64,842	22.0	62,422	64,842	3.9
Interbank and Interdepartmental
Accounts	12,883	16,393	27.2	16,235	16,393	1.0
Restricted Deposits:
Brazilian Central Bank	12,422	15,676	26.2	15,696	15,676	(0.1)
Other	461	717	55.5	539	717	33.0
Credit And Leasing Operations	44,120	55,894	26.7	53,447	55,894	4.6
Credit and Leasing Operations	48,136	60,041	24.7	57,440	60,041	4.5
Allowance for Loan Losses	(4,016)	(4,147)	3.3	(3,993)	(4,147)	3.9
Other Receivables and Assets	23,918	24,734	3.4	22,890	24,734	8.1
Foreign Exchange Portfolio	9,542	8,616	(9.7)	7,337	8,616	17.4
Other Receivables and Assets	14,552	16,272	11.8	15,705	16,272	3.6
Allowance for Loan Losses	(176)	(154)	(12.5)	(152)	(154)	1.3
Permanent Assets	5,381	4,765	(11.4)	4,946	4,765	(3.7)
Investments	847	1,108	30.8	1,101	1,108	0.6
Property and Equipment in Use and
Leased Assets	2,377	2,176	(8.5)	2,289	2,176	(4.9)
Deferred Charges	2,157	1,481	(31.3)	1,556	1,481	(4.8)
Deferred Charges	534	535	0.2	530	535	0.9
Goodwill on Acquisition of Subsidiaries,
Net of Amortization	1,623	946	(41.7)	1,026	946	(7.8)
Total	160,971	191,299	18.8	184,926	191,299	3.4
Liabilities
Current and Long-Term Liabilities	147,251	174,665	18.6	169,595	174,665	3.0
Deposits	59,186	71,372	20.6	68,643	71,372	4.0
Demand Deposits	12,605	14,924	18.4	15,298	14,924	(2.4)
Savings Deposits	21,929	24,448	11.5	24,783	24,448	(1.4)
Interbank Deposits	63	17	(73.0)	19	17	(10.5)
Time Deposits	24,589	31,807	29.4	28,459	31,807	11.8
Other Deposits	–	176	–	84	176	109.5
Funds Obtained in the Open Market	15,084	21,858	44.9	22,886	21,858	(4.5)
Funds from Issuance of Securities	6,561	5,035	(23.3)	5,057	5,035	(0.4)
Securities Issued Abroad	5,472	4,310	(21.2)	4,376	4,310	(1.5)
Other Resources	1,089	725	(33.4)	681	725	6.5
Interbank and Interdepartmental
Accounts	1,180	1,318	11.7	1,920	1,318	(31.4)
Borrowings and Onlendings	15,816	15,634	(1.2)	15,960	15,634	(2.0)
Borrowings	7,796	7,419	(4.8)	7,561	7,419	(1.9)
Onlendings	8,020	8,215	2.4	8,399	8,215	(2.2)
Derivative Financial Instruments	339	1,485	338.1	173	1,485	758.4
Technical Reserves for Insurance, Private
Pension Plans and Savings Bonds	27,947	35,328	26.4	33,669	35,328	4.9
Other Liabilities	21,138	22,635	7.1	21,287	22,635	6.3
Foreign Exchange Portfolio	4,546	3,627	(20.2)	3,011	3,627	20.5
Taxes and Social Security Contributions,
Social and Statutory Payables	4,633	4,727	2.0	5,395	4,727	(12.4)
Subordinated Debt	5,141	6,117	19.0	5,972	6,117	2.4
Sundry	6,818	8,164	19.7	6,909	8,164	18.2
Deferred Income	27	44	63.0	45	44	(2.2)
Minority Interest in Subsidiaries	68	52	(23.5)	71	52	(26.8)
Stockholders’ Equity	13,625	16,538	21.4	15,215	16,538	8.7
Total	160,971	191,299	18.8	184,926	191,299	3.4

---

---

March/2004	March/2005	Variation %		December/2004	March/2005	Variation %
2,285	3,058	33.8		2,639	3,058	15.9
The increase for the period reflects: (i) the increase in the local currency cash funds volume – R$ 751; and (ii) increase in the volume of foreign currency cash funds – R$ 22.				The increase for the quarter is mainly due to: (i) the increase in the local currency cash funds volume – R$ 285; and (ii) increase in the volume of foreign currency cash funds – R$ 134.

---

March/2004	March/2005	Variation %		December/2004	March/2005	Variation %
19,232	21,613	12.4		22,347	21,613	(3.3)
The growth for the period reflects: (i) increase in open market investments, third-party and own portfolio positions – R$ 2,003 and R$ 95, respectively; and (ii) expansion in interbank deposits – R$ 283.				The variation for the quarter reflects: (i) decrease in investments in interbank deposits – R$ 968; and (ii) drop in open market investments, third-party positions – R$ 147; partially offset by: (iii) increase in open market investments, own portfolio position – R$ 381.

---

March/2004	March/2005	Variation %		December/2004	March/2005	Variation %
53,152	64,842	22.0		62,422	64,842	3.9
The variation in the period is mainly due to: (i) additional funds derived from the increase in funding, particularly technical reserves for insurance, private pension plans and savings bonds, as well as issuance of subordinated debt; partially offset by: (ii) negative exchange variation of 8.3% for the quarter, impacting foreign-currency indexed and/or denominated securities, which comprise 13.8% of the portfolio; and (iii) the redemption/maturity of securities during the period. It is worth to emphasize that there were, no changes in the profile of the securities portfolio in the period (excluded from Purchase and Sale Commitments), from 68.8% to 68.3% of “Trading Securities”; from 20.0% to 23.7% of “Securities Available for Sale”; and of 11.2% to 8.0% of “Securities Held to Maturity”, in March/04 and March/05, respectively. In March/05, of the total portfolio (excluded from Purchase and Sale Commitments), 62.8% were represented by Government Securities, 16.0% by Corporate Bonds and 21.2% by PGBL and VGBL.				The variation in the quarter is a result of: (i) securities’ adjustment which was carried out during the quarter; and partially offset by: (ii) the redemption/maturity of securities.

---

March/2004	March/2005	Variation %		December/2004	March/2005	Variation %
12,883	16,393	27.2		16,235	16,393	1.0
The variation for the period reflects the increase in compulsory Brazilian Central Bank (BACEN) deposits, as a result of the increase in the volume of demand and savings deposits, which grew 18.4% and 11.5%, respectively.				The increase for the quarter mainly reflects the balancing of checks and other documents recorded in the “Unsettled Payments and Receipts”. The balance of March/05 was influenced by the decrease in the volume of demand and savings deposits, which dropped 2.4% and 1.4%, respectively, in the quarter.

---

March/2004	March/2005	Variation %		December/2004	March/2005	Variation %
54,894	65,979	20.2		62,788	65,979	5.1
Growth for the 12-month period was mainly due to: (i) the individual customer portfolio, up 44.2%, in particular in the Auto CDC products, up by 53.5%, Personal Credit, up by 65.8% and Onlendings – BNDES, up by 124.6%, reflecting increased consumer confidence in the present economic scenario. In the corporate portfolio, the growth rate was of 9.9%, as a result of the 21.6% increase of the micro, small and medium business portfolio, coupled with a 1.9% raise in the portfolio of large companies. In the corporate portfolio, we highlight the “Guaranteed Account”, up by 18.8%, Auto Financing, up by 72.0% and Working Capital, up by 19.2%, following the maintenance of the economic activity level, in both foreign and domestic markets in the period; partially offset by: (ii) negative exchange variation of 8.3% for the period, affecting foreign-currency indexed and/or denominated contracts, comprising 10.2% of th io. It is worth to note that the loan portfolio presented concentration of 25.4% of its operations with the 100 largest borrowers in March/05, against 31.1% in March/04. Of the Total Loan Portfolio in Normal Course in March/05, (R$ 61,634), 39.2% is falling due in up to 90 days. N.B. includes advances on foreign exchange contracts and other receivables and does not include the allowance for loan losses, as described in Note 12 to the financial statements.				Growth for the quarter was mainly due to the expansion of the individual customer portfolio, up 11.9%, in particular in the Auto CDC products, up by 10.0%, Personal Credit, up by 28.7% and Onlendings – BNDES, up by 12.5%. In the corporate portfolio, the growth rate was of 1.6% and we highlight the Working Capital, up by 3.3%, “Guaranteed Account”, up by 4.5% and Export Financing, up by 8.0%. The loan portfolio presented concentration of 25.4% of its operations with the 100 largest borrowers against 26.6% in December/04. N.B. includes advances on foreign exchange contracts and other receivables and does not include the allowance for loan losses.

---

March/2004	March/2005	Variation %		December/2004	March/2005	Variation %
(4,192)	(4,301)	2.6		(4,145)	(4,301)	3.8
The variation in the PDD balance for the period was due to: (i) the increase in the volume of credit operations; and (ii) the preventive PDD constitution in 1Q05 of R$ 166, linked to the operations of a large utilities concessionaire, which is under a debt restructuring process; mitigated by: (iii) the constant improvement in quality of the Bank’s loan portfolio. We noted that the ratio of total PDD to the credit portfolio dropped from 7.6% in March/04 to 6.5% in March/05, and the ratio of allowance coverage to the abnormal course credit portfolio, rated from D to H, increased from 153.9% in March/04 to 162.2% in March/05. These ratios evidence the improvement in credit portfolio quality, as a result of our safe, selective and consistent credit granting strategy, coupled with the improved Brazilian economy. In 1Q05, R$ 2,115 was recorded as PDD and R$ 2,006 was written-off. Additional allowance over minimum require increased from R$ 884 in March/04 to R$ 938 in March/05.				The evolution of PDD balance for the period was due to (i) the increase in the volume of credit operations; and (ii) the preventive PDD constitution in 1Q05 of R$ 166, linked to the operations of a large utilities concessionaire, which is under a debt restructuring process; mitigated by: (iii) the constant improvement in quality of the Bank’s loan portfolio. We noted that the ratio of total PDD to the credit portfolio dropped from 6.6% in December/04 to 6.5% in March/05, and the ratio of allowance coverage to the abnormal course credit portfolio, rated from D to H, went from 169.8% in December/04 to 162.2% in March/05. In 1Q05, R$ 635 was recorded as PDD and R$ 479 was written-off. Additional allowance over minimum requirements increased from R$ 925 in December/04 to R$ 938 in March/05.

---

March/2004	March/2005	Variation %		December/2004	March/2005	Variation %
23,402	24,248	3.6		22,491	24,248	7.8
This variation is mainly due to the raise in accounts receivable related to: (i) credit cards transactions which do not involve the granting of credit; and (ii) transactions involving trading of shares of publicly-held companies; partially offset by: (iii) decrease in fx portfolio volume. N.B. Balances are deducted (net of corresponding PDD) of R$ 516 in March/04 and of R$ 486 in March/05, allocated to the “Credit Operations and Leasing Operations” and “Allowance for Loan Losses” accounts.				The variation for the quarter mostly reflects: (i) the increase in fx portfolio volume; and (ii) transactions involving trading of shares of publicly-held companies. N.B. Balances are deducted (net of corresponding PDD) of R$ 399 in December/04 and of R$ 486 in March/05, allocated to the “Credit Operations and Leasing Operations” and “Allowance for Loan Losses” accounts.

---

March/2004	March/2005	Variation %		December/2004	March/2005	Variation %
5,381	4,765	(11.4)		4,946	4,765	(3.7)
The variation for the period substantially reflects: (i) amortization of goodwill in subsidiaries – R$ 724, R$ 370 of which was amortized on an extraordinary basis in the period; partially offset by (ii) equity in the earnings of subsidiary and associated companies for the period.				The variation for the quarter was substantially due to: (i) amortization of goodwill in subsidiaries totaling R$ 96; (ii) sale of property and equipment in use, in the amount of R$ 40 in 1Q05;and (iii) depreciation/amortization of items of the permanent assets – R$ 70.

---

March/2004	March/2005	Variation %		December/2004	March/2005	Variation %
12,605	14,924	18.4		15,298	14,924	(2.4)
The increase for the 12-month period is due to the economy recovery, as well as to the growth in the client base by means of individual customers, in the amount of R$ 369, as well as the raise in the funds obtained from corporate customers, totaling R$ 1,950.				The variation is due to the seasonal effects of these periods, of higher liquidity in the economy in 4Q04, which resources are dried up and used in 1Q05.

---

March/2004	March/2005	Variation %		December/2004	March/2005	Variation %
21,929	24,448	11.5		24,783	24,448	(1.4)
This growth in the period reflects substantially: (i) increase in the client base; and (ii) 8.3% remuneration (TR + 0.5% p.m.) for the period on deposits.				The decrease for the quarter is due to: (i) withdrawals from individual clients; mitigated by: (ii) 2.1% remuneration (TR + 0.5% p.m.) for 1Q05 on deposits.

---

March/2004	March/2005	Variation %		December/2004	March/2005	Variation %
24,589	31,807	29.4		28,459	31,807	11.8
The increment is mostly due to: (i) remuneration recognized for the period; and (ii) increased volume, partly, by institutional investors.				The growth for the quarter is due to: (i) income accrued; and (ii) increase in loan demand.

---

March/2004	March/2005	Variation %		December/2004	March/2005	Variation %
63	193	206.3		103	193	87.4
The variation for the period is mainly due to the introduction of the Investment Account, which became effective on October 1, 2004.				The variation for the quarter is substantially due to the growth in volume of funding obtained with the introduction of the Investment Account, effective on October 1, 2004.

---

March/2004	March/2005	Variation %		December/2004	March/2005	Variation %
15,084	21,858	44.9		22,886	21,858	(4.5)
The variation in this account balance for the period was mostly due to: (i) increase in the third-party portfolio – R$ 2,004; and (ii) increase in own portfolio – R$ 4,770. N.B. includes investment funds and managed portfolio resources invested in purchase and sale commitments with Bradesco, the investors in which are subsidiary companies included in the consolidated financial statements in the amounts of R$ 8,108 (March/04) and R$ 8,811 (March/05).				The variation in this account balance for the quarter was mostly due to: (i) decrease in own portfolio – R$ 872; and (ii) decrease in the unrestricted notes portfolio – R$ 207; partially offset by: (iii) increase in third-party portfolio – R$ 51. N.B. includes investment funds and managed portfolio resources invested in purchase and sale commitments with Bradesco, the investors in which are subsidiary companies included in the consolidated financial statements in the amounts of R$ 10,234 (December/04) and R$ 8,811 (March/05).

---

March/2004	March/2005	Variation %		December/2004	March/2005	Variation %
6,561	5,035	(23.3)		5,057	5,035	(0.4)
The decrease is due to the redemption of securities issued abroad (Eurobonds) matured and not renewed during the period, coupled with the negative exchange variation of 8.3% for the period.				The decrease in the quarter is due to the payment of interest on securities issued abroad (Eurobonds).

---

March/2004	March/2005	Variation %		December/2004	March/2005	Variation %
1,180	1,318	11.7		1,920	1,318	(31.4)
The variation reflects mainly the increased volume of foreign currency money orders in March/05, of R$ 842, as compared to March/04, of R$ 778.				The variation reflects mainly the reduced volume of domestic currency money orders in March/05, of R$ 159, as compared to December/04, of R$ 554.

---

March/2004	March/2005	Variation %		December/2004	March/2005	Variation %
15,816	15,634	(1.2)		15,960	15,634	(2.0)
The variation for the period is due substantially to: (i) negative exchange variation of 8.3% in the period, since a portion of these transactions are indexed and/or denominated in foreign currency; (ii) settlement of a portion of past due transactions; and partially offset by; (iii) increase in the volume of funds obtained in Brazil via FINAME onlendings.				The decrease for the quarter is mainly due to settlement of a portion of past due transactions, of both indexed and/or denominated in foreign currency and BNDES/CEF onlendings operations.

---

March/2004	March/2005	Variation %		December/2004	March/2005	Variation %
27,543	29,418	6.8		26,256	29,418	12.0
The variation was due mostly to: (i) new issuance of subordinated debt in foreign currency; (ii) transactions involving trading of shares of publicly-held companies; (iii) liabilities related to the forward sale of derivative financial instruments; and offset by: (iv) negative exchange variation of 8.3% for the period on balances of a portion of subordinated debt and fx portfolio; and (v) decrease in the volume of the fx portfolio; N.B. excludes advances on foreign exchange contracts of R$ 6,065 and R$ 5,298, allocated to the specific account in credit operations in March/04 and March/05, respectively.				The variation for the quarter reflects substantially: (i) transactions involving trading of shares of publicly-held companies; (ii) liabilities related to the forward sale of derivative financial instruments; and (iii) increase in the volume of the fx portfolio. N.B. excludes advances on foreign exchange contracts of R$ 4,797 and R$ 5,298, allocated to the specific account in credit operations in December/04 and March/05, respectively.

---

March/2004	March/2005	Variation %		December/2004	March/2005	Variation %
27,947	35,328	26.4		33,669	35,328	4.9
The increase for the period reflects mainly the increased sales of private supplementary pension plans and insurance policies, in particular, PGBL and VGBL products, as well as price-level restatement and interest on technical reserves.				The growth for the quarter is substantially due to price-level restatement and interest on technical reserves.

---

March/2004	March/2005	Variation %		December/2004	March/2005	Variation %
68	52	(23.5)		71	52	(26.8)
The reduction in the period is basically resulted from the complete merge of Bradesco Seguros’ minority stockholders into Banco Bradesco.				The reduction in the quarter is mainly a result of the complete merge of Bradesco Seguros’ minority stockholders into Banco Bradesco.

---

March/2004	March/2005	Variation %		December/2004	March/2005	Variation %
13,625	16,538	21.4		15,215	16,538	8.7
This variation is due to: (i) appropriation of net income for the period – R$ 3,657; (ii) capital increase which became effective – R$ 712; (iii) record of goodwill in stock subscription R$ 24; (iv) other R$ 2; offset by: (v) decrease in the mark-to-market adjustment reserve of securities and derivatives – R$ 83; (vi) acquisition of own stocks to be held on treasury – R$ 34; and (vii) Interest to Own Capital, paid and accrued – R$ 1,365.				This variation is due to: (i) appropriation of net income for the period – R$ 1,205; (ii) capital increase which became effective – R$ 712; (iii) record of goodwill in stock subscription R$ 24; offset by: (iv) decrease in the mark-to-market adjustment reserve of securities and derivatives – R$ 222; (v) acquisition of own stocks to be held on treasury – R$ 30; and (vi) Interest to Own Capital, paid and accrued – R$ 366.

2 – Main Statement of Income Information

---

			Years
	2004	2003	2002	2001	2000
Revenues from Financial Intermediation	26,203,227	28,033,866	31,913,379	21,411,673	15,519,008
Credit Operations	12,731,435	12,294,528	15,726,929	11,611,236	7,787,745
Leasing Operations	300,850	307,775	408,563	420,365	512,962
Securities Transactions	4,921,179	7,832,965	9,527,663	7,367,600	6,122,486
Financial Income on Insurance, Private Pension Plans and
Savings Bonds	5,142,434	5,359,939	3,271,913	–	–
Derivative Financial Instruments	1,238,890	55,192	(2,073,247)	(270,572)	–
Foreign Exchange Transactions	691,302	797,702	4,456,594	2,045,092	872,234
Compulsory Deposits	1,177,137	1,385,765	594,964	237,952	223,581
Expenses from Financial Intermediation	12,972,347	14,752,199	20,441,257	11,302,709	7,680,225
Funding Operations	8,486,003	10,535,497	10,993,327	6,986,027	5,521,407
Price-level Restatement and Interest on Technical Reserves for
Insurance, Private Pension Plans and Savings Bonds	3,215,677	3,120,342	2,241,283	–	–
Borrowings and Onlendings	1,253,175	1,083,379	7,194,161	4,316,682	2,158,725
Leasing Operations	17,492	12,981	12,486	–	93
Financial Margin	13,230,880	13,281,667	11,472,122	10,108,964	7,838,783
Allowance for Loan Losses	2,041,649	2,449,689	2,818,526	2,010,017	1,451,912
Gross Result from Financial Intermediation	11,189,231	10,831,978	8,653,596	8,098,947	6,386,871
Other Operating Income (Expenses)	(7,071,120)	(7,278,870)	(6,343,850)	(5,324,166)	(4,647,041)
Revenues from Services Rendered	5,824,368	4,556,861	3,711,736	3,472,560	3,042,699
Operating Income on Insurance, Private Pension Plans and
Savings Bonds	(60,645)	(148,829)	658,165	(587,842)	(505,369)
Income on Insurance Premiums, Private Pension Plans and
Savings Bonds	13,283,677	11,726,088	10,134,873	8,959,259	6,919,942
– Net Premiums Written	15,389,170	13,111,896	10,687,384	9,413,039	7,258,148
– Reinsurance Premiums and Redeemed Premiums	(2,105,493)	(1,385,808)	(552,511)	(453,780)	(338,206)
Variation in Technical Reserves for Insurance,
Private Pension Plans and Savings Bonds	(3,964,106)	(3,670,163)	(2,784,647)	(3,492,217)	(3,001,118)
Retained Claims	(5,159,188)	(3,980,419)	(3,614,963)	(3,251,706)	(2,511,146)
Savings Bonds Draws and Redemptions	(1,223,287)	(1,099,554)	(720,932)	(744,402)	(355,243)
Insurance, Private Pension Plans and Savings Bonds
Selling Expenses	(867,094)	(762,010)	(667,527)	(689,352)	(645,020)
Expenses with Pension Plans Benefits and Redemptions	(2,130,647)	(2,362,771)	(1,688,639)	(1,369,424)	(912,784)
Personnel Expenses	(4,969,007)	(4,779,491)	(4,075,613)	(3,548,805)	(3,220,607)
Other Administrative Expenses	(4,937,143)	(4,814,204)	(4,028,377)	(3,435,759)	(2,977,665)
Tax Expenses	(1,464,446)	(1,054,397)	(847,739)	(790,179)	(670,138)
Equity in the Earnings of Associated Companies	163,357	5,227	64,619	70,764	156,300
Other Operating Income	1,198,532	1,697,242	1,320,986	1,326,459	902,807
Other Operating Expenses	(2,826,136)	(2,741,279)	(3,147,627)	(1,831,364)	(1,375,068)
Operating Income	4,118,111	3,553,108	2,309,746	2,774,781	1,739,830
Non-operating Income	(491,146)	(841,076)	186,342	(83,720)	(123,720)
Income Before Taxes and Profit Sharing	3,626,965	2,712,032	2,496,088	2,691,061	1,616,110
Provision for Income Tax and Social Contribution	(554,345)	(396,648)	(460,263)	(502,257)	(258,776)
Non-recurring/Extraordinary Income	–	–	–	–	400,813
Minority Interest in Subsidiaries	(12,469)	(9,045)	(13,237)	(18,674)	(17,982)
Net Income	3,060,151	2,306,339	2,022,588	2,170,130	1,740,165
Return on Stockholders' Equity (Annualized)	20.11%	17.02%	18.65%	22.22%	21.50%
Financial Margin/Total Assets (Annualized)	7.15%	7.54%	8.03%	9.18%	8.26%

	2005	2004				2003
	1st Qtr.	4th Qtr.	3rd Qtr.	2nd Qtr.	1st Qtr.	4th Qtr.	3rd Qtr.	2nd Qtr.
Revenues from Financial Intermediation	8,109,264	6,201,944	5,525,100	7,719,563	6,756,620	7,443,322	7,911,617	5,434,443
Credit Operations	3,709,114	3,102,037	2,870,585	3,659,023	3,099,790	3,169,261	3,504,644	2,685,193
Leasing Operations	86,587	85,556	73,467	56,715	85,112	78,660	85,952	65,777
Securities Transactions	1,655,203	758,491	361,241	2,120,909	1,680,538	2,230,775	2,312,036	1,333,343
Financial Income on Insurance, Private Pension
Plans and Savings Bonds	1,769,232	1,379,157	1,337,097	1,181,151	1,245,029	1,411,927	1,334,756	1,172,214
Derivative Financial Instruments	365,161	529,925	582,105	(68,697)	195,557	8,877	33,158	(360,489)
Foreign Exchange Transactions	172,077	28,645	(746)	502,246	161,157	254,543	275,508	168,153
Compulsory Deposits	351,890	318,133	301,351	268,216	289,437	289,279	365,563	370,252
Expenses from Financial Intermediation	4,110,234	2,686,069	2,220,925	4,639,047	3,426,306	3,800,058	4,754,050	2,481,788
Funding Operations	2,809,934	1,709,830	1,291,812	3,029,988	2,454,373	2,605,171	3,434,326	1,826,314
Price-level Restatement and Interest on Technical
Reserves for Insurance, Private Pension Plans and
Savings Bonds	939,051	922,018	942,651	698,695	652,313	701,184	761,148	755,950
Borrowings and Onlendings	357,989	49,921	(18,123)	905,617	315,760	490,305	555,389	(103,670)
Leasing Operations	3,260	4,300	4,585	4,747	3,860	3,398	3,187	3,194
Financial Margin	3,999,030	3,515,875	3,304,175	3,080,516	3,330,314	3,643,264	3,157,567	2,952,655
Allowance for from Loan Losses	634,597	488,732	478,369	513,554	560,994	451,516	603,139	586,565
Gross Result from Financial Intermediation	3,364,433	3,027,143	2,825,806	2,566,962	2,769,320	3,191,748	2,554,428	2,366,090
Other Operating Income (Expenses)	(1,780,622)	(1,491,990)	(1,663,296)	(1,945,378)	(1,970,456)	(2,305,000)	(1,887,139)	(1,506,993)
Revenues from Services Rendered	1,661,349	1,675,594	1,454,636	1,375,202	1,318,936	1,274,590	1,182,359	1,082,637
Operating Income on Insurance, Private Pension
Plans and Savings Bonds	(214,846)	165,276	36,050	(127,324)	(134,647)	(94,771)	(86,292)	37,778
Income on Insurance Premiums, Private Pension
Plans and Savings Bonds	2,795,695	3,836,157	3,464,550	2,989,637	2,993,333	3,434,634	2,873,832	2,728,022
– Net Premiums Written	3,615,722	4,471,433	3,999,901	3,487,258	3,430,578	3,807,546	3,508,165	2,812,494
– Reinsurance Premiums and Redeemed
Premiums	(820,027)	(635,276	(535,351)	(497,621)	(437,245)	(372,912)	(634,333)	(84,472)
Variation in Technical Reserves for Insurance,
Private Pension Plans and Savings Bonds	(418,418)	(1,316,961)	(1,076,201)	(693,433)	(877,511)	(1,143,458)	(863,897)	(708,447)
Retained Claims	(1,372,058)	(1,317,196)	(1,328,082)	(1,281,728)	(1,232,182)	(920,068)	(1,066,766)	(1,055,767)
Savings Bonds Draws and Redemptions	(246,491)	(291,770)	(312,043)	(346,151)	(273,323)	(301,838)	(283,009)	(282,275)
Insurance, Private Pension Plans and Savings
Bonds Selling Expenses	(228,824)	(233,846)	(215,775)	(205,157)	(212,316)	(208,229)	(190,761)	(182,499)
Expenses with Pension Plans Benefits and
Redemptions	(744,750)	(511,108)	(496,399)	(590,492)	(532,648)	(955,812)	(555,691)	(461,256)
Personnel Expenses	(1,220,723)	(1,284,423)	(1,273,981)	(1,233,345)	(1,177,258)	(1,272,063)	(1,306,415)	(1,147,838)
Other Administrative Expenses	(1,192,379)	(1,288,511)	(1,225,032)	(1,215,747)	(1,207,853)	(1,327,995)	(1,232,599)	(1,152,697)
Tax Expenses	(404,595)	(411,494)	(373,965)	(343,100)	(335,887)	(293,466)	(254,650)	(238,429)
Equity in the Earnings of Associated Companies	(5,641)	44,797	(3,708)	122,309	(41)	30,723	7,218	(27,989)
Other Operating Income	299,840	310,663	350,660	279,688	257,521	246,922	422,630	517,507
Other Operating Expenses	(703,627)	(703,892)	(627,956)	(803,061)	(691,227)	(868,940)	(619,390)	(577,962)
Operating Income	1,583,811	1,535,153	1,162,510	621,584	798,864	886,748	667,289	859,097
Non-operating Income	(5,850)	(148,183)	(129,249)	(202,568)	(11,146)	(73,495)	9,854	(95,872)
Income Before Taxes and Profit Sharing	1,577,961	1,386,970	1,033,261	419,016	787,718	813,253	677,143	763,225
Provision for Income Tax and Social
Contribution	(372,813)	(322,116)	(278,499)	224,907	(178,637)	(95,620)	(111,614)	(242,190)
Minority Interest in Subsidiaries	277	(7,101)	(2,413)	(2,587)	(368)	(2,496)	(1,638)	(1,325)
Net Income	1,205,425	1,057,753	752,349	641,336	608,713	715,137	563,891	519,710
Return on Stockholders' Equity (Annualized)	32.50%	30.85%	22.13%	20.16%	19.10%	22.85%	18.56%	17.66%
Financial Margin/Total Assets (Annualized)	8.63%	7.82%	7.56%	7.18%	8.54%	8.54%	7.91%	7.87%

---

	1st Quarter of 2005
	Financial Segment		Insurance Segment		Other Segments	Amount  Eliminated	Consolidated  Bradesco
	Local	Foreign	Local	Foreign
Gross Result from Financial Intermediation	2,323	189	848	–	1	3	3,364
Other Operating Income (Expenses)	(1,728)	(18)	(421)	–	11	(3)	(2,159)
Revenues from Services Rendered	1,480	2	96	–	210	(127)	1,661
Personnel Expenses	(1,078)	(6)	(75)	–	(62)	–	(1,221)
Other Administrative Expenses	(1,145)	(13)	(124)	–	(46)	136	(1,192)
Other Revenue (Expenses)	(985)	(1)	(318)	–	(91)	(12)	(1,407)
Net Income 1st Qtr./2005	595	171	427	–	12	–	1,205
Net Income 1st Qtr./2004	354	84	164	–	7	–	609

---

---

---

(*)

Composition: Premiums and Net Contributions of variations in Technical Reserves for Insurance, Private Pension Plans and Savings Bonds deducted from Claims, Redemptions, Benefits and Commissions, not including Financial Income on Insurance activities and price-level restatement and interest on Technical Reserves, which are included in the Financial Margin.

---

(*)

Composition: Premiums and Net Contributions of variations in Technical Reserves for Insurance, Private Pension Plans and Savings Bonds deducted from Claims, Redemptions, Benefits and Commissions, not including Financial Income on Insurance activities and price-level restatement and interest on Technical Reserves which are included in the Financial Margin.

---

---

(1)

Includes Income on Credit Operations + Income on Leasing Operations + Income on Foreign Exchange Transactions (Note 13a).

(2)

Includes Interest and Charges on Deposits, excluding Expenses for Purchase and Sale Commitments + Expenses for Borrowings and Onlendings + Income on Compulsory Deposits + Adjustments to Income on Foreign Exchange Transactions (Note 13a).

(3)

Includes Income on Securities Transactions, less expenses with Purchase and Sale Commitments + Financial Income on Insurance, Private Pension Plans and Savings Bonds + Income on Derivative Financial Instruments + Adjustments to Income on Foreign Exchange Transactions (Note 13a).

(4)

Includes price-level restatement and interest on Technical Reserves for Insurance, Private Pension Plans and Savings Bonds.

---

(1)

Includes Income on Credit Operations + Income on Leasing Operations + Income on Foreign Exchange Transactions (Note 13a).

(2)

Includes Interest and Charges on Deposits, excluding Expenses for Purchase and Sale Commitments + Expenses for Borrowings and Onlendings + Income on Compulsory Deposits + Adjustments to Income on Foreign Exchange Transactions (Note 13a).

(3)

Includes Income on Securities Transactions, less expenses with Purchase and Sale Commitments + Financial Income on Insurance, Private Pension Plans and Savings Bonds + Income on Derivative Financial Instruments + Adjustments to Income on Foreign Exchange Transactions (Note 13a).

(4)

Includes price-level restatement and interest on Technical Reserves for Insurance, Private Pension Plans and Savings Bonds.

---

---

R$ million	2003	2004		2005
	4th Qtr.	1st Qtr.	4th Qtr.	1st Qtr.
Credit Operations	45,181	46,358	54,080	57,024
Leasing Operations	1,430	1,398	1,556	1,717
Advances on Foreign Exchange Contracts	6,175	6,124	5,207	5,047
1 – Total – Average Balance (Quarterly)	52,786	53,880	60,843	63,788
2 – Income (Credit Operations, Leasing and Exchange) (*)	3,248	3,204	3,258	3,827
3 – Average Return Annualized Exponentially (2/1)	27.0%	26.0%	23.2%	26.2%

(*)

Includes Income from Credit Operations, Net Results from Leasing Operations and adjusted Results on Foreign Exchange Transactions (Note 13a).

---

R$ million	2003	2004		2005
	4th Qtr.	1st Qtr.	4th Qtr.	1st Qtr.
Securities	50,855	53,478	60,288	63,632
Interbank Investments	30,141	25,478	23,736	21,980
Subject to Repurchase Agreements	(27,931)	(23,938)	(22,219)	(22,372)
Derivative Financial Instruments	(192)	(196)	(241)	(830)
4 – Total – Average Balance (Quarterly)	52,873	54,822	61,564	62,410
5 – Income on Securities Transactions
(Net of Expenses for Repurchase Agreements) (*)	2,632	2,176	1,835	2,853
6 – Average Rate Annualized Exponentially (5/4)	21.4%	16.8%	12.5%	19.6%

(*)

Includes Financial Income on Insurance, Private Pension Plans and Savings Bonds, Derivative Financial Instruments and Foreign Exchange Adjustments (Note 13a).

---

R$ million	2003	2004		2005
	4th Qtr.	1st Qtr.	4th Qtr.	1st Qtr.
7 – Total Assets - Average Balance (Quarterly)	170,231	168,534	182,315	188,113
8 – Income from Financial Intermediation	7,443	6,757	6,202	8,109
9 – Average Rate Annualized Exponentially (8/7)	18.7%	17.0%	14.3%	18.4%

---

R$ million	2003	2004		2005
	4th Qtr.	1st Qtr.	4th Qtr.	1st Qtr.
Deposits	58,185	58,605	66,715	70,008
Funds from Acceptance and Issuance of Securities	7,371	6,704	5,587	5,046
Interbank and Interdepartmental Accounts	1,893	1,746	1,830	1,619
Subordinated Debt	4,238	5,068	6,031	6,045
10 – Total Funding - Average Balance (Quarterly)	71,687	72,123	80,163	82,718
11 – Expenses (*)	1,286	1,228	563	1,538
12 – Average Rate Annualized Exponentially (11/10)	7.4%	7.0%	2.8%	7.6%

(*)

Funding Expenses without Repurchase Agreements, less Income on Compulsory Deposits and Foreign Exchange Adjustments (Note 13a).

---

R$ million	2003	2004		2005
	4th Qtr.	1st Qtr.	4th Qtr.	1st Qtr.
13 – Technical Reserves for Insurance, Private Pension Plans and Savings Bonds – Average Balance (Quarterly)	25,435	27,178	32,627	34,499
14 – Expenses (*)	701	652	922	939
15 – Average Rate Annualized Exponentially (14/13)	11.5%	10.0%	11.8%	11.3%

(*)

Price-level Restatement and Interest on Technical Reserves for Insurance, Private Pension Plans and Savings Bonds.

---

R$ million	2003	2004		2005
	4th Qtr.	1st Qtr.	4th Qtr.	1st Qtr.
Borrowings	7,673	7,510	8,128	7,490
Onlendings	7,318	7,795	8,209	8,306
16 – Total Borrowings and Onlendings - Average Balance (Quarterly)	14,991	15,305	16,337	15,796
17 – Expenses for Borrowings and Onlendings (*)	249	169	92	204
18 – Average Rate Annualized Exponentially (17/16)	6.8%	4.5%	2.3%	5.3%

(*)

Includes Foreign Exchange adjustments (Note 13a).

---

R$ million	2003	2004		2005
	4th Qtr.	1st Qtr.	4th Qtr.	1st Qtr.
19 – Total Assets – Average Balance (Quarterly)	170,231	168,534	182,315	188,113
20 – Financial Margin (*)	3,643	3,330	3,516	3,999
21 – Average Rate Annualized Exponentially (20/19)	8.8%	8.1%	7.9%	8.8%

(*)

Gross Income from Financial Intermediation excluding Allowance for Loan Losses (PDD).

---

---

Bradesco’s consolidated financial margin (before PDD) totaled R$ 3,999 million in 1Q05, up by 13.7% when compared to 4Q04 (R$ 3,516 million) and by 20.1% in relation to the same quarter in 2004 (R$ 3,330 million).

The average volume of operations in 1Q05 was responsible for a growth of R$ 146 million in financial margin when compared to 4Q04 and of R$ 410 million when compared to 4Q04.

The main business lines responsible for the raise in financial margin were:

The credit portfolio, which totaled R$ 66.0 billion, representing a growth of 5.1% in the quarter. When compared to the last twelve months, the increase was even higher, reaching 20.2%.

The Insurance business also played an important role for the improvement of financial margin, mainly due to the good performance of the Insurance, Private Pension Plans and Savings Bonds activities, considering that the technical reserves went up 4.9% in 1Q05 and 26.4% when compared to the last twelve months.

The increase in the volume of transactions is based on the Bradesco`s ongoing efforts of expanding its businesses in different niche markets, supported by the diversification of its products, aiming at servicing the most diverse demands, mitigating possible market risks, prioritizing the best relationship with the clients and reaching, as a consequence, an organic growth of its client base, a movement that could be confirmed in 1Q05, when more than 350 thousand new checking accounts were opened, 97.7% of which from individual customers.

The recent partnerships involving the acquisition of specific portfolios, as well as the agreements with large retail chains, were key for the increase in the Credit Operations with individual customers, up by 11.9% when compared to December/04 balance and by 44.2% in the last twelve months.

This expansion also helped to improve the breakdown of the credit portfolio, positively contributing for the evolution of the average fees and spreads, in line with Bradesco’s strategy to focus on segments with better profitability opportunities. The effect on the financial margin, influenced by the improvement in fees in 1Q05 was of R$ 65 million when compared to 4Q04 and of R$ 3 million over 1Q04.

Non-interest income grew financial margin by R$ 272 million in 1Q05 as compared to 4Q04 and by R$ 321 million when compared to 1Q04, mainly as a result of increased gains on securities transactions in 1Q05, in which we highlight the positive result recorded with the sale of part of our stake in Belgo-Mineira’s capital stock.

Thus, the annualized financial margin rate, which reflects the financial margin/average total assets ratio reached 8.8% for 1Q05, up by 0.9 percentage point compared to 4Q04 and by 0.7 percentage point compared to 1Q04.

---

---

	R$ million
	2003	2004		2005
	4th Qtr.	1st Qtr.	4th Qtr.	1st Qtr.
Opening Balance	4,151	4,059	4,181	4,145
Amount Recorded for The Period	451	561	489	635
Amount Written off for the Period	(543)	(505)	(525)	(479)
Balance Derived from Acquired Institutions	–	77	–	–
Closing Balance	4,059	4,192	4,145	4,301
Specific Provision	1,816	1,924	1,785	1,867
Generic Provision	1,384	1,384	1,435	1,496
Additional Provision	859	884	925	938
Credit Recoveries	160	106	154	127

---

	R$ million
	2003	2004		2005
	December	March	December	March
Allowance for Credit Loan Losses (A)	4,059	4,192	4,145	4,301
Credit Operations (B)	54,336	54,894	62,788	65,979
PDD Coverage Credits (A/B)	7.5%	7.6%	6.6%	6.5%

---

---

	R$ million
	2003	2004		2005
	December	March	December	March
(1) Total Provisions	4,059	4,192	4,145	4,301
(2) Abnormal Course Credits (D to H)	2,633	2,724	2,441	2,652
PDD Coverage Ratio (1/2)	154.2%	153.9%	169.8%	162.2%

For further information on Allowance for Loan Losses (PDD), see pages 63, 64 and 65 of this Report.

---

	R$ million
	2003	2004		2005
	4th Qtr.	1st Qtr.	4th Qtr.	1st Qtr.
Checking Accounts	311	314	372	394
Cards	220	240	346	288
Asset Management	189	204	239	244
Collection	155	150	168	164
Credit Operations	159	166	249	284
Interbank Charges	68	62	69	65
Collection of Taxes	48	51	54	44
Custody and Brokerage Services	22	23	25	27
Consortium Purchase Plan Management	14	15	29	30
Other	89	94	124	121
Total	1,275	1,319	1,675	1,661

Revenues from Services Rendered increased 25.9% in 1Q05, or R$ 342 million when compared to 1Q04, totaling R$ 1,661 million. The expansion in business volume in the last 12 months, directly linked to the economic recovery triggered in 2Q04, was the main reason for the growth in the “Revenues from Credit Operations”, up by R$ 118 million. The tariff realignment of and client base growth boosted the “Income from Checking Accounts”, up by R$ 80 million. The 22.2% expansion in the volume of managed assets was the main factor for the growth in “Asset Management”, which increased by R$ 40 million, from R$ 85.7 billion on March 31, 2004 to R$ 104.8 billion on March 31, 2005. The 20.0% growth on “Income on Cards” in the last 12 months, represented by the elevation of R$ 48 million, is directly related to the increase of 9.8% in the cards base, from 42.7 million to 46.9 million.

When compared to 1Q04, Revenues from Services Rendered dropped by 0.8%, or R$ 14 million, as a result of the effect of the elimination of dates differences in the consolidation of our stake in the affiliated company VISANET in the previous quarter, which had an impact of R$ 47 million on the “Income on Cards”. The increase in the client base and in business volumes in 1Q05 was responsible for the expansion of 14.1% and 5.9% on the “Income on Credit Operations” and “Income on Checking Accounts”, up by R$ 35 million and R$ 22 million, respectively.

---

	R$ million
	2003	2004		2005
	4th Qtr.	1st Qtr.	4th Qtr.	1st Qtr.
Third-Party Services	231	196	216	227
Communications	171	162	171	178
Depreciation and Amortization	127	123	120	116
Transport	99	94	108	105
Financial System Services	97	97	103	100
Rents	82	75	76	77
Maintenance and Repairs	68	60	75	73
Publicity	139	110	142	70
Capital Lease	70	77	72	67
Data Processing	75	58	55	58
Materials	43	38	44	40
Water, Electricity and Gas	32	34	34	35
Travel	18	14	17	12
Other	76	70	56	34
Administrative Expenses	1,328	1,208	1,289	1,192
Remuneration	646	614	647	616
Single Payment Bonus	1	–	29	–
Benefits	258	236	271	271
Social Charges	244	227	241	235
Employee Profit Sharing	43	45	55	65
Training	15	10	16	8
Labor Relations/Other	65	45	25	26
Personnel Expenses	1,272	1,177	1,284	1,221
Total Administrative and Personnel Expenses	2,600	2,385	2,573	2,413

Administrative and Personnel Expenses remained practically stable in 1Q05 when compared to the same period last year, reaching R$ 2,413 million against R$ 2,385 million in 1Q04, as a result of the focus on the cost reduction and control. The nominal change in Administrative Expenses y-o-y presents a R$ 16 million decrease. However, if such expenses were adjusted by the average inflation of the period, of 9.3%, the real decrease would have been of R$ 127 million. Personnel Expenses presented a slight raise if R$ 44 million when compared to 1Q04, mainly dueto:(i)thepayrollincreaseresultedfromthecollective bargaining agreement (8.5%) in September/04 –R$ 109 million; (ii) higher employee profit sharing expenses – R$ 20 million; offset by: (iii) reduction in personnel expenses, related to the synergies obtained in administrative processes.

When compared to 4Q04, Administrative and Personnel Expenses decreased by R$ 160 million, down by 6.2%, from R$ 2,573 million in 4Q04 to R$ 2,413 in 1Q05. Administrative Expenses were reduced in R$ 97 million when compared to 4Q04, but when the seasonal effect from advertising and personnel expenses is excluded, Administrative Expenses remained practically stable when compared to 4Q04. Personnel Expenses in 4Q04 and 1Q05, were influenced by extraordinary effects, such as: (i) single payment bonus in 4Q04 – R$ 29 million; and (ii) concentration of vacation period in 1Q05 –R$ 37 million. In addition, 1Q05 was impacted by: (iii) higher employee profit sharing expenses –R$ 10 million; and (iv) higher expenses from dismissals – R$ 16 million. If these effects are excluded, a R$ 15 million recurring decrease in expenses is observed.

---

	R$ million
	Year					March 2005(*)
	2000	2001	2002	2003	2004
Personnel Expenses	3,221	3,549	4,076	4,779	4,969	5,013
Employee Profit Sharing	(112)	(160)	(140)	(170)	(182)	(202)
Other Administrative Expenses	2,978	3,436	4,028	4,814	4,937	4,922
Total (1)	6,087	6,825	7,964	9,423	9,724	9,733
Financial Margin = Gross Income from Financial Intermediation Less PDD	7,839	10,109	11,472	13,282	13,231	13,901
Revenues from Services Rendered	3,043	3,473	3,712	4,557	5,824	6,166
Income from Insurance Premiums, Private Pension Plans and Savings Bonds	6,920	8,959	10,135	11,726	13,284	13,086
Variation in Technical Reserves for Insurance, Pension Plans and Savings Bonds	(3,001)	(3,492)	(2,785)	(3,670)	(3,964)	(3,504)
Retained Claims	(2,511)	(3,252)	(3,615)	(3,980)	(5,159)	(5,299)
Draws and Redemptions from Savings Bonds	(355)	(744)	(721)	(1,100)	(1,223)	(1,196)
Insurance, Pension Plans and Savings Bonds Selling Expenses	(645)	(689)	(667)	(762)	(867)	(884)
Expenses with Pension Plan Benefits and Redemptions	(913)	(1,370)	(1,689)	(2,363)	(2,131)	(2,343)
Subtotal Pension Plans and Savings Bonds	(505)	(588)	658	(149)	(60)	(140)
Equity in the Earnings of Associated Companies	156	71	65	5	163	158
Other Operating Expenses	(1,376)	(1,831)	(3,148)	(2,741)	(2,826)	(2,839)
Other Operating Income	903	1,326	1,321	1,697	1,198	1,241
Total (2)	10,060	12,560	14,080	16,651	17,530	18,487
Efficiency Ratio (%) = (1/2)	60.5	54.3	56.6	56.6	55.5	52.7

(*)

Accumulated amounts for the 12-month period.

---

The Operating Efficiency Ratio (accumulated for the 12-month period) for 1Q05, was of 52.7%, down by 2.8% as compared to 2004, mainly as a result of the jointly successful and simultaneous efforts to increase revenues, in particular, the growth of R$ 669 million in the Financial Margin, resulted from both the expansion of income on securities in 1Q05 and the increase in revenues for services rendered, totaling R$ 342 million, as a consequence of the client base growth coupled with the cross-selling index improvement, in addition to emphasis an focus on keeping administrative costs under strict control by the establishing goals for the maintenance of their nominal value. It is worth highlighting that personnel and administrative expenses remained practically stable, taking into consideration that in the prior 12 months the average inflation rate (IGP-M/IPCA) reached 9.3%. (N.B. If we had excluded from the calculation basis of the Operating Efficiency Ratio the expenses from goodwill amortization of the last 12 months, in the amount of R$ 354 million, would result in a drop of 1.0 percentage point, from 52.7% to 51.7%) .

Among other results, through the use of Activity-Based Costing methodology (ABC), the Bradesco Organization is enhancing the criteria used to formulate and negotiate bank tariffs, the supply of costing information to GDAD (Performance and Decision Making Support Management) and for customer profitability determination purposes, as well as establishing a reliable basis for ongoing rationalization analyses.

As regards cost control practices, Bradesco adopts ABM (Activity-Based Management) methodology, a pro-active approach which allows for rapid a evolution, including the identification of opportunities on a timely basis. Accordingly, in line with the improvement of processes, operating performance is seamlessly integrated with strategic objectives.

The strict control of expenses, enhanced with the establishment of the Expenditure Assessment Committee in March 2004, coupled with the successful synergy obtained from the Institutions acquired, are being positively reflected on the Operating Efficiency Ratio.

---

3 – Main Balance Sheet Information

Consolidated Balance Sheet - R$ thousand

---

Assets	March	December
	2005	2004	2003	2002	2001	2000
Current and Long-Term Assets	186,533,317	179,979,956	171,141,348	137,301,711	105,767,892	90,693,025
Funds Available	3,057,512	2,639,260	2,448,426	2,785,707	3,085,787	1,341,653
Interbank Investments	21,613,038	22,346,721	31,724,003	21,472,756	3,867,319	2,308,273
Open Market Investments	15,901,400	15,667,078	26,753,660	19,111,652	2,110,573	1,453,461
Interbank Deposits	5,720,341	6,682,608	4,970,343	2,370,345	1,760,850	854,815
Provision for Losses	(8,703)	(2,965)	–	(9,241)	(4,104)	(3)
Securities and Derivative Financial Instruments	64,841,521	62,421,658	53,804,780	37,003,454	40,512,688	33,119,843
Own Portfolio	53,218,390	51,255,745	42,939,043	29,817,033	27,493,936	21,743,924
Subject to Repurchase Agreements	4,042,849	4,807,769	5,682,852	1,497,383	9,922,036	10,822,637
Derivative Financial Instruments	1,584,684	397,956	232,311	238,839	581,169	–
Negotiation and Intermediation of Securities	–	–	–	–	526,219	9,394
Restricted Deposits – Brazilian Central Bank	3,952,143	4,512,563	3,109,634	3,536,659	1,988,799	421,727
Privatization Currencies	91,765	82,487	88,058	77,371	25,104	9,526
Subject to Collateral Provided	1,951,690	1,365,138	1,752,882	1,836,169	715,858	783,501
Provision for Losses	–	–	–	–	(740,433)	(670,866)
Interbank Accounts	16,266,215	16,087,102	14,012,837	12,943,432	5,141,940	5,060,628
Unsettled Receipts and Payments	309,455	22,075	20,237	16,902	10,118	6,920
Restricted Credits:
– Restricted Deposits – Brazilian Central Bank	15,675,737	15,696,154	13,580,425	12,519,635	4,906,502	4,848,668
– National Treasury – Rural Funding	578	578	578	578	712	660
– National Housing System – SFH	257,200	335,320	391,871	374,177	217,518	197,191
Interbank Onlendings	–	–	–	–	–	2,024
Correspondent Banks	23,245	32,975	19,726	32,140	7,090	5,165
Interdepartmental Accounts	127,028	147,537	514,779	191,739	176,073	111,636
Internal Transfer of Funds	127,028	147,537	514,779	191,739	176,073	111,636
Credit Operations	54,207,760	51,890,887	42,162,718	39,705,279	35,131,359	30,236,106
Credit Operations:
– Public Sector	568,275	536,975	186,264	254,622	199,182	275,479
– Private Sector	57,699,060	55,242,348	45,768,970	42,842,693	37,689,671	32,244,482
Allowance for Loan Losses	(4,059,575)	(3,888,436)	(3,792,516)	(3,392,036)	(2,757,494)	(2,283,855)
Leasing Operations	1,685,850	1,556,321	1,306,433	1,431,166	1,567,927	1,914,081
Leasing Receivables:
– Public Sector	–	–	–	45	138	160
– Private Sector	3,501,873	3,237,226	2,859,533	3,141,724	3,248,050	3,813,369
Unearned Lease Income	(1,728,111)	(1,576,690)	(1,438,534)	(1,560,278)	(1,557,642)	(1,760,305)
Allowance for Leasing Losses	(87,912)	(104,215)	(114,566)	(150,325)	(122,619)	(139,143)
Other Receivables	23,437,070	21,664,592	24,098,765	20,690,054	15,685,433	16,226,725
Receivables on Guarantees Honored	440	811	624	1,577	1,131	2,020
Foreign Exchange Portfolio	8,616,396	7,336,806	11,102,537	10,026,298	5,545,527	6,417,431
Income Receivable	229,890	197,120	331,064	249,849	187,910	191,873
Negotiation and Intermediation of Securities	1,211,261	357,324	602,543	175,185	761,754	497,655
Other Specific Receivables	–	–	–	–	146,919	124,776
Insurance Premiums Receivable	986,845	988,029	889,358	718,909	995,662	818,773
Sundry	12,546,117	12,937,408	11,324,857	9,640,966	8,107,714	8,258,402
Allowance for Other Losses	(153,879)	(152,906)	(152,218)	(122,730)	(61,184)	(84,205)
Other Assets	1,297,323	1,225,878	1,068,607	1,078,124	599,366	374,080
Other Assets	477,678	477,274	586,994	679,515	415,484	409,771
Allowance for Losses	(230,552)	(230,334)	(257,185)	(243,953)	(164,290)	(171,876)
Prepaid Expenses	1,050,197	978,938	738,798	642,562	348,172	136,185
Permanent Assets	4,765,590	4,946,512	4,956,342	5,483,319	4,348,014	4,185,458
Investments	1,108,638	1,101,174	862,323	512,720	884,773	830,930
Investments in Associated Companies:
– Local	461,658	496,054	369,935	395,006	742,586	689,002
Other Investments	1,014,864	971,311	857,985	439,342	452,871	525,316
Allowance for Losses	(367,884)	(366,191)	(365,597)	(321,628)	(310,684)	(383,388)
Property and Equipment in Use	2,160,519	2,270,497	2,291,994	2,523,949	2,152,680	2,017,093
Buildings in Use	1,297,623	1,357,063	1,398,735	1,748,409	1,475,581	1,491,847
Other Fixed Assets	3,599,124	3,604,741	3,480,636	3,459,950	2,988,008	2,705,577
Accumulated Depreciations	(2,736,228)	(2,691,307)	(2,587,377)	(2,684,410)	(2,310,909)	(2,180,331)
Leased Assets	15,133	18,951	34,362	34,323	46,047	10,688
Leased Assets	47,600	58,463	63,812	51,198	51,214	19,421
Accumulated Depreciation	(32,467)	(39,512)	(29,450)	(16,875)	(5,167)	(8,733)
Deferred Charges	1,481,300	1,555,890	1,767,663	2,412,327	1,264,514	1,326,747
Organization and Expansion Costs	1,282,830	1,268,436	1,124,058	1,037,559	874,970	731,717
Accumulated Amortization	(747,773)	(738,738)	(572,620)	(568,525)	(481,127)	(391,417)
Goodwill on Acquisition of Subsidiaries,
Net of Amortization	946,243	1,026,192	1,216,225	1,943,293	870,671	986,447
Total	191,298,907	184,926,468	176,097,690	142,785,030	110,115,906	94,878,483

Liabilities	March	December
	2005	2004	2003	2002	2001	2000
Current and Long-Term Liabilities	174,664,946	169,596,632	162,406,307	131,652,394	100,199,709	86,654,746
Deposits	71,371,903	68,643,327	58,023,885	56,363,163	41,083,979	36,468,659
Demand Deposits	14,923,743	15,297,825	12,909,168	13,369,917	8,057,627	7,500,518
Savings Deposits	24,447,649	24,782,646	22,140,171	20,730,683	18,310,948	17,835,745
Interbank Deposits	17,054	19,499	31,400	23,848	40,446	568,416
Time Deposits	31,807,232	28,459,122	22,943,146	22,238,715	14,674,958	10,563,980
Other Deposits	176,225	84,235	–	–	–	–
Funds Obtained in the Open Market	21,858,113	22,886,403	32,792,725	16,012,965	14,057,327	12,108,350
Own Portfolio	7,376,081	8,248,122	6,661,473	915,946	12,178,855	10,696,199
Third-party Portfolio	14,482,032	14,430,876	17,558,740	12,188,054	1,878,472	1,412,151
Unrestricted Portfolio	–	207,405	8,572,512	2,908,965	–	–
Funds from Issuance of Securities	5,035,257	5,057,492	6,846,896	3,136,842	4,801,410	4,111,171
Exchange Acceptances	–	–	–	1,214	–	–
Mortgage Notes	725,198	681,122	1,030,856	384,727	780,425	741,248
Debentures	–	–	7,291	100,369	48,921	1,039
Securities Issued Abroad	4,310,059	4,376,370	5,808,749	2,650,532	3,972,064	3,368,884
Interbank Accounts	127,246	174,066	529,332	606,696	192,027	107,129
Interbank Onlendings	–	–	159,098	35,686	4,519	1,059
Correspondent Banks	127,246	174,066	370,234	571,010	187,508	106,070
Interdepartmental Accounts	1,190,566	1,745,721	1,782,068	1,337,729	762,505	904,188
Third-party Funds in Transit	1,190,566	1,745,721	1,782,068	1,337,729	762,505	904,188
Borrowings	7,419,039	7,561,395	7,223,356	9,390,630	7,887,154	6,463,555
Local Borrowings – Official Institutions	1,304	1,376	2,070	3,368	2,979	9,737
Local Borrowings – Other Institutions	12,044	11,756	4,010	216,812	230,468	170,775
Foreign Currency Borrowings	7,405,691	7,548,263	7,217,276	9,170,450	7,653,707	6,283,043
Local Onlendings – Official Institutions	8,170,303	8,355,398	7,554,266	7,000,046	5,830,633	5,096,604
National Treasury	31,500	72,165	51,398	62,187	–	–
National Bank for Economic and Social Development
(BNDES)	3,624,045	3,672,007	3,403,462	3,437,319	3,067,220	2,589,284
Federal Savings Bank (CEF)	27,782	395,820	459,553	453,803	433,381	405,264
Government Agency for Machinery and Equipment
Financing (FINAME)	4,483,556	4,211,762	3,638,966	3,045,176	2,321,508	2,090,374
Other Institutions	3,420	3,644	887	1,561	8,524	11,682
Foreign Onlendings	44,050	42,579	17,161	47,677	316,283	108,178
Foreign Onlendings	44,050	42,579	17,161	47,677	316,283	108,178
Derivative Financial Instruments	1,485,432	173,647	52,369	576,697	111,600	–
Technical Reserves for Insurance, Private Pension
Plans and Savings Bonds	35,328,359	33,668,654	26,408,952	19,155,479	13,853,426	10,338,065
Other Liabilities	22,634,678	21,287,950	21,175,297	18,024,470	11,303,365	10,948,847
Collection of Taxes and Other Contributions	1,214,684	204,403	130,893	108,388	181,453	128,785
Foreign Exchange Portfolio	3,627,057	3,011,421	5,118,801	5,002,132	1,343,769	2,439,657
Social and Statutory Payables	403,878	900,266	851,885	666,409	572,265	560,533
Fiscal and Pension Plans Activities	4,323,513	4,495,387	4,781,458	4,376,031	3,371,127	3,094,628
Negotiation and Intermediation of Securities	1,164,752	312,267	595,958	109,474	1,307,385	592,395
Subordinated Debt	6,117,199	5,972,745	4,994,810	3,321,597	969,842	–
Sundry	5,783,595	6,391,461	4,701,492	4,440,439	3,557,524	4,132,849
Deferred Income	43,826	44,600	31,774	15,843	9,020	34,632
Deferred Income	43,826	44,600	31,774	15,843	9,020	34,632
Minority Interest in Subsidiary Companies	51,843	70,590	112,729	271,064	139,231	96,903
Stockholders' Equity	16,538,292	15,214,646	13,546,880	10,845,729	9,767,946	8,092,202
Capital:
– Local Residents	9,037,382	6,959,015	6,343,955	4,960,425	4,940,004	5,072,071
– Foreign Residents	962,618	740,985	656,045	239,575	259,996	74,429
Receivables	–	(700,000)	–	–	–	(400,500)
Capital Reserves	35,524	10,853	8,665	7,435	7,435	19,002
Profit Reserves	6,296,763	7,745,713	6,066,640	5,715,317	4,614,110	3,403,020
Mark-to-Market Adjustment – Securities and
Derivatives	235,769	458,080	478,917	9,152	–	–
Treasury Stock	(29,764)	–	(7,342)	(86,175)	(53,599)	(75,820)
Stockholders' Equity Managed by
Parent Company	16,590,135	15,285,236	13,659,609	11,116,793	9,907,177	8,189,105
Total	191,298,907	184,926,468	176,097,690	142,785,030	110,115,906	94,878,483

---

Assets	Currency
	Local	Foreign (1) and (2)	Total
Current and Long-Term Receivables	158,852	27,681	186,533
Funds Available	2,508	550	3,058
Interbank Investments	17,932	3,681	21,613
Securities and Derivative Financial Instruments	55,896	8,945	64,841
Interbank and Interdepartmental Accounts	16,383	10	16,393
Credit and Leasing Operations	49,292	6,602	55,894
Other Receivables and Assets	16,841	7,893	24,734
Permanent Assets	4,340	426	4,766
Investments	685	424	1,109
Property and Equipment in Use and Leased Assets	2,174	2	2,176
Deferred Charges	1,481	–	1,481
Total Assets	163,192	28,107	191,299
Liabilities
Current and Long-Term Liabilities	151,799	22,866	174,665
Deposits	68,853	2,519	71,372
Funds obtained in the Open Market	19,974	1,884	21,858
Funds from Issuance of Securities	196	4,839	5,035
Interbank and Interdepartmental Accounts	473	845	1,318
Borrowings and Onlendings	7,789	7,845	15,634
Derivative Financial Instruments	1,484	1	1,485
Technical Reserves for Insurance, Private Pension Plans and Savings Bonds	35,328	–	35,328
Other Liabilities
– Subordinated Debt	3,166	2,951	6,117
– Other	14,536	1,982	16,518
Deferred Income	44	–	44
Minority Interest in Subsidiaries	52	–	52
Stockholders' Equity	16,538	–	16,538
Total	168,433	22,866	191,299
Net Position of Assets and Liabilities		5,241
Net Position of Derivatives (2)		(8,593)
Other Memorandum Accounts, Net (3)		(375)
Net Exchange Position (liability)		(3,727)

(1)	Amounts expressed and/or indexed mainly in USD;
(2)	Excluding operations maturing in D+1, to be settled in currency on December 31, 2005 price levels; and
(3)	Leasing commitments and others are controlled in memorandum accounts.

Total Assets by Currency

---