Provided by MZ Data Products

For the month of October, 2003

Commission File Number 1-15250

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ___X___ Form 40-F _______

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes _______ No ___X____

Financial Market Indicators (%)
Index	2002			2003
	2nd Qtr.	3rd Qtr.	Accumulated to September	2nd Qtr.	3rd Qtr.	Accumulated to September
CDI	4.28	4.42	13.45	5.78	5.61	18.06
IBOVESPA – Average	(15.96)	(22.60)	(36.50)	15.07	23.42	42.08
USD – Commercial rate	22.41	36.93	67.85	(14.35)	1.79	(17.26)
IGP-M	2.95	6.82	10.54	(0.35)	1.14	7.10
IPCA – IBGE	1.43	2.58	5.60	1.43	1.32	8.05
TJLP	2.29	2.41	7.29	2.87	2.87	8.62
TR	0.60	0.71	1.88	1.31	1.29	3.93

U.S. dollar (closing price – sell)
USD – Commercial rate (in reais)	2.8444	3.8949	3.8949	2.8720	2.9234	2.9234

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.

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.

Bradesco reported net income of R$ 1.591 billion for the period from January to September 2003, corresponding to R$ 1.00 per thousand shares and a return of 16.7% on stockholders’ equity, annualized, and 18.2% on average stockholders’ equity.

From January to September 2003, net income increased by 20.1%, compared to the same period in 2002.

Net income for the third quarter of 2003 (3Q03) was R$ 564 million, an increase of 8.7% in comparison with the second quarter of 2003 (2Q03).

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

(*) Funding expenses without repurchase agreements less income on compulsory deposits.

Technical Reserves for Insurance, Private Pension Plans and Savings Bonds x Expenses

(*) Price-level restatement and interest on technical reserves for insurance, private pension plans and savings bonds.

(*) Income from financial intermediation excluding provision for loan losses (PDD).

Bradesco’s consolidated financial margin (before PDD) totaled R$ 9.1 billion for the period accumulated to September/03, a 7.2% increase compared to the same period in 2002 (R$ 8.5 billion). The financial margin for this quarter (3Q03) totaled R$ 3.2 billion, a 21% increase compared with 2003 (R$ 2.6 billion).

Even after the cut in the basic interest rate for the quarter (CDI/SELIC) and the fall in lending rates, Bradesco obtained an increase in financial margin as mentioned above.

Similarly, the annualized financial margin (obtained by dividing the lending and trading margin, excluding PDD, by the average balance of total assets) increased from 7.2% in 2Q03 to 8.2% for 3Q03, a 1 percentage point increase.

However, for the first nine months of 2003, the annualized financial margin dropped in comparison with the same period in 2002, from 9.3% to 8.1%.

Adjusting the additional provision for market risk fluctuation recorded/reversed (exchange provision), the annualized financial margin for the quarter would be 8.2%, compared to 8.1% in 2Q03. On the other hand, for the first nine months of 2003, the annualized rate would total 8.6%, compared with 7.8% for the same period in 2002.

We highlight below the events generating both published and adjusted financial margin:

At September 30, 2003, Bradesco’s employees, including staff at the subsidiaries, totaled 77,154. The increase compared with December 2002 was generated mainly by the acquisition of BBV Banco in June 2003, with 4,677 employees, incorporated into Bradesco’s headcount for September 2003. The following table presents the growth of Bradesco’s headcount.

N.B. In June 2002, 751 Banco Cidade employees were incorporated by Banco BCN and 706 Banco BEA employees were incorporated by Banco Bradesco.

At September 30, 2003, Bradesco’s accumulated personnel expenses totaled R$ 3.5 billion, including expenses for remuneration, social charges, benefits, training, employee profit sharing, bonus (single payment) and others.

Benefits offered by Bradesco to its employees include health insurance and dental care, as well as a supplementary retirement pension plan.

The following pie graph presents the percentage share of each item in relation to total Bradesco personnel expenditure:

Bradesco’s staff training activities are tuned to its organizational strategies, to the ongoing improvement of its customer service quality and to its capacity to produce results.

Accordingly, the Training Program uses tailor-made methodologies, offering in-class or self-training courses to all its staff, designed to meet both their professional and personal development needs.

The most innovative of these training methodologies, permitting the rapid inclusion of a considerable number of employees, is the ‘TreiNet’, online training program which was used for the period from January to September 2003 by 184,808 participants for courses in Integration and Basic Banking, Financial Mathematics, Business Accounting and Balance Sheet Analysis, Financial Market and Investments, Loans and Financing, Business Support Platforms, Convenience Services, Internal Control Systems, Savings Bonds, Vida e Previdência pension plans, Cashier Training, Written Communication and Performance Management and Decision-making Support (GDAD).

Through the important partnerships entered into with Consulting Firms, Universities and Business Schools, such as USP, FGV and IBMEC, the Bank qualifies its professional staff to operate in the Organization’s diverse specialist segments, such as Bradesco Empresas (Middle Market), Corporate and Private Banking, Prime and Consortium.

Particular emphasis should also be given to the specialization courses offered at post-graduate level. Four groups have been formed for courses such as: Business Process Management and Foreign Trade and International Operations and Banking Business, given at the following institutions, FIA, FIPE and FGV.

Bradesco’s compliance culture was also strengthened through distance learning courses, via manuals and TreiNet programs available to all the Organization’s employees.

During the period from January to September of 2003, 993 courses were given, in 12,345 groups, with 302,886 employee participations and a total of 5,983,841 hours spent in training, as well as investments to the order of R$ 46 million.

(*) For comparison purposes, amounts for September 2003 are accumulated over the prior 12-month period.

The variation in the operating efficiency ratio is motivated by acquisitions made by the Bradesco Organization in the prior 2 years. We stress that the synergy process of these acquisitions is still in progress.

As part of the Organization’s ongoing pursuit to optimize its results and performance, our cost management model will be supported by Activity-Based Costing (ABC) methodology which has already provided, among others, support for studies relating to the formation and negotiation of banking charges, costing information for performance and decision-making support management and for customer profitability purposes, and for the formation of a database for analyses regarding the unification and rationalization of the Bank’s different units.

The Organization is currently implementing ABM (Activity-Based Management) methodology which will rapidly lead to cost prevention practices and a pro-active approach as regards the identification of opportunities. Thus, at the same time as we improve our processes, we are also able to seamlessly integrate operating performance with strategic objectives, in the pursuit to create and/or sustain competitive advantages and value for both our customers and stockholders.

Accordingly, the future mission of the activity-based management model is to provide ongoing support for planning and controlling the Bank’s business processes and to promote the permanent improvement of operating and tactical issues and to provide a firm basis for their strategic gearing.

We present below the composition of the credit portfolio by type of operation and economic activity sector.

At the end of the third quarter of 2003, 99.6% of the credit portfolio was directed to the private sector, with no significant movement compared with the prior quarter. By economic activity sector, manufacturing maintained the majority of credit volume, with a 33.4% share of total operations, particularly food and beverages, steel, metal products and mechanics. Credits directed to the service sector, including financial intermediaries, comprised 22.1%, whereas commerce and farming/livestock activities recorded a 14.6% and 1.6% portfolio share, respectively. Loans to consumers comprised 27.9% of the portfolio.

Analyzed on an overall basis, the credit portfolio performance for the quarter continued to reflect the disappointing conditions prevailing in the domestic economic scenario during the period, reflected mainly by a slacking economy and shrinking wages. Within this context, even though the process designed to introduce a more flexible monetary policy resulted in successive interest rate cuts from June onwards, the demand for credit in the third quarter continued slack, indicating that the economic agents are postponing consumption and investment decisions, in the expectation of obtaining more favorable conditions in the future for new financing contracts.

As a result, albeit to a smaller degree compared with the movement registered in prior quarters, the total volume of credit operations at the end of September again showed a decline, totaling R$ 52.8 billion on a consolidated basis, corresponding to a decrease of 0.5% compared to June or 1.5% when analyzed in relation to the prior twelve months.

Credit market activity is expected to pick up in the final quarter and if the stable economic scenario is confirmed and the current trend towards interest rate cuts continues, we anticipate that both companies and individual consumers will resume the contracting of new bank credit in the forthcoming months on more consistent basis.

The classification and quality of the credit portfolio by risk level, at September 30, 2003, remained stable in comparison with the first quarter. The operations concentrated from levels AA to C, classified by BACEN as normal course operations, totaled 90.4% of the accumulated balance. 2.8% of operations were classified at risk administration level D and will remain so until this risk is reduced or guarantees with greater liquidity are obtained. Only 6.8% were considered to be abnormal course operations, subject to partial loss after the application of customary recovery procedures. The maintenance of these rates reflects the Bank’s permanent use of credit assessment and monitoring instruments.

The volume of the allowance for loan losses for the third quarter of 2003 totaled R$ 4,151 million, corresponding to 7.9% of total credit operations. However, of this amount, only 46.7% effectively comprises overdue operations (past due and falling due) compared to 48.8% in June and the remaining portion is recorded as a precaution only, based on the customers' internal classification or to cover specific and general portfolio risks.

Movement of the Portfolio between September 2002 and September 2003 - In millions of reais

The performance of the consolidated credit portfolio for the prior twelve months ended September 30, 2003, despite the low level of economic activity, evidences the maintenance of the quality of the assets, in particular as a result of new borrowers, corresponding to an increases of 19.3%, compared to the balance of the credit portfolio in September 2002.

As a result, the quality of the credits granted to new borrowers in annual terms is proving to be satisfactory and accordingly the percentage of credit operations classified as normal course (from AA to C) maintained its customary high level, totaling 90.4% at the end of the third quarter.

To facilitate the analysis of the Bank's credit portfolio performance, we present below, on a consolidated basis, a comparative summary of the main parameters, based on the rules established by BACEN for recording provisions.

The figures at the end of September 2003 continue to confirm the low credit risk of the Bradesco portfolio, as a result of its comfortable coverage levels and moreover that the Organization's credit granting strategy is being applied on a secure, selective and consistent basis.

The balance of Bradesco Organization Savings Accounts, at the end of the third quarter of 2003, totaled R$ 20.9 billion in deposits, comprising an 18.8% market share of the Brazilian Savings and Loan System (SBPE).

Bradesco was rated Best Fund Manager in Brazil in 2003 for the second time in a row by Exame magazine.

The Exame magazine’s Best Investment Fund Guide is one of the most complete and well-respected analyses in this sector, published in partnership with the Finance Study Center at the São Paulo Business Administration School of Fundação Getulio Vargas. The study covered the 12-month period from July 2002 to June 2003.

We present below the categories in which Bradesco’s performance was highlighted:

Overall Ranking – Best Fund Manager
1st place in Retail Funds
1st place in Leveraged Funds
2nd place in Share Funds
19 5-star rated Funds

Bradesco Investment Funds were highlighted in the Valor Investe magazine supplement of the Valor Econômico newspaper, published on September 18, 2003. Three Bradesco funds received the quality Select Fund seal given by S&P (Standard & Poor’s), the well-known credit rating agency. According to this supplement, these Funds present a rare combination of performance, profitability, management transparency and trustworthy asset management.

A number of Bradesco funds also comprise S&P’s Star Ranking which rates the best investment funds, based on strict international classification criteria.

The magazine also stressed the fact that Bradesco has won important awards in asset management and is Brazil’s largest private fund manager.

Bradesco leads the Best Share Fund ranking published by Investidor Individual magazine

Bradesco was ranked leader by Investidor Individual magazine (July/August 2003) among Brazil’s Best Share Funds.

This ranking, prepared by the Risk Office, shows the most successful variable income share and multimarket funds for the first five months of 2003.

BRAM-Bradesco Asset Management, the company responsible for managing Bradesco’s Investment Funds was ranked 1st place with 19 funds selected. The 2nd ranked company had 8 funds selected.

Market Value (Number of shares x average last-day price for the period)- In millions of reais

(1)	Cash deposit – no remuneration.
(2)	Cash deposit – SELIC rate.
(3)	Deposit in Government Securities.
(4)	Cash deposit – Reference Rate (TR) + interest of 6.17% p.a.

Rates and Limits (%)
Index	2002		2003
	2nd Qtr.	3rd Qtr.	2nd Qtr.	3rd Qtr.
Income tax	25	25	25	25
Social contribution	9	9	9	9
PIS	0.65	0.65	0.65	0.65
COFINS (*)	3	3	3	4
Legal reserve on net income	5	5	5	5
Maximum fixed assets (**)	60	60	50	50
Minimum capital – Basel (***)	11	11	11	11

(*)	Changed to 4% p.a. in September 2003.
(**)	On reference equity.
(***)	Reference equity may not be lower than 11% of weighted assets.


	Accumulated to September 2002	Accumulated to September 2003	% Var.	2nd. Qtr. 2003	3rd. Qtr. 2003	% Var.

INCOME FROM LENDING AND TRADING ACTIVITIES	28,830	20,097	(30.3)	5,099	7,915	55.2
Credit operations	14,207	9,136	(35.7)	2,688	3,508	30.5
Leasing operations	334	229	(31.4)	66	86	30.3
Securities	10,240	5,098	(50.2)	995	2,312	132.4
Financial income on insurance, private pension plans and savings bonds	1,874	3,948	110.7	1,172	1,335	13.9
Derivative financial instruments	(2,381)	46	(101.9)	(361)	33	(109.1)
Foreign exchange transactions	4,287	543	(87.3)	169	275	62.7
Compulsory deposits	269	1,097	307.8	370	366	(1.1)

EXPENSES	22,538	12,950	(42.5)	3,068	5,357	74.6
Interest and charges on:
Deposits	10,999	7,930	(27.9)	1,826	3,434	88.1
Price-level restatement and interest on technical reserves for insurance, private pension plans and savings bonds	1,262	2,419	91.7	756	761	0.7
Borrowings and onlendings	8,028	593	(92.6)	(103)	555	(638.8)
Leasing operations	9	10	11.1	3	4	33.3
Provision for loan losses	2,240	1,998	(10.8)	586	603	2.9

INCOME FROM FINANCIAL INTERMEDIATION	6,292	7,147	13.6	2,031	2,558	25.9

OTHER OPERATING INCOME (EXPENSES)	(4,641)	(4,480)	(3.5)	(1,172)	(1,890)	61.3
Commissions and fees	2,721	3,272	20.2	1,080	1,179	9.2
Income on insurance premiums	3,643	4,181	14.8	1,395	1,472	5.5
Income on private pension plan contributions	2,567	3,775	47.1	1,213	1,355	11.7
Income on savings bonds	681	842	23.6	301	292	(3.0)
Variation in technical reserves for insurance	(83)	(233)	180.7	(89)	(86)	(3.4)
Variation in technical reserves for pension plans	(1,138)	(2,280)	100.4	(615)	(736)	19.7
Variation in technical reserves for savings bonds	(80)	(107)	33.8	(33)	(73)	121.2
Claims – insurance operations	(2,677)	(3,181)	18.8	(1,098)	(1,111)	1.2
Savings bond redemptions	(552)	(704)	27.5	(254)	(252)	(0.8)
Insurance product selling expenses	(396)	(458)	15.7	(148)	(152)	2.7
Pension plan selling expenses	(92)	(96)	4.3	(35)	(39)	11.4
Expenses with pension plan benefits and redemptions	(1,180)	(1,793)	51.9	(600)	(756)	26.0
Personnel expenses	(3,029)	(3,507)	15.8	(1,148)	(1,306)	13.8
Other administrative expenses	(2,917)	(3,486)	19.5	(1,153)	(1,232)	6.9
Tax expenses	(590)	(761)	29.0	(238)	(255)	7.1
Equity in the earnings of associated companies	32	(26)	(181.3)	(28)	7	(125.0)
Other operating income	1,392	1,895	36.1	837	401	(52.1)
Other operating expenses	(2,943)	(1,813)	(38.4)	(559)	(598)	7.0

OPERATING INCOME	1,651	2,667	61.5	859	668	(22.2)

NON-OPERATING INCOME	132	(768)	(681.8)	(95)	9	(109.5)

INCOME BEFORE TAXES AND PROFIT SHARING	1,783	1,899	6.5	764	677	(11.4)

PROVISION FOR INCOME TAX AND SOCIAL CONTRIBUTION	(466)	(301)	(35.4)	(243)	(111)	(54.3)

MINORITY INTEREST	8	(7)	(187.5)	(2)	(2)	-

NET INCOME	1,325	1,591	20.1	519	564	8.7

ANNUALIZED RETURN ON STOCKHOLDERS’ EQUITY (%)	17.2	16.7	-	17.6	18.6	-


Nine-month Period			2003
2002	2003	% Variation	2nd Qtr.	3rd Qtr.	% Variation
14,532	9,355	(35.6)	2,751	3,590	30.5

This decrease mainly reflects negative exchange variation of 17.3% for the first nine months of 2003 (period/03), against positive exchange variation of 67.9% for the first nine months of 2002 (period/02), impacting U.S. dollar-denominated or dollar-indexed operations, which comprise 24.1% of total credit and leasing operations			This increase mainly reflects positive exchange variation of 1.8% in 3Q03 against negative variation of 14.3% in 2Q03, impacting U.S. dollar-indexed operations.

Compulsory Deposit Rates (%)
Index	2002		2003
	2nd Qtr.	3rd Qtr.	2nd Qtr.	3rd Qtr.
Demand deposits ⁽¹⁾	45	45	60	45
Additional ⁽²⁾	-	3	8	8
Time deposits ⁽³⁾	15	15	15	15
Additional ⁽²⁾	-	3	8	8
Savings deposits (4)	20	20	20	20
Additional (2)	-	5	10	10

A) Insurance Product Selling Expenses

Nine-month Period			2003
2002	2003	% Variation	2nd Qtr.	3rd Qtr.	% Variation
(396)	(458)	15.7	(148)	(152)	2.7

This increase was generated for the most part by growing Auto and Basic line insurance sales, maintaining the ratio of sales to premiums consistent with the prior period.			Selling expenses remained practically stable for the quarter.

B) Pension Plan Selling Expenses

Nine-month Period			2003
2002	2003	% Variation	2nd Qtr.	3rd Qtr.	% Variation
(92)	(96)	4.3	(35)	(39)	11.4

The increase in this expense reflects the growth in the VGBL product sales.			The increase in this expense reflects the growth in the VGBL product sales.

Expenses with Pension Plan Benefits and Redemptions

Nine-month Period			2003
2002	2003	% Variation	2nd Qtr.	3rd Qtr.	% Variation
(1,180)	(1,793)	51.9	(600)	(756)	26.0

The variation in this account was mainly due to the increase in the payment of pension plan redemptions as a result of specific VGBL and PGBL plan features.			The variation in this account was mainly due to the increase in the payment of pension plan redemptions as a result of specific VGBL and PGBL plan features.

Personnel Expenses

Nine-month Period			2003
2002	2003	% Variation	2nd Qtr.	3rd Qtr.	% Variation
(3,029)	(3,507)	15.8	(1,148)	(1,306)	13.8

This increase was mainly generated by: (i) salary increases, pursuant to trade-union agreements (September/02) – R$ 177 from October 2002; (ii) appropriation of the collective labor agreement of September/03 – R$ 171, including the bonus (single payment) of R$ 98; and (iii) an increase in the number of employees, subsequent to the acquisition of BBV Banco in 2Q03 – R$ 107.			This increase was generated mainly by: (i) appropriation of the collective labor agreement of September/03 – R$ 171, including the bonus (single payment) of R$ 98; (ii) an increase in the number of employees, following the acquisition of BBV Banco in June/03 growing by R$ 27 in 2Q03 and by R$ 80 in 3Q03, a variation of R$ 53.

Other Administrative Expenses

Nine-month Period			2003
2002	2003	% Variation	2nd Qtr.	3rd Qtr.	% Variation
(2,917)	(3,486)	19.5	(1,153)	(1,232)	6.9

The increase in this expense mainly reflects expansion in the customer service network, in particular: (i) depreciation and amortization – R$ 86; (ii) third-party services – R$ 61; (iii) rents – R$ 55, mainly relating to branches which were auctioned subsequent to June 2002; (iv) leasing – R$ 55; (v) communications – R$ 43; (vi) expenses for transport – R$ 40; and (vii) consolidation of BBV Banco R$ 100.			The increase for this quarter reflects increased expenses for: (i) leasing – R$ 17; (ii) third-party services – R$ 11; (iii) communications – R$ 6; and (iv) consolidation of BBV Banco – R$ 50.

Tax Expenses

Nine-month Period			2003
2002	2003	% Variation	2nd Qtr.	3rd Qtr.	% Variation
(590)	(761)	29.0	(238)	(255)	7.1

The growth rate mainly reflects increases in expenses for PIS/COFINS, consistent with taxable income growth for the period.			The variation in this quarter mainly reflects the increase in the COFINS rate from 3% to 4% – R$ 12.

Equity in the Earnings of Associated Companies

Nine-month Period			2003
2002	2003	% Variation	2nd Qtr.	3rd Qtr.	% Variation
32	(26)	(181.3)	(28)	7	(125.0)

This variation was mainly generated by (i) equity in earnings determined in IRB Brasil Resseguros S.A. of R$ 33 for the period/02, against equity in loss of R$ (8) for the period/03; and (ii) equity in loss in U.G.B. of R$ (4) for the period/02, against equity in loss of R$ (25) for the period/03.			This variation was mainly generated by (i) equity in loss determined in IRB Brasil Resseguros S.A. of R$ (27) for 2Q03, against equity in earnings of R$ 20 for 3Q03; and (ii) equity in loss in U.G.B. of R$ (8) for 2Q03, against equity in loss of R$ (12) for 3Q03.

Other Operating Income

Nine-month Period			2003
2002	2003	% Variation	2nd Qtr.	3rd Qtr.	% Variation
1,392	1,895	36.1	837	401	(52.1)

The increase for the period is mainly due to reversal of the provision for exchange variation – R$ 504 in 2003.			The variation reflects mainly reversal of the provision for exchange variation – R$ 338 in 2Q03.

Other Operating Expenses

Nine-month Period			2003
2002	2003	% Variation	2nd Qtr.	3rd Qtr.	% Variation
(2,943)	(1,813)	(38.4)	(559)	(598)	7.0

The variation is mainly due to a provision for exchange variation recorded in the amount of R$ 948 for the period/02.			The variation for the quarter is mainly due to: (i) greater financial expense – R$ 15; and (ii) expense with cost of services rendered – R$ 26.

Income Tax and Social Contribution

Nine-month Period			2003
2002	2003	% Variation	2nd Qtr.	3rd Qtr.	% Variation
(466)	(301)	(35.4)	(243)	(111)	(54.3)

The variation in income tax and social contribution expense reflects tax charges on pre-tax income adjusted by permanent additions and exclusions, as described in Note 35 to the financial statements.			The variation in income tax and social contribution expense reflects tax charges on pre-tax income adjusted by permanent additions and exclusions.

	Accumulated to September 2003
	Financial		Insurance Group		Other	Amount	Total
	Local	Foreign	Local	Foreign	Activities	Eliminated	Consolidated
Income from financial intermediation	5,371	227	1,532	1	17	(1)	7,147
Other operating income (expenses)	(4,453)	(63)	(1,081)	1	39	1	(5,556)
Commissions and fees	2,943	5	128	-	396	(200)	3,272
Personnel expenses	(3,029)	(18)	(329)	-	(131)	-	(3,507)
Other administrative expenses	(3,146)	(43)	(388)	(3)	(141)	235	(3,486)
Other revenue (expenses)	(1,221)	(7)	(492)	4	(85)	(34)	(1,835)

Net income	918	164	451	2	56	-	1,591

(1)	Including income on credit operations + income on leasing operations + adjustments to income on foreign exchange transactions (Note 13a);

(2)	Includes interest and charges on deposits + expenses for borrowings and onlendings + income on compulsory deposits + price-level restatement and interest on technical reserves for insurance, private pension plans and savings bonds + adjustments to income on foreign exchange transactions (Note 13a);

(3)	Includes income on securities transactions + financial income on insurance, private pension plans and savings bonds + income on derivative financial instruments + adjustments to income on foreign exchange transactions (Note 13a); and

(4)	Includes income on foreign exchange transactions + adjustments to income on foreign exchange transactions (Note 13a).


	Accumulated to September 2002	Accumulated to September 2003	2nd Qtr. 2003	3rd Qtr. 2003

Credit operations	42,276	43,575	43,398	44,660
Leasing operations	1,763	1,496	1,481	1,480
Advances on foreign exchange contracts	5,426	5,799	5,773	5,991
1 – Total – Average balance (quarterly)	49,465	50,869	50,652	52,131
2 – Income (*)	18,818	9,898	2,918	3,866
3 – Average return annualized exponentially (2/1)	53.7%	26.8%	25.1%	33.1%


	In millions of reais

	2002			2003

	2nd Qtr.	3rd Qtr.	Accumulate to September	2nd Qtr.	3rd Qtr.	Accumulate to September

Credit portfolio	52,576	53,599	53,599	53,048	52,776	52,776

Opening balance	3,480	3,529	2,941	3,902	4,109	3,665

Amount recorded Amount written off	711 (694)	896 (607)	2,240 (1,597)	587 (551)	603 (561)	1,998 (1,683)
Balance derived from acquired institutions	32	-	234	171	-	171

Closing balance	3,529	3,818	3,818	4,109	4,151	4,151

Specific provisions	2,231	2,125	2,125	2,006	1,939	1,939
Generic provisions	1,009	1,269	1,269	1,286	1,390	1,390
Additional provision	289	424	424	817	822	822

Credit recoveries	98	108	277	109	128	326


	In millions of reais

	December					2003

	1998	1999	2000	2001	2002	June	September

Allowance for loan losses – PDD	1,215	1,908	2,507	2,941	3,665	4,109	4,151
(A)
Credit operations (B)	25,095	27,559	38,872	44,444	50,801	53,048	52,776
PDD on credit operations (A/B)	4.8%	6.9%	6.5%	6.6%	7.2%	7.7%	7.9%

	Year					2003

	1998	1999	2000	2001	2002	June	September

Banco Bradesco	47,233	47,521	49,177	51,633	53,732	56,808	60,604
Subsidiaries	7,501	7,301	6,575	6,943	8,729	9,298	9,403
Subtotal Bradesco	54,734	54,822	55,752	58,576	62,461	66,106	70,007

Banco BCN	5,024	4,784	4,780	5,857	6,105	5,729	5,460
Subsidiaries	1,408	1,099	1,172	1,280	1,504	1,636	1,687
Subtotal BCN	6,432	5,883	5,952	7,137	7,609	7,365	7,147

Banco Baneb	-	2,756	2,514	-	-	-	-
Subsidiaries	-	50	-	-	-	-	-
Subtotal Baneb	-	2,806	2,514	-	-	-	-

Banco Boavista	-	-	1,564	-	-	-	-
Subsidiaries	-	-	22	-	-	-	-
Subtotal Boavista	-	-	1,586	-	-	-	-

Banco Mercantil	-	-	-	-	3,970	-	-
Subsidiaries	-	-	-	-	353	-	-
Subtotal Mercantil	-	-	-	-	4,323	-	-

BBV Banco	-	-	-	-	-	4,638	-
Subsidiaries	-	-	-	-	-	39	-
Subtotal BBV Banco	-	-	-	-	-	4,677	-

Total	61,166	63,511	65,804	65,713	74,393	78,148	77,154


Human Resources - September 2003


BY AGE	BY GENDER	BY EDUCATIONAL BACKGROUND	BY YEARS OF SERVICE WITH BRADESCO	BY MANAGERIAL POSITION

Younger than 30 45%			Less than 5 years 42%
		High School 31%
From 31 to 40 38%	Men 55%		From 6 to 10 years 9%	Non-managerial 50%
		University 68%
From 41 to 50 15%	Women 45%		From 11 to 20 years 39%	Managerial 50%
		Other 1%
Older than 50 2%			More than 20 years 10%


		Currency
	Balance Sheet
		Local	Foreign⁽¹⁾

ASSETS
Current and long-term receivables	159,294	133,063	26,231
Funds available	2,234	1,578	656
Interbank investments	28,558	25,519	3,039
Securities and derivative financial instruments	47,906	41,389	6,517
Interbank and interdepartmental accounts	13,253	13,248	5
Credit and leasing operations	41,863	35,334	6,529
Other receivables and assets	25,480	15,995	9,485
Permanent assets	5,069	5,055	14
Investments	504	504	-
Property and equipment in use and leased assets	2,613	2,601	12
Deferred charges	1,952	1,950	2
Total assets	164,363	138,118	26,245

LIABILITIES
Current and long-term liabilities	130,166	104,338	25,828
Deposits	58,346	53,670	4,676
Deposits received under security repurchase agreements	23,069	22,167	902
Funds from acceptance and issuance of securities	5,941	888	5,053
Interbank and interdepartmental accounts	1,474	777	697
Borrowings and onlendings	15,186	6,427	8,759
Derivative financial instruments	331	330	1
Other liabilities
Subordinated debt	3,482	2,629	853
Other	22,337	17,450	4,887
Technical reserves for insurance, savings bonds and
private pension plans	21,089	21,089	-
Deferred income	30	30	-
Minority interest in subsidiaries	111	111	-
Stockholders' equity	12,967	12,967	-
Total	164,363	138,535	25,828

Net position of assets and liabilities	-	-	417
Net position of derivatives ^{(2) (3)}	-	-	2,412
Other memorandum accounts, net ⁽⁴⁾	-	-	(533)
Net exchange position (asset) ⁽⁵⁾	-	-	2,296

(1)	Amounts expressed and/or indexed mainly in USD;
(2)	Excluding derivative operations maturing in D +1, to be settled in currency at September 30, 2003 price levels;
(3)	Derivatives are adjusted to market value;
(4)	Leasing commitments and others controlled in memorandum accounts;
(5)	Excluding investments in foreign branches and subsidiaries (Note 15a), the net exchange position would be negative in the amount of R$ 1,577 million (liability).


	Up to 30 days	From 31 to 180 days	From 181 to 360 days	More than 360 days	Indeterminate	Total

ASSETS
Current assets and long-term receivables	103,937	17,184	11,256	26,917	-	159,294
Funds available	2,234	-	-	-	-	2,234
Interbank investments	27,655	383	307	213	-	28,558
Securities and derivative financial instruments(1) 36,926	1,571	2,576	6,833	-	47,906
Interbank and interdepartmental accounts	12,950	5	6	292	-	13,253
Credit and leasing operations	8,446	13,825	6,401	13,191	-	41,863
Other receivables and other assets	15,726	1,400	1,966	6,388	-	25,480
Permanent assets	51	254	305	3,351	1,108	5,069
Investments	-	-	-	-	504	504
Property and equipment in use and leased assets	21	106	127	1,755	604	2,613
Deferred charges	30	148	178	1,596	-	1,952
Total	103,988	17,438	11,561	30,268	1,108	164,363

LIABILITIES
Current and long-term liabilities	77,228	12,316	9,319	31,303	-	130,166
Deposits ⁽²⁾	37,511	3,769	3,398	13,668	-	58,346
Deposits received under security repurchase agreements	21,704	18	33	1,314	-	23,069
Funds from the acceptance and issuance of securities	1,016	2,106	1,665	1,154	-	5,941
Interbank and interdepartmental accounts	1,474	-	-	-	-	1,474
Borrowings and onlendings	1,567	4,770	3,116	5,733	-	15,186
Derivative financial instruments	206	18	23	84	-	331
Other liabilities:	-
- Subordinated debt	31	35	-	3,416	-	3,482
- Other	13,719	1,600	1,084	5,934	-	22,337
Technical reserves for insurance, private pension
plans and savings bonds	-	-	-	21,089	-	21,089
Deferred income	29	1	-	-	-	30
Minority interest in subsidiaries	-	-	-	-	111	111
Stockholders' equity	-	-	-	-	12,967	12,967
Total	77,257	12,317	9,319	52,392	13,078	164,363
Accumulated net assets	26,731	31,852	34,094	11,970	-	-

(1)	Investment fund applications are classified as up to 30 days.
(2)	Demand and savings account deposits are classified as up to 30 days without considering average historical turnover.


ASSETS	September 2002	September 2003	% Variation	June 2003	September 2003	% Variation

Current assets and long-term receivables	134,481	159,294	18.5	149,316	159,294	6.7
Funds available	2,548	2,234	(12.3)	1,773	2,234	26.0
Interbank investments	12,380	28,558	130.7	20,996	28,558	36.0
Securities and derivative financial instruments	37,590	47,906	27.4	42,796	47,906	11.9
Interbank and interdepartmental accounts	10,798	13,253	22.7	15,024	13,253	(11.8)
Restricted deposits:
Brazilian Central Bank	9,298	12,069	29.8	13,792	12,069	(12.5)
Other	1,500	1,184	(21.1)	1,232	1,184	(3.9)
Credit and leasing operations	43,729	41,863	(4.3)	42,519	41,863	(1.5)
Credit and leasing operations	47,457	45,845	(3.4)	46,436	45,845	(1.3)
Allowance for loan and leasing losses	(3,728)	(3,982)	6.8	(3,917)	(3,982)	1.7
Other receivables and assets	27,436	25,480	(7.1)	26,208	25,480	(2.8)
Foreign exchange portfolio	15,631	11,926	(23.7)	13,131	11,926	(9.2)
Other receivables and assets	11,895	13,724	15.4	13,269	13,724	3.4
Allowance for losses	(90)	(170)	88.9	(192)	(170)	(11.5)
Permanent assets	5,670	5,069	(10.6)	5,173	5,069	(2.0)
Investments	566	504	(11.0)	494	504	2.0
Property and equipment in use and leased assets	2,652	2,613	(1.5)	2,666	2,613	(2.0)
Deferred charges	2,452	1,952	(20.4)	2,013	1,952	(3.0)
Deferred charges	453	555	22.5	562	555	(1.2)
Goodwill on acquisition of subsidiaries, net of amortization	1,999	1,397	(30.1)	1,451	1,397	(3.7)

Total	140,151	164,363	17.3	154,489	164,363	6.4

Allowance for Loan Losses (PDD)

September			2003

2002	2003	% Variation	June	September	% Variation

3,818	4,151	8.7	4,109	4,151	1.0

The nominal increase in PDD for the period was 8.7%, however, if we disregard the additional provisions of R$ 424 in 2002 and of R$ 822 in 2003, the allowance would present a decrease of 1.9%. Total PDD on credit operations increased from 7.1% in 2002 to 7.9% in 2003. The total allowance on the abnormal course credit portfolio, rated from D to H, increased from 129.7% in 2002 to 142.1% in 2003.			Total PDD on credit operations increased from 7.7% in 2Q03 to 7.9% in 3Q03. On the other hand, the total allowance on the abnormal course credit portfolio, rated from D to H, increased from 143.1% in 2Q03 to 142.1% in 3Q03.

Deposits

September			2003

2002	2003	% Variation	June	September	% Variation

55,871	58,346	4.4	56,822	58,346	2.7

The variation for the period reflects: (i) the consolidation of BBV Banco; and (ii) the growth in time deposits abroad.			This variation mainly reflects the growth in the volume of time deposits abroad.

Deposits Received Under Security Repurchase Agreements

September			2003

2002	2003	% Variation	June	September	% Variation

7,230	23,069	219.1	18,569	23,069	24.2

The increase in the account balance for the period was due to greater demand for this type of funding, reflecting the interest for investments in assets with greater liquidity during the period.			The increase in this account balance for the quarter was due to greater demand for this type of funding, reflecting the interest for investments in assets with greater liquidity during the quarter.

Funds from Acceptance and Issuance of Securities

September			2003

2002	2003	% Variation	June	September	% Variation

5,839	5,941	1.7	5,745	5,941	3.4

This increase mainly reflects: (i) new securities issued abroad, net of payments; (ii) the consolidation of BBV Banco; partially mitigated by: (iii) negative exchange variation of 17.3% in 2003.			This increase mainly reflects new securities issued abroad, in excess of settlements.

Borrowings and Onlendings

September			2003

2002	2003	% Variation	June	September	% Variation

19,355	15,186	(21.5)	14,572	15,186	4.2

The decrease for the period is mainly due to: (i) the settlement of a number of overdue and non-renewable operations, indexed or denominated in foreign currency; and (ii) negative exchange variation of 17.3% in 2003.			The increase reflects mainly the price-level restatement of contracts during the quarter.

Other Liabilities and Derivative Financial Instruments

September			2003

2002	2003	% Variation	June	September	% Variation

28,532	28,946	1.5	27,462	28,946	5.4

This oscillation was mainly generated by: (i) issuance of subordinated debt in local currency; (ii) funds obtained from abroad, through the securitization of the future flow of receivables; (iii) the consolidation of BBV Banco; and was partially offset by (iv) less volume in the fx portfolio, and (v) negative exchange variation of 17.3% in 2003. N.B. Excluding advances on foreign exchange contracts of R$ 5,432 and R$ 6,168, allocated to credit operations and technical reserves of R$ 2,174 and R$ 3,372, allocated to a specific account in 2002 and 2003, respectively.			The oscillation for the quarter reflects mainly: (i) funds obtained from abroad, through the securitization of the future flow of receivables and was partially offset by (ii) the decrease in the volume of the fx portfolio. N.B. Excluding advances on foreign exchange contracts of R$ 5,814 and R$ 6,168, allocated to credit operations and technical reserves of R$ 2,875 and R$ 3,372, allocated to a specific account in 2Q03 and 3Q03, respectively.

Stockholders’ Equity

September			2003
2002	2003	% Variation	June	September	% Variation
10,500	12.967	23.5	12,522	12,967	3.6

This variation reflects: (i) capital increase - R$ 1,290; (ii) appropriation of net income for the period - - R$ 2,289; (iii) share premium - R$ 7; (iv) mark-to-market adjustment of securities and derivatives - R$ 515; offset by: (v) interest attributed to own capital, paid and accrued – R$ 1,630; and (vi) acquisition of treasury stock – R$ 4.			This variation reflects: (i) appropriation of net income for 3Q03 – R$ 564; and (ii) the increase in the reserve for mark-to-market adjustment of securities and derivatives - R$ 247; and was offset by: (iii) interest attributed to own capital, paid and accrued - R$ 366.