Banco BI&P Earnings Release - 4th Quarter 2014

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EARNINGS RELEASE
4th QUARTER 2014
BI&P - Banco Indusval & Partners is a commercial bank with more than 45 years of experience in the financial market, focusing on local and foreign currency, fixed
income and corporate finance for companies. BI&P relies on a network of 7 branches and 2 banking service posts strategically located in economically relevant Brazilian
regions, besides an offshore branch in Cayman Islands, its brokerage house Guide Investimentos operating at the São Paulo Stock, Commodities and Futures Exchange -
BM&FBOVESPA and BI&P Cereais, acquired in April 2011, which originates agricultural bonds.
HighlightsHighlightsHighlightsHighlights
Expanded Credit PortfolioExpanded Credit PortfolioExpanded Credit PortfolioExpanded Credit Portfolio totaled R$4.1 billion, growing 3.6% in the quarter
and 6.9% from December 2013.
Loans originatedLoans originatedLoans originatedLoans originated in 4Q14 totaled R$1.4 billion, proof of the tremendous asset
generation capacity of the commercial area.
Loans rated between AA and BLoans rated between AA and BLoans rated between AA and BLoans rated between AA and B corresponded to 92% of the expanded credit
portfolio (87% in December 2013). Of the loans granted in the quarter, 98%
were rated between AA and B, reflecting the Bank’s focus on preserving the
quality of its loan portfolio.
The Emerging Companies and Corporate segmentsEmerging Companies and Corporate segmentsEmerging Companies and Corporate segmentsEmerging Companies and Corporate segments accounted for 62% and
38%, respectively, of the expanded credit portfolio, compared to 52% and
47%, respectively, in December 2013.
FundingFundingFundingFunding totaled R$4.4 billion, up 4.8% in the quarter and 12.6% in the year.
We continued to diversify the funding mix, especially through the issue of agro
notes (LCA) and dispersion of the depositor base, which once again broke the
record of over 11,000 depositors at the end of the quarter (4,000 in
December 2013), through alliances with more than 50 brokerages and
distributors, positively impacting also our funding costs. Free CashFree CashFree CashFree Cash totaled
R$748.6 million at the end of December 2014.
Income from services rendered and TariffsIncome from services rendered and TariffsIncome from services rendered and TariffsIncome from services rendered and Tariffs totaled R$14.0 million in 4Q14
and R$56.0 million in 2014, down 8.6% in the quarter, due to lower fee
income generated by the commercial banking operation, but was 94.4%
higher than in 2013, mainly due to revenue from the investment banking
operation, which earned fees of R$21.6 million in 2014.
We announced important strategic alliances in the quarter: with Gran Viver
and Cipasa in the real estate sector, and with Lojas Renner in the retail
segment, which is expected to be concluded in March 2015. In December
2014, loans generated by joinjoinjoinjoint ventures and business associationst ventures and business associationst ventures and business associationst ventures and business associations in the
agricultural and real estate sector, constituted over the last two years and
which are fully operational, already accounted for 12.7% of the expanded
credit portfolio, amounting to R$526.4 million.
Throughout the year 2014, the investments in technology, review of
processes and the strict control over expensescontrol over expensescontrol over expensescontrol over expenses resulted in the reductions of
17.4% in the Bank’s workforce and 5.8% in personnel expenses when
compared to 2013, including more than R$8 million of severance costs.
Similarly, administrative expenses in 2014 decreased 0.6% from 2013,
despite the inflation rate higher than 6% in 2014.
The quarterly ResultResultResultResult was R$2.0 million, growing slightly from the previous
quarter and with significant increase when compared to 4Q13, but far below
the Bank’s potential.
IDVL4:IDVL4:IDVL4:IDVL4: R$2.38 per share
Closing: March 5, 2015
Outstanding Shares: 88,991,729
Market Cap: R$211.8 million
Price/Book Value: 0.31
Conference Call / WebcastsConference Call / WebcastsConference Call / WebcastsConference Call / Webcasts
March 05March 05March 05March 05, 201, 201, 201, 2015555
In EnglishIn EnglishIn EnglishIn English
9 a.m. (US EST) | 12 p.m. (Brasília)
Connections
Brazil: +55 11 3193-1001
+55 11 2820-4001
EUA: +1 786 924-6977
Code: Bank BI&P
In PortugueseIn PortugueseIn PortugueseIn Portuguese
8 a.m. (US EST) | 11 a.m. (Brasília)
Number: +55 11 3193-1001
+55 11 2820-4001
Code: Bank BI&P
WebsiteWebsiteWebsiteWebsite
www.bip.b.br/irwww.bip.b.br/irwww.bip.b.br/irwww.bip.b.br/ir
Expanded Credit Portfolio totaled R$4.1 billion, up 3.6% in the quarter and 6.9% in the yearExpanded Credit Portfolio totaled R$4.1 billion, up 3.6% in the quarter and 6.9% in the yearExpanded Credit Portfolio totaled R$4.1 billion, up 3.6% in the quarter and 6.9% in the yearExpanded Credit Portfolio totaled R$4.1 billion, up 3.6% in the quarter and 6.9% in the year
Funding totaled R$4.4 billion, up 4.8% in the quarter and 12.6% in the yearFunding totaled R$4.4 billion, up 4.8% in the quarter and 12.6% in the yearFunding totaled R$4.4 billion, up 4.8% in the quarter and 12.6% in the yearFunding totaled R$4.4 billion, up 4.8% in the quarter and 12.6% in the year
Income from services rendered and Tariffs totaled R$14.0 million in 4Q14 and R$56.0 million in 2014, for growthIncome from services rendered and Tariffs totaled R$14.0 million in 4Q14 and R$56.0 million in 2014, for growthIncome from services rendered and Tariffs totaled R$14.0 million in 4Q14 and R$56.0 million in 2014, for growthIncome from services rendered and Tariffs totaled R$14.0 million in 4Q14 and R$56.0 million in 2014, for growth
of 94.4% from 2013, mainly driven by revenues from investment banking operationsof 94.4% from 2013, mainly driven by revenues from investment banking operationsof 94.4% from 2013, mainly driven by revenues from investment banking operationsof 94.4% from 2013, mainly driven by revenues from investment banking operations
Guide Investimentos already hasGuide Investimentos already hasGuide Investimentos already hasGuide Investimentos already has AUMAUMAUMAUM of R$1.9 billion, growingof R$1.9 billion, growingof R$1.9 billion, growingof R$1.9 billion, growing 25% in t25% in t25% in t25% in the quarter and 126% in the yearhe quarter and 126% in the yearhe quarter and 126% in the yearhe quarter and 126% in the year

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4th Quarter 2014
SummarySummarySummarySummary
Message from the Management ............................................................................................................................................3
Macroeconomic Scenario .......................................................................................................................................................5
Key Indicators ..........................................................................................................................................................................6
Operating Performance...........................................................................................................................................................8
Expanded Credit Portfolio .................................................................................................................................................... 10
Funding ................................................................................................................................................................................. 12
Free Cash.............................................................................................................................................................................. 13
Capital Adequacy.................................................................................................................................................................. 13
Credit Ratings ....................................................................................................................................................................... 13
Capital Markets .................................................................................................................................................................... 14
Balance Sheet ...................................................................................................................................................................... 16
Income Statement................................................................................................................................................................ 18

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4th Quarter 2014
Message from the ManagementMessage from the ManagementMessage from the ManagementMessage from the Management
During 4Q14, we prepared ourselves for a scenario of sharper economic slowdown in the country over the coming
months by maintaining our focus on generating quality assets, especially through our fully operational joint ventures in
the agricultural and real estate sectors, which have played a pivotal role in driving the healthy growth of our portfolio,
since we benefit from the expertise of our partners in the sectors and regions where they operate while sharing the
credit risk in the operations originated in these joint ventures and associations. Expanded Credit PortfolioExpanded Credit PortfolioExpanded Credit PortfolioExpanded Credit Portfolio totaledtotaledtotaledtotaled
R$4.1 billion, growing 3.6% in the quarter and 6.9% from December 2013R$4.1 billion, growing 3.6% in the quarter and 6.9% from December 2013R$4.1 billion, growing 3.6% in the quarter and 6.9% from December 2013R$4.1 billion, growing 3.6% in the quarter and 6.9% from December 2013. As proof of our tremendous asset
generation capacity, we originated loans of R$1.4 billion in the quarter, of which R$692 million were in loan renewals
and R$731 million in fresh loans, 98% of which were rated between AA and B.
At the end of the quarter, the Corporate segment accounted for 62.0% (61.6% in September 2014 and 52.2% in
December 2013) of the expanded credit portfolio, compared to 37.6% (38.0% and 47.0% in the respective comparison
periods) of the Emerging Companies segment, which is in line with our more conservative approach to lending. Loans
overdue more than 60 days (NPL 60) slightly increased in the quarter to close at 2.1% of the loan portfolio, as against
2.0% in 3Q14. ManagerialManagerialManagerialManagerial expenses with allowance for loan losses in the last 12 months correspondexpenses with allowance for loan losses in the last 12 months correspondexpenses with allowance for loan losses in the last 12 months correspondexpenses with allowance for loan losses in the last 12 months corresponded to 0.97% of theed to 0.97% of theed to 0.97% of theed to 0.97% of the
expanded credit portfolio, in line with Management’s expectationsexpanded credit portfolio, in line with Management’s expectationsexpanded credit portfolio, in line with Management’s expectationsexpanded credit portfolio, in line with Management’s expectations and lower than 1.45% in September 2014, due to
increased loan recoveries in the quarter. Our bet to agribusiness segment has proved successful since it has lower
default rates and higher cross-selling opportunities for our other products. Total deposits, which include agro notesTotal deposits, which include agro notesTotal deposits, which include agro notesTotal deposits, which include agro notes
(LCA), real estate notes (LCI), and bank notes (LF), amounted to R$4.0 billion, growing 6.9% in the quarter and 24.6%(LCA), real estate notes (LCI), and bank notes (LF), amounted to R$4.0 billion, growing 6.9% in the quarter and 24.6%(LCA), real estate notes (LCI), and bank notes (LF), amounted to R$4.0 billion, growing 6.9% in the quarter and 24.6%(LCA), real estate notes (LCI), and bank notes (LF), amounted to R$4.0 billion, growing 6.9% in the quarter and 24.6%
from December 2013from December 2013from December 2013from December 2013. We continued to diversify the funding mix, especially through the issue of LCAs, which increased
12.5% in the quarter and 109.3% in 12 months, and dispersion of the depositor base, which reached over 11,000
depositors at the end of the quarter, through alliances with more than 50 brokerages and distributors. As a result of all
this, in relation to the interbank rate (CDI), cost of funding continued to fall and reached the lowest in our history this
quarter.
Financial intermediation result before managerial expense with allowance for loan losses totaled R$41.8 million,
29.1% higher than in 3Q14 and 1.8% lower than in 4Q13, with the quarterly increase mainly due to the reversal of the
result from the hedge of trade finance operations, which caused a negative impact in the previous quarter and is
booked under income from derivative financial instruments, with no cash effect.
Income from services rendered and TariffsIncome from services rendered and TariffsIncome from services rendered and TariffsIncome from services rendered and Tariffs continued to perform well, totaling R$14.0 million in 4Q14, down 8.6% in
the quarter, due to lower fee income from the commercial banking operation, but totaling R$56.0 million in 2014,
94.4% higher than in 201394.4% higher than in 201394.4% higher than in 201394.4% higher than in 2013, mainly due to revenue from the investment banking operation, which earned fees of R$5.3
million in 4Q14 and R$21.6 million in 4Q14 (R$2.3 million in 2013). M&A and fixed income operations totaling nearly
R$2.0 billion were concluded in the quarter and the number of active proposals/mandates has increased constantly -
we currently have 42 ongoing mandates. In 4Q14, we wish to highlight the acquisition by our client Lactalis of the dairy
division of BRF in continuation of the acquisition of dairy assets of LBR, which is also advised by BI&P; the sale of
control of our client Servtec in the full divestment of its Facilities division to the GPS Group; and advisory services for
Camará Shopping in raising funds for the development of a shopping mall in Camaragibe in the state of Pernambuco.
In 4Q14, we continued making adjustments to our structure, which resulted in a reduction of 6.9% in the Bank’s
workforce in the quarter and of 17.4% in relation to the end of 2013. Personnel expenses decreased 16.8% from
4Q13, proving the effectiveness of the Bank’s cost cutting measures. Similarly, administrative expenses decreased
16.8% from 4Q13 due to our continuous focus on reducing costs, despite the inflation rate higher than 6% in 2014. We
started 2015 with a leaner and more efficient structure, which will certainly result in further decline of these expenses
when compared to those in effect in 2014. We are continuing our investments in Guide, which resulted in
administrative expenses increasing 5.6% in the quarter and 101.6% from 4Q13, while personnel expenses increased
52.9% from 4Q13 but decreased 3.2% in the quarter.
Guide Investimentos, our investment and distribution arm, is one of the biggest distributors of our funding products and
continues to grow significantly: 3,000 new individual accounts were opened in the year, which closed with 5,000
investors and assets under management of R$1.9 billion (compared to R$1.5 billion in September 2014 and R$823
million in December 2013). In 2014, Guide acquired the client portfolios of brokerages Omar Camargo, in the state of
Paraná, and Geraldo Corrêa, in the state of Minas Gerais, as well as Bullmark, a financial consulting firm focused on
asset management services for high net worth individual investors. We continue to study new partnerships with
independent agents from all over Brazil, in line with Guide’s strategy of expanding its client base and geographical
presence throughout the country. Note that Guide ended 2014 as one of the top 10 brokerages in volume traded in the

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4th Quarter 2014
coffee and cattle segments on the BM&F commodities exchange and in the forward equity market of the Bovespa stock
exchange.
The quarterly ResultResultResultResult was R$2.0 million, growing slightly from the previous quarter and with significant increase when
compared to 4Q13, but much below the Bank’s potential. Note that since 2011, we have invested in building an
agricultural franchiseagricultural franchiseagricultural franchiseagricultural franchise and this strategy has proved successful, both from the fact that this is a strong and important
sector of the country’s economy and from the opportunity to earn fee income and grow the portfolio. As a result, Banco
BI&P is today recognized as a benchmark among banks in this sector.

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4th Quarter 2014
Macroeconomic ScenarioMacroeconomic ScenarioMacroeconomic ScenarioMacroeconomic Scenario
The fourth quarter of 2014 was marked by presidential elections in Brazil. In the most hotly contested presidential
elections since 1945, Dilma Rousseff was re-elected for a second term with 54.5 million votes (51.64%), as against 51
million votes (48.36%) obtained by Aécio Neves. The election race brought a high level of volatility to the markets,
especially the stock and currency markets. However, from an economic viewpoint the scenario for 2014 had already
been set. The third and fourth quarters of the year were marked by modest economic recovery which, at best,
compensated slightly for the weak results of the first half of the year, resulting in Gross Domestic Product (GDP) growth
in 2014 of close to zero.
Despite weak economic performance, inflation continued its accelerated rise in the final three months of 2014 to close
the year at 6.41%, close to the ceiling of 6.5%. In this scenario, the Brazilian Central Bank (BCB) decided to start a new
monetary tightening cycle, raising the basic interest rate by 0.75 percentage points in the fourth quarter to 11.75% p.a.
According to the BCB, with the intensification of adjustments in relative prices in the economy price, in other words, the
strengthening of the U.S. dollar against the Brazilian real and the increase in administered prices, an adjustment to the
monetary conditions became necessary to ensure a more moderate inflationary scenario in the coming years.
Apart from the stagnation in overall economic activity and the high rate of inflation, worsening public accounts were a
heavy cause of concern during the year. The poor performance of tax collections, reflecting the economic downturn and
tax cuts, combined with high government spending, resulted in a primary deficit of R$32.5 billion, or 0.63% of GDP in
2014, the worst result in the historical series that started in 2002. In this environment, President Dilma Rousseff
officially announced the new economic team in November. The notable name was Joaquim Levy, who replaces Guido
Mantega as the Finance Minister. In his first speech, Mr. Levy committed to a primary surplus in 2015 of R$66.3
billion, or 1.2% of GDP. Though the announcement of the new economic team pleased the markets, the sharp
deterioration in tax collection in recent years poses major challenges for the Finance Minister, raising uncertainties
regarding the government's capacity to achieve the primary surplus target next year.
In Brazil’s national financial system, total loan operations grew 11.3% in the fourth quarter of 2014 to reach R$3.0
trillion. Average loan term increased from 101.6 months in December 2013 to 104.6 months in December 2014.
Credit as a percentage of GDP ended the fourth quarter at 58.86%, slightly higher than 57.38% in the previous quarter.
In the case of free credit operations, individual defaults dropped from 6.7% in the fourth quarter of 2013 to 6.5%
between October and December this year, while corporate defaults increased slightly from 3.1% to 3.4% in the same
comparison base. The still favorable scenario for default rates even in a less favorable economic scenario is the result
of the more selective approach to lending adopted by Brazilian banks.
Macroeconomic DataMacroeconomic DataMacroeconomic DataMacroeconomic Data 4Q4Q4Q4Q14141414 3Q3Q3Q3Q14141414 4444QQQQ13131313 2014201420142014 2015(e)2015(e)2015(e)2015(e)
Real GBP Growth (Q/Previous Q) 0.10%(e) 0.20% 0.50% 0.0%(e) -0.2%
Inflation (IPCA - IBGE) – quarterly change 1.72% 0.83% 2.04% 1.72% 1.86%
Inflation (IPCA - IBGE) – annual change 6.41% 6.75% 5.91% 6.41% 6.80%
FX (US$/R$) – quarterly change 7.05% 10.83% 6.12% 12.51% 9.10%
Interest Rate (Selic) 11.75% 11.00% 10.00% 11.75% 12.50%
e= expected

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4th Quarter 2014
Key IndicatorsKey IndicatorsKey IndicatorsKey Indicators
The financial and operating information presented in this report are based on consolidated financials prepared in
millions of Real (local currency), according to Brazilian Central Bank rules, except were otherwise stated.
Since 2Q14, Banco BI&P has presented its results through the Managerial Income Statement, which is based on
reclassifications of accounting Income Statement and is provided to help analyses.
MANAGERIAL INCOME STATEMENTMANAGERIAL INCOME STATEMENTMANAGERIAL INCOME STATEMENTMANAGERIAL INCOME STATEMENT 4444QQQQ14141414 3Q3Q3Q3Q14141414 4444QQQQ14/314/314/314/3QQQQ14141414 4Q4Q4Q4Q13131313 4444QQQQ14/414/414/414/4QQQQ13131313 2014201420142014 2013201320132013 2014/20132014/20132014/20132014/2013
Revenues from Loan Operations & Agro bondsRevenues from Loan Operations & Agro bondsRevenues from Loan Operations & Agro bondsRevenues from Loan Operations & Agro bonds 1111 126.3126.3126.3126.3 126.5126.5126.5126.5 ----0.1%0.1%0.1%0.1% 110.7110.7110.7110.7 14.1%14.1%14.1%14.1% 472.1472.1472.1472.1 318.7318.7318.7318.7 48.1%48.1%48.1%48.1%
Revenues Securities (w/o Agro bonds), Derivat. & FX2 55.2 42.1 31.1% 46.5 18.8% 163.5 184.6 -11.4%
Financial Intermediation Expenses (w/o ALL) 3 (139.7) (136.3) 2.6% (114.6) 21.9% (489.1) (353.0) 38.6%
Result from Financial IntResult from Financial IntResult from Financial IntResult from Financial Intermediationermediationermediationermediation before ALLbefore ALLbefore ALLbefore ALL 41.841.841.841.8 32.332.332.332.3 29.1%29.1%29.1%29.1% 42.542.542.542.5 ----1.8%1.8%1.8%1.8% 146.6146.6146.6146.6 150.3150.3150.3150.3 ----2.5%2.5%2.5%2.5%
Managerial ALL Expense 4 (8.7) (13.2) -34.4% (13.5) -35.9% (36.0) (163.7) -78.0%
Result from Financial IntermediationResult from Financial IntermediationResult from Financial IntermediationResult from Financial Intermediation 33.133.133.133.1 19.119.119.119.1 73.0%73.0%73.0%73.0% 29.029.029.029.0 14.0%14.0%14.0%14.0% 110.6110.6110.6110.6 (13.5)(13.5)(13.5)(13.5) n.c.n.c.n.c.n.c.
Revenues from services rendered and Tariffs5 14.0 15.3 -8.6% 8.0 75.4% 56.0 28.8 94.4%
Personnel and Administrative Expenses6 (42.9) (40.5) 5.9% (46.2) -7.1% (168.0) (160.5) 4.7%
Personnel Expenses w/o GuidePersonnel Expenses w/o GuidePersonnel Expenses w/o GuidePersonnel Expenses w/o Guide (22.6) (20.8) 8.3% (27.1) -16.8% (90.8) (96.4) -5.8%
Personnel Expenses Guide (4.1) (4.2) -3.2% (2.7) 52.9% (15.0) (10.0) 49.9%
Administrative Expenses w/o GuideAdministrative Expenses w/o GuideAdministrative Expenses w/o GuideAdministrative Expenses w/o Guide 6666 (11.8) (11.2) 5.0% (14.2) -16.8% (45.8) (46.1) -0.6%
Administrative Expenses Guide6 (4.5) (4.2) 5.6% (2.2) 101.6% (16.4) (8.0) 104.9%
Other operating income and expenses 7 (3.5) (1.0) 234.3% 0.2 n.c. (1.8) (5.6) -67.3%
Recurring Operating ResultRecurring Operating ResultRecurring Operating ResultRecurring Operating Result 0.70.70.70.7 (7.2)(7.2)(7.2)(7.2) 109.5%109.5%109.5%109.5% (9.0)(9.0)(9.0)(9.0) 107.6%107.6%107.6%107.6% (3.2)(3.2)(3.2)(3.2) (150.7)(150.7)(150.7)(150.7) ----97.9%97.9%97.9%97.9%
Non-Recurring Operating Expenses (0.4) 1.8 -120.1% (3.6) -89.8% (5.2) (33.9) -84.6%
Effect of discontinuance of hedge accounting (0.4) 1.8 -120.1% (3.6) -89.8% (4.2) (32.9) -87.2%
Other non-Recurring Operating Expenses 0.0 0.0 n.c. 0.0 n.c. (1.0) (1.0) -2.9%
Operating ResultOperating ResultOperating ResultOperating Result 0.30.30.30.3 (5.4)(5.4)(5.4)(5.4) 106.0%106.0%106.0%106.0% (12.6)(12.6)(12.6)(12.6) 102.5%102.5%102.5%102.5% (8.4)(8.4)(8.4)(8.4) (184.6)(184.6)(184.6)(184.6) ----95.4%95.4%95.4%95.4%
NonNonNonNon----operating profitoperating profitoperating profitoperating profit 0.90.90.90.9 9.29.29.29.2 ----90.4%90.4%90.4%90.4% (1.3)(1.3)(1.3)(1.3) 168.8%168.8%168.8%168.8% 7.07.07.07.0 (0.8)(0.8)(0.8)(0.8) n.c.n.c.n.c.n.c.
Income tax and social contribution 3.3 1.1 199.5% 5.7 -42.9% 6.3 77.2 -91.8%
Statutory contributions & Profit sharing (2.5) (3.3) -24.9% (1.8) 35.7% (10.1) (11.8) -14.8%
NetNetNetNet Profit (Loss)Profit (Loss)Profit (Loss)Profit (Loss) 2.02.02.02.0 1.71.71.71.7 20.7%20.7%20.7%20.7% (10.0)(10.0)(10.0)(10.0) 120.2%120.2%120.2%120.2% (5.2)(5.2)(5.2)(5.2) (120.0)(120.0)(120.0)(120.0) ----95.7%95.7%95.7%95.7%
1 Excluding the effects of (i) recoveries of loans written off, and (ii) discounts granted upon settlement of loans in the period.
2 Excludes the effect of discontinuance of the designation of hedge accounting in 2Q12. This effect is included in Non-Recurring Operating Expenses.
3 Includes expenses related to financial intermediation, such as (i) expenses related to the joint venture C&BI, (ii) commission paid to the distributors
of our funding products, especially LCAs and LCIs, which are classified under administrative expenses. Excludes the accounting heading Result of
Sale/Transfer of Financial Assets resulting from the shareholders’ agreement at the time of acquisition of Banco Intercap. This account is
considered while calculating the managerial expense with allowance for loan losses.
4 Managerial expense with allowance for loan losses is calculated by adding to the expense with allowance for loan losses, the effects of (i) the
recovery of loans written off and (ii) discounts granted upon settlement of loans in the period. In 2Q14 it also excludes the impacts of the
shareholders’ agreement at the time of acquisition of Banco Intercap in the Income Statement: (i) from the accounting heading Result of
Sale/Transfer of Financial Assets; and (ii) from other operating expenses and income. In 3Q14 it also excludes the impacts of other credit
assignments in the Income Statement in the accounting heading Result of Sale/Transfer of Financial Assets.
5 Includes expenses booked under administrative expensesrelated to income from services rendered.
6 Excludes (i) non-recurring operating expenses, (ii) expenses related to financial intermediation, and (iii) expenses related to income from services
rendered.
7 Result of the sum of (i) Other operating income and expenses, (ii) taxes and (iii) Result from affiliated companies. Excludes other operating income
and expenses resulting from the shareholders’ agreement at the time of acquisition of Banco Intercap.
n.c. = not comparable (percentage above 300% or below -300%, or number divided by zero).

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KeyKeyKeyKey IndicatorsIndicatorsIndicatorsIndicators
The financial and operating information presented in this report are based on consolidated financials prepared in
millions of Real (local currency), according to Brazilian Central Bank rules, except were otherwise stated.
Assets & LiabilitiesAssets & LiabilitiesAssets & LiabilitiesAssets & Liabilities 4444QQQQ14141414 3333QQQQ14141414 4444QQQQ14/314/314/314/3QQQQ14141414 4Q4Q4Q4Q13131313 4444QQQQ14/414/414/414/4QQQQ13131313
Loan Portfolio 2,988.8 2,951.0 1.3% 3,025.2 -1.2%
Expanded Loan PortfolioExpanded Loan PortfolioExpanded Loan PortfolioExpanded Loan Portfolio 1111 4,135.74,135.74,135.74,135.7 3,991.73,991.73,991.73,991.7 3.6%3.6%3.6%3.6% 3,867.13,867.13,867.13,867.1 6.9%6.9%6.9%6.9%
Cash & Short Term Investments 610.9 55.9 n.c. 241.0 153.5%
Securities and Derivatives 1,361.6 1,905.4 -28.5% 1,347.7 1.0%
Securities excl. Agro Sec. & Private Credit BondsSecurities excl. Agro Sec. & Private Credit BondsSecurities excl. Agro Sec. & Private Credit BondsSecurities excl. Agro Sec. & Private Credit Bonds 2 413.9413.9413.9413.9 1,071.11,071.11,071.11,071.1 ----61.4%61.4%61.4%61.4% 684.8684.8684.8684.8 ----39.6%39.6%39.6%39.6%
Total AssetsTotal AssetsTotal AssetsTotal Assets 5,526.75,526.75,526.75,526.7 5,490.55,490.55,490.55,490.5 0.7%0.7%0.7%0.7% 4,936.84,936.84,936.84,936.8 11.9%11.9%11.9%11.9%
Total Deposits 4,010.2 3,751.3 6.9% 3,219.0 24.6%
Open Market 204.9 338.5 -39.5% 85.9 138.6%
Foreign Borrowings 189.6 220.1 -13.8% 364.3 -47.9%
Domestic Onlendings 185.7 214.9 -13.6% 310.0 -40.1%
Shareholders’ EquityShareholders’ EquityShareholders’ EquityShareholders’ Equity 676.6676.6676.6676.6 672.8672.8672.8672.8 0.6%0.6%0.6%0.6% 674.2674.2674.2674.2 0.4%0.4%0.4%0.4%
PerformancePerformancePerformancePerformance 4Q4Q4Q4Q14141414 3Q3Q3Q3Q14141414 4444QQQQ14/314/314/314/3QQQQ14141414 4Q4Q4Q4Q13131313 4444QQQQ14/414/414/414/4QQQQ13131313 2014201420142014 2013201320132013 2014/20132014/20132014/20132014/2013
Free Cash 748.6 717.3 4.4% 758.0 -1.2%
NPL 60 days/ Loan portfolio 2.1% 2.0% 0.0 p.p. 2.3% -0.3 p.p.
NPL 90 days/ Loan portfolio 1.7% 1.5% 0.2 p.p. 1.9% -0.2 p.p.
Basel Index 13.1% 13.2% 0.0 p.p. 14.8% -1.7 p.p.
ROAE 1.2% 1.0% 0.2 p.p. -6.2% 7.4 p.p. -0.8% -19.0% 18.3 p.p.
Net Interest Margin with clients 4.14% 4.12% 0.02 p.p. 3.99% 0.15 p.p. 4.09% 4.04% 0.05 p.p.
Efficiency Ratio 92.7% 97.4% -4.8 p.p. 99.0% -6.3 p.p. 93.5% 102.5% -9.0 p.p.
Efficiency Ratio BI&P group w/o Guide 87.7% 88.2% -0.5 p.p. 98.6% -10.9 p.p. 86.3% 100.2% -13.9 p.p.
Other InformationOther InformationOther InformationOther Information 4444QQQQ14141414 3Q3Q3Q3Q14141414 4444QQQQ14/314/314/314/3QQQQ14141414 4Q4Q4Q4Q13131313 4444QQQQ14/414/414/414/4QQQQ13131313
Number of Corporate Clients 1,198 973 23.1% 1,063 12.7%
Number of Employees 405 427 -5.2% 443 -8.6%
Banco BI&P employees3 309 332 -6.9% 374 -17.4%
Guide Investimentos 96 95 1.1% 69 39.1%
1 Including Guarantees issued, Private Credit Bonds (PNs and Debentures) and Agro Securities (CDA/WA and CPR).
2 Excluding Agro Securities (CPRs and CDA/WA) and Private Credit Bonds (PNs and debentures) for trading.
3 Including BI&P Cereais.
n.c. = not comparable (percentage above 300% or below -300%, or number divided by zero).

8. 8/18
6666 EARNINGS RELEASE
4th Quarter 2014
Operating PerformanceOperating PerformanceOperating PerformanceOperating Performance
Financial intermediation result before managerial expense with allowance for loan losses totaled R$41.8 million, 29.1%
higher than in 3Q13, mainly due to the reversal of the result from the hedge of trade finance operations, which caused a
negative impact in the previous quarter and is booked under income from derivative financial instruments, with no cash
effect.
Managerial expenses with allowance for loan losses in the last 12 months corresponded to 0.97% of the expanded credit
portfolio (1.05% in 3Q14), lower than Management’s expectations. The decline in the ratio was due to higher loan
recoveries in the quarter, which totaled R$14.0 million, as against R$2.1 million in 3Q14.
The quarterly Result was R$2.0 million, growing slightly from the previous quarter and with significant increase when
compared to 4Q13, but much below the Bank’s potential.
Financial Intermediation ResultFinancial Intermediation ResultFinancial Intermediation ResultFinancial Intermediation Result
before Allowance for Loan Lossesbefore Allowance for Loan Lossesbefore Allowance for Loan Lossesbefore Allowance for Loan Losses
Net ResultNet ResultNet ResultNet Result
ProfitabilityProfitabilityProfitabilityProfitability
Financial IntermediationFinancial IntermediationFinancial IntermediationFinancial Intermediation 4444QQQQ14141414 3333QQQQ14141414 4444QQQQ14/314/314/314/3QQQQ14141414 4444QQQQ13131313 4444QQQQ14/414/414/414/4QQQQ13131313 2014201420142014 2013201320132013 2014/20132014/20132014/20132014/2013
Financial Intermediation RevenuesFinancial Intermediation RevenuesFinancial Intermediation RevenuesFinancial Intermediation Revenues 181.5181.5181.5181.5 168.6168.6168.6168.6 7.7%7.7%7.7%7.7% 157.1157.1157.1157.1 15.5%15.5%15.5%15.5% 635.6635.6635.6635.6 503.2503.2503.2503.2 26.3%26.3%26.3%26.3%
Loan Operations and Agro Bonds 126.3 126.5 -0.1% 110.7 14.1% 472.1 318.7 48.1%
Loans, Discount Receivables and Agro Bonds 104.3 105.7 -1.4% 101.2 3.1% 393.8 285.8 37.8%
Financing 22.0 20.8 6.0% 9.5 131.6% 78.2 32.8 138.6%
Other 0.0 0.0 159.5% 0.0 7.1% 0.1 0.0 247.5%
Securities (w/o Agro bonds) 28.8 19.0 51.6% 26.4 9.2% 89.3 77.3 15.6%
Derivatives (11.4) (19.5) -41.6% (2.9) 290.6% (21.2) 23.5 -190.1%
FX Operations Result 37.8 42.7 -11.4% 23.0 64.3% 95.4 83.8 13.8%
Financial Intermediation ExpensesFinancial Intermediation ExpensesFinancial Intermediation ExpensesFinancial Intermediation Expenses (139.7)(139.7)(139.7)(139.7) (136.3)(136.3)(136.3)(136.3) 2.6%2.6%2.6%2.6% (114.6)(114.6)(114.6)(114.6) 21.9%21.9%21.9%21.9% (489.1)(489.1)(489.1)(489.1) (353.0)(353.0)(353.0)(353.0) 38.6%38.6%38.6%38.6%
Money Market Funding (123.2) (110.3) 11.6% (85.8) 43.6% (427.0) (251.1) 70.1%
Time Deposits (66.0) (62.0) 6.4% (59.2) 11.4% (256.8) (181.3) 41.7%
Repurchase Transactions (6.8) (7.0) -2.6% (4.8) 40.5% (18.9) (15.1) 24.6%
Interbank Deposits (0.3) (0.5) -50.8% (0.4) -34.2% (1.8) (3.0) -42.2%
Agro Bonds (LCA), Real Estate (LCI) & Bank Notes (LF) (45.6) (36.3) 25.6% (18.1) 152.7% (133.9) (45.7) 192.7%
Other (4.5) (4.4) 0.8% (3.2) 38.2% (15.7) (5.9) 165.3%
Loans, Assignments & Onlending (16.5) (25.9) -36.3% (28.4) -41.7% (62.0) (100.9) -38.5%
Foreign Borrowings (13.5) (22.2) -39.4% (22.6) -40.3% (47.0) (80.0) -41.3%
Domestic Borrowings & Onlending (3.1) (3.7) -17.4% (5.8) -47.2% (15.0) (20.9) -27.9%
Sales operations/transfer of financial assets (0.1) 0.0 n.c. (0.5) -88.5% (0.1) (1.0) -94.6%
Gross Result from Financial Intermediation before ALLGross Result from Financial Intermediation before ALLGross Result from Financial Intermediation before ALLGross Result from Financial Intermediation before ALL 41.841.841.841.8 32.332.332.332.3 29.1%29.1%29.1%29.1% 42.542.542.542.5 ----1.8%1.8%1.8%1.8% 146.6146.6146.6146.6 150.3150.3150.3150.3 ----2.5%2.5%2.5%2.5%
Managerial ALL Expense (8.6) (13.2) -35.0% (13.5) -36.5% (36.0) (163.7) -78.0%
Gross Result from Financial IntermediationGross Result from Financial IntermediationGross Result from Financial IntermediationGross Result from Financial Intermediation 33.233.233.233.2 19.119.119.119.1 73.5%73.5%73.5%73.5% 29.029.029.029.0 14.3%14.3%14.3%14.3% 110.6110.6110.6110.6 (13.5)(13.5)(13.5)(13.5) n.c.n.c.n.c.n.c.
42.542.542.542.5
29.129.129.129.1
43.343.343.343.3
32.332.332.332.3
41.841.841.841.8
4Q13 1Q14 2Q14 3Q14 4Q14
R$million
----10.010.010.010.0 ----9.99.99.99.9
1.11.11.11.1 1.71.71.71.7 2.02.02.02.0
4Q13 1Q14 2Q14 3Q14 4Q14
R$million

9. 9/18
6666 EARNINGS RELEASE
4th Quarter 2014
Net Interest Margin (NIM)Net Interest Margin (NIM)Net Interest Margin (NIM)Net Interest Margin (NIM)
Managerial net interest margin with clients was 4.14% in 4Q14, compared to 4.12% in 3Q14.
Net Interest MarginNet Interest MarginNet Interest MarginNet Interest Margin 4Q144Q144Q144Q14 3Q143Q143Q143Q14 4Q14/3Q144Q14/3Q144Q14/3Q144Q14/3Q14 4Q134Q134Q134Q13 4Q14/4Q134Q14/4Q134Q14/4Q134Q14/4Q13 2014201420142014 2013201320132013 2014/20132014/20132014/20132014/2013
A. Result from Finan. Int. before ALL 41.8 32.3 29.1% 42.5 -1.8% 146.6 150.3 -2.5%
B. Average Interest bearing Assets 4,470.5 4,393.3 1.8% 4,018.5 11.2% 4,323.2 3,735.9 15.7%
Adjustm. for non-remunerated average assets 1 (263.2) (278.5) -5.5% (116.4) 126.1% (197.0) (173.8) 13.3%
B.a. Adjusted Average Interest bearing Assets 4,207.2 4,114.9 2.2% 3,902.1 7.8% 4,126.2 3,562.1 15.8%
Net Interest Margin (Aa/Ba)Net Interest Margin (Aa/Ba)Net Interest Margin (Aa/Ba)Net Interest Margin (Aa/Ba) 4.0%4.0%4.0%4.0% 3.2%3.2%3.2%3.2% 0.8 p.p.0.8 p.p.0.8 p.p.0.8 p.p. 4.4%4.4%4.4%4.4% ----0.4 p.p.0.4 p.p.0.4 p.p.0.4 p.p. 3.6%3.6%3.6%3.6% 4.2%4.2%4.2%4.2% ----0.7 p.p.0.7 p.p.0.7 p.p.0.7 p.p.
Managerial NIM with ClientsManagerial NIM with ClientsManagerial NIM with ClientsManagerial NIM with Clients 4444....14%14%14%14% 4444....12%12%12%12% 0000....02 p.p.02 p.p.02 p.p.02 p.p. 3333....99%99%99%99% 0000....15 p.p.15 p.p.15 p.p.15 p.p. 4444....09%09%09%09% 4444....04%04%04%04% 0000....00005555 p.p.p.p.p.p.p.p.
1 Repos with equivalent volumes, tenors and rates both in assets and liabilities.
EfficiencyEfficiencyEfficiencyEfficiency
During the course of 2014, we exercised strict control over both personnel and administrative expenses at the Bank. In
4Q14, the workforce was reduced by 6.9% in the quarter and 17.4% from December 2013, while personnel expenses
increased 8.3% in the quarter due to the effects of the collective bargaining agreement in the sector, and decreased
16.8% from 4Q13, demonstrating the effectiveness of the efforts employed. Similarly, administrative expenses
increased 5.0% from 3Q14, mainly due to loan recovery expenses, yet decreased 16.8% from 4Q13.
Efficiency Ratio w/o Guide InvestimentosEfficiency Ratio w/o Guide InvestimentosEfficiency Ratio w/o Guide InvestimentosEfficiency Ratio w/o Guide Investimentos 4Q144Q144Q144Q14 3Q143Q143Q143Q14 4Q14/3Q144Q14/3Q144Q14/3Q144Q14/3Q14 4Q134Q134Q134Q13 4Q14/4Q134Q14/4Q134Q14/4Q134Q14/4Q13 2014201420142014 2013201320132013 2014/20132014/20132014/20132014/2013
Personnel Expenses 22.6 20.8 8.3% 27.1 -16.8% 90.8 96.4 -5.8%
Contributions and Profit-sharing 2.2 2.7 -20.2% 1.7 28.0% 8.9 11.2 -20.2%
Administrative Expenses 11.8 11.2 5.0% 14.2 -16.8% 45.8 46.1 -0.6%
Taxes 3.0 2.9 1.1% 3.3 -9.8% 12.8 10.4 22.6%
A. Total Operating ExpensesA. Total Operating ExpensesA. Total Operating ExpensesA. Total Operating Expenses 39.539.539.539.5 37.737.737.737.7 4.7%4.7%4.7%4.7% 46.346.346.346.3 ----14.7%14.7%14.7%14.7% 158.3158.3158.3158.3 164.0164.0164.0164.0 ----3.5%3.5%3.5%3.5%
Gross Income Financial Intermediation (w/o ALL) 37.8 30.8 22.8% 40.5 -6.6% 137.6 145.5 -5.4%
Income from Services Rendered 9.8 10.9 -10.3% 4.7 109.8% 41.3 17.2 140.1%
Other Net Operating Income (2.6) 1.1 n.c. 1.8 -244.7% 4.6 1.0 n.c.
B. Total Operating IncomeB. Total Operating IncomeB. Total Operating IncomeB. Total Operating Income 45.045.045.045.0 42.842.842.842.8 5.1%5.1%5.1%5.1% 46.946.946.946.9 ----4.2%4.2%4.2%4.2% 183.5183.5183.5183.5 163.7163.7163.7163.7 12.1%12.1%12.1%12.1%
Efficiency Ratio (A/B)Efficiency Ratio (A/B)Efficiency Ratio (A/B)Efficiency Ratio (A/B) 87.8%87.8%87.8%87.8% 88.2%88.2%88.2%88.2% ----0.4 p.p.0.4 p.p.0.4 p.p.0.4 p.p. 98.6%98.6%98.6%98.6% ----10.7 p.p.10.7 p.p.10.7 p.p.10.7 p.p. 86.3%86.3%86.3%86.3% 100.2%100.2%100.2%100.2% ----13.9 p.p.13.9 p.p.13.9 p.p.13.9 p.p.
The efficiency ratio of the group, including Guide Investimentos, was higher than the previous ratio because of the
investments made in recent quarters at Guide on account its current phase of structuring and growth.
Efficiency RatioEfficiency RatioEfficiency RatioEfficiency Ratio 4Q144Q144Q144Q14 3Q143Q143Q143Q14 4Q14/3Q144Q14/3Q144Q14/3Q144Q14/3Q14 4Q134Q134Q134Q13 4Q14/4Q134Q14/4Q134Q14/4Q134Q14/4Q13 2014201420142014 2013201320132013 2014/20132014/20132014/20132014/2013
Personnel Expenses 26.7 25.1 6.3% 29.8 -10.5% 105.8 106.4 -0.6%
Contributions and Profit-sharing 2.5 3.3 -24.9% 1.8 35.7% 10.1 11.8 -14.8%
Administrative Expenses 16.3 15.5 5.2% 16.4 -0.7% 62.2 54.1 15.1%
Taxes 3.8 3.6 4.2% 3.8 0.0% 15.5 12.4 25.3%
A. Total Operating ExpensesA. Total Operating ExpensesA. Total Operating ExpensesA. Total Operating Expenses 49.249.249.249.2 47.547.547.547.5 3.6%3.6%3.6%3.6% 51.851.851.851.8 ----5.0%5.0%5.0%5.0% 193.6193.6193.6193.6 184.7184.7184.7184.7 4.8%4.8%4.8%4.8%
Gross Income Financial Intermediation (w/o ALL) 41.8 32.3 29.1% 42.5 -1.8% 146.6 150.3 -2.5%
Income from Services Rendered 14.0 15.3 -8.6% 8.0 75.4% 56.0 28.8 94.4%
Other Net Operating Income (2.7) 1.1 n.c. 1.8 -249.0% 4.6 1.1 n.c.
B. Total Operating IncomeB. Total Operating IncomeB. Total Operating IncomeB. Total Operating Income 53.053.053.053.0 48.848.848.848.8 8.8%8.8%8.8%8.8% 52.352.352.352.3 1.3%1.3%1.3%1.3% 207.2207.2207.2207.2 180.2180.2180.2180.2 14.9%14.9%14.9%14.9%
Efficiency Ratio (A/B)Efficiency Ratio (A/B)Efficiency Ratio (A/B)Efficiency Ratio (A/B) 92.8%92.8%92.8%92.8% 97.4%97.4%97.4%97.4% ----4.6 p.p.4.6 p.p.4.6 p.p.4.6 p.p. 99.0%99.0%99.0%99.0% ----6.2 p.p.6.2 p.p.6.2 p.p.6.2 p.p. 93.5%93.5%93.5%93.5% 102.5%102.5%102.5%102.5% ----9.0 p.p.9.0 p.p.9.0 p.p.9.0 p.p.
* Net of other operating expenses to eliminate the effects of the revenues and costs of the BI&P Cerais operation.

10. 10/18
6666 EARNINGS RELEASE
4th Quarter 2014
Expanded Credit PortfolioExpanded Credit PortfolioExpanded Credit PortfolioExpanded Credit Portfolio
In December 2014, the Classic Credit Portfolio totaled R$3.0 billion, up 1.3% in the quarter but down 1.2% in 12
months, while the Expanded Credit Portfolio totaled R$4.1 billion, up 3.6% in the quarter and 6.9% in 12 months. We
originated loans of R$1.4 billion, of which R$692 million were loan renewals and R$731 million were fresh loans,
proving the tremendous asset generation capacity of the commercial area.
Expanded Credit Portfolio by Product GroupExpanded Credit Portfolio by Product GroupExpanded Credit Portfolio by Product GroupExpanded Credit Portfolio by Product Group 4Q144Q144Q144Q14 3Q143Q143Q143Q14 4Q14/3Q144Q14/3Q144Q14/3Q144Q14/3Q14 4Q134Q134Q134Q13 4Q14/4Q134Q14/4Q134Q14/4Q134Q14/4Q13
Loans & Financing in Real 1 2,165.9 2,200.0 -1.6% 2,315.5 -6.5%
Assignment of Receivables Originated by our Clients 263.4 228.8 15.1% 308.9 -14.7%
Trade Finance (ACC/ACE/IMPFIN) 517.9 509.3 1.7% 372.2 39.2%
Other 2 41.6 12.9 222.7% 28.7 44.9%
Credit PortfolioCredit PortfolioCredit PortfolioCredit Portfolio 2,988.82,988.82,988.82,988.8 2,951.02,951.02,951.02,951.0 1.3%1.3%1.3%1.3% 3,025.23,025.23,025.23,025.2 ----1.2%1.2%1.2%1.2%
Guarantees Issued (LGs & L/Cs) 199.2 206.5 -3.5% 179.0 11.3%
Agro Bonds (Securities: CPRs & CDA/WA; Credit: CDCAs) 885.1 771.3 14.8% 637.8 38.8%
Private Credit Bonds (Securities: PNs & Debentures) 62.7 63.0 -0.6% 25.2 149.1%
Expanded Credit PortfolioExpanded Credit PortfolioExpanded Credit PortfolioExpanded Credit Portfolio 4,135.74,135.74,135.74,135.7 3,991.73,991.73,991.73,991.7 3.6%3.6%3.6%3.6% 3,867.13,867.13,867.13,867.1 6.9%6.9%6.9%6.9%
1 Starting from March 2014, export credit notes (NCE) and export notes (CCE) originated by Banco Intercap are included in Loans & Financing in
BRL, as well as NCE and CCE originated by Banco BI&P are classified.
2 The Other segment basically consists of Consumer Credit operations for Used Vehicles and financing of non-operating assets.
The Corporate segment (companies with annual revenues of between R$500 million and R$3 billion) accounted for
62% of the expanded credit portfolio while the Emerging Companies segment (companies with annual revenues of
between R$200 million and R$500 million) accounted for 38%, due to the more conservative approach to lending
adopted by the Bank.
Expanded Credit PortfolioExpanded Credit PortfolioExpanded Credit PortfolioExpanded Credit Portfolio
bybybyby SegmentSegmentSegmentSegment
Expanded Credit Portfolio byExpanded Credit Portfolio byExpanded Credit Portfolio byExpanded Credit Portfolio by
Client ConcentrationClient ConcentrationClient ConcentrationClient Concentration
* The Other segment basically consists of Consumer Credit operations for Used Vehicles and financing of non-operating assets.
In 4Q14, the agro bonds portfolio totaled R$1,022 million, up 11.4% in the quarter and 34.7% in 12 months. Portfolio
growth was driven by the Bank’s investments in joint ventures and new alliances for generating assets. Note that
assets of over R$3.6 billion were generated over the past three years, with annualized losses of 0.03%.
Agro Bonds PortfolioAgro Bonds PortfolioAgro Bonds PortfolioAgro Bonds Portfolio 4Q144Q144Q144Q14 3Q143Q143Q143Q14 4Q14/3Q144Q14/3Q144Q14/3Q144Q14/3Q14 4Q134Q134Q134Q13 4Q14/4Q134Q14/4Q134Q14/4Q134Q14/4Q13
Booked under SecuritiesBooked under SecuritiesBooked under SecuritiesBooked under Securities 885.1885.1885.1885.1 771.3771.3771.3771.3 14.8%14.8%14.8%14.8% 637.8637.8637.8637.8 38.8%38.8%38.8%38.8%
Warrants - CDA/WA 64.2 70.2 -8.6% 15.6 n.c.
Agro Product Certificate - CPR 820.9 701.1 17.1% 622.2 31.9%
BookedBookedBookedBooked under Credit Portfoliounder Credit Portfoliounder Credit Portfoliounder Credit Portfolio ---- Loans & FinancingLoans & FinancingLoans & FinancingLoans & Financing 137.1137.1137.1137.1 146.4146.4146.4146.4 ----6.4%6.4%6.4%6.4% 121.0121.0121.0121.0 13.3%13.3%13.3%13.3%
Agro Credit Rights Certificate - CDCA 137.1 146.4 -6.4% 121.0 13.3%
Agricultural BondsAgricultural BondsAgricultural BondsAgricultural Bonds 1,022.11,022.11,022.11,022.1 917.7917.7917.7917.7 11.4%11.4%11.4%11.4% 758.8758.8758.8758.8 34.7%34.7%34.7%34.7%
47% 43% 40% 38% 38%
52% 56% 59% 62% 62%
1% 1% 1% 0.5% 0.3%
Dec13 Mar14 Jun 14 Sep 14 Dec 14
Emerging Companies Corporate Others*
10%
13%
14%
26%
27%
28%
24%
27%
26%
39%
33%
33%
Dec 13
Sept 14
Dec 14
Top 10 11 - 60 largest 61 - 160 largest Other

11. 11/18
6666 EARNINGS RELEASE
4th Quarter 2014
Expanded Credit PortfolioExpanded Credit PortfolioExpanded Credit PortfolioExpanded Credit Portfolio
bybybyby RegionRegionRegionRegion
ExpandedExpandedExpandedExpanded Credit PortfolioCredit PortfolioCredit PortfolioCredit Portfolio
by Economic Sectorby Economic Sectorby Economic Sectorby Economic Sector
Quality of Expanded Credit PortfolioQuality of Expanded Credit PortfolioQuality of Expanded Credit PortfolioQuality of Expanded Credit Portfolio
In line with the credit policy being adopted since April 2011, we maintained our focus on lending to clients with better
credit standing, which is evident from the high percentage of loans rated between AA and B in 4Q14, which
represented 98% of total lending in the period. The balance of loans classified in the low risk categories (AA to B)
ended the quarter at 92.1% of total loan operations (compared to 90.8% and 87.1% respectively, at the end of 3Q14
and 4Q13), as the following chart shows.
Expanded Credit Portfolio by RatingExpanded Credit Portfolio by RatingExpanded Credit Portfolio by RatingExpanded Credit Portfolio by Rating Coverage RatioCoverage RatioCoverage RatioCoverage Ratio
The increase in operations rated AA is due to collateralized operations in Brazilian real and foreign currencies, which
were provisioned for starting from December 2014. This provision is booked in the Income Statement under the item
Other Operating Expense in the account Expenses with Contingencies in Recourses (Guarantees).
Of the R$193.2 million rated between D and H, R$131.7 million, or 68%, consists of loans whose payments are regular.
The default rate on loans overdue more than 60 days (NPL 60 days) increased slightly by 0.1 p.p. in the quarter but fell
0.2 p.p. in 12 months. Loans overdue more than 90 days (NPL 90) increased 0.2 p.p. in the quarter but fell 0.2 p.p. in
relation to December 2013.
Default by segmentDefault by segmentDefault by segmentDefault by segment
4444Q14Q14Q14Q14 3333Q14Q14Q14Q14
> 60 days> 60 days> 60 days> 60 days > 90 days> 90 days> 90 days> 90 days
4444Q14Q14Q14Q14 3333Q14Q14Q14Q14 4444Q14Q14Q14Q14 3333Q14Q14Q14Q14
Credit PortfolioCredit PortfolioCredit PortfolioCredit Portfolio %%%% NPLNPLNPLNPL %%%% NPLNPLNPLNPL %%%% NPLNPLNPLNPL %%%%
Emerging Companies 1,005.0 991.9 61.2 6.1% 57.2 5.8% 50.3 5.0% 42.0 4.2%
Corporate 1,970.0 1,940.6 0.2 0.0% 2.9 0.2% 0.2 0.0% 2.8 0.1%
Other 13.8 18.5 0.1 0.4% 0.0 0.2% 0.1 0.4% 0.0 0.2%
TOTALTOTALTOTALTOTAL 2,988.82,988.82,988.82,988.8 2,951.02,951.02,951.02,951.0 61.561.561.561.5 2.1%2.1%2.1%2.1% 60.260.260.260.2 2.0%2.0%2.0%2.0% 50.650.650.650.6 1.7%1.7%1.7%1.7% 44.844.844.844.8 1.5%1.5%1.5%1.5%
Allowance for Loan Losses (ALL) 101.5 94.0
Managerial expenses with allowance for loan losses in the last 12 months corresponded to 0.97% of the expanded credit
portfolio (1.05% in 3Q14), in line with Management’s expectations. The drop in the percentage in relation to the previous
quarter was mainly driven by loan recoveries, which totaled R$14 million in the quarter, as against R$2 million in 3Q14.
North
1%
Northeast
7%
Midwest
25%
Southeast
52%
South
15%
12.5%
1.3%
1.6%
2.2%
2.9%
3.1%
3.3%
3.5%
3.7%
4.0%
4.9%
5.2%
6.0%
8.6%
11.8%
25.6%
Other Sectors (less than 1.3%)
Chemical & Pharmaceutical
Financial Activities
Power Generation & Distribution
Infrastructure
International Commerce
Raw Materials
Transport and Logistics
Textile, Leather and Confection
Commerce - Retail & Wholesale
Automotive
Livestock
Food & Beverage
Oil, Biofuel & Sugar
Real Estate
Agriculture

12. 12/18
6666 EARNINGS RELEASE
4th Quarter 2014
FundingFundingFundingFunding
Funding totaled R$4.4 billion in December 2014, up 4.8% in the quarter and 12.6% in 12 months. The leading funding
sources were agro notes (LCA), which increased 12.5% in the quarter and 109.3% from December 2013, and real
estate notes (LCI), which increased 60.2% and 63.5% in the respective comparison periods. Also worth highlighting was
the diversification of the depositor base, which totaled more than 11,000 at the end of the quarter, an increase of 22%
from September 2014 and 177% from December 2013. As a result of all this, in relation to the interbank rate (CDI),
cost of funding continued to fall and reached the lowest in our history this quarter.
Total FundingTotal FundingTotal FundingTotal Funding 4Q144Q144Q144Q14 3Q143Q143Q143Q14 4Q14/3Q144Q14/3Q144Q14/3Q144Q14/3Q14 4Q134Q134Q134Q13 4Q14/4Q134Q14/4Q134Q14/4Q134Q14/4Q13
Total DepositsTotal DepositsTotal DepositsTotal Deposits 4,010.24,010.24,010.24,010.2 3,751.33,751.33,751.33,751.3 6.9%6.9%6.9%6.9% 3,219.03,219.03,219.03,219.0 24.6%24.6%24.6%24.6%
Time Deposits 861.0 814.8 5.7% 1,004.2 -14.3%
Insured Time Deposits (DPGE) 1,308.4 1,328.2 -1.5% 1,227.5 6.6%
DPGE I 876.6 914.6 -4.2% 1,153.9 -24.0%
DPGE II 431.8 413.6 4.4% 73.5 n.c.
Agro Notes (LCA) 1,573.5 1,399.1 12.5% 751.7 109.3%
Real Estate Notes (LCI) 181.0 113.0 60.2% 110.7 63.5%
Bank Notes (LF) 25.6 24.8 3.2% 55.6 -54.0%
Interbank Deposits 8.9 15.8 -43.3% 25.6 -65.0%
Demand Deposits and Other 51.8 55.7 -7.1% 43.9 18.1%
Domestic OnlendingDomestic OnlendingDomestic OnlendingDomestic Onlending 185.7185.7185.7185.7 214.9214.9214.9214.9 ----13.6%13.6%13.6%13.6% 310.0310.0310.0310.0 ----40.1%40.1%40.1%40.1%
Foreign BorrowingsForeign BorrowingsForeign BorrowingsForeign Borrowings 189.6189.6189.6189.6 220.1220.1220.1220.1 ----13.8%13.8%13.8%13.8% 364.3364.3364.3364.3 ----47.9%47.9%47.9%47.9%
Trade Finance 189.6 183.3 3.4% 329.1 -42.4%
Other Foreign Borrowings 0.0 36.8 n.c. 35.2 n.c.
TOTALTOTALTOTALTOTAL 4,385.64,385.64,385.64,385.6 4,186.44,186.44,186.44,186.4 4.8%4.8%4.8%4.8% 3,893.33,893.33,893.33,893.3 12.6%12.6%12.6%12.6%
By TypeBy TypeBy TypeBy Type By InvestorBy InvestorBy InvestorBy Investor By MaturityBy MaturityBy MaturityBy Maturity
* Insured time deposits are represented by DPGE. DPGE I and II are two types of time deposits insured by FGC and differ in cost and framework.
Average term of deposits is 568 days from issuance (597 days in September 2014) and 251 days from maturity (270
days in September 2014).
Average Term in daysAverage Term in daysAverage Term in daysAverage Term in days
Type of DepositType of DepositType of DepositType of Deposit from issuancefrom issuancefrom issuancefrom issuance to maturity ¹to maturity ¹to maturity ¹to maturity ¹
Interbank 225 102
Time Deposits 663 504
Time Deposits with Special Guarantee DPGE) 918 236
Agro Notes (LCA) 259 139
Real Estate Letters of Credit (LCI) 217 124
Bank Notes (LF) 1.141 638
Portfolio of DepositsPortfolio of DepositsPortfolio of DepositsPortfolio of Deposits 2222 568568568568 251251251251
1 From December 31, 2014. | 2 Volume weighted average.
Time
Deposits
20%
DPGE I *
20%
DPGE II *
10%
Agro
Bonds
36%
Bank &
Real Estate
Notes
5%
BNDES
Onlendings
4%
Trade
Finance
4%
Interbank
& Demand
1%
Institutional
Investors
32%
Enterprises
14%
National
Banks
0.2%
Brokers
30%
Individuals
13%
Other
2%
BNDES
Onlending
4%
Foreign
Banks
5%
Demand
1%
Up to 90
days
32%
91 to
180 days
22%
181 to
360 days
25%
+360
days
20%

13. 13/18
6666 EARNINGS RELEASE
4th Quarter 2014
Free CashFree CashFree CashFree Cash
On December 31, 2014, free cash totaled R$748.6 million, equivalent to 18.7%
of total deposits and 1.1 times shareholders' equity. The calculation considers
cash, short-term interbank investments and securities, less funds raised in the
open market and debt securities classified under marketable securities,
comprising rural product certificates (CPR), agribusiness deposit certificates and
warrants (CDA/WA), debentures and promissory notes (NP).
Capital AdequacyCapital AdequacyCapital AdequacyCapital Adequacy
The Basel Accord requires banks to maintain a minimum percentage of the capital weighted by the risk in their
operations. The Brazilian Central Bank stipulates that banks operating in the country should maintain at least 11%,
calculated according to the Basel II and Basel III Accord regulations, which provides greater security to the country’s
financial system against volatile economic conditions.
The following table shows BI&P’s position in relation to the Central Bank’s minimum capital requirements
BaselBaselBaselBasel IndexIndexIndexIndex 4Q144Q144Q144Q14 3Q143Q143Q143Q14 4Q14/3Q144Q14/3Q144Q14/3Q144Q14/3Q14 4Q134Q134Q134Q13 4Q14/4Q134Q14/4Q134Q14/4Q134Q14/4Q13
Total Capital 604.4604.4604.4604.4 599.9599.9599.9599.9 0.8%0.8%0.8%0.8% 643.1643.1643.1643.1 ----6.0%6.0%6.0%6.0%
Tier I 604.4 599.9 0.8% 643.1 -6.0%
Tier II 0.0 0.0 n.c. 0.0 n.c.
Deductions 0.0 0.0 n.c. 0.0 n.c.
Required Capital 505.9505.9505.9505.9 500.8500.8500.8500.8 1.0%1.0%1.0%1.0% 476.9476.9476.9476.9 6.1%6.1%6.1%6.1%
Credit Risk allocation 474.4 467.6 1.5% 444.0 6.9%
Market Risk Allocation 15.2 17.0 -10.5% 17.0 -10.4%
Operating Risk Allocation 16.2 16.2 0.0% 15.9 2.1%
Excess over Required Capital 98.698.698.698.6 99.199.199.199.1 ----0.5%0.5%0.5%0.5% 166.2166.2166.2166.2 ----40.7%40.7%40.7%40.7%
Basel IndexBasel IndexBasel IndexBasel Index 13.1%13.1%13.1%13.1% 13.2%13.2%13.2%13.2% 0.0 p.p.0.0 p.p.0.0 p.p.0.0 p.p. 14.8%14.8%14.8%14.8% ----1.7 p.p.1.7 p.p.1.7 p.p.1.7 p.p.
Risk RatingsRisk RatingsRisk RatingsRisk Ratings
Agency Classification Observation
Last
Report
Standard & Poor’s
brA / Negative / brA-2
BB- / Negative / B
Local Scale – Brazil
Global Scale
August 29, 2014
Moody's
Baa2.br / Stable / BR-3
B1 / Stable / Not Prime
Local Scale - Brazil
Global Scale
September 8, 2014
FitchRatings BBB- / Stable / F3 Local Scale - Brazil September 3, 2014
RiskBank
RiskBank Index: 9,96
Low Risk Short Term
Disclosure: Excellent January 9, 2015
748748748748 717717717717 749749749749
Jun 14 Sept 14 Dec 14
R$million

14. 14/18
6666 EARNINGS RELEASE
4th Quarter 2014
Capital MarketsCapital MarketsCapital MarketsCapital Markets
Total Shares and FreeTotal Shares and FreeTotal Shares and FreeTotal Shares and Free FloatFloatFloatFloat
Number of shares as of December 31, 2014
TypeTypeTypeType Corporate CapitalCorporate CapitalCorporate CapitalCorporate Capital Controlling GroupControlling GroupControlling GroupControlling Group ManagementManagementManagementManagement TreasuryTreasuryTreasuryTreasury Free FloatFree FloatFree FloatFree Float %%%%
Common 58,513,218 31,415,436 57,876 - 27,039,906 46.2%
Preferred 31,021,907 673,521 279,362 543,396 29,525,628 95.2%
TOTALTOTALTOTALTOTAL 89898989,,,,535535535535,,,,125125125125 32323232,,,,088088088088,,,,957957957957 337337337337,,,,238238238238 543543543543,,,,396396396396 56565656,,,,565565565565,,,,534534534534 63.63.63.63.2%2%2%2%
Share Buyback ProgramShare Buyback ProgramShare Buyback ProgramShare Buyback Program
The following Stock Option Plans, approved for the Company’s executive officers and managers, as well as individuals
who provide services to the Company, had the following balances on December 31, 2014:
Stock OptionStock OptionStock OptionStock Option
PlanPlanPlanPlan
Date ofDate ofDate ofDate of
ApprovalApprovalApprovalApproval
Grace PeriodGrace PeriodGrace PeriodGrace Period
Term forTerm forTerm forTerm for
ExerciseExerciseExerciseExercise
QuantityQuantityQuantityQuantity
GrantedGrantedGrantedGranted ExercisedExercisedExercisedExercised ExtinctExtinctExtinctExtinct Not ExercisedNot ExercisedNot ExercisedNot Exercised
I 03.26.2008 Three years Five years 2,039,944 229,057 449,123 1,361,764
II 04.29.2011 Three years Five years 1,840,584 - 377,761 1,462,824
III 04.29.2011 Five years Seven years 1,850,786 - - 1,850,786
IV 04.24.2012 Up to five years Five years 867,425 - 54,491 812,935
TotalTotalTotalTotal 6666,,,,598598598598,,,,739739739739 229229229229,,,,057057057057 881881881881,,,,374374374374 5555,,,,488488488488,,,,308308308308
The aforementioned Stock Options Plans are filed in the IPE system of the Securities and Exchange Commission of
Brazil (CVM) and are also available in the Company’s IR website.
Remuneration to ShareholderRemuneration to ShareholderRemuneration to ShareholderRemuneration to Shareholder
During 2014 the Bank neither provisioned nor paid interest on equity, calculated based on the Long-Term Interest Rate
(TJLP) and towards the minimum dividend for fiscal year 2014.
Share PerformanceShare PerformanceShare PerformanceShare Performance
The preferred shares of Banco BI&P (IDVL4), listed in the Level 2 Corporate Governance segment of BM&FBOVESPA,
closed the quarter at R$2.78, for market cap of R$247.0 million, including the shares existing on December 31, 2014
and excluding treasury stock. The price of IDVL4 shares dropped 34% in the quarter and 54% in the 12 months ended
December 2014. In comparison, the Bovespa Index (Ibovespa) dropped 8% in the quarter and 3% in relation to
December 2013. At the end of 4Q14, the price/book value (P/BV) ratio was 0.37.

15. 15/18
6666 EARNINGS RELEASE
4th Quarter 2014
ShareShareShareShare Price evolution in the last 12 monthsPrice evolution in the last 12 monthsPrice evolution in the last 12 monthsPrice evolution in the last 12 months
Liquidity and Trading VolumeLiquidity and Trading VolumeLiquidity and Trading VolumeLiquidity and Trading Volume
The preferred shares of BI&P (IDVL4) were traded in 98.4% of the sessions in the quarter and 99.2% of the 248
sessions in 2014. The volume traded on the spot market in the quarter was R$1.6 million, involving 511,000 IDVL4
shares in 524 trades. In 2014, the volume of IDVL4 shares traded on the spot market was R$42.7 million, involving
around 10.8 million preferred shares in 3,658 trades.
Shareholder BaseShareholder BaseShareholder BaseShareholder Base
Position as of December 31,2014
#### TYPE OF SHAREHOLDERTYPE OF SHAREHOLDERTYPE OF SHAREHOLDERTYPE OF SHAREHOLDER IDVL3IDVL3IDVL3IDVL3 %%%% IDVL4IDVL4IDVL4IDVL4 %%%% TOTALTOTALTOTALTOTAL %%%%
8 Controlling Group 31,415,436 53.7% 673,521 2.2% 32,088,957 35.8%
4 Management 57,876 0.1% 279,362 0.9% 337,238 0.4%
- Treasury - 0.0% 543,396 1.8% 543,396 0.6%
20 National Investors 1,201,090 2.1% 9,286,081 29.9% 10,487,171 11.7%
5 Foreign Investors 11,964,301 20.4% 17,811,526 57.4% 29,775,827 33.3%
5 Corporate - 0.0% 19,314 0.1% 19,314 0.0%
265 Individuals 13,874,515 23.7% 2,408,707 7.8% 16,283,222 18.2%
303030307777 TOTALTOTALTOTALTOTAL 58585858,,,,513513513513,,,,218218218218 100100100100....0%0%0%0% 31313131,,,,021021021021,,,,907907907907 100100100100....0%0%0%0% 89898989,,,,535535535535,,,,125125125125 100100100100....0%0%0%0%

16. 16/18
6666 EARNINGS RELEASE
4th Quarter 2014
Balance SheetBalance SheetBalance SheetBalance Sheet
CONSOLIDATEDCONSOLIDATEDCONSOLIDATEDCONSOLIDATED R$ thousand
ASSETSASSETSASSETSASSETS 12/31/201412/31/201412/31/201412/31/2014 9/30/20149/30/20149/30/20149/30/2014 12/31/201312/31/201312/31/201312/31/2013
CurrentCurrentCurrentCurrent 4,434,0114,434,0114,434,0114,434,011 4,415,1014,415,1014,415,1014,415,101 3,759,3603,759,3603,759,3603,759,360
CashCashCashCash 40,68840,68840,68840,688 38,22338,22338,22338,223 38,44638,44638,44638,446
Short-term interbank investmentsShort-term interbank investmentsShort-term interbank investmentsShort-term interbank investments 570,177570,177570,177570,177 17,67217,67217,67217,672 202,571202,571202,571202,571
Open market investments 555,995 - 177,500
Interbank deposits 14,182 17,672 25,071
Securities and derivative financial instrumentsSecurities and derivative financial instrumentsSecurities and derivative financial instrumentsSecurities and derivative financial instruments 1,328,6541,328,6541,328,6541,328,654 1,876,4011,876,4011,876,4011,876,401 1,314,2121,314,2121,314,2121,314,212
Own portfolio 1,055,672 1,316,878 972,249
Subject to repurchase agreements 62,361 341,195 14,039
Linked to guarantees 152,488 161,616 169,468
Subject to the Central Bank 5,027 - 109,250
Derivative financial instruments 53,106 56,712 49,206
Interbank accountsInterbank accountsInterbank accountsInterbank accounts 2,1802,1802,1802,180 6,3316,3316,3316,331 4,4124,4124,4124,412
LoansLoansLoansLoans 1,604,6371,604,6371,604,6371,604,637 1,598,7991,598,7991,598,7991,598,799 1,725,2501,725,2501,725,2501,725,250
Loans - private sector 1,614,919 1,634,772 1,807,228
Loans - public sector - - -
Loans - assignments 24,869 - -
(-) Allowance for loan losses (35,151) (35,973) (81,978)
Other receivablesOther receivablesOther receivablesOther receivables 730,714730,714730,714730,714 730,299730,299730,299730,299 391,013391,013391,013391,013
Credit guarantees honored - - 507
Foreign exchange portfolio 375,753 378,565 292,330
Income receivables 5,196 4,570 433
Negotiation and intermediation of securities 59,093 95,699 72,992
Sundry 297,026 257,708 33,157
(-) Allowance for loan losses (6,354) (6,243) (8,406)
Other assetsOther assetsOther assetsOther assets 156,961156,961156,961156,961 147,376147,376147,376147,376 83,45683,45683,45683,456
Other receivables and assets not for own use 161,581 147,622 84,890
(-) Provision for losses (9,441) (9,257) (6,790)
Prepaid expenses 4,821 9,011 5,356
Long termLong termLong termLong term 1,001,0811,001,0811,001,0811,001,081 985,819985,819985,819985,819 1,085,3041,085,3041,085,3041,085,304
Short-term interbank investmentsShort-term interbank investmentsShort-term interbank investmentsShort-term interbank investments ---- ---- ----
Marketable securities and derivative financial instrumentsMarketable securities and derivative financial instrumentsMarketable securities and derivative financial instrumentsMarketable securities and derivative financial instruments 32,96132,96132,96132,961 29,02029,02029,02029,020 33,51833,51833,51833,518
Own portfolio 14,869 14,494 839
Derivative financial instruments 18,092 14,526 32,679
Interbank AccountsInterbank AccountsInterbank AccountsInterbank Accounts 2,6392,6392,6392,639 ---- 2,9662,9662,9662,966
LoansLoansLoansLoans 642,056642,056642,056642,056 636,331636,331636,331636,331 738,156738,156738,156738,156
Loans - private sector 691,682 686,471 863,993
Loans - public sector - - -
Loans - assignments 5,000 - -
(-) Allowance for loan losses (54,626) (50,140) (125,837)
- - -
Other receivablesOther receivablesOther receivablesOther receivables 322,027322,027322,027322,027 319,485319,485319,485319,485 309,720309,720309,720309,720
Trading and Intermediation of Securities 1,563 568 523
Foreign exchange portfolio 5,752 5,308 1,171
Income receivables 454 1,636 -
Sundry 319,549 313,616 312,231
(-) Allowance for loan losses (5,291) (1,643) (4,205)
Other assetsOther assetsOther assetsOther assets 1,3981,3981,3981,398 983983983983 944944944944
Permanent AssetsPermanent AssetsPermanent AssetsPermanent Assets 91,64691,64691,64691,646 89,56789,56789,56789,567 92,14192,14192,14192,141
InvestmentsInvestmentsInvestmentsInvestments 38,27138,27138,27138,271 35,03035,03035,03035,030 33,46033,46033,46033,460
Participações em controladas e coligadasSubsidiaries and Affiliates 36,578 33,337 31,767
Other investments 1,849 1,849 1,849
(-) Loss Allowances (156) (156) (156)
Property and equipmentProperty and equipmentProperty and equipmentProperty and equipment 9,0969,0969,0969,096 9,3079,3079,3079,307 13,93713,93713,93713,937
Property and equipment in use - - 1,152
Revaluation of property in use - - 2,634
Other property and equipment 23,900 24,236 24,657
(-) Accumulated depreciation (14,804) (14,929) (14,506)
IntangibleIntangibleIntangibleIntangible 44,27944,27944,27944,279 45,23045,23045,23045,230 44,74444,74444,74444,744
Goodwill 25,592 25,591 25,368
Other intangible assets 27,091 26,960 23,788
(-) Accumulated amortization (8,404) (7,321) (4,412)
TOTAL ASSETSTOTAL ASSETSTOTAL ASSETSTOTAL ASSETS 5,526,7385,526,7385,526,7385,526,738 5,490,4875,490,4875,490,4875,490,487 4,936,8054,936,8054,936,8054,936,805

17. 17/18
6666 EARNINGS RELEASE
4th Quarter 2014
CONSOLIDATEDCONSOLIDATEDCONSOLIDATEDCONSOLIDATED R$ thousand
LIABILITIESLIABILITIESLIABILITIESLIABILITIES 12/31/201412/31/201412/31/201412/31/2014 9/30/20149/30/20149/30/20149/30/2014 12/31/201312/31/201312/31/201312/31/2013
CurrentCurrentCurrentCurrent 3,905,5023,905,5023,905,5023,905,502 3,551,9913,551,9913,551,9913,551,991 2,680,7452,680,7452,680,7452,680,745
DepositsDepositsDepositsDeposits 1,526,0241,526,0241,526,0241,526,024 1,216,2601,216,2601,216,2601,216,260 1,036,3711,036,3711,036,3711,036,371
Cash deposits 51,783 55,712 43,854
Interbank deposits 8,948 15,778 25,564
Time deposits 1,465,293 1,144,770 966,953
Funds obtained in the open marketFunds obtained in the open marketFunds obtained in the open marketFunds obtained in the open market 204,937204,937204,937204,937 338,461338,461338,461338,461 85,90585,90585,90585,905
Own portfolio 61,237 338,461 14,005
Third party portfolio 143,700 - 71,900
Unrestricted Portfolio - - -
Funds from securities issued or acceptedFunds from securities issued or acceptedFunds from securities issued or acceptedFunds from securities issued or accepted 1,696,1041,696,1041,696,1041,696,104 1,456,8761,456,8761,456,8761,456,876 868,884868,884868,884868,884
Agribusiness Letters of Credit, Real Estate Notes & Bank Notes 1,696,104 1,456,876 868,884
Interbank accountsInterbank accountsInterbank accountsInterbank accounts ---- 188188188188 ----
Interdepartamental accountsInterdepartamental accountsInterdepartamental accountsInterdepartamental accounts 17,59817,59817,59817,598 2,6352,6352,6352,635 8,1918,1918,1918,191
BorrowingsBorrowingsBorrowingsBorrowings 189,644189,644189,644189,644 195,804195,804195,804195,804 329,479329,479329,479329,479
Domestic Borrowings - - -
Foreign borrowings 189,644 195,804 329,479
OnlendingsOnlendingsOnlendingsOnlendings 83,03983,03983,03983,039 101,055101,055101,055101,055 122,022122,022122,022122,022
BNDES 43,874 52,541 71,769
FINAME 39,165 42,402 50,253
Federal Treasure - 6,112 -
Other liabilitiesOther liabilitiesOther liabilitiesOther liabilities 188,156188,156188,156188,156 240,712240,712240,712240,712 229,893229,893229,893229,893
Collection and payment of taxes and similar charges 845 557 487
Foreign exchange portfolio 6,323 12,767 5,941
Taxes and social security contributions 10,807 14,544 14,646
Social and statutory liabilities 4,444 1,962 3,606
Negotiation and intermediation securities 93,908 169,014 159,262
Derivative financial instruments 30,074 21,042 22,291
Sundry 41,755 20,826 23,660
Long TermLong TermLong TermLong Term 941,020941,020941,020941,020 1,262,0291,262,0291,262,0291,262,029 1,579,4601,579,4601,579,4601,579,460
DepositsDepositsDepositsDeposits 704,113704,113704,113704,113 998,232998,232998,232998,232 1,264,7081,264,7081,264,7081,264,708
Interbank Deposits - - -
Time deposits 704,113 998,232 1,264,708
Funds from securities issued or acceptedFunds from securities issued or acceptedFunds from securities issued or acceptedFunds from securities issued or accepted 83,94083,94083,94083,940 79,95679,95679,95679,956 49,06849,06849,06849,068
Agribusiness Letters of Credit, Real Estate Notes & Bank Notes 83,940 79,956 49,068
Loan obligationsLoan obligationsLoan obligationsLoan obligations ---- 24,32324,32324,32324,323 34,80034,80034,80034,800
Domestic loans - - -
Foreign loans - 24,323 34,800
Onlending operations - Governmental BureausOnlending operations - Governmental BureausOnlending operations - Governmental BureausOnlending operations - Governmental Bureaus 102,694102,694102,694102,694 113,881113,881113,881113,881 187,959187,959187,959187,959
Federal Treasure 6,065 - 6,893
BNDES 46,433 54,469 89,102
FINAME 50,006 59,222 91,769
Other Institutions 190 190 195
Other liabilitiesOther liabilitiesOther liabilitiesOther liabilities 50,27350,27350,27350,273 45,63745,63745,63745,637 42,92542,92542,92542,925
Taxes and social security contributions 33,683 32,489 30,883
Derivative financial instrument 611 3,717 6,189
Sundry 15,979 9,431 5,853
Future resultsFuture resultsFuture resultsFuture results 3,6473,6473,6473,647 3,7063,7063,7063,706 2,4392,4392,4392,439
Shareholders' EquityShareholders' EquityShareholders' EquityShareholders' Equity 676,569676,569676,569676,569 672,761672,761672,761672,761 674,161674,161674,161674,161
Capital 769,843 769,843 769,843
Capital Reserve 31,123 29,217 23,468
Revaluation reserve - - 1,290
Profit reserve - - -
(-) Treasury stock (4,283) (4,283) (5,859)
Asset valuation Adjustment (139) (49) (124)
Accumulated Profit / (Loss) (120,609) (122,629) (115,272)
Minority Interest 634 662 815
TOTAL LIABILITIESTOTAL LIABILITIESTOTAL LIABILITIESTOTAL LIABILITIES 5,526,7385,526,7385,526,7385,526,738 5,490,4875,490,4875,490,4875,490,487 4,936,8054,936,8054,936,8054,936,805

18. 18/18
6666 EARNINGS RELEASE
4th Quarter 2014
Income StatementIncome StatementIncome StatementIncome Statement
CONSOLIDATEDCONSOLIDATEDCONSOLIDATEDCONSOLIDATED R$ thousand
INCOME STATEMENTINCOME STATEMENTINCOME STATEMENTINCOME STATEMENT 4Q134Q134Q134Q13 3Q143Q143Q143Q14 4Q144Q144Q144Q14 2013201320132013 2014201420142014
Income from Financial IntermediationIncome from Financial IntermediationIncome from Financial IntermediationIncome from Financial Intermediation 153,099153,099153,099153,099 171,673171,673171,673171,673 187,227187,227187,227187,227 459,879459,879459,879459,879 639,543639,543639,543639,543
Loan operations 89,624 89,228 96,747 260,679 361,086
Income from securities 46,958 57,518 64,447 124,748 208,463
Income from derivative financial instruments (6,491) (17,737) (11,775) (9,367) (25,416)
Income from foreign exchange transactions 23,008 42,664 37,808 83,819 95,410
Expenses from Financial IntermediatonExpenses from Financial IntermediatonExpenses from Financial IntermediatonExpenses from Financial Intermediaton (127,375)(127,375)(127,375)(127,375) (146,298)(146,298)(146,298)(146,298) (155,105)(155,105)(155,105)(155,105) (503,259)(503,259)(503,259)(503,259) (515,649)(515,649)(515,649)(515,649)
Money market funding (82,536) (105,871) (118,680) (245,189) (411,330)
Loans, assignments and onlendings (28,361) (25,942) (16,534) (100,857) (62,008)
Sales operations/transfer of financial assets (469) (19,600) (8,438) (1,005) (32,658)
Allowance for loan losses (16,009) 5,115 (11,453) (156,208) (9,653)
Gross Profit from Financial InstrumentsGross Profit from Financial InstrumentsGross Profit from Financial InstrumentsGross Profit from Financial Instruments 25,72425,72425,72425,724 25,37525,37525,37525,375 32,12232,12232,12232,122 (43,380)(43,380)(43,380)(43,380) 123,894123,894123,894123,894
Other Operating Income (Expense)Other Operating Income (Expense)Other Operating Income (Expense)Other Operating Income (Expense) (38,304)(38,304)(38,304)(38,304) (30,726)(30,726)(30,726)(30,726) (31,803)(31,803)(31,803)(31,803) (141,218)(141,218)(141,218)(141,218) (132,339)(132,339)(132,339)(132,339)
Income from services rendered 9,646 17,498 17,248 34,810 66,043
Income from tariffs 263 191 265 806 846
Personnel expenses (29,815) (25,087) (26,673) (106,417) (105,814)
Other administrative expenses (21,558) (22,294) (24,267) (67,794) (89,732)
Taxes (3,804) (3,648) (3,803) (12,383) (15,511)
Result from affiliated companies 2,175 1,508 2,987 5,675 9,133
Other operating income 20,267 47,568 52,695 26,119 115,866
Other operating expense (15,478) (46,462) (50,255) (22,034) (113,170)
Operating ProfitOperating ProfitOperating ProfitOperating Profit (12,580)(12,580)(12,580)(12,580) (5,351)(5,351)(5,351)(5,351) 319319319319 (184,598)(184,598)(184,598)(184,598) (8,445)(8,445)(8,445)(8,445)
Non-Operating ProfitNon-Operating ProfitNon-Operating ProfitNon-Operating Profit (1,285)(1,285)(1,285)(1,285) 9,2179,2179,2179,217 884884884884 (835)(835)(835)(835) 7,0477,0477,0477,047
Earnings before taxes and profit-sharingEarnings before taxes and profit-sharingEarnings before taxes and profit-sharingEarnings before taxes and profit-sharing (13,865)(13,865)(13,865)(13,865) 3,8663,8663,8663,866 1,2031,2031,2031,203 (185,433)(185,433)(185,433)(185,433) (1,398)(1,398)(1,398)(1,398)
Income tax and social contributionIncome tax and social contributionIncome tax and social contributionIncome tax and social contribution 5,7415,7415,7415,741 1,0951,0951,0951,095 3,2793,2793,2793,279 77,23477,23477,23477,234 6,3076,3076,3076,307
Income tax 1,243 (1,788) 1,783 7,549 1,578
Social contribution 757 (1,027) 1,269 4,588 1,143
Deferred fiscal assets 3,741 3,910 227 65,097 3,586
Statutory Contributions & Profit SharingStatutory Contributions & Profit SharingStatutory Contributions & Profit SharingStatutory Contributions & Profit Sharing (1,826)(1,826)(1,826)(1,826) (3,300)(3,300)(3,300)(3,300) (2,477)(2,477)(2,477)(2,477) (11,819)(11,819)(11,819)(11,819) (10,064)(10,064)(10,064)(10,064)
Net Profit for the PeriodNet Profit for the PeriodNet Profit for the PeriodNet Profit for the Period (9,950)(9,950)(9,950)(9,950) 1,6611,6611,6611,661 2,0052,0052,0052,005 (120,018)(120,018)(120,018)(120,018) (5,155)(5,155)(5,155)(5,155)