Banco BI&P Earnings Release - 2nd Quarter 2014

1. 1/18
EARNINGS RELEASE
2nd 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 Serglobal Cereais, acquired in April 2011, which originates agricultural bonds.
Highlights
 Expanded Credit Portfolio totaled R$3.9 billion, remaining stable in the
quarter but up 21.4% from June 2013.
 Loans rated between AA and B corresponded to 91% of the expanded credit
portfolio (85% in June 2013). Reflecting the quality of the loan portfolio, 99%
of the loans granted in the quarter were rated between AA and B.
 The Corporate and Emerging Companies segments accounted for 59% and
40%, respectively, of the expanded credit portfolio, as against 51% and 48%
in 2Q13.
 The Managerial Expense with Allowance for Loan Losses (annualized) in 2Q14
corresponded to 0.66% of the expanded credit portfolio (1.1% in 1Q14), which
is a highly positive outcome of the conservative credit policy being adopted by
the bank in recent years.
 Funding totaled R$4.1 billion, up 5.2% in the quarter and 31.6% in twelve
months, while Free Cash totaled R$748.2 million at the end of 2Q14,
reflecting the high liquidity enjoyed by the bank.
 Income from services rendered and tariffs (see page 4) totaled R$15.7 million
in 2Q14 and R$26.8 million in 1H14, representing growth of 42.3% in the
quarter and 117.2% in relation to 1H13. The investment banking area already
accounts for 50% of this revenue in 2Q14 (26% in 1Q14) which is the result of
investments in the area in 2013 for acquiring the advisory firm VOGA and
hiring a few top-notch professionals in this field.
 Guide Investimentos, responsible for our wealth management and brokerage
operations, entered into important alliances during 2014, with (i) Omar
Camargo Corretora de Câmbio e Valores Mobiliários Ltda, (ii) Geraldo Corrêa
Corretora de Câmbio e Valores Mobiliários Ltda, and (iii) Bullmark Consultoria
Financeira Ltda. With these alliances, Guide has strengthened its distribution
network and is now present in important regions across the country. After the
migration of all the clients of these partners, Guide will manage assets of
around R$2 billion.
 The quarterly Result of R$1.1 million already reflects a significant
improvement from previous quarters, but still impacted by (i) the non-cash
accounting effects of the discontinuation of the designation of hedge
accounting of cash flows from a series of funding operations indexed to
inflation indices (IPCA and IGPM), which are still protected by hedge
operations; (ii) the negative contribution from Guide Investimentos as result of
all the investments made in recent quarters; (iii) the still increasing
investment banking, structured operations and sales desks which, despite the
significant growth from the same period the previous year, still have
tremendous potential for growth; and (iv) the need for economies of scale,
considering our appetite for risk and its direct impact on loan spreads.
IDVL4: R$3.36 per share
Closing: June 12, 2014
Outstanding Shares: 88.991.729
Market Cap: R$299.0 million
Price/Book Value: 0.45
Conference Call / Webcasts
June 13, 2014
In English
11 a.m. (US EST) / 12 a.m. (Brasília)
Connections
Brazil: +55 11 3193-1001
+55 11 2820-4001
EUA: +1 786 924-6977
Code: Banco BI&P
In Portuguese
10 a.m. (US EST) / 11 a.m. (Brasília)
Number: +55 11 3193-1001
+55 11 2820-4001
Code: Banco BI&P
Website
www.bip.b.br/ir
Expanded credit portfolio totaled R$3.9 billion, remaining stable in the quarter but up 21.4% in twelve months
Income from services rendered and tariffs totaled R$15.7 million, up 42% in the quarter and 117% from 1H13
Managerial ALL Expense was to 0.66%, as against 1.10% in 1Q13, underscoring the quality of the loan portfolio

2. 2/18
EARNINGS RELEASE
2nd Quarter 2014
Summary
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

3. 3/18
EARNINGS RELEASE
2nd Quarter 2014
Message from the Management
In 2Q14, we continued our strategy of growing recurring fees and tariffs, and of prioritizing our Corporate segment
portfolio, while maintaining a cautious approach to lending, given the still uncertain and highly volatile macroeconomic
scenario.
The expanded credit portfolio ended the quarter at R$3.9 billion, stable in relation to March 2014, but growing 21.4%
in relation to June 2013, with the focus still on better quality loans - 99% of the loans granted during the quarter were
rated between AA and B. The Corporate segment accounted for 59% (51% in 2Q13) of the expanded credit portfolio,
while the Emerging Companies segment accounted for 40% (48% in 2Q13). The stability of the expanded credit
portfolio was due to three factors: (i) conservative approach to lending; (ii) slowdown in economic activity on account of
the World Cup; and (iii) a delay in the plantation of soy and corn crops, considering our specialization in the agricultural
segment. We expect to speed up the growth pace in the second half of the year, though maintaining the conservative
approach with regard to credit quality. Note that during the quarter, loan settlements totaled R$1,321 million and,
despite the above-mentioned factors, loans originated by our sales team - now fully structured and aligned with the
current strategy of the bank - totaled R$1,424 million, with fresh loans amounting to R$818 million and loan renewals
amounting to R$606 million.
Loans overdue more than 60 days (NPL 60) decreased from 2.6% at the end of 1Q14 to 2.0% in 2Q14, and NPL 60
loans in what we call the “new portfolio”, that is, loans granted after March 2011 under the new credit policy adopted
in this new phase of the bank, stood at 1.2%. The managerial expense with allowance for loan losses in 2Q14
(annualized) corresponded to 0.66% of the expanded credit portfolio and in the case of the new portfolio, to 0.43%,
which proves the quality of our loan portfolio. These percentages reflect the good work done by the bank’s credit and
sales teams in recent quarters in both client prospecting and credit analysis.
As for funding, total deposits, which include agro notes (LCA), real estate notes (LCI) and bank notes (LF) grew 9.2% in
the quarter and 48.8% in relation to June 2013. We continue to diversify our funding mix, especially through: (i) the
issue of LCAs, which increased 19.7% in the quarter and 135.9% in twelve months, and (ii) the dispersal of the
depositor base through partnerships with more than 40 brokerage firms and distributors. As a result, we reduced
funding costs, which reached the lowest ever in 2Q14, and expanded the depositor base, which totaled more than
7,000 at the end of June 2014, an increase of 5,400 in twelve months. Compared to the period when it rolled out the
restructuring strategy in April 2011, BI&P today has more stable, dispersed and cheaper funding sources.
Financial intermediation result before managerial expense with allowance for loan losses totaled R$43.3 million,
48.7% higher than in 1Q14 and 74.9% higher than in 2Q13. Net interest margin with clients increased from 4.1% in
2Q13 and 3.9% in 1Q14 to 4.4% in 2Q14, since we could negotiate better rates for clients, funding costs decreased
and revenue from derivatives increased.
Income from services rendered and tariffs totaled R$15.7 million in 2Q14, increasing 42.3% in the quarter and 120.8%
in relation to 2Q13. The investment banking area started delivering more consistent results in 2Q14, having concluded
M&A operations involving amounts more than R$2 billion, which is the result of investments in the area in 2013 for
acquiring the advisory firm VOGA and hiring a few top-notch professionals in this field. A sizeable portion of these fees
came from clients from the bank’s sales area, which shows greater potential for cross selling fixed income and M&A
products. In May 2014, BI&P obtained authorization from the Central Bank of Brazil to operate as a multiple service
bank and approval for its investment portfolio. Consequent to this approval, Banco BI&P started operating with the (i)
commercial, (ii) foreign exchange, and (iii) investment portfolios.
During the whole of 2014, we exercised strict control over both personnel and administrative expenses. Despite the
absorption of Banco Intercap, employee headcount decreased 11% from 2Q13, with personnel expenses declining
7.1% in the quarter and 0.8% in relation to 2Q13, resulting from the policy of constant pursuit of efficiency and
investments made by our IT area. In 2Q14 alone, the reduction in staff was 8% and its effects on personnel expenses
will be observed from the second half of this year. Administrative expenses decreased 7.5% in the quarter, due to the
strict control over expenses in 2014, yet increased 7.1% from 2Q13, mainly impacted by the inflation during the period
and investments to improve our technological infrastructure. In the case of Guide Investimentos, there was an increase
in both the headcount and in personnel and administrative expenses, due to the investments made in recent quarters
and its current phase of structuring and growth.
Guide Investimentos, which has already consolidated its position as an important distributor of our funding products,
entered into important alliances this year: in February with Omar Camargo Corretora de Valores, the biggest and oldest
firm in the sector in the state of Paraná, and in July with Geraldo Corrêa Corretora de Valores, a long-time stockbroker

4. 4/18
EARNINGS RELEASE
2nd Quarter 2014
in the state of Minas Gerais, and Bullmark, a financial consulting firm focused on wealth management for high net
worth individuals. With the help of these alliances, Guide is continuing its strategy of expanding its client’s base and
geographic presence. After the migration of all the clients of these partners, Guide will manage assets of around R$2
billion.
The quarterly Result of R$1.1 million already reflects a significant improvement from previous quarters, but still
impacted by (i) the non-cash accounting effects of the discontinuation of the designation of hedge accounting of cash
flows from a series of funding operations indexed to inflation indices (IPCA and IGPM), which are still protected by
hedge operations; (ii) the negative contribution from Guide Investimentos as result of all the investments made in
recent quarters; (iii) the still increasing investment banking, structured operations and sales desks which, despite the
significant growth from the same period the previous year, still have tremendous potential for growth; and (iv) the need
for economies of scale, considering our appetite for risk and its direct impact on loan spreads.
We remain focused on executing the strategy, always with a keen eye on market challenges and opportunities. Note
that we seek growth and adequate profitability in a conscious manner without jeopardizing future results and business
sustainability.

5. 5/18
EARNINGS RELEASE
2nd Quarter 2014
Macroeconomic Scenario
Economic activity continued to slow down in the second quarter. In the first quarter of 2014, Gross Domestic Product
(GDP) grew just 0.2% in relation to the fourth quarter of 2013, pulled down by sluggish industrial activity and the
downturn in retail sales during the period. The macroeconomic scenario did not change between April and June, which
led to consumer and business confidence plummeting to the lowest level since the onset of the financial crisis. In this
scenario of a slowdown in a few sectors and the decline in the willingness to invest, the probability of registering
negative GDP growth in the second quarter is high. As a result, analysts have constantly been reducing their forecasts
of economic growth for 2014. According to the Focus report, economists are already expecting a GDP growth of below
1% this year.
Added to this is the market uncertainty about the way public accounts are being handled. The continued tax rebate
policies and sluggish economic activity have adversely affected federal tax collections. However, government spending
has not kept pace with the economic slowdown, such that in the absence of considerable extra revenues, it will be
increasingly difficult for the government to achieve the primary surplus target for this year of 1.9%.
Despite the more modest economic activity, accumulated inflation in twelve months remains high. In June, the
Extended Consumer Price Index (IPCA) went past the inflation target ceiling to reach 6.52%. The supply shock of
agricultural products, caused by lack of rainfall at the start of the year and the increase in prices of services, which
were pressured by the World Cup, among other factors, were the main reasons behind this increase in prices in the first
half of the year.
Though the Central Bank of Brazil expects inflation to hover well above the center of the target for the coming months,
its concerns about economic activity led it to signal that, after seven successive hikes, it should maintain the interest
rate at the current level of 11% p.a.
The job market seems to have shown the initial signs of losing steam, with the pace of formal job openings slowing
down in recent months. A negative highlight in the period was the decline in industrial jobs.
In Brazil’s national financial system, loan operations grew 11.8% in the second quarter of 2014 to reach R$2.830
trillion. Average term of loans increased from 93.6 months in June 2013 to 101.1 months in June 2014. Credit as a
percentage of GDP ended the second quarter at 56.3%, slightly higher than 56.0% in the first quarter.
In the case of free credit operations, individual defaults dropped from 7.2% in the second quarter of 2013 to 6.5% this
quarter, while corporate defaults declined from 3.5% to 3.4%. These marginal improvements in default rates, despite a
less favorable economic scenario, are the result of the more selective approach to lending adopted by Brazilian banks.
Macroeconomic Data 2Q14 1Q14 2Q13 2013 2014(e)
Real GBP Growth (Q/Previous Q) -0.10% 0.20% 1,6% 2.3% 1.00%
Inflation (IPCA - IBGE) – quarterly change 1.54% 2.18% 1,18% 2.04% 1.82%
Inflation (IPCA - IBGE) – annual change 6.52% 6.15% 6,70% 5.91% 6.32%
FX (US$/R$) – quarterly change -2.4% -4.5% 10,6% 15.36% -1.4%
Interest Rate (Selic) 11.00% 10.75% 7,25% 10.00% 11.00%
e= expected

6. 6/18
EARNINGS RELEASE
2nd Quarter 2014
Key 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.
Starting 2Q14, Banco BI&P presents its results through the Managerial Income Statement, which is based on
reclassifications of accounting Income Statement and is provided to help analyses.
MANAGERIAL INCOME STATEMENT 2Q14 1Q14 2Q14/1Q14 2Q13 2Q14/2Q13 1H14 1H13 1H14/1H13
Revenues from Loan Operations & Agro bonds 1 110.4 108.9 1.4% 69.2 59.5% 219.3 129.9 68.7%
Revenues Securities (w/o Agro bonds), Derivat. & FX 2 37.9 28.3 33.8% 46.6 -18.7% 66.3 91.2 -27.4%
Financial Intermediation Expenses (w/o ALL) 3 (105.0) (108.1) -2.9% (91.1) 15.3% (213.1) (156.0) 36.6%
Result from Financial Intermediation before ALL 43.3 29.1 48.7% 24.8 74.9% 72.4 65.2 11.1%
ALL Expenses 4 (4.9) (9.3) -47.6% (9.4) -48.1% (14.2) (144.9) -90.2%
Result from Financial Intermediation 38.4 19.8 93.8% 15.4 150.0% 58.3 (79.7) 173.1%
Revenues from services rendered and tariff 5 15.7 11.0 42.3% 7.1 120.8% 26.8 12.3 117.2%
Personnel and Administrative Expenses 6 (41.4) (43.2) -4.1% (39.3) 5.3% (84.5) (77.6) 8.9%
Personnel Expenses w/o Guide (22.8) (24.5) -7.0% (23.6) -3.4% (47.4) (47.8) -0.8%
Personnel Expenses Guide (3.7) (3.0) 25.4% (2.5) 48.6% (6.7) (4.7) 40.9%
Administrative Expenses w/o Guide6 (11.0) (11.8) -7.5% (11.2) -2.2% (22.8) (21.3) 7.1%
Administrative Expenses Guide 6 (3.9) (3.8) 2.6% (2.0) 96.2% (7.7) (3.8) 101.6%
Other operating income and expenses (2.3) 5.1 -145.5% (3.0) -24.1% 2.8 (3.8) 172.5%
Recurring Operating Result 10.5 (7.2) 245.1% (19.9) 152.7% 3.3 (148.8) 102.2%
Non-Recurring Operating Expenses (2.7) (4.0) -34.0% (13.9) -81.0% (6.7) (29.5) -77.4%
Effect of discontinuance of hedge accounting (1.7) (4.0) -58.9% (13.6) -87.8% (5.7) (29.2) -80.6%
Other non-Recurring Operating Expenses (1.0) 0.0 n.c. (0.4) 177.7% (1.0) (0.4) 177.7%
Operating Result 7.8 (11.2) 169.6% (33.8) 123.1% (3.4) (178.3) -98.1%
Non-operating profit (1.4) (1.7) -18.3% 0.8 -282.6% (3.1) 0.1 n.c.
Income tax and social contribution (3.5) 5.5 -164.5% 15.1 -123.3% 1.9 74.3 -97.4%
Statutory contributions & Profit sharing (1.9) (2.4) -22.3% (2.7) -30.4% (4.3) (8.1) -47.2%
Net Profit (Loss) 1.1 (9.9) 110.7% (20.6) 105.1% (8.8) (112.1) -92.1%
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. 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.
5 Includes expenses booked under administrative expenses related 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).

7. 7/18
EARNINGS RELEASE
2nd Quarter 2014
Operating Performance
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 & Liabilities 2Q14 1Q14 2Q14/1Q14 2Q13 2Q14/2Q13
Loan Portfolio 2,930.1 3,014.6 -2.8% 2,587.8 13.2%
Expanded Loan Portfolio 1 3,920.1 3,926.1 -0.2% 3,228.7 21.4%
Cash & Short Term Investments 150.3 211.4 -28.9% 297.3 -49.4%
Securities and Derivatives 1,570.3 1,402.5 12.0% 1,056.5 48.6%
Securities excl. Agro Sec. & Private Credit Bonds 2 759.6 702.1 8.2% 626.5 21.3%
Total Assets 5,117.3 5,032.4 1.7% 4,198.2 21.9%
Total Deposits 3,611.3 3,308.3 9.2% 2,427.8 48.8%
Open Market 101.4 95.6 6.1% 176.1 -42.4%
Foreign Borrowings 281.4 348.2 -19.2% 366.0 -23.1%
Domestic Onlendings 242.1 273.4 -11.4% 348.6 -30.5%
Shareholders’ Equity 671.4 667.1 0.6% 569.6 17.9%
Performance 2Q14 1Q14 2Q14/1Q14 2Q13 2Q14/2Q13 1H14 1H13 1H14/1H13
Free Cash 748.2 743.2 0.7% 660.7 13.2%
NPL 60 days/ Loan portfolio 2.0% 2.6% -0.6 p.p. 2.6% -0.6 p.p.
NPL 90 days/ Loan portfolio 1.8% 2.6% -0.8 p.p. 2.1% -0.3 p.p.
Basel Index 13.3% 13.7% -0.4 p.p. 14.6% -1.2 p.p.
ROAE 0.6% -5.8% 6.4 p.p. -14.6% 15.2 p.p. -2.8% -35.0% 32.2 p.p.
Net Interest Margin with clients 4.43% 3.94% 0.49 p.p. 4.06% 0.37 p.p. 4.19% 4.06% 0.13 p.p.
Efficiency Ratio 80.7% 106.3% -25.6 p.p. 144.5% -63.7 p.p. 91.9% 116.8% -24.9 p.p.
Efficiency Ratio BI&P group w/o Guide Investimentos 72.6% 100.5% -27.9 p.p. 147.2% -74.6 p.p. 84.7% 114.7% -30.0 p.p.
Other Information 2Q14 1Q14 2Q14/1Q14 2Q13 2Q14/2Q13
Number of Corporate Clients 1,209 1,128 7.2% 874 38.3%
Number of Employees 441 453 -2.6% 448 -1.6%
Banco BI&P employees 347 379 -8.4% 390 -11.0%
Guide Invstimentos and Serglobal employees 94 74 27.0% 58 62.1%
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.
n.c. = not comparable (percentage above 300% or below -300%, or number divided by zero).

8. 8/18
EARNINGS RELEASE
2nd Quarter 2014
Operating Performance
Financial intermediation result before managerial expense with allowance for loan losses totaled R$43.3 million,
48.7% higher than in 1Q14 and 74.9% higher than in 2Q13, mainly impacted by the increase in the net interest margin
with clients, which was 4.4% in 2Q14, since we could negotiate better rates for clients, funding costs decreased and
revenue from derivatives increased. The managerial expense with allowance for loan losses (annualized) in 2Q14,
corresponded to 0.66% of the expanded credit portfolio, and to 0.43% of the loans we call the “new portfolio”, that is,
loans granted after March 2011.
The quarterly result was R$1.1 million, still impacted: (i) by the non-cash accounting effects of the discontinuation of
the designation of hedge accounting of the cash flows from a series of funding operations indexed to inflation indices
(IPCA and IGPM), which are still protected by hedge operation; (ii) the negative contribution from Guide Investimentos
as result of all the investments made in recent quarters; (iii) the still increasing investment banking and structured
operations which, despite the significant growth from the same period the previous year, still have tremendous
potential for growth; and (iv) the need for economies of scale, considering our appetite for risk and its direct impact on
spread and the allowance for loan losses.
Financial Intermediation Result
before Allowance for Loan Losses
Net Result
Profitability
Financial Intermediation 2Q14 1Q14 2Q14/1Q14 2Q13 2Q14/2Q13 1H14 1H13 1H14/1H13
Financial Intermediation Revenues 148.3 137.2 8.1% 115.8 28.0% 285.5 221.2 29.1%
Loan Operations and Agro Bonds 110.4 108.9 1.4% 69.2 59.5% 219.3 129.9 68.7%
Loans, Discount Receivables and Agro bonds 91.6 92.2 -0.7% 60.4 51.5% 183.7 114.3 60.7%
Financing 18.8 16.7 12.7% 8.8 114.4% 35.5 15.6 127.3%
Other 0.0 0.0 -2.5% 0.0 290.0% 0.1 0.0 n.c.
Securities (w/o Agro bonds) 19.8 21.7 -8.6% 12.5 59.0% 41.6 29.5 40.8%
Derivatives 14.6 (4.8) n.c. 5.8 151.3% 9.8 23.3 -58.2%
FX Operations Result 3.5 11.4 -69.5% 28.3 -87.7% 14.9 38.4 -61.1%
Financial Intermediation Expenses (105.0) (108.1) -2.9% (91.1) 15.3% (213.1) (156.0) 36.6%
Money Market Funding (100.3) (93.3) 7.5% (53.5) 87.6% (193.5) (106.7) 81.4%
Time Deposits (64.6) (64.2) 0.7% (40.4) 59.9% (128.8) (81.2) 58.6%
Repurchase Transactions (2.8) (2.3) 21.3% (3.0) -8.8% (5.1) (7.6) -33.7%
Interbank Deposits (0.5) (0.4) 23.3% (0.8) -35.1% (1.0) (2.1) -53.6%
Agro Bonds (LCA), Real Estate (LCI) & Bank Notes (LF) (28.7) (23.2) 23.5% (8.7) 229.4% (51.9) (15.2) 240.5%
Others (3.6) (3.1) 16.5% (0.4) n.c. (6.8) (0.5) n.c.
Loans, Assignments & Onlending (4.7) (14.8) -68.1% (37.6) -87.4% (19.5) (49.3) -60.4%
Foreign Borrowings (1.2) (10.1) -88.6% (32.2) -96.4% (11.3) (39.1) -71.2%
Domestic Borrowings & Onlending (3.6) (4.7) -23.9% (5.4) -33.6% (8.3) (10.2) -18.6%
Gross Result from Financial Intermediation before ALL 43.3 29.1 48.7% 24.8 74.9% 72.4 65.2 11.1%
Managerial Expenses with ALL (4.9) (9.3) -47.6% (9.4) -48.1% (14.2) (144.9) -90.2%
Gross Result from Financial Intermediation 38.4 19.8 93.8% 15.4 150.0% 58.3 (79.7) 173.1%
24.8
42.5 42.5
29.1
43.3
65.2
72.4
2Q13 3Q13 4Q13 1Q14 2Q14 1H13 1H14
R$million
-20.6
2.0
-10.0 -9.9
1.1
-8.8
2Q13 3Q13 4Q13 1Q14 2Q14 1H13 1H14
R$million
--112,1

9. 9/18
EARNINGS RELEASE
2nd Quarter 2014
Net Interest Margin (NIM)
Managerial net interest margin with clients was 4.43% in 2Q14, as against 3.94% in 1Q14, since in this quarter we
managed to negotiate better rates for customers, funding costs decreased and revenue from derivatives increased.
Net Interest Margin 2Q14 1Q14 2Q14/1Q14 2Q13 2Q14/2Q13 1H14 1H13 1H14/1H13
A. Result from Finan. Int. before ALL 43.3 29.1 48.7% 24.8 74.9% 72.4 65.2 11.1%
B. Average Interest bearing Assets 4,171.1 4,237.6 -1.6% 3,626.3 15.0% 4,209.3 3,615.0 16.4%
Adjustm. for non-remunerated average assets 1 (134.0) (98.3) 36.3% (184.0) -27.2% (119.1) (206.6) -42.4%
B.a. Adjusted Average Interest bearing Assets 4,037.1 4,139.3 -2.5% 3,442.3 17.3% 4,090.2 3,408.3 20.0%
Net Interest Margin (Aa/Ba) 4.4% 2.8% 1.5 p.p. 2.9% 1.5 p.p. 3.6% 3.9% -0.3 p.p.
Managerial NIM with Clients 4,43% 3,94% 0,49 p.p. 4,06% 0,37 p.p. 4,19% 4,06% 0,1 p.p.
1 Repos with equivalent volumes, tenors and rates both in assets and liabilities.
Efficiency
Efficiency ratio of the group, excluding Guide Investimentos, was 72.6% in the quarter, as against 100.5% in 1Q14.
During the course of 2014, we exercised strict control over both personnel and administrative expenses at the Bank.
Despite the absorption of Banco Intercap, employee headcount decreased 11% from 2Q13, with personnel expenses
declining 7.1% in the quarter and 0.8% in relation to 2Q13, resulting from the policy of constant pursuit of efficiency
and investments made by the IT area. In 2Q14 alone, the reduction in staff was 8% and its effects on personnel
expenses will be observed from the second half of this year. Administrative expenses decreased 7.5% in the quarter,
due to the strict control over expenses in 2014, yet increased 7.1% from 2Q13, mainly impacted by the inflation during
the period and investments to improve our technological infrastructure.
Efficiency Ratio w/o Guide Investimentos 2Q14 1Q14 2Q14/1Q14 2Q13 2Q14/2Q13 1H14 1H13 1H14/1H13
Personnel Expenses 22.8 24.5 -7.0% 23.6 -3.4% 47.4 47.8 -0.8%
Contributions and Profit-sharing 1.7 2.3 -25.9% 2.7 -36.9% 4.0 8.1 -50.6%
Administrative Expenses 11.0 11.8 -7.5% 11.2 -2.2% 22.8 21.3 7.1%
Taxes 4.0 2.9 38.7% 1.5 159.6% 6.9 4.7 45.9%
A. Total Operating Expenses 39.5 41.6 -5.0% 39.1 1.1% 81.1 81.9 -1.0%
Gross Income Financial Intermediation (w/o ALL) 40.9 28.1 45.5% 23.4 75.1% 69.1 63.3 9.1%
Income from Services Rendered 13.2 7.4 79.8% 4.6 189.7% 20.6 7.4 176.0%
Other Net Operating Income 0.2 5.9 -96.4% (1.4) 115.1% 6.1 0.6 n.c.
B. Total Operating Income 54.4 41.4 31.4% 26.5 104.9% 95.7 71.4 34.1%
Efficiency Ratio (A/B) 72.6% 100.5% -27.9 p.p. 147.2% -74.6 p.p. 84.7% 114.7% -30.0 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 of its current phase of structuring and growth.
Efficiency Ratio 2Q14 1Q14 2Q14/1Q14 2Q13 2Q14/2Q13 1H14 1H13 1H14/1H13
Personnel Expenses 26.5 27.5 -3.5% 26.1 1.5% 54.1 52.5 2.9%
Contributions and Profit-sharing 1.9 2.4 -22.3% 2.7 -30.4% 4.3 8.1 -47.2%
Administrative Expenses 14.8 15.6 -5.1% 13.2 12.6% 30.5 25.1 21.5%
Taxes 4.6 3.5 31.6% 2.0 125.2% 8.1 5.6 43.1%
A. Total Operating Expenses 47.8 49.0 -2.5% 44.0 8.6% 96.9 91.4 6.0%
Gross Income Financial Intermediation (w/o ALL) 43.3 29.1 48.7% 24.8 74.9% 72.4 65.2 11.1%
Income from Services Rendered 15.7 11.0 42.3% 7.1 120.8% 26.8 12.3 117.2%
Other Net Operating Income 0.2 6.0 -96.3% (1.4) 115.8% 6.2 0.6 n.c.
B. Total Operating Income 59.2 46.1 28.4% 30.5 94.4% 105.4 78.2 34.8%
Efficiency Ratio (A/B) 80.7% 106.3% -25.6 p.p. 144.5% -63.7 p.p. 91.9% 116.8% -24.9 p.p.

10. 10/18
EARNINGS RELEASE
2nd Quarter 2014
Expanded Credit Portfolio
In June 2014 the classic credit portfolio totaled R$2.9 billion, down 2.8% in the quarter but up 13.2% in twelve months,
while the expanded credit portfolio totaled R$3.9 billion, remaining stable in the quarter but growing 21.4% in twelve
months. The stability of the expanded credit portfolio was due to three factors: (i) conservative approach to lending; (ii)
slowdown in economic activity on account of the World Cup; and (iii) a delay in the plantation of soy and corn crops,
considering our specialization in the agricultural segment. Note that during the quarter, loan settlements totaled
R$1,321 million and, despite the above-mentioned factors, loans originated by our sales team - now fully structured
and aligned with the current strategy of the bank - totaled R$1,424 million, with fresh loans amounting to R$818
million and loan renewals amounting to R$606 million.
Expanded Credit Portfolio by Product Group 2Q14 1Q14 2Q14/1Q14 2Q13 2Q14/2Q13
Loans & Financing in Real 2,272.1 2,344.2 -3.1% 1,852.8 22.6%
Assignment of Receivables Originated by our Clients 209.5 222.0 -5.6% 250.3 -16.3%
Trade Finance (ACC/ACE/IMPFIN) 433.6 420.0 3.2% 427.3 1.5%
Other 14.9 28.3 -47.5% 57.4 -74.1%
Credit Portfolio 2,930.1 3,014.6 -2.8% 2,587.8 13.2%
Guarantees Issued (LGs & L/Cs) 179.3 211.2 -15.1% 210.9 -15.0%
Agro Bonds (Securities: CPRs & CDA/WA; Credit: CDCAs) 729.1 615.2 18.5% 390.8 86.6%
Private Credit Bonds (Securities: PNs & Debentures) 81.6 85.1 -4.1% 39.2 108.0%
Expanded Credit Portfolio 3,920.1 3,926.1 -0.2% 3,228.7 21.4%
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$400 million and R$2 billion) accounted for
59% of the expanded credit portfolio while the Emerging Companies segment (companies with annual revenues of
between R$80 million and R$400 million) accounted for 40%. Note that the share of the Corporate segment of total
loans increased during the quarter due to the more conservative lending approach adopted by the bank.
Expanded Credit Portfolio
by Segment
Expanded Credit Portfolio by
Client Concentration
* The Other segment basically consists of Consumer Credit operations for Used Vehicles and financing of non-operating assets.
** Including R$97,2 million of loans assigned to Banco Intercap.
In 2Q14, the agro bonds portfolio totaled R$884.2 million, up 18.4% in the quarter and 85.0% in twelve months. The
growth in twelve months is the result of joint ventures and partnerships.
Agro Bonds Portfolio 2Q14 1Q14 2Q14/1Q14 2Q13 2Q14/2Q13
Booked under Securities 729.1 615.2 18.5% 390.8 86.6%
Warrants - CDA/WA 66.0 35.5 86.1% 7.3 n.c.
Agro Product Certificate - CPR 663.1 579.8 14.4% 383.5 72.9%
Booked under Credit Portfolio - Loans & Financing 155.2 131.9 17.7% 87.1 78.1%
Agro Credit Rights Certificate - CDCA 155.2 131.9 17.7% 87.1 78.1%
Agricultural Bonds 884.2 747.1 18.4% 477.9 85.0%
48% 49% 47% 43% 40%
51% 50% 52% 56%
59%
1% 1% 1% 1% 1%
Jun13 Sep13** Dec13 Mar14 Jun 14
Emerging Companies Corporate Others*
12%
12%
13%
28%
26%
27%
27%
25%
26%
33%
36%
33%
Jun 13
Mar14
Jun14
Top 10 11 - 60 largest 61 - 160 largest Other

11. 11/18
EARNINGS RELEASE
2nd Quarter 2014
Expanded Credit Portfolio
by Region
Expanded Credit Portfolio
by Economic Sector
Quality of Expanded Credit Portfolio
In line with the credit policy being adopted since April 2011, we maintained our focus on lending to client’s with better
credit standing, which is evident from the high percentage of loans rated between AA and B in 2Q14, which
represented 99% of total lending in the period. The balance of loans classified in the low risk categories (AA to B)
ended the quarter at 90.9% of total loans (compared to 89.8% and 85.1% respectively, at the end of 1Q14 and 2Q13),
as the following chart shows.
Expanded Credit Portfolio by Rating Coverage Ratio
In June 2014, the decline in the percentage of loans rated between D and H was mostly due to the settlement of loans
in these ratings. Of the R$207.6 million rated between D and H, R$148.9 million, or 72%, consists of loans whose
payments are regular.
The default rate on loans overdue more than 60 days (NPL 60) decreased 0.6 p.p. in the quarter and in twelve months.
Loans overdue more than 90 days (NPL 90) decreased 0.8 p.p. in the quarter and 0.3 p.p. in relation to June 2013.
Default by segment
Jun 14 Mar 14
> 60 days > 90 days
Jun 14 Mar 14 Jun 14 Mar 14
Credit Portfolio NPL % NPL % NPL % NPL %
Emerging Companies 1,141.5 1,252.4 55.9 4.9% 61.1 4.9% 49.3 4.3% 60.0 4.8%
Corporate 1,768.1 1,727.6 2.7 0.2% 9.9 0.6% 2.7 0.2% 9.9 0.6%
Other 20.6 34.5 0.2 0.8% 7.3 21.1% 0.1 0.6% 7.3 21.0%
TOTAL 2,930.1 3,014.6 58.7 2.0% 78.3 2.6% 52.1 1.8% 77.2 2.6%
Allowance for Loan Losses (ALL) 110.8 150.1
The managerial expense with allowance for loan losses (annualized) in the quarter corresponded to 0.66% of the
expanded credit portfolio, and to 0.43% of the loans we call the “new portfolio”, that is, loans granted after March
2011 under the new credit policy adopted in this new phase of the Bank, which proves the quality of our credit
portfolio.
North
3%
Northeast
6%
Midwest
20%
Southeast
56%
South
15%
13.6%
1.5%
1.7%
1.9%
2.0%
2.3%
2.3%
2.6%
3.5%
3.9%
4.1%
4.3%
5.5%
6.9%
10.7%
12.0%
21.0%
Other Sectors (less than 1.4%)
Raw Materials
Financial Activities
International Commerce
Metal Industry
Chemical & Pharmaceutical
Textile, Leather and Confection
Power Generation & Distribution
Commerce - Retail & Wholesale
Infrastructure
Transport and Logistics
Automotive
Livestock
Food & Beverage
Oil, Biofuel & Sugar
Real Estate
Agriculture

12. 12/18
EARNINGS RELEASE
2nd Quarter 2014
Funding
Funding totaled R$4.1 billion in June 2014, up 5.2% in the quarter and 31.6% in twelve months. Worth special mention
were funding through agro notes (LCA), which increased 19.7% in the quarter and 135.9% from June 2013, and
diversification of the depositor base, which totaled more than 7,300 at the end of the quarter, growing 25% from March
2014 and 292% from June 2013.
Note that LCAs, which provide tax advantages for individual investors, are backed by agribusiness operations in which
Banco BI&P enjoys operational expertise.
Total Funding 2Q14 1Q14 2Q14/1Q14 2Q13 2Q14/2Q13
Total Deposits 3,611.3 3,308.3 9.2% 2,427.8 48.8%
Time Deposits 868.3 807.7 7.5% 822.7 5.6%
Insured Time Deposits (DPGE) 1,364.3 1,307.1 4.4% 944.8 44.4%
DPGE I 949.2 1,023.8 -7.3% 944.8 0.5%
DPGE II 415.1 283.3 46.5% 0.0 n.c.
Agro Notes (LCA) 1,153.8 964.0 19.7% 489.2 135.9%
Real Estate Notes (LCI) 116.3 119.3 -2.5% 40.2 189.5%
Bank Notes (LF) 24.1 57.1 -57.8% 34.0 -29.0%
Interbank Deposits 27.6 15.9 73.3% 58.2 -52.6%
Demand Deposits and Other 56.9 37.1 53.4% 38.8 46.7%
Domestic Onlending 242.1 273.4 -11.4% 348.6 -30.5%
Foreign Borrowings 281.4 348.2 -19.2% 366.0 -23.1%
Trade Finance 248.2 314.6 -21.1% 366.0 -32.2%
Other Foreign Borrowings 33.3 33.6 -1.2% 0.0 n.c.
TOTAL 4,134.9 3,930.0 5.2% 3,142.3 31.6%
By Type By Investor By 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.
The average term of deposits stood at 637 days from issuance (690 days in March 2014) and 321 days from maturity
(335 days in March 2014).
Average Term in days
Type of Deposit from issuance to maturity 1
Interbank 225 51
Time Deposits 693 547
Time Deposits with Special Guarantee (DPGE) 959 328
Agro Notes (LCA) 254 163
Real Estate Letters of Credit (LCI) 252 119
Bank Notes (LF) 1.141 822
Portfolio of Deposits 2 637 321
1 From June 30, 2014. | 2 Volume weighted average.
Time
Deposits
21%
DPGE I *
23%
DPGE II *
10%
Agro
Bonds
28%
Bank &
Real
Estate
Notes
3%
BNDES
Onlending
s
6%
Trade
Finance
6%
Foreign
Loans
1%
Interbank
& Demand
2%
Institutional
Investors
34%
Enterprises
16%
National
Banks
11%
Brokers
13%
Individuals
11%
Other
2%
BNDES
Onlending
6%Foreign
Banks
7%
Demand
1%
Up to 90
days
26%
91 to
180 days
18%
181 to
360 days
21%
+360
days
34%

13. 13/18
EARNINGS RELEASE
2nd Quarter 2014
Free Cash
On June 30, 2014, the free cash position totaled R$748.2 million, equivalent to
20.7% of total deposits and 1.1x 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 (CPRs), agribusiness deposit certificates
and warrants (CDAs/WAs), debentures and promissory notes (NPs).
Capital Adequacy
The Basel Accord requires banks to maintain a minimum percentage of the capital weighted by the risk in their
operations. In this context, the Central Bank of Brazil has stipulated that banks operating in the country should
maintain a minimum percentage of 11%, calculated according to the Basel II and Basel III Accord regulations, which
provides greater security to Brazil’s financial system against oscillations in economic conditions.
The following table shows BI&P’s position in relation to the Central Bank’s minimum capital requirements:
Basel Index 2Q14 1Q14 2Q14/1Q14 2Q13 2Q14/2Q13
Total Capital 600.6 605.5 -0.8% 554.3 8.4%
Tier I 600.6 605.5 -0.8% 555.3 8.2%
Tier II 0.0 0.0 n.c. 1.3 n.c.
Deductions 0.0 0.0 n.c. (2.3) n.c.
Required Capital 496.7 485.1 2.4% 419.1 18.5%
Credit Risk allocation 458.1 454.5 0.8% 353.3 29.7%
Market Risk Allocation 22.6 14.7 54.2% 47.9 -52.8%
Operating Risk Allocation 16.0 16.0 0.0% 17.9 -10.9%
Excess over Required Capital 104.0 120.4 -13.6% 135.2 -23.1%
Basel Index 13.3% 13.7% -0.4 p.p. 14.6% -1.2 p.p.
Note that the Basel index decreased in 2Q14, mainly due to: (i) the increase in exposure to market risks, especially in
operations carried out by the proprietary desk; and (ii) the reduction in total capital due to the increase in the account
of prudential adjustments resulting from tax liabilities on tax losses.
Risk Ratings
Agency Classification Observation
Last
Report
Standard & Poor’s
BB- / Stable / B
brA / Stable / brA-2
Global Scale
Local Scale - Brazil
April 14, 2014
Moody's
Ba3 / Negative / Not Prime
A2.br / Negative / BR-1
Global Scale
Local Scale - Brazil
July 04, 2013
FitchRatings BBB / Stable / F3 Local Scale - Brazil September 05, 2013
RiskBank
9,65
Ranking: 56
RiskBank Index
Low Risk Short Term
April 17, 2014
758 743 748
Dec 13 Mar 14 Jun 14
R$million

14. 14/18
EARNINGS RELEASE
2nd Quarter 2014
Capital Market
Total Shares and Free Float
Number of shares as of June 30, 2014
Type Corporate Capital Controlling Group Management Treasury Free Float %
Common 58,513,218 31,352,736 57,876 - 27,102,606 46.3%
Preferred 31,021,907 648,521 279,362 543,396 29,550,628 95.3%
TOTAL 89,535,125 32,001,257 337,238 543,396 56,653,234 63.3%
Share 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 June 30, 2014:
Stock Option
Plan
Date of
Approval
Grace Period
Term for
Exercise
Quantity
Granted Exercised Extinct Not 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 - 41,644 825,781
Total 6.598.739 229.057 868.528 5.501.155
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 Shareholder
During 1H14 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. The Board of Directors will, by the end of the year, study
the possibility of early payment of interest on equity after considering the results and the tax efficiency of such
payment.
Share Performance
The preferred shares of BI&P (IDVL4), listed in the Level 2 Corporate Governance segment of BM&FBOVESPA, closed
June 30, 2014 at R$3.12, for a market cap of R$278 million, including the shares existing on June 30, 2014 and
excluding treasury stock. The price of IDVL4 shares decreased 22% in the quarter and 55% % in the 12 months ended
June 2014. In comparison, the Bovespa Index (Ibovespa) increased 5% in the quarter and 12% in relation to the closing
of June 2013. At the end of 2Q14, the price/book value (P/BV) was 0.41.

15. 15/18
EARNINGS RELEASE
2nd Quarter 2014
Share Price evolution in the last 12 months
Liquidity and Trading Volume
The preferred shares of BI&P (IDVL4) were traded in 100% of the sessions in the quarter and 96.0% of the 247
sessions in the past 12 months. The volume traded on the spot market in the quarter was R$13.9 million, involving 3.9
million IDVL4 shares in 1,085 trades. In the 12 months ended in June 2014, the volume traded on the spot market
was R$50.2 million, involving around 10.5 million preferred shares in 3,207 trades.
Shareholder Base
Position as of June 30,2014
# TYPE OF SHAREHOLDER IDVL3 % IDVL4 % TOTAL %
8 Controlling Group 31,352,736 53.6% 648,521 2.1% 32,001,257 35.7%
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%
16 National Investors 1,201,090 2.1% 8,251,081 26.5% 9,452,171 10.6%
10 Foreign Investors 11,964,301 20.4% 18,158,686 58.5% 30,122,987 33.6%
7 Corporate - 0.0% 20,414 0.1% 20,414 0.0%
283 Individuals 13,937,215 23.8% 3,120,447 10.1% 17,057,662 19.1%
328 TOTAL 58,513,218 100.0% 31,021,907 100.0% 89,535,125 100.0%

16. 16/18
EARNINGS RELEASE
2nd Quarter 2014
Balance Sheet
CONSOLIDATED R$ thousand
ASSETS 6/30/2013 3/31/2014 6/30/2014
Current 3,159,122 3,864,643 4,000,221
Cash 26,552 37,068 8,515
Short-term interbank investments 270,732 174,298 141,822
Open market investments 246,708 144,999 118,998
Interbank deposits 24,024 29,299 22,824
Securities and derivative financial instruments 1,011,301 1,369,422 1,542,837
Own portfolio 649,604 1,097,481 1,331,462
Subject to repurchase agreements 69,426 26,233 52,027
Linked to guarantees 160,716 186,969 111,808
Subject to the Central Bank 89,784 3,022 -
Derivative financial instruments 41,771 55,717 47,540
Interbank accounts 3,201 3,105 8,125
Loans 1,359,621 1,573,308 1,605,604
Loans - private sector 1,408,066 1,618,575 1,640,393
Loans - public sector - - -
(-) Allowance for loan losses (48,445) (45,267) (34,789)
Other receivables 394,416 607,637 544,975
Credit guarantees honored - - -
Foreign exchange portfolio 320,987 316,949 284,288
Income receivables 58 537 483
Negotiation and intermediation of securities 61,573 38,148 34,896
Sundry 16,753 257,407 232,071
(-) Allowance for loan losses (4,955) (5,404) (6,763)
Other assets 93,299 99,805 148,343
Long term 955,154 1,070,663 1,020,719
Short-term interbank investments - - -
Marketable securities and derivative financial instruments 45,188 33,064 27,477
Own portfolio 43 14,110 14,658
Derivative financial instruments 45,145 18,954 12,819
Interbank Accounts 3,001 3,038 -
Loans 655,164 710,730 671,325
Loans - private sector 807,148 798,753 735,572
Loans - public sector - - -
(-) Allowance for loan losses (151,984) (88,023) (64,247)
Other receivables 251,685 323,109 320,827
Credit guarantees honored - 507 507
Trading and Intermediation of Securities 495 540 408
Foreign exchange portfolio - 4,656 -
Income receivables - - 5,620
Sundry 260,163 328,791 319,281
(-) Allowance for loan losses (8,973) (11,385) (4,989)
Other assets 116 722 1,090
Permanent Assets 83,929 97,106 96,323
Investments 29,559 34,361 35,590
Subsidiaries and Affiliates 27,868 32,668 33,897
Other investments 1,847 1,849 1,849
(-) Loss Allowances (156) (156) (156)
Property and equipment 14,178 13,088 12,130
Property and equipment in use 1,210 1,152 1,152
Revaluation of property in use 2,634 2,634 2,634
Other property and equipment 22,740 24,575 23,756
(-) Accumulated depreciation (12,406) (15,273) (15,412)
Intangible 40,192 49,657 48,603
Goodwill 24,585 27,868 27,868
Other intangible assets 18,664 27,031 26,960
(-) Accumulated amortization (3,057) (5,242) (6,225)
TOTAL ASSETS 4,198,205 5,032,412 5,117,263

17. 17/18
EARNINGS RELEASE
2nd Quarter 2014
CONSOLIDATED R$ thousand
LIABILITIES 6/30/2013 3/31/2014 6/30/2014
Current 2,538,587 2,988,178 2,972,918
Deposits 1,021,586 1,118,475 1,148,862
Cash deposits 38,781 37,095 56,892
Interbank deposits 58,128 15,897 27,553
Time deposits 924,677 1,065,483 1,064,417
Funds obtained in the open market 176,141 95,601 101,419
Own portfolio 56,517 26,199 51,419
Third party portfolio 104,621 69,402 50,000
Unrestricted Portfolio 15,003 - -
Funds from securities issued or accepted 550,198 1,060,943 1,213,308
Agribusiness Letters of Credit, Real Estate Notes & Bank Notes 550,198 1,060,943 1,213,308
Interbank accounts 556 565 313
Interdepartamental accounts 9,892 4,083 7,603
Borrowings 365,999 314,592 248,658
Foreign borrowings 365,999 314,592 248,658
Onlendings 131,247 109,752 103,218
BNDES 90,018 61,557 57,634
FINAME 41,229 48,195 45,584
Other liabilities 282,968 284,167 149,537
Collection and payment of taxes and similar charges 452 1,225 649
Foreign exchange portfolio 5,353 38,676 11,158
Taxes and social security contributions 13,201 16,022 12,428
Social and statutory liabilities 4,500 1,352 3,226
Negotiation and intermediation securities 133,055 189,391 86,002
Derivative financial instruments 75,550 15,126 14,888
Sundry 50,857 22,375 21,186
Long Term 1,089,265 1,372,811 1,468,902
Deposits 842,830 1,049,373 1,168,189
Interbank Deposits 32 - -
Time deposits 842,798 1,049,373 1,168,189
Funds from securities issued or accepted 13,172 79,499 80,981
Agribusiness Letters of Credit, Real Estate Notes & Bank Notes 13,172 79,499 80,981
Loan obligations - 33,645 32,776
Foreign loans - 33,645 32,776
Onlending operations - Governmental Bureaus 217,312 163,694 138,928
Federal Treasure 7,435 6,747 6,552
BNDES 122,487 75,975 62,503
FINAME 87,186 80,753 69,683
Other Institutions 204 219 190
Other liabilities 15,951 46,600 48,028
Taxes and social security contributions 7,550 31,977 32,057
Derivative financial instrument 4,246 7,358 8,289
Sundry 4,155 7,265 7,682
Future results 795 4,289 4,012
Shareholders' Equity 569,558 667,134 671,431
Capital 661,812 769,843 769,843
Capital Reserve 19,866 24,159 27,275
Revaluation reserve 1,315 1,278 1,265
Profit reserve - - -
(-) Treasury stock (5,859) (4,283) (4,283)
Asset valuation Adjustment 31 (169) (53)
Accumulated Profit / (Loss) (108,455) (124,462) (123,340)
Minority Interest 848 768 724
TOTAL LIABILITIES 4,198,205 5,032,412 5,117,263

18. 18/18
EARNINGS RELEASE
2nd Quarter 2014
Income Statement
CONSOLIDATED R$ thousand
INCOME STATEMENT 2Q13 1Q14 2Q14 1H13 1H14
Income from Financial Intermediation 93,015 133,063 147,580 180,603 280,643
Loan operations 50,133 85,787 89,324 106,105 175,111
Income from securities 22,316 44,671 41,827 41,942 86,498
Income from derivative financial instruments (7,780) (8,839) 12,935 (5,820) 4,096
Income from foreign exchange transactions 28,346 11,444 3,494 38,376 14,938
Expenses from Financial Intermediaton 90,778 118,335 95,911 289,001 214,246
Money market funding 53,005 90,147 96,632 106,213 186,779
Loans, assignments and onlendings 37,628 14,807 4,725 49,259 19,532
Sales operations/transfer of financial assets - - 4,620 - 4,620
Allowance for loan losses 145 13,381 (10,066) 133,529 3,315
Gross Profit from Financial Instruments 2,237 14,728 51,669 (108,398) 66,397
Other Operating Income (Expense) (36,041) (25,958) (43,852) (69,928) (69,810)
Income from services rendered 8,636 12,645 18,652 15,087 31,297
Income from tariffs 187 208 182 359 390
Personnel expenses (26,138) (27,515) (26,539) (52,511) (54,054)
Other administrative expenses (15,694) (20,569) (22,602) (29,065) (43,171)
Taxes (2,034) (3,480) (4,580) (5,634) (8,060)
Result from affiliated companies 402 2,580 2,058 1,189 4,638
Other operating income 1,147 12,839 5,901 4,351 18,740
Other operating expense (2,547) (2,666) (16,924) (3,704) (19,590)
Operating Profit (33,804) (11,230) 7,817 (178,326) (3,413)
Non-Operating Profit 752 (1,681) (1,373) 83 (3,054)
Earnings before taxes ad profit-sharing (33,052) (12,911) 6,444 (178,243) (6,467)
Income tax and social contribution 15,109 5,450 (3,517) 74,298 1,933
Income tax 1,074 (488) 2,071 7,706 1,583
Social contribution 457 (437) 1,338 4,514 901
Deferred fiscal assets 13,578 6,375 (6,926) 62,078 (551)
Statutory Contributions & Profit Sharing (2,694) (2,412) (1,875) (8,125) (4,287)
Net Profit for the Period (20,637) (9,873) 1,052 (112,070) (8,821)