- Banco BI&P's expanded credit portfolio grew 15.3% in 4Q13 to R$3.9 billion, with organic growth of 9%. - 87.1% of the expanded portfolio was rated AA-B, reflecting the conservative lending policy. - Funding totaled R$3.9 billion, growing 26.3% from last quarter, reaching a historic high. - Net loss was R$10 million due to conservative lending, discontinuing hedge accounting, and consolidation of Intercap's ALL expense.

1. Expanded Credit Portfolio of R$3.9 billion, 15.3% up in 4Q13, with the merger of Banco Intercap
Launch of Guide Investimentos completes BI&P restructuring cycle
99% of fresh loans granted by BI&P in the period rated between AA and B
Managerial ALL Expense (annualized) lower than 1% of the expanded portfolio, reflecting the healthy
credit portfolio
Highlights
IDVL4: R$4.45 per share
Closing: February 26, 2014
Outstanding Shares: 88,800,610
Market Cap: R$395.2 million
Price/Book Value: 0.59
Conference Call / Webcasts
February 27, 2014
In English
10 a.m. (US EST) / 1 p.m. (Brasília)
Connections
Brazil: +55 11 4688-6361
EUA: +1 786 924-6977
Code: Banco BI&P
In Portuguese
9 a.m. (US EST) / 12 p.m. (Brasília)
Number: +55 11 4688-6361
Code: Banco BI&P
Website
www.bip.b.br/ir
 Expanded Credit Portfolio of R$3.9 billion, with organic and inorganic
growth of 15.3% in the quarter and 26.1% in relation to December 2012.
Organic portfolio growth, considering only the loans originated by BI&P, was
9.0% in the quarter and 19.2% in the year.
 Loans rated between AA and B, after consolidating the balance sheet of
Banco Intercap, totaled 87.1% of the expanded credit portfolio (81.4% in
December 2012). 99% of the loans granted in the quarter were rated
between AA and B.
 Emerging Companies and Corporate segments accounted for 47.0%
and 52.2%, respectively, of the expanded credit portfolio.
 Managerial Expense with Allowance for Loan Losses (ALL)
(annualized) in 4Q13 was 0.95% of the expanded credit portfolio (0.75% in
3Q13), in line with the conservative lending policy adopted by the Bank and
lower than Management’s expectations.
 Funding totaled R$3.9 billion and Free Cash totaled R$758.0 million at the
end of 4Q13, keeping step with credit portfolio growth.
 Income from Services Rendered and Tariffs totaled R$9.9 million in the
quarter, slightly lower than in the previous quarter but 42.8% higher than in
4Q12.
 Result in the quarter was a loss of R$10.0 million, mainly due to the following: (i)
the more conservative approach to lending, (ii) the negative impact, with no cash
effect, of the discontinuance of the designation of hedge accounting of operations
to protect cash flows, which continue to be protected by hedge operations, and
(iii) the ALL expense of Banco Intercap in 4Q13, that reached the limit of R$6.0
million established by the shareholders of both banks for the first year after the
merger, concentrating this expense in a single quarter and generating an
accounting loss of R$2.3 million for Intercap in 4Q13, further consolidated to the
financial statements of Banco BI&P.
 In November 2013, we announced the launch of the project to transform our
brokerage arm, Guide Investimentos, which, besides continuing to serve our
institutional customers, will now also provide asset management services for high
income individuals through an innovative investment platform. With the
announcement, in February 2014, of the strategic alliance with Omar Camargo
Corretora de Valores, the biggest and most traditional company in the sector in
the state of Paraná, apart from expanding its customer base, Guide is also
embarking on geographical and operational expansion across all states in
Southern Brazil. The creation of Guide is strategically important for the Bank, both
in terms of distribution of the products developed by our investment banking
team and in the diversification of the Bank’s funding sources.
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 11 branches strategically located in economically relevant
Brazilian regions, including an offshore branch in Cayman Islands, its brokerage firm operating at the São Paulo Stock, Commodities and Futures
Exchange - BM&FBOVESPA and Serglobal Cereais, acquired in April 2011, which originates agricultural bonds.
1/20

2. Summary
Message from Management ................................................................................................. 3
Macroeconomic Scenario ..................................................................................................... 4
Key Indicators ................................................................................................................... 5
Operating Performance ....................................................................................................... 6
Credit Portfolio .................................................................................................................. 9
Funding .......................................................................................................................... 14
Free Cash ....................................................................................................................... 15
Capital Adequacy ............................................................................................................. 15
Credit Ratings.................................................................................................................. 15
Capital Markets ................................................................................................................ 16
Balance Statement ........................................................................................................... 18
Income Statement ........................................................................................................... 20
2/20

3. Message from the Management
In 4Q13, we concluded the second phase of the strategic restructuring program we launched in April 2011. In
this second phase, the focus was on strengthening the investment banking area, gaining scale and diversifying
the funding structure. During the course of 2013, these objectives were attained through:

The joint venture C&BI Agro Partners between Banco BI&P and Ceagro Agrícola Ltda to focus on
originating agro bonds. With this merger, we positioned ourselves as a major partner in Brazil’s agro
business market: the agro bonds portfolio, which totaled R$327.1 million at the end of 2012, ended 2013 at
R$758.8 million, growing 132% in the period.

The acquisition of Voga Empreendimentos e Participações Ltda, expanding our operation into fixed
income securities, long-term funding, mergers and acquisitions, and structured operations.

Additional allowance for loan losses in the amount of R$110.7 million for loans granted before April
2011, to prevent contamination of the Bank’s future results, and the subsequent capital increase of
R$90.0 million to which Warburg Pincus, a private equity fund, the controlling shareholders and a few other
shareholders of the Company subscribed.

The merger of Banco BI&P with Banco Intercap, expanding our capital base and strengthening the
controlling group and the Board of Directors of BI&P with the entry of Messrs. Afonso Antônio Hennel and
Roberto de Rezende Barbosa, former controlling shareholders of Banco Intercap.

The launch of the project to transform our brokerage Guide Investimentos, which provides wealth
management services for high income individuals, thereby expanding our capacity for distribution of
investment products, diversification of funding sources and broadening our fee revenue sources.
As a result of the initiatives taken in 2013, we closed the quarter with a significant growth in the expanded credit
portfolio, which totaled R$3.9 billion, up 15.3% in the quarter (9.0% organic growth) and 26.1% in the year
(19.2% organic). Loans to the Corporate segment corresponded to 52.2% and loans to the Emerging Companies
segment accounted for 47.0% of the expanded credit portfolio.
We maintained the high quality of the expanded credit portfolio, which closed 4Q13 with 87.1% of the loans
rated between AA and B (81.4% in 4Q12). The managerial allowance for loan losses (annualized) was 0.95% in
the quarter, which is in line with the credit risk profile drawn up by the management.
Funding volume kept in step with credit portfolio growth, ending the quarter at R$3.9 billion, for growth of
26.3% from 3Q13 and 29.8% in twelve months. It is worth highlighting the funds raised through time deposits
(bank deposit certificates (CDB) and time deposits with special guarantee (DPGE)), agribusiness letters of credit
(LCA), real estate letters of credit (LCI) and bank notes (LF), which reached the historic mark of R$3.0 billion in
this quarter, and the increase in the number of customers, which increased from 2,538 in September 2013 to
3,973 in December 2013, especially through the distribution of our funding products in the retail segment
through brokers and distributors.
Result in the quarter was a loss of R$10.0 million, mainly due to the following: (i) the more conservative
approach to lending, (ii) the negative impact, with no cash effect, of the discontinuance of the designation of
hedge accounting of operations to protect cash flows, which continue to be protected by hedge operations, and
(iii) the ALL expense of Banco Intercap in 4Q13, that reached the limit of R$6.0 million established by the
shareholders of both banks for the first year after the merger, concentrating this expense in a single quarter and
generating an accounting loss of R$2.3 million for Intercap in 4Q13, further consolidated to the financial
statements of Banco BI&P.
The expected profitability will come with scale gains, that is, with the expansion of the credit portfolio and
increase in service fees. For this, we rely on well-structured teams that are committed to our institutional values
and are already executing the strategies drawn up. Today we have a robust Bank that is prepared for both
growth and new business. In 2013 we sowed the seeds and in 2014 we expect to reap the fruits of executing our
strategic plan.
3/20

4. Macroeconomic Scenario
The last quarter of the year was marked by growing market concerns about the deteriorating public finances in
Brazil and the possible downgrade of the country’s rating by international rating agencies. Though the Brazilian
government’s primary surplus in 2013 was higher than its committed target, a sizable portion of these funds
came from extra revenues, further increasing the market’s apprehensions about the state of public finances in
2014 - an election year. With regard to economic activity, the industrial sector continued its weak performance in
October, November and December, forcing a downward revision of economic growth projections for 2013 and
2014. On the positive side, the notable developments were the auctions for infrastructure concessions held in the
closing months of the year, which will encourage investments in highways, ports and airports.
Even in an environment of moderate economic activity, inflation remains at uncomfortably high levels, with the
Extended National Consumer Price Index (IPCA) well above the center of the target of 4.5%. Despite the price
controls implemented by the government, IPCA ended 2013 up 5.91%, higher than the 5.84% in 2012. The main
items behind the increase in prices during the year were Food and Beverages, and Personal Expenses. In this
scenario, the Central Bank of Brazil continued its monetary tightening policy, raising the basic interest rate (Selic)
by one more percentage point in the quarter to close December at 10% p.a.
In the foreign exchange market, October to December saw a highly volatile U.S. dollar due to the uncertainties
about fiscal management in Brazil and the U.S. Federal Reserve’s decision to reduce purchases of treasury bonds
and mortgage-backed bonds by US$10 billion. These oscillations and the consequent depreciation of the Brazilian
real against the dollar led the Central Bank of Brazil to announce the extension of the foreign exchange auction
program, with a few adjustments, to at least until June 30, 2014. In January, the Bank started scaling down the
foreign exchange swap offering from US$500 million to US$200 million daily. Despite these measures, the dollar
rose 6.1% in the last three months of 2013 to close the year R$2.36/US$.
Credit volume in Brazil’s national financial system grew 14.6% in the year to reach R$2.715 trillion. Average loan
term increased from 87.5 months in December 2012 to 101.6 months in December 2013. Credit as a percentage
of GDP ended December at 56.5%, higher than 55.1% at the end of September, and has remained above 50%
since May 2012.
Default in the individuals segment dropped from 8.0% in 4Q12 to 6.7% in 4Q13, while corporate default declined
from 3.7% to 3.1%. These marginal improvements in default rates are the result of the more selective approach
to credit adopted by Brazilian banks.
Macroeconomic Data
4Q13
3Q13
4Q12
2013
2014(e)
0.0%(e)
-0.50%
0.90%
2.1%(e)
1.50%
Inflation (IPCA - IBGE) – quarterly change
2.00%
0.60%
2.00%
5.90%
6.00%
Inflation (IPCA - IBGE) – annual change
5.90%
5.90%
5.80%
5.90%
6.00%
FX (US$/R$) – quarterly change
6.10%
-0.40%
1.10%
15.40%
3.40%
10.00%
9.00%
7.25%
10.00%
11.00%
Real GBP Growth (Q/Previous Q)
Interest Rate (Selic)
e= expected
4/20

5. 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 GAAP (BRGAAP), except were otherwise stated.
Results
4Q13
Loan Operations & Agro Bonds (CPR) adjusted 1
110.7
78.0
41.9%
60.8
81.9%
318.6
267.4
19.2%
(0.5)
1.4
-133.0%
7.1
-106.5%
(10.5)
10.8
-196.4%
Effect of recoveries and discounts
3Q13 4Q13/3Q13
4Q12 4Q13/4Q12
2013
2012 2013/2012
Revenues from Securities (w/o CPR), Derivatives & FX
46.5
46.9
-1.0%
49.5
-6.2%
184.6
325.2
-43.2%
Effect of discontinuance of hedge accounting
(3.6)
(0.1)
n.c.
6.2
-157.4%
(32.9)
36.6
-189.8%
Financial Intermediation Expenses (w/o ALL)
(111.4)
(80.2)
38.8%
(75.2)
48.1%
41.7
46.0
-9.2%
48.5
-14.0%
112.8
207.4
-45.6%
(16.0)
(6.7)
140.0%
(7.9)
103.8%
(156.2)
(56.7)
175.3%
(7.0)
(6.7)
5.7%
(7.9)
-10.2%
(147.2)
(56.7)
159.6%
(9.0)
0.0
n.c.
0.0
n.c.
(9.0)
0.0
n.c.
25.7
39.3
-34.5%
40.7
-36.8%
(43.4)
150.6
-128.8%
(140.2) (118.7)
18.1%
Result from Financial Int. before ALL
ALL Expenses
2
ALL Expenses - Banco BI&P
ALL Expenses - Banco Intercap
3
Result from Financial Intermediation
Net Operating Expenses
(38.3)
(32.3)
18.5%
(33.8)
(12.6)
7.0
-280.3%
6.9
0.0
(0.7)
n.c.
0.0
Operating Result
(12.6)
6.3
-299.4%
Net Profit (Loss)
(10.0)
2.0
n.c.
Recurring Operating Result
Non-Recurring Operating Expenses
Assets & Liabilities
4Q13
Loan Portfolio
3,025.2
Expanded Loan Portfolio 4
3Q13 4Q13/3Q13
2,549.0
3,867.1 3,355.2
Cash & Short Term Investments
18.7%
13.2%
-283.6% (183.6)
n.c.
(1.0)
(0.3)
274.7%
6.9
-283.6% (184.6)
31.7
n.c.
3.6
n.c. (120.0)
14.2
n.c.
n.c.
4Q12 4Q13/4Q12
2,624.3
15.3%
15.3% 3,067.9
26.1%
241.0
Securities excl. Agro. & Private Credit Bonds5
Total Assets
179.8
34.1%
447.8
1,278.7
5.4%
731.3
84.3%
684.8
673.1
1.7%
445.9
53.6%
18.4% 4,022.0
22.7%
4,936.8 4,171.0
Total Deposits
-19.8%
31.9
1,347.7
Securities and Derivatives
(347.1) (432.7)
-46.2%
3,219.0
2,391.2
34.6%
2,274.6
41.5%
85.9
107.5
-20.1%
241.9
-64.5%
Foreign Borrowings
364.3
365.3
-0.3%
388.6
-6.3%
Domestic Onlendings
310.0
325.4
-4.7%
335.5
-7.6%
Shareholders’ Equity
674.2
574.5
17.4%
587.2
14.8%
Performance
4Q13
3Q13 4Q13/3Q13
4Q12 4Q13/4Q12
Free Cash
758.0
657.9
15.2%
571.1
32.7%
NPL 60 days/ Loan portfolio
2.3%
2.9%
-0.6 p.p.
1.5%
0.8 p.p.
Open Market
NPL 90 days/ Loan portfolio
2012 2013/2012
1.9%
6
Efficiency Ratio
-0.8 p.p.
1.2%
0.7 p.p.
14.5%
0.4 p.p.
14.9%
-0.1 p.p.
-6.2%
ROAE
2.6%
14.8%
Basel Index
Adjusted Net Interest Margin (NIMa)
2013
1.4%
-7.6 p.p.
2.5%
-8.7 p.p.
-19.0%
2.4%
0.0 p.p.
5.0%
5.6%
-0.6 p.p.
5.2%
-0.2 p.p.
4.7%
5.7%
-1.0 p.p.
101.0%
84.0%
17.0 p.p.
78.4%
22.6 p.p.
130.1%
68.7%
61.4 p.p.
Other Information
4Q13
Number of Corporate Clients
1,063
865
22.9%
851
443
432
2.5%
436
1.6%
372
371
0.3%
401
-7.2%
71
61
16.4%
35
102.9%
Number of Employees
Banco BI&P and Voga employees
Brokerage house and Serglobal employees
3Q13 4Q13/3Q13
4Q12 4Q13/4Q12
24.9%
n.c. = not comparable (percentage above 300% or below -300%, or number divided by zero).
Details in the respective sections of this report:
1
Excluding (i) revenues from recovery of loans written off, and (ii) discounts granted upon settlement of operations in the period. More
details in the Profitability section of this report.
2
Including additional provisions.
3
More details are included on page 7 of this report.
4
Including Guarantees issued, Private Credit Bonds (PNs and Debentures) and Agro Securities (CDCA, CDA/WA and CPR).
5
Excluding Agro Securities (CPRs and CDA/WA) and Private Credit Bonds (PNs and debentures) for trading.
6
Excluding (i) repos with equivalent volumes, tenors and rates both in assets, and (ii) effects of the discontinuance of the treatment of hedge
accounting, and also discounts granted in operations settled in the period.
5/20

6. Operating Performance
Financial Intermediation Result
before Allowance for Loan Losses
47.7
46.0
44.8
41.7
47.5
R$ million
44.3
R$ million
48.5
Net Profit
26.9
22.8
2.4
4Q12
1Q13
2Q13
3Q13
14.2
3.6
2.0
4Q12
4Q13
Financial Intermediation Result before ALL
Financial Intermediation Result before ALL adjusted *
1Q13
-91.4
2Q13
3Q13
-20.6
Expanded Credit Portfolio
4Q13
2012
2013
-10.0
-120.0
Funding
29.8%
3.0
2Q13
3Q13
3.9
3.9
3.0
3.2
3.1
4Q12
1Q13
2Q13
3.1
R$ biliion
R$ billion
3.4
1Q13
3.1
3.2
4Q12
4Q13
Private Credit Bonds (PNs and Debentures)
Agro Bonds (CPR, CDA/WA and CDCA)
Guarantees Issued
Trade Finance
Loans and Financing in Real
3Q13
4Q13
Trade Finance & Foreign Borrowings
Domestic Onlending
Interbank & Demand Deposits
Agro Bonds, Bank & Real Estate Notes
Insured Time Deposits (DPGE)
Time Deposits
Profitability
Financial Intermediation
4Q13
3Q13 4Q13/3Q13
4Q12 4Q13/4Q12
Financial Intermediation Revenues
153.1
126.2
21.3%
123.7
23.7%
459.9
640.0
110.7
78.0
41.9%
60.8
81.9%
318.6
267.4
19.2%
(0.5)
1.4
-133.0%
7.1
-106.5%
(10.5)
10.8
-196.4%
110.2
79.4
38.8%
68.0
62.1%
308.2
278.2
10.8%
99.0
68.7
44.0%
52.5
88.6%
264.6
225.2
17.5%
Financing
9.5
7.7
23.7%
7.5
26.3%
32.8
29.3
11.8%
Other
1.7
3.0
-43.3%
8.0
-78.6%
10.7
23.7
-54.7%
Securities (w/o Agro bonds)
26.4
21.4
23.4%
23.0
14.7%
77.3
245.1
-68.5%
Derivatives
(6.5)
2.9
n.c.
15.6
-141.7%
(9.4)
22.1
-142.4%
23.0
22.4
2.6%
17.2
33.6%
83.8
94.6
-11.4%
48.1% (347.1) (432.7)
-19.8%
Loan Operations and Agro Bonds adjusted **
Effects recoveries and discounts **
Loan Operations and Agro Bonds
Loans, Discount Receivables and Agro bonds (CPR)
FX Operations Result
Financial Intermediation Expenses
Money Market Funding
Time Deposits
Repurchase Transactions
Interbank Deposits
Agro (LCA), Real Estate (LCI) & Bank Notes (LF)
Loans, Assignments & Onlending
Foreign Borrowings
Domestic Borrowings & Onlending
(111.4) (80.2)
38.8% (75.2)
2013
2012 2013/2012
-28.1%
(82.5)
(56.4)
46.2%
(56.4)
46.2%
(245.2)
(330.3)
(59.2)
(40.8)
45.2%
(40.0)
48.2%
(181.3)
(163.3)
-25.8%
11.0%
(4.8)
(2.7)
82.5%
(8.4)
-42.3%
(15.1)
(129.7)
-88.3%
(0.4)
(0.6)
-29.1%
(1.6)
-74.9%
(3.0)
(10.5)
-71.1%
(18.1)
(12.4)
45.2%
(6.5)
177.8%
(45.7)
(26.8)
70.5%
(28.4)
(23.2)
22.1%
(18.8)
51.2%
(100.9)
(102.4)
-1.5%
(22.6)
(18.3)
22.9%
(14.5)
55.7%
(80.0)
(84.7)
-5.6%
(4.7)
(4.9)
-4.4%
(4.3)
9.3%
(19.7)
(17.6)
11.9%
Sales operations/transfer of financial assets
(0.5)
(0.5)
-12.5%
0.0
n.c.
(1.0)
0.0
n.c.
Gross Result from Financial Interm. before ALL
41.7
46.0
-9.2%
48.5
-14.0%
112.8
207.4
-45.6%
(16.0)
(6.7)
140.0%
(7.9)
103.8%
(156.2)
(56.7)
175.3%
ALL Expenses - Credits from Banco BI&P
(7.0)
(6.7)
5.7%
(7.9)
-10.2%
(147.2)
(56.7)
159.6%
ALL Expenses - Credits from Banco Intercap
(9.0)
0.0
n.c.
0.0
n.c.
(9.0)
0.0
n.c.
25.7
39.3
-34.5%
40.7
-36.8%
(43.4)
150.6
-128.8%
Allowance for Loan Losses (ALL)
Gross Result from Financial Intermediation
*
Excluding the effects of (i) discounts granted upon settlement of loans in the peri, and (ii) by the discontinuance of the designation of hedge accounting, more
details in the Profitability section of this report.
**
Excluding the effects of (i) recoveries from operations written off, and (ii) discounts granted upon settlement of loans in the period.
6/20

7. Financial Intermediation Result before allowance for loan losses closed 4Q13 at R$41.7 million, as against R$46.0
million in 3Q13, down 9.2% mainly due to the following: (i) in the item derivative financial instruments, by the
discontinuance of the designation of hedge accounting, adopted in 2Q12, of operations to protect cash flows,
which continue to be protected by hedge operations (with no cash effect), and (ii) in the item loan operations, by
the discounts granted on loans settled during the period.
Adjusted Revenue from Loan Operations and CPR, from which the impact of discounts granted upon settlement
of loans and recoveries of loans written off is excluded to enable better comparison, as shown below, increased
41.9% in 4Q13 and 19.2% in 2013, reflecting the increase in the average balance of the loan portfolio and CPR
in the periods.
Adjusted Revenues from Loan Operations and CPR
4Q13 3Q13 4Q13/3Q13 4Q12 4Q13/4Q12
2013
2012 2013/2012
A. Revenues from Loan Operations and Agro Bonds (CPR)
110.2
79.4
38.8%
68.0
62.1%
308.2
278.2
10.8%
1.7
3.0
-43.3%
8.0
-78.6%
10.7
23.7
-54.7%
(21.2)
B. Recoveries of written-off operations
C. Discounts granted upon settlement of operations
(2.2)
(1.6)
36.8%
(0.8)
164.6%
(12.8)
65.1%
Adj. Revenues from Loan Operations and CPR (A-B-C) 110.7
78.0
41.9%
60.8
81.9% 318.6 267.4
19.2%
Revenue from Securities, with offset in funding expenses, totaled R$47.0 million, up 31.0% in the quarter. As in the
previous quarter, revenue from securities was mainly driven by revenue from fixed-income securities, especially CPRs
and government bonds.
The result from derivative financial instruments includes results from operations involving swaps, forwards, futures
and options used to hedge against exchange and interest rate exposure for funding operations indexed to the inflation
indexes, as well as foreign borrowings (non-trade related), hedging of commodity prices resulting from CPR operations
and indexers of federal government bonds held in the securities portfolio, in addition to the directional portfolio. This
item was an expense of R$6.5 million in the quarter. Excluding the effects of the discontinuance of the designation of
hedge accounting, which has no cash effect and which, since 2Q12, has been affecting this item in the Income
Statement instead of Shareholders’ Equity, the item would be a negative R$2.9 million in the quarter.
Both income from foreign exchange transactions and expenses with foreign borrowings were especially affected
by the oscillation in the dollar (US$)/real (R$) exchange rate and by the decline in customer demand.
Expenses with Time Deposits increased in the quarter, mainly due to the following: (i) increase in the average
balance of time deposits in the period, of R$120.7 million, in both CDBs and DPGEs, and (iii) the consecutive
hikes in the basic interest rate (Selic) during the period. The decrease in Expenses with Interbank Deposits is
directly related to the decline in the average balances of interbank deposits, while Expenses with Agribusiness
Letters of Credit, Real Estate Notes and Bank Notes increased, mainly due to the increase in their average
balances.
The managerial expense with allowance for loan losses in the quarter, which includes similar expense at Banco
Intercap, and considering the discounts granted upon loan settlements, recovery of loans written off and
reimbursement by the former controllers of Banco Intercap totaled R$13.3 million, which corresponds to 0.95%
(annualized) of the expanded credit portfolio.
Note that at the time of merger of Banco Intercap with Banco BI&P, the controlling shareholders of both banks
agreed that the allowance for loan losses on loans originated at Banco Intercap and absorbed by Banco BI&P in
the first year after the merger will not exceed R$6.0 million and that Banco BI&P will be reimbursed by the
former controlling shareholders of Banco Intercap if this expense is higher than the ceiling established for the
period. In 4Q13, the first quarter of this period, the loans originated by Banco Intercap generated an expense
higher than the ceiling and the reimbursement was booked under Other Operating Income.
Result from Financial Intermediation totaled R$25.7 million in the quarter, compared to R$39.3 million in 3Q13,
mainly due to the above-mentioned effects.
7/20

8. Net Interest Margin (NIM)
As described in the section on Profitability, considering the effects on the result from financial intermediation
from the discontinuance of the designation of hedge accounting and discounts granted upon settlement of loans,
adjusted NIM was 5.0% in 4Q13, as the following table shows:
Net Interest Margin
A. Result from Finan. Int. before ALL adjusted
4Q13
1
3Q13 4Q13/3Q13
4Q12 4Q13/4Q12
2013
2012
2013/2012
47.5
47.7
-0.5%
43.1
10.0%
166.9
183.6
-9.1%
41.7
46.0
-9.2%
48.5
-14.0%
112.8
207.4
-45.6%
4,018.5
3,657.9
9.9% 3,891.0
3.3% 3,735.9
4,106.4
-9.0%
(116.4)
(154.4)
-24.6% (505.2)
-77.0% (173.8)
(870.8)
-80.0%
3,902.1
3,503.5
11.4% 3,385.8
15.2% 3,562.1
3,235.6
10.1%
Net Interest Margin (Aa/Ba)
4.3%
5.4%
-1.0 p.p.
5.9%
-1.5 p.p.
3.2%
6.4%
-3.2 p.p.
Adjusted Net Interest Margin (A/Ba) 1
5.0%
5.6%
-0.6 p.p.
5.2%
-0.2 p.p.
4.7%
5.7%
-1.0 p.p.
Managerial NIM with Clients
4.0%
4.1%
-0.1 p.p.
4.4%
-0.4 p.p.
4.0%
4.1%
0.0 p.p.
A.a. Result from Finan. Interm. before ALL
B. Average Interest bearing Assets
Adjustm. for non-remunerated average assets
2
B.a. Adjusted Average Interest bearing Assets
1
Excluding (i) effects of the discontinuance of the treatment of hedge accounting, adopted in 2Q12, for booking hedges of cash flows, which
continue to be protected by hedge, and (ii) discounts granted in operations settled in the period.
2
Repos with equivalent volumes, tenors and rates both in assets and liabilities.
Managerial Interest Margin with Clients, which consists of revenues from loan operations, derivatives, CPR
operations and guarantees issued to clients, and excludes discounts granted upon settlement of loans, remained
stable in the quarter. In twelve months, margin declined 0.4 p.p., as a result of a more conservative profile of
the portfolio.
Efficiency
The efficiency ratio in the quarter was 101.0%, up 17.0% p.p. in relation to 3Q13.
Efficiency Ratio
Personnel Expenses
Contributions and Profit-sharing
4Q13
29.8
3Q13 4Q13/3Q13
24.1
23.8%
4Q12 4Q13/4Q12
23.7
2013
25.8%
106.4
2012 2013/2012
89.8
18.5%
1.8
1.9
-2.2%
1.8
-0.3%
11.8
9.2
28.6%
21.6
17.2
25.5%
13.3
61.7%
67.8
53.1
27.6%
3.8
2.9
29.2%
4.3
-12.1%
12.4
12.6
-1.9%
A. Total Operating Expenses
57.0
46.1
23.7%
43.2
32.0%
198.4
164.8
20.4%
Gross Income Financial Intermediation (w/o ALL)
Administrative Expenses
Taxes
41.7
46.0
-9.2%
48.5
-14.0%
112.8
207.4
-45.6%
Income from Services Rendered
9.6
10.1
-4.3%
6.7
43.0%
34.8
26.4
32.1%
Income from Banking Tariffs
0.3
0.2
42.9%
0.2
36.3%
0.8
0.7
10.1%
Other Net Operating Income *
4.8
(1.4)
n.c.
(0.4)
n.c.
4.1
5.4
-23.9%
B. Total Operating Income
56.4
54.9
2.8%
55.1
2.5%
152.5
239.8
-36.4%
101.0%
84.0%
22.6 p.p. 130.1% 68.7%
61.4 p.p.
Efficiency Ratio (A/B)
17.0 p.p. 78.4%
(*) Net of other Operating Expenses to offset the cost of acquisition and income on sale of commodities in the activity of Serglobal Cereais.
Net Profit
The operating income in the quarter was -R$12.6 million, and after (i) the non-operating profit from the sale of
properties and non-operating assets of the -R$1.3 million, (ii) taxes and contributions of the +R$5.7 million, and (iii)
profit sharing of the -R$1.9 million, resulted in a loss of R$10.0 million in the quarter.
8/20

9. Credit Portfolio
Expanded Credit Portfolio
In December 2013, the expanded credit portfolio totaled R$3.9 billion, growing 15.3% in the quarter (9.0%
organic growth) and 26.1% in the year (19.2% organic).
The expanded credit portfolio includes loan and financing operations in Brazilian real and trade finance
operations, both detailed in note 6(a) to the financial statements, as well as: (i) guarantees issued (sureties,
guarantees and letters of credit), (ii) agro bonds generated by the absorption of the operations of Serglobal
Cereais (CPR and CDA/WA), and (iii) private credit bonds (promissory notes and debentures). Items (ii) and (iii)
are both booked under securities (TVM) as per Central Bank regulations.
Expanded Credit Portfolio by Product Group
4Q13
Loans & Financing in Real
3Q13*
4Q13/3Q13
4Q12
4Q13/4Q12
2,156.6
1,803.1
19.6%
1,602.5
34.6%
Assignment of Receivables Originated by our Customers
308.9
186.5
65.6%
478.1
-35.4%
Trade Finance (ACC/ACE/IMPFIN)
410.1
404.9
1.3%
426.0
-3.7%
Guarantees Issued (LGs & L/Cs)
179.0
185.4
-3.5%
158.2
13.1%
Agro Bonds (Securities: CPRs & CDA/WA; Credit: CDCAs)
758.8
701.4
8.2%
327.1
132.0%
Private Credit Bonds (Securities: PNs & Debentures)
25.2
29.5
-14.8%
40.1
-37.2%
Other
28.7
44.4
-35.4%
35.9
-20.0%
3,867.1
3,355.2
15.3%
3,067.9
26.1%
Expanded Credit Portfolio
* Including R$97.2 of loans assigned to Banco Intercap in 3Q13.
Expanded Credit Portfolio
1%
1%
1%
1%
51%
51%
50%
52%
39%
47%
48%
49%
47%
4Q12
1Q13
2Q13
2%
59%
Emerging Companies
3Q13*
Corporate
4Q13
The Emerging Companies segment consists of companies
with annual revenue between R$80 million and R$400
million, while the Corporate segment includes companies
with annual revenue between R$400 million and R$2
billion. The Other segment basically consists of Consumer
Credit operations for Used Vehicles and financing of nonoperating assets.
Other
* Including the loans assigned to Banco Intercap.
Loans and financing in real, which also include discounted receivables, totaled R$2.2 billion, up 19.6% in the
quarter and 34.6% in 12 months, of which R$184.7 million were originated by Banco Intercap. Receivables
originated by our customers, which corresponded to 8.0% of the expanded credit portfolio in 4Q13, increased
65.6% in the quarter, mainly due to the reallocation of assets originated by Banco Intercap, which were settled
in the quarter to better quality assets, but decreased 35.4% in twelve months, in line with our strategy.
At the end of 4Q13, trade finance operations corresponded to 10.6% of the expanded credit portfolio, totaling
R$410.1 million, up 1.3% in the quarter but down 3.7% in 12 months, of which R$7.0 million were originated by
Banco Intercap. These operations consist of import and export financing, which accounted for 32.8% and 67.2%,
respectively.
Guarantees issued (sureties, guarantees and import letters of credit) totaled R$179.0 million (R$0.2 million
originated by Banco Intercap), corresponding to 4.6% of the expanded credit portfolio.
In 4Q13, the agro bonds portfolio totaled R$758.8 million, growing 8.2% in the quarter and 132.0% in 12
months, as a result of joint ventures and alliances entered into over the past two years.
9/20

10. Agro Bonds Portfolio
4Q13
Booked under Securities
637.8
Warrants - CDA/WA
3Q13* 4Q13/3Q13
591.3
7.9%
4Q12
4Q13/4Q12
245.3
160.0%
15.6
Booked under Credit Portfolio - Loans & Financing
11.5
36.2%
8.0
95.8%
622.2
Agro Product Certificate - CPR
579.9
7.3%
237.4
162.1%
121.0
110.1
9.8%
81.8
47.9%
Agro Credit Rights Certificate - CDCA
121.0
110.1
9.8%
81.8
47.9%
EXPANDED CREDIT PORTFOLIO
758.8
701.4
8.2%
327.1
132.0%
* Including R$15.3 of CPR assigned to Banco Intercap in 3Q13.
The private credit bonds portfolio totaled R$25.2 million in the quarter and consists of debentures, which are
classified under ‘held for sale’ marketable securities in the balance sheet in accordance with Central Bank
regulations due to their tradability.
Our Expanded Credit Portfolio breakdown is as follows:
By Economic Activity
Commerce
30%
By Region
Other
Services
28%
Other
1%
Southeast
54%
South
20%
Corporate
52%
North
2%
Individuals
2%
Financial
Institutions
2%
Industry
38%
By Customer Segment
Northeast
4%
Emerging
Companies
47%
Midwest
20%
By Economic Sector
Agriculture
Real Estate
Oil, Biofuel & Sugar
Food & Beverage
Automotive
Power Generation & Distribution
Livestock
Infrastructure
Commerce - Retail & Wholesale
Transportation & Logistics
Textile, apparel & Leather
Financial Instituitions
Chemical & Pharmaceutical
Raw Materials
Metal Industry
Education
Machinery and Equipments
International commerce
Other industries*
9.4%
7.6%
6.6%
6.4%
4.2%
3.9%
3.9%
3.8%
3.8%
2.7%
2.3%
2.3%
2.3%
2.1%
2.0%
1.7%
1.6%
11.4%
By Product
22.1%
Trade
Finance
10%
BNDES
Onlending
8%
Agro Bonds
19%
Guarantees
Issued
5%
Debentures
1%
Other
1%
Loans &
Discounts
56%
10/20

11. Credit Portfolio
The classic credit portfolio ended 4Q13 at R$3.0 billion, growing 18.7% in the quarter and 15.3% in 12 months,
of which R$2.6 billion were loans in real and R$410.1 million were foreign currency loans.
At the end of the quarter, the Emerging Companies segment accounted for 44.9% (47.5% in 3Q13) of the credit
portfolio, while the Corporate segment accounted for 54.1% (51.5% in 3Q13). Loans classified as Others, which
include financing of non-operating assets and the balance of the direct consumer credit - used vehicles (CDC)
portfolio, corresponded to 1.0% of the total portfolio (1.1% in 3Q13).
Credit Portfolio By Client Segment
4Q13
BNDES / FINAME
Foreign Currency
1,209.8
12.2%
1,101.9
23.2%
1,001.4
14.8%
882.0
30.4%
866.5
18.3%
737.4
39.1%
0.0
1.2
n.c.
0.0
n.c.
124.7
Assignment of Receivables Originated by our Customers
4Q13/4Q12
1,025.4
Loans & Discounted Receivables
4Q12
1,150.1
Local Currency - Real
4Q13/3Q13
1,357.9
Emerging Companies
3Q13*
133.8
-6.8%
144.7
-13.8%
207.8
Local Currency - Real
208.4
-0.3%
219.9
-5.5%
1,636.5
Corporate
1,311.6
24.8%
1,479.8
10.6%
1,434.3
1,115.1
28.6%
1,273.7
12.6%
Loans & Discounted Receivables
953.5
739.8
28.9%
1,083.0
-12.0%
Assignment of Receivables Originated by our Customers
308.9
185.3
66.7%
0.0
n.c.
BNDES / FINAME
171.9
190.0
-9.5%
190.7
-9.9%
Foreign Currency
202.3
196.5
3.0%
206.1
-1.9%
Other
30.8
27.6
11.7%
42.6
-27.7%
0.0
0.0
-79.1%
0.6
-98.4%
Consumer Credit – used vehicles
Acquired Loans & Financing
2.1
-13.4%
6.7
-68.6%
25.1
14.3%
35.3
-18.7%
3,025.2
CREDIT PORTFOLIO
2.4
28.7
Non-Operating Asset Sales Financing
2,549.0
18.7%
2,624.3
15.3%
* Including R$81.9 of loans assigned to Banco Intercap in 3Q13.
By Collateral
By Customer Concentration
Receivables
22%
Pledge /
Lien 5%
Aval PN
56%
Top 10
13%
11 - 60
30%
By Maturity
91 to 180
days
19%
181 to 360
days
18%
Property
8%
Monitored
Pledge 4%
Vehicles
2%
Securities
3%
Other
32%
61 - 160
25%
Up 90
days
32%
+360 days
31%
11/20

12. Quality of Credit Portfolio
B
C
D
E
F
Required Provision %
0%
0,5%
1%
3%
10%
30%
50%
114.5 1,226.8 1,196.8 146.3
4Q13
A
Outstanding Loans
3Q13
AA
Outstanding Loans
2Q12
Rating
Outstanding Loans
Allowance for Loan Losses
70% 100%
136.8
28.0
32.9
24.8
8.4
16.4
17.3
118.2
877.4 1,032.5 183.0
Additional
ALL
118.2
13.7
6.1
0.0
12.0
130.7
25.7
41.0
6.9
13.1
7.7
20.5
4.8
0.0
919.8 344.7
65.0
82.2
27.1
8.5
20.4
6.5
24.7
13.6
6.0
- 3,025.2
113.5
20.4
10.3
5.5
9.2
10.3
ALL/
Credit
Portfolio
%
TOTAL
23.8
113.5
5.5
4.4
53.4 1,103.2
Allowance for Loan Losses
H
4.4
0.0
56.3
Allowance for Loan Losses
G
7.3%
220.4
- 2,467.0
30.6
8.5%
210.4
- 2,624.3
0.0
3.7%
96.1
We maintained our focus on lending to customers with better credit standing, which is evident from the high
percentage of loans rated between AA and B, which represented 99% of all lending in 4Q13. The balance of
loans classified in the low risk categories (AA to B) ended the quarter at 83.9% of the total loan operations
(compared to 79.7% and 81.4% respectively, at the end of 3Q13 and 4Q12), as the following chart shows:
83.9%
4Q13
3.8%
40.6%
39.6%
4.8% 11.3%
79.7%
3Q13
2.3%
35.6%
41.9%
7.4%
12.9%
79.1%
4Q12
2.0%
42.0%
35.0%
AA
A
B
13.1%
C
7.7%
D-H
In December 2013, after consolidating Banco Intercap’s portfolio, loans amounting to R$340.7 million were rated
between D and H (R$317.8 million in September 2013 and R$203.2 million in December 2012), out of which
R$270.5 million were loans whose payments are regular, equivalent to 79% of the total portfolio (78% in
September 2013 and 81% in December 2012). The balance 21% corresponds to overdue loans and is detailed
below:
Default by segment
4Q13
3Q13
Credit Portfolio
> 60 days
4Q13
NPL
Emerging Companies
1,357.9
1,168.4
Corporate
1,636.5
1,271.0
30.8
27.6
3,025.2
2,467.0
220.4
%
51.9
> 90 days
3Q13
NPL
TOTAL
Allowance for Loan Losses (ALL)
ALL / NPL
ALL / Loan Portfolio
7.3%
11.0
0.7%
7.3
23.8%
70.3
2.3%
%
51.6
NPL
4.4%
1.0%
7.2
26.1%
71.7
2.9%
%
38.5
12.9
3Q13
NPL
%
210.4
Other
3.8%
4Q13
2.8%
46.6
4.0%
10.5
0.6%
11.1
0.9%
7.3
23.7%
7.2
26.1%
56.3
1.9%
64.9
2.6%
313.7%
8.5%
293.6%
391.8%
324.0%
-
-
-
-
The default rate on loans overdue more than 60 days (NPL 60 days) decreased 0.6 p.p. in the quarter but
increased 0.8 p.p. in 12 months. Loans overdue more than 90 days (NPL 90 days) decreased 0.8 p.p. in the
quarter but increased 0.7 p.p. in relation to 4Q12.
12/20

13. NPL 60 days/ Credit Portfolio Ratio
4Q13
3Q13 4Q13/3Q13
4Q12 4Q13/4Q12
NPL 60 days/ Credit Portfolio
2.3%
2.9%
-0.6 p.p.
1.5%
0.8 p.p.
0.3%
0.6%
-0.3 p.p.
0.4%
-0.1 p.p.
10.3%
14.0%
-3.6 p.p.
4.9%
5.4 p.p.
Clients upon the new credit policy
Clients upon the previous credit policy (acquired before April 2011)
The credit portfolio coverage index remained high in 4Q13 at around 7.3% (8.5% in 3Q13). The balance
allowance for loan losses of R$220.4 million provided coverage of 3.1 times the NPL 60 balance and 3.9 times
the NPL 90 balance at the end of December 2013.
The managerial expense with allowance for loan losses (ALL), including Banco Intercap’s portfolio, corresponded
to 0.95% of the expanded credit portfolio, in line with the conservative credit policy adopted by the Bank. There
were no fresh provisions for the balance of loans granted prior to April 2011 and we still have an additional
allowance (not allocated) of R$ 23.8 million.
13/20

14. Funding
Funding totaled R$3.9 billion at the end of December 2013, including R$495.6 million raised by Banco Intercap,
increasing 26.3% from September 2013 and 29.8% from December 2012. Bank deposit certificates (CDB) and
time deposits with special guarantee (DPGE), booked under the item “time deposits”, remain the principal
funding sources, jointly accounting for 57.3% of total funding.
Funding through agribusiness letters of credit (LCA), which are backed by agribusiness operations, a segment in
which Banco BI&P specializes, continues to increase its share of total funding, accounting for 19.3% of total
funding (18.8% in 3Q13). Real estate letters of credit (LCI) and bank notes (LF) too have been increasing their
share, jointly accounting for 4.3% of total funding in 4Q13, compared to 3.3% in 3Q13. Foreign currency funding
is especially allocated to trade finance operations and its balance is impacted by foreign exchange variations.
Total Funding
4Q13
3Q13
4Q13/3Q13
4Q12
4Q13/4Q12
Total Deposits
3,219.0
2,391.2
34.6%
2,274.6
41.5%
Time Deposits
1,004.2
719.4
39.6%
707.0
42.0%
Insured Time Deposits (DPGE)
1,227.5
939.9
30.6%
1,007.4
21.8%
Agro Notes (LCA)
751.7
578.1
30.0%
364.4
106.2%
Real Estate Notes (LCI)
110.7
65.8
68.2%
12.1
n.c.
Bank Notes (LF)
55.6
34.8
59.9%
29.5
88.5%
Interbank Deposits
25.6
15.7
63.1%
98.0
-73.9%
43.9
37.6
16.8%
56.1
-21.9%
Domestic Onlending
Demand Deposits and Other
310.0
325.4
-4.7%
335.5
-7.6%
Foreign Borrowings
364.3
365.3
-0.3%
388.6
-6.3%
329.1
332.1
-0.9%
337.4
-2.5%
35.2
33.2
6.1%
51.2
-31.2%
3,893.3
3,081.9
26.3%
2,998.7
29.8%
Trade Finance
Other Foreign Borrowings
TOTAL
By Type
Time
Deposit
26%
Demand
1%
Interbank
1%
By Investor
Enterprises
17%
Insured
Time Dep.
(DPGE)
32%
By Maturity
National
Banks
6%
Brokers
7%
Individuals
11%
demand
1%
91 to 180
days
19%
Other
2%
Trade
Finance
8%
Bank &
Real Estate
Notes
4%
BNDES
Onlendings
8%
Agro
Bonds
19%
Institutional
Investors
40%
Foreign
Banks
9%
BNDES
Onlending
8%
Up 90
days
29%
+360
days
39%
181 to
360 days
12%
The average term of deposits stood at 775 days from issuance (757 days in September 2013) and 393 days from
maturity (324 days in September 2013).
Average Term in days
from issuance
to maturity 1
Interbank
Time Deposits
Time Deposits with Special Guarantee (DPGE)
Agro Notes (LCA)
Real Estate Letters of Credit (LCI)
Bank Notes (LF)
221
748
1.211
193
223
834
148
561
456
125
144
281
Portfolio of Deposits 2
775
393
Type of Deposit
1
2
From September 30, 2013. | Volume weighted average.
14/20

15. Free Cash
758
658
571
R$ million
On December 31, 2013, the free cash position totaled R$758.0 million,
equivalent to 23.5% 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).
4Q12
3Q13
4Q13
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
4Q13
3Q13
4Q13/3Q13
4Q12
4Q13/4Q12
Total Capital
643.1
554.9
15.9%
583.3
10.2%
643.1
555.8
15.7%
584.3
10.1%
0.0
1.3
n.c.
1.3
n.c.
Tier I
Tier II
Deductions
0.0
(2.3)
n.c.
(2.3)
n.c.
476.9
421.6
13.1%
430.8
10.7%
Credit Risk allocation
444.0
362.6
22.4%
372.9
19.1%
Market Risk Allocation
17.0
42.5
-60.0%
38.2
-55.6%
Required Capital
Operating Risk Allocation
15.9
16.5
-3.6%
19.7
-19.4%
Excess over Required Capital
166.2
133.3
24.7%
153.1
8.6%
14.8%
14.5%
0.4 p.p.
14.9%
-0.1 p.p.
Basel Index
Risk Ratings
Agency
Classification
Observation
Last
Report
Financial
Data
Standard & Poor’s
BB / Negative / B
brA+ / Negative / brA-1
Global Scale
Local Scale - Brazil
August 6, 2013
March 31, 2013
Moody's
Ba3 / Negative / Not Prime
A2.br / Negative / BR-1
Global Scale
Local Scale - Brazil
July 4, 2013
March 31, 2013
FitchRatings
BBB / Stable / F3
Local Scale - Brazil
September 5, 2013
June 30, 2013
RiskBank
9.82
Ranking: 49
RiskBank Index
Low Risk Short Term
(under review)
January 10, 2014
September 30, 2013
15/20

16. Capital Market
Total Shares and Free Float
Number of shares as of December 31, 2013
Type
Corporate
Capital
Controlling
Group
Common
44,410,897
24,608,810
57,876
Preferred
31,021,907
513,788
279,489
734,515
75,432,804
25,122,598
337,365
734,515
TOTAL
Management
Treasury
Free Float
19,744,211
44,5%
29,494,115
-
%
95,1%
49,238,326 65,3%
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 or its subsidiaries, had the following balances on December 31,
2013:
Quantity
Stock
Option
Plan
I
II
Date of
Approval
Grace Period
Term for
Exercise
Granted
Exercised
Extinct
Not Exercised
03.26.2008
04.29.2011
Three years
anos
Three years
Five years
Five years
2,039,944
1,840,584
37,938
-
457,662
367,243
1,544,344
1,473,341
III
04.29.2011
Five years
Seven years
1,850,786
-
-
1,850,786
IV
04.24.2012
Up to five years
Five years
605,541
-
37,852
567,689
6,336,855
37,938
862,757
5,436,160
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 2013 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 2013.
Share Performance
The preferred shares of BI&P (IDVL4), listed in the Level 2 Corporate Governance segment of BM&FBOVESPA,
closed December 2013 at R$5.99, for market cap of R$447.4 million, including the shares existing on December
31, 2013 and excluding treasury stock. The price of IDVL4 shares decreased 4.9% in the quarter and 24.7% in
the 12 months ended December 2013. In comparison, the Bovespa Index (Ibovespa) dropped 1.6% in the
quarter and 15.5% in relation to the closing of 2012. At the end of 4Q13, the price/book value (P/BV) was 0.66.
16/20

17. Share Price evolution in the last 12 months
110
100
90
80
70
IBOVESPA
IDVL4
60
Liquidity and Trading Volume
The preferred shares of BI&P (IDVL4) were traded in 88.5% of the sessions in the quarter and 95.6% of the 248
sessions in the past 12 months. The volume traded on the spot market in the quarter was R$14.0 million,
involving 2.4 million IDVL4 shares in 433 trades. In the 12 months ended in December 2013, the volume traded
on the spot market was R$30.1 million, involving around 4.7 million preferred shares in 2,889 trades.
Shareholder Base
Position as of December 31,2013
#
Type of Shareholder
8
Controlling Group
5
Management
-
Treasury
IDVL3
%
IDVL4
%
TOTAL
%
24,608,810
55.4%
513,788
1.7%
25,122,598
33.3%
57,876
-
0.1%
279,489
0.9%
337,365
0.4%
0.0%
734,515
2.4%
734,515
1.0%
23
National Investors
1,201,090
2.7%
7,905,681
25.5%
9,106,771
12.1%
11
Foreign Investors
24.1%
17,763,852
57.3%
28,445,189
37.7%
9
Corporate
10,681,337
-
0.0%
600,812
1.9%
600,812
0.8%
276
Individuals
7,861,784
17.7%
3,223,770
10.4%
11,085,554
14.7%
100.0% 75,432,804
100.0%
332
TOTAL
44,410,897
100.0% 31,021,907
17/20

18. Balance Sheet
Consolidated
R$ thousand
ASSETS
12/31/12
09/30/13
12/31/13
Current
3,063,804
3,131,671
3,759,360
18,250
36,653
38,446
Short-term interbank investments
Open market investments
Interbank deposits
429,535
377,495
52,040
143,122
117,499
25,623
202,571
177,500
25,071
Securities and derivative financial instruments
Own portfolio
Subject to repurchase agreements
Linked to guarantees
Subject to the Central Bank
Derivative financial instruments
671,587
473,468
26,654
150,415
21,050
1,236,149
954,523
25,871
210,730
45,025
1,314,212
972,249
14,039
169,468
109,250
49,206
Cash
Interbank accounts
Loans
Loans - private sector
Loans - public sector
(-) Allowance for loan losses
Other receivables
Credit guarantees honored
Foreign exchange portfolio
Income receivables
Negotiation and intermediation of securities
Sundry
(-) Allowance for loan losses
Other assets
Other assets
(-) Provision for losses
Prepaid expenses
Long term
Short-term interbank investments
Marketable securities and derivative financial instruments
Own portfolio
Derivative financial instruments
Interbank Accounts
938
2,545
4,412
1,495,533
1,515,490
(19,957)
1,269,980
1,342,186
(72,206)
1,725,250
1,807,228
(81,978)
390,712
363,445
67
14,356
17,300
(4,456)
375,392
507
323,650
1,058
37,418
22,611
(9,852)
391,013
507
292,330
433
72,992
33,157
(8,406)
57,249
59,695
(4,277)
1,831
67,830
59,227
8,603
83,456
84,890
(6,790)
5,356
906,467
951,854
1,085,304
-
-
-
59,737
42
59,695
42,525
31
42,494
33,518
839
32,679
4,083
3,066
2,966
Loans
Loans - private sector
Loans - public sector
(-) Allowance for loan losses
693,561
756,459
(62,898)
630,239
755,413
(125,174)
738,156
863,993
(125,837)
Other receivables
Credit guarantees honored
Trading and Intermediation of Securities
Foreign exchange portfolio
Income receivables
Sundry
(-) Allowance for loan losses
148,536
778
524
156,024
(8,790)
248,551
498
251,246
(3,193)
309,720
523
1,171
817
311,414
(4,205)
550
27,473
944
Other assets
Permanent Assets
51,711
87,522
92,141
Investments
Subsidiaries and Affiliates
Other investments
(-) Loss Allowances
24,980
23,294
1,842
(156)
31,630
29,939
1,847
(156)
33,460
31,767
1,849
(156)
Property and equipment
Property and equipment in use
Revaluation of property in use
Other property and equipment
(-) Accumulated depreciation
13,648
1,210
2,634
19,660
(9,856)
13,639
1,210
2,634
22,739
(12,944)
13,937
1,152
2,634
24,657
(14,506)
Intangible
Goodwill
Other intangible assets
(-) Accumulated amortization
13,083
2,276
13,100
(2,293)
42,253
25,030
20,945
(3,722)
44,744
25,368
23,788
(4,412)
4,021,982
4,171,047
4,936,805
TOTAL ASSETS
18/20

19. Consolidated
R$ thousand
LIABILITIES
12/31/12
09/30/13
12/31/13
Current
2,123,097
2,547,624
2,680,745
Deposits
Cash deposits
Interbank deposits
Time deposits
839,973
56,145
97,867
685,961
959,086
37,559
15,674
905,853
1,036,371
43,854
25,564
966,953
Funds obtained in the open market
Own portfolio
Third party portfolio
Unrestricted Portfolio
241,904
26,745
106,200
108,959
107,500
25,800
81,700
-
85,905
14,005
71,900
-
Funds from securities issued or accepted
Agribusiness Letters of Credit, Real Estate Notes & Bank Notes
376,325
376,325
645,621
645,621
868,884
868,884
-
391
391
-
9,168
9,168
11,811
11,811
8,191
8,191
Borrowings
Foreign borrowings
388,626
388,626
332,193
332,193
329,479
329,479
Onlendings
BNDES
FINAME
119,575
77,426
42,149
122,375
80,798
41,577
122,022
71,769
50,253
Other liabilities
Collection and payment of taxes and similar charges
Foreign exchange portfolio
Taxes and social security contributions
Social and statutory liabilities
Negotiation and intermediation securities
Derivative financial instruments
Sundry
147,526
509
46,177
4,682
10,320
70,082
7,604
8,152
368,647
565
24,771
15,920
2,188
219,743
67,325
38,135
229,893
487
5,941
14,646
3,606
159,262
22,291
23,660
1,310,648
1,046,932
1,579,460
1,028,553
110
1,028,443
753,396
753,396
1,264,708
1,264,708
29,751
29,751
33,095
33,095
49,068
49,068
-
33,072
33,072
34,800
34,800
215,876
8,407
118,477
88,780
212
203,037
6,956
111,416
84,461
204
187,959
6,893
89,102
91,769
195
36,468
29,598
2,620
4,250
24,332
7,853
7,253
9,226
42,925
30,883
6,189
5,853
1,036
2,035
2,439
587,201
572,396
14,886
1,340
3,512
(5,859)
926
574,456
662,384
22,223
1,302
(5,859)
(2)
(106,406)
814
674,161
769,843
23,468
1,290
(5,859)
(124)
(115,272)
815
4,021,982
4,171,047
4,936,805
Interbank accounts
Receipts and payment pending settlement
Interdepartamental accounts
Third party funds in transit
Long Term
Deposits
Interbank Deposits
Time deposits
Funds from securities issued or accepted
Agribusiness Letters of Credit, Real Estate Notes & Bank Notes
Loan obligations
Foreign loans
Onlending operations - Governmental Bureaus
Federal Treasure
BNDES
FINAME
Other Institutions
Other liabilities
Taxes and social security contributions
Derivative financial instrument
Sundry
Future results
Shareholders' Equity
Capital
Capital Reserve
Revaluation reserve
Profit reserve
(-) Treasury stock
Asset valuation Adjustment
Accumulated Profit / (Loss)
Minority Interest
TOTAL LIABILITIES
19/20

20. Income Statement
Consolidated
INCOME STATEMENT
4Q12
3Q13
4Q13
2012
R$ thousand
2013
123,742
62,343
28,626
15,554
17,219
126,177
64,950
35,848
2,944
22,435
153,099
89,624
46,958
(6,491)
23,008
640,033
258,285
265,057
22,087
94,604
459,879
260,679
124,748
(9,367)
83,819
Expenses from Financial Intermediaton
Money market funding
Loans, assignments and onlendings
Sales operations/transfer of financial assets
Allowance for loan losses
83,055
56,444
18,756
7,855
86,883
56,440
23,237
536
6,670
127,375
82,536
28,361
469
16,009
489,413
330,328
102,353
56,732
503,259
245,189
100,857
1,005
156,208
Gross Profit from Financial Instruments
40,687
39,294
25,724
150,620
(43,380)
(33,835)
6,747
193
(23,700)
(13,331)
(4,326)
991
5,473
(5,882)
(32,986)
10,077
184
(24,091)
(17,171)
(2,945)
2,311
1,501
(2,852)
(38,304)
9,646
263
(29,815)
(21,558)
(3,804)
2,175
20,267
(15,478)
(118,958)
26,357
732
(89,818)
(53,118)
(12,625)
4,146
20,236
(14,868)
(141,218)
34,810
806
(106,417)
(67,794)
(12,383)
5,675
26,119
(22,034)
6,852
6,308
(12,580)
31,662
(184,598)
(1,616)
367
(1,285)
(1,115)
(835)
Earnings before taxes ad profit-sharing
5,236
6,675
(13,865)
30,547
(185,433)
Income tax and social contribution
Income tax
Social contribution
Deferred fiscal assets
220
(4,553)
(2,722)
7,495
(2,805)
(1,400)
(683)
(722)
5,741
1,243
757
3,741
(7,136)
(12,631)
(7,504)
12,999
77,234
7,549
4,588
65,097
(1,831)
(1,868)
(1,826)
(9,192)
(11,819)
3,625
2,002
(9,950)
14,219
(120,018)
Income from Financial Intermediation
Loan operations
Income from securities
Income from derivative financial instruments
Income from foreign exchange transactions
Other Operating Income (Expense)
Income from services rendered
Income from tariffs
Personnel expenses
Other administrative expenses
Taxes
Result from affiliated companies
Other operating income
Other operating expense
Operating Profit
Non-Operating Profit
Statutory Contributions & Profit Sharing
Net Profit for the Period
20/20