FORM 6-K

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Special Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16 of
the Securities and Exchange Act of 1934

For the date of 929 ~~February~~April, 2004

Banco Espírito Santo S.A.
(Translation of registrant’s name into English)

Banco Espírito Santo S.A.
Avenida da Liberdade 195
Lisbon, Portugal
(Address of principal executive office)

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

Form 20-F Form 40-F

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

Yes No

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-

~~GRUPO~~ GROUP BANCO ESPIRITO SANTO ~~2003~~FIRST ~~RESULTS~~QUARTER 2004 RESULTS (Unaudited)

LISBON –- ~~February~~April 527, 2004 –- Banco Espírito Santo (BES; Bloomberg BESNN PL; Reuters BESN.IN) today announced its ~~2003~~first quarter 2004 results.

HIGHLIGHTS

Net ~~profit~~income for the first quarter of 2004 reached euro ~~250~~67.2 million, an increase of 15.2% on a ~~record~~comparable ~~high~~basis, ~~representing~~corresponding anto ~~increase~~annualized Return on Equity (ROE) of 14%. Considerable growth of fees and commissions, underpinned by improved cross-selling and service quality, and also by good performance of investment banking activities. Net interest income flat compared to previous year (down by 0.4% on a ~~comparable~~like for like basis), ~~corresponding~~notwithstanding tothe ~~EPS~~historically low level of ~~euro~~interest 0rates.83 (Operating costs under control, rising by 3.1% in line with expected evolution. Provision charge of euro 064.746 million, an increase of 7.1% year-on-year, due to the persistence of risks inherent to the current economic cycle. Strong increase of customer funds (13.0%), notably in ~~2002~~deposits (+9.1%), with a positive impact on the transformation ratio, which improved from 107% in March 2003 to 100% this quarter. Moderate credit growth, 6.3% including securitized loans, under a tough macroeconomic context. Comfortable solvency levels: Solvency ratio remains well above the levels recommended by supervision authorities; coverage of overdue loans remains high.

Return on Equity (ROE) of 13.4% (13.1% in 2002), particularly favorable considering that it was achieved under very difficult economic conditions.

Contacts:	Media Relations	Investor Relations
	Paulo Padrão	Elsa Jardim
	padrao@bes.pt	ecjardim@bes.pt
	+351 21 3501713	+351 21 3501713
	www.bes.pt	www.bes.pt/ir

InBES ~~terms~~1Q2004 ofResults ~~efficiency~~Lisbon, ~~BES~~April ~~Group met its target: operating costs rose by 0.2%~~27, ~~reflecting a Cost to Income ratio of 50.0%.~~2004

Banking revenue totaled euro 1,432.2 million (+7.5%), boosted by the increase in fees and commissions (+15.3%) that more than offset the decrease in net interest income (-4.7%). Capital markets results contributed with 15% to banking income, in line with the performance during the year.

Moderate credit growth (+5.9% including securitized credit) as a result of a more prudent lending policy and adverse economic conditions. On-balance sheet customer funds were up by 11.8%, with a positive impact on the transformation ratio, which improved to 96% (from 104% in 2002).

Significant reinforcement of provisions: net provisioning charge for the year totaled euro 381.5 million (52.7% of the gross results). Credit provisions increase surpassed the overdue loans rise. Fund for General Banking Risks was reinforced by euro 111.8 million to euro 126.4 million at the end of the year. Solvency ratio remains well above required levels.

Proposed dividend of euro 0.33 per share, to be submitted to the General Shareholders’ Meeting.

Contacts: Media Relations Paulo Padrão padrao@bes.pt + 351 21 3501713 www.bes.pt Investor Relations Elsa Jardim ecjardim@bes.pt + 351 21 3501713 www.bes.pt/ir

BES 2003 Results Lisbon, February 5, 2004

1. ECONOMIC ENVIRONMENT

~~After~~ Though ~~initial~~pursuing ~~uncertainty caused~~a byrecovery ~~the~~trend, ~~war~~which inshould ~~Iraq~~consolidate throughout the year, ~~there~~the ~~was~~world economy faced a ~~moderate~~few ~~recovery~~setbacks in the ~~world economy~~first inquarter ~~2003~~of 2004. InThe Madrid terrorist attacks and the ~~United~~tensions ~~States~~in the Middle East stirred fears of terrorism in Europe, ~~consumer~~with ~~demand~~negative ~~was~~impacts ~~stimulated by~~in ~~monetary~~the equity markets and ~~budgetary~~in ~~policy,~~the ~~translating~~confidence ~~into~~of ~~GDP~~economic ~~growth~~agents. ~~around~~ ~~3.1%.~~

~~The~~ In the Euro ~~Area~~area, ~~economy~~the ~~slowed down~~first ~~further,~~quarter ~~with~~of ~~GDP~~2004 ~~rising~~was marked by ~~around~~a ~~0.5%.~~slight ~~However,~~deterioration ~~the~~of ~~growth~~economic ~~pace was~~sentiment, ~~not~~suggesting ~~linear~~a ~~throughout~~slowdown of the ~~year:~~recovery ~~Stagnation~~initiated in the ~~first~~second half ~~was followed~~of by2003. aThe ~~small~~effort ~~acceleration~~made ofby ~~GDP~~companies ~~growth~~to rebalance intheir ~~the~~financial ~~second~~situation, ~~half~~focusing ~~of the~~on ~~year,~~efficiency asand ~~exports~~productivity ~~picked~~gains, ~~up.~~had ~~Consumer~~a ~~confidence~~negative ~~and~~impact ~~expenditure~~on ~~levels remained~~the ~~conditioned~~labor bymarket. ~~high~~At ~~unemployment (~~8.8%)., ~~Under~~the ~~these~~unemployment ~~circumstances, the~~rate ~~strong~~remained ~~rise~~flat induring the ~~euro~~first ~~versus~~three months of the ~~dollar~~year, ~~(20%)~~continuing ~~and~~to ~~the~~hold ~~decline~~back inconsumer ~~average~~confidence. ~~inflation~~In tothe ~~2.1%~~United ~~led~~States the ~~ECB~~labor tomarket ~~prolong~~showed insigns ~~2003~~of recovery, and the ~~cycle~~core ~~of cuts~~inflation inreversed ~~official~~its ~~interest~~downward ~~rates~~trend, rising from 1.1% to 1.6%. The ~~main~~Gross ~~refi~~Domestic ~~rate~~Product ~~was~~should ~~cut~~have risen by 754% ~~basis points~~in annualized terms, ~~reaching~~the 2%same byperformance as in the ~~end~~last quarter of ~~the year~~2003.

On As for the equity markets ~~side~~, ~~2003~~ ~~reversed~~following the ~~negative~~recovery ~~trend~~ of the ~~previous~~second ~~years~~half of last year, the main stock market indices ~~registering~~displayed ~~significant~~a ~~increases.~~mixed ~~The~~behavior ~~Dow~~in ~~Jones~~the ~~and~~first ~~S&P 500~~three ~~general~~months ~~indices~~of ~~gained~~2004. ~~25%~~The ~~and~~Nasdaq 26index fell by 0.46%, while ~~the~~Dow Jones ~~Nasdaq~~retreated ~~climbed~~0.92% 50and S&P 500 increased 1.29%. In the Euro Area, ~~the Frankfurt DAX, the~~ CAC 40 and ~~the~~ IBEX 35 rose by respectively 371.89%, 16and 3.63%, ~~and~~while 28Frankfurt DAX lost 2.74%.

In Portugal, economic activity ~~was~~ ~~marked~~showed bysome ~~the~~signs ~~continuing~~of ~~process~~stabilization ofin ~~adjustment~~consumption ofand ~~domestic~~investment ~~demand~~ in antransportation ~~adverse~~equipment. ~~international~~There ~~context.~~was ~~Despite~~however ~~some~~no ~~signs~~significant ofimprovement ~~stabilization towards~~in ~~the~~confidence ~~end~~indicators ofand unemployment continued the ~~year~~upward trend, ~~GDP~~largely isdue ~~thought~~ to ~~have~~the ~~suffered~~delocalization ~~a fall~~ of ~~1%,~~ ~~driving~~foreign ~~unemployment~~capital ~~higher,~~companies ~~from 5.1%~~ to ~~around~~Eastern 6Europe.~~4%.~~ ~~Equity~~Regarding ~~markets mirrored~~the ~~international~~equity ~~trends~~markets, ~~the~~ PSI- 20 ~~index~~rose ~~rising~~ by 1611.75%.

BES ~~2003~~1Q2004 Results Lisbon, ~~February~~April 527, 2004

2. PRIOR NOTE TO THE ANALYSIS OF THE ACTIVITY AND RESULTS

As announced atin ~~the~~due ~~end of~~time, ~~1st~~in ~~half~~June of 2003, Banco Espírito Santo sold to Banque Sofinco shares representing 45% of the share capital of Credibom – Sociedade Financeira para ~~Aquisição~~Aquisições a Crédito S.A.~~, reflected in the financial statements from June 30, 2003~~. As ~~mentioned~~a atresult ~~that time,~~of this ~~transaction~~disposal, ~~led~~this toentity anwas ~~extraordinary~~excluded ~~profit~~from ~~of euro 65.3 million in~~ the ~~consolidated~~consolidation ~~accounts~~scope ~~and~~of ~~euro~~BES ~~74.3~~Group ~~million~~financial instatements ~~BES’~~for ~~individual accounts.~~2004, ~~The~~although ~~extraordinary~~it ~~profit~~ was ~~fully~~still ~~allocated~~included toin ~~reinforcing, by euro 111.8 million,~~ the ~~Fund~~consolidated ~~for~~income ~~General~~statement ~~Banking~~and ~~Risks,~~balance ~~increasing it~~sheet tofor ~~euro 126.4 million at year-end, thus neutralizing~~ the ~~effects~~1st quarter of ~~the~~ ~~operation~~2003. onTherefore the ~~net~~results ~~income~~presented ofare ~~the~~not ~~year~~directly comparable.

As Hence, awhenever ~~result~~justified ofby ~~this disposal~~circumstances, BES ~~consolidated~~Group ~~balance~~financial ~~sheet excludes Credibom’s assets~~ and ~~liabilities as~~business ~~from~~data ~~June~~will ~~30,~~also ~~2003,~~be ~~while~~presented ~~the~~proforma ~~income~~(excluding ~~statement reflects~~ Credibom~~’s consolidation~~). ~~up to June 30, as, from the economic standpoint, this company~~ ~~contributed to BES Group first half results.~~

~~For~~BES ~~purposes~~1Q2004 ofResults ~~comparability with~~Lisbon, ~~previous~~April ~~periods and whenever justified by circumstances~~27, ~~the published financial and business data will also be presented proforma (excluding Credibom).~~2004

BES 2003 Results Lisbon, February 5, 2004

3. RESULTS AND PROFITABILITY

Consolidated net income reached euro ~~250~~67.2 million, a year-on-year increase of 1215.52%, ~~and a 14.4% rise~~ on a ~~like-for-like~~comparable basis. ~~Return~~Annualized return on equity (ROE) reached 1314.40% ~~(13.1% in 2002), which represents~~ a significant performance, ~~bearing~~considering ~~in mind~~ the current low level of interest rates.

INCOME STATEMENT

INCOME STATEMENT
				euro million

		March		% Chg.

	2003	2003 *	2004	proforma

Net Interest Income	190.0	179.2	178.4	–0.4
+ Fees and Commissions	100.8	101.0	130.6	29.2
= Commercial Banking Income	290.8	280.2	309.0	10.3
+ Capital Markets Results	50.3	50.3	42.7	–15.1
= Banking Income	341.1	330.5	351.7	6.4
- Operating Costs	178.7	175.2	180.6	3.1
+ Extraordinary Results and Other	–16.7	–16.8	–16.2
= Gross Results	145.7	138.5	154.8	11.8
- Net Provisions	63.7	60.3	64.6	7.1
Credit	47.1	44.1	58.3	32.2
Securities	–2.1	–2.1	–1.1
Other	18.7	18.3	7.4
= Results Before Taxes and Minorities	82.0	78.2	90.2	15.4
- Income Tax	13.3	12.0	13.1	9.1
- Minority Interests	8.6	7.9	10.0	25.8
= Net Income	60.1	58.3	67.2	15.2

* proforma, excluding Credibom

				euro million
	2002	2002 *	2003	%Chg*
Net Interest Income	808.2	786.3	749.3	–4.7
+ Fees and Commissions	407.3	407.2	469.5	15.3
= Commercial Banking Income	1,215.5	1,193.5	1,218.8	2.1
+ Capital Markets Results	138.5	138.5	213.4	54.1
= Banking Income	1,354.0	1,332.0	1,432.2	7.5
- Operating Costs	722.7	715.3	716.6	0.2
+ Extraordinary Results and Other	–57.2	–57.6	8.4
= Gross Results	574.1	559.1	724.0	29.5
- Net Provisions	280.8	271.9	381.5	40.3
Credit	224.3	215.3	216.7	0.6
Securities	59.3	59.3	–0.2
Other	–2.8	–2.8	165.1
= Results before Taxes and Minorities	293.3	287.2	342.5	19.2
- Income Taxes	38.5	36.2	55.0	51.8
- Minorities	32.3	32.2	37.2	15.7
= Net Income for the Year	222.5	218.8	250.2	14.4

* Proforma, considering the 1st semester of Credibom's activity

3.1 Net Interest Income

Net interest income reached euro ~~749~~178.34 million, ~~down~~roughly ~~4.7%~~at ~~year-on-year, mainly explained by declining interest rates (~~the ~~European~~same ~~Central~~level ~~Bank~~as ~~has~~in ~~cut~~ the ~~refi~~first ~~rate by 125 basis points since the end of the third~~ quarter of ~~2002) and strict control of credit growth (e~~2003.g. ~~reduced exposure to consumer credit). Net interest~~ ~~margin for the year stood at 2.02%, which compares to 2.22% last year.~~

BES 2003 Results Lisbon, February 5, 2004

The fact that net interest income decreased only 0.4% is quite noteworthy, given that:
a)	lending policy remained conditioned by the frailties of the Portuguese economy, making it advisable to pursue a prudent lending policy, and moderate credit growth;
b)	customer funds continued to be constrained by competition, the decrease of market rates negatively impacting time deposits spreads; and
c)	the low level of interest rates limits the capacity to make short term funds profitable, namely sight deposits.


BES 1Q2004 Results	Lisbon, April 27, 2004

The net interest margin for the quarter was 1.85%, which compares with 2.02% in the same period in 2003.

3.2 Fees and Commissions

Fees and commissions, ~~reached euro~~fuelled ~~469.5~~by ~~million~~a vast and coordinated set of initiatives geared to improving service quality and fostering loyalty in the customer base, displayed a ~~year-on-year~~strong ~~rise~~performance (an increase of 1529.32%). ~~mainly~~This performance ~~boosted~~is underpinned by traditional ~~banking~~ products (collections, custody of securities, account management and ~~the~~commissions ~~positive~~on ~~contribution~~loans), ofas well as in bancassurance, cards, fund management and investment ~~funds~~ banking activities.

The ~~focus~~strong ~~put~~performance onof ~~improving service~~fees ~~quality~~ and commissions fuelled the ~~launch~~10.3% growth of ~~new~~commercial ~~client~~banking ~~retention~~income, ~~initiatives~~boosting ~~were crucial~~the ~~contributors~~commercial gross margin (commercial banking income / average financial assets) to 3.24%, from 3.11% in the ~~growth~~first ~~achieved~~quarter of 2003.

Banco Espírito Santo was elected by the Global Finance magazine as the Best Portuguese Sub-Custodian due to the high quality standards of its settlement and custody services.

3.3 Capital Markets Results

~~BES~~ The Group’s ~~continued~~activity toin ~~target opportunities~~the ~~arising~~financial ~~out~~markets, ofnotably aforeign ~~rebounding~~exchange ~~equity market~~ and derivatives, was conditioned by the terrorist attacks in ~~particular~~Spain, which had an adverse impact on markets’ expectations. Nevertheless, ~~from~~BES ~~the~~Group ~~evolution~~was able to take advantage of ~~interest~~the ~~rates,~~opportunities ~~where~~arising ~~marked~~from ~~fluctuations~~the ~~produced gains~~recovery inof ~~fixed-rate~~the ~~instruments~~equity markets.

3.4 Operating Costs

Operating costs ~~were~~totaled ~~kept lower~~euro ~~than targeted limits, rising by 0~~180.2%6 onmillion ain ~~like-for-like basis, based on~~ the ~~implementation of several projects and initiatives aiming at cost containment~~period, ~~like~~which ~~the~~represents ~~integration~~a oflow ~~operating~~real ~~platforms,~~increase. ~~the~~ ~~restructuring of foreign branches, and the centralization of negotiations on supply contracts.~~

~~OPERATING~~ Admin ~~COSTS~~costs increased 7.1%, influenced by the promotional investments made in connection to the EURO 2004 and the BES 360° campaign. These non-recurrent expenses are expected to have a multiplier effect in fuelling BES penetration in higher value segments, as well as in the commercial dynamics generated around the European championship.

				euro million
	2002	2002 *	2003	%Chg*
Staff Costs	323.1	320.7	318.5	–0.7
Other Admin Costs	264.9	261.0	257.3	–1.4
Depreciation	134.7	133.6	140.8	5.4
Operating Costs	722.7	715.3	716.6	0.2


BES 1Q2004 Results	Lisbon, April 27, 2004

* Proforma, considering the 1st semester of Credibom's activity

The rationalization plan for 2003 was successfully concluded, with a net reduction of 264 employees.

BES 2003 Results Lisbon, February 5, 2004

OPERATING COSTS
					euro million

	March
					% Chg
	2003	2003	*	2004	proforma

Staff Costs	79.0	77.7		80.4	3.6
Other Admin Costs	64.3	62.5		67.1	7.1
Depreciation	35.4	35.0		33.1	–5.3

Operating Costs	178.7	175.2		180.6	3.1

* proforma, excluding Credibom

Initiatives aimed at reinforcing operating efficiency were pursued. During this quarter, the Group’s factoring and leasing units were merged into a single company – Besleasing & Factoring, S.A. – and a central purchasing unit for the whole Group is now in the start-up stage.

3.5 Provisioning

~~During~~ Under the ~~third~~current ~~quarter of~~macroeconomic ~~the year~~environment, ~~new~~it ~~rules~~is ~~relating~~advisable to ~~provisions~~stick ~~for~~to ~~doubtful~~a ~~loans~~prudent ~~(Notice 8/2003,~~policy ofin ~~January~~terms ~~30) came into force. This new framework reduced the ratio~~ of ~~provisions~~credit ~~for general banking~~ risks ~~to mortgage loans from 1% to 0.5% as from last February~~, ~~resulting~~translated ininto a ~~surplus~~considerable reinforcement of ~~existing~~ provisions ~~in the balance sheet amounting to euro 39~~.6 ~~million.~~Net ~~The~~credit ~~released~~ provisions ~~were fully allocated to reinforce specific provisions~~ for ~~credit,~~ ~~as stated in~~ the ~~above~~quarter ~~mentioned Notice. However, that release~~were ~~did~~thus ~~not~~reinforced ~~impact~~by ~~positively the results for the year, as the charge for general banking risks includes an additional amount of~~ euro 58.3 million ~~above minimum requirements~~, inor ~~line~~32.2% ~~with~~on the ~~prudent~~first ~~stance~~quarter ~~that~~of ~~characterizes the Bank~~2003.

PROVISION CHARGE

					euro million
			2002
PROVISIONS	2003		Proforma		Stated
Specific for Credit - Needs	205.7		143.1		151.7
(Transfer from generic provisions: Notice 8/2003)	(39.6	)	-		-
Specific Provisions via Income Statement	166.1		143.1		151.7
Generic for Credit	50.5	(1)	72.2		72.5
Total Provisions for Credit	216.7		215.3		224.2
For Securities	(0.2	)	59.3		59.3
For Other Risks and Charges	31.6		(1.5	)	(1.5	)
For General Banking Risks	91.5	(2)	(19.9	)	(19.9	)
For Country Risk	19.1		12.4		12.4
For Equity Holdings and Other Purposes	22.8		6.3		6.3
TOTAL	381.5		271.9		280.8

(1)	Includes euro 35.4 million above requirements.
(2)	Charge reflecting a prudent stance vis-a-vis the national and international economic situation. Above the euro 91.5 million, the Fund for General Banking Risks was reinforced by euro 20.3 million to euro 126.4 million transfered from provisions for general credit risk in excess (December 2002: euro 14.6 million)

The net provision charge for the year amounted to euro 381.5 million, a year-on-year increase of 40.3%.

Specifically, credit provisions were reinforced by euro 216.7 million, while other provisions reached euro 164.8 million, including the charge for general banking risks, which shows BES prudent stance vis-à-vis the economic situation. The balance of the fund for general banking risks (on the balance sheet) reached euro 126.4 million, from euro 14.6 million in December 2002.

Provisions for equity holdings, calculated under Bank of Portugal Notice no. 4/2002, were increased by euro 15.8 million. Based on period-end prices, potential capital losses were substantially reduced, from euro 330.7 million in December 2002 to euro 147.2 million in December 2003 (-55%)

BES 2003 Results Lisbon, February 5, 2004

3.6 Extraordinary Results and Other

Extraordinary and other results include the amortization of ~~extraordinary~~the ~~pension~~deferred ~~charges,~~costs ~~as well~~related asto anpensions ~~extraordinary~~(actuarial ~~capital~~deviations ~~gain~~outside ~~of euro 65.3 million from~~ the ~~disposal of~~corridor, ~~45%~~early ofretirements ~~Credibom~~and ~~(accomplished~~accrued atresponsibilities ~~the~~due ~~end~~to ofchanges ~~1H2003).~~in ~~As already mentioned,~~actuarial ~~this~~assumptions), ~~gain~~according ~~was totally allocated~~ to ~~the~~Notice ~~Fund~~12/2001 ~~for~~of ~~General~~Bank ~~Banking Risks, thus neutralizing the effect~~ of ~~the sale in net income~~Portugal.

~~BES~~ According ~~2003~~to ~~Results~~the ~~Lisbon~~above-mentioned Notice, ~~February~~the 5,balance ~~2004~~of deferred costs is deducted to TIER 1 for solvency ratios calculation purposes.

8 BES 1Q2004 Results Lisbon, April 27, 2004

4. ACTIVITY HIGHLIGHTS

~~Notwithstanding macroeconomic~~ ~~constraints~~The ~~domestically and world-wide, BES Group showed~~ strong ~~business growth,~~performance ~~particularly in terms~~ of customer funds, which rose by 1213.70%, ~~thus~~ ~~strengthening~~marked the ~~competitive~~activity ~~position~~during inthe ~~this~~first ~~area~~quarter. ~~The~~Lending ~~progress achieved~~activities, ~~reflects~~in ~~the~~view ~~commercial~~of ~~strategy~~the ~~pursued,~~risks ~~which~~inherent ~~continued~~ to ~~rely~~ oncurrent ~~innovation~~economic constraints, ~~deeper~~grew ~~segmentation~~at ~~and~~a ~~sustained~~moderate ~~improvement of~~pace ~~quality standards~~(6. ~~The results achieved by BIC~~3%, byincluding ~~BESI~~securitized ~~in national~~credit). ~~and international investment banking, and the progress made~~ ~~by BES Açores are particularly noteworthy.~~

MAIN BUSINESS VARIABLES

					euro million
	2002	2002 *		2003	% Chg*
		March
Total Assets (1)	53,120	52,663		59,558	13.1
					% Chg
Net Assets	41,234	40,777		43,287	6.2
	2003	2003	*	2004	proforma
Loans to Customers (gross)	25,795	25,318		26,048	2.9
Total Assets(1)	53,432	52,979		59,234	11.8
- Mortgage	8,645	8,645		8,461	–2.1
Net Assets	40,326	39,873		42,455	6.5
- Other Loans to Individuals	1,876	1,399		1,283	–8.3
Loans to Customers (gross)	25,954	25,471		26,348	3.4
- Corporate	15,274	15,274		16,304	6.7
- Mortgage	8,798	8,798		8,615	–2.1
Loans to Individuals / Gross Customer Loans (%)	40.8	39.7		37.4	–2.3	p.p.
- Other Loans to Individuals	1,844	1,361		1,318	–3.1
Funds
- Corporate	15,312	15,312		16,415	7.2
+ Deposits	18,668	18,668		20,137	7.9
Loans to Individuals / Loans to Customers (%)	41.0	39.9		37.7	–2.2 .	p.p
+ Debt Securities placed with clients	5,008	5,008		6,340	26.6
Customer Funds
= On-Balance Sheet Customer Funds	23,676	23,676		26,477	11.8
+ Deposits	16,988	16,988		18,528	9.1
+ Off-Balance Sheet Funds	10,383	10,383		11,924	14.8
+ Debt Securities placed with clients	6,094	6,094		7,085	16.3
= Total Customer Funds	34,059	34,059		38,401	12.7
= On-Balance Sheet Customer Funds	23,082	23,082		25,613	11.0
Transformation Ratio (%)	106	104		96	-8	p.p.
+ Off-Balance Sheet Funds	10,640	10,640		12,480	17.3
= Total Customer Funds	33,722	33,722		38,093	13.0
Transformation Ratio (%)	109	107		100	–7	p.p.

*	~~Proforma~~proforma, excluding Credibom
(1)	Net Assets + Asset Management + ~~Off~~Other ~~Balance~~off-balance ~~Sheet~~sheet ~~Items~~liabilities + ~~Secuitized~~Securitized ~~Credit~~credit

~~Customer~~ Innovation ~~loans,~~in ~~reflecting the~~product ~~adverse~~launching ~~conditions~~and ~~faced~~deeper bysegmentation were the ~~Portuguese~~key ~~and~~factors underlying the ~~international economies,~~commercial ~~showed~~strategy’s ~~moderate~~success ~~growth:~~in 2customer funding.9% ~~excluding~~As ~~securitized~~far ~~credit~~as segmentation is concerned, BES 360º campaign was particularly relevant, as it was based on a differentiated offer specifically designed for affluent customers and ~~5.9%~~aimed ~~including~~at ~~securitized~~increasing ~~credit~~the Group’s penetration in this important segment.

~~BES~~ As ~~2003~~per ~~Results~~the ~~Lisbon~~main credit components, ~~February~~mortgage 5loans remained the most dynamic item overall, ~~2004~~rising by 7.2%; other loans to individuals, still requiring strict selectivity criteria, were down by 6.3%; and corporate credit grew by 7.1%.


BES 1Q2004 Results	Lisbon, April 27, 2004

euro million

Mar 03 *

Mar 04

Change (%)

Excluding

Including

Excluding

Including

Excluding

Including

securitization

Loan Portfolio

25,471

26,938

26,348

28,639

3.4

6.3

Mortgage

8,798

9,778

8,615

10,477

–2.1

7.2

Other Loans to Indiv

1,361

1,588

1,318

1,488

–3.1

–6.3

Corporate

15,312

15,572

16,415

16,674

7.2

7.1

* proforma, excluding Credibom

The strong increase in customer funds coupled with moderate growth of customer loans led to a reduction in the transformation ratio, which dropped to 100%, from 107% in March 2003.

During the first quarter of 2004 BES Investimento (BESI) showed a strong performance across all the main investment banking areas:

•	In M&A activity, BESI provided financial advisory services to the Portuguese State in the sale of its majority stake (euro 70 million) in Somincor to Eurozinc;

•	In capital markets, BESI co-led the Euronext Lisbon IPO of Media Capital Group (euro 250 million);

•	In structured finance, BESI structured and led the leverage buy-in operation of Parques Reunidos in Spain (euro 127 million);

•	In project finance, BESI structured and led the financing (275 million pounds) of the new Arsenal Football Stadium in London, and provided the financial advisory of the Madrid-Toledo motorway concession to a consortium formed by Corsan-Corviam, Comsa, Azvi, Sando Construcciones and BES (an investment of around euro 580 million).

In brokerage, BESI has been consolidating its position in the markets where it operates locally, Portugal, Spain and Brazil. In Portugal, BESI maintained its leadership position with a market share of 16%. In Spain, through Benito & Monjardin, its market share more than doubled, having surpassed 4.5% in April and placing BESI in the “Top 10” ranking of brokerage in Spain, in a universe of 65 active brokerage houses.


BES 1Q2004 Results	Lisbon, April 27, 2004

						euro million
	Dec 02 *		Dec 03		Change (%)*
	Excluding	Incluing	Excluding	Incluing	Excluding	Incluing
	Securitization	Securitization	Securitization	Securitization	Securitization	Securitization
Loan Portfolio	25,318	26,821	26,048	28,392	2.9	5.9
Mortgage	8,645	9,641	8,461	10,366	–2.1	7.5
Other Loans to Indiv	1,399	1,646	1,283	1,464	–8.3	–11.1
Corporate	15,274	15,534	16,304	16,562	6.7	6.6

5. ASSET QUALITY AND SOLVENCY

*Overdue ~~Proforma~~loans ratio posted a moderate evolution, backed ~~excluding~~by ~~Credibom~~the assessment and credit recovery mechanisms. In fact, the ratio of overdue loans over 90 days rose by 9 basis points, the same as for the ratio of total overdue loans.

~~Mortgage~~ASSET loans remained the most dynamic item overall, rising by 7.5%; other loans to individuals were down by 11.1%, reflecting an increased selectivity criteria; corporate credit grew by 6.6% (10.2% in 2002).QUALITY

At the end of November, the Group’s subsidiary Banco Internacional de Crédito concluded a new securitization of the mortgage portfolio (RMBS), amounting to euro 1 billion.

				change

		Mar 03 *	Mar 04	absolute	relative (%)

Loans to Customers (gross)	(eur mn)	25,471	26,348	877	3.4
Overdue Loans	(eur mn)	539.3	581.0	42	7.7
Overdue Loans > 90 days	(eur mn)	472.4	511.4	39	8.3
Overdue and Doubtful (B.Portugal)^(a)	(eur mn)	–	565.5	–	–
Provisions for Credit	(eur mn)	702.7	751.6	49	7.0

Overdue Loans / Loans to Customers(gross)	%	2.12	2.20		0.08	p.p.
Overdue Loans > 90 days / Loans to Customers(gross)	%	1.85	1.94		0.09	p.p.
Overdue and Doubtful Loans^(a)/ Loans to Customers(gross)	%	–	2.15		–
Coverage of Overdue Loans	%	130.3	129.4		–0.9	p.p.
Coverage of Overdue Loans > 90 days	%	148.8	147.0		–1.8	p.p.
Coverage of Overdue and Doubtful Loans	%	–	132.9		–

The increase in customer funds, coupled with the moderate growth of customer loans, led to a reduction of the transformation ratio, from 104% in December 2002 to 96% at the end of 2003.


*	proforma, excluding Credibom
(a)	According to Bank of Portugal Circular-Letter no 99/03/2003

~~Off-balance~~ ~~sheet~~The ~~funds, namely~~prior ~~bancassurance~~risk ~~products~~coverage ~~and~~policy ~~mutual~~was ~~funds~~maintained during this quarter, ~~continued~~with toprovisions ~~post~~increasing aabove ~~significant~~the deterioration in ~~growth~~ overdue ~~(+14.8%).~~credit: ~~This~~overdue ~~trend~~loans ~~reflects~~over an90 ~~increase~~days inrose ~~demand~~by ~~for~~euro ~~alternative~~39 million versus ~~saving~~ March ~~products~~2003, ~~explained~~which bycompares ~~the~~with ~~current~~an ~~low~~increase ~~level~~ of ~~interest~~euro ~~rates. The~~49 ~~Group~~million ~~has~~in ~~achieved~~credit provisions. ~~market~~As ~~leadership~~a inresult, the ~~pension~~coverage ~~plan~~ratio ~~business, with~~was amaintained ~~market~~at ~~share~~a ofsimilar ~~over~~level as ~~23%~~last year.

~~BES~~ ~~Investimento~~In ~~had~~addition, athe ~~highly positive~~balance ~~performance~~of inthe ~~2003,~~Fund ~~posting~~for aGeneral Banking ~~net~~Risks ~~profit~~stands ofat euro 26126 million ~~that greatly surpassed budgeted targets~~, ~~and~~mostly ~~winning~~charged ~~leadership~~during ~~positions in national and international investment banking, as attested by the accolades conferred by the most qualified entities in this market:~~2003.

• ~~Prize~~On ~~for~~the ~~“The~~other ~~Best M&A House in Portugal”~~hand, ~~awarded~~the bysolvency ~~the~~ratio ~~prestigious~~remains at ~~Euromoney~~comfortable ~~magazine;~~levels: ~~also~~11.48% inaccording ~~the~~to ~~area~~Bank of ~~M&A,~~Portugal ~~BES~~rules ~~Investimento~~(vs. ~~was ranked~~ 10.91% in ~~the~~March ~~1st,~~2003) ~~2nd~~ and ~~4th~~13.71% ~~positions~~under ~~of Bloomberg’s league tables, respectively in Portugal, Brazil and~~ the ~~Iberian~~BIS ~~Peninsula;~~criteria ~~and~~(March ~~“Arranger of the Year~~ 2003: ~~in Transportation and Infrastructure Sector” prize, awarded by the specialized Infrastructure Journal~~12.84%).

BES ~~2003~~1Q2004 Results Lisbon, ~~February~~April 527, 2004

The international market was responsible for 30% of the Bank’s total revenues in 2003, as well as for some of the most important transactions carried out in the period, including:

		(%)

	Mar 03	*Mar 04^()**

Solvency Ratio (B. Portugal)
– TIER I	6.15	7.04
– Total	10.91	11.48
Solvency Ratio (BIS)
– TIER I	7.09	8.31
– Total	12.84	13.71

^(*)estimate

• ~~Advisor~~At to the ~~Advent~~end ~~International~~of ~~private~~March ~~equity~~BES ~~fund,~~Group inissued ~~the~~preferred shares ~~structuring~~amounting ~~and~~to ~~execution~~euro of150 ~~the~~million, ~~public~~leading ~~tender~~to ~~offer~~an ~~for~~increase ~~Parques~~of ~~Reunidos~~the ~~S.A.,~~same amount in ~~Spain;~~its tier I capital.

• ~~Financial~~The ~~advisor~~medium toand ~~the~~long-term ~~consortium~~debt ~~led~~rating byis ~~Corsán-Corviam~~A1, as ~~Comsa,~~assigned ~~Azvi~~by Moody’s, ~~Sando Construcciones~~ and ~~BES~~A+ inby ~~the~~FitchRatings; ~~tender~~Standard ~~for~~and ~~the~~Poor’s has ~~award~~upgraded of the ~~concession~~outlook ofon ~~the~~its ~~Madrid~~A-~~Toledo~~ ~~motorway.~~rating ~~The~~from ~~financing~~negative ofto ~~this euro 353 million project will be structured and syndicated by BES Investimento as a project finance operation~~stable.

•BES ~~Financial~~1Q2004 ~~advisor~~Results toLisbon, ~~Banco~~April ~~Bradesco~~27, ~~in the acquisition of Banco BBVA do Brasil;~~2004

On December 31, 2003 BES, under a joint venture with CGD, set up a new renting company – Locarent, Companhia Portuguesa de Aluguer de Viaturas, S.A.. Its products will be sold by the commercial networks of Banco Espírito Santo, Banco Internacional de Crédito and Banco Espírito Santo dos Açores.

BES 2003 Results Lisbon, February 5, 2004

5. ~~ASSET QUALITY AND SOLVENCY~~6. PRODUCTIVITY

~~Under~~ aRegarding ~~conservative~~productivity ~~provisioning~~and efficiency, noticeable ~~policy~~ results have been achieved through cost containment policies, ~~the~~which ~~balance~~led ofto further ~~credit~~improvements ~~provisions~~in ~~was~~the ~~increased~~cost byto ~~euro~~income 41ex-markets ~~million,~~to 58.4%. Notwithstanding ~~above~~ current difficulties, the ~~increase~~Board of ~~overdue~~Directors ~~loans~~considers (+that ~~euro~~the 32objective of ~~million~~reaching a Cost to Income ratio of 53% (without markets) in 2006 should be maintained.

					YoY Change (*)
		Dec 2002 *	Sep 03	Dec 03	absolute	relative (%)
Loans to Customers (Gross)	eur mn	25,318	26,268	26,048	730	2.9
Overdue Loans	eur mn	521.4	598.0	553.6	32	6.2
Overdue Loans > 90 days	eur mn	457.2	527.3	478.0	21	4.5
Overdue and Doubtful Loans (BoP) (a)	eur mn	–	–	540.6	–	–
Provisions for Credit	eur mn	685.5	782.7	726.5	41	6.0
Overdue Loans / Loans to Customers (gross)	%	2.06	2.28	2.13		0.07	p.p.
Overdue Loans > 90 days / Loans to Customers (gross)	%	1.81	2.01	1.83		0.02	p.p.
Overdue and Doubtfull Loans (a) / Loans to Customers (gross)	%	–	–	2.08		–
Coverage of Overdue Loans	%	131.5	130.9	131.2		–0.3	p.p.
Coverage of Overdue Loans > 90 days	%	149.9	148.4	152.0		2.1	p.p.
Coverage of Overdue and Doubtful Loans	%	–	–	134.4		–

The remaining productivity indicators also continued to improve, particularly the “Operating Costs / Average Net Assets” and “Total Assets per Employee” ratios.

*	Proforma, excluding Credibom
(a)	Calculated according to Bank of Portugal rules (Circular Letter no 99/03/2003)

PRODUCTIVITY AND EFFICIENCY

The ratio of overdue loans over 90 days to customer loans stood at 1.83%, while the coverage ratio remained strong: 152.0% for overdue loans over 90 days and 131.2% for total overdue loans. The ratio of overdue and doubtful loans to total loans, calculated in accordance with the Bank of Portugal regulations (Circular Letter no. 99/03/DSB), stood at 2.08%.

	Mar 03*		Mar 04		Chg.

Cost to Income (including markets)	53.0	%	51.4	%	–1.6	p.p.
Cost to Income (excluding markets)	62.5	%	58.4	%	–4.1	p.p.

Operating Costs / Average Net Assets	1.76	%	1.70	%	–0.06	p.p.
Total Assets** per Employee (eur ’000)	7,204		8,118		12.7	%

In* ~~December~~proforma, ~~Banco~~excluding ~~Internacional de~~Credibom ~~Crédito~~** ~~sold~~Net aAssets ~~portfolio~~+ ofAsset ~~overdue~~Management ~~mortgage~~+ ~~loans~~Other ~~totaling euro~~off-balance ~~37.8~~sheet ~~million~~liabilities to+ anSecuritized ~~international financial institution.~~ credit

~~The~~BES ~~solvency~~1Q2004 ~~ratio~~Results ~~remains at~~Lisbon, ~~comfortable~~April ~~levels:~~27, ~~11.2% according to the Bank of Portugal rules (vs. 10.7% in December 2002) and 13.4% under the BIS criteria (December 2002: 12.6%).~~2004

In July 2003 Group BES issued euro 450 million preference shares. This issue aimed to reduce the foreign exchange volatility of the capital base linked to the value of preference shares. Thus, on August 18, 2003 the Group redeemed the preference shares issued in November 1996 and listed on the London Stock Exchange, for a total of USD 250 million, and on December 1, 2003, redeemed the preference shares issued on December 1, 1993 and listed on the New York Stock Exchange, for a total of USD 100 million.

BES 2003 Results Lisbon, February 5, 2004

		(%)
	2002	2003	(*)
Solvency Ratio (Bank of Portugal)
- TIER I	6.06	6.54
- Total	10.74	11.03
Solvency Ratio (BIS)
- TIER I	6.99	7.77
- Total	12.61	13.13
(*) Estimate

7. PROFITABILITY

~~The~~ ~~medium~~Return ~~and~~on ~~long-term debt~~equity ~~rating~~(ROE), isbased ~~A1,~~on asthe ~~assigned~~annualized first byquarter ~~Moody’s~~result, A-reached by14%, ~~Standard~~an ~~and~~improvement ~~Poor’s~~when compared to the year ~~and~~ 2003; A+return byon ~~FitchRatings~~assets (ROA) also improved versus the previous year (0.63% against 0.61%).

BES 2003 Results Lisbon, February 5, 2004

		(%)

	2003	Mar 04*

Return on Equity (ROE)	13.4	14.0
Return on Assets (ROA)	0.61	0.63

Annualized


BES 1Q2004 Results	Lisbon, April 27, 2004

6 8. ELECTRONIC ~~PRODUCTIVITY~~BANKING

~~Regarding productivity and~~ ~~efficiency,~~The ~~noticeable~~first ~~results~~quarter ~~have~~of ~~been~~the ~~achieved~~year ~~through~~confirmed ~~cost containment policies, which led to further improvements in~~ the ~~cost~~trend tofor ~~income~~an ~~ratio. At~~increased ~~50%,~~penetration as of ~~December~~Direct ~~2003,~~Channels ~~this~~in ~~ratio~~BES ~~reflects~~Group ~~full~~clients, ~~achievement~~reaching ~~of the~~48%. ~~objective that had been set by the Board of Directors at the end~~ ~~of 2001.~~

The ~~remaining~~number ~~productivity indicators~~of ~~also~~users ~~improved~~of ~~significantly~~Internet Banking – BESnet – reached a record high of 680,000 ~~particularly~~in March, a 10% year-on-year increase. The strongest increase occurred in both the ~~“Operating~~number of logins and the number of ~~Costs~~transactions, /which ~~Average~~were ~~Net~~up ~~Assets”~~by ~~and~~19% ~~“Total~~versus ~~Assets~~March ~~per~~2003 ~~Employee”~~corresponding ~~ratios~~to a ratio of low value transactions performed off-branch of 33.4%, well above the 21.9% posted in the same period last year.

	2002		2002*		2003		YoY Change*
Cost to Income (including markets)	53.4	%	53.7	%	50.0	%	–3.7	p.p.
Cost to Income (excluding markets)	59.5	%	59.9	%	58.8	%	–1.1	p.p.
Operating Costs / Average Net Assets	1.8	%	1.9	%	1.7	%	–0.2.	p.p
Total Assets** per Emplyee (eur '000)	7,017		7,151		8,262		15.5	%

The Internet banking service for corporate customers – BESnet Negócios – continued to show a sustainable growth. Already 34,000 companies use this service, an increase of 19% on March 2003, while the number of transactions rose by 79% year-on-year.

* The ~~Proforma~~main ~~ajusted~~initiatives ~~for~~related ~~Credibom~~to **new ~~Net~~technologies ~~Assets~~in +which ~~Asset~~the ~~Management~~Group +is ~~Other~~involved ~~Off-Balance~~continued ~~Sheet~~to ~~Items~~show +good ~~Securitized~~progress ~~Credit~~during the first quarter of 2004.

~~A number of other integration/rationalization~~ ~~measures~~The ~~were taken~~pmelink.pt, ~~also~~the ~~aimed~~online atbusiness ~~raising~~center ~~productivity.~~for ~~The~~companies ~~merger~~promoted ~~of Group~~by BES~~’ three specialized credit units – Besleasing Mobiliária~~, ~~Besleasing~~ ~~Imobiliária~~CGD and ~~Euroges~~PT, ~~Factoring~~already –has ~~was~~13,200 ~~announced at~~corporate ~~the~~clients. ~~end~~Turnover ofincreased ~~the~~55% ~~first half of the~~ year~~. This merger~~-on-year, ~~which~~underpinned ~~will~~by ~~take place~~daily ~~during~~customer ~~February~~additions ~~2004,~~of ~~will~~40 ~~produce synergies~~companies, ~~both in terms of~~ ~~the business, where it will have an impact~~ on ~~banking~~average. ~~revenue and, in~~ ~~terms of costs, optimizing processes and headcount.~~

~~The~~ Banco ~~integration~~BEST, a joint project of ~~Espírito Santo~~BES ~~Dealer~~and PT, ~~Sociedade~~continued ~~Financeira~~to decapitalize ~~Corretagem,~~on ~~into~~a ~~Banco~~differentiated ~~Espírito Santo~~value deproposal ~~Investimento~~aimed ~~was~~at ~~another~~the ~~step~~affluent ~~taken~~clients ~~within~~segment, having already surpassed the ~~Group’s~~24,000 clients. Assets under management posted ~~strategy~~an increase of ~~rationalizing~~65% ~~the~~year-on-year, ~~organization~~to a total of euro 146 million.

BES ~~2003~~1Q2004 Results Lisbon, ~~February~~April 527, 2004

7 9. ~~PROFITABILITY~~ BES 360°

~~Return~~ In onthe ~~assets~~course ~~(ROA)~~of ~~remained in~~2003 ~~line~~the ~~with~~Group ~~the~~implemented ~~previous~~a ~~year~~set of key competences that allow to establish a uniform, ~~while~~consistent ~~return~~and onstrongly ~~equity~~differentiated ~~(ROE)~~strategic ~~improved~~approach to the Affluent market.

		(%)
	2002	2003
Return on Equity (ROE)	13.1	13.4
Return on Assets (ROA)	0.6	0.6

Following a strong investment in training, restructuring the offer, defining and implementing the financial planning, it was created an organizational structure composed of 310 managers who provide the necessary framework for Relationship and Advisory Banking. The results achieved so far through this integrated approach to the Affluent segment are quite positive.

~~BES~~ THE ~~2003~~BOARD ~~Results~~OF ~~Lisbon,~~DIRECTORS ~~February 5, 2004~~


BES 1Q2004 Results	Lisbon, April 27, 2004

8. BANCO ~~ELECTRONIC~~ESPIRITO SANTO ~~BANKING~~

~~Concerning direct channels,~~ ~~2003~~CONSOLIDATED ~~was~~BALANCE ~~marked~~SHEET byAS ~~the~~AT ~~increased~~MARCH ~~penetration of direct channels on the Group’s Client base~~31, ~~particularly internet banking (BESnet, for~~2004 ~~private individuals, and BESNet Negócios, for corporate clients).~~ ~~The year was quite important in many aspects: the penetration rate in the customer base reached 42%; the number of logins rose by 24%; the Quality Certification of BESnet~~ (~~ISO 9001~~Unaudited)~~, and and for the first time~~ ~~BESnet matched the branch network in terms of interactions with the customer base.~~

The widespread acceptance of Direct Channels has become a reality. With a 47% penetration rate in the customer base, these Channels are radically changing the way customers relate with Group BES. In 2003 the BES site registered 17.8 million visitors, an increase of 61% over 2002, and at the year-end it had 672,000 users, 15% more than in the previous year. The number of logins hit a record high of 12.4 million, translating to a year-on-year rise of 24%.

	Mar 2003		Mar 2004
	(10³EUR)		(10³EUR)

NET ASSETS
Cash and deposits at Central Banks	704,987		649 715
Loans and advances to credit institutions repayable on demand	481,801		429 160
Other loans and advances to credit institutions	4,527,234		5 983 989
(Provisions)	(8,395	)	(43 287	)
Loans and advances to customers	25,953,623		26 348 197
(Provisions)	(375,498	)	(419 366	)
Bonds and other fixed income securities	4,435,266		4 584 550
(Provisions)	(87,937	)	(55 524	)
a) Issued by Government and Public entities	1,368,038		1 048 373
(Provisions)	(5,638	)	(1 573	)
b) Issued by other entities	3,055,131		3 524 932
(Provisions)	(82,299	)	(53 951	)
c) Own securities	12,097		11 245
Shares and other variable income securities	714,780		680 537
(Provisions)	(102,641	)	(74 610	)
Investments in associated companies	50,670		56 126
(Provisions)	(2,384	)	(2 385	)
Other investments	949,353		947 724
(Provisions)	(41,996	)	(28 480	)
Intangible assets	537,330		598 054
(Amortization)	(363,276	)	(439 663	)
Tangible assets	1,055,702		885 893
(Depreciation)	(638,400	)	(545 945	)
Treasury stock	4,639		5
Other debtors	477,457		464 455
(Depreciations)	(19,155	)	(27 795	)
Prepayments and accrued income	2,072,575		2 463 712

TOTAL NET ASSETS	40,325,735		42,455,062


LIABILITIES AND SHAREHOLDERS' EQUITY
Amounts owed to credit institutions	7,350,694		5 969 196
a) Repayable on demand	336,806		456 467
b) With agreed maturity date	7,013,888		5 512 729
Amounts owed to customers	16,988,079		18 528 139
a) Savings accounts	2,226,471		2 097 603
b) Repayable on demand	6,815,701		6 857 929
c) With agreed maturity date	7,945,907		9 572 607
Debt securities	10,454,903		11 886 884
a) Outstanding Bonds	8,512,526		9 851 697
b) Other securities	1,942,377		2 035 187
Other liabilities	190,664		232 343
Accruals and deferred income	662,579		745 256
Provisions for liabilities and charges	413,627		396 124
a) Pension plan and equivalent charges	4,790
b) Other provisions	408,837		396 124
Provisions for general banking risks	18,251		126 341
Subordinated debt	1,694,615		1 633 873
Share capital	1,500,000		1 500 000
Share premium	300,000		300 000
Reserves	80,977		197 581
Revaluation reserves
Retained earnings	86,100		99 000
Minority interests	525,126		773 144
Consolidated net income for the period	60,120		67 181

~~Besides~~BES ~~being~~1Q2004 aResults ~~source of cost efficiency gains~~Lisbon, ~~Direct~~April ~~Channels are increasingly used to provide services. Fees and commissions generated in these channels reached 2.6 million euros~~27, ~~up by 42% on 2002.~~2004

BESnet excellence standards are highlighted by the “Best Consumer Internet Bank 2003” prize, and the Quality Certification of BESnet was the first certification (ISO 9001) of an internet banking service in Portugal.

At the end of the year, BESnet Negócios (internet service for corporate clients) had 33,000 users (year-on-year increase of 27%). The penetration rate in medium-sized and large companies reached 78%, and transactions made through this channel rose by 87% versus the previous year.

The telephone banking service – BES Directo – reached 743,000 users, the same as last year, as a result of the migration of customers to the Internet channel. Also, the widening of price differences between telephone banking and automatic channels’ has led to a reduction of 42% in the call center’s costs, resulting in annual savings of euro 2.2 million.

BES 2003 Results Lisbon, February 5, 2004

~~The pmelink.pt, an~~ ~~online~~BANCO ~~business~~ESPIRITO ~~center for companies promoted by BES, CGD and PT, already~~SANTO has 12,000 companies as customers, and every day another 40 new companies start using it to purchase goods and services, thus confirming the value of this service. This channel’s turnover has reached euro 8 million, corresponding to a year-on-year increase of more than 80%.

~~Banco BEST, a joint~~ ~~project~~CONSOLIDATED ofINCOME ~~BES~~STATEMENT ~~and~~AS ~~PT,~~AT ~~continued~~MARCH ~~to capitalize on a differentiated value proposal aimed at affluent customers~~31, ~~having already surpassed the 20,000~~2004 ~~customer mark. In 2003 the ES Financial Consultants’ business was~~ ~~integrated into Banco BEST, leveraging on its asset management skills.~~(Unaudited)

BES 2003 Results Lisbon, February 5, 2004

	Mar 03	Mar 04
	(10³EUR)	(10³EUR)

CREDIT
Interest income	497,089	478,913
Income from securities	6,181	1,004
Commissions	86,353	100,386
Profits arising from trading activity	601,714	678,989
Write-back of provisions	53,402	35,803
Income arising from the equity method of consolidation	795	1,913
Other operating income	26,212	39,802
Extraordinary gains	3,278	7,743
Minority interests		27

TOTAL CREDIT	1,275,024	1,344,580

DEBIT
Interest expense	307,053	300,565
Commissions	11,773	9,550
Losses arising from trading activities	557,606	637,322
General administrative costs	143,284	147,471
a) Staff costs	78,992	80,413
b) Other administrative costs	64,292	67,058
Depreciation	35,380	33,118
Other operating expenses	2,371	2,015
Provisions for loan losses and other risks	116,568	100,147
Provisions for investments	531	294
Extraordinary losses	15,915	21,372
Income taxes	13,290	13,073
Other taxes	1,730	1,785
Losses arising from the equity method of consolidation	782	705
Minority interests	8,621	9,982
Consolidated net income for the period	60,120	67,181

TOTAL DEBIT	1,275,024	1,344,580

BES 1Q2004 Results

Lisbon, April 27, 2004

9This news release may include certain statements relating to the Banco Espírito Santo Group that are neither reported financial results nor other historical information. ~~BANCO~~These ~~ESPÍRITO~~statements ~~SANTO~~which include targets, ~~(SPAIN)~~ forecasts, projections, descriptions of anticipated cost savings, statements regarding the possible development or possible assumed future results of operations and any statement preceded by, followed by or that includes the words “believes”, “expects”, “aims”, “intends”, “may” or similar expressions or negatives thereof are or may constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, regulations, and case law. By their nature, forward-looking statements are inherently predictive, speculative and involve risk and uncertainty. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by forward-looking statements. These factors include, but are not limited to, changes in economic conditions in individual countries in which the BES Group conducts its business and internationally, fiscal or other policies adopted by various governments and regulatory authorities of Portugal and other jurisdictions, levels of competition from other banks and financial services companies as well as future exchange and interest rates. [Certain of the factors that could affect actual results and developments are described in Banco Espírito Santo’s Annual Report and Form 20-F under the heading “Risk Factors”.] Banco Espírito Santo does not undertake to release publicly any revision to the forward-looking information included in this news release to reflect events, circumstances or unanticipated events occurring after the date hereof.

InBES ~~2003~~1Q2004 ~~Banco~~Results ~~Espírito Santo (Spain) pursued its strategy of specializing in retail and private banking~~Lisbon, ~~and~~April ~~business with companies operating in Portugal and Spain. The network of Benito y Monjardin was merged with the bank’s network~~27, ~~which~~ ~~now comprises a total of 31 branches concentrating all the Group’s activity in Spain.~~2004

In retail and private banking, assets under management reached euro 1,214 million, up by 9.5% year-on-year. Mortgage loans, closely associated to these segments, increased by 35%.

The network’s rationalization and costs cutting efforts (–9.3%) have contributed to business progress and are expected to deliver results in 2004.

Asset management in Spain continues to show strong growth, the recent initiative taken by the Group being part of this growth strategy in this market. In late January 2004, BES, through its subsidiaries ESAF, SGPS and Banco Espírito Santo (Spain), reached an agreement to purchase the asset management units of Banco Simeón (CGD Group) in Spain. This transaction is subject to a distribution agreement for the asset management products of BES Group through Banco Simeón’s branch network. This acquisition is expected to yield an increase of 15% in the total value of assets under management in Spain.

THE BOARD OF DIRECTORS

BES 2003 Results Lisbon, February 5, 2004

CONSOLIDATED BALANCE SHEET AT DECEMBER 31, 2003 (Unaudited Figures)

	2002		2003
	(103 EUR)		(103 EUR)
NET ASSETS
Cash and deposits at the Central Banks	996,685		931,567
Loans and advances to credit institutions repayable on demand	844,058		697,176
Other loans and advances to credit institutions	5,674,990		6,886,160
(Provisions)	(8,870	)	(39,831	)
Loans and advances to customers	25,795,107		26,047,641
(Provisions)	(367,446	)	(403,078	)
Bonds and other fixed income securities	4,088,821		4,291,163
(Provisions)	(80,978	)	(50,528	)
a) Issued by Government and Public entities	1,201,171		946,285
(Provisions)	(6,128	)	(2,298	)
b) Issued by other entities	2,877,240		3,334,082
(Provisions)	74,850		48,230
c) Treasury stock	10,410		10,796
Shares and other variable income securities	720,805		577,475
(Provisions)	(102,800	)	(88,405	)
Investments in associated companies	51,413		55,606
(Provisions)	(2,384	)	(2,385	)
Other investments	943,126		944,044
(Provisions)	(32,004	)	(52,483	)
Intangible assets	523,119		593,457
(Amortizations)	(339,371	)	(421,784	)
Tangible assets	1,055,597		882,938
(Depreciations)	(628,977	)	(538,243	)
Unpaid Capital
Own shares			5
Other debtors	495,954		483,730
(Depreciations)	(21,938	)	(27,630	)
Prepayments and accrued income	1,628,916		2,520,101
TOTAL NET ASSETS	41,233,823		43,286,696
LIABILITIES AND SHAREHOLDERS' EQUITY
Amounts owed to credit institutions	7,678,707		6,468,640
a) Repayable on demand	333,232		326,769
b) With agreed maturity date	7,345,475		6,141,871
Amounts owed to customers	18,667,656		20,136,614
a) Savings accounts	2,338,075		2,170,637
b) Repayable on demand	7,321,027		7,594,051
c) With agreed maturity date	9,008,554		10,371,926
Debt securities	9,270,851		10,905,624
a) Bonds	7,613,710		9,359,584
b) Other securities	1,657,141		1,546,040
Other liabilities	187,883		227,200
Accruals and deferred income	783,759		672,892
Provisions for liabilities and charges	398,858		383,812
a) Pension plan and equivalent charges	4,660
b) Other provisions	394,198		383,812
Provision for general banking risks	14,594		126,364
Subordinated debt	1,695,799		1,651,558
Share capital	1,500,000		1,500,000
Share premium	300,000		300,000
Reserves	(20,981	)	45,880
Revaluation reserves
Other retained earnings
Minority interests	534,236		617,867
Consolidated net profit	222,461		250,245
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	41,233,823		43,286,696

BES 2003 Results Lisbon, February 5, 2004

CONSOLIDATED INCOME STATEMENT AT DECEMBER 31, 2003 (Unaudited Figures)

	2002	2003
	(103 EUR)	(103 EUR)
CREDIT
Interest and similar income	2,339,249	2,090,842
Income from securities	10,740	16,522
Commissions	343,387	393,052
Gains on financial operations	3,335,070	2,597,986
Replacements and cancellations of provisions	213,333	236,615
Results of associated companies and subsidiaries
excluded from the consolidation	2,309	5,975
Other operating income	117,116	119,520
Extraordinary income	26,971	98,319
Minority interests
TOTAL CREDIT	6,388,175	5,558,831
DEBIT
Interest and similar costs	1,531,035	1,341,494
Commissions	53,162	43,083
Losses on financial operations	3,207,344	2,401,150
General administrative costs	587,960	575,784
a) Staff costs	323,083	318,509
b) Other administrative costs	264,877	257,275
Amortisation and depreciation	134,716	140,808
Other operating costs	6,381	8,302
Provisions for overdue loans and other risks	489,640	606,365
Provisions for financial investments	4,548	11,766
Extraordinary losses	67,560	72,594
Income taxes	38,476	54,977
Other taxes	10,364	12,758
Results of associated companies and subsidiaries
excluded from the consolidation	2,232	2,263
Minority interests	32,296	37,242
Consolidated profit for the period	222,461	250,245
TOTAL DEBIT	6,388,175	5,558,831

BES 2003 Results Lisbon, February 5, 2004

This news release may include certain statements relating to the Banco Espírito Santo Group that are neither reported financial results nor other historical information. These statements which include [targets, forecasts, projections, descriptions of anticipated cost savings, statements regarding the possible development or possible assumed future results of operations] and any statement preceded by, followed by or that includes the words “believes”, “expects”, “aims”, “intends”, “may” or similar expressions or negatives thereof are or may constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, regulations, and case law.

By their nature, forward-looking statements are inherently predictive, speculative and involve risk and uncertainty. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by forward-looking statements. These factors include, but are not limited to, changes in economic conditions in individual countries in which the BES Group conducts its business and internationally, fiscal or other policies adopted by various governments and regulatory authorities of Portugal and other jurisdictions, levels of competition from other banks and financial services companies as well as future exchange and interest rates. [Certain of the factors that could affect actual results and developments are described in Banco Espírito Santo’s Annual Report and Form 20-F under the heading “Risk Factors”.]

Banco Espírito Santo does not undertake to release publicly any revision to the forward-looking information included in this news release to reflect events, circumstances or unanticipated events occurring after the date hereof.

BES 2003 Results Lisbon, February 5, 2004

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorised.

	Banco Espírito Santo S.A.

By:		/s/ Manuel de Magalhães Villas-Boas

	Name:	Manuel de Magalhães Villas-Boas
	Title:	Director

Date: 929 ~~February~~April, 2004

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