Osasco, São Paulo, Brazil, July 1st, 2003


To
Security and Exchange Commission
Office of International Corporate Finance
Division of Corporate Finance
Washington, DC

Ref.: Payment of Monthly Interest on Own Capital
       . Banco Bradesco S.A.


Gentlemen,

               The Board of  Directors  of this Bank,  in a meeting held on this
date,  approved the Board of Executive  Officers proposal for the payment to the
Company’s  Stockholders,  pursuant to the Corporate Bylaws and legal provisions,
of interests on own capital related to the month of July/2003,  in the amount of
R$0.0141180 for common stock and R$0.0155298 for preferred  stock,  both per lot
of one thousand stocks,  benefiting the stockholders registered in the Company’s
records on this date (July 1st, 2003).

               The payment will be made on August 1st,  2003,  at the net amount
of R$0.0120 for common stock and R$0.0132 for preferred  stock,  both per lot of
one thousand stocks for those  stockholders with stock position equal to or over
100,000  stocks,  after  deduction of Withholding  Income Tax of fifteen percent
(15%),  except  for the legal  entity  stockholders  that are  exempt  from this
respective taxation, which will receive the declared amount.

               For those with stock  position up to 99,999  stocks,  the payment
will be made on January 2nd, 2004,  but may be  anticipated  if the  stockholder
presents a written request for that purpose.

               The respective  Interests will be computed in the  calculation of
the minimum  compulsory  dividend  for the year,  as  provided in the  Corporate
Bylaws.

               The  Interests  relating  to  stocks  under  custody  at  CBLC  -
Brazilian Company and Depository Corporation will be paid to CBLC, independently
the stockholder  position which will be transferred to the stockholders  through
the depository Brokers.


                                   Cordially,

                               Banco Bradesco S.A.
                              José Luiz Acar Pedro
                          Executive Vice President and
                           Investor Relations Director

This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.