AS OPTIVA PANK

ANNOUNCEMENT

15.01.99

 

COMMENTARY TO THE 1998 UNAUDITED FINANCIAL RESULTS

 

According to the 30.09.1998 merger contract made between Eesti 

Investeerimispank and Eesti Forekspank, the balance sheets of 

the respective banks were merged on 01.12.1998. The Commercial 

Register registrated the merger of the banks on 18.12.98. Thus, 

the unaudited balance sheet and income statement as of 31.12.98 

are the first official financial results of Optiva Pank. Due to 

that reason, the present financial results do not include the 

comparisons with the previous periods. 

 

The balance sheet volume of Optiva Pank as of 31.12.98 was 3.2 

billion EEK. On the bank’s interest-bearing foreign capital 

account, the demand and term deposits of clients accounted for 

31.5%, loans from other banks 26.0% and bonds issued 30.8%. The 

bank’s net loan portfolio amounted to 2.1 billion EEK by the 

end of 1998, which is 64.9% of the assets. At the end of 1998, 

the loan provisions for doubtful accounts amounted to 8.8% of 

the gross loan portfolio. The demand deposits in other banks 

were 10.7%, investments to bonds 8.3% and current and non-

current securities investments 4.7% of the bank’s assets. At 

the end of December, the immaterial assets made up for 4.3% of 

the total assets, including the goodwill in the amount of 136.4 

million EEK. Optiva Pank ended the year 1998 with 255.9 million 

EEK loss. The loss from current and non-current securities 

investments was 135.1 million EEK.

 

 

Budget and Analysis Department

Optiva Pank

Tel. +372 630 2103