Hansapank                     FINANCIAL RESULTS           10/28/2002 15:30



HANSA CAPITAL RESULTS, 9 MONTHS 2002



Major financial indicators                                          

                                   30.09.02  Pro-      Pro- 30.09.01*

                                            forma*    forma* 

                                           30.09.02 31.12.01 

At period end (in millions of euros)

Total assets                       1 206,9  1 438,7  1 180,5 1 072,3

Financial investments              1 062,0  1 260,6  1 028,8   910,3

  Leasing                            852,2    989,4    806,9   724,5

  Factoring                          132,0    168,9    133,9   112,1

  Loans                               26,6     46,9     48,3    39,6

  Assignments                          4,7      5,4      6,5     6,3

  Consumer financing                  46,5     50,0     33,3    27,8

Allowance for doubtful receivables   -19,8    -19,8    -21,2   -20,9

Loan liabilities                     811,9  1 013,8    955,6   897,3

Owner’s equity                        88,6     88,6     55,0    85,1

For the period (in millions of                                      

euros)

Net interest income                   33,6     40,7     44,3    31,9

Net commission income                 11,6     13,0     14,0     9,9

Net other operating income             4,3      4,9      6,1     4,5

Total revenue                         49,5     58,6     64,4    46,3

Net profit                            33,4     36,7     46,3    34,1

NIM (net interest margin)             4,1%     4,1%     4,4%    4,5%

ROA (return on assets)                4,0%     3,7%     4,4%    4,8%

ROE (return on operating equity**)   38,6%    42,5%    36,0%   39,1%

Interest yield on average assets      8,5%     8,5%     9,9%   10,2%

Cost-income ratio before             26,7%    28,1%    24,6%   24,2%

provisions

Risk Expense***                       0,3%     0,4%     0,5%    0,4%

EVA (in millions of euros)****         N/A     29,9     30,7    22,9

Number of Employees                    500      631      524     496

* Pro-forma figures also include the assets, liabilities and economic

results of SIA Hanza Lizings, which is not legally a part of Hansa

Capital Group from November 2001, but is organisationally still

managed by Hansa Capital.

** Return on operating equity = net income / (Group's average risk-

weighted assets x 11%)

*** Risk expense = (written-off receivables - recovered

receivables)/average portfolio of financial investments

**** 2002 The principles for calculation of EVA were changed, the

figure for 2001 was re-stated to make it comparable



The  volume  of  assets under the management of  Hansa  Capital  Group

(hereinafter  the Group) increased by 258.2 million euros  (21.9%)  to

1438.7 million euros during the first nine months of 2002. The largest

growth in absolute volumes was in the leasing portfolio (22,6%), while

the fastest growth rate was recorded in consumer finance (50,1%).

In  the  geographical structure of financial investments of the  Group

Estonia  has the largest share (62.3%) followed by Lithuania  (17.9%),

Latvia  (19.3%) and other regions (0.5%). During the 9 months of  2002

the  Lithuanian  investment portfolio has  been  the  fastest  growing

(35.5%),  the  Estonian  portfolio  grew  by  24.0%  and  the  Latvian

portfolio by 8.8%. The portfolio in other regions decreased by  -24.5%

during the period.



Real  estate and passenger vehicles continue to hold the largest share

among  the  financed assets, with 31.1% and 26.0% respectively,  while

transport  (19.5%)  and  business services  (19.3%)  are  the  sectors

receiving most of the crediting.

Of total net profit 71.8% was earned in Estonia, followed by Lithuania

(15.9%), Latvia (11.0%) and other regions (1.3%).

In  the  third  quarter,  a  decision was  made  to  restore  business

activities in Russia and to establish AS Hansa Leasing Russia (HLR) as

a  subsidiary  of Hansa Capital investing EUR 8 million in  the  share

capital. The subsidiary will be established in co-operation with EBRD.

In  its  business activities HLR focuses on the provision of financing

services  to  the Baltic customers of Hansabank Group  active  in  the

transit  sector  as  well as Russian undertakings  interested  in  co-

operation.  In  early  September we launched an  attractive  customer-

financing  product,  Ego  consumer finance  card,  to  the  Lithuanian

market.  The  number  of  the users of Ego consumer  finance  card  is

rapidly  increasing,  each week we are issuing approximately  500  new

cards.

In  the  third  quarter Hansa Liising Eesti made  the  largest  single

investment  into  the  equipment production  industry,  financing  the

purchase  of  the equipment of ABB factory of electrical installations

by  85  million kroons. Also, extensive preparations were carried  out

relating  to the introduction of a new complex home finance product  -

"My Home" to the Baltic market.



Additional information:

Mart Tooming

Chairman of the Board, HC

Phone  +372 613 1828

E-mail: mart.tooming@hansa.ee









INCOME STATEMENT, unaudited, in millions of euros

                               9m 2002  Pro forma Pro-forma  9m 2001*

                                         9m 2002*   2001*   

Interest income                    70.6      84.1     99.0      72.2

Interest expenses                  37.0      43.4     54.7      40.3

Net interest income                33.6      40.7     44.3      31.9

                                                                    

Commission income                  12.7      14.5     15.7      11.1

Commission expenses                 1.1       1.5      1.7       1.2

Net other operating income          4.3       4.9      6.1       4.5

Total revenue                      49.5      58.6     64.4      46.3

                                                                    

Operating expenses                 12.3      15.1     16.6      11.6

Profit before provisions and       37.2      43.5     47.9      34.7

financial income

Total provisions                    3.3       4.7      2.2       0.2

Net financial income                0.0      -0.2      0.1       0.3

Operating profits                  33.9      38.6     45.9      34.9

Income from equity                  0.0       0.0      0.0       0.0

investments

Extraordinary income                0.0       0.0      0.0       0.0

(expense)

Profit before income tax           33.9      38.6     45.9      34.9

Income tax                          0.5       1.8      1.6       0.8

Minority interest                   0.0       0.0     -0.2       0.0

Net profit                         33.4      36.7     46.3      34.1

* Pro-forma figures also include the assets, liabilities and economic

results of SIA Hanza Lizings, which is not legally a part of Hansa

Capital Group from November 2001, but is organisationally still

managed by Hansa Capital.



Balance sheet, unaudited, in millions of euros

                                30.09.02 Pro-forma Pro-forma 30.09.01*

                                        30.09.02*  31.12.01* 

ASSETS                                                               

Cash and bank                       14.3      15.5     15.1      12.3

Due from customers                  20.7      27.0     20.8      21.9

Financial investments            1,062.0   1,260.6  1,028.8     910.3

  Leasing                          852.2     989.4    806.9     724.5

  Factoring                        132.0     168.9    133.9     112.1

  Loans                             26.6      46.9     48.3      39.6

  Assignments                        4.7       5.4      6.5       6.3

Consumer financing                  46.5      50.0     33.3      27.8

Allowance for doubtful             -19.8     -19.8    -21.2     -20.9

receivables

Net financial investments        1,042.2   1,240.8  1,007.6     889.4

Prepayments to suppliers            77.1      97.3     84.9     102.4

Stocks for resale                   23.4      26.4     16.4      14.6

Long-term equity investments         1.0       1.1      1.1       1.1

Tangible noncurrent assets          17.4      18.0     19.8      12.3

Intangible assets                    0.1       0.1      0.2       0.2

Accrued income and prepaid          10.7      12.5     14.6      18.2

expenses

TOTAL ASSETS                     1,206.9   1,438.7  1,180.5   1,072.3

                                                                     

LIABILITIES AND OWNERS' EQUITY                                       

LIABILITIES                                                          

Loans                              811.9   1 013.8    955.6     897.3

Bonds                              233.4     233.4       89      18.5

Bills of exchange                    3.1       3.1      7.5       9.5

Liabilities to customers and        54.6      68.4     51.2      48.7

suppliers

Accrued expenses and prepaid        13.8      16.3     12.8      12.7

revenue

Other liabilities                    0.7       0.7      0.6       0.5

Deferred tax liabilities             0.7       0.7      0.7       0.0

Negative goodwill                    0.0       1.0        0       1.0

TOTAL LIABILITIES                1,118.2   1,336.4  1,117.5     987.2

Minority interest                    0.1      13.7        8       0.1

SHAREHOLDERS' EQUITY                                                 

Share capital                        7.7       7.7      7.7       7.7

Reserves                             1.4       1.4      1.4       1.7

Retained earnings                   79.4      79.4       46      75.7

Unrealised exchange rate             0.1       0.1      0.0       0.0

difference

TOTAL SHAREHOLDERS’ EQUITY          88.6      88.6       55      85.1

TOTAL LIABILITIES AND EQUITY     1,206.9   1,438.7  1,180.5   1,072.3

* Pro-forma figures also include the assets, liabilities and economic

results of SIA Hanza Lizings, which is not legally a part of Hansa

Capital Group from November 2001, but is organisationally still

managed by Hansa Capital.





Mart Tõevere

Head of investor relations

+372 6131 569