Hansapank                     FINANCIAL RESULTS                 04/29/2003



LATVIAN HANSABANKA'S RESULTS, Q1 2003



The consolidated net profit of Hansabank’s Latvian subsidiary A/s

Hansabanka was LVL 2.58 million in Q1 2003. The bank’s consolidated

assets increased by 5% during the quarter to LVL 707 million, annual

growth of assets was 19%.



Hansabanka’s business volumes continued to increase during the first

quarter. The number of customers increased by 5% to 371,000. The

number of bank cards totalled 364,000 and the number of internet

banking customers reached 191,000, forming already over 50% of the

bank’s customer base.



Hansabanka’s consolidated loan portfolio increased by 10% during the

quarter to LVL 500 million at the end of March 2003. Annual growth of

the portfolio was 46%. Allowance for credit losses totalled LVL 6.7

million at the end of the quarter, forming 1.35% of the loan

portfolio. At the end of March net loans formed 70% of total assets,

up from 57% one year ago. Loans to deposits ratio increased from 71%

at the end of March 2002 to 99% at the end of March 2003.

Hansabanka’s deposits increased by 7% during the first quarter of 2003

to LVL 507 million. Annual growth of deposits was 5%.



Hansabanka’s consolidated revenues totalled LVL 11.3 million in Q1

2003, increasing by 19% from the same period the previous year.

Operating expenses totalled LVL 6.3 million during the quarter,

increasing by 5% from Q1 2002. As a result operating profit before

provisions increased by 43% to LVL 4.9 million and net profit by 41%

to LVL 2.6 million.





As at March 31, 2003

1 LVL = 24.91305 EEK

1 LVL = 1.59223 EUR





HANSABANKA                                                     

Consolidated Balance Sheet                                     

(LVL in thousands, unaudited)      31.03.03  31.12.02  31.03.02

                                                               

Cash                                 26,302    30,378    21,570

Due from Central Bank                17,841    19,850    40,406

Due from credit institutions         50,650    63,798    78,075

Securities                           82,290    72,906    76,851

Loans to customers                  499,840   455,747   341,701

    Provisions                       -6,734    -5,393    -4,765

Loans to customers (net)            493,106   450,354   336,936

Goodwill                              1,163     1,344     1,886

Fixed assets                         17,485    15,444    16,458

Accrued interest and other assets    18,650    21,973    22,473

Total assets                        707,487   676,047   594,655

                                                               

Due to other credit institutions     51,642    50,485    16,102

Due to other financial                    6        10     1,973

institutions

Deposits from customers             506,550   475,434   481,897

    Demand deposits                 327,050   326,736   290,054

    Time deposits                   179,499   148,698   191,843

Debt securities                      15,085    15,010         0

Accrued interest and other           59,944    63,104    37,364

liabilities

Subordinated debt                     6,744     7,069     6,923

Total liabilities                   639,971   611,112   544,259

                                                               

Common stock                         46,043    46,043    40,043

Capital reserves                        135       135       135

Accumulated losses                   18,757     8,381     8,381

Profit for current year               2,581    10,376     1,837

Total shareholders’ equity           67,516    64,935    50,396

Total liabilities and               707,487   676,047   594,655

shareholders' equity







HANSABANKA                                                

Consolidated Income Statement                             

(LVL in thousands, unaudited)  Q1 2003      2002   Q1 2002

                                                          

Interest income                  9,662    37,044     9,019

Interest expense                -3,277   -13,694    -3,751

Net interest income              6,385    23,350     5,268

                                                          

Fees and commissions,            3,883    14,531     3,055

received

Fees and commissions, paid        -944    -3,456      -616

Fees and commissions, net        2,939    12,143     2,439

                                                          

Net result from financial        1,578     5,957     1,366

operations

Other income                       353     1,134       373

Total revenue                   11,255    41,516     9,446

                                                          

Administration expenses          4,395    17,210     4,075

Other operating expenses           632     2,832       680

Depreciation                     1,303     4,951     1,258

Total operating expenses         6,330    24,993     6,013

Operating profit before          4,925    16,523     3,433

provisions

Loan losses                     -2,074    -5,234    -1,296

Recovered loans                    188     1,403        91

Operating profit                 3,039    12,692     2,228

Income from affiliates               1        10         0

Net profit before tax            3,040    12,702     2,228

Tax                               -459    -2,326      -391

Net profit                       2,581    10,376     1,837





Mart Tõevere

Head of investor relations

+ 372 6131 569