We  are  pleased  to  report  about  the successful performance of the

Unibanka Group in the first six months of 2002.

In the first six months of 2002 Unibanka Group's profit was 5.4 million

lats, representing a year-on-year increase of 2%. The Group's operating

income  in the first half of 2002 was 19.8 million lats, a year-on-year

growth of 13%. Return on assets and return on equity was 1.7% and 18.5%

respectively.

 In the six months the Group's assets increased by 17% to 693.3 million

lats.  At  the  end  of  June  this  year Unibanka had the largest loan

portfolio among Latvian commercial banks, with a growth of 16% to 518.2

million  lats  (gross),  furthermore  its  good  quality  was  retained

(non-standard  loans in the Bank's loan portfolio comprised just 4.6%).

Customer  deposits  with  Unibanka  rose by 19%, reaching 394.0 million

lats at the end of June.

In the reporting period Unibanka returned to public trading on the Riga

Stock  Exchange  via  issuing  debt securities. Since de-listing of its

shares  Unibanka  was not an active player on the Riga bourse. In order

to  attract  medium-term  lat resources on February 4 Unibanka launched

the largest issue of debt instruments in Latvia with a nominal value of

25  million  lats. According to the prospectus 25,000 securities with a

nominal  value  of  1,000  lats  with a fixed income rate of 6.50% were

issued  for  public trading, they were registered bonds with a maturity

of  3 years. The placement deadline of the issue was July 10. According

to initial placement results the issuing of bonds was a successful step

taken  by the Bank. The traded volumes exceeded expectations. On July10

the nominal value of the bonds sold reached 9.946 million lats. In line

with  the decision of the Board of Directors within a month these bonds

must be registered in the Official List with the Riga bourse.

During   2002   Unibanka   continues   working  vigorously  on  further

development  of  the  range of services, upgrading and diversifying the

distribution   technology,  and  improving  services  with  an  aim  to

strengthen  its  position  in  the  field  of  services for private and

corporate customers.

In February 2002 Unibanka completed the rollout of the new payment card

management  system  (CMS) project. As a result the Bank's customers can

execute payments into their card accounts more rapidly and receive more

detailed  information  about  transactions  carried out through various

e-channels.  The  CMS  is  a  component  of  an  integrated information

technology  platform  and alongside the planned development of services

provides  cardholders  with  broader possibilities for using the Bank's

products.

There  has  been another important innovation introduced this year with

the  aim of ensuring additional safety for customer transactions in the

Bank's  ATMs.  Unibanka's  cash  dispensers now request the customer to

enter  a  PIN  code  repeatedly  prior to the execution of cash-related

transactions  such  as  withdrawals,  payments  of  bills or transfers.

Alongside  the  new  safety measures Unibanka offers its customers also

new  facilities  for efficient management of their funds. Now customers

are able to attach their payment card to several accounts, of which one

is  the  basic  account,  and  the remaining accounts are supplementary

accounts, moreover, in different currencies if needed.

As  of  June  3 Unibanka has enlarged its range of payment cards giving

its customers a possibility to obtain international Maestro debit cards

and Eurocard/ Mastercard (EC/MC), which ensure payments in euros (EUR).

Up  until   then  the  Bank  had  offered  its customers cards with the

account currency in Latvian lats (LVL) and US dollars (USD).

As to payment card services in the first half of the year Unibanka as a

member  of  the  SEB Group has started to offer its customers free cash

withdrawals via international payment cards (Visa Electron and Maestro)

at  1,166  cash  machines  of  the  SEB  Group  outside  Latvia (except

Germany).

Unibanka  has  worked  out  a new pricing model in order to provide its

customers  with  more  favourable  prices  for  payment services, which

became  effective  as  of  June  3.  The  Bank  is also focusing on the

advantages   of   e-channels.   Under  the  new  project  Unibanka  has

significantly   lowered  commissions  for  e-transfers  through  Ibanka

(internet  banking)  and  Telebanka.  Now  Unibanka's  customers, using

remote  banking, have an opportunity to make payments at a considerably

lower  price.  For  example,  the  new pricing model foresees, that for

transfers  via  Ibanka and Telebanka across the customer's own accounts

with  Unibanka, there will be charged a commission of 0.05 lats instead

of the previous 0.15 lats.

In the first half of the year Unibanka reached an agreement with System

Access  for the implementation of its netSYMBOLS banking solution, with

initial  rollout comprising the eFinance, ePlatform and eCRM modules to

create  an  up-to-date  technological  base  for  further  increases of

operational   volumes  and  improvements  of  efficiency  and  quality.

netSYMBOLS  is  a  modular  customer-centric universal banking solution

that  offers  multi-channel  capabilities  through  a seamless internet

computing  platform,  complimenting  the  existing  core banking system

SYMBOLS in Unibanka, also developed by System Access.

Unibanka's  performance  in the first six months of 2002 shows that the

Unibanka Group is working in accordance with its plan, which provides a

good  foundation for attaining the strategic goals set at the beginning

of  the  year. Unibanka is determined to hold its influence and leading

position  in  the  Latvian  banking  sector  as the largest provider of

banking  services  to  Latvian  businesses.  The  Bank will continue to

pursue  its  strategy and provide its customers with  state-of-the-art,

high  quality  services  to be the leader in the banking sector of this

region together with the other banks of the SEB Group in the Baltics.

 We  would  like  to  use  this  opportunity  to  express our continued

appreciation  to  all  our  customers  and  business partners for their

fruitful  co-operation,  and  thank our staff members for their ongoing

commitment to Unibanka's continuous development.