EESTI ÜHISPANK

ANNOUNCEMENT

15.06.1999

 

COMMENTS TO THE FINANCIAL RESULTS OF EESTI ÜHISPANK IN MAY

 

In May the total assets of Eesti Ühispank amounted to EEK 14.4 bln (in

April EEK 15.4 bln). The profit in May was EEK 9.9 mln, and during the

whole reporting period EEK 40 mln. The EEK 993 mln decrease in total  

assets, i.e. by 6.4 per cent, was caused by the redemption of EEK 1.3 

bln of bonds.

 

The client demand accounts increased by 3 per cent, i.e. EEK 117 mln.

Due to the fall in interest rates, the amount of deposits fell 

accordingly by 1.7 per cent, i.e. EEK 79 mln. The greatest growth was

in the deposits of private persons - EEK 65 mln, 3.3 per cent.

 

On the assets side, cash and deposits in other banks fell by EEK 990 

mln due to the redemption of issued bonds. Investment changes result 

from the purchase of a hundred per cent stake in Saules Banka and from 

the sale of our stake in AS Sularahakeskus (Cash Center Ltd).

 

The loan portfolio increased by EEK 51 mln, i.e. by 0.7 per cent. Loan

provisions decreased by EEK 67 mln after the write-off of a hundred per

cent provisioned loans in accordance with the loan accounting procedures. 

The net loan portfolio amounted to 51.7 per cent of total assets.

 

The Bank's equity increased by EEK 4 mln due to the directed share issue

to the FMO for the purchase of Saules  Banka. The capital adequacy

ratio of Eesti Ühispank at the end of May was 13.01 per cent.

 

The Bank's income structure:

 

63.5 per cent interest income

18.0 per cent net commissions and fees

13.1 per cent financial income

5.4 per cent other income

 

 

Additional information:

 

Ülo Suurkask

Vice President

Tel. +372 6 656 350