Hansapank                     CORRECTIVE RELEASE                04/26/2002



CORRECTION IN HANSABANKA'S RESULTS, Q1 2002



There was a mistake in the first paragraph of the commentary 

of Hansabanka's Q1 2002 results concerning SIA Hanza Lizings

net profit. The revised announcement follows:



A/s Hansabanka’s consolidated result for the first quarter of 2002 was

a LVL 1.84 million profit (includes also a LVL 0.73 million profit of

SIA Hanza Lizings and eliminations). The bank’s consolidated assets

increased by 57% to LVL 594.7 million during the year.



Hansabanka clients’ deposits increased by 60% during one year to LVL

481.9 million at the end of March 2002. Demand deposits increased by

74% and term deposits by 43%.

Hansabanka’s loan portfolio amounted to LVL 341.7 million at the end

of March 2002. LVL 103.5 million of this were loans to SIA Hanza

Lizings. Excluding these loans, the bank’s loan portfolio increased by

37% during one year. Allowance for credit losses totalled LVL 4.77

million at the end of March 2002, forming 1.4% of the loan portfolio.

As of March 31 total loans formed just 71% of clients’ deposits (58% a

year ago) and the net loan portfolio formed 57% of total assets (45% a

year ago).



Hansabanka earned a consolidated net profit of LVL 1.84 million during

the first three months of 2002, which exceeds last year’s first

quarter result by 46%. For the first three months the bank’s revenues

amounted to LVL 9.73 million, up by 29% from last year’s same period.

Of this LVL 4.46 million was formed by non-interest income and LVL

5.27 million by net interest income. The bank’s operating expenses

amounted to LVL 6.30 million, which is 25% higher than a year ago.



As at March 29, 2002 1 LVL = 28.19495 EEK





HANSABANKA                              consolidated              

BALANCE SHEET                                                     

(LVL in thousands, unaudited)        31.03.02  31.12.01   31.03.01

                                                             

Cash                                   21,570    29,400     18,693

Due from Central Bank                  40,406    32,602     12,665

Due from credit institutions           78,075    68,339     40,417

Securities                             76,851    67,519    110,852

Loans and advances to customers       336,936   322,042    169,754

(net)

    Short-term loans                  154,123   100,828     76,674

    Long-term loans                   187,578   225,531     97,690

    Provisions                        (4,765)   (4,317)    (4,610)

Goodwill                                1,886     2,067      2,609

Fixed assets                           17,715    17,185     15,736

Accrued interest and other assets      21,216    17,519      9,201

Total assets                          594,655   556,673    379,927

                                                                  

Due to Central Bank and government     16,102    35,177     18,319

Due to other credit institutions        1,973     2,059          -

Deposits from customers               481,897   424,002    301,434

    Demand deposits                   290,054   266,952    167,117

    Time deposits                     191,843   157,050    134,317

Debt securities                             -         -        108

Accrued interest and other             37,364    39,968     21,555

liabilities

Subordinated debt                       6,923     6,908      6,866

Total liabilities                     544,259   508,114    348,282

                                                                  

Common stock                           40,043    40,043     28,043

Capital reserves                          135       135        135

Accumulated losses                      8,381     2,209      2,209

Profit for current year                 1,837     6,172      1,258

Total shareholders’ equity             50,396    48,559     31,645

Total liabilities and shareholders'   594,655   556,673    379,927

equity





HANSABANKA                             consolidated             

INCOME STATEMENT                                                

(LVL in thousands)                    3m 2002     2001   3m 2001

                                                                

Interest income                         9,019   27,062     6,702

Interest expense                       -3,751  -11,082    -2,673

Net interest income                     5,268   15,980     4,029

                                                                

Fees and commissions, received          3,062    9,983     2,127

Fees and commissions, paid               -441   -1,500      -347

Fees and commissions, net               2,621    8,483     1,780

                                                                

Net result from financial               1,365    7,374     1,294

operations

Other income                              474      758       434

Total revenues                          9,728   32,595     7,537

                                                                

Personnel expenses                      2,462    7,106     1,650

Data network expenses                     172    1,090       203

Administration expenses                 1,690    5,906     1,303

Other operating expenses                  719    2,541       774

Depreciation                            1,253    4,788     1,120

Total operating expenses                6,296   21,431     5,050

Loan losses                             1,296    4,479     1,024

Recovered loans                            92      384        25

Net profit before taxation              2,228    7,069     1,488

Tax                                       391      897       230

Net profit                              1,837    6,172     1,258





Mart Tõevere

Head of investor relations

+372 6131 569