Sampo Pank                    FINANCIAL RESULTS                 05/22/2002



FINANCIAL RESULTS, Q1 2002



Business results of the Consolidated Group of AS Sampo Pank



The net profit of the Consolidated Group of AS Sampo Pank  (hereinafter 

the Group) of the first quarter of 2002 totalled EUR 1. 2 million.

(All business results are expressed in euros in the present outline, 

whereas the exchange rate of EEK/EUR is 15. 64664.)This is an increase 

of 25.5% or EUR 242 thousand, compared to the result achieved in the same 

period last year. In the first quarter of 2002 return on equity and 

return on assets accounted for 18.8% (compared to 23.4 % in the first 

quarter of 2001) and 1,4% ( compared to 1.3 % in the first quarter of 

2001), respectively.  The Group's total assets amounted to EUR 337.3 

million at the end of the first quarter of 2002, having decreased by 

EUR 9.7 million or 2.8 %, compared to the end of 2001. The total assets 

of the Group have increased by EUR 27.6 million or 8.9 % over the year. 



Funding



Customers' deposits in the Group totalled EUR 192.9 million at the end 

of the first quarter of the current year, accounting for 57.2 % of total 

assets. Of total deposits, demand deposits accounted for 53.4% and time 

deposits for 46.6%. The share of private persons' deposits formed 25.5% 

and that of corporate customers 52.6% of total deposits. Customers' 

deposits have increased by 23.6% or EUR 36.8 million over the year, 

although there was a decrease of 2.6% or EUR 5.1 million in customers' 

deposits in the first quarter of 2002. Demand deposits grew by EUR 4.0 

million or 4.0% and time deposits decreased by EUR 9.1 million or 9.2 % 

in the first quarter of 2002. Total deposits of private persons grew by  

1.0% or EUR 484 thousand and total deposits of companies decreased by 

4.3% or EUR 4.6 million.



Total loans from other banks decreased by EUR 5.8 million  (12,6%) and 

the volume of government lending funds decreased by EUR 536 thousand 

(13,7%) during the first quarter of the current year. Interest bearing 

liabilities decreased by EUR 11.4 million or 3.8% over the first quarter 

of 2002, although their volume increased by 1,1%  or EUR 28.9 million 

over the year.



The Group's owners' equity accounted for EUR 25.6 million or 7,6% of the 

Group's assets at the end of the first quarter of 2002, compared to 7.0 % 

at the end of December 2001. The Group's capital adequacy was 16.2% at 

the end of March.



Assets



The volume of the net loan portfolio amounted to EUR 205.5 million at the 

end of March, having increased by 26.5% or EUR 44.9 million over the year.

The growth experienced by the loan portfolio in the first quarter of the 

year was 4.5% or EUR 9.3 million, whereas loans to private persons and 

loans to companies increased by 10.9% or EUR 4.6 million and 1.9% or EUR 

3.0 million, respectively. The share of the net loan portfolio accounted 

for 60.9 % of the Group's total assets at the end of the first quarter of 

2002, accounting for 56.6 % at the turn of the year. Provisions for 

possible loan losses comprised 4.2 % of the gross loan portfolio at the 

end of the first quarter of the current year, whereas the same figure at 

the end of 2001 was 4.3 %. 



Claims to the central bank decreased by EUR 15,4 million, whereas the 

volume of demand and time deposits with other banks declined by EUR 3.6 

million or 6.8% and the volume of the debt securities portfolio decreased 

by EUR 663 thousand or 1.4 %. 



Interest earning assets decreased by  EUR 10.6 million or 3.3% over the 

first three months of the current year, while the annual growth of their 

volume was 11.9% or EUR 33,1 million. 



Interest income and expenses



The Group's interest income totalled EUR 5.5 million, interest expenses 

EUR 2.3 million and net interest income EUR 3.2 million in the first 

quarter of 2002. Interest income grew by 5.7 % (EUR 295 thousand) and 

interest expenses decreased by 21,5% (EUR 615 thousand), as a result of 

which net interest income before loan provisions grew by 39.6 % or EUR 

910 thousand. 



Return on interest earning assets accounted for 6.5 % in the first 

quarter of 2002 (compared to 7.0 % in the first quarter of 2001) and the 

expense of interest bearing liabilities accounted for 3.1 % (compared to 

4.7 % in the first quarter of 2001) and the interest spread was 3.9 % 

(3.2 % in the first quarter of 2001). 

 

Non-interest income 



The Group's non-interest income amounted to EUR 1.7 million in the first 

quarter of this year, having experienced a drop of 29.3 % or EUR 687.4 

thousand, compared to the same period last year. Of non-interest income 

earned in the first quarter of 2002, 69.6 % (EUR 5.5 million) was derived 

from fees and commissions income, 22.2 % (EUR 368 million) from foreign 

exchange transactions and 15.9 % (EUR 263 million) from other sources. 

Compared to the same period last year, fees and commissions income 

declined by 14.1% or EUR 190.4 thousand and income from foreign exchange 

transactions decreased by 52.2% or EUR 401.1 thousand. The latter 

decreased due to several changes which took place in the environment of 

European as well as US interest rates, which influenced the results of 

derivative instruments. Also, the introduction of the euro in the form of 

cash has had its impact on the volume of currency exchange. A decline in 

fees and commissions income is related to smaller volumes of foreign 

settlements. Investments in securities resulted in a loss of EUR 127 

thousand in the first quarter of the current year. 



Non-interest expenses 



Non-interest expenses in the first quarter of this year totalled EUR 

3.1 million. , having increased by EUR 248 thousand or 8.6 % compared to 

the same period last year. The share of personnel and administrative 

expenses of non-interest expenses was 55.1 % (EUR 1.7 million) and 29.9 % 

(EUR 937 thousand) respectively. Compared to the previous year, there has 

been a jump of 28.9 % (EUR 387 thousand) in personnel expenses and a 

decline of 9.9 % (EUR 103 thousand) in administrative expenses. Fees and 

commissions expenses experienced a fall of 20.7 % or EUR 55 thousand in 

the first quarter of the current year, compared to the same period last 

year. 





CONSOLIDATED BALANCE SHEET

(unaudited, in thousands)

                                 31.03.02   31.03.02   31.03.01  31.03.01

                                      EEK        EUR        EEK       EUR



1. Cash                            49 775      3 181      61 629    3 939

2. Claims and loans             4 140 407    264 620   3 739 735  239 012

2a. Claims and loans to 

central bank                      169 962     10 863     218 288   13 951

2b. Claims and loans to credit 

institutions                      756 715     48 363     981 449   62 726

2c. Claims and loans to clients 

of credit institution           2 604 040    166 428   2 005 443  128 171

2d. Claims and loans to clients 

of leasing enterprises            751 496     48 029     647 924   41 410

2e. Claims from insurance and 

reinsurance activities                  0          0           0        0

2f. Other claims                        0          0           0        0

2g. Uncollectible claims and 

loans                           - 141 806    - 9 063   - 113 369  - 7 246

3. Debt securities                737 058     47 106     619 856   39 616

4. Shares and other securities     26 801      1 713      39 980    2 555

5. Investments in associates       18 106      1 157      16 337    1 044

6. Intangible assets                  638         41       5 379      344

6a. Consolidated goodwill               0          0           0        0

6b. Other intangible assets           638         41       5 379      344

7. Tangible assets                138 859      8 875     152 966    9 776

8. Settlements with shareholders        0          0           0        0

9. Other assets                   103 119      6 590     117 064    7 482

10. Prepayments and accured 

income                             63 007      4 027      93 428    5 971

TOTAL ASSETS                    5 277 770    337 310   4 846 374  309 739

                    

1. Amounts owed                 3 716 318    237 515   3 156 399  201 730

1a. Amounts owed to the 

central bank                            0          0         734      175

1b. Amount owed to the credit 

institutions                      645 041     41 226     608 161   38 868

1c. Amounts owed to the clients 

of credit institutions          3 018 249    192 901   2 442 903  156 130

1d. Amounts owed from insurance 

and reinsurance activities              0          0           0        0

1e. Other amounts owed             53 028      3 389     102 601    6 557

2. Debts evidenced by 

certificates                      622 134     39 762     729 860   46 646

3. Other liabilities              244 996     15 658     431 308   27 566

4.  Accruals and deferred income   99 895      6 384      79 117    5 056

5. Provisions for liabilities           0          0           0        0

5a. Technical allowances for 

insurance activities                    0          0           0        0

5b. Deferred income tax liability       0          0           0        0

5c. Pension reserve                     0          0           0        0

6. Subordinated liabilities       194 500     12 431     194 500   12 431

7. Minority interests                   0          0           0        0

 Total liabilities              4 877 843    311 750   4 591 184  293 429

8a. Share capital                 323 111     20 651     240 192   15 351

8b. Paid in capital over par       17 081      1 092           0        0

8c. General banking reserve             0          0           0        0

8d. Mandatory reserve                   0          0           0        0

8e. Other reserves                      0          0           0        0

8f. Unrealised rate differences         0          0           0        0

8g. Profit or loss retained        59 735      3 818      14 998      959

8h. O/w profit or loss for the 

financial year                     18 599      1 189      14 817      947

8i. Own shares                          0          0           0        0

Total owners´equity               399 927     25 560     255 190   16 310

TOTAL LIABILITIES AND OWNERS´

EQUITY                          5 277 770    337 310   4 846 374  309 739







CONSOLIDATED INCOME STATEMENT

(unaudited, in thousands)     



                                 31.03.02   31.03.02   31.03.01  31.03.01

                                      EEK        EUR        EEK       EUR



1. Interest revenue                85 445     5 461      80 836     5 166

1a. Interest revenue from 

banking activities                 65 325     4 175      63 814     4 078

1b. Interest revenue from 

leasing activities                 20 120     1 286      17 015     1 087

1c. Other interest revenue              0         0           7         0

2. Interest expense                35 238     2 252      44 868     2 868

2a. Interest expense from 

banking activities                 35 112     2 244      44 868     2 868

2b. Interest expense from 

leasing activities                    126         8           0         0

2c. Other interest expense              0         0           0         0

3. Net interest income (loss) 

(+/-)                              50 207     3 209      35 968     2 299

4. Income and expenses from 

insurance activities                    0         0           0         0

4a. Insurance premiums                  0         0           0         0

4b. Insurance compensations and 

change in reserves                      0         0           0         0

5. Income from securities               0         0           0         0

6. Equity method gains (losses) 

(+/-)                                   0         0           0         0

7. Fees and commissions income     14 775       944      16 889     1 079

  7a. Fees and commissions revenue 18 088     1 156      21 067     1 346

  7b. Fees and commissions expense  3 313       212       4 178       267

8. Net profit (loss) on financial 

operations (+/-)                    3 766       241      12 506       799

9. General administrative expenses 41 694     2 665      37 251     2 381

  9.a Salaries expense             20 249     1 294      15 776     1 008

  9.b Social security expense       6 790       434       5 206       333

  9.c Pension expenses (non-state)      0         0           0         0

  9.d Other administrative 

expenses                           14 655       937      16 269     1 040

10. Value adjustments in tangible 

and intangible assets (+/-)       - 3 508    -  224     - 5 124    -  327

11. Value adjustments in loans 

and off-balance sheet items (+/-) - 4 762    -  304     - 7 555    -  483

12. Value adjustments in long-term 

investments (+/-)                       0         0           0         0

13. Other operating income             45         3      -  616     -  39

13a. Other operating revenue        4 118       263       3 154       202

13b. Other operating expenses       4 073       260       3 770       241

14. Extraordinary income/expenses

(+/-)                                   0         0           0         0

15. Profit/loss before taxation 

(+/-)                              18 829     1 203      14 817       947

16. Income tax expenses               230        15           0         0

16a. Income tax for reporting 

period                                230        15           0         0

16b. Change in deferred income tax 

liability (+/-)                         0         0           0         0

17. Minority share of profits           0         0           0         0

18. PROFIT (LOSS) FOR THE 

FINANCIAL YEAR (+/-)               18 599     1 189      14 817       947





Anneli Rõuk

PR Manager

+372 6302 103