Sampo Pank                    FINANCIAL RESULTS                 08/14/2002



FINANCIAL RESULTS, H1 2002



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

the Group) of the first half of 2002 totalled EUR 1. 9 million , of which

the net profit of the first quarter comprised EUR 1.2 million and the net

profit of the second quarter EUR 0.7 million. The Group's total assets 

amounted to EUR 341.5 million as of the end of the first half-year, 

having decreased by 2.0 per cent or EUR 5.5 million over the first six 

months of the current year. The total assets of the Group have increased

by EUR 7.5 million or 2.2 % over the year. Average return on assets and 

average return on equity accounted for 1.1 % and 14.5 % respectively in 

the first six months of the current year. 

 

Funding



Customers' deposits in the Group totalled EUR 201.1 million at the end 

of the first half-year of 2002, accounting for 58.9 % of the Group's 

total assets (compared to 55.1 % in the first half-year of 2001) and 

69.2 % of interest bearing liabilities (compared to 67.2 % in the first 

half-year of 2001). Of total deposits, demand deposits accounted for 

51.8 % and time deposits for 48.2%. The share of private persons' 

deposits formed 25.1% and that of corporate customers 53.1% of total 

deposits, whereas the share of other customers accounted for 21.8 %. 

Customers' deposits have increased by 9.2 % or EUR 16.9 million over the 

year, the increase in the first half-year being 1.5 % or EUR 3 million. 

Demand deposits grew by EUR 5.1 million or 5.2 % and time deposits 

decreased by EUR 2.1 million or 2.1 % in the first half-year of 2002. 

Total deposits of private persons and companies grew by  3.4 % or 

EUR 1.7 million and 0.6 % or EUR 625 thousand, respectively. 



The Group's owners' equity amounted to EUR 26.3 million or 7.7 % of the 

Group's assets at the end of the first half-year of 2002, compared to 

7.0 % at the end of 2001. The Group's capital adequacy was 14.3 % at the

end of June.



Assets



The volume of the net loan portfolio amounted to EUR 204.7 million at 

the end of June, having increased by 10,8 % or EUR 20.8 million over the

year. The growth experienced by the loan portfolio in the first half-year

of 2002 was 4.1% or EUR 8.4 million, whereas loans to private persons 

experienced an increase of 28.9% or EUR 12.1 million and loans to 

companies a decrease of 2.1 % or EUR 3.3 million. As of the end of the 

first half-year the share of loans to companies and that of loans to 

private persons in the total loan portfolio accounted for 71.4 % and 

25.6 %, respectively. The share of the net loan portfolio accounted for 

59.9 % in the Group's total assets and 65.1 % in the interest earning 

assets.    



Provisions for possible loan losses comprised 4.2 % of the gross loan 

portfolio at the end of June, whereas the same figure at the end of 2001

was 4.3 %. Overdue loans accounted for 17.7 % of the reserve for possible

loan losses at the end of the first half-year, compared to 19.1 % at the

end of 2001. Provisions for loan losses were formed in the amount of 

EUR 821.7 thousand in the first six months of the current year, of which

EUR 297.2 thousand were formed in the first quarter and EUR 524.5 

thousand in the second quarter. Compared to the end of the previous year,

the volume of the Group's liquid assets declined by 11.7 % or EUR 13.4 

million, amounting to EUR 105.1 million at the end of the first half-

year. The share of the liquid assets in the Group's total assets 

accounted for 30.8 % at the end of June, compared to 34.3 % at the end 

of December 2001. 



Interest earning assets decreased by EUR 8.1 million or 2.5 % over the 

first half-year, while the annual growth of their volume was EUR 9.8 

million or 3.2 %. 



Interest income and expenses



The Group's interest income totalled EUR 11.1 million, interest expenses

EUR 4.8 million and net interest income EUR 6.3 million in the first 

half-year of 2002. Interest income grew by 1.3 % (EUR 137 thousand) and 

interest expenses decreased by 16.9 % (EUR 972 thousand), compared to 

the same period last year, as a result of which net interest income grew

by 21.4 % or EUR 1.1 million. 



Return on interest earning assets accounted for 6.9 % in the first half-

year of 2002 (compared to 8.0 % in the first half-year of 2001) and the 

expense on interest bearing liabilities accounted for 3.2 % (compared to

4.5 % in the first half-year of 2001) as a result of which the interest 

spread acconted for 3.8 % ( compared to 3.4 % in the first half-year of 

2001). 

 

Non-interest income 



The Group's non-interest income amounted to EUR 4.0 million in the first

half of the current year, having experienced a drop of 19.6 % or EUR 

970.0 thousand, compared to the same period last year. It should be 

noted that the volume of fees and commissions income remained almost 

unchanged, whereas income received from foreign exchange transactions 

dropped by 53.1 % or EUR 740 thousand. Of non-interest income earned in 

the first half-year of 2002, 70.9 % (compared to 57.2 % in the first 

half-year of 2001) was derived from fees and commissions income and 

16.4 % (compared to 28.2 % in the first half-year of 2001) from foreign 

exchange transactions.



Non-interest expenses 



Non-interest expenses in the first half of the current year totalled 

EUR 7.1 million, the share of the first quarter amounting to EUR 3.1 

million and that of the second quarter to EUR 4.0 million. The growth 

of non-interest income in the second quarter, compared to the same figure

in the first quarter, was mainly caused by the growth in advertising 

expenses ( a growth of EUR 330.4 thousand) and the growth in 

communication and data processing expenses (a growth of 40.5 %). 

Compared to the same period last year, non-interest expenses experienced

an increase of EUR 764 thousand or 12.1 %. In the first half-year of 

2002 the share of personnel and administrative expenses of non-interest 

expenses accounted for 49.7 % (EUR 3.5 million) and 36.4 % (EUR 2.6 

million), respectively. Compared to the same period last year, there has

been an increase of 25.5 % (EUR 718 thousand) in personnel expenses and 

an increase of 15.7 % (EUR 350 thousand) in administrative expenses. 

 







CONSOLIDATED BALANCE SHEET

(unaudited, in thousands)

                                 30.06.02  30.06.02   30.06.02   30.06.02

                                      EEK        EUR        EEK       EUR



1. Cash                            48 226     3 082	56 818	    3 631

2. Claims and loans             4 310 410   275 485  4 152 202	  265 373

2a. Claims and loans to 

central bank                      173 164    11 067    186 392	   11 913

2b. Claims and loans to credit 

institutions                      936 809    59 873  1 071 988	   68 512

2c. Claims and loans to clients 

of credit institution           2 638 608   168 637  2 238 120	  143 042

2d. Claims and loans to clients 

of leasing enterprises            702 420    44 893    776 934	   49 655

2e. Claims from insurance and 

reinsurance activities                  0          0           0        0

2f. Other claims                        0          0           0        0

2g. Uncollectible claims and 

loans                           - 140 591    - 8 985   - 121 232  - 7 748

3. Debt securities                607 173     38 805     611 992   39 113

4. Shares and other securities     93 752      5 992      40 085    2 562

5. Investments in associates            0	     0	   18 106    1 157

6. Intangible assets                1 307	    84	    4 916      314

6a. Consolidated goodwill               0          0           0        0

6b. Other intangible assets         1 307	    84	    4 916      314

7. Tangible assets                153 789      9 829     147 146    9 404

8. Settlements with shareholders        0          0           0        0

9. Other assets                    65 072      4 159     105 922    6 770

10. Prepayments and accured 

income                             63 489      4 058      88 784    5 674

TOTAL ASSETS                    5 343 218    341 493   5 225 971  334 000

                    

1. Amounts owed                 3 767 256    240 771   3 527 168  225 427

1a. Amounts owed to the 

central bank                            0          0       1 421       91

1b. Amount owed to the credit 

institutions                      586 488     37 483     555 916   35 529

1c. Amounts owed to the clients 

of credit institutions          3 145 759    201 050   2 881 437  184 157

1d. Amounts owed from insurance 

and reinsurance activities              0          0           0        0

1e. Other amounts owed             35 009      2 237      88 394    5 649

2. Debts evidenced by 

certificates                      581 826     37 185     568 560   36 338

3. Other liabilities              273 607     17 487     461 623   29 503

4.  Accruals and deferred income  115 172      7 361     102 785    6 569

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              4 932 361    315 235   4 854 636  310 267

8a. Share capital                 323 111     20 651     323 111   20 651

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

8c. General banking reserve             0          0           0        0

8d. Mandatory reserve               2 048        131           0        0

8e. Other reserves                      0          0           0        0

8f. Unrealised rate differences         0          0           0        0

8g. Profit or loss retained        68 617      4 385	      181       12

8h. O/w profit or loss for the 

financial year                     29 529      1 887      30 962    1 979

8i. Own shares                          0          0           0        0

Total owners´equity               410 857     26 258     371 335   23 733

TOTAL LIABILITIES AND OWNERS´

EQUITY                          5 343 218   341 493   5 225 971	  334 000







CONSOLIDATED INCOME STATEMENT

(unaudited, in thousands)     



                                 30.06.02 30.06.02   30.06.02  30.06.02

                                      EEK      EUR        EEK       EUR



1. Interest revenue               173 329   11 078    171 185	 10 941

1a. Interest revenue from 

banking activities                135 718    8 674    133 024     8 502

1b. Interest revenue from 

leasing activities                 37 611    2 404     38 161	  2 439

1c. Other interest revenue              0        0          7         0

2. Interest expense                74 892    4 786     90 095	  5 758

2a. Interest expense from 

banking activities                 74 662    4 772     90 095     5 758

2b. Interest expense from 

leasing activities                    230	  15          0         0

2c. Other interest expense              0        0          0         0

3. Net interest income (loss) 

(+/-)                              98 437    6 291     81 090	  5 183

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           2 147      137      2 904	    186

6. Equity method gains (losses) 

(+/-)                               1 882      120      1 769	    113

7. Fees and commissions income     35 984    2 300     33 724 	  2 155

  7a. Fees and commissions revenue 44 052    2 815     44 203	  2 825

  7b. Fees and commissions expense  8 068      516     10 479	    670

8. Net profit (loss) on financial 

operations (+/-)                    7 885      504     22 544	  1 441

9. General administrative expenses 95 686    6 115     78 978	  5 048

  9.a Salaries expense             41 232    2 635     33 113	  2 116

  9.b Social security expense      14 004      895     10 889	    696

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

  9.d Other administrative 

expenses                           40 450    2 585     34 976	  2 235

10. Value adjustments in tangible 

and intangible assets (+/-)       - 7 590    - 485   - 10 066	  - 643

11. Value adjustments in loans 

and off-balance sheet items (+/-)- 12 082   -  772   - 18 225	- 1 165

12. Value adjustments in long-term 

investments (+/-)                       0        0          0         0

13. Other operating income        - 1 175    -  75    - 2 777	 -  177

13a. Other operating revenue        6 159      394	5 883	    376

13b. Other operating expenses       7 334      469	8 660	    553

14. Extraordinary income/expenses

(+/-)                                   0        0          0         0

15. Profit/loss before taxation 

(+/-)                              29 802    1 905     31 985	  2 044

16. Income tax expenses               273       17	1 023	     65

16a. Income tax for reporting 

period                                273       17	1 023	     65

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 (+/-)                29 529    1 887     30 962	  1 979





Anneli Rõuk

PR Manager

6302103