EESTI ÜHISPANK

ANNOUNCEMENT

16.08.1999

 

COMMENTS ON THE FINANCIAL RESULTS OF EESTI ÜHISPANK, JULY 1999

 

* In July the profit of the  Bank amounted to EEK 6.7 million and  

the

total profit for the year was EEK 54.8 million

 

* Total growth of  deposits in July amounted  to EEK 67 million,  

i.e.

0.8%,  this  amount  includes  the  EEK  101  million growth in 

demand

deposits.

 

* In July  Johan Lindh, new  Management Board member,  former 

employee

of  SEB New York branch,  started his career in Eesti Ühispank  as 

CFO

and Financial Operations Risk Management

 

*  As  of  1  August  the  IT  systems of Eesti Ühispank are Year 

2000

compliant (visit <a href='http://www.eyp.ee/eng/text/aasta2000.html)' target='_blank'>http://www.eyp.ee/eng/text/aasta2000.html)</a>

 

At the end of  July 1999 the total  assets of Eesti Ühispank  

amounted

to EEK 14.3 billion, the monthly increase was EEK 51 Million or  

0.4%.

The profit earned in  July amounted to EEK  6.7 million and the  

total

for the year is EEK 54.8 million.

 

Client deposits grew by EEK  67 Million or 0.8%, demand  deposits 

grew

in amount of  EEK 101 million  and time deposits  decreased by EEK  

34

million.  Liquid assets (cash and advances to banks) increased by  

EEK

128 million. The net loan portfolio increased during the month by  

EEK

76 million, at the same time the investment in bonds decreased by  

EEK

215 million. At  the end of  July the net  loan portfolio amounted  

to

EEK 7,776 billion and  the loan provisions were  3% of the total  

loan

portfolio.

 

Investments in  subsidiaries increased  due to  the increase  of 

share

capital  in  real  estate  companies  PF  Koda  and AS Tornimäe, 

which

maintain the building of Eesti Ühispank's Head Office.

 

Bank' s capital adequacy as at the end of July was 13,14 per cent.

 

In the  beginning of  July, Eesti  Ühispank closed  already the 

eighth

branch  in  this  year,  this  process  is  continuing to optimise 

the

branch  network  and  to  customer  preferences  to  the  use  of 

more

effective electronic channels.

 

From the beginning of August, Eesti Ühispank IT systems are Year  

2000

compliant.  The  Bank has completed  the major year  2000 steps, 

which

started in spring 1998. At the same time client, partner and  

business

continuance  projects  continue,  and   also  the  active  change   

of

information with SEB  relevant specialist. For  additional 

information

of Eesti  Ühispank year  2000 project  in English,  please visit 

Eesti

Ühispank Internet home page:

<a href='http://WWW.EYP.EE/ENG/TEXT/AASTA2000.HTML.' target='_blank'>http://WWW.EYP.EE/ENG/TEXT/AASTA2000.HTML.</a>

 

 

Eesti Ühispank

2 Tornimäe Str. 15010 Tallinn

Tel: +372 66 55 100

Fax: +372 66 55 102

<a href='http://www.eyp.ee' target='_blank'>http://www.eyp.ee</a>