OPTIVA PANK

PROFIT AND LOSS ACCOUNT

01.01-31.12.98

 

in thousand EEK

Unconsolidated, unaudited  

 

						01.01-31.12.97		01.01-31.12.98

			     			     (Audited)		   (Unaudited)

		

 Interest income 				148,025				 208,342

 Interest expense 				-54,553				 -85,252

 Net interest income 				 93,472				 123,091

 Provisions for loan losses 			-17,671				-131,916

 Recovered loans 				    364				   2,221

 Net interest income after provisions 		 76,165				  -6,605

		

 Other operating income 		

 Fees and commissions income 			 66,808				  51,404

 Income from foreign exchange operations	 59,665				  35,302

 Income from short-term investment in shares 	 20,305				 -55,318

 Income from long-term investment in shares 	  8,573				 -79,767

 Other income 					    694				   1,330

 Total other operating income 			156,044				 -47,049

		

 Total income 					232,209				 -53,654

		

 Other operating expenses 		

 Fees and commissions expense 			-19,834				 -11,496

 Personnel expenses 				-45,650				 -55,654

 Other administrative expenses 			-49,549				 -71,005

 Other operating expenses 			 -3,914				 -12,486

 Assets revaluation 				 -5,041				 -37,161

		

 Total operating expenses 			123,989				-187,802

		

 Operating profit 				108,220				-241,456

 Depreciation 					-13,245				 -14,487

 Profit before taxes 				 94,976				-255,943

 Income tax  					-20,113				       0

 Profit/Loss for the financial year 		 74,862				-255,943