HANSAPANK

INCOME STATEMENT



LATVIAN SUBSIDIARY'S AUDITED INCOME STATEMENT 1999



(LVL in thousands, audited)              1999     1998

                                                      

Net interest income                                   

Interest income                        10,586    6,734

Interest expense                      (3,490)  (2,718)

Net interest income                     7,096    4,016

                                                      

Provisions released/ (written-off)    (2,946)  (2,812)

Recovered loans previously written-       442       55

off

Net interest income after provision                      

for credit losses                       4,591    1,259

                                                      

Non-interest income                                   

Foreign exchange gains and losses       3,789      891

Trading income                            223  (1,134)

Dividends                                  36        -

Fees and commissions                    6,128    2,828

Other income                              179       78

Total non-interest income              10,355    2,662

Total income after provision for                       

credit losses                          14,947    3,922

                                                      

Non-interest expenses                                 

Service fees                            (744)    (582)

Personnel expenses                    (4,345)  (2,206)

Data network expenses                   (628)    (308)

Administration expenses               (3,669)  (2,134)

Other operating expenses              (1,527)    (313)

Depreciation                          (3,144)  (1,554)

Total non-interest expenses          (14,057)  (7,163)

Net operating profit/ (loss) before                        

taxation                                  890  (3,241)

Profit/ (loss) for the year             1,050  (3,241)





Mart Tõevere

Analyst

+372 6131 569