HANSAPANK

COMMENTARY TO FINANCIAL RESULTS



LATVIAN HANSABANKA'S RESULTS, 9 MONTHS 2001



A/s Hansabanka’s result for the first nine months of 2001 was a LVL

4.63 million profit. The bank’s assets increased by 34.3% to LVL 451.4

million during the period.



Over the last 12 months (September 01 vs September 00) Hansabanka’s

clients’ deposits increased by 29.6% to LVL 360.4 million at the end

of September 2001. Demand deposits increased by 28.1% and term

deposits increased by 31.9%. Through deposit growth, the bank’s assets

grew by 34.3% or LVL 115.4 million amounting to LVL 451.4 million at

the end of September.



Hansabanka’s loan portfolio increased by 46.6% year-on-year to LVL

211.0 million. As of September 30 total loans formed just 58.5% of

clients’ deposits and the net loan portfolio formed 46.0% of total

assets (45.5% in the beginning of the year). Allowance for credit

losses totalled LVL 3.47 million at the end of September, forming

1.64% of the loan portfolio.



During the first nine months of the year Hansabanka earned a net

profit of LVL 4.63 million, which exceeds last year’s same period

result by 21.8%. For the first nine months the bank’s revenues

amounted to LVL 22.94 million, up by 28.4% from last year’s same

period. Of this LVL 10.43 million was formed by non-interest income

and LVL 12.51 million by net interest income. The bank’s operating

expenses amounted to LVL 15.33 million, which is 23.9% higher than a

year ago.



As at September 30, 2001 1 LVL = 27.61 EEK





Mart Tõevere

Head of investor relations

+372 6131 569