OPTIVA PANK

INCOME STATEMENT



CONSOLIDATED INCOME STATEMENT, H1 2000



CONSOLIDATED INCOME STATEMENT

Unaudited, EEK in thousands 

                                               Group    Group    Group

                                            30-06-99 31-12-99 30-06-00



 Interest income                             121,713  229,234  113,917

 Interest expense                            -77,106 -135,804  -60,349

 Net interest income                          44,608   93,430   53,568

 Provisions for loan losses                  -27,246  -84,640  -10,937

 Recovered loans                               1,021    2,147      755

 Net interest income after provisions         18,383   10,937   43,386



 Other operating income

 Fees and commissions income                  23,416   58,610   34,284

  Income from foreign exchange operations     14,643   37,145   23,416

 Income from short-term investments           24,607   46,603    2,622

 Income from long-term investments            16,265    5,451    1,084

 Other income                                 10,942   24,367    8,710

 Total other operating income                 89,872  172,176   70,116



 Total income                                108,255  183,113  113,502



 Other operating expenses

 Fees and commissions expense                 -5,324  -15,110   -8,572

 Personnel expenses                          -35,553  -69,511  -37,921

 Other administrative expenses               -28,181  -53,707  -25,977

 Other operating expenses                     -4,330  -11,480   -5,412

 Assets revaluation                              -24     -103        0

 Total operating expenses                    -73,412 -149,911  -77,882



 Operating profit                             34,843   33,202   35,620

 Depreciation                                -26,569  -53,619  -26,021

 Profit before taxes                           8,274  -20,417    9,599

 Income tax                                     -774   -1,335        0

 Net income (loss) before minority share of    7,500  -21,752    9,599

 Minority share of profits                       112    1,112      205

 Profit (loss)                                 7,612  -20,640    9,804





OPTIVA BANK INCOME STATEMENT

                                                Bank     Bank     Bank

                                            30-06-99 31-12-99 30-06-00



 Interest income                             125,854  250,011  116,764

 Interest expense                            -77,766 -147,234  -63,566

 Net interest income                          48,089  102,777   53,198

 Provisions for loan losses                   -6,359  -61,389   -9,070

 Recovered loans                               1,021    1,030      751

 Net interest income after provisions         42,751   42,418   44,879



 Other operating income

 Fees and commissions income                  22,051   61,315   32,649

  Income from foreign exchange operations     15,361   36,819   22,572

 Income from short-term investments            2,136   21,987    1,466

 Income from long-term investments            17,208    1,306    7,578

 Other income                                  1,086    4,536      989

 Total other operating income                 57,842  125,963   65,254



 Total income                                100,593  168,382  110,132



 Other operating expenses

 Fees and commissions expense                 -6,104  -16,077   -8,527

 Personnel expenses                          -32,552  -61,199  -34,533

 Other administrative expenses               -32,813  -67,243  -30,440

 Other operating expenses                     -3,115   -7,228   -4,478

 Assets revaluation                              -24      -24        0

 Total operating expenses                    -74,609 -151,771   77,978



 Operating profit                             25,984   16,611   32,154

 Depreciation                                -18,371  -37,251  -22,349

 Profit before taxes                           7,612  -20,640    9,804

 Income tax                                        0        0        0

 Profit (loss)                                 7,612  -20,640    9,804





Piret Villman

Analysis Department

+372 6302442