In  the first quarter of 2003 JSC "Pirmā banka" has earned nearly twice

as  much  as  in  the  respective period in the preceding year. In 2003

Pirmā   banka  expects  to  have  a profit of LVL 1.597 million; in the

first quarter it has earned a profit of LVL 475.4 thousand.

Loan  portfolio  has  demonstrated  the  most  rapid  growth  since the

beginning of the year - nearly 13%, to LVL 99 million. The deposits and

assets  have  increased  by  8%  (to  LVL  65 million) and 3.5% (to 148

million) respectively.

During  the  first  quarter of the year the Bank opened one more branch

office in Riga, 14 Marijas Street; started the servicing of smart-cards

by installing the first terminal of that type in Latvia and even in the

Baltics at the branch office 52 Brīvības Street. By the end of the year

the  Bank is planning to start distributing smart-cards to the clients,

to  open  5  more branch offices in Riga, and to proceed with upgrading

and improving the branch offices in the Latvian regions.