Information and Reporing Unit, Banking Supervision Division					03/06/2002
Statement for the first quarter - consolidated
Union Bank of Israel Ltd. and its subsidiaries, Main data, NIS million
Taken from the quarterly report to 31.03.2002. Adjusted to the CPI for  03.2002.
Summary consolidated balance sheet	31.03.2002	31.12.2001	Bank's share of the banking system
			31.03.2002	31.12.2001
Cash and deposits in banks	1,697	1,703	1.8%	1.5%
Securities	2,996	2,880	3.0%	2.8%
Credit to the public	16,324	16,591	2.9%	3.0%
Credit to the government	61	60	0.7%	0.7%
Investments in companies included on an equity basis	55	52	1.3%	1.2%
Buildings and equipment	334	334	3.4%	3.4%
Other assets	874	1,004	4.9%	5.9%
Total assets	22,341	22,624	2.8%	2.8%
Deposits of the public	18,928	19,116	2.9%	2.8%
Deposits of banks	659	729	2.8%	3.4%
Deposits of the government	20	23	0.1%	0.1%
Bonds and subordinated notes	592	551	1.6%	1.6%
Other liabilities	997	1,053	4.4%	4.9%
Total liabilities	21,196	21,472	2.8%	2.8%
Quasi-capital items	0	0	0.0%	0.0%
Minority shareholders' rights	0	0
Equity	1,145	1,152	2.8%	2.9%
Summary consolidated profit and loss statement	Three months to		Bank's share of the banking system
			Three months to
	31.03.2002	31.03.2001	31.03.2002	31.03.2001
Net interest profit before loan-loss provision	127.0	127.0	3.1%	3.0%
Loan-loss provision	37.0	18.0	2.8%	2.7%
Operating and other income	61.0	45.0	2.4%	1.9%
Of which: Operating income	57.0	41.0	2.7%	2.0%
Operating and other expenses	116.0	121.0	2.7%	2.6%
Of which: Salaries and related expenses	73.0	77.0	2.7%	2.6%
Ordinary before-tax provision	35.0	33.0	3.5%	2.3%
Provision for taxes on ordinary profit	14.0	17.0	2.5%	2.3%
Ordinary after-tax profit	21.0	16.0	4.7%	2.2%
Bank's share in the profit of subsidiaries	0.0	1.0
Share of minority shareholders in profit of consolidated companies	0.0	0.0
Extraordinary after-tax profit	0.0	0.0
Net profit	21.0	17.0	5.3%	2.7%
Profit after the effect of the difference between the known index and the "in lieu" index	27.0	19.0	4.9%	2.7%
Balances and rates of return on financial items by indexation base on 31.03.2002	Unindexed NIS	CPI-indexed  NIS	Foreign Currency (1)	Total financial items
Balance of financial assets on balance-sheet date	9,019	4,263	8,521	21,803
Balance of financial liabilities on balance-sheet date	10,105	3,389	7,623	21,117
Excess of financial assets over financial liabilities	-1,086	874	898	686
Total indexation balance (incl.forwards and options in term of basis assets) 2	-300	874	112	686
Rate of income on assets (percent) 3	-3.36	3.53	23.39	6.56
Rate of expenditure on liabilities (percent) 3	5.90	-3.21	-21.47	-4.83
Interest-rate differential	2.54	0.32	1.92	1.74
Problem borrowers	31.03.2002	31.12.2001
Total credit risk dew to problem borrowers	1,557.00	1,402.00
Total credit  to problem borrowers	1,523.00	1,366.00
Main financial ratios - consolidated (percent)	31.03.2002	31.12.2001
Equity/balance-sheet ratio	5.13	5.09
Finanancial capital/equity ratio	59.91	58.33
Equity/risk-weighted-assets ratio	9.80	8.80
Return on equity (net profit/gross weighted-capital ratio) 4	6.00	1.90
Operating income/operating expenses ratio 5	52.59	38.15
1 Including foreign-currency indexed NIS.
2 Forwards transactions.
3 Three-month rate of income (expenses), on annual basis including ALM derivatives.
4 Annual basis.
5 For three months. Comparative data are annual.
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