Information and Reporing Unit, Banking Supervision Division					03/06/2002
Statement for the first quarter - consolidated
United Mizrahi Bank 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	11,525	15,201	12.0%	13.2%
Securities	3,258	2,606	3.2%	2.6%
Credit to the public	56,801	56,984	10.1%	10.2%
Credit to the government	149	155	1.6%	1.7%
Investments in companies included on an equity basis	137	138	3.3%	3.3%
Buildings and equipment	876	873	8.9%	8.8%
Other assets	1,000	869	5.6%	5.1%
Total assets	73,746	76,826	9.2%	9.4%
Deposits of the public	62,062	65,510	9.4%	9.7%
Deposits of banks	3,325	3,193	14.1%	14.9%
Deposits of the government	1,103	1,123	5.8%	5.8%
Bonds and subordinated notes	2,400	2,314	6.6%	6.7%
Other liabilities	1,395	1,290	6.2%	6.0%
Total liabilities	70,285	73,430	9.3%	9.5%
Quasi-capital items	0	0	0.0%	0.0%
Minority shareholders' rights	245	238
Equity	3,216	3,158	8.0%	7.8%
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	328.0	291.0	8.0%	6.8%
Loan-loss provision	54.0	38.0	4.0%	5.7%
Operating and other income	216.0	209.0	8.5%	8.7%
Of which: Operating income	195.0	185.0	9.2%	9.2%
Operating and other expenses	329.0	328.0	7.7%	7.2%
Of which: Salaries and related expenses	218.0	219.0	8.2%	7.3%
Ordinary before-tax provision	161.0	134.0	15.9%	9.2%
Provision for taxes on ordinary profit	80.0	59.0	14.2%	8.0%
Ordinary after-tax profit	81.0	75.0	18.0%	10.3%
Bank's share in the profit of subsidiaries	-1.0	3.0
Share of minority shareholders in profit of consolidated companies	-6.0	-7.0
Extraordinary after-tax profit	-1.0	0.0
Net profit	73.0	71.0	18.3%	11.3%
Profit after the effect of the difference between the known index and the "in lieu" index	87.0	77.0	15.9%	11.1%
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	23,504	33,722	15,381	72,607
Balance of financial liabilities on balance-sheet date	25,039	30,766	14,423	70,228
Excess of financial assets over financial liabilities	-1,535	2,956	958	2,379
Total indexation balance (incl.forwards and options in term of basis assets) 2	-555	2,893	41	2,379
Rate of income on assets (percent) 3	-3.46	3.50	16.19	3.78
Rate of expenditure on liabilities (percent) 3	5.85	-2.62	-14.60	-2.13
Interest-rate differential	2.39	0.88	1.60	1.65
Problem borrowers	31.03.2002	31.12.2001
Total credit risk dew to problem borrowers	5,106.00	5,127.00
Total credit  to problem borrowers	4,309.00	4,347.00
Main financial ratios - consolidated (percent)	31.03.2002	31.12.2001
Equity/balance-sheet ratio	4.36	4.11
Finanancial capital/equity ratio	73.97	73.75
Equity/risk-weighted-assets ratio	9.21	9.11
Return on equity (net profit/gross weighted-capital ratio) 4	9.60	8.10
Operating income/operating expenses ratio 5	65.65	63.86
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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