Information and Reporing Unit, Banking Supervision Division					6/8/2003
Statement for the first quarter - consolidated
United Mizrahi Bank Ltd. and its subsidiaries, Main data, NIS million
Taken from the quarterly report to 31.03.2003. Adjusted to the CPI for  03.2003.
Summary consolidated balance sheet	31.03.2003	31.12.2002	Bank's share of the banking system
			31.03.2003	31.12.2002
Cash and deposits in banks	11,363	10,884	11.7%	11.1%
Securities	3,522	4,037	3.0%	3.5%
Credit to the public	60,629	60,886	10.4%	10.3%
Credit to the government	133	139	1.7%	1.7%
Investments in companies included on an equity basis	147	144	4.1%	3.9%
Buildings and equipment	1,097	1,037	10.2%	9.8%
Other assets	889	806	4.2%	3.8%
Total assets	77,780	77,933	9.3%	9.2%
Deposits of the public	65,619	65,507	9.5%	9.4%
Deposits of banks	3,158	3,333	13.2%	14.6%
Deposits of the government	1,343	1,376	7.4%	7.4%
Bonds and subordinated notes	2,565	2,602	6.7%	6.9%
Other liabilities	1,188	1,297	4.5%	5.2%
Total liabilities	73,873	74,115	9.3%	9.2%
Quasi-capital items	0	0	0.0%	0.0%
Minority shareholders' rights	287	280
Equity	3,620	3,538	8.6%	8.5%
Summary consolidated profit and loss statement	Three months to		Bank's share of the banking system
			Three months to
	31.03.2003	31.03.2002	31.03.2003	31.03.2002
Net interest profit before loan-loss provision	368.0	344.0	9.3%	10.8%
Loan-loss provision	87.0	56.0	7.8%	6.9%
Operating and other income	224.0	229.0	10.5%	11.3%
Of which: Operating income	205.0	206.0	11.3%	12.2%
Operating and other expenses	352.0	348.0	9.4%	10.6%
Of which: Salaries and related expenses	228.0	228.0	9.8%	11.1%
Ordinary before-tax provision	153.0	169.0	12.4%	14.9%
Provision for taxes on ordinary profit	81.0	84.0	12.6%	15.8%
Ordinary after-tax profit	72.0	85.0	12.2%	14.1%
Bank's share in the profit of subsidiaries	3.0	-2.0
Share of minority shareholders in profit of consolidated companies	-6.0	-6.0
Extraordinary after-tax profit	-5.0	-1.0
Net profit	64.0	76.0	11.0%	13.5%
Profit after the effect of the difference between the known index and the "in lieu" index	77.0	91.0	11.1%	13.4%
Balances and rates of return on financial items by indexation base on 31.03.2003	Unindexed NIS	CPI-indexed  NIS	Foreign Currency (1)	Total financial items
Balance of financial assets on balance-sheet date	22,823	35,147	18,455	76,425
Balance of financial liabilities on balance-sheet date	26,623	32,193	14,989	73,805
Excess of financial assets over financial liabilities	-3,800	2,954	3,466	2,620
Total indexation balance (incl.forwards and options in term of basis assets) 2	-614	3,165	69	2,620
Rate of income on assets (percent) 3	6.80	3.98	-2.79	2.75
Rate of expenditure on liabilities (percent) 3	-4.74	-3.07	4.07	-1.35
Interest-rate differential	2.06	0.92	1.28	1.40
Problem borrowers	31.03.2003	31.12.2002
Total credit risk dew to problem borrowers	5,154.00	5,307.00
Total credit  to problem borrowers	4,478.00	4,581.00
Main financial ratios - consolidated (percent)	31.03.2003	31.12.2002
Equity/balance-sheet ratio	4.65	4.54
Finanancial capital/equity ratio	72.38	73.49
Equity/risk-weighted-assets ratio	9.55	9.52
Return on equity (net profit/gross weighted-capital ratio) 4	7.40	8.30
Operating income/operating expenses ratio 5	63.64	62.17
1 Including foreign-currency indexed NIS.
2 Forwards transactions.
3 Three-month rate of income (expenses), on annual basis including hedging, embedded and ALM derivatives.
4 Annual basis.
5 For three months. Comparative data are annual.
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