Information and Reporing Unit, Banking Supervision Division					6/8/2003
Statement for the first quarter - bank
Bank Massad Ltd., 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
Summary consolidated balance sheet	31.03.2003	31.12.2002	31.03.2003	31.12.2002
Cash and deposits in banks	690	772	0.7%	0.8%
Securities	910	805	0.8%	0.7%
Credit to the public	908	945	0.2%	0.2%
Credit to the government	0	0	0.0%	0.0%
Investments in companies included on an equity basis	0	0	0.0%	0.0%
Buildings and equipment	62	63	0.6%	0.6%
Other assets	13	18	0.1%	0.1%
Total assets	2,582	2,603	0.3%	0.3%
Deposits of the public	2,358	2,393	0.3%	0.3%
Deposits of banks	10	8	0.0%	0.0%
Deposits of the government	0	0	0.0%	0.0%
Bonds and subordinated notes	0	0	0.0%	0.0%
Other liabilities	17	16	0.1%	0.1%
Total liabilities	2,385	2,416	0.3%	0.3%
Quasi-capital items	0	0	0.0%	0.0%
Equity	197	187	0.5%	0.5%

Summary consolidated profit and loss statement	Three months to		Bank's share of the banking system
	Three months to		Three months to
	31.03.2003	31.03.2002	31.03.2003	31.03.2002
Net interest profit before loan-loss provision	24.4	12.1	0.6%	0.4%
Loan-loss provision	2.6	1.6	0.2%	0.2%
Operating and other income	15.4	15.6	0.7%	0.8%
Of which: Operating income	11.7	11.4	0.6%	0.7%
Operating and other expenses	27.3	23.3	0.7%	0.7%
Of which: Salaries and related expenses	15.2	11.9	0.7%	0.6%
Ordinary before-tax provision	9.9	2.8	0.8%	0.2%
Provision for taxes on ordinary profit	5.5	0.9	0.9%	0.2%
Ordinary after-tax profit	4.4	1.9	0.7%	0.3%
Bank's share in the profit of subsidiaries	0.0	0.0
Share of minority shareholders in profit of consolidated companies
Extraordinary after-tax profit	0.3	0.0
Net profit	4.7	1.9	0.8%	0.3%
Profit after the effect of the difference between the known index and the "in lieu" index	5.3	2.5	0.8%	0.4%

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	1,237	1,080	203	2,520
Balance of financial liabilities on balance-sheet date	1,222	996	168	2,385
Excess of financial assets over financial liabilities	16	84	36	135
Total indexation balance (incl.forwards and options in term of basis assets) 2	4	115	16	135
Rate of income on assets (percent) 3	8.86	3.75	-0.34	5.71
Rate of expenditure on liabilities (percent) 3	-2.92	-1.33	1.18	-1.92
Interest-rate differential	5.93	2.42	0.84	3.79

Problem borrowers	31.03.2003	31.12.2002
Total credit risk dew to problem borrowers	121.90	133.20
Total credit to problem borrowers	121.20	131.90

Main financial ratios - consolidated (percent)	31.03.2003	31.12.2002
Equity/balance-sheet ratio	7.63	7.18
Finanancial capital/equity ratio	68.49	66.33
Equity/risk-weighted-assets ratio	15.37	15.73
Return on equity (net profit/gross weighted-capital ratio) 4	10.50	3.90
Operating income/operating expenses ratio 5	56.41	55.84

^{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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