Information and Reporing Unit, Banking Supervision Division					6/8/2003
Statement for the first quarter - consolidated
Mishkan Bank Hapoalim Lemashkantaot 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	30	27	9.9%	8.5%
Securities	0	0	0.0%	0.0%
Credit to the public	27,102	27,193	24.5%	24.5%
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	84	85	32.0%	32.5%
Other assets	41	29	9.3%	7.4%
Total assets	27,257	27,334	24.4%	24.3%
Deposits of the public	10,478	10,715	23.6%	23.8%
Deposits of banks	14,084	13,918	25.7%	25.4%
Deposits of the government	429	457	26.1%	27.2%
Bonds and subordinated notes	539	567	14.6%	15.0%
Other liabilities	141	113	28.4%	23.1%
Total liabilities	25,671	25,770	24.4%	24.3%
Quasi-capital items	0	0	0.0%	0.0%
Minority shareholders' rights	0	0	0.0%	0.0%
Equity	1,586	1,564	23.8%	23.8%
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	74.0	72.0	22.9%	26.9%
Loan-loss provision	18.0	12.0	17.4%	19.4%
Operating and other income	51.0	56.0	25.1%	24.4%
Of which: Operating income	51.0	56.0	25.6%	24.9%
Operating and other expenses	59.0	41.0	30.2%	23.3%
Of which: Salaries and related expenses	36.0	19.0	31.4%	20.4%
Ordinary before-tax provision	48.0	75.0	21.2%	29.0%
Provision for taxes on ordinary profit	26.0	30.0	21.9%	24.8%
Ordinary after-tax profit	22.0	45.0	20.3%	32.7%
Bank's share in the profit of subsidiaries	0.0	0.0
Share of minority shareholders in profit of consolidated companies	0.0	0.0
Extraordinary after-tax profit	0.0	0.0
Net profit	22.0	45.0	20.4%	32.8%
Profit after the effect of the difference between the known index and the "in lieu" index	29.0	52.0	21.1%	30.8%
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	1,022	24,807	1,342	27,171
Balance of financial liabilities on balance-sheet date	1,252	23,063	1,345	25,660
Total indexation balance (incl.forwards and options in term of basis assets) 2	-63	1,744	-170	1,511
Additional information on the CPI-indexed sector for the three months to 31.03.2003	Average balance for three months	Net three monthly interest income (expenses)		Rate of income  (expenditure) (2)
Total financial assets(3)	25,068	232.0		3.75
Total financial liabilities(3)	23,288	-178.0		-3.09
Interest-rate differential				0.66
Problem borrowers	31.03.2003	31.12.2002
Total credit risk dew to problem borrowers	1100.00	1012.00
Total credit  to problem borrowers	1100.00	1012.00
Main financial ratios - consolidated (percent)	31.03.2003	31.12.2002
Equity/balance-sheet ratio	5.82	5.72
Finanancial capital/equity ratio	95.27	95.08
Equity/risk-weighted-assets ratio	9.50	9.40
Return on equity (net profit/gross weighted-capital ratio) (4)	5.80	13.50
Operating income/operating expenses ratio (5)	86.44	131.68
1 Including foreign-currency indexed NIS.
2 Three-month rate of income (expenses), on annual basis including hedging, embedded and ALM derivatives.
3 Including hedging, embedded and ALM derivatives.
4 Annual basis.
5 For three months. Comparative data are annual.					26