Information and Reporing Unit, Banking Supervision Division					09/06/2004
Statement for the first quarter - consolidated
United Mizrahi Bank Ltd. and its subsidiaries , Main data, NIS million
Taken from the quarterly report to 31.03.2004, reported amounts at 31.03.2004 (2003  in adjusted amounts).
Summary consolidated balance sheet	31.03.2004	31.12.2003	Bank's share of the banking system
			31.03.2004	31.12.2003
Cash and deposits in banks	10,079	12,725	10.5%	12.5%
Securities	5,900	3,976	4.6%	3.3%
Credit to the public	60,232	59,431	10.6%	10.5%
Credit to the government	109	111	2.0%	1.9%
Investments in companies included on an equity basis	170	166	4.6%	4.6%
Buildings and equipment	1,101	1,107	10.3%	10.4%
Other assets	1,421	1,399	6.6%	5.8%
Total assets	79,012	78,915	9.5%	9.4%
Deposits of the public	65,254	65,743	9.7%	9.7%
Deposits of banks	3,447	3,227	13.4%	13.3%
Deposits of the government	1,257	1,261	7.5%	7.4%
Bonds and subordinated notes	3,034	2,706	7.6%	7.0%
Other liabilities	1,901	1,820	6.9%	6.4%
Total liabilities	74,893	74,757	9.5%	9.5%
Quasi-capital items	0	0	0.0%	0.0%
Minority shareholders' rights	290	283
Equity	3,829	3,875	8.5%	8.8%
Summary consolidated profit and loss statement	Three months to		Bank's share of the banking system
			Three months to
	31.03.2004	31.03.2003	31.03.2004	31.03.2003
Net interest profit before loan-loss provision	384.0	387.0	7.6%	7.7%
Loan-loss provision	76.0	88.0	6.2%	6.6%
Operating and other income	257.0	224.0	8.5%	8.7%
Of which: Operating income	219.0	205.0	9.0%	9.5%
Operating and other expenses	374.0	352.0	7.5%	7.5%
Of which: Salaries and related expenses	239.0	228.0	7.7%	7.8%
Ordinary before-tax provision	191.0	148.0	10.2%	10.9%
Provision for taxes on ordinary profit	90.0	78.0	11.3%	10.4%
Ordinary after-tax profit	101.0	70.0	9.4%	11.5%
Bank's share in the profit of subsidiaries	3.0	3.0
Share of minority shareholders in profit of consolidated companies	-6.0	-6.0
Extraordinary after-tax profit	0.0	-5.0
Net profit	98.0	62.0	7.7%	10.9%
Balances and rates of return on financial items by indexation base on 31.03.2004	Unindexed NIS	CPI-indexed  NIS	Foreign Currency (1)	Total financial items
Balance of financial assets on balance-sheet date	24,203	33,272	19,936	77,411
Balance of financial liabilities on balance-sheet date	29,513	29,202	16,098	74,813
Excess of financial assets over financial liabilities	-5,310	4,070	3,838	2,598
Total indexation balance (incl.forwards and options in term of basis assets) 2	22	2,679	-103	2,598
Rate of income on assets (percent) 3	5.86	5.21	15.48	8.87
Rate of expenditure on liabilities (percent) 3	-3.98	-4.42	-14.66	-7.77
Interest-rate differential	1.88	0.79	0.82	1.09
Problem borrowers	31.03.2004	31.12.2003
Total credit risk dew to problem borrowers	4,812	4,948
Total credit  to problem borrowers	4,381	4,549
Main financial ratios - consolidated (percent)	31.03.2004	31.12.2003
Equity/balance-sheet ratio	4.85	4.91
Finanancial capital/equity ratio	67.85	67.02
Equity/risk-weighted-assets ratio	10.01	9.81
Return on equity (net profit/gross weighted-capital ratio) 4	10.50	9.70
Operating income/operating expenses ratio 5	68.72	67.40
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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