Information and Reporing Unit, Banking Supervision Division					09/06/2004
Statement for the first quarter - consolidated
Investec  Bank (Israel) 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	3,144	3,609	3.3%	3.6%
Securities	1,103	886	0.9%	0.7%
Credit to the public	1,443	1,328	0.3%	0.2%
Credit to the government	68	66	1.3%	1.2%
Investments in companies included on an equity basis	3	2	0.1%	0.1%
Buildings and equipment	106	107	1.0%	1.0%
Other assets	177	309	0.8%	1.3%
Total assets	6,044	6,307	0.7%	0.8%
Deposits of the public	5,308	5,513	0.8%	0.8%
Deposits of banks	34	25	0.1%	0.1%
Deposits of the government	0	0	0.0%	0.0%
Bonds and subordinated notes	0	0	0.0%	0.0%
Other liabilities	204	227	0.7%	0.8%
Total liabilities	5,545	5,765	0.7%	0.7%
Quasi-capital items	0	0	0.0%	0.0%
Minority shareholders' rights	0	0
Equity	499	542	1.1%	1.2%
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	26.8	20.8	0.5%	0.4%
Loan-loss provision	1.1	0.3	0.1%	0.0%
Operating and other income	23.9	17.6	0.8%	0.7%
Of which: Operating income	21.5	16.6	0.9%	0.8%
Operating and other expenses	34.5	32.1	0.7%	0.7%
Of which: Salaries and related expenses	19.0	15.6	0.6%	0.5%
Ordinary before-tax provision	15.1	2.3	0.8%	0.2%
Provision for taxes on ordinary profit	8.1	2.0	1.0%	0.3%
Ordinary after-tax profit	7.0	0.3	0.7%	0.0%
Bank's share in the profit of subsidiaries	0.4	-0.1
Share of minority shareholders in profit of consolidated companies	0.0	0.0
Extraordinary after-tax profit	0.0	0.6
Net profit	7.4	0.8	0.6%	0.1%
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	3,365	232	2,250	5,847
Balance of financial liabilities on balance-sheet date	3,060	67	2,328	5,455
Excess of financial assets over financial liabilities	306	164	-78	392
Total indexation balance (incl.forwards and options in term of basis assets) 2	207	164	20	392
Rate of income on assets (percent) 3	4.54	4.39	14.65	8.64
Rate of expenditure on liabilities (percent) 3	-3.82	-4.60	-13.11	-7.88
Interest-rate differential	0.72	-0.21	1.54	0.76
Problem borrowers	31.03.2004	31.12.2003
Total credit risk dew to problem borrowers	205	204
Total credit  to problem borrowers	203	203
Main financial ratios - consolidated (percent)	31.03.2004	31.12.2003
Equity/balance-sheet ratio	8.25	8.60
Finanancial capital/equity ratio	78.49	75.66
Equity/risk-weighted-assets ratio	20.10	19.00
Return on equity (net profit/gross weighted-capital ratio) 4	5.60	4.30
Operating income/operating expenses ratio 5	69.28	58.95
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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