Information and Reporing Unit, Banking Supervision Division					09/06/2004
Statement for the first quarter - bank
"Mashavim" United Mizrahi" Bank Issuing Company Ltd.  , 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
Cash and deposits in banks	30	30
Securities	0	0
Credit to the public	0	0
Credit to the government	8	10
Investments in companies included on an equity basis	0	0
Buildings and equipment	5	5
Other assets	0	0
Total assets	44	45
Deposits of the public	0	0
Deposits of banks	0	0
Deposits of the government	0	0
Bonds and subordinated notes	8	10
Other liabilities	0	0
Total liabilities	9	10
Quasi-capital items	0	0
Minority shareholders' rights	0	0
Equity	35	35
Summary consolidated profit and loss statement	Three months to
	31.03.2004	31.03.2003
Net interest profit before loan-loss provision	0.2	0.4
Loan-loss provision	0.0	0.0
Operating and other income	0.1	0.1
Of which: Operating income	0.1	0.1
Operating and other expenses	0.1	0.1
Of which: Salaries and related expenses	0.0	0.0
Ordinary before-tax provision	0.2	0.1
Provision for taxes on ordinary profit	0.1	0.1
Ordinary after-tax profit	0.1	0.0
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	0.1	0.0
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	1	38	0	39
Balance of financial liabilities on balance-sheet date	0	8	0	9
Excess of financial assets over financial liabilities	0	30	0	30
Total indexation balance (incl.forwards and options in term of basis assets) 2	0	30	0	30
Rate of income on assets (percent) 3	3.71	3.54	0.00	3.54
Rate of expenditure on liabilities (percent) 3	-7.47	-4.48	0.00	-4.50
Interest-rate differential	-3.76	-0.94	0.00	-0.96
Problem borrowers	31.03.2004	31.12.2003
Total credit risk dew to problem borrowers	0	0
Total credit  to problem borrowers	0	0
Main financial ratios - consolidated (percent)	31.03.2004	31.12.2003
Equity/balance-sheet ratio	80.29	76.93
Finanancial capital/equity ratio	85.92	85.74
Equity/risk-weighted-assets ratio	318.02	306.73
Return on equity (net profit/gross weighted-capital ratio) 4	1.47	1.93
Operating income/operating expenses ratio 5	97.50	95.00
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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