Information and Reporing Unit, Banking Supervision Division					09/06/2004
Statement for the first quarter - consolidated
Bank Massad 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	664	1,111	0.7%	1.1%
Securities	885	568	0.7%	0.5%
Credit to the public	999	1,000	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	59	60	0.6%	0.6%
Other assets	19	8	0.1%	0.0%
Total assets	2,627	2,747	0.3%	0.3%
Deposits of the public	2,374	2,505	0.4%	0.4%
Deposits of banks	6	6	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	27	22	0.1%	0.1%
Total liabilities	2,406	2,533	0.3%	0.3%
Quasi-capital items	0	0	0.0%	0.0%
Minority shareholders' rights	0	0
Equity	221	215	0.5%	0.5%
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	24.1	25.6	0.5%	0.5%
Loan-loss provision	2.3	2.5	0.2%	0.2%
Operating and other income	17.2	15.1	0.6%	0.6%
Of which: Operating income	12.5	11.4	0.5%	0.5%
Operating and other expenses	28.4	27.1	0.6%	0.6%
Of which: Salaries and related expenses	16.0	15.0	0.5%	0.5%
Ordinary before-tax provision	10.6	9.6	0.6%	0.7%
Provision for taxes on ordinary profit	5.4	5.3	0.7%	0.7%
Ordinary after-tax profit	5.2	4.3	0.5%	0.7%
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	0.3
Net profit	5.2	4.6	0.4%	0.8%
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	1,544	835	189	2,567
Balance of financial liabilities on balance-sheet date	1,487	734	185	2,406
Excess of financial assets over financial liabilities	57	101	3	161
Total indexation balance (incl.forwards and options in term of basis assets) 2	3	142	16	161
Rate of income on assets (percent) 3	7.64	4.45	8.77	6.61
Rate of expenditure on liabilities (percent) 3	-2.58	-3.56	-9.31	-3.40
Interest-rate differential	5.06	0.89	-0.54	3.21
Problem borrowers	31.03.2004	31.12.2003
Total credit risk dew to problem borrowers	138	138
Total credit  to problem borrowers	134	136
Main financial ratios - consolidated (percent)	31.03.2004	31.12.2003
Equity/balance-sheet ratio	8.40	7.81
Finanancial capital/equity ratio	73.12	71.99
Equity/risk-weighted-assets ratio	15.66	14.98
Return on equity (net profit/gross weighted-capital ratio) 4	10.10	15.20
Operating income/operating expenses ratio 5	60.56	55.68
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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