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A/S Latvijas Unibank (LVUD)

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Wednesday 01 November, 2000

A/S Latvijas Unibank

9 Months Results to 30/09/00

A/S Latvijas Unibanka
31 October 2000



A/S LATVIJAS UNIBANKA

Summarised Interim Condensed Consolidated and Bank Financial Statements
for the nine months period ended 30 September 2000

Contents

    Auditor's Report                                 
    Condensed Statement of Income                    
    Condensed Balance Sheet and Memorandum Items     


                        PRICE WATERHOUSE COOPERS SIA
                           AUDITORS' REVIEW REPORT

To the Board of Directors of A/S Latvijas Unibanka

We have reviewed the interim condensed financial statements of A/S Latvijas
Unibanka (the Group) and interim condensed financial statements of A/S  Latvijas
Unibanka (the Bank) for the 9 months period ended 30 September 2000 from which
the summarised financial statements were derived.  We have not  performed an
audit and, accordingly, we do not express an audit opinion. In our report dated
26 October 2000 we expressed an unqualified opinion on the  financial statements
from which the summarised financial statements were
derived.

In our opinion, the accompanying summarised financial statements are consistent,
in all material respects, with the financial statements from which they were
derived.

For a better understanding of the Group's and Bank's financial position and the 
results of their operations for the period and the scope of our review, the
summarised financial statements should be read in conjunction with the financial
statements from which the summarised financial statements were derived and our
review report thereon.

PricewaterhouseCoopers SIA
26 October 2000


                             A/S Latvijas Unibanka
    Summarised Interim Condensed Consolidated and Bank Financial Statements
                for the nine months period ended 30 September 2000

       
Interim Statement of Income 
for the nine month period ended 30 September 2000
   

                                          Nine months ended 30 September
                                          2000                      1999
                                     Group      Bank        Group      Bank
                                    Ls'000    Ls'000       Ls'000      Ls'000

Interest income                     22,390    21,831       21,398      20,853 
Interest expense                    (9,571)   (9,589)      (7,793)     (7,799)
                                    ------    ------       ------      ------
Net interest income                 12,819    12,242       13,605      13,054
       
Commission and fee income            8,943     8,467        7,496       7,387
Commission and fee expense          (1,281)   (1,280)        (667)       (651)
                                    ------    ------       ------      ------
Net commission and fee income        7,662     7,187        6,829       6,736

Dividends received                      33        33           29          29

Profit on securities trading and 
 foreign exchange, net               3,382     3,373        2,737       2,717
Other operating income                 804       501          273         211
                                    ------    ------       ------      ------
Operating income                    24,700    23,336       23,473      22,747
                                    ------    ------       ------      ------

Administrative expense              (11,976)  (11,621)      (9,893)     (9,522)
Amortisation and depreciation 
 charge                             (2,138)   (1,928)      (1,663)     (1,609)

Provision expense for possible 
 losses                             (3,958)   (3,800)      (6,869)     (6,813)
Release of previously established 
 provision                           3,609     3,609        3,484       3,484

Income from associates                 (58)      374            -         111
                                    ------    ------       ------      ------
Result before corporate taxes       10,179     9,970        8,532       8,398
                                    ------    ------       ------      ------

Corporate taxes                     (2,230)   (2,049)        (391)       (315)
                                    ------    ------       ------      ------
Net profit before minority Interest  7,949     7,921        8,141       8,083
                                    ------    ------       ------      ------

Minority interest                      (28)        -          (58)          -
                                    ------    ------       ------      ------
Net profit for the period            7,921     7,921        8,083       8,083
Annualised earnings per share
(in santims per share)                         28.46                    29.04

The financial statements have been approved by the management of the Bank and
signed an its behalf by:

                President                           Viesturs Neimanis
              Chairman of the Board               Senior Vice President
          
Riga
26 October 2000


                          A/S Latvijas Unibanka
 Summarised Interim Condensed Consolidated and Bank Financial Statements
            for the nine months period ended 30 September 2000

Interim Balance Sheets and Memorandum Items
as at 30 September 2000

                                           30/09/00             31/12/99
                                       Group       Bank      Group      Bank
                                      Ls'000       Ls'000    Ls'000     Ls'0O0

Assets

Cash and deposits with the
Bank of Latvia                        23,131       23,131    34,755     34,754  
                        
Balances due from credit
institutions                          64,190       64,159    31,531     31,525
Loans and advances to
non-banking customers                243,266      241,747   205,127    203,660
Treasury bills and other fixed
income securities                     37,426       37,426    28,924     28,924
Shares and other non-fixed
income securities                      9,314        9,314     8,907      8,907
Investments in associated
entities                                 100          100       100        100
Investments in subsidiaries              324        3,707         -      3,008
Goodwill                                 248            -       295          -
Intangible assets                          7            -         2          -
Property and equipment                24,302       23,268    19,690     19,033
Other assets                           2,785        1,755     1,031        850
Prepayments and accrued income         2,856        2,747     5,335      4,496
Total assets                         407,949      407,354   335,697    335,257

Liabilities

Bonds issued and other debt
securities                             4,834        4,834         -          -
Balances due to credit
institutions                          66,430       66,429    89,731     89,731
Deposits from the public             275,251      276,222   194,140    194,535
Other liabilities, including
tax liability                          3,023        1,736     1,864      1,202
Accrued expense                        3,164        2,986     2,116      2,023
Provision for liabilities
and charges                            2,341        2,293       658        607
Total liabilities                    355,043      354,500   288,509    288,098

Minority interest                         52            -        29          -
Subordinated liabilities              10,696       10,696    10,139     10,139
Shareholders' equity
Paid-in share capital                 37,106       37,106    37,106     37,106
Share premium                          3,565        3,565     3,565      3,565
Legal and other reserves                 203          203       203        203
Unappropriated retained earnings
(loss)                                 1,284        1,284    (3,854)    (3,854)
Total shareholders' equity            42,158       42,158    37,020     37,020
Total liabilities and
shareholders' equity                 407,949      407,354   335,697    335,257

Memorandum Items
Funds under trust management             906          906     1,985      1,985
Contingent liabilities                14,623       14,623    10,294     10,294
Financial commitments                 33,475       33,475    28,260     28,260
Foreign exchange transactions,
net                                      519          519       493        493

The financial statements been approved by the management of the Bank and
signed on its behalf by:

            President                      Viesturs Neimanis
           Chairman of the Board          Senior Vice President
           
Riga
26 October 2000

         

         

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