Investkredit Interim Report as at 31 March 2004

(1) Segment reporting

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in EUR m	Corporates	Local government	Real estate	Others	Total
Net interest income	16.7	8.9	8.4	-0.4	33.7
Credit risk provisions (net)	-3.4	0.3	0.1	0.0	-3.0
Fee and commission income	1.2	3.2	0.9	-0.5	4.8
Fee and commission expenses	-1.0	-0.4	-1.2	0.2	-2.5
Net fee and commission income	0.1	2.8	-0.2	-0.4	2.3
Trading result	1.5	0.2	-0.8	0.0	0.9
Net income from investments	2.9	5.4	0.0	0.0	8.3
General administrative expenses	-8.3	-6.4	-1.7	0.0	-16.4
Balance of other income and expenses	-0.8	-0.2	-0.3	0.4	-0.9
Balance of extraordinary income and expenses	0.0	0.0	0.0	0.0	0.0
Pre-tax profit	8.8	11.0	5.4	-0.4	24.8
Taxes on income	-1.5	-3.0	-0.7	0.0	-5.2
After-tax profit	7.3	8.0	4.7	-0.4	19.6
Minority interests	-0.4	-3.9	-1.6	0.0	-6.0
Net profit	6.9	4.0	3.1	-0.4	13.6

Segment assets	6,560	12,207	710
Segment liabilities	6,386	12,103	614
Average equity	178	89	95		362

Interest margin	1.06 %	0.33 %	4.83 %		0.75 %
Risk-earnings ratio	20.4 %	-3.8 %	-0.6 %		9.0 %
Cost-income ratio	45.0 %	53.7 %	23.6 %		44.4 %
Return on assets	0.47 %	0.29 %	2.70 %		0.44 %
Pre-tax return on equity					27.4 %
Return on equity – net profit	15.4 %	18.2 %	13.0 %		15.0 %

In this Report, totals may not add up precisely because of rounding off.

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