Credito Artigiano confirms balance sheet outline as at December 31st 2001. Net profits total € 14.7 million (+15.5%). Assets under management are rising steeply (direct deposits: +13.3%, overall deposits: +6.9%, investments: +24.6%)

Milan, February 27th 2002 - In a meeting chaired by Mr Bassano Baroni, the Credito Artigiano Board of Directors has examined and confirmed the balance sheet outline as at December 31st 2001. Assets under management (about twice as much), as well as net profits, have been rising steeply over the past four years.

Direct deposits total € 2,424 million, with an increase by 13.3% compared with December 2000. Indirect deposits total € 3,512 million, with an increase by 3% compared with last year. Savings deposits total € 1,467 million, compared with € 3,512 in 2000 (+6.1%). A considerable development of the Credito Artigiano's activities also as regards bank-insurance. Consistencies attain € 181 million, compared with € 103 million in 2000 (+ 76.1%), thanks in particular to the launch of an innovative product called GPA "Gestioni Patrimoniali Assicurative" (Assets administrations offering insurance benefits).

Deposits - net of the subordinate liabilities - amount in all to € 5,935 million (+ 6.9% with respect to year 2000).

Credits to customers - € 2,167 million (+ 24.6%) - have been performing well too.

Considering the estimate of loss, the overdue items-overall credits ratio is 1.68%, compared with a 1.82% in 2000. Such a positive performance is mainly the result of a careful policy that the bank has been adopting in the disbursement and management of credits facilities.

Looking at figures in the Credito Artigiano's profit and loss account, the interest margin total € 80.2 million (+9.4%) thanks to a steady and balanced development of assets under management as opposed to a progressive contraction of the spreads and of marketable securities yield.

Unlike the previous years, there has been a slight decrease (-5.6%) in net profits from services, which total € 48 million (compared with € 50.8 million in 2000), as a consequence of a continued uncertain course of the financial markets, which led to invest savings in bonds and cash funds and to reduce investments in stock funds.

Profits from financial transactions (€ 3.9 million) are positive as well, even if the consistency is smaller than last year (€ 5.1 million).

The intermediation margin (+2.5%) total € 133.4 million, compared with € 130.2 million as at December 31st 2000.

Operating costs amount in all to € 88.6 million (+4.3%). In particular, staff expenses increase by 4.4% (from € 39.7 million to € 41.4 million), as a result of the expansion of the Credito Artigiano's branch network (76 branch offices, of which 6 were opened in 2001). The other operating costs amount to € 47.1 million (+4.3%) compared with € 45.1 million.

Value adjustments and provisions amount in all to € 22.5 million, with no relevant change with respect to 2000 (€ 21.9 million).

Ordinary profits total € 22.4 million compared with € 23.3 million for last year.

Considering provision for tax burden, net profits for 2001 amount to € 14.7 million (+15.5% with respect to December 31st 2000.

The Credito Artigiano Annual Stockholders' meeting will be held on April 15th 2002 and, if necessary on April 16th (second call) to resolve on a 0.1229-euro dividend per each of the 103,211,920 shares (start of dividend entitlement: January 1 2001, paid as from April 15th 2002), compared with a 0.1162-euro dividend per each of the 93,750,000 shares in 2000. The Credito Artigiano shares will quote ex coupon as from April 22nd 2002.