Credito Artigiano adopts 2002 balance sheet. Positive performances of the main economic indicators: ordinary profits: +19%. Strong increases in assets under management, total deposits: +7%, investments: +15.4%

Milan, April 14, 2002 - The Credito Artigiano shareholders' meeting has adopted the 2002 balance sheet. The year ended December 31, 2002 recorded strong increases in assets under management, as well as positive performance for Credito Artigiano in all business areas.

As of December 31, 2002, the interest margin stood at € 81.9 million, with an increase by 2 percent compared with the previous year. The excellent result was mainly linked to increases in assets under management, which offset the progressive reduction of the spreads and of interests paid on securities. Proceeds from services stood at € 36.8 million, with an increase by over 10 percent.
Thanks to the positive performances of revenues, in particular of net commissions, the intermediation margin recorded € 141.9 million (+6.4%).

Ordinary profits amounted to € 26.7 million (+19%).

Tax burden for the year amounted to € 12.6 million (+46%), also as a consequence of the recent changes in tax system and the cancellation of most dual income tax benefits. With an amount of € 15.2 million, net profits for the year recorded an increase by 3.4 percent compared with 2001.

Strong increases were also recorded in the main balance-sheet aggregates. Details are as follows: direct deposits stood at € 2,797 million (+15.4%), assets administrations at € 1,578 million (+7.6%). Assets under management amounted in all to € 6,353 million (+7%), sums receivable from customers to € 2,503 million (+15.4%).

The meeting also resolved on the distribution of the year's profits. With effect April 25, 2003, each of the 112,918,320 shares will pay a dividend of € 0.1165. The share will be quoted ex-coupon as from April 22, 2003. Start of dividend entitlement on January 1, 2002.