Credito Artigiano further boosts profits for the third quarter of the year

Net profit attains L. 17 billion (+62%)

Milan, October 31 2000 - Credito Artigiano Board of Directors examined the quarterly report on operations and results attained as at September 30 2000, confirming the very positive operating results already attained in the first half of the year. In fact, net profit for the period - which totalled L. 17 billion, with an increase by 62% in comparison with September 30 1999 - is even higher than the overall profit for 1999.

A careful management as for the interest rate dynamics along with a considerable increase in the volume of business, in net commissions and in profits from financial activities allowed attaining such positive results.

Profit margins were all very positive too. The interest margin totalled L. 103 billion (L. 92 billion as at September 1999) increasing by more than 12%. The intermediation margin increased by more than 30% (L. 185 billion in comparison with L. 142 billion as at September 30 1999). Net commissions totalled L. 53 billion with an increase by 30% in comparison with September 1999.

The gross operating income totalled L. 48 billion (L. 11 billion as at September 30 1999), thanks to a better performance of profits in comparison with costs. Profit from ordinary activities totalled L. 30 billion in comparison with L. 2 billion last year.

As for the main aggregates, direct deposits attained L. 3,874 billion (+16.2% in comparison with September 1999), while indirect deposits totalled L. 6,656 billion with an increase by about 15% in comparison with the previous year. In particular, saving management portfolios totalled L. 2,588 billion (+19%). Credits to the clientele totalled L. 3,088 billion with a 30% annual increase.

Thanks to the positive results attained in the first nine months of 2000, results for the whole year appear to be very positive too.