The Cassa San Giacomo confirms balance sheet outline for 2001. The bank boosts profits: net profits total € 1.076.000,00 dividends € 0,25 per share

In a meeting which was held on February 21st the Cassa San Giacomo Board of Directors confirmed the balance sheet outline for 2001. The bank based in Caltagirone considerably boosted its economic results: net profits, in fact, total € 1.076.000,00 compared with € 66.000,00 in 2000. The dividend which will be given out to the shareholders amounts to € 0,25.

As regards the main balance sheet aggregates, the Cassa San Giacomo obtained very positive results: direct deposits total € 184.8 million (+15.8% compared with € 159.6 million as at December 31st 2000). Since the indirect deposits remained unchanged, the overall deposits saw an increase by 10.5%, totalling € 254.1 million (compared with € 230 million as at December 31st 2000). Investments saw an increase by 20.1%, from € 95.8 million for the year ended December 31st 2000 to € 115.1 million as at December 31st 2001. The credit risk rate decreased from 11.4% for the year ended December 31st 2000 to 9.5% as at December 31 2001.

As for the profit and loss account , the interest margin amounts to € 7.8 million (+6.2%), the intermediation margin increased by 10.8% from € 10.8 million to € 11.9 million. Operating costs totalled € 10.8 million (+8.2%). Provisions and value adjustments amounted to € 94,300 (-80.8%). After entering extraordinary incomes for € 289,000 the gross profit before taxes (€ 299,000) totalled € 1,375,000. Net profits totalled € 1,076,000 with an increase by € 1,010,000 with respect to the previous year (€ 66,000 as at December 31st 2000)

The Cassa San Giacomo's Annual Meeting will be held on April 6 2002 to confirm the Balance Sheet for the year 2001 and to resolve on the distribution of profits (dividends which will be given out to the shareholders amount to € 0,25 per share), as well as on the appointment of the company management.