Credito Siciliano: Annual General Meeting of the shareholders adopts 2003 balance sheet

Net profits at € 1.1 million
Dividend of € 0.10 per share

Appointed new members of the Board of Directors and the Board of Statutory Auditors
Top management team composed of the same members as last year

Acireale, April 5, 2004 - The Annual General Meeting of the Shareholders of Credito Siciliano, which was held on Friday, April 2, has adopted the balance sheet for the year ended December 31, 2003. Credito Siciliano shareholders also adopted the following resolutions: distribution of a dividend of € 0.10 per share to be paid with effect April 16, 2004 and a few changes to be made in the articles of association of the bank.

All balance-sheet items have been growing steadily over the course of last year.
Details of the balance sheet as of December 31, 2003 are as follows: direct deposit at € 1,917 million, compared with € 1,842 million as at December 31, 2002 (+ 4.1%); indirect deposits at € 1,230 million, compared with € 1,033 million at the end of the previous year (+ 19.1%); total deposits at € 3,147 million, compared with € 2,874 million at the end of the previous year (+ 9.5%). Credits to the customers recorded € 1,329 million, posting an increase of 14.5% over the same period last year (€ 1,161 million at the end of 2002).

Although a slowdown was recorded in the interest rates trend during 2003, at the end of the year the interest margin stood at € 68 million posting an increase of 2.5% over the same period of 2002. Taking account of proceeds of services, the intermediation margin recorded a growth of 4.4%, from € 104.1 million end of 2002 to € 108.6 million as at December 31, 2003. Operating costs stood at € 87.9 million (-0.3% with respect to the previous year).

The operating income before taxes rose to 10.4 million euros with a 60.2% increase compared with the same period of 2002 (€ 6.5 million)

The ordinary profits before entering depreciations, provisions and value adjustments for € 7 million stood at € 3.4 million, compared with € 2 million at the end of the previous year. After taking account of extraordinary profits (€ 2.6 million) and taxes (€ 4.9 million), net profits for the year ended December 31, 2003 amounted to € 1,1 million, substantially unchanged with respect to 2002.

The following members of the Board of Directors for the period 2004-2006 were appointed during the meeting by the shareholders: Luciano Camagni, Mario Cotelli, Giovanni De Censi, Miro Fiordi, Antonio Leonardi, Carlo Negrini, Antonio Pogliese, Vito Branca and Carlo Sorci.

The Board of Statutory Auditors for the period 2004-2006 is composed of the following members: Giovanni Licciardi, Chairman; Angelo Garavaglia and Rosario Sorbello (Acting Auditors); Francesco Faraci and Alessandra Foti (Substitute Auditors).

Mr Giovanni De Censi remains in charge as Chairman of Credito Siciliano and Mr Carlo Negrini as Deputy Chairman and Managing Director.