Credito Siciliano approves half-yearly results as of June 30, 2004. Gross operating income up 68%; net profits up 11%

Acireale, September 2, 2004 - In a meeting held today in Acireale , the Board of Directors of Credito Siciliano - a Credito Valtellinese Group member bank - has examined and unanimously approved the operating results for the period January 1- June 30, 2004, which has seen significant increases in all balance-sheet aggregates, with the gross operating income up 68% and net profits up 11%.

As of June 30, 2004, total deposits amounted to € 3,220.3 million (+2.3% over December 2003), of which € 1,922.7 million direct deposits (+ 0.3% compared with December 2003) and € 1,297.6 million indirect deposits (+5.5% over December 2003). Credits to the customers stood at € 1,389.1 million (up 4.5% compared with December 31, 2003).

Details of the profit and loss account were as follows. The interest margin stood at € 34.8 million (up 3.8% over June 2003). The operating margin stood at € 56.4 million, posting a growth of 6.5 percent over June 2003. Operating costs amounted to € 45.8 million, (+ 1.7% over June 2003 ).

The gross operating income stood at € 5.5 million, posting a growth of 68.3 percent over June, 2003.

After taking account of depreciations, provisions and value adjustments, the Ordinary profits amounted to € 2.1 million (up 158.5% over June 2003). After entering extraordinary profits for € 0.8 million and taxes on income (2.3 million euros) Net Profits for the period amounted to € 701,000 (up 11.4 percent compared with € 629,000 the same period last year).

During the first half of the current year, also Credito Siciliano has been conforming to the set of regulations of the Patti Chiari project.