RISING PROFITABILITY FOR CREDITO VALTELLINESE

Credito Valtellinese profit +20.8%, consolidated profits +24.9%, Bancaperta launching, the Group bank on the web.

In 1998, Credito Valtellinese's net profit totalled 31.5 billion (+20.8%). The General Meeting, called on April 17, will provide for a 630-lira dividend per share. Such a dividend is the same than last year's but is calculated on a greater number of shares (+22.7%, namely 42,985,382 shares compared to 35,040,510 shares in 1997). Dividends will be paid starting from May 17 1999. Profits from ordinary activities totalled 85.5 billion (+36.9%), thanks to an almost unchanged interest margin, to a steady increase in net profits on services (58.6 billion, namely 7.7%) and to an accurate price control. In fact, the interest margin totalled 153.2 billion, compared to 155.2 billion in 1997, and costs increased by 0.6%, only. As far as the asset and liability statement is concerned, direct incomes from customers totalled 3,678 billion (+6%), while employments totalled 2,616 billion (+13.1%). Indirect incomes totalled 5,254 (+38.3%), 2,467 of which are asset administrations (+29.2%, namely 46% of the total). These are the data included in the balance sheet for 1998, which were approved by Credito Valtellinese's Board of Directors during its meeting on March 16.

As far as the Group is concerned, profits from ordinary activities totalled 126.3 billion (+87%), while the net profit totalled 28.4 billion and shows a steady increase in profitability (+24.9%). Overall direct incomes attained 8,500 billion (+25.1%), financial saving attained 11,547 billion (41.1%), 4,481 of which are asset administrations, and employments attained 6,153 billion (+28.5%). At the end of 1998, the Group's assets saw a 25.7% increase and totalled 11,561 billion. During 1998, the Group saw an important growth in size, through Banca Popolare di Rho and Banca Popolare Santa Venera acquisition.

Data concerning the consolidated asset and liability statement include also Bancaperta S.p.A, which Credito Valtellinese Group, after a testing stage, is launching as its bank on the web. The asset and liability statement and the profit and loss account concerning the balance sheet and the consolidated balance sheet are enclosed. Data have not been checked by the Audit Company nor assessed by the company Board of Auditors.