In today's meeting, the Board of Directors of the Parent Bank has confirmed the Credito Valtellinese banking Group's consolidated results for 2001.

As regards the main balance sheet aggregates, there has been a considerable increase in both deposits and investments, also as a result of the Banca Regionale Sant'Angelo's joining the banking Group.

In 2001, direct deposits from customers have increased by 25.3 percent, from € 5,630 million to € 7,052 million. Such an increase (€ 1,427 million) resulted from an increase in 'sums due from customers', which amounted to € 4,895 million (29.7%), and in 'sums due from sale of securities', which amounted to € 1,898 million (+20%).

The Group's indirect deposits - consisting of the customers' deposits held for administration, assets administrations and insurance deposits - amounted to € 7,744 million as at December 31 2001, with an increase by 5.6 percent with respect to € 7,332 million as at December 31 2000. Details are as follows:

The customers' deposits held for administration: 54,6% of the aggregate. Assets administrations and funds: 39,6% of the aggregate. Insurance deposits, which include innovative bank-insurance products offered by the Group member banks: 5,8% of the aggregate.

The customers' deposits held for administration at the Group member banks amounted in all to € 14,801 million, with an increase by 14.2 percent with respect to last year (€ 12,962 million as at December 31 2000).

Credits to the clientele have seen a strong increase as well, which led to enter € 5,830 million as at December 31 2001, compared with € 4,441 million end of last year (+31.3%). Details of this aggregate are as follows: current accounts: + 25.8 percent, from € 2,702 million to € 3,398 million. Loans to the customers amounted to € 1,394 million (+ 36%). The increase was mainly the result of the favourable level of interest rates. Personal loans and loans for consumption amounted in all to € 165.4 million (+49.8%). Also credits for leasing have considerably increased: € 378.8 million as at December 31 2001 (+35.8%).

Below are details of the reclassified profit and loss account for the year ended December 31 2001:

The interest margin has seen an increase by 16.6 percent resulting from the above-mentioned increase in consolidated assets under management. As at December 31 2001, consistencies were as follows: the interest margin stood at € 234.7 million, compared with € 201.3 million end of the previous year.

In 2001, the interest margin represented 61 percent of the intermediation margin, compared with 58.2 percent in 2000.

Net incomes from services, resulting from the amount of net commissions and of sundry incomes, have seen an increase by 3.4 percent, from € 133.2 million to € 137.8 million.

Sundry operating incomes amounted to € 34.8 million, + 14.3 percent with respect to the previous year.

The intermediation margin for the year 2001 stands at € 384.9 million, + 11.3 percent compared with € 345.8 million for 2000. In addition to the above-mentioned increases in the interest margin (+16.6%) and income from services (+3.4%), in 2001 there has also been an increase in the member companies' net profits, as well as in dividends (+28.9%).

The amount of operating expenses stood at € 256.3 million (+15.3%), mainly as a result of a considerable development of the consolidated branch network following the acquisition of the Banca Regionale Sant'Angelo and the opening of 21 new branch offices.

Details of this aggregate are as follows: staff expenses have increased by 15.3 percent, from € 125.2 million to € 144.3 million. The number of employees, in fact, was 2,818 as at December 31 2001 (+ 26.4 percent with respect to December 31 2000). Sundry operating expenses amounted to € 112 million (+15.4%)

Adjustments in respect of tangible and intangible fixed assets amounted to € 40.3 million, compared with € 30.5 million in 2000 (+ 31.9 percent, as a result of the amortization quota paid for the acquisition of the Banca Regionale Sant'Angelo's custom.

As at December 31 2001, the gross operating income stood at € 88.3 million, compared with € 93 million for last year (-5.1%).

Provisions for covering risks arising from the disbursement of credit facilities and net value adjustments in respect of financial fixed assets totalled € 27.9 million, compared with € 28.4 million for the previous year.

After entering "extraordinary incomes" for € 18.6 million, gross earnings for 2001 totalled € 79 million, with a strong increase (+ 10.3%) compared with € 71.6 million end of December 2000.

The Group's consolidated results are as follows: net profits for the period totalled € 21.2 million (+3.4%) after entering taxes on income (€ 36.5 million), profits owed to third parties (€ 17.8 million) and provisions for general risks associated with banking (€ 3.5 million).

Also for 2001, the results of the companies acquired over the year (€ 19 million) have exceeded the amortization quota paid for the acquisition of the customs (€ 14.3 million).

As far as the Group's organizing guidelines are concerned, during 2001 the Credito Valtellinese has also been considering a plan aimed at the reorganization of the Group's branch network in Sicily. The plan is leading to the establishment of a single member bank serving any area of the island. The new bank will be called the Credito Siciliano.

There has been a significant increase also in the number of the customers who have benefited from the services provided via the Internet by Bancaperta. As at December 31 2001, the number of banc@perta users was over 87,500 (+78%). They were over 100,000 in March 2002.

As far as the Group's branch network is concerned, as at December 31 2001 the number of branch offices was 295.

Details on the latest business areas and on the new products offered both via the traditional channels and via the Internet (banc@perta) are provided in the 'SPECIALSOCIO Newsletter', which is being sent these days to the Credito Valtellinese banking Group shareholders.