Credito Artigiano: operating results and new appointments in the Board of Directors, the Board of Auditors and the General Management.

Deposits from customers amounting to 2,636 billion (+10%), indirect incomes amounting to 3,496 billion (+5.2%), employments amounting to 1,569 billion (+5.4%). Such are Credito Artigiano results for 1996, which the shareholders approved during the General Meeting. Credito Artigiano is a company belonging to Credito Valtellinese banking Group.

As regards economic data, profitability considerably improved. In spite of a considerable contraction of the spreads, the interest margin remained essentially the same. Profits from financial transactions increased by 199.4 per cent, from 8.8 to 26.3 billion and incomes from services increased by 7.7 per cent, attaining 40.3 billion. The intermediation margin therefore increased by 7.7 per cent, from 168.5 to 181.4 billion.

Thanks to a careful policy aimed at reorganising the business production processes consequently recovering the operating performance, gross operating results increased by 4.2 per cent in comparison to 1995, attaining 49.1 billion. Profit before taxes increased by 39.7 per cent from 20 to 27.9 billion while net profit increased by 110 per cent, totalling 10.9 billion.

The General Meeting also decided to increase the number of directors from10 to 11, taking note of Vincenzo Perrone's resignation from his office of director. Perrone had already been Credito Artigiano General Manager for many years. During the meeting, the shareholders therefore appointed two new directors: Ermanno Rho of Società Cattolica Assicurazioni, a company which recently joined Credito Valtellinese Group shareholders, and Flavio Pizzini, who resigned from his office of auditor. Giuseppe Degrassi replaced Pizzini within the Board of Auditors. Also Credito Artigiano General Management was renewed. Giorgio Bertocchi, vicarious assistant general manager, retired. Luciano Camagni, vicarious assistant general manager (market) and Giovanni Paolo Monti, assistant general manager (production) were entrusted with the bank general management.