ASPIS BANK's consolidated operating profit grew by 102% in 2004, underscoring the successful implementation, by the management, of the Bank's development plan.

Specifically, consolidated operating profit grew to euro 4.61 million from euro 2.29 million in 2003. The increased operating profit includes only core banking activities without extraordinary results that had increased profitability in 2003, and strengthen the Management's conviction for continuous growth of the Bank's financial position in the immediate future.

KEY CORPORATE EVENTS DURING 2004

During 2004 ASPIS BANK completed a number of corporate actions that will affect profitability positively in the near future. The major ones are the following:

· Share Capital increase
In early September 2004, the Bank's capital increase of euro 36,485,001 through a rights issue was successfully completed, substantially strengthening its capital base to support the continual expansion of its operations in the future.

· Merger between ASPIS Mutual Fund Management Company and ABN AMRO Mutual Fund Management Company
In December 2004 the absorption of ABN AMRO MFMC by ASPIS MFMC was successfully completed. The new company changed name to ASPIS INTERNATIONAL MFMC and manages 10 Mutual Funds. The new company aims at providing investors with products and services of high quality, which combine the Greek market experience of ASPIS BANK, with the international experience and wide product range of ABN AMRO. During 2005 the company plans to expand operations aiming at providing services that will cover the wider area of Asset Management including private and institutional client portfolio management.

· Expansion of the Bank's Branch Network
During 2004 ASPIS BANK commenced ia program of branch relocations with a view towards optimizing its network and achieving a more extensive coverage of the country. Furthermore, a new branch in Kozani, Northern Greece, commenced operations.

Overview of Year-End 2004 Financials

¨The highlights of the consolidated financials are as follows:
Operating profit increased by 102% (euro 4.61 million compared with ?2.29 million in 2003),
¨ Net interest income increased by 5.5% (euro 46.18 million compared with euro 43.76 million in 2003),
¨ Profit from financial transactions increased by 62.8% (euro 5.24 million compared with euro 3.22 million in 2003),
¨ Net commission income grew by 33.6% (euro 23.60 million compared with euro 17.67 million in 2003),
¨ Net revenues increased by 17%,
¨ Customer financing increased by 16%,
¨ Deposits & repos increased by 5%.

KEY GROUP FINANCIALS

Asset Breakdown -Customer Financing
Liquidity continued to be strong at year-end 2004 with liquid assets accounting for 25% of total assets. Gross customer financing, as of year-end 2004 accounted for 62.3% of total assets, and increased by 16% to reach euro 1.19 billion. Commercial, corporate and other loans accounted for 47% of gross loans compared with 45% in 2003. Loans to households (consumer credit & mortgage lending) accounted for 53% of gross loans against 55% in 2003. The outstanding balance of leasing transactions grew by 25% and reached euro 90.6 million.

Credit Quality
Since its establishment, the Bank has emphasized modern risk management systems and pays great attention to credit quality along with asset growth. Along those lines, the coverage ratio of non-performing loans accruing no interest reached 79%, and loan loss reserves accounted for 2.1% of gross loans. Non-performing loans accruing no interest remained at the same levels as in 2003 and accounted for 2.66% of gross loans.

Customer funds under management

Customer funds under management (deposits, investment & savings products, repos and mutual funds) totaled euro 1.8 billion with deposits & repos increased by 5%, to reach euro 1.56 billion compared with euro 1.49 billion in 2003. Total group equity, amounted to euro 120.55 million.

GROUP RESULTS
Consolidated operating profit5 grew by 102% year-over-year to euro 4.61 million. The key driver of the enhanced operating profitability was increased core-operating income.
In more detail, group total net revenues grew by 17% to euro 77.35 million against euro 66.14 million in 2003. Increased net commission income and profit from financial transactions affected significantly the overall performance of total net revenues. It is also noteworthy that, recurring sources of income (commission and interest income) accounted for 90% of net revenues.
Net commissions continued to increase their role as a key source of income and accounted for 30.5% of total net revenues against 26.7% in 2003. In absolute figures, net commission income grew by 33.6% to euro 23.6 million against euro 17.7 million in 2003. Net commission income growth was mainly driven by the increase of commissions from retail and commercial banking operations.
Furthermore, profit from financial transactions grew by 62.8% to reach euro 5.24 million against euro 3.22 million. The particular rise was mainly driven by profit from the securitization of part of the Bank's mortgage portfolio in 2003, partially offsetting the loss of interest income from the securitized loans that were transferred off balance sheet.

PROSPECTS
The top priority for the Management of the Bank remains the growth of operating profit. Profit growth will result from expansion in new areas such as Asset Management as well as in areas where the Bank has an established presence such as consumer and SME credit. Simultaneously, the Bank will seek to not only preserve but further strengthen its position in mortgage lending, an area where it enjoys significant comparative advantages following its 12-year presence in this market. Furthermore, the Bank will continue expanding its Branch Network, introducing new products and services, capitalizing on cross selling and containing cost through investment in new technologies and more effective deployment of human resources.