Lugano (ots) - The BSI Group, an asset management bank based in
Lugano and a subsidiary of Assicurazioni Generali SpA of Trieste,
recorded a good first half in 2001, for the most part in line with
budget forecasts. Gross operating profit was CHF 130 million. During
the first six months of the year, assets under management rose by 5%,
exceeding CHF 44.6 billion.
These solid results came despite substantial volatility on
international markets and a reduction in the volume of transactions.
The first half of the year also witnessed a crisis of confidence in
the so-called e-business sector, which left investors disillusioned.
The Bank's asset management strategy helped limit the impact of
unfavourable market conditions, while clients expressed their
confidence by entrusting an increased amount of their funds to the
Bank. Assets under management rose from CHF 42.6 billion to CHF 44.6
billion, a 4.9% increase over 31 December 2000.
Net income amounted to CHF 279 million (-11% compared with the
first half of 2000). In particular, commission income fell by 12% to
CHF 182 million, while trading income was off 8% to CHF 29 million.
In contrast, interest income edged 2% higher to CHF 61 million.
Although the gross operating profit of CHF 130 million was in line
with budget forecasts, it was 25% below the level for the same period
last year. However, it should be noted that 2000 was a year of
Operating costs were CHF 149 million as compared to CHF 140
million in the prior period. The costs for the online brokerage
project were booked during the first six months of this year. The
project was closed at the end of June when BSI Online was handed over
to the parent company for the purpose of providing technological
support for Banca Generali's European presence. Thus there will be a
substantial reduction in costs for the second half of the year.
Based on the solid results for the first half and forecasts for
the second half of the year, the anticipated net profit for the year
overall should be good.
ots Originaltext: BSI SA
General Secretariat BSI
Tel. +41 91 809 31 67
Via Magatti 2