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Banca del Gottardo: promising results in the first six months of 2003

Lugano (ots)

Banca del Gottardo positively closed the first
semester of 2003 with consolidated net income of 54 million Swiss
francs. Despite a generally still unfavourable economic and financial
environment, operating revenues progressed by 7% against the first
six months of the previous year, reaching 240 million francs. Costs,
for their part, declined markedly by 14% to 144 million francs.
Globally, assets under management increased slightly to 37.8 billion
francs.
Following last year's closing of accounts, which called for some
deliberate and considerable balance sheet corrections, during the
first six months of 2003 Banca del Gottardo scored solid results.
Contributions came from interest activities, at 75 million francs,
commission and service fee activities, holding positively at 115
million in a difficult context, and trading operations at 45 million
francs.
The operative rationalisation and optimisation measures that were
enacted in the past two years, and especially the internal
reorganisation which took place in 2002, caused a sizeable reduction
in operating expenses, which are now 17% lower than two years ago.
Assets under management increased by 1 billion francs, to 37.8
billion francs, despite the outflow generated by Italy's current tax
amnesty (known as "Tremonti bis"), whose effects to date have however
been much lower than during the first "tax shield": moreover, the
amount of funds diverted to Banca del Gottardo Italia progressed to
almost reach half the amount recovered.
The loan portfolio, whose quality is very high and therefore calls
for low provisioning requirements, reached 4.4 billion francs. This
considerable amount demonstrates that Banca del Gottardo, albeit
operating primarily in the fields of investment counselling and asset
management, is also very active in the credit and commercial sector,
in Canton Ticino especially.
With regard to its international operations, Banca del Gottardo
Italia is in the process of establishing a branch in Turin to
complement the activities of the Bergamo head office and its Milan
branch.
Supported by such promising results, Banca del Gottardo looks
forward to exceeding a net income of 80 million francs in financial
year 2003.
Banca del Gottardo, with head office in Lugano (Switzerland),
relies on a well expanded national and international network. Thanks
to its highly qualified teams of experts and its affiliates,
subsidiaries, branches and representative offices in Zurich, Geneva,
Lausanne, Bellinzona, Chiasso, Locarno, Bergamo, Milan, Turin
(opening in September 2003), Athens, Luxembourg, Monaco, Vienna, Hong
Kong, Nassau (Bahamas), as well as an important participation in
Paris, the bank offers top level financial services to its local and
international clientele.

Contact:

Banca del Gottardo
Franco Rogantini
Ufficio Media
Viale S. Franscini 8
6901 Lugano
Tel. +41/91/808'33'60
Fax +41/91/923'94'33
E-Mail: franco.rogantini@gottardo.com

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