BSI SA

Banca del Gottardo posts operating profit of CHF 59.6 million in first half of 2004

    Lugano (ots) - Banca del Gottardo posted an operating profit of CHF 59.6 million (before extraordinary items and taxes) in the first half of 2004 (+11% year-on-year). The bank is thus well on its way to achieving its budgeted results for the 2004 financial year. Assets under management grew by 2.2% to CHF 39.4 billion.

    On 30 March 2004, Swiss Life announced that Banca del Gottardo was to remain an important part of the Group. Despite preceding uncertainties with regard to its future, Banca del Gottardo posted an operating profit of CHF 59.6 million (before extraordinary items and taxes) in the first half of 2004, a solid result that was both above budget and higher than the corresponding prior-year period (+11%). Net revenues rose slightly to CHF 239.4 million, aided in particular by commission and service fee activities, which generated income of CHF 128.6 million, 12.1% more than the previous year. Net interest income amounted to CHF 73.8 million (-0.9%), while net trading income amounted to CHF 32.7 million, which was 28% below the particularly strong prior-year period. Operating expenses totalled CHF 151.9 million, 5.5% higher than the previous year. This is primarily attributable to the first-time consolidation of the subsidiary Oudart SA, Paris and the further expansion of the bank's presence in Italy. Depreciation and provisions fell by 32.8% to CHF 27.9 million.

    Client assets under management rose by 2% or CHF 840 million, and now stand at CHF 39.4 billion.

    The credit portfolio amounted to a total value of CHF 5.5 billion, highlighting the fact that Banca del Gottardo - in addition to its main investment advisory and asset management activities - also occupies a significant position in the commercial and lending business in Ticino.

    As well as continuing to implement measures aimed at improving efficiency, particularly at parent company level, the bank also further expanded its presence in Switzerland and abroad. In May, the bank took over the entire share capital of the French asset management company Oudart SA, Paris. Alongside the existing Banca del Gottardo Italia units located in Bergamo, Milan and Turin, branches in Rome and Treviso will start operations later this year with a view to further strengthening the affiliate's business activities.

    Now that Banca del Gottardo will definitely continue to be part of the Swiss Life Group and given the improved outlook for the Swiss economy, the Executive Board is confident that the bank will be able to achieve its 2004 financial goals.

      Banca del Gottardo, with head office in Lugano (Switzerland),
operates through 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,
Athens, Luxembourg, Monaco, Paris, Vienna, Hong Kong, Nassau
(Bahamas), the bank offers top level financial services to its local
and international clientele.

ots Originaltext: Banca del Gottardo
Internet: www.newsaktuell.ch

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



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