- The Banca del Gottardo Group posted a net profit of
71 million Swiss francs in 2004 (down 17% from a year earlier) and
recurrent income (before extraordinary items and taxes) of 78
million Swiss francs (+2%). Assets under management rose 7% to 41.1
billion francs. The group continued its strategy of expanding in
onshore markets. Following its complete acquisition by the bank,
French asset management company Oudart has been consolidated for the
2004 net profit for the Banca del Gottardo Group was down 17% from
a year earlier at 71 million francs. This was mainly due to a 66%
increase in the tax burden from 9 million francs to 16 million
francs. In 2003 the bank benefited from a tax credit following the
accounting loss reported in 2002. At 78 million francs, profit before
extraordinary items and tax was 2% higher in 2004 than in the
The various business segments contributed as follows towards
consolidated net revenues of 450 million francs. Commissions and
service fees were up 6% on 2003 reaching 245 million francs. Results
from interest activities totalled 144 million francs (-3%) and again
proved to be a stable revenue source. Lacklustre market conditions on
the other hand negatively affected trading operations, which netted
52 million francs, down 34% compared to the previous year's
exceptionally strong result.
Operating expenses totalled 309 million francs. The 6% increase in
costs compared to 2003 is attributable to investments made to support
the bank's local and international expansion drive. In Italy, the
bank opened branches in Rome, Turin and Treviso. In France, it
acquired the share capital of Paris-based Oudart not previously owned
(asset management company). Growth in operating expenses in the
remaining Group structures is strictly monitored as part of a
continuous effort to optimise operating efficiency.
Positive bottom line effects also resulted from lower
depreciation, provisions and valuation adjustments (63 million
francs), a decrease of over 35 million francs, or 36% compared to
Consolidated shareholders' equity before distribution of
attributable profit exceeded 1 billion francs at 31 December 2004
(+10%). Assets under management reached 41.1 billion francs.
This 7% increase, amounting to 2.5 billion francs, was partly due
to the acquisition of the remaining share capital of Oudart.
Though the year's financial result did not fully meet
expectations, management considers 2004 to have been a positive year.
Marco Netzer, CEO: "The decision taken by Swiss Life last spring to
keep the bank, and to transfer it from the insurance company to Swiss
Life Holding removed many uncertainties regarding the bank's future.
We are now again in a position to focus on our current business
activities and further development."
Banca del Gottardo, with headquarters in Lugano, has a
well-established network of national and international offices.
With subsidiaries, branches and representative offices in Zurich,
Geneva, Lausanne, Bellinzona, Chiasso, Locarno, Athens, Bergamo,
Milan, Rome, Treviso, Turin, Athens, Luxembourg, Monaco, Paris, Hong
Kong and Nassau (Bahamas), Banca del Gottardo is positioned to offer
top-of-the-line global financial services, delivered by a team of
highly qualified specialists, to its local and international
ots Originaltext: Banca del Gottardo
Banca del Gottardo
Viale S. Franscini 8