BSI Group posts solid first-half results

    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 exceptional results.

    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
CH-6901 Lugano

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