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BSI: satisfactory 2001 results, net earnings of CHF 171 million
Lugano (ots) - The BSI group, a Lugano-based bank specialising in asset management, which is controlled by Assicurazioni Generali S.p.A. Trieste, has failed to match its record 2000 earnings but posted satisfactory 2001 earnings nonetheless. Net profit was CHF 171 million, 15% lower than in 2000, and BSI SA will pay a dividend of CHF 150.8 million (down 8%). The value of client assets under management was stable at around CHF 49 billion.
The bank achieved these results despite a difficult year on the stock markets, dragged down under the combined effect of the world economic slowdown and the international political uncertainties arising from the September 11 attacks.
Group operating revenues came to a total of CHF 526 million, 11% lower than the previous year's CHF 591 million. Net interest income slipped from CHF 118 million to CHF 112 million (down 5%) while net fees and commissions fell by 12%, from CHF 392 million to CHF 343 million. Trading profits, on the other hand, were up, rising 4% to CHF 61 million.
Group operating costs came out at CHF 280 million, edging 1% above 2000 levels. This figure sets net operating profit at CHF 246 million, 21% lower than in 2000. But thanks to a drop in asset restatements and provisions, plus a lower tax rate, net profit was down by just 15%, at CHF 171 million.
The value of client assets under management moved from CHF 49.5 billion at end-2000 to CHF 49.1 billion at end-2001.
As of December 31 2001, the BSI Group had a staff of 981 (vs. 986 at end-2000), not including the 370 staff employed by BSI's Bioggio-based IT affiliate, Boss Lab SA.
ots Originaltext: BSI SA
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