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BSI Group: net profit of CHF 107 million.
Lugano (ots) - The BSI Group (a member of the Generali Group) achieved a consolidated gross profit of CHF 144 million in the financial year 2002. Total income amounted to CHF 420 million, while costs totalled CHF 276 million. Net profit at the end of the year was CHF 107 million. This good result is attributable to prudent business management and a flexible cost structure and was accompanied by a new asset inflow of CHF 1.9 billion.
The BSI Group achieved a net profit of CHF 107 million, a fall of 38% compared with the previous year (2001: CHF 171 million). The consequences of the current difficult economic environment were felt mainly at the operations level: total income for the financial year 2002 fell 20% to CHF 420 million (2001: CHF 526 million). Net interest income fell 22% to CHF 87 million (2001: CHF 112 million), while commission and service income equalled CHF 288 million, a reduction of 16%. (2001: CHF 343 million). Results from trading operations also declined, shrinking by 21% to CHF 48 million (2001: CHF 61 million).
Costs for the financial year 2002 totalled CHF 276 million, a slight improvement of CHF 4 million on the previous year (2001: CHF 280 million), despite important investments in the foreign network.
At CHF 144 million, gross profit was 41% lower than the previous year (2001: CHF 247million).
The reduction in the funds managed by BSI - down from CHF 49 billion to CHF 42 billion - is mainly due to the depreciation of the dollar and unfavourable stock market performances, whose repercussions were nevertheless partly offset by a considerable inflow of new money. "The inflow of new funds totalling CHF 1.9 billion is a clear sign of our private clients' confidence, which encourages us to stand by our growth strategy despite the difficult market environment," commented Alfredo Gysi, CEO of BSI SA.
Concentration and further growth on key markets
The BSI Group continues to pursue its growth strategy and has strengthened its presence on the Italian onshore market. The BSI affiliate Banca BSI Italia SpA di Milano already has a branch in Turin and recently received permission from the Bank of Italy to open further branches in Rome, Bologna and Vicenza. These branches will commence activities in the course of 2003. The BSI affiliate in New York - BSI Investment Advisors LLC - opened a branch in Miami in 2002. The organizational network in Latin America has been reorganized and the Group is now concentrating on its two centres in Buenos Aires and Montevideo.
BSI AG, formerly the Banca della Svizzera Italiana, was founded in Lugano in 1873 and is the oldest bank in the Canton of Ticino. Since 1999 the bank has been a member of the Italian insurance group Generali. The bank focuses on asset management and related services for private and institutional clients. BSI is present on all the world's main financial markets. It has seven branches in Switzerland.
ots Originaltext: BSI AG