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Banca del Gottardo: promising results in the first six months of 2003
Lugano (ots) - Banca del Gottardo positively closed the first semester of 2003 with consolidated net income of 54 million Swiss francs. Despite a generally still unfavourable economic and financial environment, operating revenues progressed by 7% against the first six months of the previous year, reaching 240 million francs. Costs, for their part, declined markedly by 14% to 144 million francs. Globally, assets under management increased slightly to 37.8 billion francs.
Following last year's closing of accounts, which called for some deliberate and considerable balance sheet corrections, during the first six months of 2003 Banca del Gottardo scored solid results. Contributions came from interest activities, at 75 million francs, commission and service fee activities, holding positively at 115 million in a difficult context, and trading operations at 45 million francs.
The operative rationalisation and optimisation measures that were enacted in the past two years, and especially the internal reorganisation which took place in 2002, caused a sizeable reduction in operating expenses, which are now 17% lower than two years ago.
Assets under management increased by 1 billion francs, to 37.8 billion francs, despite the outflow generated by Italy's current tax amnesty (known as "Tremonti bis"), whose effects to date have however been much lower than during the first "tax shield": moreover, the amount of funds diverted to Banca del Gottardo Italia progressed to almost reach half the amount recovered.
The loan portfolio, whose quality is very high and therefore calls for low provisioning requirements, reached 4.4 billion francs. This considerable amount demonstrates that Banca del Gottardo, albeit operating primarily in the fields of investment counselling and asset management, is also very active in the credit and commercial sector, in Canton Ticino especially.
With regard to its international operations, Banca del Gottardo Italia is in the process of establishing a branch in Turin to complement the activities of the Bergamo head office and its Milan branch.
Supported by such promising results, Banca del Gottardo looks forward to exceeding a net income of 80 million francs in financial year 2003.
Banca del Gottardo, with head office in Lugano (Switzerland), relies on 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 (opening in September 2003), Athens, Luxembourg, Monaco, Vienna, Hong Kong, Nassau (Bahamas), as well as an important participation in Paris, the bank offers top level financial services to its local and international clientele.
ots Originaltext: Banca del Gottardo
Banca del Gottardo
Viale S. Franscini 8