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Banca del Gottardo: consolidated net profit of 85 million francs
Lugano (ots) - 2003 annual results of Banca del Gottardo for 2003 beat expectations, with all main business sectors making positive contributions. Consolidated net profit was 85 million francs. As at 31 December the bank had 38.5 billion francs in assets under management.
Financial results recovered strongly in 2003 compared with the previous two fiscal years. Gross profit was 174 million francs, a 54% increase over 2002. Consolidated net profit rose to 85 million francs. This figure cannot be compared to the previous year due to extraordinary adjustments made to the balance sheet in 2002.
Consolidated net revenues increased by more than 4%, reaching 467 million francs. The interest margin (148 million francs) and commissions earned (232 million francs) were slightly below last year's solid results. Trading income advanced 52%, reaching 79 million francs.
At 293 million francs, operating expenses were down a considerable 42 million francs, i.e. 12.7% below the 2002 level. This result is due to rigorous cost management achieved by the parent company despite ongoing investments in the bank's expansion both in Switzerland and abroad.
Depreciation, valuation adjustments and provisions were sharply lower than in previous years, due to more restrictive and cautious accounting rules and balance sheet policies. To the benefit of an increasingly prudent balance sheet policy, a new reserve for latent risks of 10 million francs was created and debited to the 2003 result. The total value of depreciation, valuation adjustments and provisions has therefore reached 98 million francs.
As at 31 December 2003 consolidated shareholders' equity was more than 900 million francs (2002: 830 million). As a result, the bank has substantial capital in excess of the legal minimum requirements.
Assets under management have increased by more than 1.7 billion francs, reaching an overall value of 38.5 billion francs at the end of the year. The Italian tax shield (the second Tremonti amnesty law) resulted in a net outflow of 500 million francs in client funds, a relatively low figure, as Banca del Gottardo Italia was able to attract more than 700 million of the 1.2 billion in client funds repatriated to Italy.
Commercial and lending activities were also higher compared to the previous year. For the first time the total amount of loans granted exceeded 5.5 billion francs.
The bank's management is fully satisfied with the results for fiscal year 2003 and is looking ahead to the current year with confidence. Marco Netzer, CEO: "Banca del Gottardo will place particular emphasis on optimising its products and services, with the objective of further improving the bank's competitiveness, and reinforcing its national and international activities."
Banca del Gottardo, with head office in Lugano (Switzerland), operates through 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, 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
Banca del Gottardo, Viale S.Franscini 8, CH-6901 Lugano, Tel. +41 91
808 11 11, Fax +41 91 923 94 33, www.gottardo.com