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Banca del Gottardo posts operating profit of CHF 59.6 million in first half of 2004

Lugano (ots)

Banca del Gottardo posted an operating profit of
CHF 59.6 million (before extraordinary items and taxes) in the first
half of 2004 (+11% year-on-year). The bank is thus well on its way to
achieving its budgeted results for the 2004 financial year. Assets
under management grew by 2.2% to CHF 39.4 billion.
On 30 March 2004, Swiss Life announced that Banca del Gottardo was
to remain an important part of the Group. Despite preceding
uncertainties with regard to its future, Banca del Gottardo posted an
operating profit of CHF 59.6 million (before extraordinary items and
taxes) in the first half of 2004, a solid result that was both above
budget and higher than the corresponding prior-year period (+11%).
Net revenues rose slightly to CHF 239.4 million, aided in particular
by commission and service fee activities, which generated income of
CHF 128.6 million, 12.1% more than the previous year. Net interest
income amounted to CHF 73.8 million (-0.9%), while net trading income
amounted to CHF 32.7 million, which was 28% below the particularly
strong prior-year period. Operating expenses totalled CHF 151.9
million, 5.5% higher than the previous year. This is primarily
attributable to the first-time consolidation of the subsidiary Oudart
SA, Paris and the further expansion of the bank's presence in Italy.
Depreciation and provisions fell by 32.8% to CHF 27.9 million.
Client assets under management rose by 2% or CHF 840 million, and
now stand at CHF 39.4 billion.
The credit portfolio amounted to a total value of CHF 5.5 billion,
highlighting the fact that Banca del Gottardo - in addition to its
main investment advisory and asset management activities - also
occupies a significant position in the commercial and lending
business in Ticino.
As well as continuing to implement measures aimed at improving
efficiency, particularly at parent company level, the bank also
further expanded its presence in Switzerland and abroad. In May, the
bank took over the entire share capital of the French asset
management company Oudart SA, Paris. Alongside the existing Banca del
Gottardo Italia units located in Bergamo, Milan and Turin, branches
in Rome and Treviso will start operations later this year with a view
to further strengthening the affiliate's business activities.
Now that Banca del Gottardo will definitely continue to be part of
the Swiss Life Group and given the improved outlook for the Swiss
economy, the Executive Board is confident that the bank will be able
to achieve its 2004 financial goals.
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, Paris, Vienna, Hong Kong, Nassau
(Bahamas), the bank offers top level financial services to its local
and international clientele.

Contact:

Banca del Gottardo
Franco Rogantini
Media Office
Viale S. Franscini 8
6901 Lugano
Tel. +41/91/808'33'60
Fax +41/91/923'94'33
E-Mail: franco.rogantini@gottardo.com
Internet: www.gottardo.com

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