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Banca del Gottardo net income for 2007 up by 32% to CHF 129 million.

Un document

Lugano (ots)

- Indication: Key figures for the balance sheet and income 
     statement can be downloaded free of charge under: 
     http://www.presseportal.ch/de/pm/100000145/?langid=2 -
Banca del Gottardo celebrated the year of its
fiftieth anniversary, which was also its last full financial year as
an independent company, with a very satisfying result. Despite
challenging market conditions, net income rose from CHF 97 million in
2006 to CHF 129 million in 2007. This result reflects an increase in
operating results and improved risk management, which enabled the
bank to release a number of credit provisions. The net outflow of
client money increased since mid-2007 from CHF 0.9 billion to CHF 1.0
billion. The planned acquisition of Banca del Gottardo by BSI will be
completed on schedule in March 2008.
Banca del Gottardo, which will belong to the Swiss Life Group
until its acquisition by BSI, posted a consolidated net income of CHF
129 million in 2007. CHF 17 million of this result is attributable to
special factors, namely the release of CHF 34 million in provisions
and one-off costs related to early retirement cases and projects
amounting to CHF 17 million. This net income was 32% higher than the
CHF 97 million posted in 2006. If these special factors are not taken
into account, net profit is CHF 111 million, which represents a
year-on-year increase of 16%.
Solid operating results
Net revenues for 2007 were CHF 475 million, an increase of 6%.
Revenues from trading operations were up 19%, while revenues from
interest activities and commission and service fee activities grew by
5% and 4% respectively compared with the prior year.
Operating expenses increased by 2% year-on-year to CHF 332
million, which is largely a result of the increased headcount and
higher performance-based remuneration costs. A decrease in
extraordinary expenses enabled the cost/income ratio to improve from
73% in 2006 to 70%. Return on equity (ROE) improved year-on-year,
from 10% to 14%.
Net outflow of client money significantly slowed since mid-2007
The net outflow of client assets from Private Banking due to
previous staff departures increased by CHF 0.1 billion, from CHF 0.9
billion to CHF 1.0 billion between 30 June and 31 December 2007. As
at 31 December 2007, client assets managed by Banca del Gottardo, not
including the custody business, had risen from CHF 35.8 billion in
2006 to CHF 36.0 billion owing to positive performance and currency
influences. Including the custody business, which consists chiefly of
assets held on behalf of Swiss Life, assets under control totalled
CHF 101.1 billion at end-2007, compared with CHF 89.3 billion at
end-2006.
Merger with BSI is on course
The preliminary work for the integration of Banca del Gottardo
into BSI is running according to plan. Further information on this
will be announced by BSI following the acquisition, which is due to
be completed in early March 2008.
Rolf Aeberli, Chief Executive Officer of Banca del Gottardo,
commented: "Last year, our bank posted a very pleasing profit,
continuing the positive trend in results that began in 2004. The net
outflow of new money due to previous staff departures continued to be
a thorn in our side. Overall, we have made excellent progress and our
employees are doing an exceptional job. This puts them in an optimal
position to go on and create one of the leading providers of wealth
management services following the bank's integration into BSI."
Key figures for the balance sheet and income statement for the
2007 financial year can be downloaded free of charge under:
http://www.presseportal.ch/de/pm/100000145/?langid=2
Banca del Gottardo is a Swiss bank that focuses on private
banking. It is headquartered in Lugano and has subsidiaries, branches
and representative offices in Zurich, Geneva, Lausanne, Bellinzona,
Chiasso, Locarno, Bergamo, Milan, Rome, Treviso, Turin, Athens,
Luxembourg, Madrid, Paris, Hong Kong and Nassau. On 7 November 2007
it was announced that Banca del Gottardo would be acquired by BSI, a
company belonging to Italian insurance group Generali. Until the
acquisition has been completed (est. March 2008), Banca del Gottardo
will remain part of the Swiss Life Group, which is listed on the SWX
Swiss Exchange and is one of the leading suppliers of pension and
life insurance solutions in Europe. www.gottardo.com.

Contact:

Christian Moser
Head of Marketing & Communications
Tel.: +41/91/808'14'04
E-Mail: marketing@gottardo.com

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