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BSI Group posts positive results again in 2003
Lugano (ots) - The BSI Group posted positive results in 2003. Gross operating profit reached CHF 128 million, income came in at CHF 387 million and expenses for the year fell to CHF 259 million. Net profit for the year was CHF 93.5 million. In addition to these solid results, assets under management climbed from CHF 42 billion to CHF 44.3 billion. Dr. Giorgio Ghiringhelli will succeed Dr. Hugo von der Crone as Chairman of the Board of Directors.
BSI's Board of Directors approved the financial figures for fiscal 2003 at its last meeting on 17 February. Despite lower interest rates and the decline in the US dollar, the BSI Group closed the year with a positive result. Gross operating profit came to CHF 128 million (2002: CHF 144 million), while net profit amounted to CHF 93.5 million (2002: CHF 107 million).
Income for the year came in slightly below the prior-year level at CHF 387 million (2002: CHF 420 million). Fees and services income amounted to CHF 252 million (2002: CHF 288 million), while net interest income was CHF 68 million (2002: CHF 87 million). Finally, trading income rose to CHF 54 million (2002: CHF 48 million).
Expenses for 2003 were down by 6% to CHF 259 million (2002: CHF 276 million).
Assets under management saw a gain of more than 5.5%, reaching CHF 44.3 billion (2002: CHF 42 billion). Our Italian subsidiary Banca BSI Italia SpA also posted strong growth in assets under management, which jumped to CHF 3.5 billion (2002: CHF 2.7 billion, up 30%). The BSI Group's international expansion was consolidated with the opening of new branches in Rome and Bologna.
Board of Directors
Dr. Hugo von der Crone, Chairman of the Board of Directors of BSI SA, has decided for health reasons not to seek re-election. His term of office ends with the next Annual General Meeting of Shareholders. Dr. von der Crone joined the Board in 1998 and immediately took on the position of Chairman. The Board of Directors and the Executive Board would like to express their thanks for his significant contributions to the BSI Group's growth in these years.
The Board of Directors nominated Dr. Giorgio Ghiringhelli as new Chairman of the Board of BSI SA. Dr. Ghiringhelli will take over as Chairman of the Board at BSI SA's Annual General Meeting of Shareholders on 26 March.
BSI SA was founded in Lugano in 1873 under the name of Banca della Svizzera Italiana and is the oldest bank in the canton of Ticino. It has been a wholly owned subsidiary of the Generali Insurance Group since 1999. The Group specialises in asset management and related services for private and institutional clients and is present in the major financial markets worldwide. It operates six branch offices in Switzerland.
ots Originaltext: BSI SA
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