Operating expenses amounted to CHF 155.6 million, of which CHF 96.2 million were for personnel expenses and CHF 59.4 million for other operating expenses. Total expenses were up 2.5% compared with the year-ago period. This increase is due to further investments made in developing banking activities. Depreciation and provisions fell by 14.1% to CHF 24 million (CHF 28 million at 30.06.2004).
The total value of client assets held by the Banca del Gottardo Group reached nearly CHF 55 billion (CHF 41 billion at 31.12.2004). During the same period the assets in custody included in this total rose from CHF 6.6 billion to CHF 17.7 billion. This sharp jump is attributable in particular to more intensive collaborative efforts with Swiss Life. The assets under management reached CHF 37.3 billion (CHF 34.4 billion at 31.12.2004). The CHF 2.9 billion growth is due to net new money, performance and development of currency exchange rates.
“Although the overall results are positive, further efforts are still necessary to acquire new clients and boost our efficiency," said CEO Marco Netzer. “With the outsourcing on 1st of July 2005 of the majority of our IT and back-office activities to the company B-Source, in which a 37% capital share participation was acquired, Banca del Gottardo took an important strategic step. This move will help us to contain our costs and benefit, together with other banks, from the development of a joint IT platform."
The Bank has a well expanded national and international network. With subsidiaries, branches and representative offices in Zurich, Geneva, Lausanne, Bellinzona, Chiasso, Locarno, Bergamo, Milan, Rome, Treviso, Turin, Athens, Luxembourg, Madrid, Monaco, Paris, Hong Kong and Nassau (Bahamas). Banca del Gottardo is positioned to offer top-of-the-line global financial services, delivered by a team of highly qualified specialists, to its local and international clientele.