Switzerland’s BSI Group has posted a net profit of SFr101 million ($88.5 million) for last year, reporting assets under management of SFr78.2 billion, as at 31 December 2008.

BSI saw net inflows totalling SFr6.6 billion for 2008, with operations in all regions, both in Switzerland and abroad, contributing to the positive result. Net new money and its acquisition of Banca del Gottardo had countered negative market trends and exchange rate effects, BSI said.

In its full-year results statement BSI reported a gross operating profit of SFr178 million for 2008, while its operating income stood at SFr904 million. Net interest income was SFr247 million, while results from commission and service fee activities totalled SFr541 million. Trading income amounted to SFr40 million and other ordinary income was SFr76 million.

Comparisons with 2007 were not provided by BSI, which said such data was “not meaningful” following its merger with Banca del Gottardo.

During the year, the BSI recorded total costs of SFr167 million for the takeover of Banca del Gottardo, the Lugano-based bank it acquired in July 2008.

“The BSI Group generated positive results in 2008, having successfully managed the merger with Banca del Gottardo despite the difficult market environment. The groundwork has now been laid for the bank to tackle the challenges of the future,” the bank said.

BSI’s Tier 1 capital ratio stood at 11.8 per cent.

Formerly known as Banca della Svizzera Italiana, BSI was founded in Lugano in 1873 in the Swiss canton of Ticino. Since 1998, the group has been 100 per cent-controlled by the Generali Insurance Group.