The volume of business (total assets plus contingent liabilities) rose compared with the previous year by 6%, to EUR 18.5 billion. Total assets had risen as at 31 December 2002 by EUR 1.0 billion to EUR 18.0 billion. The share capital and reserves reported at the year-end in the Bank's balance sheet totalled EUR 1,015.4 million.
Net interest income, including income from securities, fell due both to a reduction in volume and to one-off effects by 10.6%, to EUR 199.2 million. Net commission income, at EUR 60.5 million, was below the previous year's level of EUR 74.7 million as a result of the negative market climate. The result from financial operations, at EUR â9.2 million, reflects the considerable strain caused by the Argentina crisis.
Over the entire year, Dresdner Bank Luxembourg S.A. took the opportunity to adjust its structures and capacities to cope with the declining performance of the markets. The cost-reduction and restructuring measures introduced are clearly reflected in a reduction in general administrative expenses by 7% compared with the previous year. In addition, within the framework of a redundancy scheme, the volume of the workforce was reduced.
The Bank is confident that it has created a solid basis for sustained business success over the coming years through its new structure. A proposal will be submitted to the General Meeting that the net loss for the year remaining after carrying forward profit from the previous year, in the sum of EUR 40.5 million, should be covered by drawing on the free reserves. In the previous year, net profit of EUR 277.5 million was achieved, to which, however, proceeds from the sale of an investment holding made a significant contribution.
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