In comparison with the previous year (CHF 481.0 million), we expanded operating income by 10.1 percent to CHF 529.3 million.
Operating income 2009
CHF 529.3 million
As a result of the persisting low level of interest rates, net interest income fell by 20.0 percent to CHF 194.4 million. The uncertainty among investors and the lower average value of portfolios caused net fee and commission income to decline by 12.0 percent to CHF 236.0 million (previous year: CHF 268.2 million). The individual positions performed as follows: brokerage fees –8.7 percent, custody fees –15.5 percent, advisory and management fees –22.9 percent, investment fund fees –18.4 percent and fees from other services –16.7 percent. Net trading income stood at CHF 26.1 million. The year-on-year decrease of 28.0 percent is mainly attributable to changes in value with interest rate swaps. The upwards trend on the stock markets during the report year had a positive effect on the value of our own financial investments. Thanks to the good performance, net income from financial investments at fair value through profit and loss, and the share of net income from investments in associates amounted to CHF 64.1 million (previous year: minus CHF 84.4 million). Other income totalled CHF 8.8 million (previous year: CHF 17.8 million).
Operating expenses climbed year on year by 6.4 percent to CHF 333.5 million. At the end of 2009, adjusted to take into account part-timers, the LLB Group employed 1'054 persons (previous year: 1'010 persons). The average headcount in the year under report was 1'035 persons (previous year: 977 persons). Accordingly, personnel expenses rose by 7.9 percent to CHF 179.1 million (previous year: CHF 166.0 million). Thanks to strict cost-saving measures, general and administrative expenses were reduced by 1.6 percent to CHF 79.8 million (previous year: CHF 81.1 million). Largely due to amortisation of intangible assets, depreciation and amortisation climbed by 17.4 percent to CHF 27.6 million. Value adjustments, provisions and losses increased by 9.5 percent to CHF 47.1 million (previous year: CHF 43.0 million).