Business division result

Fierce competition pressure and the low interest rate policy pursued by the Swiss National Bank led to falling interest margins. Furthermore, investors' uncertainty was very clearly felt. Nevertheless, we achieved a good result. Operating income decreased by 11.1 percent to CHF 145.0 million. Operating expenses were down by 11.2 percent to CHF 100.6 million. The segment result before tax stood at CHF 44.4 million and was 10.9 percent below the previous year's figure. The cost/ income ratio dipped slightly to 69.4 percent (previous year: 69.5 %). Net new money inflow amounted to CHF 682 million (previous year: CHF 451 million). Client assets posted an increase of 13.2 percent to CHF 12.7 billion. Thanks to intensive construction activity in our target markets, mortgage lending volumes expanded from CHF 6.3 billion to CHF 6.8 billion.

Development of loans to clients

2008–2009, in CHF millions

Domestic Market – Development of loans to clients (bar chart)

Development of net new money inflows

2008–2009, in CHF millions

Domestic Market – Development of net new money inflows (bar chart)

Segment reporting

 

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in CHF thousands

2009

2008

+/– %

Net interest income

103'599

116'529

–11.1

Net fee and commission income

34'205

38'380

–10.9

Net trading income

7'857

8'313

–5.5

Net income from financial investments
at fair value through profit and loss

0

0

 

Share of net income from investments
in associates

–696

–153

354.9

Other income

0

0

 

Total operating income

144'965

163'069

–11.1

Personnel expenses

–50'340

–47'875

5.1

General and administrative expenses

–21'793

–22'241

–2.0

Depreciation and amortisation

–6'492

–6'563

–1.1

Value adjustments, provisions and losses

–4'455

–18'799

–76.3

Services from/to segments

–17'518

–17'813

–1.7

Total operating expenses

–100'598

–113'291

–11.2

Business division profit before tax

44'367

49'778

–10.9

Performance figures

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2009

2008

Net new money (in CHF millions)

682

451

Growth of net new money (in percent)

6.1

3.4

Cost/income ratio (in percent)

69.4

69.5

Additional information

 

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in CHF millions

31.12.2009

31.12.2008

+/– %

Assets under management

12'738

11'255

13.2

Employees (full time equivalents, in positions)

380

372

2.2