Business division result

In spite of the volatile market conditions, the Institutional Market Business Division attained a good result. The fund services business sector posted a particularly positive development. In contrast, investors' cautiousness had a direct impact on brokerage income. In total, operating income was down by 27.0 percent to CHF 106.2 million (previous year: CHF 145.6 million). Operating expenses fell by 30.4 percent to CHF 26.3 million (previous year: CHF 37.8 million). The segment result before tax stood at CHF 79.9 million, 25.8 percent below the previous year's figure of CHF 107.8 million. The cost/income ratio improved to 24.8 percent (previous year: 26.0 %). Assets under management increased by 14.0 percent to CHF 17.2 billion. Net new money inflow totalled CHF 89 million (previous year: an outflow of CHF 1'015 million). The gross margin amounted to 65.7 basis points (previous year: 80.7 basis points).

Development of custodian bank mandates

2004–2009

Institutional Market – Development of custodian bank mandates (bar chart)

Development of gross margin

2008–2009, in basis points

Institutional Market – Development of gross margin (bar chart)

Segment reporting

 

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in CHF thousands

2009

2008

+/– %

Net interest income

19'941

38'139

–47.7

Net fee and commission income

75'038

94'516

–20.6

Net trading income

11'274

12'926

–12.8

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

0

0

 

Share of net income from investments
in associates

0

0

 

Other income

0

0

 

Total operating income

106'253

145'581

–27.0

Personnel expenses

–14'558

–13'154

10.7

General and administrative expenses

–2'571

–3'084

–16.6

Depreciation and amortisation

–68

–80

–15.0

Value adjustments, provisions and losses

4'556

–8'012

–156.9

Services from/to segments

–13'682

–13'479

1.5

Total operating expenses

–26'323

–37'809

–30.4

Business division profit before tax

79'930

107'772

–25.8

Performance figures

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2009

2008

Net new money (in CHF millions)

89

–1'015

Growth of net new money (in percent)

0.6

–4.8

Cost/income ratio (in percent)

24.8

26.0

Operating income/average assets under management
(in basis points)

65.7

80.7

Additional information

 

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in CHF millions

31.12.2009

31.12.2008

+/– %

Assets under management

17'234

15'113

14.0

Employees (full time equivalents, in positions)

82

80

2.5