Business division result

The market development, the taxation discussions and the economic situation had a marked impact on our business operations. Acquiring new client assets proved to be extremely challenging. Moreover, the lower level of portfolio values at the beginning of the year and the uncertainty among investors about further developments on the financial markets led to a decline in net fee and commission income. Overall, operating income was down by 16.0 percent to CHF 142.7 million (previous year: CHF 169.8 million). Operating expenses increased by 11.1 percent to CHF 119.0 million (previous year: CHF 107.2 million). At CHF 23.7 million, the segment result before tax was 62.2 percent below the previous year's figure. The cost/ income ratio rose to 83.4 percent (previous year: 63.1 %). The gross margin deteriorated by 1.2 to 92.9 basis points. Client assets declined 4.3 percent to CHF 15.0 billion (previous year: CHF 15.7 billion). Net new money outflow totalled CHF 939 million (previous year: outflow of CHF 110 million).

Development of net new money

2008–2009, in CHF millions

International Market – Development of net new money (bar chart)

Development of gross margin

2008–2009, in basis points

International Market – Development of gross margin (bar chart)

Segment reporting

 

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in CHF thousands

2009

2008

+/– %

Net interest income

13'988

26'279

–46.8

Net fee and commission income

115'616

123'374

–6.3

Net trading income

8'728

7'635

14.3

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

4'377

12'545

–65.1

Total operating income

142'709

169'833

–16.0

Personnel expenses

–66'596

–58'809

13.2

General and administrative expenses

–22'801

–18'841

21.0

Depreciation and amortisation

–9'861

–8'394

17.5

Value adjustments, provisions and losses

–14'961

–16'198

–7.6

Services from/to segments

–4'832

–4'943

–2.2

Total operating expenses

–119'051

–107'185

11.1

Business division profit before tax

23'658

62'648

–62.2

Performance figures

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2009

2008

Net new money (in CHF millions)

–939

–110

Growth of net new money (in percent)

–6.0

–0.5

Cost/income ratio (in percent)

83.4

63.1

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

92.9

94.1

Additional information

 

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in CHF millions

31.12.2009

31.12.2008

+/– %

Assets under management

15'030

15'698

–4.3

Employees (full time equivalents, in positions)

261

242

7.9