Consolidated statement of cash flows

(unaudited)

in CHF thousands	First half 2016	First half 2015
Cash flow from / (used in) operating activities
Interest received (excluding financial investments)	134'482	120'900
Interest received from financial investments	7'276	8'801
Dividends received from financial investments	355	337
Interest paid	−25'469	−22'948
Fees and commission received	87'160	73'749
Fees and commission paid	−12'501	−2'422
Trading income	17'809	21'760
Other income	1'612	9'257
Payments for personnel, general and administrative expenses	−111'670	−95'739
Other expenses	−10'865	−10'856
Income tax paid	−6'797	−2'112
Cash flow from operating activities before changes in operating assets and liabilities	81'392	100'725
Net due from / to banks	362'387	1'271'162
Trading portfolio and net replacement values	11'655	−5'294
Loans / due to customers	−340'023	−267'661
Other assets	−2'207	13'984
Other liabilities	−12'786	−13'203
Changes in operating assets and liabilities	19'027	998'988
Net cash flow from / (used in) operating activities	100'419	1'099'714

Cash flow from / (used in) investing activities
Purchase of property and equipment	−1'335	−12'675
Disposal of property and equipment	12'467	11'453
Purchase of investment property	−1'097	0
Disposal of investment property	0	4'832
Purchase of other intangible assets	−1'407	−410
Purchase of financial investments at fair value	−153'190	−263'915
Disposal of financial investments at fair value	283'167	205'517
Purchase of associates	0	−7
Sale of fully consolidated companies, net of cash	0	6'956
Net cash flow from / (used in) investing activities	138'605	−48'249

Cash flow from / (used in) financing activities
Disposal of treasury shares	721	0
Dividends paid	−46'145	−43'233
Non-controlling interests	1'659	−485
Increase in shares of Group companies	0	−227
Decrease in shares of Group companies	−1'416	0
Issuance of medium-term debt	120'666	90'339
Repayment of medium-term debt	−93'696	−97'675
Net cash flow from / (used in) financing activities	−18'211	−51'281

Effects of foreign currency translation	−7'218	−57'498

Net increase / (decrease) in cash and cash equivalents	213'595	942'686

Cash and cash equivalents at beginning of the period	3'043'279	2'140'624
Cash and cash equivalents at end of the period	3'256'874	3'083'310

Cash and cash equivalents comprise:
Cash and balances with central banks	2'579'196	2'554'435
Due from banks (due daily)	677'678	528'875
Total cash and cash equivalents	3'256'874	3'083'310