Business segment result

Private Banking

780'000'000

Swiss francs net new money was acquired by the Private Banking segment. That represents growth in client assets under management of more than 5 per cent.

The Private Banking segment increased operating income by 10 per cent. The acquisition of Semper Constantia contributed around CHF 5 million to this rise. Adjusted to take into consideration the effects of the acquisition, operating income rose by 5 per cent. Among other factors, the segment benefited from rising US dollar interest rates. Operating expenses increased, on the one hand because of the acquisitions, and on the other, due to the expansion of adviser capacity in line with strategy. Thanks to a net new money inflow of over 5 per cent, or CHF 0.8 billion, client assets under management climbed substantially. The Austrian domestic market and the growth markets of the Middle East, as well as Central and Eastern Europe contributed to this success with double-digit growth rates. As a result of the takeover of Semper Constantia, loans to clients also increased. The business volume expanded by 13.8 per cent to CHF 18.2 billion. Without the effects of the acquisitions, the business volume remained stable.

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Segment reporting

in CHF thousands

 

2018

 

2017

 

+/− %

Net interest income

 

36'317

 

25'992

 

39.7

Expected credit losses

 

0

 

0

 

 

Net interest income after expected credit losses

 

36'317

 

25'992

 

39.7

Net fee and commission income

 

73'640

 

72'825

 

1.1

Net trading income

 

8'639

 

8'826

 

–2.1

Other income

 

3

 

8

 

–67.8

Total operating income

 

118'597

 

107'651

 

10.2

Personnel expenses

 

–38'195

 

–32'200

 

18.6

General and administrative expenses

 

–3'431

 

–2'650

 

29.5

Depreciation and amortisation

 

–5

 

0

 

 

Services (from) / to segments

 

–31'368

 

–27'344

 

14.7

Total operating expenses

 

–73'000

 

–62'195

 

17.4

Segment profit before tax

 

45'597

 

45'456

 

0.3

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Performance figures

 

 

2018

 

2017

*

Operating income (excluding expected credit losses) relative to average monthly business volumes.

**

Operating expenses (excluding provisions for legal and litigation risks) in relation to operating income (excluding expected credit losses).

Gross margin (in basis points) *

 

68.8

 

70.3

Cost-Income-Ratio (in per cent) **

 

61.6

 

57.8

Net new money (in CHF millions)

 

780

 

172

Growth of net new money (in per cent)

 

5.4

 

1.3

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Additional information

 

 

31.12.2018

 

31.12.2017

 

+/− %

Business volume (in CHF millions)

 

18'216

 

16'007

 

13.8

Assets under management (in CHF millions)

 

16'350

 

14'316

 

14.2

Loans (in CHF millions)

 

1'866

 

1'691

 

10.3

Employees (full-time equivalents, in positions)

 

189

 

161

 

16.9