Business segment result

In the Institutional Clients segment of the LLB Group assets under management posted a performance-related increase of 0.6 percent to CHF 25.4 billion (31.12. 2013: CHF 25.2 billion). The net new money outflow stood at CHF 643 million (2013: minus CHF 688 million). In the first half year of 2014, isolated large outflows were recorded particularly with custodian bank funds and public institutions.

The sale of the Jura Trust Group and the closure of LLB (Switzerland) Ltd. in the previous year had a marked impact on the segment result. This was amplified by one-off effects, which were recognised in other income and general and administrative expenses. Operating income in 2014 decreased by 40.9 percent to CHF 102.3 million (2013: CHF 173.3 million). Operating expenses fell by 59.9 percent to CHF 83.8 million (2013: CHF 208.9 million).

This resulted a significant rise in segment profit before tax of CHF 54.2 million to CHF 18.6 million (2013: minus CHF 35.6 million).

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Segment reporting

in CHF thousands

2014

2013

+/– %

Net interest income

7'418

10'469

−29.1

Credit loss (expense) / recovery

−911

−5'400

−83.1

Net interest income after credit loss expense

6'507

5'069

28.4

Net fee and commission income

86'970

101'816

−14.6

Net trading income

9'166

9'136

0.3

Other income

−297

57'283

 

Total operating income

102'346

173'304

−40.9

Personnel expenses

−38'170

−39'384

−3.1

General and administrative expenses

−6'321

−116'212

−94.6

Depreciation and amortisation

−3'342

−9'853

−66.1

Services (from) / to segments

−35'928

−43'467

−17.3

Total operating expenses

−83'761

−208'916

−59.9

Segment profit before tax

18'585

−35'612

 

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Performance figures

 

2014

2013

*

Operating expenses (excluding provisions for legal and litigation risks, allowances for non-current assets held for sale and impairment for goodwill) in relation to operating income (excluding credit loss expense and adjustments on purchase price obligations from acquisitions).

**

Operating income excluding credit loss expense relative and excluding adjustments on purchase price obligations from acquisitions to average business volumes.

Net new money (in CHF millions)

−643

−688

Growth of net new money (in percent)

−2.5

−2.8

Cost-Income-Ratio (in percent) *

80.5

85.6

Gross margin (in percent) **

40.3

48.4

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Additional information

 

31.12.2014

31.12.2013

+/– %

Business volumes (in CHF millions)

25'740

25'567

0.7

Assets under management (in CHF millions)

25'382

25'228

0.6

Loans (in CHF millions)

358

339

5.6

Employees (full time equivalent, in positions)

160

166

−3.6

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