Business segment result

The business volume of the Private Banking segment of the LLB Group rose in 2014 to CHF 17.8 billion (31.12. 2013: CHF 16.9 billion). The net new money inflow stood at CHF 427 million (2013: outflow of CHF 1.5 billion). Assets under management increased by 5.3 percent to CHF 16.6 billion (31.12. 2013: CHF 15.8 billion).

The closure of LLB (Switzerland) Ltd. was reflected in income and expenses. Operating income fell by 7.3 percent to CHF 100.3 million (2013: CHF 108.2 million). The positive earnings development of Bank Linth LLB AG, LLB (Österreich) AG, and the parent bank was unable to compensate for the decrease caused by the closure of LLB (Switzerland) Ltd.

Operating expenses fell sharply by 26.4 percent to CHF 64.8 million (2013: CHF 88.1 million). The reduction in costs was attributable to the closure of LLB (Switzerland) Ltd. and provisions for the US taxation dispute allocated in the previous year. Total headcount rose by 5.6 percent to 131 full-time positions (31.12. 2013: 124).

The segment result before tax rose sharply by 76.4 percent to CHF 35.5 million (2013: CHF 20.1 million).

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Segment reporting

in CHF thousands

2014

2013

+/– %

Net interest income

13'340

18'515

−28.0

Credit loss (expense) / recovery

957

−20'400

 

Net interest income after credit loss expense

14'297

−1'885

 

Net fee and commission income

76'968

85'326

−9.8

Net trading income

8'985

8'892

1.0

Other income

31

15'900

−99.8

Total operating income

100'281

108'233

−7.3

Personnel expenses

−24'955

−28'980

−13.9

General and administrative expenses

−5'318

−16'273

−67.3

Depreciation and amortisation

−2

−2'459

−99.9

Services (from) / to segments

−34'538

−40'409

−14.5

Total operating expenses

−64'813

−88'121

−26.4

Segment profit before tax

35'468

20'112

76.4

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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 to average business volumes.

Net new money (in CHF millions)

427

−1'474

Growth of net new money (in percent)

2.7

−8.5

Cost-Income-Ratio (in percent) *

64.7

60.3

Gross margin (in percent) **

57.2

71.6

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Additional information

 

31.12.2014

31.12.2013

+/– %

Business volumes (in CHF millions)

17'833

16'873

5.7

Assets under management (in CHF millions)

16'603

15'770

5.3

Loans (in CHF millions)

1'230

1'103

11.5

Employees (full time equivalent, in positions)

131

124

5.6

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