Business segment result

In the Institutional Clients segment of the LLB Group assets under management decreased by 3.9 percent to CHF 24.4 billion (31.12.2014: CHF 25.4 billion). The decrease was attributable to the sale of the swisspartners Group with its assets of CHF 3.3 billion. This effect was counteracted by an internal transfer of clients from the Private Banking segment.

The net new money outflow amounted to CHF 193 million (2014: outflow of CHF 643 million), predominantly in the traditional, cross-border markets.

Income from interest and trading business developed positively. The decline in income from commissions and fees was largely due to the sale of the swisspartners Group. Furthermore, there was a one-time increase in adjustments for credit loss expense. Operating income in 2015 fell by 29.1 percent to CHF 72.6 million (2014: CHF 102.3 million). Operating expenses were reduced by 49.9 percent to CHF28.7 million (2014: CHF 57.3 million).

This resulted in a slight decrease in the segment profit before tax of 2.7 percent to CHF 43.9 million (2014: CHF 45.1 million).

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Segment reporting

in CHF thousands

2015

2014

+/− %

Net interest income

8'147

7'418

9.8

Credit loss (expense) / recovery

–5'979

–911

556.3

Net interest income after credit loss expense

2'168

6'507

–66.7

Net fee and commission income

56'907

86'970

–34.6

Net trading income

11'896

9'166

29.8

Other income

1'584

–297

 

Total operating income

72'555

102'346

–29.1

Personnel expenses

–15'575

–38'170

–59.2

General and administrative expenses

–2'985

–6'321

–52.8

Depreciation and amortisation

0

–3'342

–100.0

Services (from) / to segments

–10'133

–9'435

7.4

Total operating expenses

–28'693

–57'268

–49.9

Segment profit before tax

43'862

45'078

–2.7

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Performance figures

 

2015

2014

*

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

**

Operating income (excluding credit loss expense) relative to average monthly business volumes.

Net new money (in CHF millions)

–193

–643

Growth of net new money (in percent)

–0.8

–2.5

Cost-Income-Ratio (in percent) *

37.2

55.5

Gross margin (in percent) **

31.5

40.7

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Additional information

 

31.12.2015

31.12.2014

+/− %

Business volumes (in CHF millions)

24'854

25'740

−3.4

Assets under management (in CHF millions)

24'394

25'382

−3.9

Loans (in CHF millions)

460

358

28.5

Employees (full time equivalent, in positions)

84

160

−47.5