Business segment result

Assets under management by the Private Banking segment were down in 2015 by 20.9 percent to CHF 13.1 billion (31.12.2014: CHF 16.6 billion). The fall was attributable to exchange rate effects following the lifting of the Swiss National Bank’s support for the minimum Euro exchange rate as well as the internal transfer of clients to the Institutional Clients segment. In contrast, loans to clients rose by 7.3 percent to CHF 1.3 billion (31.12.2014: CHF 1.2 billion).

The net new money outflow stood at CHF 217 million (2014: inflow of CHF 427 million). Within the scope of the implementation of the tax compliance and cross-border strategy, outflows were experienced in the traditional, cross-border markets. The business segment was unable to compensate fully for these outflows through inflows in the domestic markets of Switzerland, Liechtenstein and Austria, as well as the growth markets.

Operating income declined by 6.6 percent to CHF 93.6 million (2014: CHF 100.3 million). Lower fee and commission income was responsible for the reduction. On account of lower client assets under management, this fell by 13.3 percent to CHF 66.8 million (2014: CHF 77.0 million). Operating expenses decreased by 11.0 percent to CHF 52.6 million (2014: CHF 59.1 million).

The segment profit before tax was down by 0.4 percent to CHF 41.1 million (2014: CHF 41.2 million).

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Segment reporting

in CHF thousands

2015

2014

+/− %

Net interest income

16'590

13'340

24.4

Credit loss (expense) / recovery

0

957

–100.0

Net interest income after credit loss expense

16'590

14'297

16.0

Net fee and commission income

66'766

76'968

–13.3

Net trading income

10'277

8'985

14.4

Other income

2

31

–93.5

Total operating income

93'635

100'281

–6.6

Personnel expenses

–24'209

–24'955

–3.0

General and administrative expenses

–2'776

–5'318

–47.8

Depreciation and amortisation

0

–2

–100.0

Services (from) / to segments

–25'592

–28'795

–11.1

Total operating expenses

–52'577

–59'070

–11.0

Segment profit before tax

41'058

41'211

–0.4

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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)

–217

427

Growth of net new money (in percent)

–1.3

2.7

Cost-Income-Ratio (in percent) *

56.5

59.5

Gross margin (in percent) **

64.3

57.7

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Additional information

 

31.12.2015

31.12.2014

+/− %

Business volumes (in CHF millions)

14'448

17'833

−19.0

Assets under management (in CHF millions)

13'128

16'603

−20.9

Loans (in CHF millions)

1'320

1'230

7.3

Employees (full time equivalent, in positions)

137

131

4.6