Business segment result

At CHF 17.4 billion, the business volume of the Retail & Corporate Banking segment of the LLB Group remained stable in 2015 (31.12.2014: CHF 17.3 billion). Performance-related factors meant that assets under management fell by 2.3 percent to 8.0 billion (31.12.2014: CHF 8.2 billion). Thankfully, this effect was compensated for by a pleasing rise in loans to clients as a result of sustained demand for real estate financing. Loans increased by 2.3 percent to CHF 9.3 billion (2014: CHF 9.1 billion).

The segment reported a net new money inflow of CHF 199 million (2014: inflow of CHF 49 million). Inflows were registered in the domestic markets of Switzerland and Liechtenstein.

Operating income rose by 12.5 percent to CHF 129.0 million (2014: CHF 114.7 million). The positive development of interest differential business had a beneficial influence on operating income. Higher volumes of loans to clients, higher margins in fixed interest business and lower refinancing costs were responsible for the improvement in interest business. Operating expenses were down by 9.0 percent to CHF 86.5 million (2014: CHF 95.0 million).

The segment profit before tax rose by 115.7 percent to CHF 42.6 million (2014: CHF 19.7 million).

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Segment reporting

in CHF thousands

2015

2014

+/− %

Net interest income

89'246

79'851

11.8

Credit loss (expense) / recovery

–57

–1'864

–96.9

Net interest income after credit loss expense

89'189

77'987

14.4

Net fee and commission income

28'124

26'540

6.0

Net trading income

11'157

9'391

18.8

Other income

543

800

–32.1

Total operating income

129'013

114'718

12.5

Personnel expenses

–31'741

–32'043

–0.9

General and administrative expenses

–2'607

–2'195

18.8

Depreciation and amortisation

–321

–100

221.0

Services (from) / to segments

–51'790

–60'648

–14.6

Total operating expenses

–86'459

–94'986

–9.0

Segment profit before tax

42'554

19'732

115.7

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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)

199

49

Growth of net new money (in percent)

2.4

0.6

Cost-Income-Ratio (in percent) *

67.0

81.5

Gross margin (in percent) **

75.0

68.5

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Additional information

 

31.12.2015

31.12.2014

+/− %

Business volumes (in CHF millions)

17'374

17'347

0.2

Assets under management (in CHF millions)

8'037

8'223

–2.3

Loans (in CHF millions)

9'337

9'124

2.3

Employees (full time equivalent, in positions)

223

225

–0.9