Business segment result

In the Institutional Clients Business Segment the net new money outflow in 2012 amounted to CHF 805 million. The largest outflows were registered in the Financial Intermediaries Business Area because public trusts withdrew CHF 374 million. Furthermore, funds were withdrawn from our insurance business. Excluding these two effects, net new money outflow would have totalled CHF 65 million. At 31 December 2012, the business segment managed client assets totalling CHF 24.9 billion, representing a minus of 2.1 percent compared with 2011 (CHF 25.4 billion).

Net interest income after credit loss expense rose to CHF 7.7 million (2011: minus CHF 36.7 million), net fee and commission income fell by 2.6 percent to CHF 108.0 million (2011: CHF 110.9 million). Net trading income decreased by 32.4 percent to CHF 8.4 million (2011: CHF 12.4 million).

Operating income increased by 43.4 percent to CHF 124.1 million (2011: CHF 86.6 million). Operating expenses were reduced by 5.6 percent to CHF 111.8 million (2011: CHF 118.4 million). The Cost-Income-Ratio amounted to 79.4 percent (2011: 81.1 %).

In total, 2012 saw a sharp rise in the segment result from minus CHF 31.8 million in 2011 to CHF 12.3 million in 2012.

Segment reporting

 

(XLS:)

 

 

 

 

in CHF thousands

2012

2011

+/– %

Net interest income

15'026

15'735

–4.5

Credit loss (expense)/recovery

–7'300

–52'476

–86.1

Net interest income after credit loss expense

7'726

–36'741

 

Net fee and commission income

107'975

110'854

–2.6

Net trading income

8'407

12'441

–32.4

Net income from financial investments at fair value through profit and loss

0

0

 

Share of net income of associates

0

0

 

Other income

0

0

 

Total operating income

124'108

86'554

43.4

Personnel expenses

–45'103

–50'809

–11.2

General and administrative expenses

–21'272

–16'436

29.4

Depreciation and amortisation

–4'506

–4'712

–4.4

Services from/to segments

–40'899

–46'421

–11.9

Total operating expenses

–111'780

–118'378

–5.6

Segment profit before tax

12'328

–31'824

 

Performance figures

(XLS:)

 

 

 

 

2012

2011

*

Operating expenses excluding provisions for legal and litigation risks and allowances for non-current assets held for sale in proportion to operating income excluding credit loss expenses for credit risks.

**

Operating income excluding credit loss expense in proportion to average business volumes.

Net new money (in CHF millions)

–805

 

Growth of net new money (in percent)

–3.2

 

Cost-Income-Ratio (in percent)*

79.4

81.1

Gross margin (in basis points)**

51.1

 

Additional information

 

(XLS:)

 

 

 

 

 

31.12.2012

31.12.2011

+/– %

Business volumes (in CHF millions)

25'393

25'992

–2.3

Assets under management (in CHF millions)

24'861

25'392

–2.1

Employees (full-time equivalents, in positions)

223

 

 

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