The 2011 Financial Statements
The financial results of the year 2011 were strongly influenced, as in the prior year, by difficult market conditions and high insecurity. The sovereign debt crisis in Europe and regulatory developments on national and international level caused high insecurity of institutional and private investors. Therefore they adopted a very prudent investment strategy which resulted in a significant drop of trading volumes. Together with capital outflows, due to fiscal reasons and stronger competition, and the reduction of the volumes of the own funds, this led to a decrease of the consolidated net commission and service fee income of CHF 5.7 million to CHF 26.4 million.
Net interest income remained with CHF 7.4 million practically unchanged, while the net trading income increased slightly to CHF 3.2 million. Total revenues decreased from CHF 43.9 million to CHF 37.6 million.
Administrative expenses amount to CHF 44.5 million, an increase of CHF 1.7 million with respect to the prior year. Personnel expenses, as well as operating expenses include high extraordinary costs related to the future strategic direction of the bank which should strongly decline in the next year. Lower total revenues and slightly higher administrative expenses resulted in a negative gross profit of CHF 6.9 million with respect to the positive gross profit of CHF 1.0 million of the prior year.
Depreciation on fixed assets of CHF 17.9 million include an extraordinary value adjustment of CHF 11.7 million on immaterial assets from the acquisition in the year 2008 of Bank Hugo Kahn & Co Ltd. Value adjustments and provisions of CHF 6.2 million include provisions made in 2011 for client credits for a total amount of CHF 5.4 million. In order to neutralize these extraordinary positions, in the reporting year CHF 22.5 million of the reserve for general banking risks were released and credited to extraordinary income. This position also includes the book profit of CHF 2.7 million resulting from the sale of the property in Chiasso. The partial dissolution of the provision for deferred taxes on the immaterial values written down in the reporting year entailed a positive tax effect of CHF 1.9 million.
The balance sheet total rose by CHF 44.6 million to CHF 911.0 million. On the assets side cash and other liquid assets strongly increased from CHF 15.8 million to CHF 166.9 million. This increase is essentially due to short term placements of excess liquidity from client funds with the Swiss National Bank. Outstanding credits of CHF 119.7 million were CHF 33 million lower than in the previous year; trading positions and fixed financial assets decreased by CHF 69.6 million to CHF 88.2 million.
|
|
|
The full annual report with detailed figures and notes to the financial statements can be downloaded as a PDF file.
|
|
>
Download the 2011 Annual Report
|
|
> Annual Report 2012
|
|
> Annual Report 2010
|
|
> Annual Report 2009
|
|
> Annual Report 2008
|
|
> Annual Report 2007
|
|
> Annual Report 2006
|
|
