Business division result

The volatile financial markets, the weakness of the euro and the US dollar, as well as the persisting low level of interest rates had an adverse effect. Furthermore, value adjustments on interest rate swaps had a negative impact on the financial statement. Consequently, operating income fell to CHF 35.8 million (2010: CHF 73.0 million, 2009: CHF 135.4 million). Price gains from financial investments at fair value through profit and loss amounted to CHF 0.4 million (2010: minus CHF 0.3 million, 2009: plus CHF 33.2 million). Operating expenses totalled CHF 62.3 million (2010: CHF 57.8 million, 2009: CHF 87.6 million). This increase is mainly attributable to the amortisation of investments in Avaloq and the expenditure in connection with the 150th anniversary celebrations. On account of the loss posted in trading business, the segment loss before tax amounted to CHF 26.4 million (profit in 2010: CHF 15.2 million, profit in 2009: CHF 47.8 million).

4-year trend

Income from financial investments determines the business result of the Corporate Center. At the LLB Group these are booked directly to the profit and loss statement. Total headcount and therefore operating expenses have remained stable over the last few years.

Development of operating income

2008 – 2011, in CHF thousands

Corporate Center – Development of operating income (bar chart)
Development of profit before tax

2008 – 2011, in CHF thousands

Corporate Center – Development of profit before tax (bar chart)

Segment reporting

 

(XLS:)

 

 

 

 

in CHF thousands

2011

2010

+/– %

Net interest income

51'586

54'327

–5.0

Net fee and commission income

8'426

10'964

–23.1

Net trading income

–28'937

898

 

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

449

–342

 

Share of net income from investments in associates

0

–1'534

–100.0

Other income

4'307

8'635

–50.1

Total operating income

35'831

72'948

–50.9

Personnel expenses

–50'850

–46'335

9.7

General and administrative expenses

–41'657

–33'967

22.6

Depreciation and amortisation

–19'960

–13'241

50.7

Value adjustments, provisions and losses

–1'547

1'776

 

Services from/to segments

51'752

34'000

52.2

Total operating expenses

–62'262

–57'767

7.8

Business division profit before tax

–26'431

15'181

 

Performance figures

(XLS:)

 

 

 

 

2011

2010

Net new money (in CHF millions)

–235

–83

Growth of net new money (in percent)

–7.5

–1.8

Additional information

 

(XLS:)

 

 

 

 

in CHF millions

31.12.2011

31.12.2010

+/– %

Assets under management

2'808

3'142

–10.6

Employees (full-time equivalents, in positions)

330

330

0.0

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