Annual Review 2008 - Hyposwiss Privatbank AG

Finance section
Overview
The last financial year, which was characterised by a virulent
financial crisis, has also left its mark on Hyposwiss. Operating
income suffered a decline of CHF 20.4 million or 16.8% to
CHF 100.7 million. Major investments having been made in
a new IT system in previous years, operating expenses were
brought down by CHF 5.8 million to CHF 48.5 million. Thanks
to these savings, we were able to limit the decrease in gross
profit from CHF 66.8 million to CHF 52.2 million.
Depreciation on fixed assets fell slightly year-on-year to
CHF 1.3 million. A net figure of CHF 7.7 million was posted
for value adjustments, provisions and losses in connection
with Lombard (collateral) loans.
In the extraordinary result, profits of CHF 0.8 million were
posted from the remnant sale of a shareholding at book value
of just under CHF 0.1 million.
The generated net profit of CHF 35.0 million allows us to
distribute a dividend of CHF 30.0 million to our shareholder.
At 49%, the cost/income ratio including depreciation of tangible
assets is slightly above the prior-year level. Compared with
other private banks, this is an excellent figure and reflects
Hyposwiss’s high level of productivity and customerconsciousness.
As at the end of the financial year, the balance sheet total
was CHF 1 236.3 million. This corresponds to an increase of
CHF 367.8 million or 42.4% compared with the prior-year
figure of CHF 868.5 million. The growth in the balance sheet
total is primarily attributable to the almost doubling of
customer deposits. The Bank’s reported capital resources,
after appropriation of profits, total CHF 109.2 million, and
the self-financing level is a very solid 8.8%.
Customer deposit and asset values fell during the financial
year from CHF 10.8 billion to CHF 9.2 billion. Of this,
CHF 584.4 million accrues to the investment funds managed
by the Investment Center. A net new money inflow of
CHF 2 134.7 million was recorded during the financial year.
Hyposwiss Annual Review 2008 19