Annual Review 2008 - Hyposwiss Privatbank AG

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Income statement details Expenses Total 101 512 (in 1 000 CHF) Income Total 101 512 (in 1 000 CHF) Depreciation and provisions 8 958 Taxes 9 047 8.9 % Other operating expenses 15 148 14.9 % Extraordinary income 843 22 Hyposwiss Annual Review 2008 8.8 % 32.8 % Net other ordinary income 1 080 1.1 % Net trading income 8 146 Net interest income 20 962 20.7 % 0.8 % 8.0 % 34.6 % 69.4 % Net profit for the year 35 043 Personnel expenses 33 316 Net fee and commission income 70 479
Net interest income fell in the year under review by CHF 3.3 million to CHF 21.0 million. This result was significantly affected by the dramatic decline in interest rates during the financial year, lower loans to customers and the weakness of key conversion rates. Mortgage interest stagnated at prior-year levels at CHF 6.7 million. The exceptional crisis on the financial markets was reflected in the lower net fee and commission income. These reached a figure of CHF 70.5 million in the financial year and were thus CHF 16.3 million or 18.8% below the outstanding prior-year result. The biggest earnings slump was recorded in the securities business. Receipts here were around one-third lower than the figure for 2007. Hyposwiss was also exposed to customers’ reluctance in this difficult economic environment to make new investments in securities. This was exacerbated by the fact that the market for structured products recorded a massive fall-off. The sharp price losses and resulting reduction in client assets impaired the portfolio-dependent earnings. The prior-year value for fiduciary commissions was exceeded thanks to the dramatic increase in assets. Net trading income fell from CHF 9.2 million to CHF 8.1 million. The decline in our customers’ transaction volumes led to lower foreign exchange earnings. Administrative expenses fell during the year under review by CHF 5.8 million to CHF 48.5 million. Despite a higher number of staff, personnel expenses were reduced by CHF 2.3 million to CHF 33.3 million. This is due first and foremost to lower performance-related remuneration. After investments in the new Avaloq Banking System had sharply increased other operating expenses the previous year, this slid back in the year under review by CHF 3.5 million to CHF 15.1 million. Savings were also made in the area of marketing and communications. The massive collapses on the international share markets meant that individual collateral loans were not sufficiently covered by the underlying securities. Net value adjustments of CHF 7.2 million were formed in order to allow for this. The value adjustments for default risks in place as at the balance sheet date amounted to 2.0% of the loans. Extraordinary income contains the capital gains from the sale of our shareholding in Pfandbriefbank Schweizerischer Hypothekarinstitute. Hyposwiss Annual Review 2008 23
Page 1 and 2: Annual Review 2008
Page 3 and 4: Annual Review 2008
Page 5: Contents Editorial Annual review Ba
Page 9 and 10: Editorial Dear Customers Ladies and
Page 11: Bank governing bodies Board of Dire
Page 15: Organisation as at 1 March 2009 * M
Page 19: Key figures 2008 Key figures 2008 i
Page 23 and 24: Finance section Overview The last f
Page 25: Liabilities Customer deposits grew
Page 29 and 30: Income statement 2008 Income and ex
Page 31: Liabilities in 1 000 CHF 2008 2007
Page 35 and 36: Appropriation of disposable profit
Page 37 and 38: Auditor’s report The following Au
Page 40: Hyposwiss Private Bank Ltd. Bahnhof

Annual Review 2008 - Hyposwiss Privatbank AG

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