Consolidated income statement

in CHF 1,000	Note	2013	2012 adjusted 1	Variance absolute	Variance in %
Interest income		103,756	109,490	–5,734	–5.2
Interest expense		16,883	26,031	–9,148	–35.1
Total interest income	1	86,873	83,459	3,414	4.1
Commission income		160,648	151,687	8,961	5.9
Commission expense		46,537	43,630	2,907	6.7
Total income from commission business and services	2	114,111	108,057	6,054	5.6
Income from trading activities	3	19,511	21,147	–1,636	–7.7
Income from financial instruments	4	16,267	19,464	–3,197	–16.4
Other income	5	2,633	3,115	–482	–15.5
Total net operating income		239,395	235,242	4,153	1.8

Personnel expenses	6	122,006	101,108	20,898	20.7
General and administrative expenses	7	45,970	46,682	–712	–1.5
Operating expenses		167,976	147,790	20,186	13.7
Gross income		71,419	87,452	–16,033	–18.3

Depreciation and amortisation	8	27,033	29,432	–2,399	–8.2
Valuation allowances, provisions and losses	9	6,355	7,237	–882	–12.2
Earnings before income tax from continued operations		38,031	50,783	–12,752	–25.1

Taxes on income	10a	2,306	1,763	543	30.8
Group net income from continued operations		35,725	49,020	–13,295	–27.1

Discontinued operations
Net income from discontinued operations	45	2,962	–1,819	4,781	n.a.
Group net income		38,687	47,201	–8,514	–18.0

Attributable to the shareholders of Verwaltungs- und Privat-Bank AG, Vaduz
Group net income from continued operations		35,725	49,020	–13,295	–27.1
Group net income from discontinued operations		2,394	–705	3,099	n.a.
Net income attributable to the shareholders of Verwaltungs- und Privat-Bank AG, Vaduz		38,119	48,315	–10,196	–21.1

Non-controlling interests
Group net income from continued operations		0	0	0	n.a.
Group net income from discontinued operations		568	–1,114	1,682	n.a.
Group net income attributable to non-controlling interests		568	–1,114	1,682	n.a.

Undiluted consolidated earnings per share of Verwaltungs- und Privat-Bank AG, Vaduz
Undiluted group net income per bearer share		6.58	8.37
Undiluted group net income per registered share		0.66	0.84
Undiluted group net income from continued operations per bearer share		6.17	8.49
Undiluted group net income from continued operations per registered share		0.62	0.85

Fully diluted consolidated earnings per share of Verwaltungs- und Privat-Bank AG, Vaduz
Diluted group net income per bearer share		6.58	8.37
Diluted group net income per registered share		0.66	0.84
Diluted group net income from continued operations per bearer share		6.17	8.49
Diluted group net income from continued operations per registered share		0.62	0.85

Several of the amounts reported here do not correspond to those in the 2012 financial consolidated financial statements as a result of restatements made to reflect discontinued operations. Details can be found in note 45.

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Consolidated income statement