Segment reporting

Business segment reporting 2016

in CHF 1,000

Client
Business

Client
Business

Corporate
Center

Total
Group

 

Liechtenstein

International

 

 

Total net interest income1

67,609

24,936

9,827

102,372

Total net income from commission 
business and services

90,176

33,878

–5,265

118,789

Income from trading activities1

20,267

6,565

17,664

44,496

Income from financial instruments

10

396

7,240

7,646

Other income

0

1,078

–1,149

–71

Total operating income

178,062

66,853

28,317

273,232

Personnel expenses

33,768

39,000

62,561

135,329

General and administrative expenses

3,292

21,544

26,839

51,675

Depreciation and amortisation

3,682

3,336

15,393

22,411

Valuation allowances, provisions and losses

2,270

716

–218

2,768

Services to/from other segments

40,389

0

–40,389

0

Operating expenses

83,401

64,596

64,186

212,183

Earnings before income tax

94,661

2,257

–35,869

61,049

Taxes on income

 

 

 

3,063

Group net income

 

 

 

57,986

 

 

 

 

 

Segment assets (in CHF million)

4,108

3,581

4,106

11,794

Segment liabilities (in CHF million)

7,160

3,048

649

10,857

Client assets under management (in CHF billion)2

24.6

11.2

0.0

35.8

Net new money (in CHF billion)

–0.2

0.2

0.0

0.0

Headcount (number of employees)

185

248

371

804

Headcount (expressed as full-time equivalents)

174.1

233.2

331.0

738.3

  1. Change of accounting principles (note 1 and principles underlying financial statement reporting)
  2. Calculation in accordance with Table P of the Guidelines to the Liechtenstein Banking Ordinance issued by the Government of Liechtenstein (FL-BankO).

 

Business segment reporting 2015

in CHF 1,000

Client
Business

Client
Business

Corporate
Center

Total
Group

 

Liechtenstein

International

 

 

Total net interest income1

51,366

20,672

16,328

88,366

Total net income from commission 
business and services

91,847

38,853

–4,330

126,370

Income from trading activities1

23,866

9,790

8,527

42,183

Income from financial instruments

16

–897

139

–742

Other income2

0

983

49,394

50,377

Total operating income

167,095

69,401

70,058

306,554

Personnel expenses

32,565

36,752

52,563

121,880

General and administrative expenses

2,952

19,071

38,212

60,235

Depreciation and amortisation

3,672

4,455

30,126

38,253

Valuation allowances, provisions and losses

2,917

11,761

11,350

26,028

Services to/from other segments

47,691

0

–47,691

0

Operating expenses

89,797

72,039

84,560

246,396

Earnings before income tax5

77,298

–2,638

–14,502

60,158

Taxes on income

 

 

 

–3,898

Group net income

 

 

 

64,056

 

 

 

 

 

Segment assets (in CHF million)

4,467

3,247

4,647

12,361

Segment liabilities (in CHF million)

7,792

2,928

723

11,443

Client assets under management (in CHF billion)3, 4

24.3

10.5

0.0

34.8

Net new money (in CHF billion)4

5.8

0.2

0.0

6.0

Headcount (number of employees)

171

245

382

798

Headcount (expressed as full-time equivalents)

161.5

233.4

339.5

734.4

  1. Change of accounting principles (note 1 and principles underlying financial statement reporting)
  2. The non-recurring positive effect of the «bargain purchase» (badwill arising on acquisition) is disclosed in the Corporate Center.
  3. Calculation in accordance with Table P of the Guidelines to the Liechtenstein Banking Ordinance issued by the Government of Liechtenstein (FL-BankO).
  4. Acquired client relationships (note 45) of CHF 6.7 billion are included in this position.
  5. Centralisation of the investment management operations of VP Bank (Switzerland) Ltd in Liechtenstein as of 1 July 2015 (net CHF 2.7 billion).

The recharging of costs and revenues between the business units takes place on the basis of internal transfer prices, actual recharges or on prevailing market conditions. Recharged costs within the segments are subject to an annual review and are amended to reflect new economic conditions, where necessary.

 

Geographic segment reporting

in CHF 1,000

Liechtenstein
and
Switzerland

Rest of
Europe

Other
countries

Total
Group

2016

 

 

 

 

Total operating income

233,836

20,709

18,687

273,232

Total assets

10,913

463

418

11,794

 

 

 

 

 

2015

 

 

 

 

Total operating income

261,819

29,418

15,317

306,554

Total assets

11,109

898

354

12,361

Segment reporting follows the principle of branch accounting.