Intermediaries & Private Banking
Segment results |
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in CHF 1,000 | 2022 | 2021 | Variance | Variance |
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Total net interest income | 119,485 | 96,461 | 23,024 | 23.9 |
Total net income from commission | 117,770 | 133,653 | –15,883 | –11.9 |
Income from trading activities | 31,436 | 31,721 | –285 | –0.9 |
Income from financial instruments | 0 | 0 | 0 | n.a. |
Other income | –318 | 779 | –1,097 | –140.7 |
Total operating income | 268,374 | 262,614 | 5,759 | 2.2 |
Personnel expenses | 70,669 | 68,801 | 1,869 | 2.7 |
General and administrative expenses | 11,057 | 8,003 | 3,054 | 38.2 |
Depreciation of property, equipment and intangible assets | 7,342 | 6,255 | 1,087 | 17.4 |
Credit loss expenses | –2,400 | –1,637 | –762 | –46.6 |
Provisions and losses | 2,036 | 1,001 | 1,034 | 103.3 |
Services to/from other segments | 60,128 | 58,398 | 1,730 | 3.0 |
Operating expenses | 148,832 | 140,820 | 8,011 | 5.7 |
Segment earnings before income tax | 119,542 | 121,794 | –2,252 | –1.8 |
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Additional information |
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Operating expenses excluding depreciation and amortisation, valuation | 52.9 | 51.5 |
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Operating expenses excluding valuation allowances, provisions and losses / | 55.6 | 53.9 |
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Client assets under management (in CHF billion) | 34.8 | 39.6 |
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Change in client assets under management | –12.3 | 10.2 |
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Net new money (in CHF billion) | –0.5 | 0.8 |
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Total operating income / average client assets under management (bp) (gross margin)1 | 72.1 | 69.4 |
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Segment result / average client assets under management (bp)1 | 32.1 | 32.2 |
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Cost/income ratio operating income (in %)2 | 52.8 | 51.6 | 1.2 | 2.2 |
Headcount (number of employees) | 377 | 384 | –7.0 | –1.8 |
Headcount (expressed as full-time equivalents) | 349.9 | 360.0 | –10.1 | –2.8 |
- Annualised, average values.
- Operating expenses less depreciation, credit loss expenses, provisions and losses / operating income less other income and income from financial instruments.
Structure
The “Intermediaries & Private Banking” business unit comprises the intermediaries and private banking business at local and international locations as well as the universal banking and lending business in Liechtenstein.
Segment income
The pre-tax segment income fell in 2022 from CHF 121.8 million to CHF 119.5 million compared to the previous-year period).
In 2022, operating income could be increased, year-on-year, by CHF 5.8 million (2.2 per cent). This growth results from the net interest income from clients (+23.9 per cent). The performance of interest rates in USD and EUR, above all, contributed to this positive result. Income from trading activities was maintained at almost the same level as the previous year (CHF –0.3 million). The decline in the commission and services business is based on lower transaction-related earnings, caused by a reduction in client activities due to the uncertainties on the financial markets. However, it was also impacted by the lower asset basis in 2022 due to market corrections and the associated reduction in recurring earnings.
Operating expenses increased by CHF 8.0 million or 5.7 per cent to CHF 148.8 million. This is primarily due to investments in Strategy 2026 and costs linked to the complex processing of sanctions for Russian clients and the client verification process as part of a revised risk evaluation model.
2022 saw a net new money outflow of CHF 0.5 billion. This reflects the net new money outflow of CHF 0.5 billion from clients with a Russian connection. Client assets under management as of 31 December 2022 totalled CHF 34.8 billion (31 December 2021: CHF 39.6 billion). The headcount decreased from 360 positions to 350 positions in the reporting year.