PRESS RELEASE (N° 137)
In a rather disturbing economic and geopolitical environment, the first half-year was singularly unfavorable for the Company’s own positions, with a significant decline in net income. Currency effects were negative in line with the strengthening of the Swiss franc, while trading operations backed up slightly, although margins improved somewhat. The provisions set aside to cover this type of market risks, were therefore put in use. However, shareholders’ equity still accounted for more than half of the total balance-sheet. For its part, the solvency ratio broadly and consistently exceeded the regulatory requirements.