Bondpartners : net profit published is unchanged at the end of a difficult market period. A 20% dividend will be offered to shareholders.
The turnover steadied down in a particularly volatile context. The earnings expressed in foreign currency and the accounting valuation of the Company’s assets have been adversely affected by the strengthening of the Swiss franc and the decline of stock markets, especially during the summer. The strength of the shareholders’ equity was not hurt.
The parent company posts a net profit almost unchanged at CHF 1.8 million (+2%) and the Group records a CHF 2.2 million gain (-3%).
The statutory balance sheet total has grown 9.5% to CHF 134.3 million, mainly due to the increase of liquidity, assets and respectively commitments of the Company. The balance sheet is composed by 93% of current assets, namely cash and due from banks (CHF 70.1 million), due from customers (CHF 3.9 million) and securities own portfolios (CHF 50.9 million). Total liabilities nearly amount to CHF 59,5 million (+29%). With regard to individual shareholders’ equity, its total comes to CHF 52.7 million (+1%). As for valuation adjustments and provisions, they slide 10.5% to CHF 20.7 million due to release in favour of the income statement.
On a consolidated basis, current assets reach CHF 125.1 million and total liabilities CHF 53.9 million. As far as Group’s equity is concerned, it comes in at CHF 72.2 million (-1.5%). Reserves and provisions for own shares (CHF 4.4m) and for deferred taxes (CHF 6.1m) were duly deducted. In this regard, the reserves for general banking risks fell by 7% to CHF 26.4 million, while profit reserves post CHF 38.2 million (+3%).
The capital adequacy of basic individual shareholders’ equity (Tier 1) and that of additional equity (Tier 1+2) respectively reach 25% and 36%.
In terms of profit and loss accounts, gross income from interest differential business posts CHF 2.3 million (-4%) and income from commission business comes to CHF 1.8 million (+10.5%). On the other hand, income on securities transactions (dealing and financial investments) as well as result from currency exchange and the valuation of equities held in nostro positions remained strongly affected by the currency conversions against the Swiss franc and by the falling stock markets (CHF 2.7 million versus 2.2 million in 2010). Operating expenses remain under control at CHF 6.2 million (+4%).
Although the beginning of 2012 has seen a strong recovery of equity markets, there are still many uncertainties and the situation is extremely fragile, especially in the context of the crisis in the euro area.
Nota Bene: for detailed version and figures, please refer to French text (cf “Communiqué de presse No 101” also published in this website).
Note to the Edit : This press release is broadcast on 30.03.12, outside of The Swiss Bourse’s office hours, in order to comply with the ad hoc publicity principles of the listing Rules. In addition, it has been sent one working day prior to SIX Swiss Exchange.