semi annual report notenstein 2013
DESCRIPTION
In the latest semi-annual report of Notenstein Private Bank you will find our key figures and explanatory notes on our business results.TRANSCRIPT
2013
Semi-annual report
Review of business results
2
I n v e s t I n g I n t h e f u t u r e
Notenstein Private Bank is on solid ground. In the
coming years, the private bank plans to invest strate-
gically in its Private Banking Switzerland and Insti-
tutional Clients divisions in order to boost growth in
these core businesses. Assets under management
were stable in the first half of 2013 while interest in-
come and trading income decreased as market con-
ditions remained challenging.
g r o w t h I n co r e b u s I n e s s e s
The key division for Notenstein Private Bank is Private
Banking Switzerland, where the bank continues to
acquire clients. The Private Banking International di-
vision is maintaining its strategy of focusing on a few
selected countries. Early in the year, plans were an-
nounced for a significant expansion of the Institutional
Clients division. By the end of June, Notenstein Private
Bank had already recruited 50 additional staff mem-
bers in the Institutional Clients and Asset Management
divisions. Furthermore, in March Notenstein Private
Bank began issuing its own structured investment pro-
ducts in cooperation with Raiffeisen and Leonteq
(formerly EFG Financial Products). At the same time,
the bank acquired a 22.75 percent holding in Leonteq.
Following the successful launch, 174 products were
issued by the end of June 2013.
c h a l l e n g I n g m a r k e t e n v I r o n m e n t
Market conditions remain challenging for Swiss private
banks: as in 2012, regulatory and structural require-
ments continue to increase. Challenges in the financial
markets include ultra-low interest rates and equity
market uncertainty regarding global growth prospects.
These factors prompt many investors to act with cau-
tion. Net interest income declined due to highly con-
servative balance sheet management, while trading
income was lower after the market correction in the sec-
ond quarter. A comparison with the previous year’s fig-
ures is only partially meaningful due to non-recurring
effects. Assets under management remained stable
and commission margins rose slightly. Costs are sub-
ject to rigorous scrutiny and a step-by-step optimisa-
tion process. One consequence of this was the closure
of the Chiasso branch.
At the same time, Notenstein Private Bank contin-
ues to invest in its brand and its market positioning.
In the first half of 2013, the bank reiterated its objec-
tive of becoming one of Switzerland’s best three pri-
vate banks. With a focused, forward-looking strate-
gy, Notenstein Private Bank aims to achieve further
growth through clear positioning.
Translation notice: this document is a translation of the German original which can be obtained from Notenstein Private Bank Ltd (“Notenstein”) at any time. While Notenstein makes every effort to ensure
translation accuracy, the German version prevails in the event of discrepancies in content or interpretation.
Key figures
NoteNsteiN at a glaNce
1.1. – 30.6.2013
in CHF millions
1.1. – 30.6.2012
in CHF millions
1.7. – 31.12.2012
in CHF millions
Income statement
Gross income 73 102 81
Operating expenses 67 69 68
Gross profit 6 32 14
Cost income ratio 91.2% 68.2% 83.3%
Balance sheet
Balance sheet total 4,037 3,854 3,872
Equity capital 341 305 357
Core capital ratio (tier I ratio) 12.5% 14.8% 19.6%
Client assets
Assets under management 1 20,527 20,761 20,516
Resources
Staff 645 667 663
Full-time positions 577 595 588
Branches 12 13 13
1 Including 1741 Asset Management Ltd
3
All stated amounts are rounded, which may lead to minor discrepancies in the total amounts.
Note: comparability of figures between the first half of 2013 and first half of 2012 is limited due to one-off effects on the gross income related to the transaction in January 2012.
4
assets
30.6.2013
in CHF
31.12.2012
in CHF
Change
in CHF
Change
in percent
Liquid assets 352,114,738 408,341,152 –56,226,415 –13.8
Amounts due from money-market instruments 233,817,879 68,300,000 165,517,879 242.3
Amounts due from banks 1,988,600,148 2,039,452,465 –50,852,317 –2.5
Amounts due from customers 125,413,063 148,023,049 –22,609,986 –15.3
Mortgage loans 367,781,500 343,598,000 24,183,500 7.0
Trading portfolios of securities and precious metals 202,944,129 184,548,778 18,395,351 10.0
Financial investments 555,805,655 543,107,913 12,697,742 2.3
Participating interests 93,348,123 20,547,885 72,800,238 354.3
Tangible fixed assets 47,506,484 47,593,259 –86,776 –0.2
Accrued income and prepaid expenses 11,789,026 11,727,522 61,504 0.5
Other assets 57,924,646 56,942,060 982,586 1.7
Total assets 4,037,045,389 3,872,182,083 164,863,306 4.3
Total amounts due from group companies and holders of qualified participations n. a. 401,122,067 n. a. n. a.
liabilities
30.6.2013
in CHF
31.12.2012
in CHF
Change
in CHF
Change
in percent
Liabilities from money-market instruments 46,099,282 – 46,099,282 –
Amounts due to banks 159,162,770 148,008,101 11,154,670 7.5
Amounts due to customers in savings or deposit accounts 2,502,239,803 2,417,198,188 85,041,615 3.5
Other amounts due to customers 765,848,692 891,770,603 –125,921,910 –14.1
Bond issues and central mortgage institution loans 145,351,045 – 145,351,045 –
Accrued expenses and deferred income 5,889,476 18,391,532 –12,502,057 –68.0
Other liabilities 52,053,531 19,152,593 32,900,938 171.8
Value adjustments and provisions 19,100,062 20,600,000 –1,499,938 –7.3
Reserves for general banking risks 176,000,000 176,000,000 – –
Share capital 20,000,000 20,000,000 – –
General legal reserve 137,300,000 137,300,000 – –
of which capital contribution reserves 137,300,000 137,300,000 – –
Profit / loss carried forward 3,761,066 –6,077,889 9,838,955 –161.9
Profit 4,239,663 29,838,955 –25,599,292 –85.8
Total liabilities 4,037,045,389 3,872,182,083 164,863,306 4.3
Total amounts due to group companies and holders of qualified participations n. a. 37,827,948 n. a. n. a.
Balance sheet
All stated amounts are rounded, which may lead to minor discrepancies in the total amounts.
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off-balaNce-sheet traNsactioNs
30.6.2013
in CHF
31.12.2012
in CHF
Change
in CHF
Change
in percent
Contingent liabilities 87,670,076 90,036,396 –2,366,320 –2.6
Irrevocable commitments 21,360,500 20,867,260 493,240 2.4
Derivative financial instruments
Positive replacement values 37,563,276 8,975,386 28,587,890 318.5
negative replacement values 37,162,451 9,155,765 28,006,686 305.9
contract volumes 629,254,550 961,579,582 –332,325,032 –34.6
Fiduciary transactions 221,916,268 280,714,963 –58,798,695 –20.9
All stated amounts are rounded, which may lead to minor discrepancies in the total amounts.
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iNcome aNd expeNses from ordiNary baNkiNg operatioNs
1.1. – 30.6.2013
in CHF
1.1. – 30.6.2012
in CHF
Change
in CHF
Change
in percent
Result from interest operations
Interest and discount income 9,836,164 12,480,909 –2,644,745 –21.2
Interest and dividend income from trading positions 2,298,008 3,284,372 –986,364 –30.0
Interest and dividend income from financial investments 3,608,866 5,514,653 –1,905,787 –34.6
Interest expense –978,525 –1,094,505 115,980 –10.6
Subtotal for interest operations 14,764,513 20,185,429 –5,420,916 –26.9
Result from commission business and services
Commission income from lending activities 65,920 93,126 –27,205 –29.2
Commission income from securities trading and investment activities 53,529,423 62,040,026 –8,510,603 –13.7
Commission income from other services 292,751 303,151 –10,399 –3.4
Commission expense –6,045,207 –7,989,718 1,944,512 –24.3
Subtotal for commission business and services 47,842,888 54,446,584 –6,603,696 –12.1
Result from trading activities 5,616,616 18,572,707 –12,956,090 –69.8
Other result from ordinary activities
Result from the disposal of financial investments –646,381 5,259,208 –5,905,589 –112.3
Income from participating interests 3,195,524 – 3,195,524 n. a.
Result from real estate 26,430 – 26,430 n. a.
Other ordinary income 2,408,215 3,753,726 –1,345,512 –35.8
Other ordinary expenses 119,110 –404,927 524,038 –129.4
Subtotal other result from ordinary activities 5,102,898 8,608,007 –3,505,109 –40.7
Gross income 73,326,915 101,812,726 –28,485,812 –28.0
Operating expenses
Personnel expenses –45,473,312 –48,610,237 3,136,924 –6.5
General and administrative expenses –21,429,141 –20,858,402 –570,739 2.7
Subtotal operating expenses –66,902,454 –69,468,639 2,566,185 –3.7
Gross profit 6,424,461 32,344,087 –25,919,626 –80.1
Income statement
All stated amounts are rounded, which may lead to minor discrepancies in the total amounts.
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profit as at 30.6.2013
1.1. – 30.6.2013
in CHF
1.1. – 30.6.2012
in CHF
Change
in CHF
Change
in percent
Gross profit 6,424,461 32,344,087 –25,919,626 –80.1
Depreciation and amortisation of fixed assets –793,767 –232,799 –560,969 241.0
Value adjustments, provisions and losses –328,072 –319,088 –8,984 2.8
Result before extraordinary items and taxes 5,302,622 31,792,200 –26,489,578 –83.3
Extraordinary income – – – –
Extraordinary expenses – – – –
Taxes –1,062,959 –4,486,464 3,423,505 –76.3
Profit as at 30.6.2013 4,239,663 27,305,736 –23,066,074 –84.5
All stated amounts are rounded, which may lead to minor discrepancies in the total amounts.
Note: comparability of figures between the first half of 2013 and first half of 2012 is limited due to one-off effects on the gross income related to the transaction in January 2012.
b a s e l , 4051
Holbeinstrasse 102
Telephone +41 (0)61 201 17 17
b e r n e, 3011
Spitalgasse 3
Telephone +41 (0)31 321 14 14
c h u r , 7002
Aquasanastrasse 8
Telephone +41 (0)81 287 15 15
g e n e va , 1211
Bd Georges-Favon 5
Telephone +41 (0)22 307 21 21
l au s a n n e, 1001
Av. du Théâtre 1
Telephone +41 (0)21 313 26 26
lo c a r n o, 6600
Lungolago Motta 2
Telephone +41 (0)91 756 12 12
n ot e n s t e I n P r I vat e b a n k lt d
Bohl 17, 9004 St.Gallen, telephone +41 (0)71 242 50 00, fax +41 (0)71 242 50 50
[email protected], www.notenstein.ch
lu g a n o, 6900
Via Canova 12
Telephone +41 (0)91 912 11 11
lu c e r n e, 6004
Mühlenplatz 9
Telephone +41 (0)41 227 16 16
s c h a f f h au s e n , 8201
Fronwagplatz 22
Telephone +41 (0)52 630 18 18
w I n t e r t h u r , 8401
Turnerstrasse 1
Telephone +41 (0)52 742 24 24
Z u r I c h , 8022
Rennweg 57/Fraumünsterstrasse 27
Telephone +41 (0)44 218 13 13
Contact
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