Results for the

first quarter of 2010

Gland/Zrich, 29th April 2010

Agenda

Growth and Key Figures

Client Groups

Balance Sheet

Full Key Figures

Growth and Key Figures

Ongoing Strong Client Growth

160'000
140'000

Saving Clients
Trading Clients

19%

120'000
100'000
80'000

138666
122151

60'000

19.0% Client growth yoy

97694
40'000
20'000

70032
53178

16515 new Trading clients

0
Q1 2006

Q1 2007

Q1 2008

Q1 2009

Q1 2010

Plus 7276 new Saving clients

Aggregate of 138666 Trading
clients and 10611 Saving
clients at 31st March 2010

Assets under Custody over CHF 7 billion (New High)

CHF million

8'000
7'000

7'094

Assets under Custody

52.8%
6'000
5'055

5'354
4'644

5'000
4'000

3'671

3'000
2'000
1'000

Strong assets growth (+52.8%)

0
Q1 2006

Q1 2007

Q1 2008

Q1 2009

Q1 2010

353.9 Mio net new monies in first

quarter 2010
Target of net new monies in excess
of 1 billion in 2010

Net Revenues and Profit

32'500
30'000
27'500
25'000
22'500
20'000
17'500
15'000
12'500
10'000
7'500
5'000
2'500
0

Operating Profit
Quarterly Revenues

Q1-2010 net revenues : 23.4 Mio;

Net profit : 5.8 Mio
Q1-10

Q4-09

Q3-09

Q2-09

Q1-09

Q4-08

Q3-08

Q2-08

Q1-08

Q4-07

Q3-07

Q2-07

Q1-07

Q4-06

Q3-06

Q2-06

Q1-06

Q4-05

Q3-05

Q2-05

Net revenues suffer from low

trading activity and interest rates

CHF '000

Bottom is however reached and

recovery has started

25'000
Commission
20'000

Trading
Interest

15'000
10'000
5'000
0
Q1-10

Q4-09

Q3-09

Q2-09

Q1-09

Q4-08

Q3-08

Q2-08

Q1-08

Q4-07

Q3-07

Q2-07

Q1-07

Q4-06

Q3-06

Q2-06

Q1-06

Q4-05

Q3-05

Q2-05

Transactions and Interests

12'000

35.0
darts

tpcpy
30.0

10'000

25.0

8'000

20.0
6'000
15.0
4'000

10.0

2'000

5.0

0.0
Q1-10

Q4-09

Q3-09

Q2-09

Q1-09

Q4-08

Q3-08

Q2-08

Q1-08

Q4-07

Q3-07

Q2-07

Q1-07

Q4-06

Q3-06

Q2-06

Q1-06

Q4-05

Q3-05

Q2-05

Tpcpy still weak

Net Interest Revenue : recovery
has started

Clients Groups

CHF000

Trading

Net Fee &

Commission Income

15901.1

Net Interest Income

1428.7

Trading Results

2449.0

Total

19774.9

Saving

eForex

15901.1
883.0

883.0

2307.7
2744.3

5193.3

2744.3

23402.1

Revenue generated by trading clients still dominant

New client groups develop nicely

Total

Client Groups

Trading Clients

Ongoing strong growth. Target of

20,000 new clients is achievable.
Target

Tpcpy at low levels. Clients remain

invested and ride on favourable
stock markets

Trades per client per year

10

01.juin

01.mai

01.avr.

01.mars

01.fvr.

01.janv.

01.dc.

01.nov.

01.oct.

01.sept.

01.aot

01.juil.

01.juin

40
37.5
35
32.5
30
27.5
25
22.5
20
17.5
15
12.5
10
7.5
5
2.5
0

eForex Clients

USD billion

40
35

2500
Forex Turnover
Clients

30
25

2000

1500

20
1000

15
10

500

5
0

0
Q2-08 Q3-08 Q4-08 Q1-09 Q2-09 Q3-09 Q4-09 Q1-10

11

More than 2000 active

clients
USD 34 billion volume in
1st Quarter
Successful development
of institutional clients

Saving Clients

CHF Million

400
350

12000
Saving Assets
Clients

10000

10611 clients at
31st March 2010

300
8000

250
200

6000

150

4000

100
2000

50
0

0
Q2-08 Q3-08 Q4-08 Q1-09 Q2-09 Q3-09 Q4-09 Q1-10

12

336.2 million saving

deposits (average of
approx 30,000 per client)
1st quarter 2010 net
revenues of 883k
(target margin of 0.5%
overachieved)

ePrivate Banking

13

Magazine well received. Second

issues focuses on healthcare and
pharma sector

Positive feed-back from clients.

3,000 copies sold in kiosk

Development of ePrivate Banking

on track. The electronic portfolio
manager will be launched by mid
year.

Balance Sheet

14

Balance Sheet at 31 March 2010

CHF m

Structure in %

Actual

31.03.2010

Assets
Cash & TBs with Central Bank
Loans & advances to banks
Investment securities
Loans & advances to customers
Fixed Assets
Other assets

Chg

31.03.2010

31.03.2009

785.0
586.2
500.6
100.7
32.4
49.0

641.0
491.6
235.1
70.1
31.6
32.0

144.0
94.6
265.5
30.6
0.8
17.0

38.2%
28.5%
24.4%
4.9%
1.6%
2.4%

42.7%
32.7%
15.7%
4.7%
2.1%
2.1%

Total

2'053.9

1'501.4

552.5

100.0%

100.0%

Liabilites & Equity

Due to customers :
Trading accounts
Saving accounts
Other liabilities
Equity

1'498.6
335.9
37.6
181.8

1'191.3
121.6
43.3
145.2

307.3
214.3
-5.7
36.6

73.0%
16.4%
1.8%
8.9%

79.3%
8.1%
2.9%
9.7%

Total

2'053.9

1'501.4

552.5

100.0%

100.0%

122.9

95.2

27.7

6.0%

6.3%

24.7%

23.3%

1.5%

58.9

50.0

Equity surplus
Tier 1 ratio
Risk Weighted Assets

15

Actual

31.03.2009

Balance Sheet Structure at 31st March 2010

16

Trends
CHF million

200
180

Total Equity

Equity Surplus

160
140
120
100

Balance sheet growth

supported by growth of
Equity

80
60
40
20
0
Q3-08

Q4-08

Q1-09

Q2-09

Q3-09

Q4-09

Q1-10

CHF million

Tier1 Ratio of 24.7%

8'000
Assets under Custodz

7'000

Dividend: CHF 0.60 per

share

Total Balance Sheet

6'000
5'000
4'000
3'000
2'000
1'000
0
Q3-08

17

Excess capital of 122.9

million.

Q4-08

Q1-09

Q2-09

Q3-09

Q4-09

Q1-10

Full 1st quarter 2010 Key Figures

18

Key Figures Q1-2010

Q1 2009

Q1 2010

19

Net revenues

23.4m

+0.06m

+0.3%

Operating profit

7.5m

-2.2m

-22.4%

Net profit

5.8m

-1.7m

-22.4%

Clients

149277

+23791

+19.0%

AuC

7094m

+2450m

+52.8%

Equity

181.8m

+36.6m

+25.2%

Key Figures 1st quarter 2010

Comparison with Previous Year
CHF'000

Q1-2010

Q1-2009

Change

Change [%]

Net Fee & Commission Income

Interest Income, net
Trading Results

15'901.1
2'307.7
5'193.3

15'484.6
3'333.4
4'520.7

416.5
(1'025.7)
672.6

Total Net Revenues

23'402.1

23'338.7

Payroll & Related Expenses

Other Operating Expenses (incl. Depr. & Provision)
Marketing Expenses

(6'300.4)
(6'596.9)
(3'054.6)

(6'064.0)
(5'688.3)
(1'981.9)

(236.4)
(908.6)
(1'072.7)

Total Expenses

(15'951.9)

(13'734.2)

Operating Profit

7'450.2

9'604.5

Impairment and provision on Investment securities

Income Taxes

(1'655.4)

(2'139.2)

Net Profit

5'794.8

7'465.3

Operating Profit Margin

Net Profit Margin

Q1-2010

Q4-2009

Change

Change [%]

2.7%
-30.8%
14.9%

15'901.1
2'307.7
5'193.3

16'888.0
2'102.3
4'905.9

(986.9)
205.4
287.4

-5.8%
9.8%
5.9%

0.3%

23'402.1

23'896.2

(494.1)

-2.1%

3.9%
16.0%
54.1%

(6'300.4)
(6'596.9)
(3'054.6)

(6'202.2)
(6'029.0)
(2'405.0)

(98.2)
(567.9)
(649.6)

1.6%
9.4%
27.0%

(2'217.7)

16.1%

(15'951.9)

(14'636.2)

(1'315.7)

9.0%

(2'154.3)

-22.4%

7'450.2

9'260.0

(1'809.8)

-19.5%

-22.6%

(1'655.4)

701.0
(1'892.0)

(701.0)
236.6

-100.0%
-12.5%

-22.4%

5'794.8

8'069.0

(2'274.2)

-28.2%

63.4

483.8
(1'670.5)

31.8%
24.8%

41.2%
32.0%

31.03.2010

31.03.2009

Change

Total number of Trading Clients [units]

Total number of Saving Clients [units]
Total Number of Clients

138'666
10'611
149'277

122'151
3'335
125'486

16'515
7'276
23'791

Trading Assets [CHF m]

Saving Assets [CHF m]
Assets under Custody [CHF m]
Total Net New Monies [CHF m]

6'757.5
336.2
7'093.7
353.9

4'522.1
121.7
4'643.8
290.6

253

228

2'053.9
181.8
122.9

1'501.4
145.2
95.2

Total Headcounts
Total Balance Sheet [CHF m]
Total Equity [CHF m]
Equity Surplus [CHF m]

20

Comparison with Previous Quarter

31.8%
24.8%

38.8%
33.8%

Change [%]

31.03.2010

31.12.2009

13.5%
218.2%
19.0%

138'666
10'611
149'277

134'654
8'048
142'702

2'235.4
214.5
2'449.9
63.3

49.4%
176.3%
52.8%
21.8%

6'757.5
336.2
7'093.7
353.9

6'328.9
253.8
6'582.7
329.9

428.6
82.4
511.0
24.0

6.8%
32.5%
7.8%
7.3%

25

11.0%

253

236

17

7.2%

36.8%
25.2%
29.1%

2'053.9
181.8
122.9

1'885.4
174.2
120.9

552.5
36.6
27.7

Change
4'012
2'563
6'575

168.5
7.6
2.0

Change [%]
3.0%
31.8%
4.6%

8.9%
4.4%
1.7%