Rothschild Bank AG Zurich - Rothschild | Private Banking & Trust

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Key Figures Rothschild Bank AG Zurich, consolidated Part 1 31. 3. 2010 31. 3. 2009 Change 1000 CHF 1000 CHF 1000 CHF % Consolidated balance sheet Total shareholders’ equity 411,034 408,166 2,868 0.7 Total assets Consolidated income statement 3,083,963 2,711,488 372,475 13.7 Net interest income 17,755 29,170 – 11,415 – 39.1 Net commission income 128,299 129,733 – 1,434 – 1.1 Results from trading operations 20,857 18,128 2,729 15.1 Gross income 174,066 188,361 – 14,295 – 7.6 Total operating expenses – 136,396 – 138,728 2,332 – 1.7 Consolidated net profit 27,751 36,556 – 8,805 – 24.1 Net profit per employee Staff (at the end of business year) 68.5 88.7 – 20.2 – 22.8 Staffing level domestic 308 289 19 6.6 Staffing level abroad 97 123 – 26 – 21.1 Total staffing level 405 412 – 7 – 1.7 R 3 Rothschild Bank AG Zurich
4 Rothschild Bank AG Zurich Chairman’s Statement The past year has been one of economic uncertainty and regulatory instability punctuated by bouts of financial turmoil. Many private clients have remained cautious and, despite the recovery in equity markets, have continued to hold high levels of cash. Yet despite this challenging environment, Rothschild Bank AG has achieved solid results, delivered good investment performance and attracted many new clients. Our commitment to providing objective advice, our strong capital base and entrepreneurial investment approach have been central to our success. At the same time, our clients have remained loyal, reflecting the trust and long-term relationships that we have built with them. During the year, we have continued to strengthen our investment team and to invest in key onshore markets such as the UK, Switzerland and Germany, hiring new senior staff to enhance our client-service activities. In doing so, Rothschild became one of the fastest growing wealth managers in the UK according to the Private Asset Managers Directory 2009. Rothschild’s strengths have also been recognised by the Society of Trust and Estate Practitioners who named us “Private Bank of the Year 2009/2010”, while Bilan magazine named us “Best Performing Private Bank in Switzerland”. As part of our drive to improve operational efficiency and lay the foundations for future growth, we have reduced our front office capacity in non-strategic markets, closed our Trust business in Cayman and streamlined our management structure on a global level with Veit de Maddalena taking over the position as General Manager of Rothschild Bank AG. Despite the continued high cash levels in our clients’ portfolios, our assets under management have risen strongly during the business year, by CHF 1.3 billion or over 12%, including net new assets of CHF 584 million. Rothschild Bank’s consolidated gross profit is lower than in the previous year at CHF 37.7 million, down 24%. The decrease is mainly due to the environment of exceptionally low interest rates and a provision to cover an actuarial deficit of the NM Rothschild Overseas pension fund. Without these two exceptional developments our operational results would have been better than the year before. Throughout the year, we have maintained high levels of liquidity on our balance sheet to ensure that we remained stable and well-funded in the event of another financial crisis. Looking ahead into the new business year, our commitment to providing unbiased advice and our investments in strategic markets make us very well positioned to attract and retain clients and therefore increase our profitability. Part 1 R
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