as at December 31, 2003 - EFG Bank Group

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26 Notes to the Consolidated Financial Statements (continued) 6. Net interest income (All figures in thousands of CHF) 2003 2002 Interest and discount income Banks and customers 2’116’755 1’994’815 Trading securities 167’921 186’883 Other securities 301’915 284’620 Total interest and discount income 2’586’591 2’466’318 Interest expense Banks and customers (1’167’935) (1’301’526) Liabilities evidenced by paper (95’168) (67’304) Total interest expense (1’263’103) (1’368’830) Net interest income 1’323’488 1’097’488 7. Dividend income (All figures in thousands of CHF) 2003 2002 Available-for-sale investment securities 15’225 9’134 Trading securities 522 2’320 Total 15’747 11’454 8. Net trading (loss)/income (All figures in thousands of CHF) 2003 2002 Interest rate instruments (125’992) (9’906) Equities 47’362 (32’113) Foreign exchange 62’731 49’590 Total (15’899) 7’571 Foreign exchange net trading income includes gains and losses from spot and forward contracts, options, futures and translated foreign currency assets and liabilities. Income from interest rate instruments includes the results of making markets in government securities, corporate debt securities, money market instruments, interest rate and currency swaps, options and other derivatives. Equities trading income includes the results of making markets in equity securities and equity derivatives such as swaps, options, futures and forward contracts. Losses from interest rate instruments arose principally from their use in the macro-hedging of the Group’s interest rate exposure in accordance with the accounting treatment required by IAS 39. The corresponding capital gains that arose on the macro-hedged securities were recorded directly to shareholders’ equity. 9. Gains less losses from other securities (All figures in thousands of CHF) 2003 2002 Available-for-sale investment securities (8’053) 46’557 Other investment securities 6’979 7’110 Total (1’074) 53’667 EFG Bank Group
Notes to the Consolidated Financial Statements (continued) 10. Operating expenses (All figures in thousands of CHF) 2003 2002 Staff costs (note 11) 738’269 595’316 Professional services 55’268 42’269 Advertising and marketing 45’780 37’737 Administrative expenses 217’402 187’095 Depreciation 152’284 115’421 Loss on sale of property and equipment - 172 Amortisation of goodwill (notes 26 & 28) 66’455 46’716 Operating lease rentals 64’112 56’392 Other 44’428 28’311 Total 1’383’998 1’109’429 11. Staff costs (All figures in thousands of CHF) 2003 2002 Wages, salaries and staff bonuses 546’798 444’824 Social security costs 101’715 76’986 Pension costs - defined contribution schemes 26’398 20’053 Pension costs - defined benefit schemes - 7’387 Other 63’358 46’066 Total 738’269 595’316 The average number of employees of the Group during the year was 13’183 (2002: 9’957). 12. Income tax expense (All figures in thousands of CHF) 2003 2002 Current tax 183’446 107’123 Deferred tax (credit)/charge (note 13) (44’299) 29’512 Share of associated undertakings’ taxation (note 26) 654 2’796 Total tax charge 139’801 139’431 The tax on the Group’s profit before tax differs from the theoretical amount that would arise using the basic rate of tax of the most material entity of the Group as follows: Profit before tax 387’816 459’704 Tax at the applicable tax rate of 35% (2002: 35%) 135’736 160’896 Tax benefit of reduced tax rate (10%) of the Group’s material subsidiary EFG Eurobank Ergasias SA (42’253) (40’993) Additional tax agreed with tax authorities of the Group’s material subsidiary EFG Eurobank Ergasias SA 12’325 - Tax effect of impairment charge to available-for-sale portfolio 13’655 - Tax effect of goodwill amortisation 23’259 16’351 Tax effect of different tax rates in other countries and other non taxable income/expenses (2’921) 3’177 Total 139’801 139’431 Annual Report 2003 Group 27
Page 1: Annual Report 2003
Page 4 and 5: Contents 3 Consolidated financial h
Page 6 and 7: 4 Report of the Board of Directors
Page 8 and 9: 6 Report of the Board of Directors
Page 10 and 11: 8 EFG Bank Group’s Activities The
Page 12 and 13: 10 EFG Bank Group’s Activities (c
Page 14 and 15: 12 Consolidated Statement of Income
Page 16 and 17: 14 Consolidated Statement of Change
Page 18 and 19: 16 Notes to the Consolidated Financ
Page 60 and 61: 58 Principal Offices (continued) Pr
Page 62 and 63: 60 Principal Offices (continued) Pr
Page 64 and 65: Contents 64 Review of Parent Bank a
Page 66 and 67: 64 Review of Parent Bank Activities
Page 68 and 69: 66 Statement of Income for the year
Page 70 and 71: 68 Off Balance Sheet Positions at D
Page 72 and 73: 70 Notes to the Financial Statement
Page 78:
76 Board of Directors and Advisory
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as at December 31, 2003 - EFG Bank Group

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