as at December 31, 2003 - EFG Bank Group

66
Statement of Income
for the year ended December 31, 2003
Operating income and expenses
(All figures in thousands of CHF) Note 2003 2002
Interest income
Interest and discount income 1’794 2’859
Interest and dividend income from financial investments 234 277
Interest expenses (174) (595)
Net interest income 1’854 2’541
Commissions and service fees
Commission income from lending activities 506 200
Commission income from securities and investment activities 9’221 10’358
Commission income from other services 5’572 4’372
Of which service fees recharged to subsidiaries 11 4’020 3’124
Commission expenses (7’690) (8’387)
Net commission income 7’609 6’543
Income from trading activities, net 10 1’056 1’230
Other ordinary income
Income from investments in subsidiaries 13’047 14’014
Real estate income 594 241
Other ordinary income 90 709
Other ordinary expenses - (665)
Net other ordinary income 13’731 14’299
Operating expenses
Personnel expenses 5’880 5’414
Other operating expenses 11 4’194 5’052
Total operating expenses 10’074 10’466
Gross operating profit 14’176 14’147
Net profit for the year
Gross operating profit 14’176 14’147
Depreciation of fixed assets (229) (264)
Valuation adjustments, provisions and losses (203) (44)
Extraordinary income 184 65
Extraordinary expenses (13) (188)
Taxes (660) (675)
Net profit for the year 13’255 13’041
Proposed appropriation of available earnings
Net profit for the year 13’255 13’041
Retained earnings brought forward from the previous year 34 193
Available earnings as per balance sheet 13’289 13’234
Allocation of available earnings
Allocation to general legal reserve 700 700
Allocation to other reserves 12’500 12’500
Retained earnings carried forward 89 34
EFG Bank European Financial Group