Annual Report 2011 - Hong Kong Monetary Authority

Profi t and loss account
for the year ended 31 December 2011 (in thousands of CHF)
112 2011 ANNUAL REPORT - BANQUE PRIVÉE EDMOND DE ROTHSCHILD SA
Notes 2011 2010 Change
(in CHF ‘000) (in %)
Interest and discount income 29,556 23,129 6,427 27.8
Interest and dividend income on trading portfolios 56 38 18 47.4
Interest and dividend income on financial investments 2,367 1,572 795 50.6
Interest payable 4,484 1,782 2,702 151.6
Interest income, net 27,495 22,957 4,538 19.8
Commission income on lending activities 759 911 (152) (16.7)
Commission income on securities and investment transactions 202,499 207,379 (4,880) (2.4)
Commission income on other services 23,472 25,991 (2,519) (9.7)
Commissions payable 51,365 48,875 2,490 5.1
Fee and commission income, net 175,365 185,406 (10,041) (5.4)
Results of trading operations 18 40,715 40,988 (273) (0.7)
Proceeds from the sale of financial investments 6,307 128 6,179 4,827.3
Income from holdings 122,943 110,311 12,632 11.5
Proceeds from real estate 903 193 710 367.9
Other ordinary income 9,419 7,268 2,151 29.6
Other ordinary expenses 1,163 437 726 166.1
Other ordinary results 138,409 117,463 20,946 17.8
Personnel expenses 176,039 170,029 6,010 3.5
Other operating expenses 65,467 55,510 9,957 17.9
Operating expenses 241,506 225,539 15,967 7.1
Gross profit 140,478 141,275 (797) (0.6)
Depreciation of fixed assets 24,289 20,685 3,604 17.4
Valuation adjustments, provisions and losses 13,373 13,735 (362) (2.6)
Result before extraordinary items and taxes 102,816 106,855 (4,039) (3.8)
Extraordinary income 19 7,134 1,039 6,095 586.6
Extraordinary expenses 19 17 533 (516) (96.8)
Taxes 8,382 8,897 (515) (5.8)
Net income for the reporting year 101,551 98,464 3,087 3.1