euro adhoc: Bank Sarasin + Cie AG
Financial Figures/Balance Sheet
Bank
Sarasin´s net profit triples to CHF 305 million
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
annual report
25.02.2008
Basel, 25 February 2008
Driven by very strong overall earnings momentum, net profit surged by 201% to CHF 305 million (2006: CHF 101 million) to reach a new record. Net profit 2007 adjusted by one-off proceeds comes to CHF 174 million (2006: CHF 141 million), an increase of 23%. The cost income ratio improves to 51.1%, or an adjusted figure of 63.0%.
Net new money inflow soared to CHF 11.1 billion. Despite the difficult market conditions in the second half of the year, new money acquisition was still strong, at CHF 5.1 billion (1H 2007: CHF 6.0 billion). Assets under Management grew by CHF 9.7 billion to CHF 83.0 billion (+13%).
On the strength of the excellent operating result and the favourable prospects for the business, the Board of Directors will be submitting a proposal to the Annual General Meeting of shareholders on 23 April 2008 to increase the dividend payable on each class B registered share by 50%, to CHF 135. With regard to the current share price this corresponds to a yield of 2.7%. The Board of Directors would also like to improve the tradability of the share and will therefore submit a proposal to the Annual General Meeting requesting a 1 : 100 share split. At this year´s AGM, Christoph Ammann, a member of the Board of Directors since 2002, will take over from Georg F. Krayer as Chairman of the Board. A proposal will be made to the AGM of 23 April 2008 to make Georg F. Krayer Honorary Chairman of the Bank. A motion will also be submitted to elect Peter Derendinger to the Board of Directors.
Georg F. Krayer, Chairman of the Board of Bank Sarasin & Co. Ltd: "2007 was another excellent year for the Bank. Our net profit of CHF 305 million and net new money growth of CHF 11.1 billion show that Bank Sarasin is more than capable of maintaining its strong track record. We can rely on an extremely competent management team who understands how to successfully exploit the global growth in private banking."
Joachim H. Straehle, CEO of Bank Sarasin & Co. Ltd: "We have achieved an impressive performance in 2007 and demonstrated our determination to consistently pursue our growth strategy. Our clear positioning as an international Swiss private bank is paying off. We will not let up in 2008, but continue to work hard at delivering our success story. We will prove that we are capable of sustaining this pace and achieving our goals."
end of announcement euro adhoc
Further inquiry note:
Benedikt Gratzl, Head of Corporate Communications, Media Relations
Telephone +41 (0)61 277 70 88
e-mail: benedikt.gratzl@sarasin.ch
Branche: Banking
ISIN: CH0002267737
WKN: 872869
Index: SPI
Börsen: SWX Swiss Exchange / regulated dealing