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HSBC Guyerzeller Bank AG - Results 2005
HSBC GUYERZELLER - 2005 RESULTS
Zurich (ots) - 2005 proved to be one of the best years on record. Gross profits increased by 40% to CHF 62.7m, net income after taxes by 14% to CHF 64.2m. All key variables contributed to an outstanding result:
1. We attracted more than CHF 2bn in new money to be managed, a large increase from the previous year. Inflows came from all regions of the world where we are active, i.e. from Switzerland, the rest of Europe, Asia and Latin America. Growth in net money inflows can be attributed to numerous recruitments made over the course of the year to reinforce our front teams and to the greater efforts undertaken to market our services globally.
2. Client portfolios' outstanding performance also contributed to assets under management ending the year at CHF 24.7bn compared with CHF 19.6 bn at the end of 2004, a 26.1% increase. Client performances exceeded the respective reference indexes in all categories. For example, those for whom we have a mandate to manage a globally balanced portfolio benefited from an average performance of around 15%, a result that was achieved without taking inordinate market risks (equity allocation averaged slightly over 50%).
3. We market services, not products. However, our thematic equity baskets (e.g. the "HGZB Water Basket", the "HGZB Energy Basket" or the "HGZB EU Enlargement Basket") that we formed exclusively for our clients performed spectacularly well, attracting quite some attention in the marketplace and helping us in our marketing efforts.
4. HSBC Guyerzeller's successful investment strategy also resulted in an unexpectedly high return of the bank's financial portfolio which once again contributed significantly to net income. 5. The consolidated cost/income ratio according to management accounts declined five percentage points from 67% to 62%. Operating costs increased only 8.6% whereas operating income rose 17%. New productivity tools and a modest increase in head count helped keep costs under control.
HSBC Guyerzeller Bank AG
HSBC Guyerzeller Bank AG is a Swiss private bank that concentrates on wealth management services to the top client segment. Its origins date back to 1894, and today it employs around 370 staff in the financial centres of Zurich, Geneva, Lugano, Istanbul and Hong Kong.
HSBC Holdings plc is headquartered in the UK. The HSBC Group serves over 110 million customers worldwide from more than 9,800 offices in 77 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With assets of US$ 1,502 billion at 31 December 2005, HSBC is one of the world's largest banking and financial services organisations. HSBC is marketed worldwide as 'the world's local bank'.
ots Originaltext: HSBC Guyerzeller Bank SA
HSBC Guyerzeller Bank SA, Geneva
Dr Heinrich Baumann
or Dr Martin Jetzer
HSBC Guyerzeller Bank AG, Zurich