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HSBC Guyerzeller Bank AG Posts Record Annual Results
Zurich (ots) - HSBC Guyerzeller Bank AG, a Swiss private bank with offices in Zurich, Geneva, Istanbul and Hong Kong, has once again posted record annual results. In 2007, gross earnings grew almost 18 per cent to CHF 96.9 million and net profit reached an all-time high of CHF 82.8 million. These results exceed the already excellent results posted for 2006.
Net new money coming into the bank at the end of 2007 stood at CHF 1.13 billion. In addition to an increase in the value of customer portfolios by CHF 870 million, assets under management went up 7.4 per cent from CHF 27.0 billion to CHF 29.0 billion over the same period.
The bank's cost/income ratio once again fell by one point to 59.0 per cent. Total operating expenses, including variable business components, rose by 9.3 per cent. In order to secure sustained growth, headcount was adjusted accordingly which lead to an increase in the cost base.
Due to an optimised investment strategy, HSBC Guyerzeller Bank AG remains confident that it can continue to grow during 2008 and successfully navigate the current global economic uncertainties.
HSBC Guyerzeller Bank AG
HSBC Guyerzeller Bank AG is a Swiss private bank that specialises in asset management for wealthy, sophisticated clients. The bank was founded in 1894 and today employs around 360 people in the financial centres of Zurich, Geneva, Istanbul and Hong Kong.
HSBC Holdings plc has its headquarters in London. The group has offices throughout the world and posted record figures for 2007 with a pre tax profit of US$ 24,212 million. With assets of some US$ 2,354 billion at 31 December 2007, HSBC-Group is one of the world's largest banking and financial services organisations. HSBC-Group is marketed worldwide as The world's local bank'.
ots Originaltext: HSBC Guyerzeller Bank AG
Dr. Heinrich Baumann
Chairman of the Executive Committee
Dr. Martin Jetzer
Senior Economist and Strategist