Key figures of Banque Privée Edmond de Rothschild Group
Our results to 30 June 2009 were not just encouraging: they demonstrated, yet again, that the vision we have adhered to for decades is leading us in the right direction. We place your interests above all else. We listen to you and provide you with the management solutions that are most appropriate for your personal situation. They include in-house funds, because these perform well, and whatever external products can be of benefit to you. That is our policy.
Banque Privée Edmond de Rothschild SA is solid, as illustrated by our H1 09 results. Net profit totalled CHF 61.2 million, assets under management were up 7.6% and the BIS Tier 1 ratio came to 22.1%.
The first half of 2009 brought a deepening global recession and a continuing sell-off in equities until mid-March, when all the markets mounted a powerful comeback. The reporting period also featured stepped-up regulation by financial authorities.
Our Bank responded to this extremely tough environment by emphasising safety. We raised cash in our clients' portfolios and adopted a cautious investment policy that led to an increase in our assets under management.
Thanks to the loyalty of existing clients and to new clients drawn by our reputation, we ignored the siren song of short-term profit and were able to maintain our fundamentals. At 30 June 2009 our Bank reported net earnings of CHF 61.2 million and a 7.6% increase in assets under management. These amounted to CHF 88.6 billion compared with CHF 82.3 billion at 31 December 2008.
That Banque Privée Edmond de Rothschild SA is a publicly traded company ensures the total transparency of our financial statements. Our shareholders' equity is an additional guarantee: at CHF 1.1 billion it gives us a BIS ratio of 20.6%, far above the legal minimum of 8%. This allows us to look confidently to the future, with you and for you.
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