BCV at a glance
Key figures (in CHF millions)
| 2008 | 2007 | Change as % | |
|---|---|---|---|
| Total assets | 35 239 | 35 337 | 0% |
| Total income | 928 | 1 088 | -15% |
| Gross profit | 423 | 529 | -20% |
| Net profit | 358 | 477 | -25% |
| Assets under management | 66 766 | 84 349 | 21% |
Ratios
| 1 Excluding goodwill amortization and write-downs | |||
| Cost / income ratio 1 | 63% | 59% | |
| ROE | 11% | 14% | |
| BIS capital adequacy ratios | |||
| Tier 1 capital ratio | 16.4% | 16.3% | |
| Total capital ratio | 16.2% | 16.3% | |
Highlights in 2008
BCV performed very well despite the unprecedented global financial crisis:
- Net profit was CHF 358m, our fourth-best performance ever.
- Shareholders’ equity remained stable at CHF 3.2bn (Tier 1: 16.4%).
- We were not affected by recent events such as the subprime crisis or the Lehman Brothers bankruptcy.
- There were strong fund inflows from local clients.
Standard & Poor’s raised our long-term credit rating from A+ (stable) to AA- (stable). BCV is the first Swiss cantonal bank to have gained approval from the SFBC to use the Basel 2 Foundation Internal Ratings- Based approach.
We conducted an in-depth strategic review:
- We defined clear growth priorities in our various business lines and modified our internal organization accordingly.
- We launched a series of strategic initiatives aimed at improving operational excellence.
- We enhanced our customer orientation with four front-line divisions focused on business development.
We confirmed our financial targets and equity optimization strategy, and clearly defined our dividend policy.