***Assets under management reached CHF 56 billion with a net profit in excess of CHF 250 million***
Year-end results once again exceeded all expectations for Crédit Agricole (Suisse) SA, both in terms of revenues and overall net result. With CHF 56 billion worth of assets under management (+7.7% of which 2/3 represented net new assets), CHF 1.450 billion of shareholders’ equity (+11.5%) and more than 1,250 employees, Crédit Agricole (Suisse) SA further confirmed its position among the leading foreign banks in Switzerland. Total assets increased 22.3% to CHF 35.793 billion.
Operating profits of CHF 754 million in 2007 were up 19.3% compared to CHF 632 million for 2006, while consolidated net profit reached CHF 251.6 million (+27.9%). The cost-to-income ratio posted a clear improvement, down from 0.565 in 2006 to 0.52 at the end of 2007.
Growth was spread across the Bank’s three core businesses in Switzerland: private banking posted a 29.6% increase in gross operating income, up by CHF 43 million to CHF 188.4 million; corporate banking recorded a 9.4% increase in gross operating income, up by CHF 8.1 million to CHF 94.6 million; and capital markets activities posted a CHF 6.8 million increase in gross operating income (+17.3%) to CHF 46.2 million.
Crédit Agricole (Suisse) SA’s achievements in 2007 were set in a context of relative
uncertainty on financial markets. As in 2006, assets under management outside of Western Europe posted the strongest growth: emerging markets, Asia, the Middle East, and Central and Eastern Europe. Advisory services, foreign exchange transactions, investment funds, private equity and brokerage activities once again generated significant revenues. The Logistics Centre, an essential support for the Bank’s three main businesses, acquired three new client banks in 2007, bringing the number of client banks to fourteen and validating the Bank’s strategy of developing information technology and back-office outsourcing services.
The Bank has continued its international expansion with the aim of staying close to clients and gaining a foothold in strong growth markets. In 2007 it strengthened its existing network of branches and subsidiaries in Basel, Geneva, Lausanne, Lugano, Zurich, Beirut, Doha, Hong Kong, Karachi, London, Montevideo, **Nassau** and Singapore, with the opening of Bahrain and Tel Aviv offices early 2008.
Credit Agricole Crédit Agricole was listed as number 19 in a ranking of the top 50 private banks in Switzerland published yesterday by Private Banking Magazine.