Bellevue Group Reports Strong Second Quarter

Paul Adams

20 July 2007

Swiss-based Bellevue Group, formerly Swissfirst, closed the second quarter with a group profit of SFr15.6 million, an increase of 44.6 per cent over the previous-year figure of SFr10.8 million. Pre-tax profit from continued operations amounted to SFr18.4 million, compared to SFr12.9 million in the second quarter of last year, an increase of 42.5 per cent. Bellevue Group generated operating income of SFr38.2 million in the second quarter of 2007 (Q2 2006: SFr23.3 million, up 64.4 per cent). Operating income came mainly from fee and commission income. Besides the brokerage operations, Bellevue Asset Management contributed a performance fee of SFr8.7 million. Group profit for the first half amounted to SFr123.8 million, SFr85.1 million of which was earned in the first quarter through the disposal of its remaining private banking activities to Adler Bank and Bank Pasche. Bellevue Group had client assets of SFr7,363 million as of June 30, 2007 compared to SFr6,771 million at end 2006. Staff increased by six to 73 employees at the end of the second quarter.