Edmond de Rothschild Records Strong Asset Growth

Chris Owen

22 August 2007

Banque Privée Edmond de Rothschild saw net profits jump to SFr119.4 million ($99 million) for the first six months of 2007, a 25 per cent gain on the year-earlier figure Both operating revenue and operating expenses at the Geneva-based bank group rose by 20 per cent on their 2006 equivalent, to total SFr415.6 million and SFr237.1 million respectively. Gross profit therefore amounted to SFr178.5 million, 20 per cent higher than during the same period in 2006. The inflow of fresh funds totalled SFr7.2 billion in the reporting period. The overall value of client assets rose by SFr14.1 billion to SFr97.2 billion, marking an increase of 17 per cent on 2006 year-end level. During the period two new subfunds were added to the LCF Edmond de Rothschild Prifund umbrella – Prifund Alpha Property Securities provides global, diversified exposure to real estate, while Prifund Return Plus features dynamic cash management strategies. Interest income totalled SFr48.3 million, up 28 per cent on the SFr37.7 million reported at end-June 2006. Income from fees and commissions rose 18 per cent to SFr287.7 million from SFr243.6 million the previous year. Results of trading operations amounted to SFr63.6 million, up 21 per cent on their 2006 level of SFr52.5 million. The average number of staff employed by the group in the first half of the year was 1,334, up from 1,277 at year-end 2006. Personnel expenses amounted to SFr183.1 million, compared with the previous year’s level of SFr152.1 million.