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DJ EANS-Adhoc: 1H 2010 results of Bank Sarasin & Co. Ltd: Bank Sarasin sustains dynamic pace of growth

29.07.2010 -

DJ EANS-Adhoc: 1H 2010 results of Bank Sarasin & Co. Ltd: Bank Sarasin sustains dynamic pace of growth

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ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
distribution. The issuer is solely responsible for the content of this
announcement.
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29.07.2010

Net new money growth strong at CHF 6.4 billion (+14% p. a.) - Total assets under
management CHF 96.2 billion nearing CHF 100 billion target - Net profit up 11%
to CHF 60.1 million - Operating income 6% higher at CHF 332.6 million - Targets
remain unchanged, focus on ability to generate returns

Successful growth strategy reflected in net new money - assets under management
growth on track
Bank Sarasin has succeeded in sustaining its dynamic pace of growth with net new
money inflows of CHF 6.4 billion. This corresponds to an annualised growth rate
of 14%. Boosted by this strong business performance, clients´ assets under
management increased to CHF 96.2 billion on 30 June 2010 from CHF 93.7 billion
as of 31 December 2009. The assets managed by the Sarasin Group according to
sustainable investment criteria were 4% higher than at the end of last year, at
CHF 12.4 billion (31.12.2009: CHF 11.9 billion). Based on this strong result,
Sarasin is confident of being able to achieve the full-year target for 2010 of
net new money growth of 10% or CHF 9.4 billion. The negative impact of market
performance and currency translation effects reduced total assets under
management by CHF 3.2 billion.

Solid earnings level despite lower income from trading operations
During the reporting period the Sarasin Group generated operating income of CHF
332.6 million, an increase of 6% on the same period last year (1H 2009: CHF
315.1 million). This increase reflects the expansion of the business base as
part of Sarasin´s continuing growth strategy: income from commission and service
fee activities rose by 28% to CHF 218.9 million, while net interest income
increased by 10% to CHF 74.5 million due to the expansion of the credit business
associated with private banking. Income from trading operations fell sharply by
63% to CHF 23.2 million (1H 2009: CHF 62.8 million). Income from ordinary
trading operations - both on behalf of clients and on the Bank's own account -
as well as income from the structured products business remained broadly flat on
last year, whereas there was a sharp drop in income in the Bank's own financial
investments and in the treasury business as a result of hedging transactions
against rising interest rates. Other ordinary income increased by 13% to CHF
15.8 million thanks to realised capital gains on the Bank´s own financial
investments.

Rise in costs remained moderate, despite success in growth initiatives
During the reporting period operating expenses rose 5% from CHF 230.3 million to
CHF 242.6 million. Personnel expenses rose 4% to CHF 175.6 million (1H 2009: CHF
168.5 million) due to the increase in headcount and general salary adjustments.
General administrative expenses rose 8% to CHF 67.0 million (1H 2009: CHF 61.8
million). The increase in costs was therefore modest taking into account the
continuing expansion of Sarasin´s team of relationship managers and its
investments in the ongoing growth strategy - notably the opening of a third
location in Germany (Nuremberg) and offices in Poland (Warsaw), Austria (Vienna)
and India (Mumbai and New Delhi) as well as the preparatory work required for
the roll-out of the Avaloq banking software in Asia. The decision to close down
locations in Spain and to replace unsatisfactory client advisors is evidence of
Sarasin´s commitment to continuously review its business cases and adjust
accordingly.

Net profit improves - capital base still solid
The cost income ratio was virtually unchanged from last year at 77.3% (1H 2009:
77.5%). Sarasin´s net profit of CHF 60.1 million confirms the strong first-half
result and represents an increase of 11% on the same period last year (1H 2009:
CHF 53.9 million). Shareholders' equity amounted to CHF 1.2 billion, virtually
unchanged from the end of 2009. Due to the growth of the business, the Bank´s
equity ratio at the end of June 2010 dipped to 7.4% (30.12.2009: 8.4%). The BIS
Tier 1 ratio, defined as core capital as a percentage of risk-weighted assets,
remained stable at 16.3% at the end of June 2010.

Christoph Ammann, Chairman of the Board of Directors of Bank Sarasin & Co. Ltd
"The first-half results for 2010 show that our strategy is paying off in the
long term and that our management is successfully targeting our growth
initiatives towards the most attractive markets. Furthermore, the proportion of
undeclared assets deposited with the Bank is negligible, which gives us
significant advantages in the mid-term. No matter what happens on the regulatory
front, we are striving for being rid of any undeclared client assets by the end
of 2012."

Joachim H. Straehle, CEO of Bank Sarasin & Co. Ltd
"The consistently high net new money inflows reflect Sarasin´s strong growth
dynamic and testify to the quality of our CRM team and the Bank's excellent
reputation. By selectively expanding our network of locations and our CRM team,
we have steadily strengthened our position in core international markets. The
fact that we also managed to boost our revenues - despite the drop in income
from trading operations - is very encouraging as well. Despite this improvement
in income, we will focus on a further long-term improvement in both our earnings
power and gross margin."

Outlook for 2H 2010: Targets unchanged - focus remains on ability to generate
returns
Bank Sarasin expects the global economy to slow down in the second half of 2010.
Weaker macroeconomic data and the disappearance of fiscal stimulus measures
could act as a curb on growth. Even so, Bank Sarasin stands by its quantitative
targets up to the end of 2010: net new money growth of 10% and assets under
management totalling CHF 100 billion and should achieve the latter goal as long
as financial markets remain stable. The Bank´s main priority will be to
strengthen its ability to generate returns and improve its gross margin. Bank
Sarasin also intends to expand further its CRM team as part of its ongoing
growth strategy. When implementing all these initiatives, Bank Sarasin will
always take a selective, profit-oriented approach.

Bank Sarasin is already well diversified in geographical terms and in the future
intends to focus more intensely on core markets that offer good growth
potential. The Bank's focus is on selected individual markets in European
countries such as Germany, and in the growth markets of the Middle East and
Asia. Bank Sarasin is also planning to boost its presence in the Middle East by
opening offices in Bahrain and Abu Dhabi. The Bank also expects to reap positive
benefits from its recent entry into the Indian market and the banking licence
granted to its Hong Kong branch in the first half of 2010 and plans a similar
upgrade of its banking licence in Singapore.

end of announcement euro adhoc
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(END) Dow Jones Newswires

July 29, 2010 01:00 ET (05:00 GMT)

( dowjones )