BCGE Annual Report 2008
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ANNUAL REPORT 2008 BCGE Group BCGE GROUP CONSOLIDATED KEY FIGURES 2008 2007 2006 2005 2004 Balance sheet (in CHF million) Total assets 13,690 12,498 12,571 12,783 13,892 Loans to clients 10,017 10,305 10,362 10,996 11,386 Client deposits and borrowings 12,072 11,207 11,175 11,569 12,782 Shareholders’ equity 912 888 814 705 654 Income (in CHF million) Interest income 213 201 192 183 179 Commission income 93 98 95 88 81 Trading income 17 17 17 14 9 Other ordinary income -4 6 19 10 9 Total income 319 322 323 295 278 Operating expenses 218 210 205 195 199 Gross profit 101 112 118 101 79 Depreciation, valuation adjustments, provisions and losses, and extraordinary income 33 35 57 55 47 Interim profit (in CHF millions) 62 101 106 58 24 Net profit (in CHF millions) 68 77 61 46 32 Assets managed and administered (in CHF billion) 16.7* 14.1 13.2 12.5 10.9 Total staff • in full-time equivalent units 788.6 783.6 775.5 762.7 773.2 • in number of persons 845 848 843 832 845 Ratios (in %) Shareholders’ equit y/Total assets 6.7 7.1 6.5 5.5 4.7 Gross profi t/ Shareholders’ equity 11.1 12.6 14.5 14.3 12.1 Return on equity (ROE) 7.5 8.7 7.5 6.5 4.9 Expense s/ Income 68.3 65.2 63.5 65.9 71.6 Data per bearer share (in CHF) Shareholders’ equity 253 247 226 196 182 Gross profit 28 31 33 28 22 Net profit 19 21 17 13 9 Dividend 6 6 5 3 1 Stock market data (parent company) History of bearer share price (in CHF) • high 282 297 245 197 198 • low 210 240 190 182 174 • at year-end 220 282 240 190 187 Market capitalisation (in CHF millions at 31 December) 792 1,015 864 684 673 Number of shares in thousands 5,721 5,721 5,721 5,721 5,721 Shareholders’ equit y/ Number of shares 260 253 231 200 187 * See page 34. D N N O A Y L M A N O I S O ) E R E S C O G N P N I A O R D R F P A ( R E E T G V C È A B N S . E E A T G E A E R R D A E P E G L O N A I T I N D . O N G T U N N I O A D R C R N E E U L S U Y S Q T T I N I R A D B O N , H A N T U O A I V A G E L E N R A E C S G E O L P N I L Standard & Poor’s rating D A S - N R E E Banque Cantonale de Genèv e: A/A-1 /Stabl e A N E M Ô T (latest rating as at 12 December 2008) O H A T R R S O H U P C C R N BCGE stock exchange reference (symbol) L O E A C R N Stock exchange listing SIX Swiss Exchange F , S O E I E T Reuters BCGE.S H G T U A T I Bloomberg BCGE SW N G I T T S Y Telekurs BCGE R N R I O A I D Stock number 164268 M D , N I S S A ISIN number CH 0001642682 E B E M U T E S A H R A Number of shares C Structure of BCGE capital of CHF 360 million O S S P A R ‘A’ registered shares, par value CHF 50 2,651,032 N H O O I C O S ‘B’ registered shares, par value CHF 50 1,’590,620 , S N E L E T A Bearer shares, par value CHF 100 1,479,179 P A , P V T I U R N O P E R M O G E T E G S 7,27% G E 9,14% A C C N I 21,12% B A V 14,96% s 16,78% E t R M H E h 9,42% T T S g . i E r S G S E p S N i g I C A I h K n 2,57% , i s 4,09% V N t r 0,10% G R A o e 0,16% E N I v B S n K f E Y w N o T C o I A N L n B e 13,87% A A o r E i N U a t I T F h Q u A - s V 21,87% b Y I H i E T r R I G t I P G D s , H i C O S s B 34,87% D 43.88% D E I M N n T I M A L o I O E i C C V Registered Registered t I A L F T I State of Geneva State of Geneva u A l T G B City of Geneva City of Geneva E N o O P I Geneva municipalities Geneva municipalities L s K M G Bearer Bearer N O D A g C State of Geneva State of Geneva . B N ) Y n E A L i City of Geneva City of Geneva Y T E R E F Geneva municipalities Geneva municipalities k A C M 9 E N N Private individuals Private individuals n 8 I R A 7 D a ( T N R I X E b F E O L P E S M T ” O R A E E O a P F R R F F v O 5 O P 4 e G 8 R E N I n O S Information G C G Y C e , B N O , G L E-mai l: [email protected] A G 6 P N R I 1 M R S 8 n E E E 1 Groupe Banque Cantonale de Genève i E C P E I N C U I V Communication and investor relations e R N G O I E d R N S Nicolas de Saussure S E G a K F L E N O A H I A m E Telephone: +41 (0)58 211 21 00 T C B . G “ N L Y Fax: +41 (0)22 809 22 11 N A C A : A E S N I R R N E F E E Postal address N S S V I A G R R E N E Case postale 2251 D F C U V F I N B A D O CH - 1211 Geneva 2 A BCGE Annual report 2008 Contents Key figures Cover 1 | s t Message from the Chairman 3 n e t n o C Message from the Chief Executive Officer 5 | E G C Mission and strategy 8 B Seven complementary internal divisions 14 Organisation chart 16 Your Ban k: at your service and close to hand 18 The financial markets in 2008 22 The Geneva economy in the face of adversity 24 Business review 2008 30 Key facts of 2008 Stability 38 Retail banking 39 Private banking 41 Corporate 44 Financial institutions and public bodies 47 Modernisation 48 Risk control built into the Bank’s strategy 52 Talents and skills 60 Shareholder information and corporate governance 67 2008 consolidated financial statements and notes 83 2008 financial statements and notes, parent company 111 Addresses Back cover 2 BCGE | ANNUAL REPORT 2008 Message from the Chairman Only the fittest weather the storm Who could have imagined a year ago the extent of the hurricane that has hit the world’s financial activities since the begin - ning of 200 8? We have seen masts snap, sails torn to pieces and supposedly unsinkable ships go down. Only a few have been able to trim their sails in time, take shelter in a port or hold their course. In this taxing environment, the strategy of prudence, followed by the Bank since 2000, has proven highly effective and has shown itself more than ever to be well-suited to prevai - ling market conditions. This strategy has led the Bank to focus on expanding business with qualitative long-term performance, whose rewards it is now reaping. A/A-/stable: S&P rating raised Modernisation of the IT system 3 Against the turbulent background seen at the end of the year, the fact that The Board of Directors closely monitored the colossal task of preparing for | n the Standard & Poor’s agency increased BCGE’s rating on 12 December the IT migration and its actual implementation. Such a large-scale project a m r confirms that the Bank’s strategic choices are the right ones. The agency’s makes great demands on all the staff concerned. The Board is very grate - i a h report that was issued with the new rating highlights a considerable ful to all those involved for their dedication. They have helped to ensure C e h number of positive points, both in the financial profile and in the Bank’s the Bank’s competitiveness for the next twelve to fifteen years. In terms of t m business model, which are bound to please its shareholders and clients and the budget, the project has been well run and will allow reduced IT costs o r f prove to the Bank’s senior management that it should not be tempted to over the coming years.