euro adhoc: Bank Sarasin + Cie AG
Quarterly or Semiannual Financial
Statements
Operating result significantly improved in H1 04
Profit before tax up 49% - Assets under management increase by 10%
(E)
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
In the first half of 2004 Bank Sarasin & Co. Ltd increased its profit before extraordinary items and taxes by 49% to CHF 43 million. Group profit also showed a strong growth of 29% to CHF 40 million. Operating income rose 8% to CHF 205 million. Operating expenses increased by 3% to CHF 149 million, while group operating profit rose 22% to CHF 56 million.
Total assets under management grew satisfactorily by CHF 4.9 billion (10%) since the end of 2003 to CHF 53.5 billion. New money inflow was positive not only for the private clients business, but in all other client segments. The integration of Chiswell Associates Limited added CHF 4.0 billion to total assets under management.
There was a change in the Board of Directors: Géry Daeninck resigned as CEO of the Robeco Group N.V in June and has therefore also stepped down as a Director of the Board of Bank Sarasin & Co. Ltd.
You can find further details on our homepage www.sarasin.ch
For further information, please contact:
Matthias Hassels, Chief Financial Officer, Investor Relations Tel: +41 61 277 7728 E-mail: matthias.hassels@sarasin.ch
Dr Benedikt Gratzl, Head of Corporate Communications, Media Relations Tel: +41 61 277 7088 E-mail: benedikt.gratzl@sarasin.ch
end of announcement euro adhoc 24.08.2004
Further inquiry note:
Ana Nogales
Corporate Communications
T.: +49(61)277 7048
Jacqueline.Schreiber@sarasin.ch
Branche: Banking
ISIN: CH0002267737
WKN: 872869
Index: SPI
Börsen: SWX Swiss Exchange / regulated dealing