BCV : negative 3rd Quarter results

Due to the fall in stock prices, which was already significant in July and August and accelerated in September, the results of BCV (parent company) have been shrinking during the last quarter. Gross profit, which stood at CHF 225.5 million on 30 June, came back to CHF 184.4 million at the end of last month. For the first three quarters of the year, operating income and expenses show a small increase in comparison with the same period of last year. This means that the drop in the Bank's results is due essentially to the losses on securities portfolios.

Even if the markets might recover before the end of the year, a fall in the Bank's results, in comparison with the very favourable ones of last year, is to be expected for fiscal 2001. However, the middle-term prospects for BCV are not affected by this temporary situation, which is being felt by the whole financial sector.

Lausanne, 12 October 2001