2004 results

STAGE ONE OF BCV GROUP'S NEW STRATEGY: OBJECTIVES ATTAINED

«The first chapter in the story of BCV Group's turnaround has now been written,» said CEO Alexandre Zeller, who pointed to a successfully implemented strategic realignment, a strengthened financial base and an increase in net profit to CHF 336.6 mn in 2004. BCV is now ready for the next stage of its development: expansion in core markets and continued improvement in profitability.

BCV Group achieved several key strategic objectives in 2004. «The Group has successfully withdrawn from international trade-finance operations in the ship-financing and oil sectors, and reduced the number of its private banking subsidiaries abroad» said Mr Zeller. Strategic restructuring had an impact on BCV's revenue flows in 2004, but this was offset by an improvement in income from core businesses. Gross profit rose, thanks to rigorous cost control. Net profit was up 114%YoY to CHF 336.6 mn, reflecting reduced depreciation and write-offs as well as provision releases driven by recoveries on impaired loans.

Contact(s)

Christian Jacot-Descombes, Press Officer
Phone + 41 21 212 28 61
E-mail

Wilhelm Blaeuer, Investor relations
Phone + 41 21 212 20 71
E-mail

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