BCV Group posted strong results* for the first quarter of 2012, in line with the positive trend observed in recent years. Volumes and revenues were up across most business lines, and operating profit rose 2% year-on-year to CHF121m.

Revenues up slightly

BCV Group’s first-quarter revenues showed a slight year-on-year increase to CHF 253m. Interest income rose 3% to CHF 132m in a low-interest-rate environment, and fee and commission income was stable at CHF 88m. Trading income fell by 6% to CHF 27m compared with the very high figure for Q1 2011. Other ordinary income stood at CHF 6m.

Solid cost control and a 2% rise in operating profit

Total operating expenses were down slightly to CHF 132m. Personnel costs remained unchanged at CHF 85m, while other operating expenses edged down 1% to CHF 48m. Operating profit rose 2% to CHF 121m, reflecting the favorable revenue trend and the slight decrease in costs.

Total assets and AuM

Total assets increased by 6% to CHF 40.1bn. This temporary rise was essentially due to interbank settlements that were pending at the Q1 2012 closing date.

Among asset-side customer business volumes, mortgage lending was up 1% (+CHF 216m) to CHF 22.3bn. Other loans fell by 6% (–CHF 374m) to CHF 5.5bn, reflecting the reduction in trade-finance volumes from the high year-end 2011 levels. On the liabilities side, savings deposits grew by a further 3% (+CHF 314m) to CHF 11.9bn, while other customer accounts were down by 2% (–CHF 262m) to CHF 13.8bn.

Group assets under management (AuM) were up 3% (CHF 2.3bn) to CHF 79.4bn. Net new money amounted to CHF 149m for the period.

Proposal to the AGM

As previously announced, the Board of Directors will propose an ordinary dividend of CHF 22 per share as well as a special distribution of CHF 10 per share out of paid-in reserves at today’s Annual Shareholders’ Meeting in Lausanne. This proposal reflects the Board’s confidence in BCV’s earnings capacity going forward.

Lausanne, Switzerland, 3 May 2012

* Figures are unaudited

Contacts

Christian Jacot-Descombes, Press Officer
Phone +41 79 816 99 30
E-Mail christian.jacot-descombes@bcv.ch

Gregory Duong, Investor Relations Officer
Phone + 41 21 212 20 71
E-Mail gregory.duong@bcv.ch

This press release is being issued outside the trading hours of the SIX, Swiss Exchange in order to comply with the principles of ad hoc disclosure pursuant to the SIX listing rules.

The above text is a translation of the original French document; only the French version is authoritative.