Annual Report
2008
Financial highlights
in / end of
% change
2008
2007
2006
08 / 07
07 / 06
Net income (CHF million)
Income/(loss) from continuing operations
(7,687)
7,754
8,295
–
(7)
Net income/(loss)
(8,218)
7,760
11,327
–
(31)
Earnings per share (CHF)
Basic earnings/(loss) per share from continuing operations
(7.33)
7.42
7.54
–
(2)
Basic earnings/(loss) per share
(7.83)
7.43
10.30
–
(28)
Diluted earnings/(loss) per share from continuing operations
(7.33)
6.95
7.20
–
(3)
Diluted earnings/(loss) per share
(7.83)
6.96
9.83
–
(29)
Return on equity (%)
Return on equity
(21.1)
18.0
27.5
–
–
Core Results (CHF million)
Net revenues
11,862
34,539
34,480
(66)
0
Provision for credit losses
813
240
(111)
239
–
Total operating expenses
23,212
25,159
23,832
(8)
6
Income/(loss) from continuing operations before taxes
(12,163)
9,140
10,759
–
(15)
Core Results statement of operations metrics (%)
Cost/income ratio
195.7
72.8
69.1
–
–
Pre-tax income margin
(102.5)
26.5
31.2
–
–
Effective tax rate
37.8
13.7
22.2
–
–
Income margin from continuing operations
(64.8)
22.4
24.1
–
–
Net income margin
(69.3)
22.5
32.9
–
–
Assets under management and net new assets (CHF billion)
Assets under management from continuing operations
1,106.1
1,462.8
1,402.7
(24.4)
4.3
Net new assets
(3.0)
43.2
88.4
–
–
Balance sheet statistics (CHF million)
Total assets
1,170,350 1,360,680 1,255,956
(14)
8
Net loans
235,797
240,534
208,127
(2)
16
Total shareholders’ equity
32,302
43,199
43,586
(25)
(1)
Book value per share outstanding (CHF)
Total book value per share
27.75
42.33
41.02
(34)
3
Tangible book value per share 1
19.37
31.23
30.20
(38)
3
Shares outstanding (million)
Common shares issued
1,184.6
1,162.4
1,214.9
2
(4)
Treasury shares
(20.7)
(141.8)
(152.4)
(85)
(7)
Shares outstanding
1,163.9
1,020.6
1,062.5
14
(4)
Market capitalization
Market capitalization (CHF million)
33,762
76,024
99,949
(56)
(24)
Market capitalization (USD million)
33,478
67,093
81,894
(50)
(18)
BIS statistics 2
Risk-weighted assets (CHF million)
257,467
312,068
253,676
–
23
Tier