Posting a profit

bank zweiplus, established in mid-2008, again posted a profit of CHF 1.6 million after tax for its second full financial year. This profit represents an important step in the process of consolidating the new bank after its establishment.

bank zweiplus ended its second financial year with a profit of CHF 1.6 million (previous year: CHF 7.8 million). Alfred W. Moeckli, Chief Executive Officer (CEO), expresses cautious satisfaction with this result and the bank's development. "Just two-and-a-half years after its establishment, the consolidation of the bank is already very successful, both in technical and in organisational terms. In a first brief review of our development since the establishment of the bank, we can say that we are well equipped for the future."

On 31 December 2010, assets under management amounted to CHF 5.7 billion. At CHF 280 million the outflow of client funds was considerably less than in the previous year, although it has not yet been possible to put a total stop to this trend.  At almost CHF 100 million in new assets under management in 2010, the performance of the unique multi-manager strategies offered everywhere in Switzerland by bank zweiplus is very encouraging.

The difficult market environment for the retail business of the cooperation partners, especially in Germany, also had a detrimental effect on the earnings of bank zweiplus. An irregularity in the business of one of the distribution partners resulted in an extraordinary impairment. The situation was exacerbated by the persistent weakness of the euro, particularly as bank zweiplus generates around 40% of its income in euro. Burdened by these factors, earnings at CHF 61.6 million fell slightly short of budget. Thanks to a strict cost management regime, costs were reduced further year-on-year to CHF 49 million.

Positive outlook for 2011
bank zweiplus looks to the future with confidence. "We are ready for the next steps," says CEO Alfred W. Moeckli, "and we remain committed to following a consistent path of growth." To achieve this goal bank zweiplus is focusing on four strategic projects: improving its market position, building up a next e-banking generation, continuing to automate its processes, and expanding its interest differential business for all maturities at attractive conditions.


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