Swiss Banking News: August 2007

16.08.2007 UBS has reported net profit attributable to shareholders of CHF 5 622 million in 2nd quarter of 2007, which is up 79% from the same period a year earlier and up 72% from the 1st quarter of 2007. The results of the 2nd quarter of 2007 include 2 significant items that have influenced performance. The 1st is the CHF 1 926 million post-tax gain from the sale of the 20.7% stake in Julius Baer; and the 2nd is the charge of CHF 229 million after tax related to the closure of Dillon Read Capital Management (DRCM), recorded in Global Asset Management. If to exclude the 2 above-mentioned items, attributable profit in UBS's core operational businesses would have been CHF 3 455 million, which is up 14% from the same period a year earlier and is a 9% rise as compared with the record performance in the 1st quarter of 2007. Net new money inflows in the 2nd quarter of 2007 remained strong. Inflows in the wealth management units totaled CHF 35.2 billion. It should be noted that contributions were strong from all regions.

02.08.2007 Credit Suisse Group announced net income of CHF 3 189 million for the 2nd quarter of 2007. Group's income from continuing operations has seen an increase of 70% from the same period a year earlier. Diluted earnings per share were CHF 2.82, which is a rise from CHF 1.86 in the same period a year earlier. Brady W. Dougan, Chief Executive Officer of Credit Suisse Group, commented that the record operating results for the 2nd quarter go on building on "the strong earnings momentum" established by the Group over the past year. He added that he is pleased with the performance Credit Suisse taking into consideration that it had more challenging conditions in some markets. Still, Dougan expressed his optimism about the long-term growth prospects for Credit Suisse.