QUARTERLY REPORT 2015

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Meagan Harvey
7 years ago
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2 3 Consolidated balance sheet 5 Consolidated income statement 6 Statement of changes in equity 7 Condensed notes

3 3 Consolidated financial statements Consolidated balance sheet ASSETS in % Liquid assets 1,797,743 1,544, , Amounts due from banks 240, ,994 74, Amounts due from customers 1,772,936 1,741,575 31, Mortgage loans 20,049,715 20,034,416 15, Sub-total loans (gross) 21,822,651 21,775,991 46, less value adjustment for default risks 60,824 61, Total loans with value adjustment for default risks 21,761,827 21,714,189 47, Positive replacement values of derivative financial instruments 17,094 3,447 13, Financial investments 1,139,401 1,242, , Accrued income and prepaid expenses 30,275 32,588 2, Non-consolidated participations 196, , Tangible fixed assets 146, ,090 2, Intangible assets 18,269 20,950 2, Other assets 49,701 47,706 1, Total assets 25,397,955 25,266, , Total subordinated claims of which subject to mandatory conversion and / or debt waiver LIABILITIES Amounts due to banks 304, ,313 40, Amounts due in respect of customer deposits 17,408,776 17,280, , Negative replacement values of derivative financial instruments 68,345 44,400 23, Cash bonds 550, ,897 63, Bond issues and central mortgage institution loans 4,828,886 4,881,046 52, Accrued expenses and deferred income 94,990 84,482 10, Other liabilities 93,514 68,200 25, Provisions 43,059 43, Reserve for general banking risks 4,086 4, Bank s capital 7,896 7, Capital reserve 603, , Retained earnings reserve 1) 1,390,471 1,295,965 94, Own shares 20,185 20, Consolidated profit 20,039 94,506 74, Total liabilities 25,397,955 25,266, , Total subordinated liabilities 150, , of which subject to mandatory conversion and / or debt waiver ) before distribution from retained earnings

4 4 QUARTERLY REPORT 2015 OFF-BALANCE-SHEET TRANSACTIONS in % Contingent liabilities 319, ,222 5, Irrevocable commitments 1,084,794 1,156,252 71, Obligations to pay up shares and make further contributions 44,564 44, Credit commitments

5 5 Consolidated income statement RESULT FROM INTEREST OPERATIONS in % Interest and discount income 96, ,207 7, Interest and dividend income from trading portfolios Interest and dividend income from financial investments 7,636 7, Interest expense 38,017 47,374 9, Gross result from interest operations 66,454 64,032 2, s in value adjustments for default risks and losses from interest operations 1,226 1,189 2, Subtotal net result from interest operations 67,680 62,843 4, RESULT FROM COMMISSION BUSINESS AND SERVICES Commission income from securities trading and investment activities 10,930 11, Commission income from lending activities 1,123 1, Commission income from other services 6,719 6, Commission expense 3,172 3, Subtotal result from commission business and services 15,600 16, RESULT FROM TRADING ACTIVITIES AND THE FAIR VALUE OPTION 2,032 2, OTHER RESULT FROM ORDINARY ACTIVITIES Result from the disposal of financial investments 734 2,139 1, Income from participations of which, participations recognised using the equity method of which, from other non-consolidated participations Result from real estate Other ordinary income Other ordinary expenses Subtotal other result from ordinary activities 1,595 2,826 1, OPERATING EXPENSES Personnel expenses 28,172 29,413 1, General and administrative expenses 26,628 25,624 1, Subtotal operating expenses 54,800 55, Value adjustments on participations and depreciation and amortisation of tangible fixed assets and intangible assets 7,455 9,673 2, s to provisions and other value adjustments, and losses 1, , Operating result 23,371 20,769 2, GROUP PROFIT Extraordinary income 889 1, Extraordinary expenses n/a in reserves for general banking risks n/a Taxes 4,893 4, Consolidated profit 20,039 17,500 2,

6 6 QUARTERLY REPORT 2015 Statement of changes in equity Share capital Capital reserve Retained earnings reserve 1) Reserve for general banking risks Own shares Profit for the period Total Shareholders' equity as at the beginning of the reporting period 7, ,027 1,295,965 4,830 20,185 94,506 1,986,039 Other allocations to (withdrawals from) the reserves for general banking risks Other allocations to (withdrawals from) other reserves 94,506 94,506 Consolidated profit 20,039 20,039 Shareholders' equity at the end of the reporting period 7, ,027 1,390,471 4,086 20,185 20,039 2,005,334 1) before distribution from retained earnings

7 7 Condensed notes s to accounting and valuation principles as well as any error corrections and their impact on the interim financial statements The recognition and measurement principles have been adjusted in line with the changes in Swiss accounting rules for banks. In some cases, this resulted in the reclassification of the previous year's figures (adjustment to new requirements with regard to the minimum structure). These interim financial statements, including the previous year's figures, have been presented as if the new recognition and measurement principles had always applied (restatement). Except for the representation of the value adjustments for loan default, this resulted in no significant changes in either the figures for financial year 2015 or those for the previous year. In accordance with the transitional provisions provided in Article 69 (1) of the Banking Ordinance (BankV), Valiant presents all value adjustments for default risks as negative positions under assets for the duration of the transitional period. Information on factors that influenced the economic position of the bank during the current period and in comparison with the previous period The adjustments made to the recognition and measurement principles compared to the previous year have resulted in no significant changes being made in the assessment of Valiant's financial position. Extraordinary income or extraordinary expenses EXTRAORDINARY INCOME Gain from the sale of properties 0 1,303 Reversal of negative goodwill 1) Total extraordinary income 889 1,303 EXTRAORDINARY EXPENSES Loss from the sale of properties 72 0 Total extraordinary expenses ) The current negative goodwill have been written off following the implementation of the new accounting rules for banks. Material events occurring after the date of the interim financial statements No extraordinary events have occurred in the period since the balance sheet date that might have a material influence on the assets, financial position and income situation of Valiant in past periods.

INTERIM FINANCIAL STATEMENT AS PER 30 SEPTEMBER 2015

INTERIM FINANCIAL STATEMENT AS PER 30 SEPTEMBER 2015 15 3 Consolidated balance sheet 5 Consolidated income statement 6 Statement of changes in equity 7 Condensed notes INTERIM FINANCIAL STATEMENT AS PER