Extraordinary impairment of goodwill of Bank am Be
Post# of 301275
- Extraordinary impairment of CHF 10 mn on goodwill and write-down of CHF 0.2 mn on intangible assets of Bank am Bellevue
- Bellevue Asset Management's business development remains solid
- Net profit of CHF 6.5 mn at end of November (before extraordinary impairment and write-down), operating profit of CHF 11.6 mn
In light of continued decline of business volumes and reduced profitability of brokerage and corporate finance business at Bank am Bellevue, the Board of Directors and the management have reassessed future earnings. As a result, the remaining positions of "goodwill" and "other intangible assets" of Bank am Bellevue with a total value of CHF 10.2 mn will be fully written down as of today.
The performance of Bellevue Asset Management continues to be solid, with net new money of CHF 2.8 bn as of November (as of 30 June 2016: CHF 2.6 bn). Assets under management increased to CHF 7.8 bn as of November.
Bellevue Group reports the following results as of November 2016 (before extraordinary value adjustments and amortization):
- Net profit of CHF 6.5 mn (as of 30 June 2016: profit of CHF 2.8 mn), operating profit of CHF 11.6 mn (as of 30 June 2016: profit of CHF 6.8 mn
- Bank am Bellevue with operating loss of CHF 3.8 mn (as of 30 June 2016: loss of CHF 1.1 mn)
- Bellevue Asset Management with operating profit of CHF 18.5 mn (as of 30 June 2016: profit of CHF 9.5 mn)
Bellevue Group's Annual Report will be published on 28 February 2017.
Contact:
Media / Investor Relations: Daniel Koller, CFO
Telephone +41 44 267 67 00, Fax +41 44 267 67 01, ir@bellevue.ch
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