Results for the

1st quarter of 2012

May 7th 2012
1!

Agenda"

2!

Results for the 1st Quarter 2012

Client Groups

Balance Sheet

Key Figures

Results for the 1st quarter of 2012"

Substantial inflow of net new monies of 536.6 million"

Strong client growth of 13.1% with accounts passing the 200000
mark for the first time"
Solid profit with net profit of 6.3 million. Compared to 1st quarter 2011
the profit was 40.9 percent lower"
Compared to the 4th quarter 2011 the profit increased by 1.2 million"
19.9 percent year-on-year decrease in revenues to CHF 29.2 million"
Compared to 4th quarter 2012 the revenue increased by 1.0 million"
Low trading volumes and low volatility on Forex markets are still
impacting the results of Swissquote"

3!

Results for the 1st quarter of 2012"

4!

Revenues & Profitability"

CHF '000

Interest

Trading

Fee & Commission

40'000.0
35'000.0
30'000.0
25'000.0

20'000.0
15'000.0
10'000.0

5'000.0

CHF '000

Operating Profit

Q1-1 2

Q4-1 1

Q3-1 1

Q2-1 1

Q1-1 1

Q4-1 0

Q3-1 0

Q2-1 0

Q1-1 0

Q4-0 9

Q3-0 9

Revenues at CHF 29.2m"

Q2-0 9

0.0

Net profit at CHF 6.3m

(+1.2m vs. Q411, -4.4m vs. Q111)"

Net Profit

16'000.0
14'000.0
12'000.0
10'000.0

8'000.0
6'000.0
4'000.0

5!

Q1-1 2

Q4-1 1

Q3-1 1

Q2-1 1

Q1-1 1

Q4-1 0

Q3-1 0

Q2-1 0

Q1-1 0

Q4-0 9

Q3-0 9

Q2-0 9

2'000.0
0.0

Operating profit at CHF 7.9m

(+1.0m vs. Q411, -7.3m vs. Q111)"

Equity and EPS"

Equity (eop)

Equity Surplus (eop)

300.0
250.0
200.0
150.0

100.0

Q1-1 2

Q4-1 1

Q3-1 1

Q2-1 1

Q1-1 1

Q4-1 0

Q3-1 0

Q2-1 0

Q1-1 0

Q4-0 9

Q3-0 9

0.0

Q2-0 9

50.0

Earnings per share for the 1st quarter

2012 at CHF 0.44 "

Earnings per Share

0.90

0.80
0.70
0.60
0.50

0.44

0.40

0.30
0.20

6!

Q1-1 2

Q4-1 1

Q3-1 1

Q2-1 1

Q1-1 1

Q4-1 0

Q3-1 0

Q2-1 0

Q1-1 0

Q4-0 9

Q3-0 9

Q2-0 9

0.10

0.00

Equity increases to CHF 238.2m and

equity surplus to CHF 135.1m"

Expenses & Profit Margin"

Controlled costs below CHF 22m in

the 1st quarter 2012"
Cost/Income ratio at 72.9%"

7!

Clients and Segments"

685

11'023
28'840

Trading

Saving
eForex
ePrivate
Banking
159'591

Number of accounts passing the

200000 mark for the first time"
13.1% growth in the last 12 month"

Total # of Accounts

220'000

200'000
180'000

160'000
140'000

8!

Q1-1 2

Q4-1 1

Q3-1 1

Q2-1 1

Q1-1 1

Q4-1 0

Q3-1 0

Q2-1 0

Q1-1 0

Q4-0 9

Q3-0 9

100'000

Q2-0 9

120'000

Assets and New Monies"

Net new monies of CHF 536.6m in

the first quarter 2012"
8.5bn assets under custody "

9!

Client Groups"

10!

11!

Trading Accounts - Growth"

Trading Accounts

CHF m

Trading Assets

60'000

3'000

40'000

2'000

20'000

1'000

Q1-1 2

4'000

Q4-1 1

80'000

Q3-1 1

5'000

Q2-1 1

100'000

Q1-1 1

6'000

Q4-1 0

120'000

Q3-1 0

7'000

Q2-1 0

140'000

Q1-1 0

8'000

Q4-0 9

160'000

Q3-0 9

9'000

Q2-0 9

180'000

160000 Trading accounts"

Assets under Custody at CHF 7.9 bn"
Average assets per account at ~ CHF 42000"

12!

Trading Accounts - Transactions"

Equity Transactions

tpcpy

700'000

20.0
18.0

600'000

16.0

500'000

14.0

400'000

12.0

300'000

8.0

200'000

6.0

10.0

4.0

100'000
Q1-1 2

Q4-1 1

Q3-1 1

Q2-1 1

Q1-1 1

Q4-1 0

Q3-1 0

Q2-1 0

Q1-1 0

Q4-0 9

Q3-0 9

Q2-0 9

2.0

0.0

Transactions per client per year remain at low levels

of 12.5"

13!

Saving Accounts Growth and Total Assets"

Saving Accounts

CHF m

Saving Assets

35'000

600

30'000

500

25'000

400

20'000

300

15'000

200

10'000

100
Q1-1 2

Q4-1 1

Q3-1 1

Q2-1 1

Q1-1 1

Q4-1 0

Q3-1 0

Q2-1 0

Q1-1 0

Q4-0 9

Q3-0 9

Q2-0 9

5'000

28840 Saving accounts. Strong growth due to Swiss Life

clients"
Assets under custody at CHF 479.5m"
Cautious saving rate policy"

14!

Growth of Balance Sheet and Interest Revenues"

CHF m

Total Balance Sheet

CHF '000

Interest Revenue

3'000.0

5'000
4'500

2'500.0

4'000
3'500

2'000.0

3'000

1'500.0

2'500

2'000

1'000.0

1'500
1'000

500.0

Q1-1 2

Q4-1 1

Q3-1 1

Q2-1 1

Q1-1 1

Q4-1 0

Q3-1 0

Q2-1 0

Q1-1 0

Q4-0 9

Q3-0 9

Q2-0 9

0.0

500

Challenging interest business in a difficult environment"

Steady revenue growth in line with balance sheet at CHF 4.2m"

15!

eForex Accounts Growth and Total Assets"

eForex Accounts

CHF m

eForex Assets

12'000

160.0
140.0

10'000

120.0
8'000

100.0

6'000

80.0

60.0

4'000

40.0
2'000

Q1-1 2

Q4-1 1

Q3-1 1

Q2-1 1

Q1-1 1

Q4-1 0

Q3-1 0

Q2-1 0

Q1-1 0

Q4-0 9

Q3-0 9

Q2-0 9

20.0

11023 active clients (+16.8% vs. 2011)"

CHF 121.1m assets under custody"

16!

0.0

eForex Accounts Volumes"

CHF bn

FX Volume

Margin (DPM)

140

120.0

120

100.0

100

80.0

80

60.0

60

40.0

40

Q1-1 2

Q4-1 1

Q3-1 1

Q2-1 1

Q1-1 1

Q4-1 0

Q3-1 0

Q2-1 0

Q1-1 0

0.0

Q4-0 9

Q3-0 9

20.0

Q2-0 9

20

Volumes of CHF 67.2bn in the 1st quarter 2012"

Revenues of CHF 7.2 million with eForex clients"
Average margin (dpm) again over 100"

17!

New products in 1st quarter 2012"

18!

Crude Oil Trading"

Real-time crude oil trading"

No commission, leverage of 30:1"
Deep liquidity"

19!

Balance Sheet"

20!

Balance Sheet on 31st March 2012"

CHF m
31.03.2012

31.12.2011

Chg

31.03.2012

31.12.2011

Assets
Cash & TBs with Central Bank
Loans & advances to banks
Investment securities
Loans & advances to customers
Immobilisations
Other assets

1'340.9
321.0
802.3
106.6
57.2
86.6

1'281.7
300.8
748.4
100.6
54.7
99.5

59.2
20.2
54.0
6.0
2.5
-12.9

49.4%
11.8%
29.6%
3.9%
2.1%
3.2%

49.6%
11.6%
28.9%
3.9%
2.1%
3.9%

Total

2'714.6

2'585.7

128.9

100.0%

100.0%

Liabilites & Equity

Due to customers :
Trading accounts
Saving accounts
Other liabilities
Equity

2'007.6
416.3
52.5
238.2

1'859.3
450.8
45.9
229.7

148.3
-34.5
6.6
8.5

74.0%
15.3%
1.9%
8.8%

71.9%
17.4%
1.8%
8.9%

Total

2'714.6

2'585.7

128.9

100.0%

100.0%

5.0%

5.0%

Equity surplus

135.1

130.4

4.7

Tier 1 ratio

21.5%

21.7%

-0.2%

80.2

76.4

Risk Weighted Assets

21!

Structure in %

Balance Sheet Structure on 31st March 2012"

Structure of Assets

802.3; 30%

321.0; 12%

106.6; 4%
57.2; 2% 86.6;
3%

1340.9; 49%

Cash & TBs with Central Bank

Loans & advances to banks

Investment securities

Loans & advances to customers

Imobilisations

Other assets

Structure of Liabilities & Equity

479.5; 18%

52.5; 2%
238.2; 9%

1944.4; 71%

22!

Due to customers (Trading)

Due to customers (Saving)

Other liabilities

Equity

Key Figures"

23!

Key Figures 1st quarter 2012"

24!

Q1-2012

Q1-2011

Revenues"
"

29.2m

-7.2m

-19.9%

Operating profit"
"

7.9m

-5.7m

-42.0%

Net profit"

6.3m

-4.4m

-40.9%

Client accounts"

200140

+23208

+13.1%

Total assets"

8478m

+95.5m

+1.1%

Equity"

238.2m

+27.1m

+12.9%

Comparison with Previous Year

CHF'000

2012

2011

Comparison with Previous Quarter

Change

Change [%]

Q1-2012

Q4-2011

Change

Change [%]

Net Fee & Commission Income

Interest Income, net
Trading Results

14'132.0
4'243.5
10'817.3

18'910.0
3'882.2
13'671.3

(4'778.0)
361.3
(2'854.0)

-25.3%
9.3%
-20.9%

14'132.0
4'243.5
10'817.3

14'438.3
4'424.6
9'342.4

(306.3)
(181.1)
1'474.9

-2.1%
-4.1%
15.8%

Total Net Revenues

29'192.8

36'463.5

(7'270.7)

-19.9%

29'192.8

28'205.3

987.5

3.5%

Payroll & Related Expenses

Other Operating Expenses (incl. Depr. & Provision)
Marketing Expenses

(9'939.0)
(8'234.9)
(3'111.1)

(10'028.9)
(8'888.3)
(3'921.7)

89.9
653.4
810.6

-0.9%
-7.4%
-20.7%

(9'939.0)
(8'234.9)
(3'111.1)

(10'104.7)
(8'055.1)
(3'698.4)

165.7
(179.8)
587.3

-1.6%
2.2%
-15.9%

Total Expenses

(21'285.0)

(22'838.9)

1'553.9

-6.8%

(21'285.0)

(21'858.2)

573.2

-2.6%

Operating Profit

7'907.8

13'624.6

(5'716.8)

-42.0%

7'907.8

6'347.1

1'560.7

24.6%

Income Taxes

(1'606.5)

(2'969.5)

1'363.0

-45.9%

(1'606.5)

(1'239.6)

Net Profit

6'301.3

10'655.0

(4'353.7)

-40.9%

6'301.3

5'107.5

Operating Profit Margin

Net Profit Margin
Weighted average number of ordinary shares
Earning per share

27.1%
21.6%
14'461'990
0.44

37.4%
29.2%
14'348'308
0.74

113'682
(0.31)

31.03.2012

31.03.2011

Change

(366.9)

29.6%

1'193.8

23.4%

0.8%
-41.3%

27.1%
21.6%
14'461'990
0.44

22.5%
18.1%
14'460'108
0.35

1'882
0.08

0.0%
23.4%

Change [%]

31.03.2012

31.12.2011

Change

Change [%]

Trading Accounts [units]

Saving Accounts [units]
eForex Accounts [units]
ePrivate Banking Accounts [units]

159'592
28'840
11'023
685

151'555
15'455
9'438
484

8'037
13'385
1'585
201

5.3%
86.6%
16.8%
41.5%

159'592
28'840
11'023
685

158'516
17'576
10'766
639

1'076
11'264
257
46

0.7%
64.1%
2.4%
7.2%

Total Number of Accounts

200'140

176'932

23'208

13.1%

200'140

187'497

12'643

6.7%

Trading Assets [CHF m]

Saving Assets [CHF m]
eForex Assets [CHF m]
ePrivate Banking Assets [CHF m]

7'855.2
479.5
121.1
22.6

7'765.5
448.4
146.5
22.5

89.7
31.1
(25.4)
0.1

1.2%
6.9%
-17.3%
0.4%

7'855.2
479.5
121.1
22.6

6'941.7
450.8
122.5
21.8

913.5
28.7
(1.4)
0.8

13.2%
6.4%
-1.1%
3.7%

Total Assets under Custody [CHF m]

8'478.4

8'382.9

95.5

1.1%

8'478.4

7'536.8

941.6

12.5%

Total Net New Monies [CHF m]

eForex Volume [CHF bn]
Total Balance Sheet [CHF m]
Total Equity [CHF m]
Equity Surplus [CHF m]
25!
Total Headcounts

536.6
67.2
2'714.6
238.2
135.1
358

293.3
101.9
2'398.0
211.1
115.3
350

243.3
(34.7)
316.6
27.1
19.8
8

83.0%
-34.1%
13.2%
12.9%
17.2%
2.3%

536.6
67.2
2'714.6
238.2
135.1
358

126.8
101.3
2'585.7
229.7
130.2
358

409.8
(34.1)
128.9
8.5
4.9
-

323.2%
-33.7%
5.0%
3.7%
3.8%
0.0%