CA Indosuez (Switzerland) SA - 2018 Annual Report

80

CA Indosuez (Switzerland) SA

5.38. Operating result broken down by domestic and foreign origin according to the principle of permanent establishment

FY 2018

FY 2017

(in thousands of CHF)

Domestic

Foreign Domestic

Foreign

Interest and discount income

139,462

124,893

125,612

46,930

Interest and dividend income from trading portfolios Interest and dividend income from financial investments

-32

148

398

39

4,157

4,976

2,810

-

Interest expense

-80,922

-35,757

-35,236

-6,969

62,665

94,260

Gross result from interest operations

93,584

40,000

Changes in value adjustments for default risks and losses from interest operations

5,020

458

573

-

67,685

94,718

Subtotal net result from interest operations

94,157

40,000

Commission income from securities trading and investment activities

119,857

46,983

124,818

30,839

Commission income from lending activities

43,111

66

38,370

37

Commission income from other services

37,995

2,411

39,385

1,530

Commission expense

-8,384

-28,619

-20,280

-14,934

192,579

20,841

Subtotal result from commission business and services

182,293

17,473

60,535

9,152

Result from trading activities and the fair value option

57,925

9,449

Result from the disposal of financial investments

525

2,180

983

2,422

Income from participating interests

3,102

-

3,639

-

Result from real estate

2,437

-

2,411

-

Other ordinary income*

11,039

7,638

82,670

6,360

Other ordinary expenses

-401

-31

-18

-125

16,702

9,787

Subtotal other result from ordinary activities

89,685

8,657

Personnel expenses

-155,461

-64,315

-232,557

-47,450

General and administrative expenses

-95,783

-28,579 -92,894

-125,090

-12,009

-251,244

Subtotal Operating expenses

-357,647

-59,459

Value adjustments on participating interests, and depreciation and amortisation of fixed and intangible assets

-7,826

-7,123

-11,166

-1,183

-406

-8,476

-210

Changes to provisions and other value adjustments, and losses

-779

77,652

34,075

Pre-tax income

46,771

14,727

* Income generated by the CA-PBS banking services business was booked under “Other ordinary income” in 2017. Subsequent to the spin- off, this translated into a sharp decrease in this line item for 2018. 5.39. Current and deferred taxes and disclosure of tax rate

(in thousands of CHF)

FY 2018

FY 2017

Current income taxes Deferred income taxes

29,420

25,965

-

-

Total taxes

29,420

25,965

Average weighted tax rate on the basis of pre-tax income

20.0%

23.7%

There are no tax losses brought forward that affect the income tax.