BCV Group posted very good results* for the first quarter of 2011, in line with the momentum observed in recent years. Volumes and revenues were up across most business lines, and operating profit rose 4% year-on-year to CHF 119m. These results take into account the integration of Banque Franck Galland & Cie SA as from 8 February 2011.

Revenues up 4%

BCV Group's first-quarter revenues climbed 4% year-on-year to CHF 252m. Half of this increase was due to the integration of Banque Franck Galland & Cie SA. Interest income edged down 1% to CHF 126m in a low interest rate environment. Fee and commission income rose 3% to CHF 90m. Trading income was up 24% to CHF 29m, spurred by strong customer-driven forex volumes. Other ordinary income increased to CHF 7m.

4% rise in operating profit

Operating profit increased 4% to CHF 119m, underpinned by revenue growth and cost control. Total operating expenses were up 3% to CHF 133m. Personnel costs rose by 5% to CHF 85m, mainly as a result of the integration of Banque Franck Galland & Cie SA. Other operating expenses remained stable at CHF 48m.

Continued expansion in customer business volumes

Total assets grew by 3% to CHF 36.5bn. Mortgage lending continued on its uptrend, climbing CHF 389m (+2%) to CHF 20.6bn. Other loans increased by CHF 151m (+3%) to CHF 5.4bn.
On the liabilities side, savings deposits rose by a further CHF 235m (+2%) to CHF 11.1bn, while other customer accounts expanded by CHF 452m (+4%) to CHF 13.3bn.
The Group's assets under management (AuM) were up CHF 5.0bn (+6.6%) to CHF 80.8bn. This rise includes CHF 3.2bn in assets managed by Banque Franck Galland & Cie SA. Net new money amounted to CHF 0.9bn for the period.

Proposal to the AGM

As previously announced, the Board of Directors will propose an ordinary dividend of CHF 22 as well as a distribution of CHF 10 per share out of paid-in reserves at the Group’s Annual Shareholders’ Meeting in Lausanne today. This proposal reflects the Board’s confidence in BCV’s earnings capacity going forward.

Lausanne, Switzerland, 5 May 2011

* Figures are unaudited

Contacts

Christian Jacot-Descombes, Press Officer
Phone +41 79 816 99 30
E-Mail christian.jacot-descombes@bcv.ch

Gregory Duong, Investor Relations Officer
Phone + 41 21 212 20 71
E-Mail gregory.duong@bcv.ch

This press release is being issued outside the trading hours of the SIX, Swiss Exchange in order to comply with the principles of ad hoc disclosure pursuant to the SIX listing rules.

The above text is a translation of the original French document; only the French version is authoritative.