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Financial Businesses Results
Tax
In second quarter 2007, we incurred a tax expense of CHF 647 million, reflecting an effective tax rate of 10.9% for the quarter, and 15.8% for the year-to-date. In 2006, the full-year rate was 19.1%. The second quarter 2007 tax rate benefited from a very low tax charge on the disposal of our stake in Julius Baer, tax relief in the US related to DRCM closure costs and positive impacts from the geographical earnings mix. We believe that the tax rate for full-year 2007 is likely to be in the same region as last year's full-year rate. Excluding the tax impact of the gain on the sale of our stake in Julius Baer (a debit of CHF 24 million) and the costs related to the closure of DRCM (a credit of CHF 155 million), tax expenses would have been CHF 778 million in second quarter 2007. Excluding these events, the second quarter 2007 and year-to-date tax rates would have been 17.7% and 20.2% respectively.
Business Group performance from continuing operations before tax | |||||||
Quarter ended | % change from | Year to date | |||||
CHF million | 30.6.07 | 31.3.07 | 30.6.06 | 1Q07 | 2Q06 | 30.6.07 | 30.6.06 |
Wealth Management International & Switzerland | 1,543 | 1,501 | 1,283 | 3 | 20 | 3,044 | 2,559 |
Wealth Management US | 161 | 171 | 179 | (6) | (10) | 332 | 365 |
Business Banking Switzerland | 637 | 572 | 632 | 11 | 1 | 1,209 | 1,191 |
Global Wealth Management & Business Banking | 2,341 | 2,244 | 2,094 | 4 | 12 | 4,585 | 4,115 |
Global Asset Management | 661 | 404 | 334 | (84) | (80) | 4701 | 708 |
Investment Bank | 1,815 | 1,801 | 1,754 | 1 | 3 | 3,616 | 3,504 |
Corporate Center | 1,7342 | (193) | (142) | 1,5412 | (312) | ||
Financial Businesses | 5,956 | 4,256 | 4,040 | 40 | 47 | 10,212 | 8,015 |
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