The Bellevue Group has made an extraordinary impairment on goodwill and a write-down on intangible assets as the operating loss at its banking unit widened.
Bellevue Group made an impairment on goodwill worth 10 million Swiss francs and a write-down on intangible assets of 0.2 million of Bank am Bellevue, the company said in a statement.
«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,» Bellevue said in the statement.
Banking Loss
Bellevue Group at the end of November had a profit of 6.5 million francs before the impairment on goodwill and the write-down on assets, and an operating profit of 11.6 million.
The banking division, Bank am Bellevue, had an operating loss of 3.8 million francs by the end of last months, compared with a loss of 1.1 million at the end of June.
Asset Management Remains Profitable
Business at the Bellevue Asset Management division remained «solid», the company said. Operating profit was 18.5 million francs, up from 9.5 million after the first six months of the year. Net new money increased to 2.8 billion francs from 2.6 billion in June. Assets under management rose to 7.8 billion francs by the end of November.
Bellevue will present its full-year earnings on February 28, 2017.
