euro adhoc: Swissfirst AG / quarterly or semiannual financial statement / Report for the first quarter of fiscal 2006

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06.05.2006

- Total income up by 119%, to reach CHF 49.0 mn
- 157.9% surge in operating profit, to CHF 33.8 mn
- Net profit after minority interests increases by 129.3%, to CHF 25.1 mn
- Assets under management at the end of March 2006: CHF 11,861 mn
In a positive market environment, and including Bank am Bellevue AG along

with Bellevue Asset Management AG (today merged with Swissfirst Asset
Management AG), the Swissfirst Group generated CHF 49 mn in total
income in the first quarter of 2006, which corresponds to a 119%
increase year-on-year. Total expenses for the period under review
were in the region of CHF 15.3 mn (+65.1%). After deducting the usual
fixed asset depreciation, impairments/provisions and taxes, the
Group's profit was up by 119%, to reach CHF 26.2 mn. With minority
holdings virtually unchanged year-on-year, Group net profit
distributable to Swissfirst shareholders amounts to CHF 25.1 mn, up
by 129% year-on-year.

Net interest income in decline Net interest income for the three
months came to CHF 2.4 mn, down by 24.6% year-on-year. This decline
is attributable to lower dividend income on financial investments and
to interest payable on the bond issue of November 2005. Ordinary
lending operations continue to reflect a stable margin.

Higher commission income In the first quarter of 2006, the Swissfirst
Group reported CHF 41.6 mn in net commission income, equivalent to an
increase of 163%. This figure includes CHF 6 mn in performance fees
from investment activity (BB Med¬tech). Net income from investment
banking was in the region of CHF 24.1 mn for the first quarter of
2006, compared with CHF 10.2 mn for the same period a year earlier.
Asset management operations generated CHF 24.3 mn in net income
(previous year: CHF 11.5 mn). Accordingly, asset management
activities contribute roughly 50% of total net income.

Good trading figures

Trading operations managed to benefit from the ongoing attractive
fundamentals. Net trading income improved from CHF 2.6 mn to CHF 4.8
mn.

Higher cost base

Total expenses in the first quarter of 2006 amounted to CHF 15.3
mn, up by 65% year-on-year. This increase corresponds to the figures
budgeted. The cost-to-income ratio, at 31.2%, is down on last year's
level (35.3%). The headcount at the end of March 2006 came to 158
(full-time equivalents), slightly lower than at the end of 2005
(165).

Significantly higher shareholders' equity compared with end-2005

At the end of the first quarter of 2006, the Swissfirst Group
reported CHF 333.2 mn in shareholders' equity (excluding minority
interests); (end-2005: CHF 315.5 mn). This results in an annualized
return on equity of 31% (previous year: 21.6%).

Assets under management: CHF 11,861 mn

At the end of March 2006, customer assets under management
amounted to CHF 11,861 mn. This corresponds to an increase of CHF 947
mn compared with the end of 2005. In the wake of the integration of
the Bellevue units (BaB and BaM) assets of CHF 403 mn assets were
reallocated from the Asset Management to the Private Banking.

Investor calendar:

Results for the second quarter of 2006: August 25, 2006

The full report on the first quarter of 2006 is available for
download from our website www.swissfirst.ch.

Swissfirst is an independent financial group listed on the SWX
(Swiss Securities Exchange) that specializes in investment and
private banking as well as in asset management. In particular, its
business operations extend to include asset management and investment
advisory services for private and institutional clients along with
corporate finance business.

Key data (CHF mn)

Profit and Loss Q1 2005 Q1 2006 '+ / - %
3 months 3 months 3m '05/06
CHF mn CHF mn 1)
Net interest income 3.114 2.348 -24.6%
Net fee and commission income 15.841 41.623 162.8%
Net trading income 2.593 4.756 83.4%
Other income 0.791 0.293 n.m.
Total operating income 22.339 49.022 119.4%
Personnel expenses -5.934 -9.196 55.0%
Other operating expenses -3.317 -6.074 83.1%
Total expenses -9.251 -15.270 65.1%
Gross operating profit 13.088 33.752 157.9%
Depreciation of fixed/tangible assets -0.434 -0.512 n.m.
Amortisation intangible assets 0.000 -1.686 n.m.
Valuation adjustments, -0.098 -0.103 4.9%
provisions and losses
Taxes -0.593 -5.277 n.m.
Group profit 11.962 26.174 118.8%
Shareholders of Swissfirst AG 10.957 25.119 129.3%
Minorities 1.006 1.055 4.9%
Earnings per share 1.10 2.39 118.3%
Outstanding shares (fully diluted) 10'000'000 10'500'000
1) incl. Bellevue units (BaB, BaM) 2)
2) Split as of the shares, May 17, 2005
n.m. = not meaningful
Balance sheet as of as of '+ / - %
31.12.05 31.3.06 31.12.05
CHF mn CHF mn
Equity (excl. minorities) 315.539 333.174 5.6%
Balance sheet total 1'785 1'833
Assets under Management 10'914 11'861 8.7%
Private Banking 2'849 3'764 3) 32.1%
Asset Management 4'906 4'861 3) -0.9%
Investment Banking 3'085 3'165 2.6%
Corporate Items 74 71 -4.1%
not comparable, see text
Staff (full-time equivalents) 164.8 158 -4.1%

end of announcement euro adhoc 06.05.2006 08:30:00
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ots Originaltext: Swiss First
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:
Mirko Sangiorgio, Tel. +41 (44) 267 72 13, mirko.sangiorgio@swissfirst.ch

Branche: Banking
ISIN: CH0003376818
WKN: 929068
Index: SPI
Börsen: SWX Swiss Exchange / official market