euro adhoc: Swissfirst AG / Annual Reports / Report for the first quarter of fiscal 2006

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Disclosure announcement transmitted by euro adhoc.
The issuer is responsible for the content of this announcement.
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08.05.2006

***This media release has been already sent on 6th may 2006 at 9
o'clock in the morning***

- 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 08.05.2006 06:30:00
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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