On 31 December 2017, assets under management stood at CHF 37.2 billion, on the CHF 36.3 billion reported at the end of 2016, thanks in particular to the growth of the asset management and private banking businesses. Good management performance also offset the natural attrition of the client base of Royal Bank of Canada (Suisse) SA, acquired in 2015, and the effect of voluntary declarations made in the tax amnesty programmes.
The Group’s consolidated operating income fell slightly by 1% in 2017 to CHF 215 million. Group operating costs, which totalled CHF 193 million at end 2017, rose slightly on the CHF 189 million reported for the 2016 financial year. This small increase resulted from higher costs for regulatory projects, investments designed to improve service quality for external operational activities and strengthening client-focused teams in private banking division.