EANS-Adhoc: Bank Sarasin + Cie AG /

--------------------------------------------------------------------------------
ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
distribution. The issuer is solely responsible for the content of this
announcement.
--------------------------------------------------------------------------------

30.07.2009

1H 2009 results of Bank Sarasin & Co. Ltd:
Growth despite the financial crisis
Impressive net new asset growth of almost CHF 5 billion (+14% p.a.) - Steep
increase in assets under management to CHF 80 billion - Net profit on target,
at CHF 54 million (38% higher than the adjusted figure for H2 2008)

Assets under management up 15% to CHF 79.9 billion - Net new assets confirm
growth dynamic
Since 31 December 2008 the assets managed by the Sarasin Group have risen from
CHF 69.7 billion to CHF 79.9 billion as of 30 June 2009. This was the result of
dynamic net new asset growth of CHF 4.8 billion, reflecting the high quality of
the bank's CRM team that was substantially expanded over the course of last year
as well as the attractive range of Sarasin fund products. Sarasin investment
funds attracted net inflows of CHF 604 million in the first six months of 2009,
bucking the general sector trend. The market performance of CHF 3.2 billion,
coupled with the currency translation effect of CHF 2.6 billion, also made a
positive contribution to the assets under management.

Tight management helps to keep costs under control at CHF 230.3 million
Operating expenses were cut from CHF 254.8 million by 10% and stood at CHF 230.3
million in 2H 2009 (1H 2008: CHF 210.0 million). This was despite further
investments in selective growth initiatives such as the opening of
representative offices in Switzerland (Bern), in central and eastern Europe
(Vienna and Warsaw), as well as in India (Delhi and Mumbai). Careful review of
business cases and the deferral of various projects since the start of the year
are showing their effect. General administrative expenses fell sharply to CHF
61.8 million, 22% lower than the second half of 2008. Despite the significant
expansion of Sarasin´s CRM team in 2008, personnel costs were trimmed by 4% to
CHF 168.5 million, mainly due to lower bonus accruals. The headcount remained
virtually unchanged at 1,540 employees and is not expected to rise significantly
over the course of the current financial year.

Income solid, at CHF 315.1 million
The performance on the revenue front was solid: operating income for the first
half of 2009 was 2.5% higher, at CHF 315.1 million (1H 2008: CHF 307.5 million).
The drive to diversify the bank´s sources of earnings, undertaken as part of the
group's growth strategy, had a positive impact here: Sarasin managed to once
again improve not just the net interest income by 5% to CHF 67.8 million, but
also achieved a 51% rise in income from trading operations, to CHF 62.8 million.
Despite this, the bank´s risk profile remains low, as confirmed by the 25%
reduction in the average Value at Risk in the trading operations compared with
the prior-year period. The income from commission & service fee activities was
16% lower than last year, at CHF 170.5 million, due to the impact of the smaller
average asset base due to the poor market performance. The cost income ratio I
rose from 68.3% (1H 2008) to 73.1% (1H 2009). Group profit is on target, at CHF
53.9 million. This represents a 38% increase on the 2H 2008 adjusted result of
CHF 39.1 million (1H 2008: CHF 75.3 million).

Capital strength bolstered by issuing COTOs
The resolution approved by shareholders at the bank´s AGM 2009 to issue Cash or
Title Options (COTO) in place of normal dividends has created additional
capital: By the end of July 58% of all shareholders (measured by share capital),
including Sarasin´s majority shareholder Rabobank, have already decided to
exercise their COTOs and subscribe to new shares. By taking up this offer,
Rabobank, along with the other shareholders, confirms its confidence in the
Sarasin Group. At the same time this helps to bolster Bank Sarasin´s capital
base, which not only gives Sarasin an important competitive advantage in the
current market environment but also provides greater room for manoeuvre.

Christoph Ammann, Chairman of the Board of Bank Sarasin & Co. Ltd
"The Board´s decision to consistently push ahead with our growth strategy, while
at the same time moderating its pace to accommodate the challenging market
conditions in the current year, is paying off. I am delighted that so many
shareholders have already decided to exercise their COTOs. The subsequent
strengthening of our capital base reflects the trust and confidence they place
in our bank. It is vital that we preserve this trust as it is a fundamental
prerequisite for the long-term success of the Sarasin Group."

Joachim H. Straehle, CEO of Bank Sarasin & Co. Ltd
"After very challenging conditions during the first three months of 2009, we are
particularly pleased with the strong result achieved in the first half of 2009.
The excellent net new assets growth is running at the same level as in the first
half of 2008, confirming the high quality of our CRM team which we invested in
last year as a platform for future growth. We are also selectively exploiting
available growth opportunities: the opening of new representative offices in
Switzerland, central and eastern Europe and India show that we are moving
forward while taking on board regulatory requirements, and breaking into
attractive markets that hold excellent potential for us."

Assets managed according to sustainable principles exceed CHF 10 billion for the
first time
The assets managed according to sustainable principles by the Sarasin Group rose
by 68% in the first half of the year to reach CHF 10.1 billion on 30 June 2009.
This figure takes into consideration the decision taken last year to switch the
portfolio management mandates of private clients in Switzerland to a sustainable
investment style. The number of mandates managed purely according to sustainable
principles rose by 44% during the first half of the year, while the associated
volumes climbed by as much as 65%. The positive development of Sarasin´s
sustainability investment funds also shows that investors are particularly
comfortable with this investment approach: net new asset growth in the first six
months came to CHF 117 million, bucking the general sector trend. The volume of
assets managed by third parties using Sarasin Sustainability Research rose by 7%
in the first half of 2009 to CHF 23.4 billion.

Outlook for 2H 2009: targets and strategy still the same
Bank Sarasin´s goals for the financial year 2009 are unchanged. Sarasin is
confident of reaching and probably even exceeding its net new asset growth
target of CHF 7.0 billion set in the budget. With market conditions remaining
challenging, it is still difficult to provide an accurate earnings forecast.
Based on the half-year figures presented here and assuming that markets will
improve in the second half of the year, the bank expects its full-year operating
profit to be more or less in line with the previous financial year 2008, which
means it is still on track to meet its profit target as well.

Tight cost management remains a vital competitive factor here. This means that
Sarasin also will be selective when further expanding the network of its
locations: in the second half of 2009 the bank plans to open a third branch in
the German market. Sarasin is also considering opening a representative office
in China, which, along with India, is one of the two main growth drivers of the
global economy. The bank will exploit opportunities to recruit more client
advisors at a moderated pace. Sarasin plans to keep its headcount at roughly the
current level over the course of this financial year. In the long term, the goal
is to further increase the ratio of client advisors as a percentage of the total
workforce.

Further inquiry note:
Benedikt Gratzl
Head of Corporate Communications
T.: +41(61) 277 70 88
[email protected]

end of announcement euro adhoc
--------------------------------------------------------------------------------

emitter: Bank Sarasin + Cie AG
Elisabethenstr. 62
CH-4002 Basel
phone: +41(61)277 77 77
FAX: +41(61) 272 02 05
mail: [email protected]
WWW: http://www.Sarasin.ch
sector: Banking
ISIN: CH0002267737
indexes: SPI
stockmarkets: regulated dealing: SIX Swiss Exchange
language: English

OTS-ORIGINALTEXT PRESSEAUSSENDUNG UNTER AUSSCHLIESSLICHER INHALTLICHER VERANTWORTUNG DES AUSSENDERS - WWW.OTS.AT | OTB

print