Revenue growth amid market unrest

Press release 23 April 2008

The first quarter of 2008 saw continuing unrest on the financial markets. One of the consequences was that the increase in commission income was modest.


Revenue from securities lending and derivatives services grew sharply, as did interest income, despite our conservative policy on investing liquid funds entrusted to the bank by institutional clients. Overall, there was substantial growth in revenue compared with the first quarter of 2007 on a like-for-like basis.

As expected, expenses were higher compared with the first quarter of 2007, reflecting further investments in systems and process optimisation. Expenses were lower than in the last quarter of 2007.
At 14% on average, KAS BANK’s BIS ratio under Basel II was well above its published target of 12.5%.

Given the uncertain climate on the financial markets, the Managing Board prefers not to give a projection for the full year at this stage.